1 US TRADE WAR COULD COST GLOBAL ECONOMY $430 BILLION, IMF WARNS WWW.RT.COM PUBLISHED:2018/07/18      2 US PLANS G7 TALKS ON CHINA WWW.NHK.OR.JP PUBLISHED:2018/07/18      3 GOOGLE HIT WITH RECORD EU FINE OVER SHOPPING SERVICE WWW.BBC.COM PUBLISHED:2018/07/18      4 TURQUOISE HILL ANNOUNCES SECOND QUARTER 2018 PRODUCTION AND COMPLETION OF SHAFT 5 WWW.GOGO.MN PUBLISHED:2018/07/18      5 DEVELOPMENT OF BILL ON CIVIL SERVANT CODE OF CONDUCT FINALIZED WWW.GOGO.MN PUBLISHED:2018/07/18      6 CRUDE OIL EXPORTS GENERATED 94.3 BILLION WWW.GOGO.MN PUBLISHED:2018/07/18      7 MONGOLIAN PRESIDENT SUMMONS IRREGULAR PARLIAMENTARY SESSION WWW.NEWS.MN PUBLISHED:2018/07/18      8 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      9 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      10 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      ГЕРМАНЫ “ЧИНГИС ХААН” ХАМТЛАГ ИРЭХ ОНД МОНГОЛД ТОГЛОЛТОО ХИЙНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     АНУ, ОХУ ХҮЙТЭРСЭН ХАРИЛЦААНДАА ЦЭГ ТАВИЛАА WWW.UBINFO.MN НИЙТЭЛСЭН:2018/07/18     ХУДАЛДААНЫ ДАЙН ХЯТАДЫН КОМПАНИУДАД НӨЛӨӨЛЖ ЭХЭЛЖЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/18     МОНГОЛД 92 ОРНЫ 9.6 МЯНГАН ГАДААДЫН ИРГЭН АЖИЛЛАЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/18     ГАДААД ХУДАЛДААНЫ НИЙТ БАРАА ЭРГЭЛТ 6,3 ТЭРБУМ АМ.ДОЛЛАРТ ХҮРЧЭЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/07/18     ЕВРОПЫН ХОЛБОО ЯПОН УЛСТАЙ ЧӨЛӨӨТ ХУДАЛДААНЫ ГЭРЭЭ БАЙГУУЛАВ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/07/18     АЖ ҮЙЛДВЭРЖИЛТИЙН ЭРЧ СУЛАРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/18     МӨНГӨНИЙ НИЙЛҮҮЛЭЛТ 3.8 ИХ НАЯД ТӨГРӨГӨӨР НЭМЭГДЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     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    

Events

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

NEWS

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IMF: G20 should prepare for 'Brexit' impact www3.nhk.or.jp

The International Monetary Fund has asked Group of 20 finance officials to prepare for possible problems in negotiations on Britain's exit from the European Union.
 
The IMF's recommendation came in a report it published on global economic issues on Thursday.
 
G20 finance ministers and central bank governors are to hold a meeting in Chengdu, China, on Saturday and Sunday. The finance officials are expected to discuss ways to cope with uncertainties in financial markets and the world economy.
 
Britain's decision to leave the EU sparked turmoil and uncertainty in markets at one time. The Japanese yen surged against the dollar to its highest level in more than 2-and-a-half years as investors seeking a safe haven bought the currency.
The IMF report says reducing uncertainty surrounding Britain's exit from the European Union would help limit an adverse impact. It says a smooth and predictable transition to a new relationship between the UK and the EU that as much as possible preserves the gains from trade is essential.
 
The report says that while uncertainty about the outcome of negotiations remains, policymakers should stand ready to act decisively should financial market turbulence threaten the global outlook.
 
Observers say the focal point in the meeting is how much the G20 financial officials will be able to cooperate to reduce the impact of "Brexit".
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Japan’s Komatsu is buying Joy Global for $3.7 billion www.mining.com

Japanese manufacturer of mining equipment Komatsu (TYO: 6301) will buy US-based competitor Joy Global (NYSE:JOY) in a transaction valued at $3.7 billion, the latest takeover in a string of outbound M&A deals by Japanese companies encouraged by a strong yen.
 
