Textile Raw Material Price 2015-08-24
|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1078.33 |
USD/Ton |
-0.43% |
|
VSF |
2066.02 |
USD/Ton |
0% |
|
ASF |
2402.81 |
USD/Ton |
0% |
|
Polyester POY |
1054.89 |
USD/Ton |
-1.24% |
|
Nylon FDY |
2594.25 |
USD/Ton |
0% |
|
40D Spandex |
5626.08 |
USD/Ton |
-1.37% |
|
Nylon DTY |
5774.55 |
USD/Ton |
0% |
|
Viscose Long Filament |
1323.69 |
USD/Ton |
-0.35% |
|
Polyester DTY |
2406.71 |
USD/Ton |
-0.65% |
|
Nylon POY |
2590.34 |
USD/Ton |
0% |
|
Acrylic Top 3D |
1203.36 |
USD/Ton |
-2.53% |
|
Polyester FDY |
2844.30 |
USD/Ton |
0% |
|
30S Spun Rayon Yarn |
2688.02 |
USD/Ton |
0% |
|
32S Polyester Yarn |
1734.71 |
USD/Ton |
0% |
|
45S T/C Yarn |
2797.41 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2859.92 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2547.36 |
USD/Ton |
0% |
|
40S Rayon Yarn |
1922.24 |
USD/Ton |
0% |
|
T/R Yarn 65/35 32S |
2344.20 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.09 |
USD/Meter |
0% |
|
32S Twill Fabric |
0.92 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.02 |
USD/Meter |
0% |
|
30S Rayon Fabric |
0.74 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.75 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15628 USD dtd. 24/08/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The depreciating rupee has prompted textile and apparel importers abroad to renegotiate the terms of their contracts with Indian exporters. Now, new contract orders are being deferred till the Indian currency stabilises. Since August 11, when the yuan started depreciating, the rupee has fallen 3.60 per cent to trade at 66.65 against the dollar early Monday. It has depreciated 5.52 per cent so far this year. Typically, depreciation in the rupee results in higher realisation of export-driven products from India. As a result, global importers re-negotiate prices of the products. “Yes. New buyers have started re-negotiating contract terms and prices. Foreign buyers have started inducting a new clause in the contracts that keeps re-negotiation of prices open. Old customers, however, have not intervened yet. Clients who had negotiated apparel import terms have deferred orders by two to four weeks, which might be prolonged till the rupee stabilises,” said Rahul Mehta, president of the Clothing Manufacturers Association of India. In case of sharp currency fluctuations, prices would be re-negotiated, he added.
India exports $41 billion worth of garments and apparels a year. As such, re-negotiation in contract terms and prices makes a huge difference in the overall realisations of exporters. New foreign customers, meanwhile, have started deciding apparel prices in dollar terms, keeping the rupee at current levels. R K Dalmia, president of Century Textiles and chairman of the Cotton Textiles Export Promotion Council, believes benefits for Indian textile exporters would depend on currency fluctuations in competing countries. “In case Indian exporters compete with their counterparts in China, we would not get much benefit due to the yuan’s devaluation. If we are competing with Bangladesh, we will get some benefit. But since other Asian currencies have depreciated due to the yuan’s devaluation, Indian exporters wouldn’t get the benefit they would have, had the yuan not been devalued,” said Dalmia. For smooth business, stability in the rupee is vital for long-term sustainability, he added.
Overall textile exports rose a marginal 5.4% to $41.4 billion in 2014-15 as compared to $39.3 billion in the previous year. Echoing similar response, D K Nair, Secretary General, Confederation of Indian Textile Industry (CITI), believes that overseas importers who are confident about the product and quality, have started re-negotiating price and contract terms. Depreciating rupee is good for textile exporters. Indian exporters with deep pocket who can resist price re-negotiation for higher realisation may continue to resist, said Nair.
