1 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      2 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      3 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      4 RUSSIA & UNITED STATES CAN COMPETE & WORK TOGETHER IN ENERGY MARKET - PUTIN WWW.RT.COM PUBLISHED:2018/07/17      5 TESLA IS GETTING A CHINA FACTORY. THIS $4 BILLION STARTUP WILL BE WAITING WWW.BLOOMBERGTV.MN PUBLISHED:2018/07/17      6 HOW MINING TYCOONS ARE TRYING TO FOIL A BIG UK BRIBERY PROBE WWW.MINING.COM PUBLISHED:2018/07/17      7 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      8 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      9 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      10 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      ОЛОН УЛСЫН ИННОВАЦИЙН ИНДЕКСЭЭР МОНГОЛ УЛС 53-Т ЖАГСЧЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/17     ШАДАР САЙД НҮБ-ЫН ӨНДӨР ТҮВШНИЙ УУЛЗАЛТАД ОРОЛЦОЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     "ТАВАНТОЛГОЙ"-Н ТӨМӨР ЗАМЫН ТӨСӨЛ УРАГШЛАХ ЭСЭХ НЬ SHENHUA-ГААС ШАЛТГААЛАХААР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/17     ХӨШИГИЙН ХӨНДИЙН НИСЭХ БУУДАЛД 5.3 ТЭРБУМ ТӨГРӨГИЙН ҮНЭ БҮХИЙ ЦАЦРАГИЙН ХЯНАЛТЫН ТӨХӨӨРӨМЖ СУУРИЛУУЛНА WWW.DNN.MN НИЙТЭЛСЭН:2018/07/17     2017 ОНЫ САНХҮҮГИЙН НЭГДСЭН ТАЙЛАН ЗӨРЧИЛГҮЙ ДҮГНЭГДЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/17     2018 ОНЫ ЭХНИЙ ХАГАСТ ХЯТАДЫН ДНБ 6,8 ХУВИАР ӨСЧЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     МОНГОЛ УЛС ЯПОН УЛСАД 100 МЯНГАН АМ.ДОЛЛАРЫН ХҮМҮҮНЛЭГИЙН ТУСЛАМЖ ҮЗҮҮЛЭХЭЭР БОЛЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     ОУВС-ГААС МАНАЙ УЛС 184.5 САЯ ДОЛЛАРЫН САНХҮҮЖИЛТ АВААД БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     МАНАЙ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ДЭЭШИЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/16     “ЭРДЭНЭС-ТАВАНТОЛГОЙ” 40 САЯ ДАХЬ ТОНН НҮҮРСЭЭ ОЛБОРЛОЖЭЭ WWW.NEWS.MN  НИЙТЭЛСЭН:2018/07/16    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Sony to issue 100bn yen in bonds www.asia.nikkei.com

TOKYO -- Sony plans to raise some 100 billion yen ($982 million) by issuing bonds to institutional investors, perhaps in September.

The Japanese corporate icon wants to be ready to pounce on future acquisitions and make other growth investments.

Terms and conditions of the issuance, including coupon payments, are yet to be finalized. But Sony will likely issue several straight bonds that mature in five to 10 years. Depending on demand, the total issuance could be raised to 150 billion yen or so.

It will be the first time since June 2013 for Sony to issue straight bonds. Three years ago, it raised 150 billion yen from small investors.

Sony projects its operating profit for the year ending March to reach 300 billion yen, up 2%. For the following year, it expects its fattest profit in two decades -- 500 billion yen or higher.

With PlayStation 4, a home gaming console, selling well, Sony wants to venture into new businesses, such as artificial-intelligence-based robotics.

Under the negative interest rate policy introduced by the Bank of Japan earlier this year, Japanese businesses are becoming keen to issue bonds. SoftBank is considering 1 trillion yen in hybrid bonds, while Panasonic has announced its intention to raise 400 billion yen through a straight bond issuance.