Under the terms of the agreement, Joy Global stockholders will receive $28.30 per share in cash for each outstanding share of common stock held, representing a 48% premium to the volume weighted average closing price of Joy Global’s common stock for the 90 trading days, and a 41% premium to the volume weighted average closing price of the firm's common stock for the 60 trading days prior to July 21, 2016.
 
The deal, Komatsu’s biggest-ever acquisition, is set to boost its ability to compete with Western rivals, particularly Caterpillar (NYSE:CAT).
 
Joy Global’s chief executive, Ted Doheny, said that while the deal was a “compelling transaction”, it didn’t mean conditions in the sector have improved.
 
“The mining industry continues to face cyclical headwinds from oversupplied commodities and reduced end user demand resulting in free cash flow restrictions for most producers,” he said in a statement. “We are also seeing structural changes in the US and China coal industry.”
 
Komatsu, the world's second-biggest mining and construction equipment maker, said the deal was consistent with its growth strategy for the mining division. The Japanese firm’s main plant for that sort of equipment is based in Peoria, Illinois, which makes it an easy fit with Joy Global.
 
Currently, Komatsu only makes surface-mining equipment, while Joy is the largest independent manufacturer of machines used underground.
 
The deal is expected to close next year.
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German firms want an over €2bn stake in Russian high-speed railway www.rt.com

A consortium of major German companies has offered an over €2 billion investment in the Moscow-Kazan high-speed railway, Kommersant daily reported citing its sources.
 
According to them, officials from Russian Railways (RZD) met with the head of Siemens Russia and CIS Dietrich Meller this month. They discussed the possibility of €1.5 billion investment in the railway construction with an additional €700 million for the purchase of rolling stock. Siemens along with Deutsche Bank, Deutsche Bahn and other major companies are part of the German Initiative Group consortium.
 
Siemens has said it is ready to provide an enhanced version of the high-speed Sapsan train for the new railway.
 
The Moscow-Kazan route is planned as part of a network of high-speed lines to be built by the time Russia hosts the football World Cup in 2018.
 
China has already expressed an interest in funding the Russian project, saying it will put in up to $6 billion. Beijing considers the Moscow-Kazan project not only as an investment, but also as a way to boost communication and trade with Russia and Europe.
 
The joint Russia-China investment in the railway is about $15 billion.
 
The cost of the 770-kilometer track which stretches through seven regions of Russia is estimated at $21.4 billion. The current journey time from Moscow to Kazan of 12 hours will be reduced to three and a half. The trains will be able to reach speeds of 400 kilometers per hour.
 
The Moscow-Kazan railway is a step towards the future connection between Moscow and Beijing as the two countries plan a high-speed railway linking their capitals. The 6,000 kilometer train journey between the two countries will take just two days. In January, RZD head Aleksandr Misharin said the construction of the Russia-China route would take from eight to 10 years.
 
When talking about the negotiations with German and Chinese partners, Misharin said the company was “choosing a competitive offer.”
 
Meanwhile, Siemens has expressed an interest in cooperating with Russia and China over the manufacturing of rolling stock for the new route. "We may consider a trilateral partnership. We have a joint venture with the Russian Sinara group and excellent relations with China in the area of train production,” said Meller.
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French winery wants to invest in Crimea www.rt.com

French wine producer Liber Pater Bordeaux is ready to develop winemaking in Crimea, according to the peninsula’s ministry of agriculture.
 
A representative of Liber Pater Bordeaux, Loic Pasquier, has offered to set up a winery with Russian company Wintex which already operates in Russia’s Krasnodar region.
 
Crimea’s Minister of Agriculture Andrey Grigorenko suggested the French company “develop a business plan and choose land for the project.”
 
"Grape growing and winemaking are the priority sectors of our republic’s agricultural development, that’s why we welcome investment in Crimea,” the minister said, adding that Liber Pater Bordeaux could become part of Crimea’s tax-free economic zone which came into effect in March 2014.
 
