SALES TAX CUT: All clothing and footwear purchases in New York City would be exempt from the city portion of the sales tax under legislation passed by both houses of the state legislature and sent to Gov. Eliot Spitzer for consideration. Under current law, only clothing and footwear costing less than $110 per article is exempt from the City's 4 percent sales tax. If approved, the legislation will take effect 30 days after being signed into law.

CHANGES AT FABERGE: London-based private equity group Pallinghurst Resources LLP has acquired the worldwide Fabergé brand from Unilever. The brand, and all associated trademarks, licences and intellectual property, are now held by the new company, Fabergé Limited. Fabergé Limited's strategic vision is to unite Fabergé and establish it as a leading luxury goods brand. Under the same license, Victor Mayer will continue to produce Fabergé jewelry and objects of art while Mohr Time will continue manufacturing the brand's watches.

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