1 TOP 10 RICHEST PEOPLE IN MONGOLIA 2018 MONGOLIAN BILLIONAIRES WWW.ELITESHARED.COM PUBLISHED:2018/07/22      2 IRKUTSK REGION'S EXPORT OF CHICKEN EGGS TO MONGOLIA ALMOST DOUBLED WWW.RUSEXPORTER.COM PUBLISHED:2018/07/21      3 86 PERCENT OF ACTIVE ENTITIES IN MONGOLIA HAVE UP TO 9 EMPLOYEES WWW.GOGO.MN PUBLISHED:2018/07/20      4 MONGOLIA TAKES STEPS TO BOOST CASHMERE PRODUCTION WWW.NEWS.MN PUBLISHED:2018/07/20      5 HIV INFECTIONS RISES TO 262 IN MONGOLIA WWW.XINHUANET.COM PUBLISHED:2018/07/20      6 FRONTCLEAR FACILITATES A LANDMARK TRANSACTION WITH STATE BANK MONGOLIA, EBRD AND ING BANK WWW.KTVN.COM PUBLISHED:2018/07/20      7 MONGOLIA COULD BE RIO'S COPPER GROWTH KEY WWW.MINING-JOURNAL.COM PUBLISHED:2018/07/20      8 FOREIGN OFFICE MINISTER MARK FIELD VISITS MONGOLIA WWW.GOV.UK PUBLISHED:2018/07/20      9 ZOO-BRED PRZEWALSKI’S HORSES ARE FREED INTO THE PLAINS OF MONGOLIA WHERE THEIR ANCESTORS ROAMED FOR CENTURIES HAVING BATTLED BACK FROM JUST ONE SURVIVING WILD ANIMAL WWW.DAILYMAIL.CO.UK PUBLISHED:2018/07/20      10 MONGOLIAN AND CHINESE JOINT VENTURE ESTABLISHED WWW.MONTSAME.MN PUBLISHED:2018/07/20      ТАВАНТОЛГОЙ-ЗҮҮНБАЯН ЧИГЛЭЛИЙН ТӨМӨР ЗАМЫГ БАРИХ АЖИЛ ЭХЛЭЭД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/22     ШИНЭ УРГАЦ ГАРЧ ЭХЭЛСЭН Ч НОГООНЫ ҮНЭ ӨНДӨР ХЭВЭЭР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/20     АВТОЗАМД ҮҮССЭН ХОХИРЛЫН ХЭМЖЭЭ 1,3 ТЭРБУМ ТӨГРӨГТ ХҮРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/07/20     BURBERRY БРЭНД 32.6 САЯ АМ.ДОЛЛАРЫН ҮНЭ БҮХИЙ БАРАА БҮТЭЭГДЭХҮҮНЭЭ ШАТААЖЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/20     ИРГЭДЭЭС ЦУГЛАСАН ХАНДИВААР ГАЛ УНТРААХ ТОНОГ ТӨХӨӨРӨМЖ АВЧЭЭ WWW.DNN.MN  НИЙТЭЛСЭН:2018/07/20     ГААЛИЙН БАЙГУУЛЛАГЫН ТӨСӨВТ ТӨВЛӨРҮҮЛСЭН ОРЛОГО 1.2 ИХ НАЯД ТӨГРӨГТ ХҮРЧЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/20     ИХ БРИТАНИЙН АЗИ НОМХОН ДАЛАЙН БҮС НУТГИЙГ ХАРИУЦСАН САЙД МАРК ФИЙЛД МХБ-Д ЗОЧИЛЛОО WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/20     ЭКО АЛТНЫ УРАМШУУЛЛЫГ МОНГОЛБАНК ОЛГОХГҮЙ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/20     ЯМАШИТА МАМОРҮ: МОНГОЛД ДУНДАЖ ЦАЛИНГ ТЭТГЭВРИЙН ХЭМЖЭЭТЭЙ УЯЛДУУЛЖ ТООЦОХ МЭРГЭЖЛИЙН БАГ ХЭРЭГТЭЙ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/20     ХЯТАД УЛС БИЗНЕСИЙН ОРЧНОО САЙЖРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/19    

Events

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

NEWS

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Companies accelerating mirrorless car development www3.nhk.or.jp

Auto parts firms and electronics manufacturers are accelerating development of mirrorless car technology.
 
