India : Diamond trade defaulters cross all bounds this Diwali

Diamond industry in India has faced recurrent problems of default cases and it is needless to say that the industry as consequence has suffered colossally. Evidencing this fact, are recent incidents of evasion in the Surat diamond industry.

Considered to be the world’s largest diamond cutting and polishing center, Surat diamond industry have registered over 40 cases involving a sum of nearly Rs50 crore and it is further estimated to go up to Rs90 crore during Diwali.

One of the major reasons behind such immoderate delinquency is concurrent depreciation in US Dollar. It is also noted that maximum default cases emerge from merchants dealing with polished diamonds, in spite of which no concrete actions are taken to curb the perpetual crisis in the diamond industry.

Surat Diamond Association is one of the most affected companies, trying to deal with the present circumstances, but without any positive results.

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USA : Jones Apparel biz performs in line with expectations for Q3

Jones Apparel Group Inc reported results for the third quarter ended October 6, 2007. Revenues for the third quarter of 2007 totaled $1,028 million versus revenues of $1,078 million for the third quarter of 2006.

The Company reported earnings per share of $3.97 for the third quarter of 2007, as compared to earnings per share of $0.56 in the same period last year. Excluding the effects of the sale of our Barneys retail operations and its related results, the impact of severance and other expenses related to restructuring activities and certain other charges, adjusted earnings per share from continuing operations for the third quarter of 2007 were $0.51, as compared with $0.59 for the same period last year, as detailed in the accompanying schedule.

Wesley R. Card, President and Chief Executive Officer, stated, "Despite the continued challenges in the retail environment throughout the third quarter, which were primarily due to the unseasonably warm weather and economic conditions affecting our target consumer, our businesses performed in line with our expectations for the period.

Consistent with the overall retail climate, our company-owned retail stores continued to trend negatively during the third quarter as comparable store sales were down 8.7% for the period, even as we began to implement our turnaround efforts."

John T. McClain, Chief Financial Officer, commented, "Our financial position remains strong. We ended the quarter with $783 million of total debt and, net of $109 million cash on hand, our debt to total capitalization ratio was 24.3%, in line with our expectations.

Cash used by continuing operating activities during the period was $111 million, compared with cash provided by operating activities of $153 million in the prior year. The decrease in cash from continuing operations was the result of lower earnings, including the costs related to our strategic initiatives and the exit of our Moderate Sportswear lines, the timing of shipments and payments for inventory, as well as the absence of the positive impact from the exit of Polo Jeans Company, which benefited last year." Mr. Card continued, "Our guidance for 2007 full year adjusted earnings per share for continuing operations remains in the range of $1.20 to $1.25, compared to 2006 adjusted earnings per share for continuing operations of $1.94. Our performance to date, the execution of the sale of our Barneys retail operations, the exit of our Moderate Sportswear labels, and the continued weakening in the retail environment are offset by a lower tax rate and the benefit of share repurchases." Continued... Click Here:

Jones Apparel Group Inc

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France : New tint for jean ESQUAD

ESQUAD revisits its jeans by combining elegance with high resistance. The 100% ARMALITH jean is now tainted with a terribly trendy black. Still integrating a NOMEX III thermal heat shield, an ergonomic cut with reinforced seams, the E-Strong Black Denim will seduce long journey riders.

The E-Stein Black Denim will delight more urban users which ride more occasionally. It will be difficult to resist to this concentration of technological features and stylish cuts.

The ESQUAD jeans remain your best allies to confront yourself to the road and city. Strictly available in Male version, you can purchase it from 249 euros, from 36 to 52.

ESQUAD SA

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