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1 billion stake in Canada iron ore unit to Posco group

ArcelorMittal, the world biggest steelmaker, will sell a $1.1 billion stake in a Canadian iron ore mine operator to a consortium that includes South Korean steelmaker POSCO and Taiwan listed China Steel Corp, China Steel said in a statement.

ArcelorMittal, formed in 2006 when India born Lakshmi Mittal steel business bought European peer Arcelor for $33 billion, is battling sluggish steel demand and is looking to offload assets to cut debt.

POSCO, China Steel and ArcelorMittal Mines Canada will own Labrador Trough through a joint venture and will enter into long term iron ore supply agreements,replica love necklace cartier price, China Steel said in the statement on its Website.

POSCO shares were up 2.6 per cent, while China Steel rose 0.6 per cent.

The transaction is subject to approval from the Taiwanese government, and is expected to close in two instalments in the first and second quarters of 2013, the statement said.

The deal will give POSCO, the world fourth biggest steelmaker, access to iron ore and coal used to make steel, as it currently imports nearly all of its key raw materials. POSCO already owns a 12.5 per cent stake in Australia $10 billion Roy Hill project.

Earlier on Wednesday, a South Korean wire service Yonhap Infomax reported China Steel and POSCO would jointly contribute $540 million, while the remainder was expected to be paid by financial investors including the National Pension Service.

A POSCO spokeswoman confirmed a consortium involving POSCO signed a stock purchase agreement to acquire a stake in the iron ore mine operator, but declined to elaborate on details.

ArcelorMittal is one of Canada top exporters of iron ore to steel markets around the world and its operations account for about 40 per cent of Canada iron ore output. It operates two large open pit mines in the province of Quebec, where it also owns the Port Cartier industrial complex that includes a pellet plant, storage areas and port facilities for shipping.

Last month,love replica necklace cartier, ArcelorMittal wrote down the value of its European business by $4.3 billion, underscoring gloom about prospects for the region recession hit manufacturers.

A source had previously told Reuters that POSCO was seeking to buy the stake with South Korea National Pension Service and other investors,love replica pendant.

Credit agency Fitch has cut ArcelorMittal long term issuer default rating to BB+,replica cartier gold necklace chain, just below investment grade, due to the challenging outlook for Western European steel markets in 2013.

ArcelorMittal, which makes about 6 7 per cent of the world steel, says demand in Europe had fallen 29 per cent since 2007 when the financial crisis started.
Oct 29 '17 · 0 comments
We must nurture our talent for luxury,replica gold necklace love

Shoppers walk along New Bond Street in Mayfair which is the most expensive avenue in Europe for retail rents on September 22, 2010 in London, England. Findings from retail estate agents claim that over the past year rents on New Bond Street have risen to 536 GBP per square foot, exceeding that of the Champs lyses in Paris. In comparison, New York's Fifth Avenue, which is the world's most expensive shopping street, has rents of approximately 1180 GBP per square foot. (Photo by Oli Scarff/Getty Images) Getty

What can we in Europe and let's, for this discussion, include Britain as a part of that do better than anyone else? And don't say youth unemployment, though several eurozone countries have more than 40% of their young people out of jobs.

Well, actually European companies are outstanding at many things and the best European companies have in a sense detached themselves from the economic problems of the region and are maintaining their position as world leaders.

But if you stand back and look at Europe as a whole, one area stands out: luxury goods. So there is a paradox. Europe, which has the lowest differentials of income in the world, is also the most adept at creating goods for luxury consumers. That is an area that happens to be the fastest growing sector of consumer spending. Europe produces about 70% of the luxury goods market. The newly rich from all over the world want to buy our stuff.