The Japanese government authorized development of mirrorless cars in June.
 
A camera-monitoring system replaces rearview and sideview mirrors in such vehicles. It allows drivers to check their surroundings by looking at images on the monitor. The system is expected to reduce blind spots.
 
German auto parts maker Continental has made a prototype car that uses cameras attached to the doors.
The company hopes to put the car on the market in 2 years.
 
Panasonic has also started developing a camera monitoring system.
Rearview mirror maker Murakami, the Japanese market leader, is developing a system that allows drivers to check images captured by cameras on the sides and the rear of a car in a single display. When the cameras don't work, the display automatically becomes a mirror.
 
Analysts say companies face the challenge of reducing the cost of commercializing this technology.
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Europe's eyes on Merkel to rebuild EU after Brexit vote www.reuters.com

When the chips are down in Europe, everyone turns to Angela Merkel for a solution. But the German chancellor often sits on her hands until the last minute, then does the minimum necessary to keep the show on the road.
 
Since last month's shock British referendum vote to leave the European Union, all eyes have been on Berlin to indicate a way out of danger for the 27 members who will remain.
 
As usual, Merkel, the continent's most powerful and experienced leader, is biding her time and letting underlings air their differences without tipping her hand before she departs for her three-week summer break this week.
 
Votes had barely been tallied in Britain when her vice-chancellor, Sigmar Gabriel, leader of the center-left Social Democrats, and European Parliament President Martin Schulz rushed out a 10-point plan for a "refoundation" of Europe.
 
Lamenting that ever more citizens doubted Europe's ability to deliver a better future, they called for a more federal Europe with the European Commission as its government, and a more flexible, growth-friendly economic policy turning away from austerity to investment in an "industrial renaissance".
 
Finance Minister Wolfgang Schaeuble rapidly shot down those ideas, rejecting any need for economic stimulus spending and reaffirming his balanced budget target up to 2020 at a time when many in Europe are pleading with Berlin to borrow money free of interest and invest massively in infrastructure.
 
He refuses to accept that surplus countries like Germany, which has a giant current account surplus of eight percentage points of GDP, should help poorer deficit countries adjust by spending more on public investment and boosting consumption.
 
Furthermore, Schaeuble said those calling for a bold federal leap forward in integration had failed to understand the public disenchantment with the EU that fueled the British vote and is driving nationalistic euroskepticism elsewhere in Europe.
 
Rather than give more power to Brussels, the veteran conservative, who once advocated a federal "core Europe", said it was time for national governments to take matters more into their own hands if the Commission was unable to do the job.
 
Schaeuble is blocking the next steps forward in euro zone risk-sharing - the creation of a European bank deposit insurance system and of a fiscal backstop for the currency area's single resolution fund to help wind down failed banks.
 
The 71-year-old finance minister has also managed to delay any debt relief for Greece until after next year's German election in September and maneuvered to delay public support for Italy's ailing banks, saying there was no acute crisis.
 
LESS VULNERABLE
 
Even the German head of the euro zone's rescue fund, Klaus Regling, argued last week that Berlin and its partners needed to go further to make the currency area less vulnerable to shocks.
 
Restructuring Italian banks' bad loans and forcing investors including retail savers to take losses before any public money can be injected under the EU's new bank recovery and resolution rules could trigger precisely that kind of post-Brexit shock.
 
Regling called for completing European banking union by phasing in a deposit insurance scheme after a transition period. He also advocated a limited budgetary capacity for the euro area to cushion economic shocks hitting only some countries.
 
Both proposals have so far been anathema to Schaeuble, who speaks for a school of German fiscal hawks in warning that such steps would lead to unacceptable permanent north-south transfers inside the monetary union.
 
At least there is debate in Germany about what the EU should do to regain momentum and overcome the trauma of losing Britain, its second largest economy, even if much of it resembles shadow boxing before next year's German elections.
 
In many EU countries, politicians have simply fallen back on blaming Brussels, with some demanding the scalp of European Commission President Jean-Claude Juncker as a scapegoat.
 
To be sure, Juncker has contributed to the sense of disarray by first trying to rush an EU trade deal with Canada through the European Parliament without letting national lawmakers have a say, then reversing himself under pressure from governments.
 
The result is that the Canada deal could be bogged down for many months, perhaps indefinitely, and the chances of getting a bigger and more sensitive trade and investment partnership with the United States wrapped up and ratified seem even more remote.
 
