Morocco Eight Other Arab countries Withdraw from ArabAfrican Summit

Rabat – “Morocco, Saudi Arabia, Bahrain, Qatar, Saudi Arabia, Sultanate of Oman, Jordan, Yemen and Somalia withdrew from the 4th Pan Arab-African Summit held in Equatorial Guinea, because of the presence of the emblem of a puppet entity in the meeting rooms,” the Ministry of Foreign Affairs and Cooperation said.Morocco and eight other Arab countries were forced to withdraw from the summit over the non-respect of the principles of Arab-African action, the source added in a statement, noting that participation in the activities organized by the two parties should be restricted to the United Nations member countries, which was not the case with the presence of the emblem of self-proclaimed Saharawi Arab Democratic Republic (SADR) in the meeting rooms.Most countries have supported this position, “which is consistent with the principles of international law, including the respect of the sovereignty and the territorial unity of states,” the source went on. Morocco and the other Arab countries that announced their withdrawal from the summit have always “been fully aware of the importance of the Arab-African partnership and of the role of these two groups in maintaining international peace and stability,” the ministry pointed out, adding that the “commitment of these countries to these principles has always been and will remain strong.”The Kingdom of Morocco and other Arab and African countries have sought to provide all the support needed to ensure the success of this summit held in this friendly African country and hail the great efforts made by the president, the government and the people of the republic of Equatorial Guinea in this regard, the statement said. read more

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Gildan to expand its Central American textile production with Honduras plant

by Ross Marowits, The Canadian Press Posted Jul 31, 2014 7:52 am MDT MONTREAL – Gildan Activewear is further expanding its Central American textile production capacity and looking for more acquisitions as the apparel maker pursues international growth.The Montreal-based company announced plans Thursday to build a new plant at its complex in Honduras that will churn out products in 2016, a year before the opening of a planned facility in Costa Rica.The two plants will contain modern equipment that will increase textile capacity by about 40 per cent and generate nearly US$1 billion in extra revenues, Gildan said.Gildan has been building its textile and yarn spinning operations as the T-shirt, sock and underwear manufacturer builds its portfolio, especially of branded products.The company disclosed for the first time that it is the industry’s third-largest maker of men’s underwear — after Fruit of the Loom and Hanesbrands — with a 6.5 per cent market share, according to the NPD Group.It is currently doubling underwear capacity and expects to further increase its market share with planned growth in 2015.Chief executive Glenn Chamandy said the company has quickly built its retail brand whereas it took a decade to generate a 10 per cent market share in the wholesale screenprint T-shirt channel.“Our ability and our success so far in the share we’ve gained in such a short amount of time just gives you an idea of the huge momentum we have, our capabilities, our cost structure, our quality message, so we’re very excited about our growth in underwear as we go forward in 2015,” he said during a conference call.Gildan, which reports in U.S. dollars, said it earned $116 million or 94 cents per diluted share for the quarter ended July 6, compared with $115.8 million, or 94 cents per diluted share a year earlier.Excluding restructuring and acquisition-related costs, adjusted net earnings were $116.6 million. That’s 95 cents per diluted share, meeting analysts’ expectations.Net sales for the quarter increased were $693.8 million, up 12.9 per cent from $614.3 million in the third quarter of 2013.The positive impact of higher sales was offset by about a 17 cents per share of manufacturing inefficiencies and inflationary cost increases, along with about a 10 cents per share impact from higher cotton costs.“While the rapid pace of change is resulting in some short-term stress in our manufacturing operations to support our growth, we’re confident in achieving the significant cost savings which we have projected,” added Laurence Sellyn, chief financial and administrative officer.During the quarter, the printwear segment earned $129.7 million on $483.4 million of revenues. Branded Apparel earned $15.6 million as sales grew 16 per cent to $210.4 million.The company anticipates posting all-time record quarterly results in the fourth quarter with sales expected to increase nearly 12 per cent to $700 million and adjusted EPS rising about 28 to 31 per cent to $1.06 to $1.09 per share.For the full year, sales are forecast to exceed $2.4 billion with Branded Apparel growing about 19 per cent to $850 million. Adjusted EPS is projected to range between $3 and $3.03, slightly lower than its prior guidance because of charges related to its acquisition of pantyhose maker Doris Inc.On the Toronto Stock Exchange, Gildan’s shares closed at C$63.89, down $2.22 or 3.36 per cent in Thursday trading.Follow @RossMarowits on Twitter Gildan to expand its Central American textile production with Honduras plant AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more