How to prove that? Well, one way of measuring commercial strength is to look at the value of brands. Every year Interbrand, a New York based consultancy specialising in services for such companies, does a tally of the top 100 brands in the world. The top eight are all American: Coca Cola, Apple, IBM, Google, Microsoft, General Electric,replica love necklaces for women, McDonald's and Intel. Then come Samsung and Toyota. But those are general brands, rather than luxury ones. Luxury kicks in at 11th and 12th places Mercedes and BMW. After all, every luxury brand in the world, bar two, are European. These are names such as Louis Vuitton, Gucci, L'Oral, Herms, Cartier, Porsche, Ferrari and so on. In fact there are only two American luxury brands in the top 100, Tiffany and Ralph Lauren. There's also one from the UK, Burberry, a tribute to the way the brand has been nurtured and developed over the past 15 years. We do not have a Mercedes or a BMW Jaguar Land Rover is doing wonderfully well under its Indian ownership but is tiny in comparison. Rolls Royce and Bentley are stunning brands but do not figure on the Interbrand list.

The main study of luxury growth is done by management consultants Bain, and the latest one is just out. Bain has a rather narrower focus and looks more at scent,replica cartier chain for men, accessories and haute couture. It estimates that the global sales of such personal luxury goods are running at more than $200 billion (131billion) a year and it predicts that the global luxury market will continue to grow at a rapid rate for at least another decade, driven inevitably by Asia. This seems sensible, as wealth spreads more widely and the newly affluent seek to display their success.

Europe's stranglehold on luxury brands raises a string of questions. The first is whether its predominance can be maintained. I think the answer is yes. Thirty years ago many expected Japan to create global luxury brands. But although it has created very good luxury products Lexus cars, some Suntory whiskies for example it has not really created any true luxury brands.

A second is whether luxury will continue to grow. Again, the answer is surely yes. The demand for these goods is driven by the number of buyers. It depends on how you define it but the global middle class is expanding by something like 50 million a year. That expansion pushes up people at the top of the middle class towards defining themselves by buying luxury goodies. Of course the new rich may not want the same as the old rich. But although what is perceived as luxury may change, it is hard to see that drive to distinguish oneself fading any time soon.

A third question is whether Europe can extend luxury brands from goods to services. I think the answer here is more nuanced. Certainly Europe can create top service industry brands: all the top brands in football are European. But that is a mass market sector of the entertainments industry not really luxury as such. Indeed in some services, the Continent seems to be lagging. Take education: only the UK can challenge the Americans in the university league tables, though continental business schools do rank highly. As the balance of global trade shifts from goods to services,replica mens cartier necklace, a clear priority for Europe is to try to develop luxury services with luxury goods.

That leads finally to a question for London. Arguably it is the world's most prominent luxury destination, and has created a string of service industries associated with this: property, restaurants, legal services, wealth management and so on.

It is an extraordinary achievement, all the more so because no one predicted this a generation ago. But it does create strains, as we all know, and one of the great issues facing this city is how to cope with those. How do we encourage and nurture luxury in its every form, and reap the benefits from this, while making sure it does not crowd out the space for the rest of us?

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Oct 29 '17 · 0 comments
No Rideau Canal skating season in sight as mild weather continues

SubscriptionsGo to the Subscriptions Centre to manage your:My ProfileThe chalets may be in place on the Rideau Canal but with temperatures expected to soar to 15 C on Christmas Eve, a swim is far more likely than a skate any time soon.Winterlude 2016 plans unveiled amid warm spellThe skateway typically opens in mid January but has opened as late as Feb. 2 in 2002.In the past decade, the latest start to the skating season was Jan. 26, in 2007.The ice must be 30 centimetres thick before the National Capital Commission opens the skateway. It's currently a pool of water with no ice whatsoever.National Capital Commission spokesperson Jasmine Leduc said it's "too early to speculate" when the Rideau Canal will open for skating."The NCC has lived some similar situations,cartier replica pendant," she said. "It's not abnormal. As you know, Canadian winters tend to fluctuate and we're facing that at this moment."'Winter will show its face'The annual Winterlude festival, which centres around the Rideau Canal Skateway, along with nearby Confederation Park and Jacques Cartier Park in Gatineau,replica love pendant, is set to kick off on Jan. 29.Jantine Van Kregten,replica necklace cartier, the director of communications for Ottawa Tourism,gold replica love necklace, said there's more than a month for the cold weather to kick in for the festival."I am confident that winter will show its face in Ottawa. I never bet against winter in Ottawa. It's always going to come," she said.Waiting for the deep freeze means the BeaverTails stands that usually pop up along the canal are on hold, leaving just three stands in the city: in the ByWard Market, at City Hall and at the Tanger Outlets."How do we feel about this weather? Probably a lot like Ms. Colombia felt last night," BeaverTails founder Grant Hooker said, adding that "Mother Nature can turn on a dime."The host of Miss Universe crowned the contestant from Colombia before realizing she was actually the first runner up and that the contestant from the Philippines had won.
Oct 28 '17 · 0 comments
Richemont rules out divestments as growth picks up

