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District Judge Thomas Griesa on Thursday called Argentina's proposed debt restructuring plan "illegal" but stopped short of holding the country in contempt, saying that would not help resolve the dispute that led to the nation's second default in a dozen years. Griesa said proposed legislation announced on Tuesday by President Cristina Fernandez would violate orders he imposed favoring creditors who refused to accept restructured bonds following the country's 2002 default on $100 billion in debt. Argentina missed a June interest payment after Griesa blocked payments owed to holders of debt issued under U.S.
(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.