No progress on monetary or banking union, deadlock on trade - that doesn't leave much scope for restoring public and financial market confidence in Europe.
 
The German and French foreign ministers, both social democrats, have issued more modest joint proposals for the EU to focus on internal and external security, managing migration and refugee flows, and boosting the economy and job creation.
 
Their nine-page paper, which would not require changing the EU's founding treaty with the risk of more referendum defeats, called for a European Security Compact with a more integrated foreign and security policy and a permanent civil-military chain of command for crisis management operations.
 
But when it came to the euro - the economic heart of the European project - their suggestions of investment-boosting measures by surplus countries and a common fiscal capacity(budget) for the euro zone, ran into the same stonewall in the German Finance Ministry.
 
Merkel has broadly welcomed the Franco-German paper and broadly adopted its focus on three main themes - migration, security and growth/jobs. Whether she is willing to overrule Schaeuble and take political risks before next year's federal elections is highly doubtful.
 
Yet without some initiative to provide fresh wind after the Brexit blow, the EU looks highly vulnerable to the next external shock, whether from Islamist militants, Italian banks or another surge in migration.
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Samsung rumoured to invest half-a-billion in Chinese electric car company www.mining.com

Samsung Electronics (KRX:005930) is looking to take the plunge into electric vehicle (EV) technology with a sizable investment into BYD Co., (HKG:1211) the world's largest electric car manufacturer.
 
The division of Samsung, one of the most important "chaebols", or conglomerates in South Korea, said investing in BYD, backed by Warren Buffett’s Berkshire Hathaway Inc., (NYSE:BRK.A), is expected to bolster the South Korean company's semiconductor business for cars. Samsung Electronics is the largest maker of cellular phones and memory chips in the world.
 
Talks between the two companies have apparently been underway the last few days. Korea Economic Daily reported on Friday that Samsung Electronics is about to pull the trigger on a 3-billion yuan (US$450 million) investment in Shenzhen-based BYD for a 4% share of the company. However Samsung denies that report, saying that talks are still ongoing. BYD says the investment would most likely come in the form of a private placement.
 
According to Bloomberg the likely deal came about "…after [Samsung's] affiliate was among foreign battery makers left off a list of suppliers approved by China, where sales of electric vehicles are surging and the government has sped up construction of charging points. The talks with BYD also add to the global trend of technology companies and automakers collaborating as car buyers increasingly demand more advanced powertrains and features that improve connectivity and safety." Example of notable partnerships include the contributions of Korean battery manufacturer LG to the Chevy Bolt, and Panasonic's $1.6 billion investment in luxury EV car maker Tesla's $5-billion lithium-ion battery Gigafactory in Nevada.
 
“It puts Samsung into the electric-vehicle subsystem supply chain for a key Chinese electric vehicle and battery manufacturer,” Bloomberg quotes Bill Russo, the managing director at Gao Feng Advisory Co., based in Shanghai. “BYD gets a technology innovation pipeline partner with a reputable brand.”
 
China passed the United States last year as the largest market for electric vehicles.
 
The news of a possible tie-up between Samsung Electronics and BYD comes amid another media report indicating that the group's construction division piled up at least $700 million in losses over the course of constructing one of the world's biggest iron ore mines -Roy Hill owned by Australian billionaire Gina Reinhart.
 
The Wall Street Journal (subscription required) reported last Thursday that Samsung C&T Corp. had high hopes for taking advantage of the commodities boom when it embarked on its first foray into mining – having been involved in some high-profile megaprojects including the Burj Khalifa skyscraper in Dubai. Under terms of the $6-billion contract to build the mine, Samsung agreed to shoulder the risk for all cost over-runs and to pay penalties for not completing before the expected start of exports in August 2015. However according to WSJ, when the mine opened in December 2015, Samsung C&T "was embroiled in costly legal disputes with several subcontractors as well as Roy Hill."
 