ZURICH Luxury goods group Richemont has decided not to sell underperforming businesses such as leather goods maker Lancel in part because it couldn't get a good enough price, disappointing analysts' hopes for a quick solution.

Instead, the maker of Cartier jewelry and IWC watches said on Friday it hoped to turn around lagging businesses, which also include menswear brand Dunhill and Montblanc writing instruments, within two to three years.

The group also reported sales growth of 9 percent in the six months to September, in line with forecasts, and a pick up to 12 percent growth in October, helped by some one off sales of very expensive jewelry items.

At 0950 GMT,replica cartier necklace gold, Richemont shares were down 1.8 percent at 91.3 Swiss francs, underperforming a 0.6 percent decline in Europe's blue chip stocks index.

"Surprising, and likely to be taken negatively," said Citi analyst Thomas Chauvet of Richemont's decision to retain its weaker brands,replica necklace love cartier, which are mostly in fashion and accessories.

A string of consumer goods companies have struck deals recently to shed underperforming businesses in a bid to cope with a faltering global economy. Food group Nestle, for example, agreed on Thursday to sell the bulk of its struggling Jenny Craig weight loss business.

Richemont's core jewelry and watch businesses, which account for 80 percent of sales,replica cartier choker necklace, generated higher operating results in the half year to September and boasted operating margins of 36.9 and 31.7 percent respectively.

At the same time, operating profit at Montblanc fell 55 percent and the margin halved to 6.7 percent. Its other businesses, including Lancel and Dunhill, had an operating loss of 35 million euros.

Recent comments by former chairman Johann Rupert, currently on a sabbatical, triggered speculation Richemont could offload some of its fashion brands. However, Reuters reported Richemont was struggling to find a buyer for Lancel.

Chief Financial Officer Gary Saage said Richemont had looked at options for Lancel and other brands and decided to keep them.

"Selling for low, I don't know if that's a good thing," he told a conference call, adding Richemont had not actively looked at selling brands other than Lancel.

"The first thing we've done at Dunhill and Montblanc, which are the ones suffering the most, was to change management teams," Saage said, adding they had good people in place now.

He said new Montblanc head Jerome Lambert would turn the writing instruments maker into an "accessible luxury" brand, signaling a move towards more affordable products.

FX HEADWINDS

Watchmakers have been grappling with weaker demand from Chinese customers, the biggest buyers of luxury goods worldwide, but recently Swiss watch exports to Greater China have picked up in a sign retailers are restocking on watches.

Richemont said sales trends in October had improved, but that was mainly due to some exceptional jewelry sales in the Asia Pacific region. Saage said orders from Chinese retailers were still subdued. Across regions, the muted environment called for "increased caution", Richemont said.

"The underlying trend overall in October is pretty much the same that we've seen in September although the mix is changing a bit. The watches and jewelry segment is getting a little better while fashion and accessories and Montblanc are not getting better," Saage said.

Sales in Asia Pacific, which accounted for about 40 percent of the group first half total of 5.32 billion euros, rose 4 percent in constant currencies in the half year.

Sales growth in Europe and the Middle East, which represents 38 percent of the total, slowed to 10 percent, from 19 percent a year ago,replica chain love cartier, as tourists spent less on its products. dollar and the yen caused operating profit to slip 1 percent, but hedging activities helped net profit rise 10 percent to 1.185 billion euros in the six months to September, just ahead of analysts' average forecast.

