EdCC exchange student from Mongolia missing since July 1 www.heraldnet.com

LYNNWOOD — An Edmonds Community College exchange student from Mongolia has been missing for almost three weeks, Lynnwood police said Wednesday.

9.6 thousand foreign workers from 92 countries employing in Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ At the end of June 2018, 9.6 thousand foreign workers from 92 countries were employed under the Labor contract in Mongolia.

Market capitalization of listed domestic companies reaches MNT 2.5 trillion www.montsame.mn

Ulaanbaatar /MONTSAME/ The money supply reached MNT 17.3 trillion at the end of June 2018, showing an increase of MNT 304.0 billion or 1.8 percent from the previous month and by MNT 3.9 trillion or 28.7 percent from the same period of the previous year.

Parliamentary working group to report on OT agreement review

In April, a Mongolian parliamentary working group was formed to review the implementation of the 2009 Oyu Tolgoi Investment Agreement between the Government and the UK-based Rio Tinto Group. Now, the working group is ready to deliver its findings to parliament on the implementation of the Investment Agreement. According to D.Terbishdagva, head of the working group, the report consists of reviews send by five sub-groups and 90 percent of all the original tasks have been completed. The reason why it is not totally finished is because the Mongolian National Audit Office and the Independent Authority against Corruption of Mongolia have failed to send their reviews on time. Therefore, the working group is planning to present its report to the Standing Committee without their reviews.

Flooding kills 48 in Mongolia www.xinhuanet.com

ULAN BATOR, July 18 (Xinhua)-- Heavy flooding killed 48 people in Mongolia while downpours in the western Bayan-Ulgii Province affected more than 2,500 people, Mongolian officials said on Wednesday.

Mongolia debt-rescue anniversary shuns celebration www.atimes.com

A year after the international community assembled a US$5.5 billion emergency package, Mongolian stock and bond performance reflected the escape from a debt crisis, but “more downside than upside risks” persist, according to the International Monetary Fund’s July program review.

The lender released another $35 million of its $435 million three-year facility based on “good progress,” as it urged further steps to strengthen fiscal, balance-of-payments, banking-sector and investment-climate positions. The stock-exchange index is down 5%, outpacing MSCI-tracked frontier markets, and external bond yields at 400 basis points over US Treasuries were firm against general asset class selloffs as Fitch Ratings upgraded the sovereign to a still speculative “B.”

It also elevated two state-owned banks, while noting lingering weakness with the reported 8.5% bad-loan ratio as comprehensive asset quality and stress testing unfold.

Ulaanbaatar was briefly in the geopolitical limelight as a possible host for the inaugural US-North Korea summit, but was sidelined by Singapore’s all-expenses-paid bid and its state-of-the-art infrastructure.

The IMF report too seized upon positive headlines, including 6% first-quarter growth and a 10% international reserve increase to $3.25 billion, but pointed to “core vulnerabilities” such as high commodity reliance, public debt, and bank recapitalization needs.

The next parliamentary elections are due in 2020, when corruption accusations between the main parties and runaway voter spending are also likely to intensify, analysis suggest.

The World Bank predicts 6% growth this year on construction and manufacturing around the Tavan Tolgoi (TT) coal project, while agriculture has yet to recover from the harsh past winter. Another phase of the giant Oyu Tolgoi (OT) copper mine will go online in the medium term to expand exports further, as the Bank recommended greater economic diversification and productivity gains.

Foreign direct investment was $400 million in the first quarter, but strong domestic demand worsened the current account deficit and inflation, now at 8%. The central bank has regularly cut interest rates over the past year but may turn more cautious, especially as it applies more stringent loan-provisioning rules to identify bank capital and liquidity gaps. Corporate credit extension was flat in recent months, after years of double-digit upticks.

Fiscal policy was mixed in Fitch’s view, as “rapid improvement,” with revenue up 25% through May, is offset by “structural reform delays” leaving government debt at 85% of GDP. Fuel subsidies and family social transfers have not been adjusted, and infrastructure concessions and discount mortgages are large liabilities. The Development Bank’s portfolio has not been audited and fully incorporated into the budget, and non-political oversight is lacking. Its overseas borrowing can inject depreciation pressure on the currency, which has steadied over the past year.

Both Fitch and the IMF argue that bank cleanup over the next six months will determine the vitality of policy and practical turnaround. Officials will present a detailed bad-loan resolution strategy and introduce new collateral enforcement and bankruptcy procedures. They may propose a central disposal agency and macro-prudential curbs on household credit, with almost half in danger of default with debt-service-to-income ratios above 60%.

The Financial Action Task Force also criticized lax anti-money-laundering practices, and without action the country could be “gray listed” and cut off from overseas correspondent relationships.

The threat comes as Prime Minister Ukhnaa Khürelsükh broke ground on an oil refinery financed with a $1 billion soft loan from India under a campaign to forge links beyond traditional international mining-company and China-Russia partners. The project was broached during a 2015 visit by Indian Prime Minister Narendra Modi, and follows decades of aborted domestic building efforts. The Indian delegation in pointed reference to regional rivals described a “spiritual alliance,” and the plant will eventually boost national output by 10% according to government estimates.