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Mens Basketball Ohio State braces for change of expectations following Michigan State

Ohio State head coach Chris Holtmann calls out to the Buckeyes in the second half in the game against Michigan State on Jan. 7 in Value City Arena. Ohio State won 80-64. Credit: Jack Westerheide | Photo EditorPreseason expectations for Ohio State’s men’s basketball team were about as low as they’ve ever been for the program. The Buckeyes missed not only the NCAA Tournament, but the NIT last season. Even with the change at head coach from Thad Matta to Chris Holtmann and the addition of three new recruits, Ohio State was not counted on as a contender in the Big Ten.That narrative is gone.After Ohio State beat No. 1 Michigan State 80-64 Sunday, the questions turned to the postseason. Will Ohio State contend in the Big Ten tournament? Not only will it make the tournament, but what seed will it be when it gets there?But Holtmann said after the game he will not look further ahead than Thursday. There will be no talk of postseason play in the locker room. Ohio State beat high-caliber opponents in recent seasons before and struggled shortly thereafter. It beat Michigan State at home last season and lost eight of its next 14 games to end the year.“We could go in the tank here the next couple weeks. We certainly don’t want this moment to define us,” Holtmann said Sunday. “And we don’t want it to be the pinnacle of the season, as good as it is.”The grounds for pessimistic preseason predictions were warranted. Ohio State finished last season with a 17-15 record (7-11 in the Big Ten), its worst record since a 14-16 showing during the 2003-04 campaign — the year before Matta was hired. There was no reason to believe Ohio State would be a Big Ten title contender.“I think you only have to open a college basketball preseason magazine and read where we’re picked: 12, 13, 14, 11. It’s all over, but it’s near the bottom,” Holtmann told The Lantern Oct. 25.“We’re not discarding this year as kind of a throw-away year in any way. We are pouring ourselves into this team and this year, and hope that it will pay dividends.”This team is not last season’s Ohio State squad. At this point last season, the Buckeyes had an 11-7 record, were 1-4 in the Big Ten and had embarrassing losses to Florida Atlantic and Illinois. This recent win for Ohio State is not necessarily a fluke. Though it did not win games against its previous three ranked opponents, it had not been upset by a heavy underdog and it was already 3-0 in the conference with wins against Michigan and Wisconsin. Just as Matta turned that 2003-04 team around into a 20-12 record the next season in his first season of coaching, Holtmann is at the forefront of an unscheduled turnaround for the Buckeyes. “I’m surprised. Coaches get surprised. I got surprised,” Holtmann said Sunday, referring to the speed of the turnaround his team appears to be taking.Ohio State received the 29th-most points in the most recent Associated Press poll and is listed as the 33rd-best team in the nation by Ken Pomeroy, who projects the team will finish the year with a 22-9 record and 13-5 Big Ten record. Bates-Diop is now appearing to be a favorite for Big Ten Player of the Year and is in Pomeroy’s list of the top 10 best players in the nation. The Buckeyes have only beat one team considered to be in the upper echelon of college basketball, and they are still not going to be viewed as a national title contender. But winning the conference is no longer out of the question, and neither is making the NCAA Tournament. The script might not be entirely flipped on this Buckeye team, but no one is going to sleep on them anymore. Other teams will take notice, starting with Maryland at 7 p.m. Thursday.Michigan State head coach Tom Izzo said the Buckeyes need to be prepared. Speaking as someone at the helm of one of the top teams in the nation, he knows what comes with the low number next to his team’s name.“This is what’s going to happen every night. It’ll happen to Ohio State. When you’re 15-2, 14-3, you know, 15-3, [the Buckeyes will] get ranked, and deservingly should be,” Izzo said Sunday. “You got to handle things a little differently because you’re going to get somebody else’s best shot.” read more

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