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

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

NEWS

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China's businesses may save nearly $23 billion a year under new measures: think tank www.reuters.com

Companies in China may save up to 150 billion yuan ($22.5 billion) a year if they are allowed to contribute less to employees' social security and housing plans, a research institute at the top economic planning agency said on Monday.
 
China aims to cut financing, labor, energy and logistics costs and reduce the annual tax burden for firms over the next few years, the government said last week, as policymakers try to offset the impact of a prolonged economic slowdown.
 
Businesses may save more than 100 billion yuan annually as the government moves to reduce the amount companies need to pay for employees' social security policies, wrote Guan Bo, a researcher at the Social Development Research Institute, which is part of the National Development and Reform Commission (NDRC).
 
Businesses may save an additional 40 billion yuan a year as the amount they need to contribute to employees' housing funds is reduced as well, Guan wrote.
 
Rising business costs have been cited by some economists as one of the reasons behind a sharp slowdown in private investment in China, which is leaving the economy more reliant on the bloated and more inefficient state sector.
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Barrick signs on to Venezuela gold push as oil sinks economy www.mining.com

Barrick Gold Corp. agreed to form a joint venture in Venezuela, according to state television, as President Nicolas Maduro turns to mining as a way to boost one of the fastest-shrinking economies in the world.
 
The world’s biggest producer of the precious metal was among several companies to sign letters of commitment for gold-mining ventures during a ceremony held at the presidential palace in Caracas Friday. The government would take a 55 percent stake in the proposed Barrick venture, Maduro said.
 
“At the invitation of the government, we intend to review information pertaining to mining opportunities in the country,” Andy Lloyd, a spokesman for Toronto-based Barrick, wrote in an e-mailed response to questions.
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Chinese mark on Rio continues to glow www.chinadaily.com

The Rio 2016 Olympic Games are history, but Chinese companies have left a mark on them that will shine for a long time to come.
 
The numerous mascots, uniforms, security apparatus and telecommunications equipment were all "Made in China".
 
The vivid mascots of the Olympic Games, Vinicius and Tom, became hot commodities after they were put on sale.
 
These mascots were, and are still, available in various sizes as plushies, which rapidly became favorites in shopping baskets in Brazil and around the world.
 
Behind these is a Chinese company, Honav, which is an official franchise firm of the International Olympic Committee.
 
Chen Shaoshu, president of Honav, said, "Honav became associated with the Olympics a long time ago, back in the 1996 Atlanta Olympic Games. We were manufacturers for Sydney 2000 and Athens 2004 before being signed up for Beijing 2008 as an official franchise company."
 
In Rio, Chen was preoccupied by the huge boom in demand for his products, as "sales were not good prior to the Games".
 
Carlos Nuzman, president of the Rio 2016 Olympic Games, has been very satisfied with Honav, calling it a company known for good quality, creative design and the sustainable development of its products.
 
Chen said that Honav designed over 1,110 products for Rio 2016, including over 5 million units. However, he explained that "tourists, spectators and athletes bought products with a speed we had not imagined. Certain products were already on limited sales every day".
 
Inside the main entrance of the Rio 2016 headquarters, a banner proudly displayed the Olympic sponsors, including 361-degrees and Gree.
 
361-degrees had supplied uniforms for the Rio 2016 Organizing Committee, as well as for a number of delegations, including Greece and South Africa. Gree, on the other hand, installed all the air conditioning in venues.
 
The 361 sports clothing brand became an official supplier for Rio 2016 in October 2013, with all volunteers, officials and employees of the Olympic and Paralympic Games wearing its gear.
 
Gree celebrated its entry into the Olympic Family in July 2016, with its air conditioners being set up in venues, the Olympic Village, the Media Village, official hotels and airports.
 
What's more, some official equipment for judo, taekwondo, wrestling, athletics and cycling events was provided by TaiShan Sports.
 
Bian Zhiliang, president of TaiShan Sports, explained that the standard for Olympic sports equipment used to always be according to European rules. "This time, equipment for the likes of judo, taekwondo and wrestling were of a Chinese standard."
 
