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

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"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Brexit: Asian powers warnings over global stability www.bbc.com

Some of Asia's biggest economies have expressed concerns over the world's economic stability as a result of Britain's vote to leave the EU.
China's Finance Minister Lou Jiwei said the consequences were unclear, but that they would be felt for years to come.
Both South Korea's President Park Geun-hye and Japanese Prime Minister Shinzo Abe said their countries were prepared to react to market volatility.
Meanwhile, US Secretary of State John Kerry is due in London on Monday.
He is expected to meet UK Foreign Secretary Philip Hammond on the first high-level face-to-face talks between the two countries since Thursday's referendum.
Follow the latest developments on our live page
There is fear that the uncertainty created by Britain's decision will continue to affect financial markets around the world.
Mr Lou, from China, said Brexit would "cast a shadow over the global economy" and that the "repercussions and fallout" would emerge over the next five to 10 years.
However, he added that reaction from stock markets, which fell sharply on Friday, may have been overdone.
"The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view," he said.
Huang Yiping, a member of China's central bank monetary policy committee, said Brexit could mark a "reversal of globalisation", which would be "very bad" for the world.
Last year, China was responsible for $3.3bn (£2.4bn) worth of foreign direct investment in Britain, according to law firm Baker & McKenzie.
David Cameron announced £40bn ($54.7bn) worth of deals between Britain and China following a visit to the UK by President Xi Jinping in October last year.
Ready to act
Following the result of the vote, the pound plunged 10% against the dollar to a 31-year low before trimming losses to end the day around 7.5% down.
Sterling also fell 11.4% against the yen. Japan hinted that it may intervene to stem the yen's strength.
On Friday, the Swiss National Bank acted to weaken the Swiss franc which rose 2.1% against the dollar as investors rushed to buy the currency.
Anand Mahindra, chairman of Mahindra Group, an auto-to-aerospace Indian conglomerate with operations in Britain, said the world was behaving "as if a tsunami wave has hit" which he viewed as an over-reaction.
He said: "My hunch is that you're going to see a fair amount of recovery in markets worldwide."
Earlier this year, the Indian company launched the e2o electric car in the UK where it already has a presence with its IT business Tech Mahindra.Mr Mahindra said Britain's decision to leave may prove advantageous.
"The last time I spoke to the people in the British government about reducing taxes and duty on electric vehicles, they said they were hampered from doing so because of the European Union protocols and tariffs.
"So I hate to say this but as far as our electric vehicles are concerned this is probably something where I could go back to them and say you know you're going to have your own discretion to lower the taxes from now on."
Adi Godrej, chairman of India's Godrej Group, which operates worldwide and sells beauty brands such as Soft & Gentle and Bio-Oil in Britain, was less sanguine than Mr Mahindra.
He said it was surprising the UK had taken a decision "which is going to be so negative for it from an economic point of view".
He added that it would affect Indian companies which had set up in Britain as a gateway to the EU.
"It will be bad because they will have to establish themselves in other parts of Europe."
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Kishida asks UK to consider Japanese firms www3.nhk.or.jp

The Japanese Foreign Minister has asked the British government to give consideration to Japanese firms in the UK so they can continue to do business as usual.
 
Fumio Kishida met British Ambassador to Japan Tim Hitchens in Tokyo on Monday, following the UK's vote to leave the European Union. Kishida received a letter from British Foreign Secretary Philip Hammond.
 
The Ambassador said Britain will maintain close relations with important partners like Japan and the US while his country implements the decision reached in the referendum.
 
Kishida told Hitchens that Japan and Britain are important partners who share basic values.
 
He said the 2 countries should further improve ties and contribute to the peace and stability of the international community.
 
Kishida said that while Japan respects the decision of the British people, it wants the UK government to listen to the voices of more than 1,000 Japanese firms doing business in the country.
 
Ambassador Hitchens later told reporters that the British Embassy in Tokyo will host a meeting on Wednesday for Japanese firms investing in his country.
 