"You should meet all the conditions to become a participant of the tax-free economic zone. Our experts will help to solve all the logistical issues,” Grigorenko told Pasquier.
 
The head of Crimea Sergey Aksenov has previously said the region offers a safe and comfortable environment for foreign investors willing to run a business on the peninsula.
 
The tax-free economic zone makes Crimea particularly attractive. The Italian company Ecologia e Ambiente plans to invest €300 million in the development of grape growing and winemaking in Crimea.
 
The head of the Italian Baracchi winery Riccardo Baracchi visited Crimea last month, said he intends to set up production of his wine in the region.
 
Investors from Italy visited Crimea in April looking for land to build an agro-industrial park. They plan to attract dozens of Italian agricultural technology companies to work in the park. The businessmen are interested in building greenhouses and develop wine growing, livestock breeding and processing agricultural goods.
 
Turkish, Saudi and Chinese businessmen have also expressed an interest in the peninsula. Businessmen from Turkey are expected to invest over $12 billion in Crimea. They have already signed a deal to construct a five-star hotel in Simferopol.
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PayPal seeks to extend reach with Visa tie-up www.reuters.com

PayPal Holdings Inc (PYPL.O) on Thursday showed strong growth in its online payments business, meeting Wall Street earnings expectations and announcing a partnership with Visa Inc (V.N) that is expected to boost the reach and revenue of the money-moving service.
 
The deal is intended to make it easier for customers to use Visa credit and debit cards in PayPal transactions and allow shoppers to use PayPal in brick-and-mortar retail locations.
 
PayPal shares were up about 2 percent in after-hours trading. Shares are up more than 30 percent over the last six months.
 
The San Jose, California, company raised its full-year 2016 revenue guidance to a range of $10.75 billion to $10.85 billion, and projects growth of at least 16 percent.
 
Second-quarter earnings rose to 36 cents per share, in line with analysts' expectations, and year-over-year revenue growth rose 15 percent to $2.65 billion.
 
The Visa partnership allows PayPal users to cash out their PayPal accounts instantly by using a Visa debit card. Any balance in the user's PayPal account can be immediately transferred to a bank account tied to the Visa card. The process used to take several hours or days, said Bill Ready, PayPal's global head of product and engineering.
 
Some retail locations that accept Visa tap-and-pay - a feature that allows the shopper to wave a card or mobile phone over a reader to pay - will also accept PayPal. Ready would not offer specifics on the timeline or locations.
 
Ready declined to say how much additional revenue the Visa partnership might generate, but said: "When you make payment super low-friction, super easy to do, you see a great increase in volume and conversion rates."
 
Some investors voiced concerns about additional transaction expenses, while others cheered the partnership as driving "meaningful upside" for PayPal, analyst Bill Carcache of Nomura Securities said in a research note.
 
"A collaboration between PayPal and Visa could present a formidable obstacle to Apple Pay (and) Google Wallet," added Charles King, principal analyst at Pund-IT.
 
The 18-year-old PayPal is a leader in online payments despite an increasingly crowded field. It has 188 million quarterly active customer accounts, an 11 percent increase, and completed 1.4 billion transactions, a 25 percent jump from the same period last year.
 
PayPal completed a spin-off from e-commerce company eBay Inc.(EBAY.O) a year ago. Its current market cap is more than $48 billion.
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Rio Olympics 2016: Russia fails to overturn athlete ban for next month's Games www.bbc.com

Russian track and field athletes will remain banned from the Olympics following claims the country ran a state-sponsored doping programme.

The Russian Olympic Committee (ROC) and 68 Russian athletes attempted to overturn the suspension, implemented by the body that governs world athletics.

But the Court of Arbitration for Sport (Cas) has ruled it can stand.

A handful of Russian athletes could still compete as neutrals at the Rio Games, which start on 5 August.

"It's sad but rules are rules," said Olympic 100m and 200m champion Usain Bolt, who is targeting more gold medals in Rio.

He said it was important to send a strong message to the dopers.

"Doping violations in track and field is getting really bad," said the Jamaican, 29. "If you cheat or go or against the rules, this will scare a lot of people."