(Nikkei)

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Panama Papers: Pieth says officials are in denial as he quits www.bbc.com

The Swiss anti-corruption expert, Mark Pieth, has told the BBC he resigned from the Panama Papers commission because of government interference.
Mr Pieth said officials told him that they would have final say on whether to publish the panel's findings on the offshore tax evasion scandal.
Joseph Stiglitz, a Nobel Prize-winning economist, also resigned.
The seven-person panel was set up by Panama's government in April 2016 to improve transparency.
Speaking on the BBC's Newshour programme, Mr Pieth said he had received a letter from Panama's authorities stating that they would have the final say on whether to publish the panel's report.

"They told us they were going to decide in the end whether (the report) is going to be publicised or not," he said.
"I think that the official Panamanians were in a state of denial. They were basically saying 'well, what we've been seeing in the Panama Papers is something that you observe everywhere in the world.'"
Mr Stiglitz also told Reuters news agency he was concerned that the panel's final report would not be published.
"We can only infer that the government is facing pressure from those who are making profits from the current non-transparent financial system in Panama," he said.

Mr Stiglitz said the government tried to 'undermine' the panel
In a statement, Panama's Ministry of Foreign Affairs referred to "internal differences" and said it had a "strong and real commitment to transparency and international cooperation".
The Panama Papers were investigated by hundreds of investigative journalists, including staff from the BBC.
The documents were leaked from Panamanian law firm Mossack Fonseca and revealed how clients from around the world were able to launder money, dodge sanctions and avoid tax.
Those implicated included politicians, current and former national leaders, sports stars and celebrities.
Mossack Fonseca said it had been hacked by servers based abroad and filed a complaint with the Panamanian attorney general's office.
The company said it did not act illegally and that information was being misrepresented.

Eleven million documents held by the Panama-based law firm Mossack Fonseca were passed to German newspaper Sueddeutsche Zeitung, which then shared them with the International Consortium of Investigative Journalists. BBC Panorama and UK newspaper The Guardian were among 107 media organisations in 76 countries which analysed the documents. The BBC does not know the identity of the source
The documents show how the company helped clients launder money, dodge sanctions and evade tax
Mossack Fonseca says it has operated beyond reproach for 40 years and never been accused or charged with criminal wrongdoing

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Mongolia Faces a Debt Crisis www.wsj.com

That Mongolia could face an external debt crisis seemed inconceivable just a few years ago. The country of three million people is so rich in copper, gold, coal, iron and other mineral resources that some dubbed it the Kuwait of Asia. Yet today Mongolia faces a real risk of becoming the first mineral-rich country to fall prey to the “resource curse” before it even develops its resources.

The crisis traces back to 2012, when a new Mongolian coalition government took office facing extremely favorable economic conditions, including high mineral prices and strong demand from China. Gross domestic product had grown by 17.3% in 2011 and by another 12.3% in 2012, making the country a global leader.

Investment flowed into Mongolia as a result of an agreement with Rio Tinto to develop the massive Oyu Tolgoi copper-and-gold resource in the Gobi Desert. There was also strong interest in the equally massive Tavan Tolgoi coal deposit in that region, along with other coal, iron and copper deposits.

But the new government had won election by making highly populist promises, and this led to a contradictory agenda. On the one hand, the government attempted to renegotiate the already signed Oyu Tolgoi agreement, and in general started seeking better terms from foreign mining firms. This led to a quick drop in investment, growth and revenues. At the same time, the government rapidly expanded spending on housing, government salaries, social welfare and pensions.

The only way the government could finance the resulting large budget deficit was by borrowing. For the first time, Mongolia became a significant global issuer of commercial paper. Between 2012 and June 2016, the government raised $3.6 billion, roughly one-third of GDP, on global bond markets, paying high interest rates. Adding in the swap arrangements with the Chinese central bank and other loan guarantees, Mongolia’s external debt position by 2015 became highly precarious, with total debt of more than 70% of GDP.

There was also a massive buildup of domestic debt. In a throwback to the planned-economy era, the banking sector once again became a major financier of government programs. Total loans in the economy doubled in the first two years of the 2012 government’s term, and the money supply expanded at an extraordinarily rapid pace. Nonperforming loans began to build up.