Chinese company DHS provided the Olympic table tennis tables while Tinsue provided the floors for this event, showing China's expertise in the sport.
 
Close to the famous Maracana Stadium in Rio, Chen Yongjian, director of Nuctec in Brazil, was always ready to respond to any need for maintenance or repairs on any of his security equipment.
 
Chinese firm Nuctec has provided all security equipment, including X-ray and body scanners, at the entrances of Olympic zones, such as Maracana, Deodoro, Barra da Tijuca and Copacabana.
 
"During the 2014 soccer World Cup, the quality of Nuctec equipment was recognized by Brazil, which decided to continue using our products for the Olympics," Chen said.
 
Besides Nuctec, China's Dahuatech won a tender to supply over 80 percent of all security cameras in stadiums. Dahuatech ended up providing close to 2,000 high-definition cameras, helping security personnel with their inspections.
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The laptop's godfather dies at age 75 www.cnn.com

It's easy to take the modern laptop for granted. Hundreds of millions sell every year. The most affordable models are even less expensive than high-end smartphones. It's near impossible to walk into a coffee shop, workplace or college lecture hall without seeing a laptop.
Yet a generation ago, a computer that opened up to reveal a keyboard and screen was a radical and tremendously expensive idea.
In 1982, British engineer John Ellenby made waves when his company, Grid Systems, released the Compass, a clamshell-like computer. Ellenby died August 17 at the age of 75, according to his son Thomas, who spoke with CNNMoney. The New York Times first reported Ellenby's passing.
Today, the Compass's appearance generates snickers. It was heavy enough to be curled like a dumbbell. It had a foldout leg that propped up the back of the machine and helped prevent it from overheating. The Compass's screen resembled a blurry postage stamp. It cost a fortune -- $8,150 -- which is $20,324 in today's dollars.

While too expensive for the average person, it was popular with government agencies such as NASA.
Ellenby was ahead of his time. In the early '80s, desktop computers were only just starting to appear, but Ellenby was already on to the next trend. Steve Jobs didn't first unveil Apple's Macintosh -- the block-like desktop computer -- until two years after the Compass first arrived.
And it wasn't until May 2005 that laptops surpassed desktop computers in sales.
Ellenby's visionary nature reemerged later in his life. He cofounded GeoVector in the 1990s, which researched augmented reality, where computers overlay information on top of what our eyes see naturally.
Ellenby lived just long enough to see the breakout success this summer of Pokemon Go, which relies on augmented reality. Once again, Ellenby's instincts were proven right.

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Herbalife may have misled investors, SEC on impact of FTC deal, one short-seller says www.reuters.com

After U.S. multi-level marketing company Herbalife (HLF.N) settled a probe of its sales practices with the U.S. Federal Trade Commission last month, top executives assured investors that the company would be able to thrive under the new rules.

The consumer protection agency had questioned the company's sales methods.

Billionaire investor William Ackman in 2012 claimed the company was running a pyramid scheme, recruiting members with a promise of payment for enrolling others in distribution, rather than depending on the actual sale of its nutritional supplements and weight management products.

In its July 15 ‎settlement Herbalife agreed to restructure its U.S. business so distributors are rewarded for sales rather than for recruitment of sales agents and it agreed to pay a $200 million fine.

But Herbalife's filings with the U.S. Securities and Exchange Commission painted a much less optimistic picture than its presentation to analysts and investors, according to a private investor who flagged the differences to the SEC this month.

Matthew Handley, an investor based in Lakewood Ranch, Florida alleged Herbalife made "purposefully deceptive statements" in its Aug. 3 quarterly earnings conference call and regulatory filings.

Handley, who is betting Herbalife's stock price will fall, told Reuters about his outreach to the SEC and provided a copy of his letter to its whistleblower office.

"The transcript of the conference call, when compared directly against the actual language the company issued in their 10Q, depict a clear pattern of purposeful intent to deceive investors and the market," Handley wrote in the Aug. 16 letter.

"The things you say on the call and write in the filing have to match up, and I thought they just didn't," he later said in an interview with Reuters.

Because Herbalife's conference call transcript and its SEC filings are publicly available, securities law experts said the company probably did not violate the SEC's disclosure rules such as Regulation FD.