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Russia ban sends strong message - Usain Bolt
However, Russian pole vaulter Yelena Isinbayeva - one of the 68 to appeal to Cas - said the ruling was "a blatant political order", while the Russian Foreign Ministry called it a a "crime against sport".

Isinbayeva, the 2012 gold medallist, 34, told the Tass news agency: "Thank you all for this funeral for athletics."

The International Association of Athletics Federations (IAAF) said it was "pleased Cas has supported its position", adding that the judgement had "created a level playing field for athletes".

IAAF president Lord Coe added: "This is not a day for triumphant statements. I didn't come into this sport to stop athletes from competing.

"Beyond Rio, the IAAF taskforce will continue to work with Russia to establish a clean safe environment for its athletes so that its federation and team can return to international recognition and competition."

Separately, the International Olympic Committee (IOC) is considering calls to ban all Russian competitors from the Rio Games following a second report into state-sponsored doping.

What now for Russia's athletes?

Some Russian athletes could compete in Rio as neutrals if they meet a number of criteria, including being repeatedly tested outside their homeland.

At least two - 800m runner and doping whistleblower Yuliya Stepanova and US-based long jumper Darya Klishina - have gone down that path.

Now the ruling by a three-person Cas panel has cleared the way for others.

Cas said the ROC could still nominate athletes to compete as neutrals. However, a Cas spokesman said the panel had expressed concerns that this left "no possibility" for athletes to comply with the criteria.

Who was on the Cas panel?

Three lawyers from Italy, Britain and the United States, widely regarded as amongst the most experienced judges on the court's list of around 400 approved arbitrators.

The chairman was Milan-based Luigi Fumagalli, who also sat on the panel which upheld Fifa's four-month ban on Uruguay's Luis Suarez for biting Italian defender Georgio Chiellini opponent at the 2014 World Cup.

Retired judge Robert Reid, from England, has chaired disciplinary committees for the Premier League and sat in judgment of Pakistan cricketer Salman Butt's failed appeal to Cas against a ban for fixing.

Finally, Jeffrey Benz from Los Angeles is a former legal adviser to the United States Olympic Committee.

Why were Russian athletes banned?

Russia was suspended from track and field events by the IAAF in November 2015 following the publication of an independent World Anti-Doping Agency (Wada) report that showed a culture of widespread, state-sponsored doping.

Sports minister Vitaly Mutko apologised for Russia's failure to catch the cheats but stopped short of admitting the scandal had been state-sponsored.

However, another Wada-commissioned report delivered earlier this week - the McLaren report - contained more damaging allegations and suggested senior figures in Russia's sports ministry were complicit in an organised cover-up.

The report implicated the majority of Olympic sports in the cover-up and claimed that Russian secret service agents were involved in swapping positive urine samples for clean ones.

Following Monday's publication of the McLaren report, the IOC faced calls to ban all Russian competitors from the 2016 Olympics and will hold an second emergency meeting on Sunday to decide its course of action.

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McDonald's Japan's market cap hits 14-year high on Pokemon Go deal www.asia.nikkei.com

TOKYO -- Shares of the Japanese unit of McDonald's rose on the Jasdaq market in Tokyo on Thursday morning, pushing up the company's market capitalization to the highest level in about 14 years and 8 months.

Investors piled into the stock following Wednesday's announcement the Japanese unit of the hamburger chain will soon unveil a marketing plan in collaboration with the hit mobile game Pokemon Go, jointly developed by Nintendo, Pokemon Co. and Niantic.

At one point, McDonald's Holdings (Japan)'s estimated market value based on the number of outstanding shares topped 500 billion yen ($4.66 billion), the highest level since November 2001, far exceeding rival restaurant operators such as Skylark and Zensho Holdings, valued at 270 billion yen and 240 billion yen, respectively, at the end of morning trade.

McDonald's dominated trading during the morning, with its trading value exploding to 25.5 billion yen, or about 21 times bigger than Avix, the second most actively traded share on the Jasdaq market.

Trading has increasingly been active in Nintendo shares on the back of the 'Pokemonomics' boom. Traders say Nintendo shares are active likely due to high-frequency trading by hedge funds. But, according to kabu.comSecurities strategist Tatsunori Kawai, "McDonald's shares are less likely to be the target of HFT because individual investors tend to hold on to their stocks for the right to special investor benefits, limiting liquidity, which is key to HFT."