The state-owned Development Bank of Mongolia, established in 2011, tapped international bond markets to finance infrastructure projects and other programs whose capacity to generate an adequate financial return was far from clear. At the same time, the central bank launched two large direct-lending initiatives through the commercial banks. A “price support program” offered low-interest loans to businesses, while a subsidized mortgage-lending program propped up Mongolia’s real-estate and construction sectors.

As a result, direct central bank claims on commercial banks, which had long been near zero, soared to more than four trillion Mongolian togrog, or more almost $2 billion, by the end of 2013. These programs have been kept off the government’s budget, another throwback to the planned-economy days.

By 2014, international financial institutions expressed measured but clear concern about the deteriorating economic situation. The central bank slowed monetary expansion and budgets were tightened somewhat. This coincided with a continued collapse in foreign investment and a steady decline in global mineral prices due to China’s slowdown. As a result, Mongolia’s growth slowed sharply to 2.3% in 2015 and is likely to be zero or negative in 2016.

But the current economic downturn isn’t primarily due to a decline in global commodity prices. It is the result of the government borrowing heavily against future export earnings while taking actions that deferred the day when those exports would materialize. Instead of preparing for an inevitable cyclical downturn in commodity prices, the government took steps that magnified that downturn’s impact.

One alarm bell sounded in May when the Mongolian Mining Corporation, a 100% private company with a large stake in the Tavan Tolgoi coal mine, defaulted on the $500 million bond it issued in 2012. Although not unexpected, this default is a harbinger of more trouble to come. In the next two years, Mongolia’s cash-strapped government must repay $1.2 billion in commercial debt.

Just two years ago there was still active discussion in Mongolia about creating a sovereign-wealth fund to manage the big foreign-currency surpluses mining would generate. Now the country faces the real possibility of an external debt crisis and sovereign default.

Having borrowed irresponsibly and enjoyed an unsustainable increase in its standard of living, Mongolia has no choice now but to tighten its fiscal belt for the next few years, while encouraging a rebound in sustainable sources of growth. The country must rebuild trust with foreign investors by creating fair and transparent bidding procedures and honoring past contracts, while avoiding the well-known environmental and economic traps that commodity exporters face.

Mongolians elected a new government in June, with a clear mandate to turn the economic situation around. The opportunity is still there, but time is running out. Everyone in the country should be clear that tough steps are needed and the cost of failure could be years of lost growth.

Mr. Bikales is an economist who has advised many Mongolian governments since 1991.

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Rio Olympics 2016: Games set for opening ceremony www.bbc.com

The 2016 Olympic Games officially start in Rio on Friday with the opening ceremony at the Maracana Stadium.

Athletes from 206 nations and a refugee team are in Brazil to compete in 28 sports and be watched by a global audience of billions.

The build-up has been dominated by a Russian doping scandal, the Zika virus and issues with the city's security, infrastructure and venues.

But it is time for the sporting action to take centre stage.

These are the Games of the 31st Olympiad but are the 28th to be held as those in 1916, 1940 and 1944 did not take place because of war.

The Games - held in South America for the first time - officially take place between 5 and 21 August, but they have actually already started.

The opening ceremony is at midnight BST on Friday night but the action kicked off two days ago with the women's football.

Defending Olympic men's tennis champion Andy Murray will be Great Britain's flag bearer inside Rio's Maracana stadium on Friday.

An estimated three billion people will watch the ceremony, which has taken five years to produce and includes 300 dancers, 5,000 volunteers and 12,000 costumes.

Brazilian supermodel Gisele Bundchen and Briton Dame Judi Dench are confirmed to have roles in the production before the 207 competing teams take part in the Parade of Nations.

You can watch the opening ceremony on BBC One and online, with further coverage on BBC Radio 5 live, from 23:40 BST on Friday.

Swimmers Yusra Mardini and Rami Anis are part of the Refugee Olympic Team
Swimmers Yusra Mardini and Rami Anis are part of the Refugee Olympic Team
There will be 10,500 athletes from a record 207 teams competing in Rio, including the Refugee Olympic Team, while it will be the first time Kosovo and South Sudan have taken part in the Games.

The Refugee Olympic Team will compete under the Olympic flag and has 10 members - five from South Sudan, two from Syria, two from DR Congo and one from Ethiopia.