SOURCE: The Business Standard
Even as China is trying to boost its exports and perk up its slowing economy by piggybacking on the recently devalued yuan, Department of Industrial Policy and Promotion (DIPP) secretary Amitabh Kant has said India should be watchful of instances of dumping from that country with “huge over-capacities”. Kant, one of the architects of the Make In India (MII) campaign meant to spur India’s manufacturing, said India must protect its core industries from a possible surge of cheap items from China. In an interview to Arun S of FE, he said China should invest in the MII initiative. He disagreed with RBI governor Raghuram Rajan’s suggestion that MII should largely be for catering to local demand. Stating that the MII initiative has an export thrust, he said it is about “making in India for the world”.
Excerpts:
What is your assessment of the troubles faced by the Chinese economy and its impact on India?
The Chinese economy has huge overcapacities, particularly in core sectors. China is seeing a major slowdown. It was an export-led economy but its exports have slowed down. It has to find alternative markets. Their currency is devalued. Chinese companies will have to find markets such as India to offload production. However, India must protect its core industries. India must resort to using measures such as safeguard duty, anti-dumping duty and (better) standards. The Indian industry will also have to play a role in doing proper research and informing the government on instances of dumping.
Won’t such measures affect user industries that may be benefiting from cheaper imports?
There are challenges, but we have to find the right balance. It is important to take a long-term perspective. If you allow your main industries, such as steel, to be killed (by not taking action against dumping), when they (Chinese exporters) increase prices at a later stage, the same downstream industries (in India) that are benefiting now, will suffer severely. So we need to define and protect our core industries, and make them efficient.
What is your view on the opinion of some experts that perhaps this is not a conducive time for the MII initiative, given the excess capacity in India and in other emerging markets such as China, as well as due to constraints faced by India Inc in doing business and getting crucial inputs?
The question contradicts the ground reality. Since the MII launch, FDI inflow into India is up by 48% when FDI across the world has fallen by 16%. Indirect tax collection grew 37.6% (April-July) and (July) manufacturing PMI was at a six-month high. IIP has shown a positive trend. Monsoon is better than expected. We have seen major investments, including from Foxconn, Xiaomi, JCB, IKEA, Boeing, GE, Daimler and Ford as a consequence of the initiative. India is an oasis of growth amid a barren economic landscape. We are on the right path. We just need to be optimistic and accelerate our growth.
Raghuram Rajan had warned against choosing the path of export-led growth, saying “it won’t be as easy as it was for the Asian economies who took that path before us”. What is your view on his ‘Make for India’ statement, especially now that exports are shrinking due to poor external demand?
I have great respect for the governor. He is a fine economist. But nobody manufactures only for the domestic market. Daimler has put up a plant in Chennai with an investment of Rs 5,000 crore. They have looked at the domestic market but are using their production to export across the world. Volvo is exporting buses to Europe from India. Hyundai, which came in to cater to the Indian market, is exporting to 123 countries. India’s share in global merchandise exports is just 1.7%. India should treat this slowdown in global trade and its poor export performance as a crisis and turn it into an opportunity to enhance its share in the global market. India must produce to global size and scale and connect to global markets. India must realise that if it doesn’t continue to export, it will perish. Export and manufacturing are closely linked. If exports don’t grow, manufacturing won’t grow. We must push for exports so manufacturing grows in the long term, or else it will have repercussions. Therefore the policy cannot be ‘Make In India’ or ‘Make For India’. We have to make in India for the world.
SOURCE: The Financial Express
The steep depreciation of rupee will not give an immediate advantage to the country's exporters, trade bodies said. In line with crash in equities, the rupee tumbled sharply by 82 paise -- its biggest single day fall this year -- to settle at 66.65 against the US dollar as global meltdown fears remained unabated. Federation of Indian Export Organisations (FIEO) President S C Ralhan said that such high volatility will "not add competitiveness to exports" as these exchange rate being volatile cannot be factored into prices. Only miniscule exporters who have not hedged their risk and received their payment may get windfall gain, Ralhan said in a statement. FIEO, however, said that if the current rate continues for some time it may have a positive impact for exporters.
Engineering Export Promotion Council (EEPC) said that crash of rupee to almost two year low does not automatically result in a comparative advantage to exporters because it is not only the Indian currency but several currencies in the emerging markets which have lost under the impact of meltdown of global stocks. "The emerging economies are the major competitors of Indian products in the global markets. With weakness to currencies all across the emerging markets' pack, no unique advantage accrues to India," EEPC said.