Costly mistakes included hiring a less-experienced, small Australian firm to build the $1.1-billion processing plant, which would later become insolvent; a months-long delay in acquiring necessary conveyor belt components; hiring 1,500 new workers to make up for lost time; and having to defend itself against a lawsuit from a subcontractor over up to AUD$90 million in payments. Samsung C&T also fought with Roy Hill over construction timelines, with Roy Hill saying the South Korean company slowed construction to save costs, even though it was penalized AUD$2 million a day for missing deadlines.
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Warren Buffett gives $2.9 billion to charity, again www.cnn.com

Warren Buffett continues to make good on his promise to give most of his enormous wealth to charity.
The billionaire investor gave away $2.9 billion worth of stock in his holding company Berkshire Hathaway (BRKA), according to an official filing Thursday. He's now made a huge donation 11 years in a row.
This year, Buffett is giving 19.6 million Class B shares to five charities. The bulk of the money, $2.2 billion, will go to the Bill and Melinda Gates Foundation.
Four other charities with links to the Buffett family will share the rest: Buffett's education-focused charity, which is named after his late wife Susan; the Nebraska-based Sherwood Foundation, chaired by their daughter; the Howard G. Buffett Foundation chaired by his son; and the NoVo Foundation, headed by Buffett's youngest son Peter.

Buffett has been giving away his wealth for over a decade now. He gave the five foundations $2.8 billion worth of shares in 2015, following a gift of a similar size the year before that.
In 2010, Buffett launched the Giving Pledge with Bill and Melinda Gates. The effort encourages billionaires to commit to giving away most of their money during their lifetimes or in their wills.
The pledge isn't a legally binding contract, but more of a moral commitment. So far, 154 individuals and couples have joined the pledge.

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Pound rises as shares head down www.bbc.com

UK shares have dipped further and the pound has edged higher as investors continue to digest the Bank of England's latest pronouncement.
On Thursday, the Bank stunned the markets by keeping interest rates on hold, following speculation that it would cut rates from 0.5% to 0.25%.
At the open on Friday, the FTSE 100 was down 22.03 points at 6,632.44.
The pound was up 0.19% against the dollar at $1.3369. Against the euro, sterling was 0.08% higher at €1.2013.
Among individual shares, airlines bore the brunt in the wake of Thursday night's Bastille Day attack in the French resort of Nice.
Easyjet and British Airways owner IAG were down 2.2% and 2% respectively.
At the same time, luxury goods firm Burberry shed 1.7%, while High Street mainstay Marks and Spencer fell 1.5%.
Other European share indexes were also down, reflecting market gloom at the French terror attack.
The Cac index in Paris was down by about 0.5%, while Frankfurt's Dax dropped about 0.3%.
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Mongolia and Kazakhstan to boost cooperation in trade and economy www.en.montsame.mn

Ulaanbaatar /MONTSAME/ During the ongoing 11th ASEM Summit in Ulaanbaatar, the Prime Minister of Mongolia J.Erdenebat met Friday with Karim Masimov, his Kazakhstan counterpart at the State House.
 
The parties shared views on the bilateral relations and cooperation, regional and international issues.
 
“Our countries are not exploiting their potentials for trade and economic cooperation in full potential yet,” the PMs said, and concurred to intensify the partnership ties and to enrich the economic cooperation with investment projects.
 
Besides the bilateral agreement, the Kazakhstan’s PM said his government will donate aid of USD 200 thousand to help people in Bayan-Olgii aimag, who have been affected by a natural disaster.
 
J.Erdenebat pointed out that Mongolia intends to discuss many issues concerning bilateral relations and cooperation during a forthcoming regular meeting of the intergovernmental commission to be held in November 2016.
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Mongolia's new government seeks stronger relations with China www.xinhuanet.com

ULAN BATOR, July 14 (Xinhua) -- Mongolia's new government has a strong will to strengthen cooperation with China and will work to create a sound environment for Chinese investors, the nation's newly-elected parliament speaker said Thursday.

Miyegombo Enkhbold, chairman of the State Great Hural, said in a meeting with visiting Chinese Premier Li Keqiang that the new government will maintain a stable China policy and enhance practical cooperation with China with the aim of further cementing the comprehensive strategic partnership between the two countries.

The State Great Hural will attach great importance to and help implement the important consensus and results achieved during Li's visit to his country, Enkhbold said.

He said Li's visit will greatly boost bilateral friendly cooperation, adding that Mongolia will make more efforts to provide a sound legal environment for the Chinese businessmen investing in the country.

Congratulating Enkhbold for his election, Li said China highly values its relations with Mongolia and is ready to consolidate the traditional friendship and deepen the two nations' partnership in agriculture, husbandry, infrastructure and finance, so as to promote economic growth and improve people's livelihood on both sides.