With 554 athletes, the United States has the largest Olympic team, but 100m runner Etimoni Timuani is the only athlete from the South Pacific nation of Tuvalu.

The Rio Games will be the first to feature Olympians born since the year 2000 - and the youngest is 13-year-old Nepalese swimmer Gaurika Singh.

What about Russia?

The build-up to Rio has been overshadowed by events in Russia, after the World Anti-Doping Agency (Wada) report into state-sponsored doping in the country.

It seemed at one stage that no Russian athletes would be at the Games after Wada recommended a blanket ban.

But the International Olympic Committee (IOC) said individual sporting federations must rule on whether Russians can compete.

Their decisions were then ratified by a three-person IOC panel.

On Thursday, the IOC cleared 271 Russian athletes from the country's original entry list of 389, though 67 of its 68 track and field athletes have been barred by the sport's governing body.

Any other problems?

Plenty.

Brazil is in a deep recession and political crisis, while protests marred the arrival of the Olympic torch in Rio on Wednesday.

A New Zealand jiu-jitsu athlete claims he was kidnapped in Rio, while Chinese state media criticised security after women fencers were robbed and shooting team members found "unauthorised payments" on their credit cards.

Brazil has drafted in 85,000 security personnel from 55 countries who will be stationed at the sport venues, Olympic Village, airports and main roads - almost twice as many as were at the 2012 London Olympics. There is also 200km of security fencing being used.

More than 500,000 tourists are expected to come to the Games and organisers say more than one million of the 7.5 million tickets remain unsold.

security at rio
Security is tight in Rio with 85,000 security personnel drafted in
There have also been issues with the Olympic Village and the sailing venue.

Australia initially refused to move into the village, in the Barra da Tijuca neighbourhood, citing electrical problems, gas and water leaks among other issues in their building.

When they did eventually move in, the team were evacuated for a small fire and returned to their rooms to find essential equipment had been stolen.

At the sailing venue in Guanabara Bay, a taskforce removed 25.4 tonnes of floating rubbish during last year's Olympic test event.

But Rio officials admit they have failed to keep up promises to clean the water and the Associated Press says swallowing just three teaspoons of water from the bay is likely to lead to illness.

This is not the first time a host city has been criticised for its preparations, but the IOC says Rio is now "ready to welcome the world".

Brazil is at the centre of an outbreak of Zika virus, that is spread by mosquitoes and can lead to birth defects.

It is so serious the World Health Organisation has recommended pregnant women avoid travelling to the Games - but mosquitoes are rare in August and in June it recommended the Games not be moved or cancelled.

That advice has not stopped a number of the world's top golfers and tennis players withdrawing, citing Zika fears.

But what about the actual sport?

Competitions will take place across 32 venues in Rio, with football matches also scheduled for the cities of Belo Horizonte, Brasilia, Manaus, Salvador and Sao Paulo.

There are 306 events in 28 Olympic sports but none are bigger than the 100m sprint final and the world's fastest man Usain Bolt.

The Jamaican is aiming for an unprecedented triple triple, as he tries to win the 100m, 200m and 4x100m relay titles for the third time - and his battle with American sprinter Justin Gatlin is likely to be a highlight of the Games.

USA swimmer Michael Phelps, the most decorated Olympian of all time, will be looking to add to his 18 gold medals.

American tennis player Serena Williams could win her fifth Olympic medal, while Team USA's star-studded basketball team will be aiming for their third consecutive gold.

Brazil's Barcelona striker Neymar will once again carry the hopes of the home nation as they go for gold in the men's football.

Among those who miss out are top tennis players Roger Federer and Stan Wawrinka, NBA stars Stephen Curry and LeBron James and a number of golfers.

Anything new?

Golf is returning after a 112-year absence but without more than 20 of its top players.

The top four male golfers Jason Day, Jordan Spieth, Rory McIlroy and Dustin Johnson have all withdrawn because of Zika fears.

In fact, only four of the top 10 will be in Rio - and McIlroy said he probably will not even watch television coverage of golf at the Games, preferring "track and field, swimming, diving, the stuff that matters".