Richemont said exchange rates were likely to weigh on results in the second half of the year, but easier comparative figures would help. The weak yen pushed most Richemont brands to hike prices by another 6 percent in Japan in September, on top of the increase taken in spring, Saage said.

Richemont shares, which have gained about 30 percent so far this year, trade at 17.7 times forecast earnings, above Swatch Group at 16.4 times and broadly in line with LVMH.
Oct 28 '17 · 0 comments
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Oct 28 '17 · 0 comments
Off The Coast Of Canada

Vive La France Off The Coast Of Canada

May 28, 1989By Ginny Turner, Special to The Sentinel

Only 12 miles off the coast of Eastern Canada lie two tiny fragments of France, where each morning gendarmes raise the tricolor, housewives walk to the bakery for fresh baguettes and laborers argue about the French soccer team.

Tucked into the shadow of Newfoundland, St. Pierre and Miquelon are the only French possessions in North America, and their 6,000 residents are fiercely proud of it. Descended from Breton, Norman and Basque seamen, most speak only French and prefer to vacation in France rather than French Canada. They don't leave the islands often,cartier bracelet yellow cheap, and the few visitors who make the effort to visit this geographical anomaly are very welcome.

St. Pierre is the France you might find in a small seaside town in Brittany. It has good food in unpretentious restaurants, and no beautiful avenues. It doesn't exude excitement or sophistication. Its boxy, brightly painted buildings, much weathered by the salt air, are reminiscent of Newfoundland architecture, and most of the town looks down on fishing boats and sailing yachts moored in the small harbor. But it has a peace that's appealing isolation has allowed the St. Pierre residents to set their own pace, and it's not a fast one (except for traffic,cartier bracelet white cheap, which is sparse, but fierce). Activity is of the everyday kind, of people going about their business and children playing after school.

Discovered by the Portuguese in 1520, the islands were claimed for France by Jacques Cartier in 1536. Because of its good harbor and proximity to excellent cod regions, St. Pierre (the town and the island) became an important fishing port and a political football. As France and England battled at intervals through the centuries, St. Pierre's sovereignty was snatched back and forth with every new treaty, until at last the 1816 Treaty of Paris stuck.

For years, the islands had a one note economy as cod fishermen steadily tapped the wealth of the Grand Banks. But unimagined riches came to St. Pierre when America's Volstead Act in 1920 made liquor sales illegal in the United States. Canada's version of prohibition allowed liquor production for export only,cartier bracelet diamond price, and vast quantities were exported to convenient St. Pierre. Then it was shipped to the United States as many as 300,000 cases a month. Virtually every islander was involved in the traffic; one home was built entirely from discarded Cutty Sark cases.

The warm, moist air from the Grand Banks frequently creates fog in St. Pierre, and as a result most visitors arrive by sea from Fortune, Newfoundland, aboard one of two seagoing ferries.

Most accommodations several pensions and two hotels are within easy walking distance from the ferry. The largest, Hotel Robert, features a collection of Prohibition memorabilia, including the hat Al Capone left at the hotel. A stay there includes an orientation by owner Jean Paul Andrieux, who gives the islands' history plus sightseeing and duty free shopping tips. Silk scarves, French wine and perfume are good buys.

A stroll around town doesn't take long, but it will reveal a variety of shops, a stone fronted cathedral, a war monument, an interesting small Museum of St. Pierre,cartier bracelet diamond fake, and a soccer field alive with schoolboys. An hourlong island tour takes you through town and beyond, through the Savoyard, an area of vacation homes less than a mile from town. Stunted vegetation covers the low rolling hills, and rock cliffs jut out at the northern end of the island.

From there, you can see Miquelon. Only 600 people live on the larger, bleaker island of Miquelon, but they boast of their sunnier weather due to more favorable winds. A daylong excursion by ferry is available to visit it.