He said the British government should listen to Japanese businesses in order to sustain economic growth and stability.
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China warns Brexit will 'cast shadow' over global economy www.bbc.com

China finance experts have warned that Britain's decision to leave the European Union will "cast a shadow over the global economy".
Finance minister Lou Jiwei said the "repercussions and fallout" will emerge over the next five to 10 years.
Huang Yiping, a member of China's central bank monetary policy committee, said the Brexit could mark a "reversal of globalisation".
If so, he said, it would be "very bad" for both the world and China.
Last year, China was responsible for $3.3 billion worth of foreign direct investment in Britain, according to law firm Baker & McKenzie. Between 2005 and 2015, it has invested nearly $30 billion in Britain.
David Cameron announced £40 billion worth of deals between Britain and China following a visit to the UK by President Xi Jinping in October last year.
While Mr Lou said the result "will cast a shadow over the global economy", he added that it was difficult to predict the outcome and said the reaction from global stock markets, which fell sharply on Friday, may have been overdone.
"The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view," he said.
Follow the latest developments on our live page
Following the result of the vote, the pound plunged 10% against the dollar to a 31-year low before trimming losses to end the day around 7.5% down.
Sterling also fell 11.4% against the Japanese yen which is seen by investors as a safe haven for investors in times of crisis.
Japan hinted that it may intervene to stem the yen's strength.
Tomomi Inada, chairwoman of the Policy Research Council of the ruling Liberal Democratic Party, said: "Speculative, violent moves (in the forex market) have extremely negative effects. If necessary, the government should not hesitate to respond, including currency intervention."
On Friday, the Swiss National Bank acted to weaken the Swiss franc which rose 2.1% against the dollar as investors rushed to buy the currency.
In the Middle East, shares on the Saudi Arabia stock exchange fell 3.7% on Sunday.
Weak pound, big opportunities
Anand Mahindra, chairman of Mahindra Group, the auto to aerospace Indian conglomerate with operations in Britain, said the world was behaving "as if a tsunami wave has hit" which he viewed as an over-reaction.
He said: "My hunch is that you're going to see a fair amount of recovery in markets worldwide and a certain amount of objectivity and reason return to the perspective in which the Brexit is viewed from tomorrow."
Earlier this year, the Indian company launched the e2o electric car in the UK where it already has a presence with its IT business Tech Manhindra.

Mr Mahindra said Britain's decision to leave may prove advantageous.
"The last time I spoke to the people in the British government about reducing taxes and duty on electric vehicles, they said they were hampered from doing so because of the European Union protocols and tariffs.
"So I hate to say this but as far as our electric vehicles are concerned this is probably something where I could go back to them and say you know you're going to have your own discretion to lower the taxes from now on. So I'm certainly going to drive that point home."

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Tokyo shares hit year-to-date low on Brexit vote www3.nhk.or.jp/nhkworld/

Tokyo stocks plunged to a new low for the year on Friday on the news that "Leave" voters had secured a majority in the referendum on Britain's membership of the EU.
 
On the Tokyo Stock Exchange, share prices fell across the board on Friday afternoon after the BBC reported that the "Leave" camp was set to win.
 
The benchmark Nikkei Average briefly lost more than 1,300 points to fall below 15,000.
 
The index ended the day at 14,952, down 1,286 points from Thursday's close.
 
The drop is larger than the previous record one-day fall marked after the 2008 global financial crisis.
 
The TOPIX index of all first-section issues lost 94 points to finish at 1,204.
 
Market players say the global economic outlook has become even more uncertain after the British vote.
 
They say markets are in a state of shock because polls indicated that the "Remain" camp was in the lead.
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Development Bank of Mongolia becomes partner of SCO Interbank Consortium www.en.montsame.mn

Ulaanbaatar /MONTSAME/ Mongolia’s Development Bank became a partner of the Interbank Consortium of the Shanghai Cooperation Organization (SCO IBC) according to a decision made at a meeting of the SCO IBC Council in Tashkent June 23.
 
During the meeting, chaired by Uzbekistan’s National Bank for Foreign Economic Activity, the Council members also discussed the elaboration of the SCO IBC development strategy for 2017-2021, more active cooperation with the Silk Road Foundation, and the cooperation with international financial organizations operating in the SCO area.
 
Kazakhstan’s Development Bank was elected the bank-chairman of SCO IBC for 2016-2017.
 
The Shanghai Cooperation Organization Interbank Consortium (SCO IBC) was established on October 26, 2005 under a decision made by the Council of Heads of SCO Member States.
 