Rugby sevens will be making its debut at the Olympics, although rugby union featured regularly at the Games until 1924.

Team GB medal hopes

mo farah and ennis-hill
Farah and Ennis-Hill will be defending their Olympic titles in Rio
Great Britain's athletes have been set a minimum target of winning 48 medals, which would make Rio their most successful overseas Olympics.

Sport statistics company Infostrada is forecasting Team GB will finish fourth in the Rio 2016 medal table with 51 - 18 gold, 16 silver and 17 bronze.

World champion Mo Farah will be attempting to defend his 5,000m and 10,000m titles.

Fellow defending Olympic champion Jessica Ennis-Hill will be up against team-mate Katarina Johnson-Thompson in the women's heptathlon.

Nicola Adams, who became the first British woman to win Olympic boxing gold in London, will be out to defend her title, while cyclist Sir Bradley Wiggins could become Britain's most decorated Olympian with gold in the men's team pursuit.

Swimmer Adam Peaty, taekwondo's Bianca Walkden, cyclist Laura Trott, sailor Giles Scott and shooter Amber Hill are among Britain's gold medal prospects in Rio.

Chief sports writer Tom Fordyce on Team GB's top 12 medal hopes

Rio is four hours behind the UK and most of the gold medal events will be late evening/early morning so be prepared to become a night owl or an early riser.

Britain's first gold medal could go to Chris Froome or Lizzie Armitstead as they go in the men's and women's road race on Saturday and Sunday.

Swimming dominates the early part of the Games with the track and field events starting on Friday, 12 August.

The highlight of the action inside the Olympic Stadium is the men's 100m final at 02:25 BST on Monday, 15 August, so set your alarm clocks.

Saturday, 13 August sees a potential London 2012 'Super Saturday' repeat, with Ennis-Hill in the heptathlon, Farah in the 10,000m and Greg Rutherford in the long jump.

The BBC will bring you live coverage of every gold medal at Rio 2016 across TV, radio and digital platforms - this will be the first mobile Olympics.

BBC TV will broadcast more than 3,000 hours of coverage, including 550 hours on BBC One and BBC Four, while Radio 5 live will have extensive live coverage.

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New York tops London as most expensive city after Brexit vote www.cnn.com

1. New York

Annual accommodation cost: $114,010
Change from December 2015: 2%
Move over London. New York has ended the British capital's 2½-year reign as the world's most expensive city in which to accommodate employees.

That's according to the real estate firm Savills, which attributes London's fall to the plunge in the pound following the U.K. vote in June to leave the European Union.

The price tag for employers to accommodate staff in New York is now "well ahead of Hong Kong and London and almost twice the price of nearest U.S. rival San Francisco," Savills says.

It arrived at its ranking by examining residential and office rental costs in cities around the world. Here's the top 10.

2. Hong Kong

Annual accommodation cost: $100,984
Change from December 2015: 1%
Asia's most expensive city for living and working accommodation has edged just ahead of London.

3. London

Annual accommodation cost: $100,141
Change from December 2015: -11%
The drop in the pound after vote to leave the EU has made London "very much more competitive on the world stage," Savills says.

4. Tokyo

Annual accommodation cost: $85,332
Change from December 2015: 22%

5. Paris

Annual accommodation cost: $82,881
Change from December 2015: 6%

6. San Francisco

Annual accommodation cost: $66,269
Change from December 2015: 0%

7. Singapore

Annual accommodation cost: $61,335
Change from December 2015: 1%

8. Dubai

Annual accommodation cost: $53,913
Change from December 2015: -7%

9. Sydney

Annual accommodation cost: $50,768
Change from December 2015: 3%

10. Los Angeles

Annual accommodation cost: $50,215
Change from December 2015: 3%

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Ho Ching: Singapore PM's wife chooses $11 pouch for state visit www.bbc.com

A blue, dinosaur-printed pouch, carried by Ho Ching, the wife of Singapore's PM on a state visit to the White House, has stolen the limelight.
Priced at just $11 (£8), the pouch was designed by a Singaporean student at Pathlight, the country's first autism-focused school.
PM Lee Hsien Loong and Ms Ho have been in Washington since Monday.
Initially, Ms Ho's choice of accessories was met with some criticism online.
But, once it was discovered to have been designed by 19-year-old Seetoh Sheng Jie of Pathlight, sales of the pouch jumped.
The school typically sells 200 pouches in four months, but sold 200 within a day after images of Ms Ho were shared widely, the school told the BBC.