From the square in front of Miquelon's church, you can see both ends of the few tidy streets in the village. A drive over the peaty heath takes you to Langlade, which used to be a separate island until sand settling on dozens of shipwrecks eventually created an isthmus to join the two. A band of half wild horses roam at will and idly forage on the low vegetation. Bits of shipwrecks punctuate the long expanse of beach, and sea gulls wheel over the beaches when schools of small fish called caplins are spawning in the sand.

This tiny corner of France will not appeal to those who need cities with bright lights and glamour. Those who can accept St. Pierre on its own terms, taking the time to get to know it, will discover its special charm.
Oct 28 '17 · 0 comments
Students Give Their Teachers A Lesson In Gift

Or the extension cord that Kathy Pickrel, a principal at Pine Crest School in Fort Lauderdale, received when she was a first grade teacher in a public school.

I opened it and said, Oh wow, thats great. I really needed an extension cord.

Or the grapefruit given to pre kindergarten teacher Henrietta Burns by a 4 year old.

It was this beautifully wrapped present in aluminum foil and had a lovely card attached and when I opened it up,cartier bracelet rose gold faux, it was a grapefruit, says Burns, who teaches at Beacon Hill School in Hollywood.

The moral here is that teachers say the gift doesnt matter; its the thought that counts.

As in the sausage: He picked it out himself.

And the extension cord: She wanted to give me something.

And the grapefruit: When I saw the boys parents later, they said he thought it was the most beautiful grapefruit hed ever seen and thats why he gave it to me.

Officially speaking, Broward and Palm Beach county school districts dont have written policies dictating what teachers can accept,cartier bracelet pink cheap, but good taste and common sense are the guides, administrators say.

In fact, the Palm Beach County district discourages gifts because not all families can afford them,cartier bracelet yellow gold fake, and administrators from both counties stress that if gifts are given, the cost should be nominal. Even some private schools, such as Pine Crest, say they discourage expensive gifts as well.

But gift giving at the holidays still prevails, and who knows what lies beneath the ribbons and wrap?

One parent at Pine Crest dressed two Cabbage Patch dolls in outfits identical to the student garb: dark green jumper and white blouse for the girl and khaki pants and polo shirt for the boy. The look was complete right down to the socks, adorned with the Pine Crest panther paw.

When Barbara Gratsch taught kindergarten at Coral Springs Elementary, a parent who built miniaturized dollhouses constructed a miniaturized classroom, complete with the teachers messy desk, the mascot guinea pig in its cage, tiny photos of the kids and their class projects, including small boxes of green beans and strawberries from their day at a U pick farm.

On occasion, some school gifts are elaborate and expensive; years ago,cartier bracelet pink imitation, one private school teacher received an $800 Cartier briefcase.

But then, sometimes a present comes with a message. Martha Dyal, a first grade teacher at Palm Beach Day School in Palm Beach, recalls getting a T shirt imprinted with the words: I promise not to yell or have temper tantrums, hit or talk in the hall. I promise to set a good example because I am the teacher.
Oct 28 '17 · 0 comments
5 things to know before the open,cartier bracelet yellow fake

economy and global financial markets. Bureau of Labor Statistics reported better than expected job growth last month, which is influencing market sentiment around the world.

Here are the five main things you need to know before the opening bell rings in New York:

1. economy created 271,000 positions in October, beating expectations for 181,000 new jobs.

The unemployment rate declined slightly to 5%, a modest improvement from September's 5.1% level.

The economy is considered healthy when it's creating at least 200,cartier bracelet pink fake,000 jobs per month.

However, investors aren't thrilled with the numbers since they worry that a stronger economy will mean the end of cheap money. Federal Reserve could now raise interest rates in December. government bonds are jumping.

Related: Fear Greed Index

2. Premarket movers: Shares in miner BHP Billiton (BHP) are declining by about 5% premarket after a dam at one of its Brazilian mines broke and flooded a nearby village. Many fatalities have been reported, but the company said "we still don't know the full extent of the situation."

Menswear firm Jos. A. Bank reported poor sales and a bleak profit outlook on Thursday, which has caused shares in parent company Men's Wearhouse (MW) to plunge by roughly 30% in extended trading.