Li said he looks forward to more exchanges between Mongolia's State Great Hural and China's National People's Congress, and between ruling parties of the two nations.

During his meeting with Mongolian President Tsakhiagiin Elbegdorj, Li said "China is satisfied with the sound momentum of our comprehensive strategic partnership," adding that he hopes to advance bilateral cooperation to a higher level with the Mongolian side.

China is willing to work with all the parties of the upcoming Asia-Europe Meeting (ASEM) summit to underscore peace, friendship and cooperation, help address the common challenges and promote stability and common development, Li said.

He added that this year marks the 20th anniversary of the ASEM, whose member countries in Asia and Europe are confronted with refugee crises and the threat of terrorism.

For his part, Elbegdorj said developing Mongolia-China relations is a top priority for his country, adding Mongolia's policy to foster friendly cooperation with China will not change.

The two sides agreed to push for more progress in promoting Asia-Europe dialogue and cooperation in the upcoming ASEM summit.

Earlier on Thursday, Li held talks with Mongolian Prime Minister Jargaltulga Erdenebat, and witnessed the signing of a number of cooperation agreements ranging from trade, technology and infrastructure to radio and TV broadcasting.

Li is paying an official visit to the landlocked country, and is due to attend the 11th ASEM summit on Friday and Saturday

 
 
 
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BP says total Gulf spill bill $61.6bn www.bbc.com

BP said the final bill for the 2010 Gulf of Mexico oil spill will be $61.6bn (£46.2bn).
The company believes that any further claims related to the spill will "not have a material impact".
On 20 April 2010, the Deepwater Horizon drilling rig exploded in the Gulf of Mexico, killing 11 workers and causing an oil spill that soon became the worst environmental disaster in US history.
Since then BP has been paying hefty fines, compensation and legal bills.
Last year, chief executive Bob Dudley described the fire on the Deepwater Horizon and its aftermath as "a near death experience" for the firm.
He said it had shaken the company "to its core" and led to a complete change in its organisational structure.
"Sometimes it takes a near death experience to radically change a company. It was a forced focussing down of what we do, it was: 'This is what we need to do to survive'," Mr Dudley said on the BBC's Today Programme.
Greater certainty
The company sold off more than £30bn ($45bn) in assets to help cover the costs of the spill.
"Over the past few months we've made significant progress resolving outstanding Deepwater Horizon claims and today we can estimate all the material liabilities remaining from the incident," Brian Gilvary, BP chief financial officer said in a statement.
"Importantly, we have a clear plan for managing these costs and it provides our investors with certainty going forward."
In October of last year, BP agreed to pay $20bn (£13.2bn) to settle claims with the US government stemming from the spill.
That settlement was the largest the US government had ever reached with a single company.

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China Q2 growth flat www3.nhk.or.jp

China's gross domestic product rose 6.7 percent in the April to June quarter from a year earlier. Growth from the previous quarter was flat.
 
The National Bureau of Statistics on Friday released key economic figures for the second quarter.
 
Analysts say private-sector industries, such as steel, are making less money, and that they have slowed investment as they try to trim excess capacity.
 
But the government boosted demand by spending more on infrastructure in an effort to support the economy.
 
Last year, Chinese officials looked for GDP growth of around 7 percent. This year, they are targeting 6.5 to 7.
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ASEM summit opens with tribute to Nice victims www.nhk.or.jp

Leaders from Asia and Europe have begun a 2-day summit in Mongolia with silent prayers for the victims of the terrorist attack in the French city of Nice.

Anti-terrorism measures and the global economy are expected to be high on the agenda at the Asia-Europe Meeting, or ASEM, which opened in Ulan Bator on Friday.

Japan's Prime Minister Shinzo Abe is among the leaders taking part from 53 member nations and organizations.

European Council President Donald Tusk called on the participants to unite in the fight against violence and hatred. Other leaders joined him in denouncing terrorism.

Two weeks before the attack in Nice, an armed group killed more than 20 people, including 7 Japanese, in Bangladesh.

Another focus is how the participants will deal with China's disputes with several parties in the South China Sea.

An international tribunal in The Hague ruled this week that China's claims to the waters have no legal basis.

China has refused to accept the decision, calling it unjust.

Premier Li Keqiang and Foreign Minister Wang Yi are meeting other leaders on the sidelines of the summit to lobby for Beijing's position.

China is also insisting that the summit should not discuss the South China Sea issue.

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