Ms Ho originally faced much criticism online for her choice in outfit
She was seen carrying the pouch at the arrival ceremony at the White House South Lawn, where President Barack Obama and first lady Michelle Obama officially welcomed Mr Lee and Ms Ho to the US.
The pouch, which is sold on a platform run by the school to promote the talents of people with autism, has since sold out.
Pathlight's principal, Linda Kho, said the school was unaware that Mrs Lee would be bringing the pouch to Washington, which she bought at a recent fundraising event.
"We were pleasantly surprised and honoured that she chose to bring this bag on her official visit. It gave such a great mileage for the artist on our Artist Development Programme (ADP)," she told the BBC.
"[She] is known to be very down to earth and practical and the fact that she carries a less than $20 Singapore dollars pouch to such a world stage event shows she is really confident and authentic."

Ms Ho originally faced much criticism online for her choice in outfit, with netizens quick to point out the difference in dressing between Mrs Obama and Ms Ho.
"[She] really could have chose something, well, more cheery," Dr Siew Tuck Wah, an aesthetics doctor said on Facebook. "We need to get a stylist for her please."
The Pathlight website describes Mr Seetoh as being "extremely pedantic about dinosaurs", with the illustrations drawn from his personal knowledge.
Mr Seetoh was "happy" to find out about the incident, according to his father Mr Jason Seetoh.
"His parents are understandably very proud and honoured," Ms Shae Hung Yee, Senior Manager, Student & Corporate Affairs at Pathlight school said.
Ms Ho is an adviser to the Autism Resource Centre (ARC) in Singapore, which helped set up the Pathlight school.
Reporting by Yvette Tan

 
 
 
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UK interest rates cut to 0.25% www.bbc.com

UK interest rates have been cut from 0.5% to 0.25% - a record low and the first cut since 2009.
The Bank of England announced a range of measures to stimulate the UK economy including buying £60bn of UK government bonds and £10bn of corporate bonds.
The Bank also announced the biggest cut to its growth forecasts since it started making them in 1983.
It has reduced its growth prediction for 2017 from the 2.3% it was expecting in May to 0.8%.
The decision to cut interest rates to 0.25% was approved unanimously by the nine members of the Monetary Policy Committee (MPC) and is the first change in interest rates since March 2009.
Chart showing UK base interest rate
The £60bn increase in quantitative easing to £435bn was approved by a vote of 6-3, with Kristin Forbes, Ian McCafferty and Martin Weale preferring to wait until more concrete data is available rather than relying on surveys.
The corporate bond buying scheme was opposed by one member: 
As part of the package of measures designed to boost the economy following the UK's vote to leave the EU in June, the Bank is also introducing a new Term Funding Scheme.
This will lend directly to banks at rates close to the new 0.25% base rate to encourage them to pass on the lower interest rates to businesses and households.
Analysis: Kamal Ahmed, economics editor
The Bank of England is not very confident about the future of the economy.
It says growth will fall dramatically, announcing the biggest downgrade to its growth forecast since it started inflation reports in 1993.
The economy, it says, will be 2.5% smaller in three years' time than it believed it would be when the Bank last opined on these matters in May.
Unemployment will rise (although only marginally), inflation will rise, real income growth will slow and house prices will decline.
Growth, the Bank believes, will fall perilously close to zero over the final six months of this year.
It predicts that the amount of money lent through the scheme could reach about £100bn.