Shares in TripAdvisor (TRIP) are falling around 10% premarket as investors react to disappointing earnings,cartier bracelet diamond fake.

Shares in Monster Beverage (MNST) are rising by about 8% premarket as investors cheer better than expected quarterly results.

3. Takata trouble: Shares in the troubled auto parts manufacturer Takata dropped another 6% in Japan as more large automakers say they will stop using the company's airbags. The value of the stock has halved since the start of the year as the company has struggled to respond to a deadly airbag scandal.

4. Losses in luxury: Shares in major European luxury brands are taking a hit Friday after Richemont (CFRUY) announced weak sales in the past month and disappointing performance in Asia. It also said the head of its Cartier brand had left the company.

Shares in Richemont dropped 8%. Shares in LVMH (LVMHF) and Swatch Group (SWGAY) followed with falls of about 5% as investors worried about weakness in the industry,cartier bracelet yellow imitation.
Oct 28 '17 · 0 comments
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Oct 28 '17 · 0 comments
Southland Store First for Auto Maker's Luxury Items

It's vacation time, and you're about to head off to Europe. Where are you going to get all those little necessities that you simply can't make the trip without?

Not to worry. South Coast Plaza in Costa Mesa will soon have a place where you can pick up such essentials as a compass watch, billfolds with space for three currencies and sunglasses for glacier skiers and sky divers.

The first Porsche Design Store is being opened by American Porsche Design, which is owned by the same German family that makes some of the world's most sought after sports cars.

American Porsche Design plans to open as many as 25 stores in the United States during the next five years and as many as 10 in Europe,replica cartier love bangle sizes.

The firm, managed separately from the auto maker,replica cartier love diamond, has marketed some 90 retail products including watches, sunglasses, briefcases and other fancy doodads for the past five years.

Prices Start Near $75

The products are the creation of Ferdinand Alexander Porsche, grandson of the sports car firm's founder and designer of the 911 and 904 model Porsche cars. With a team of about a dozen designers in Switzerland,replica cartier bracelet diamond, Porsche has come up with an impressive array of luxury toys.

Where else, for instance,replica 18k cartier love bracelet, can you pick up titanium mechanical pencils with self advancing lead? Or a currency binder with three removable wallets to sort out your deutsche marks, schillings and dollar bills? Or sunglasses with the wire frame at the bottom of the lenses instead of the top?

Of course, all that glamour doesn't come cheap. And the first Porsche retail store in the world is likely to also be one of the most expensive. Prices range from about $75 for a simple key case to more than $10,000 for some gold watches. In between is a black leather lounge chair ($6,000), wallets and pens (about $150 apiece) and watches that start at about $150.

Most of the products have been available in the United States since 1983 at specialty stores such as Saks Fifth Avenue or smaller upscale retailers.

The idea behind the expansion into Porsche Design Stores is to show off the products to both retailers and consumers, said James G. "We want to give retailers a standard against which to operate."

At the same time, Porsche Design hopes to "elevate the name with the public."

To do that, the firm has chosen a 500 square foot site at South Coast Plaza for its first store.

South Coast Plaza was chosen because of its affluent Orange County customer base as well as its location virtually next door to Saks and in the same corridor with such glitzy international retailers as Gucci, Cartier and Louis Vuitton.

"Orange County will be a test. It's a real microcosm of American society everybody is there from the surfers to the blue collar workers to millionaires," Ellis said.

The idea is for the company to see how well Orange County's rich and famous spend their money before moving on to other upscale territories at sites still be to selected in such places as Rodeo Drive in Beverly Hills, Madison Avenue in New York, Union Square in San Francisco and Michigan Avenue in Chicago.

American Porsche Design's annual sales now hover at about $10 million. "We hope to pick up another 20% to 25% (in sales) during the first two years" of the new retail operation, Ellis said.

That means catering to the sort of customer who's 35 to 50 years old and makes "at least $100,000 a year," said Ellis. "He wants quality in an understated way. But he's beyond status because he's already got it from 87 different directions."
Oct 28 '17 · 0 comments
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