Corporate filings are often more legalistic and technical than what executives say during presentations to analysts and investors, when they may sound optimistic about the company's outlook, law professors and private lawyers noted.

But such presentations are usually highly scripted, with companies trying to ensure oral statements are not inconsistent with their filings, and the difference in tone and substance in Herbalife's case is noteworthy, securities lawyers said.

"Securities laws say that you cannot lie," said Yale law professor Jonathan Macey. "Reading these two documents (the filing and transcript of the conference call), would suggest they've changed their point of view," he added.

Herbalife spokesman Alan Hoffman declined repeated requests from Reuters for comment. Brian Lane, a partner at law firm Gibson Dunn, which vets Herbalife's disclosures, did not respond to a call or email seeking comment. Herbalife has disclosed inquiries from the SEC and other government authorities in the past.

SEC spokesman John Nester also declined to comment.

COMPLYING WITH THE FTC

Herbalife hailed the FTC settlement as a victory for its business model as the FTC said the company may have deceived hundreds of thousands of people but stopped short of calling it a pyramid scheme.

In August executives assured analysts and investors on a conference call that Herbalife would suffer little financial damage from the settlement.

Chief Executive Michael Johnson said, "We have the greatest confidence in our ability to comply with the agreement and continue to grow our business in the U.S. and around the world."

Chief Financial Officer John DeSimone saw "minimal disruption to the business" and President Desmond Walsh also struck an optimistic tone, saying, "The most important thing is that we don't see any long-term impact in our business."

Herbalife's SEC filing was more circumspect though, saying the company does not currently expect the settlement to have a "long-term and materially adverse impact."

However, the filing also noted "there is no guarantee that we will be able to fully comply with the consent order" and that "the company's business and its member base, particularly in the United States, may be negatively impacted."

If Herbalife cannot comply with the consent order, "this could result in a material and adverse impact to the company's results of operations and financial condition," the filing said.

Herbalife also noted the settlement's effect "could be significant."

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BILLIONAIRES' TARGET

Herbalife has until next year to comply with the July 15 order from the Federal Trade Commission to restructure its U.S. business.

It is not clear whether other short sellers and investors will respond to Handley's accusations on inconsistency between the company's verbal optimism and its more cautious SEC filings, some experts said.

"If you invest in this company, you will want to know what the odds are of this FTC ruling screwing up their business," Yale Law School professor Macey added.

Herbalife's stock price has gone on a wild ride over the last four years when two billionaires began squaring off over its future. After seeing a high around $81.00 in January 2014, the stock fell to a low around $30.26 in January 2015 before recovering to close at $60.50 on Friday.

Hedge fund manager William Ackman, who called Herbalife a pyramid scheme, placed a $1 billion short bet but so far has suffered some losses as the stock climbed.

On Friday in a letter to investors, Ackman also noted differences between presentations to investors by Herbalife executives and the company's official quarterly filing. In his letter, Ackman wrote "management's latest commentary is a continuation of prior misrepresentations."

Ackman and Handley, who registered his complaints about Herbalife's communications with the SEC, both said they have never spoken to each other and reached their conclusions independently.

By contrast, in 2013 billionaire Carl Icahn expressed confidence in Herbalife, becoming its biggest shareholder and named directors to the board.

This week, Ackman and Icahn tangled anew when Ackman said an investment bank approached him to try and sell some of Icahn's shares, but on Friday, Icahn said he was buying shares, not selling.

A key institutional owner, Fidelity, sold some of Herbalife's shares in August, it said in a filing. Fidelity declined to make the fund manager available for an interview.

(Reporting by Svea Herbst-Bayliss; editing by Lauren Tara LaCapra, Nick Zieminski and Clive McKeef.)

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U.S. SEC paid $3.75 million to BHP Billiton whistleblower: report www.reuters.com

 
The U.S. Securities and Exchange Commission paid a BHP Billiton (BHP.AX) (BLT.L) insider $3.75 million for detailed information in an investigation into alleged bribery of Asian and African officials, the Australian Financial Review reported on Monday.
 