The IBC incorporates the following SCO member states’ authorized banks and credit institutions: Kazakhstan’s Development Bank, China State Development Bank, Kyrgyzstan’s RSK Bank, Russia’s State Corporation Bank for Development and Foreign Economic Affairs, Tajikistan’s State Savings Bank Amonatbonk and Uzbekistan’s National Bank for Foreign Economic Affairs, reports trend.az.
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GLOBAL MARKETS ARE IN CHAOS AFTER UK VOTES TO LEAVE EU www.businessinsider.com/

The UK has voted to leave the EU, according to projections from multiple outlets including iTV, the BBC, and SkyNews.
 
In an absolutely stunning result, this means the UK will now likely begin the process of leaving the European Union, the first member of the bloc to leave since its formation in 1993.
 
Following this result, global financial markets are in complete chaos with some of the most stunning moves you'll ever see taking place tonight.
 
Charts below are as of roughly 12:30 a.m. ET in New York, or 5:30 a.m. in London.
For starters, S&P 500 futures in the US are currently limit-down after falling 5%, meaning futures trading won't re-open until 9:30 a.m. ET when markets open.
 
Dow futures are also down sharply, falling 3.9% or more than 700 points.Headlining the proceedings is a mind-blowing drop in the British pound, which is down over 10% against the US dollar to around $1.33, a 31-year low.
The pound is also getting crushed against the Japanese yen - which has seen a monster rally on Thursday - with the pound losing 14% against the yen.
London FTSE futures are down 9.4%.Futures for Germany's DAX are off more than 8%.US Treasury bonds are also catching a massive bid with the 10-year Treasury yield falling to as low as 1.48% (bond prices rise when yields fall).
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China, Russia, Mongolia endorse development plan on economic corridor www.xinhuanet.com

TASHKENT, June 23 (Xinhua) -- China, Russia and Mongolia inked a development plan here on Thursday to build an economic corridor linking the three neighbors, pledging to boost transportation connectivity and economic cooperation in border regions.

The plan was signed after a meeting of Chinese President Xi Jinping, Russian President Vladimir Putin and Mongolian President Tsakhiagiin Elbegdorj in the Uzbek capital of Tashkent ahead of an annual summit of the Shanghai Cooperation Organization (SCO).

While chairing the trilateral meeting, the third of its kind, the Chinese president reviewed the achievements the three countries have made in implementing their mid-term roadmap for cooperation, saying progress and positive results have been made in such areas as trade and economy, cultural and people-to-people exchanges, transit transport, tourism and sports.

"The Chinese side is satisfied with the momentum of our trilateral cooperation," Xi said.

He proposed that the three countries continue to center on the aligning of China's Silk Road Economic Belt initiative, Russia's development strategies, especially its transcontinental rail plan, and Mongolia's Steppe Road program to actively advance the trilateral cooperation.

Xi called on the three countries to well implement the development plan to build the economic corridor and strengthen cooperation in transportation infrastructure connectivity, port construction, industrial capacity, investment, trade and economy, cultural and people-to-people exchanges, and environmental protection, thus producing outcomes at an early date.

"We three sides should actively engage in the discussion of building cross-border economic cooperation zones, enhance industrial tie-in, boost sub-regional cooperation in our adjacent areas, and promote the common development of our adjacent areas," Xi said.

The Chinese president also urged the three countries to expand cooperation within the framework of the SCO, especially in such areas as transit transportation, food security, disaster reduction and energy.

Putin said Russia, China and Mongolia are friendly neighbors based on equality, respect and mutual benefit.

He said Russia, in light of the three countries' consensus, is committed to working with China and Mongolia to well implement the projects of transportation and infrastructure construction, speed up simplifying port procedures, and promote regional economic integration process.

Russia is also willing to increase cultural and people-to-people exchanges with the other two countries, he added.

For his part, Elbegdorj said the development plan on the economic corridor linking the three countries is very important, adding that Mongolia stands ready to join hands with China and Russia to advance the construction of transportation infrastructure and strengthen economic cooperation in border regions.

Mongolia also hopes to enhance cooperation with the other two countries in agriculture and disaster relief, he said.

After the meeting, the three heads of state also witnessed the signing of a trilateral agreement on the mutual recognition of the customs supervision results on certain commodities.

The 16th meeting of the SCO Council of Heads of State is scheduled to be held in Tashkent on Thursday and Friday.

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THE POUND JUST DROPPED TO A 30-YEAR LOW www.businessinsider.com

The British pound is getting destroyed.
 
The currency dropped by over 11.0% to a low as 1.3239 against the dollar around 12:30 a.m. ET (5:30 a.m. BST) after BBC called Leave.
 
