(Reuters) - Apparel retailer Gap Inc raised its full-year profit forecast, encouraged by strong sales of its lower-priced Old Navy clothes, and said it would open 40 stores in India as part of its strategy to expand in emerging markets. Sales of its other key brands - Gap and Banana Republic - have cooled in the region as shoppers cut down on discretionary spending. "India is an emerging, vibrant market and an important next step in our global expansion strategy," said Steve Sunnucks, Global President of Gap. Gap said it is partnering with Arvind Lifestyle Brand Ltd, a unit of textile manufacturer Arvind Ltd, for opening the stores in India.
By Andrea Shalal WASHINGTON (Reuters) - Lockheed Martin Corp met with 90 key suppliers last week to brainstorm ways to lower the long-term cost of operating and maintaining the F-35 fighter jets from the Pentagon's current forecast of $1.02 trillion through 2065. Top officials from the Pentagon's Defense Contracts Management Agency and the Defense Contracts Audit Agency were also on hand during two days of talks in Fort Worth, Texas. Tom Owen, vice president of F-35 sustainment strategies for Lockheed, told Reuters the meeting was "an initial, early step" toward mapping out specific measures to cut the plane's hefty sustainment costs. The trillion-dollar so-called "sustainment" price tag for the Joint Strike Fighter, the Pentagon's costliest weapons program, comes on top of the $399 billion projected cost of developing and buying 2,457 jets for the U.S.
HAVANA (AP) — The U.S. Treasury Department's inspector general has determined Jay-Z and Beyonce's fifth-anniversary trip to Cuba last year was legal under rules allowing educational travel to the island.