Citing legal sources, the newspaper report said it was the first time an employee of an Australian company had received a U.S. whistleblower bounty.
 
BHP last year settled the SEC case, paying $25 million to resolve charges it violated a U.S. anti-bribery law by failing to properly monitor a program in which it paid for dozens of foreign government officials to attend the 2008 Olympics in Beijing.
 
The Australian Financial Review said it did not spell out the evidence that the whistleblower disclosed because it wanted to protect the person's identity.
 
BHP Billiton said on Monday it had fully co-operated with the SEC inquiry and a subsequent investigation by the U.S. Department of Justice (DOJ).
 
"We are not aware of the involvement of any whistleblower as part of the SEC's or DOJ's investigation," BHP said in an emailed statement to Reuters.
 
"We respect and fully support protections for all whistleblowers and the importance of providing confidential avenues for reporting," the company said.
 
The world's biggest miner remains under investigation by the Australian Federal Police over the matter.
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Brother Law' to Cost Telecoms $154Bln – Report www.themoscowtimes.com

Russia's new anti-terror legislation is set to cost mobile phone networks 10 trillion rubles ($154 billion), the RBC news website reported Friday.
 
The new laws require communications companies to store customers’ messages, including photos and videos, for six months. Internet companies will also face a fine of up to 1 million rubles ($15,700) for not decoding users’ data at the request of Russia’s Federal Security Service (FSB).
 
Earlier estimates had placed the predicted cost to operators at 2.2 trillion rubles ($34 billion), but the real cost is likely to be higher, data storage company RCNTEC's general director Denis Neshtun said.
 
The cost to companies could be reduced if the demands placed upon them were lessened, but companies would still need to pay a significant amount toward the system's upkeep, he told RBC.
 
Russia's mobile phone operators have estimated that by the time the law comes into force in 2018, they will collectively be forced to handle and record 107,142 gigabytes every second, the Kommersant newspaper reported.
 
Oleg Fomichev, the deputy minister for economic development, said in July that the kind of data storage infrastructure needed to implement the new anti-terror legislation “didn't exist anywhere in the world.”
 
It is “very difficult to say” what timescale would be needed to have the necessary infrastructure in place, Fomichev said.
 
Russia's biggest mobile operators have written to the government, arguing that the new demands would force companies to increase tariffs and pay less in taxes.
 
Author of the legislation, ultraconservative lawmaker Irina Yarovaya, called the claims a “baseless” excuse to raise prices.
 
The legislation was signed into law by President Vladimir Putin on July 7. The new laws include restrictions on religious activity, an increase in the number of crimes for which children aged 14-17 can be prosecuted and criminalizes a failure to report terrorist activities to the authorities.
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Fed's Janet Yellen says case for rate rise has strengthened www.bbc.com

The case for raising US interest rates has "strengthened", the head of the Federal Reserve has said.
Speaking at an annual meeting of central bankers, Janet Yellen was cautiously upbeat about the US economy.
She said economic growth and a stronger jobs market meant "the case for an increase in the federal funds rate has strengthened in recent months".
There has been a growing expectation that US interest rates will rise this year.
Some economists are saying that the next hike could even come next month.
The central bank raised interest rates at the end of last year for the first time in nearly a decade, but has held them steady amid concerns over persistently low inflation.
'Gradual' rises
Ms Yellen, speaking at a three-day symposium in Jackson Hole, Wyoming, did not comment on when rates would rise. But she said "the US economy was nearing the Federal Reserve's statutory goals of maximum employment and price stability".
She added: "In light of the continued solid performance of the labour market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months."
However, Ms Yellen emphasised that future rate increases should be "gradual".
She noted that inflation is still running below the Fed's 2% target, but said this is being depressed mainly by temporary factors.
Growth data
Subadra Rajappa, head of rates strategy at Societe Generale, in Washington, said: "We weren't really expecting her to signal a hike at the September meeting, but she's just kept the door open for a hike sooner rather than later.
"I think that the Fed wants to get the market to start pricing in a hike for this year, which they weren't doing earlier, and now I'm seeing the probability of a hike by December has gone up slightly over a coin toss."
John Canally, economist at Boston-based LPL Financial, added: "It looks like she is warming a little more to a hike this year, probably not September but probably December."
Signs of slow improvements in the US economy came in data published on Friday. Although the growth rate of second quarter GDP was revised down slightly, from an annual rate of 1.2% to 1.1%, consumer spending - which makes up more than two-thirds of US economic activity - was revised up from 4.2% to 4.4%.
Separately, US Labor Department figures showed that claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 261,000 for the week ended 20 August. It was the third straight weekly decline in claims.
On Tuesday, Commerce Department data showed that US new homes sales jumped in July to their fastest rate in nearly nine years.
Ms Yellen's remarks helped lift US share markets in early trading, but stocks began to drift slightly lower in afternoon trading. On the currency markets, the dollar was flat against the euro at $1.1286 and slightly lower against the yen at 100.28 yen.
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Domino's delivers pizza by drone in New Zealand www.cnn.com