Separately, the corporate bond-buying scheme will purchase up to £10bn of bonds issued by companies outside the financial sector. Only companies considered to be contributing to the UK economy will be eligible. More details of the scheme will be released in September.
The extensive series of measures was revealed the central bank predicting that inflation would rise above its 2% target as a result of the falling value of the pound.
A weaker pound makes imported goods more expensive, which boosts inflation. The pound fell by 1% against the dollar following the Bank's announcement.
A weaker outlook
The Bank has warned that there will be "little growth in GDP in the second half of the year" although the forecast for 2016 growth has been left unchanged at 2% as a result of stronger-than-expected growth in the first half.
The forecast for 2018 has been cut from 2.3% to 1.8%.
It also expects the unemployment rate to rise to 5.4% next year and 5.6% in 2018.
The MPC meeting was the last one before it moves to only meeting eight times a year, meaning that it is not scheduled to meet again until 3 November, although it can call an extra meeting before then if it wants to.
A majority of MPC members said that if the economy performed as they expected in the coming months, they would support cutting interest rates again before the end of the year to their lowest possible level of "close to, but a little above, zero".
Fighting off recession
Before the referendum, there were warnings of a recession if there was a vote to leave the EU.
The Bank of England's quarterly inflation report does not foresee a recession, although all of its forecasts take into account the stimulus measures.
Even with those measures, the Bank still predicts little growth in the second half of the year, suggesting there could have been a recession if the Bank had not acted.
Mark Carney, governor of the Bank of England, has written to Chancellor Philip Hammond to outline the measures taken by the MPC as well as explaining why inflation remains, for now, significantly below its target rate.
In response, Mr Hammond wrote: "Alongside the actions that the Bank is taking, I am prepared to take any necessary steps to support the economy and promote confidence."
He said that those plans would be set out in the Autumn Statement.

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Premier calls for attracting more investment from home and abroad www.montsame.mn

Ulaanbaatar /MONTSAME/ Prime Minister J.Erdenebat gave directions to the Ministers at the regular meeting on Wednesday, on attaching more focus to the attracting of more investment from inside and outside to every sector rather than receiving loans and aid.

Addressing the Ministers, the head of government gave obligation to prioritize attracting domestic and foreign investment into each respective sector rather than relying on credits and assistance, to attach importance to utilizing the national currency in commerce and all state procurements, and to monitor the implementation of laws and regulations in regards to these.

Moreover, in regard to the drawback in the allowance of the children's cash benefits due to the lapse of financing of the benefits in the 2016 State Budget, the PM also assigned the related members of cabinet on forwarding the inclusion of the possible source of finance in the 2016 State Budget Clarifications. The working group on developing the State Budget Clarifications have commenced their work just recently.

Furthermore, the Minister of Road and Transport was give obligation to learn ways to improve immediacy and access of the 8% and 5% mortgage loan for housing apartments, and to present them to the Cabinet. The Premier also assigned the Minister of Justice and Domestic Affairs to evaluate and monitor over the cash flow outside, organize further investigation for the suspicious withdrawal of cash, and to take responsive actions toward the associated officials.

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Trump Taj Mahal casino to shut down after years of losses www.bbc.com

Trump Taj Mahal, the Atlantic City casino, founded by Republican presidential nominee Donald Trump but no longer under his ownership, will shut down after years of losses.
The owners said the casino had long been unprofitable.
The closure after Labour Day will come after a lengthy strike over benefits.
Closing the Trump Taj Mahal will cost 3,000 jobs, adding to 8,000 workers who were laid off in 2014 when four of the other casinos in the city were closed.
The closure of the Trump Taj Mahal will leave only seven casinos in Atlantic City.
The casino was opened 26 years ago by current Republican presidential candidate Donald Trump.
It was taken over by billionaire Carl Icahn in 2009 when Trump Entertainment filed for bankruptcy - a move which forced Mr Trump to give up all of his investment in his Atlantic City casinos.
Mr Icahn told the AP news agency that he has lost nearly $100 million on the Taj Mahal.

Atlantic City's main casino workers union has been on strike against the Taj Mahal since 1 July.
On Thursday, the strike will become the longest in the city's 38-year casino era.
The strike is over the restoration of health insurance and pension benefits. Unions have rejected an offer to restore health insurance at a level less than that of employees at the city's other casinos.
Atlantic City used to be the only gambling centre on the US east coast, but is now struggling with competition from casinos in neighbouring states.

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