In June, Mining Minister Sumiyabazar Dolgorsuren proposed an initial public offering on local and overseas markets for up to one-third of state company TT shares, reprising previous attempts that valued the transaction at billions of dollars. Underwriters were originally named, but the deal was abandoned when both the government and coal prices collapsed in 2016.

Canadian-owned operator Erdene at the same time became the first cross-listed play on the Mongolian stock exchange with a small $1.5 million capital raising, as more modest feats may have to satisfy fund managers going into the IMF program’s second anniversary.

Lotte Mart to enter Mongolia next year www.retailanalysis.igd.com

South Korean conglomerate, Lotte, is planning to open to its first Lotte Mart store in Mongolia in the first of half of next year.

US trade war could cost global economy $430 billion, IMF warns www.rt.com

The risk of current trade tensions escalating further is the greatest near-term threat to global growth, said the International Monetary Fund (IMF) in its latest World Economic Outlook report.
"Our modeling suggests that if current trade policy threats are realized and business confidence falls as a result, global output could be about 0.5 percent below current projections by 2020," the IMF said, adding that the cost to the global economy could reach $430 billion.

US plans G7 talks on China www.nhk.or.jp

The US claims that unfair trade practices by China have caused its trade deficit. And a government official wants the world's major economies to address the issue.

Google hit with record EU fine over Shopping service www.bbc.com

Google has been fined 2.42bn euros ($2.7bn; £2.1bn) by the European Commission after it ruled the company had abused its power by promoting its own shopping comparison service at the top of search results.

The amount is the regulator's largest penalty to date against a company accused of distorting the market.

The ruling also orders Google to end its anti-competitive practices within 90 days or face a further penalty.

The US firm said it may appeal.

However, if it fails to change the way it operates the Shopping service within the three-month deadline, it could be forced to make payments of 5% of its parent company Alphabet's average daily worldwide earnings.

Based on the company's most recent financial report, that amounts to about $14m a day.

The commission said it was leaving it to Google to determine what alterations should be made to its Shopping service rather than specifying a remedy.

"What Google has done is illegal under EU antitrust rules," declared Margrethe Vestager, the European Union's Competition Commissioner.

"It has denied other companies the chance to compete on their merits and to innovate, and most importantly it has denied European consumers the benefits of competition, genuine choice and innovation."

Media captionWATCH: Margrethe Vestager explains how consumers have been harmed by Google's Shopping service
Ms Vestager added that the decision could now set a precedent that determines how she handles related complaints about the prominence Google gives to its own maps, flight price results and local business listings within its search tools.

Google had previously suggested that Amazon and eBay have more influence over the public's spending habits and has again said it does not accept the claims made against it.

"When you shop online, you want to find the products you're looking for quickly and easily," a spokesman said in response to the ruling.

"And advertisers want to promote those same products. That's why Google shows shopping ads, connecting our users with thousands of advertisers, large and small, in ways that are useful for both.

"We respectfully disagree with the conclusions announced today. We will review the Commission's decision in detail as we consider an appeal, and we look forward to continuing to make our case."

Fast growth
Google Shopping displays relevant products' images and prices alongside the names of shops they are available from and review scores, if available.

The details are labelled as being "sponsored", reflecting the fact that, unlike normal search results, they only include items that sellers have paid to appear.

On smartphones, the facility typically dominates "above-the-fold" content, meaning users might not see any traditional links unless they scroll down.

One recent study suggested Shopping accounts for 74% of all retail-related ads clicked on within Google Search results. However, the BBC understands Google's own data indicates the true figure is smaller.

Seven-year probe
The European Commission has been investigating Google Shopping since late 2010.

The probe was spurred on by complaints from Microsoft, among others.

The rival tech giant has opted not to comment on the ruling, after the two struck a deal last year to try to avoid such legal battles in the future.

However, one of the other original complainants - the British price comparison service Foundem - welcomed the announcement.

"Although the record-breaking 2.42bn euro fine is likely to dominate the headlines, the prohibition of Google's immensely harmful search manipulation practices is far more important," said its chief executive Shivaun Raff.

"For well over a decade, Google's search engine has played a decisive role in determining what most of us read, use and purchase online. Left unchecked, there are few limits to this gatekeeper power."

This is a big moment in a clash between the EU and the US's tech giants, which has been going on for more than a decade.

The commission believes it has struck a blow for consumers and for little firms at a time when online advertising - particularly on mobile phones - is dominated by Google and Facebook.

Google believes the regulator has a weak case and has failed to provide evidence that either consumers or rivals have been harmed.

In essence, it sees this as a political move rather than one based on competition law. You can be pretty confident that the Trump administration will share that view.

There's mounting anxiety in European capitals about something called Gafa - Google, Apple, Facebook and Amazon - the four American giants that play such a huge role in all of our lives.

That means we can expect further action to try to limit their powers, with the potential for growing political tension between Brussels and Washington.

Although the penalty is record-sized, it could have been bigger.

The commission has the power to fine Alphabet up to 10% of its annual revenue, which was more than $90bn (£70.8bn) in its last financial year.

Alphabet can afford the fine - it currently has more than $172bn of assets.