In New Zealand, pizzas will soon be dropping from the heavens.
Domino's demonstrated its ability to deliver food via a drone Thursday in New Zealand and plans to test actual deliveries to customers next month.
"It doesn't add up to deliver a two kilogram package in a two-ton vehicle," said Scott Bush, a general manager for Domino's Pizza Enterprises, which is independent of the U.S. chain and operates in seven countries. "In Auckland, we have such massive traffic congestion it just makes sense to take to the airways."
A Domino's customer who requests a drone delivery will receive a notification when their delivery is approaching. After going outside and hitting a button on their smartphone, the drone will lower the food via a tether. Once the package is released, the drone pulls the tether back up and flies back to the Domino's store.

Initially there may be an extra charge for drone delivery, Bush said, but in the long term he hopes to deliver at no added cost.
Bush said test deliveries to actual customers will begin September 26 out of one Auckland store. The drone flights, powered by American drone company Flirtey, will be automated, but a human will be nearby to supervise. There are limits on how far Domino's will be able to deliver. New Zealand's drone rules don't currently allow a drone to fly farther than the drone's operator can see, but Domino's said it's working with authorities to remove barriers.
dominos drone delivery
"We want to push it as hard as we can and roll it out globally throughout our seven markets," Bush said.
U.S. customers hoping for a pizza to land in their front yard shouldn't get too excited, given that Domino's in New Zealand operates separately from the U.S. chain. The other countries that drone delivery could expand to include Australia, Japan, The Netherlands, France, Belgium and Germany.
The company plans to broaden its New Zealand drone delivery in early 2017, including at night.

Domino's has previously shown an interest in alternative delivery services. This spring it begin using a robotic cart that wheeled along sidewalks in Australia to make deliveries.
In New Zealand, Domino's only sells pizzas in one size, which simplifies the challenge of a drone trying to fly in windy conditions with a large pizza box. Bush said Domino's would be able to carry loads up to 5.5 pounds.

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Prada seeks younger customers in bid for growth www.bbc.com

Italian luxury fashion group Prada has predicted a return to growth as it seeks to connect with younger customers through online sales and flexible pricing.
First half profits fell 25% to €330m (£282m) due partly to falling demand in China and Italy.
But Prada said it saw 2016 as "a turning point."
It has been reviewing prices, product variety and online marketing to appeal to more customers.
Revenue fell 15% to €1.55bn compared to this time last year and in April Prada announced its lowest profits in five years.
'Millennials'
It was previously criticised for opening too many new stores and failing to invest enough online.
Prada said it was on track with plans to double its e-commerce sales over the next two years by increasing the number of products it offered online, particularly shoes.
It will also expand its social media activities so it can raise its profile among "the 'always connected' millennials," referring to the 20s -30s age group.
The company added it was working on a "potential launch of 'shoppable' content with selected key items on Instagram".

This at a time when rival luxury brand Mulberry, also known for its leather handbags, reported a trebling of profits in June following a switch to more affordable products.
Mulberry has struggled in recent years as a result of the company's failed attempt to compete with higher end brands, such as Prada and Fendi.
Mulberry has spent the past two years introducing new designs and bringing in lower priced bags in the £500 to £800 range.

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