Some domestic individual investors are said to be trading McDonald's shares using their original, simple trading programs that place buy and sell orders automatically in response to price movements. Still, Kawai pointed out, "If trading value continues to grow, it may prompt HFT to step in."

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Flash memory prices rebound as makers introduce larger-capacity chips www.asia.nikkei.com

TOKYO -- Buoyed by a significant demand increase as Chinese and Taiwanese smartphone makers introduce products with larger memory capacity, prices of NAND flash memory chips have rebounded significantly.

The benchmark bulk sales price of NAND flash memory products rose a significant 22% in June compared to a month ago.

Prices of 64 gigabit, multi-level cell-type NAND chips rose in June to about $2.75 per unit, the first rebound in two years and nine months. Such units are sometimes traded at over $3.

Prices of triple-level cell chips, which have higher data capacity, have risen to around $2 and are continuing to rise in July.

The significant spike in NAND flash memory prices is attributed to increased demand from some Chinese and Taiwanese smartphone makers, which are introducing products with more memory capacity.

TOKYO -- Buoyed by a significant demand increase as Chinese and Taiwanese smartphone makers introduce products with larger memory capacity, prices of NAND flash memory chips have rebounded significantly.

The benchmark bulk sales price of NAND flash memory products rose a significant 22% in June compared to a month ago.

Prices of 64 gigabit, multi-level cell-type NAND chips rose in June to about $2.75 per unit, the first rebound in two years and nine months. Such units are sometimes traded at over $3.

Prices of triple-level cell chips, which have higher data capacity, have risen to around $2 and are continuing to rise in July.

The significant spike in NAND flash memory prices is attributed to increased demand from some Chinese and Taiwanese smartphone makers, which are introducing products with more memory capacity.

Vivo Communication Technology and Xiaomi, both Chinese smartphone makers, for example, recently introduced handsets whose internal storage is more than double that of their respective previous products. Such moves have boosted demand to levels exceeding memory manufacturers' expectations.

British market research firm Technavio expects the world's total NAND flash memory shipments to grow 30% in 2016 from a year ago to over 10 billion units.

The market is rising due also to declining supply, caused by a suspension of operations at a Chinese semiconductor plant of South Korea's Samsung Electronics following an explosion at a power substation in Xian, China, in mid-June.

The spike in demand for flash memory chips used in smartphones is also beginning to affect DRAMs used in PCs. Some memory makers including Micron Technology of the U.S. have switched their PC-use chip production lines to production of smartphone chips from April to June, straining supply of PC-use DRAMs, industry sources said.

As a result, prices of 4-gigabit DDR3 units are currently centered around $1.78 per unit, up about 11% from levels in May. Prices of next-generation DDR4 units also rose about 10% to around $1.8.

Another factor contributing to increased demand for memory chips is the increasing number of cyberattacks on corporate servers, which have resulted in a number of high-profile cases of customer information leaks in recent years. Forced to introduce additional security measures, which tend to weigh on computer performance, more companies are increasing the number of DRAMs in their systems to alleviate performance slowdown, another industry source said.

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Tesla: Elon Musk reveals latest 'masterplan' www.bbc.com

