Friday, July 14, 2017
Luk Fook has warned that its profit for the past financial year is likely to fall by 35% - 45% due to lower expenditures of tourists from mainland China. It is reported by Rapaport portal.
Visitors chain stores in Hong Kong have reduced expenses due to the strengthening of the Hong Kong dollar against the yuan, said Luk Fook. Among other factors, adversely affect the sale - the slowdown in economic growth in mainland China and increased popularity of other tourist destinations. As expected, these factors have had a negative impact on the company's earnings in the 12 months to March 31, 2016.
The company's gross profit from sales of jewelry with precious stones are likely to fall, and expenditures increased. At the same time, it is expected that losses in connection with investments in the holding Hong Kong Resources Holdings Company Ltd and its subsidiaries increased. Luk Fook results for the previous financial year will be published on June 23.
Luk Fook issued the warning after the Chow Tai Fook, another Hong Kong jewelry retailer, reported a 46 percent drop in profit for the same period.
http://traditionpearlnecklace.blogspot.ca/
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De Beers and the government of Botswana will jointly hold a conference that will explore the role of the diamond industry in the country's socioeconomic development from the moment of independence about half a century ago.
The conference "Connecting Natural Resources and Society" will be held on November 23-24 this year. It was organized by Chatham House, the world's leading independent institution of politics.
In a statement sent to Rough & Polished, De Beers said that delegates will also discuss how responsible resource management can guarantee the benefits of mining resources for future generations.
"The conference coincides with the publication of the De Beers report on the socio-economic contribution of its multi-year partnership with the government to the economy of Botswana, - said in a statement.
The report talks about the history of partnership and economic contribution of De Beers in 2014.
De Beers noted that Botswana's GDP per capita grew by an average of 5.9% per year between 1966 and 2014. This is the third highest level anywhere in the world during this period.
"In 2014, partnership through direct, indirect and indirect measures brought more than $ 4 billion to the economy of Botswana, equivalent to more than 25% of GDP - twice as much as the wholesale and retail sectors in Botswana," the diamond company added.
The minister of minerals, energy and water resources of Botswana Onkokame Kitso Mokaila (Onkokame Kitso Mokaila) That the leadership role of De Beers in the Botswana diamond sector has created tremendous opportunities for this South African country.
"The diamond mining has led to a significant growth of the national economy, and we look forward to the opportunity to share our experience and continue our discussion on the further development of the sector," the minister said.
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