That's a 30-year low.
 
The huge drop in the pound comes after BBC, Sky News, and ITV all called a Brexit.
 
"The usual caveats exist about liquidity but these moves are concerning and bring back pretty painful memories of 2008," Jeremy Cook, chief economist at the international payments company, World First, said in an emailed statement to Business Insider earlier in the evening.
 
"GBPUSD didn't have this bad a day in the Global Financial Crisis and the moves by the bookies to price Leave as the favourite is killing the pound. News from Wales is the most concerning at the moment alongside the London turnout dynamics.
 
Notably, the Japanese yen - a safe-haven currency that investors dive into when things get rocky - was up by 15.2% against the British pound at 133.92 per pound as of 11:47 p.m. ET (4:47 p.m. BST)
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Poland doesn’t want Nord Stream-2 pipeline, but wants the gas www.rt.com

Despite being one of the main opponents of Russia’s Nord Stream-2, Poland is interested in pumping 11 billion cubic meters of gas per year from the pipeline, Gazprom said on Thursday.According to Gazprom Deputy Chairman Aleksandr Medvedev, Warsaw has bid for 11 billion cubic meters of Russian gas coming through the projected Nord Stream-2 pipeline.
 
Medvedev added that even though Nord Stream-2 will significantly increase gas reverse supplies through Poland, its antitrust authorities will delay the decision to ratify the pipeline and “send new demands that have nothing to do with the matter.”
The contract to deliver Russian gas to Poland expires in 2022. Medvedev said Gazprom offered to extend it by 25-30 years, but has received no reply. He added that Poland is harming itself and annoying Europe.
 
Poland is pumping 30 billion cubic meters of Russian gas per year, and Gazprom has offered the same volume in the new contract, said the deputy chairman. However, the new contract can’t be signed under the old conditions as EU laws have changed.
A gas contract auction for the pipeline’s future capacity will be held next year, according to Medvedev. Besides Poland, there are other bidders, but he refused to name them.
 
The Nord Stream-2 gas pipeline is expected to provide an additional direct route for Russian natural gas to Germany via the Baltic Sea bypassing Ukraine. It will deliver up to 55 billion cubic meters of gas per year, doubling the supplies through the existing Nord Stream pipeline.Russia’s Gazprom holds a 50 percent stake in the project. The other 50 percent is divided equally between Royal Dutch Shell, Germany’s E.ON and BASF, Austria’s OMV and France’s Engie.
 
In March, Poland, Latvia, Estonia, Lithuania, Hungary, Romania, Slovakia, and the Czech Republic sent a letter to the European Commission President Jean-Claude Juncker, saying Nord Stream-2 could pose risks to energy security in Central and Eastern Europe.
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South Korea issues arrest warrant for VW executive in emissions probe www.reuters.com

A South Korean court on Friday issued the first warrant for the arrest of a Volkswagen AG (VOWG_p.DE) executive in connection with its cheating of vehicle emissions tests, in another blow to the German automaker's efforts to move on from the scandal.
 
The warrant is the first to be leveled against a Volkswagen executive anywhere in the world after the firm in September admitted to using software to falsify pollution tests on some diesel cars, spurring legal action in the United States, Germany, South Korea and elsewhere.
 
"This is just the beginning of the investigation," an official at the prosecution office said, declining to be named because the investigation was ongoing.
 
The executive at Volkswagen's South Korean subsidiary faced five accusations including fabrication of documents and violation of the Air Quality Preservation Law, Seoul Central District Court spokesman Shin Jae-hwan said.
 
"The court acknowledges the reason and the necessity of the arrest," he told Reuters, declining to give further details or name the executive.
 
A Volkswagen Korea spokeswoman declined to comment.
 
The developing criminal case in South Korea, Asia's No.2 diesel car market after India, is another setback for Europe's biggest carmaker as it faces global repercussions and potentially billions of dollars of costs over the scandal.
 
Sources in the United States on Thursday said Volkswagen would pay more than $10 billion to settle claims by nearly 500,000 owners and fund efforts to offset pollution.
 
German prosecutors on Monday said they were investigating former CEO Martin Winterkorn and another executive over whether they effectively manipulated markets by delaying the release of information about the emissions test cheating.
 
Volkswagen said in April it would set aside 16.2 billion euros ($18.2 billion) and slash its dividend to cover the costs from the scandal.
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