Elon Musk, chief executive of Tesla, has published the second part of his self-titled "masterplan".
He said Tesla would be branching out into creating a "solar-roof-with-battery product" that people can have fitted to their homes.
He wants the Tesla electric car range to cover all types of ground vehicles, specifically buses and lorries.
And once the cars have full autonomous driving capability, Mr Musk said Tesla would allow owners to add their cars to a shared fleet, meaning the vehicles can be making money for their owners when they are not using them.
Mr Musk had teased the publication of the plan on Twitter for several days, recently saying he'd pulled an all-nighter in order to finish it.
His ambition, he wrote, was to "accelerate the advent of sustainable energy".
"We must at some point achieve a sustainable energy economy or we will run out of fossil fuels to burn and civilization will collapse.
"Given that we must get off fossil fuels anyway and that virtually all scientists agree that dramatically increasing atmospheric and oceanic carbon levels is insane, the faster we achieve sustainability, the better."
Elon Musk, chief executive of Tesla, has published the second part of his self-titled "masterplan".
He said Tesla would be branching out into creating a "solar-roof-with-battery product" that people can have fitted to their homes.
He wants the Tesla electric car range to cover all types of ground vehicles, specifically buses and lorries.
And once the cars have full autonomous driving capability, Mr Musk said Tesla would allow owners to add their cars to a shared fleet, meaning the vehicles can be making money for their owners when they are not using them.
Mr Musk had teased the publication of the plan on Twitter for several days, recently saying he'd pulled an all-nighter in order to finish it.
His ambition, he wrote, was to "accelerate the advent of sustainable energy".
"We must at some point achieve a sustainable energy economy or we will run out of fossil fuels to burn and civilization will collapse.
"Given that we must get off fossil fuels anyway and that virtually all scientists agree that dramatically increasing atmospheric and oceanic carbon levels is insane, the faster we achieve sustainability, the better."
Autopilot controversy
(FILES) This file photo taken on December 2, 2015 shows Elon Musk, CEO of US automotive and energy storage company Tesla, presents his outlook on climate change at the Paris-Sorbonne University in Paris.Image copyrightAFP/GETTY IMAGES
The masterplan comes comes at a time when Mr Musk is facing criticism for the roll-out of Tesla's Autopilot feature, in which cars autonomously travel along motorways, changing lanes and speeding up or down in keeping with traffic.
US road safety regulators are investigating whether Autopilot was at fault in a crash which left one man, the driver, dead. The software appears to have failed to spot a white lorry driving across the Tesla's path.
Mr Musk stressed in his masterplan that Autopilot was in beta mode, and that all drivers are warned of that.
He wrote: "It would no more make sense to disable Tesla's Autopilot, as some have called for, than it would to disable autopilot in aircraft, after which our system is named.
"It is also important to explain why we refer to Autopilot as 'beta'. This is not beta software in any normal sense of the word. Every release goes through extensive internal validation before it reaches any customers.
"It is called beta in order to decrease complacency and indicate that it will continue to improve (Autopilot is always off by default). Once we get to the point where Autopilot is approximately 10 times safer than the US vehicle average, the beta label will be removed."
Uber competitor?
Mr Musk was also under pressure to explain the reasoning behind Tesla's purchase of SolarCity, a solar-power company that many considered to have been struggling. Mr Musk was its chief executive, and some investors said Tesla's purchase was essentially bailing out the ailing SolarCity.
However, Mr Musk rationalised his thinking by saying his vision of sustainable energy in our homes required the two companies to be joined.
"We can't do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies."
Mr Musk also seemed to suggest his company would one day compete with the likes of Uber and Lyft for personal transportation.
Once the cars had achieved full, safe autonomy, he said, a service would be set up that allowed owners to make their cars part of a fleet others could summon via an app.
In cities where there were too few Tesla owners to satisfy demand, Mr Musk said Tesla would "operate its own fleet, ensuring you can always hail a ride from us no matter where you are".
Shares in Tesla were marginally up during out-of-hours trading.

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US files lawsuit against Malaysian state fund www3.nhk.or.jp

The US Department of Justice has taken a legal action to seize more than one billion dollars in assets from a Malaysian state fund, suspected of involvement in corruption.

Court papers filed by the Department in Los Angles allege that the money from the fund, 1Malaysia Development Berhad or 1MDB, was misappropriated and went to Malaysian government officials and their families through several shell companies. The papers also allege that the money was spent on buying real estate and art pieces.

The state fund was set up in 2009 with the encouragement of Malaysian Prime Minister Najib Razak, but it was found to have large debts. It has also been alleged that a huge amount of funds were siphoned from the fund to the prime minister.
US Attorney General Loretta Lynch said on Wednesday that the funds were stolen and laundered through US financial institutions.

The Malaysian government has already closed its investigation into the case, claiming no wrongdoing took place. But authorities in Singapore and Switzerland are still investigating.

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