SOURCE: The Economic Times
Global crude oil prices tanked to a six-and-a-half-year low on Monday after Chinese stock markets suffered their biggest single-day drop since the global financial crisis, fuelling worries over global oil demand outlook amid Iran’s fresh commitment to boost production and higher drilling activity in the US. Brent crude for October settlement declined by more than four per cent to $43.62 a barrel on the London-based ICE futures exchange, the level last seen before March 2009. Brent, the benchmark for half the world’s oil, was trading at a premium of over $5 over the US benchmark West Texas Intermediate (WTI) which was trading down four per cent at $38.84 per barrel.
Iran will expand output “at any cost” to defend market share, that nation’s oil minister Bijan Namdar Zanganeh said on Sunday, according to his ministry’s news website. The number of active US oil rigs increased for the seventh time in eight weeks, Baker Hughes rig count data showed. The Indian basket of crude oil prices, which represents the average price of Oman and Dubai sour-grade and sweet Brent crude oil processed in Indian refineries (in the ratio of 72:28), stood at $45.21 a barrel on August 21, the lowest in the past seven months since January 26 this year. “The combined impact of the crude price slump and the depreciation in the rupee over the past few days would result in a Rs 1,00,500-crore impact on India’s import bill along with a Rs 9,000-crore impact on the government’s petroleum subsidy,” K Ravichandran, senior vice-president at research and ratings agency ICRA, told Business Standard.
At current levels of consumption and prices, every $1 decline in crude rates eases India’s import bill by Rs 6,700 crore and pulls down the government’s subsidy bill by Rs 600 crore. The crude oil prices of the Indian basket has averaged at $55.50 a barrel in the current financial year so far, ranging between a high of $66.54 a barrel on May 6 and the August 21 price of $45.21 a barrel. This is $15 a barrel less than the government’s budgeted crude oil price of $70 a barrel for the current financial year. The decline in crude oil prices is positive for Indian refiners — Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) — as their working-capital requirements would come down. Product prices and gross under-recoveries would also come down.
IOC Chairman B Ashok had last week told Business Standard the current subdued crude price is likely to continue for the next couple of years, owing to higher US shale production, the Organization of Petroleum Exporting Countries’ (Opec’s) insistence on not cutting production, and possibility of more oil from Iran. For refiners, however, the gains could be limited by inventory losses. IOC had to suffer Rs 15,000 crore of inventory losses last financial year. Lower under-recoveries for refiners would also mean reduced subsidy-sharing for upstream companies like Oil and Natural Gas Corp (ONGC). Oil marketing companies’ under-recoveries came down from Rs 1,39,869 crore in 2013-14 to Rs 72,314 crore last financial year, due to deregulation of the diesel price and rollout of the direct benefits transfer scheme for LPG.
SOURCE: The Business Standard
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 42.97 per barrel (bbl) on 24.08.2015. This was lower than the price of US$ 45.21 per bbl on previous publishing day of 21.08.2015.
In rupee terms, the price of Indian Basket decreased to Rs 2857.93 per bbl on 24.08.2015 as compared to Rs 2976.17 per bbl on 21.08.2015. Rupee closed weaker at Rs 66.51 per US$ on 24.08.2015 as against Rs 65.83 per US$ on 21.08.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on August 24, 2015 (Previous trading day i.e. 21.08.2015) |
Pricing Fortnight for 16.08.2015 (July 30 to Aug 12, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
42.97 (45.21) |
50.68 |
|
(Rs/bbl |
2857.93 (2976.17) |
3243.52 |
|
|
Exchange Rate |
(Rs/$) |
66.51 (65.83) |
64.00 |
SOURCE: PIB
There are three important multilateral free trade agreements on the anvil and it's important for India to become part of RCEP with a view to stepping up its share of global trade and investment, a top government official said. Commerce Secretary Rita Teaotia said three large pacts are being negotiated currently -- Regional Comprehensive Economic Partnership (RCEP) agreement, Trans Pacific Partnership (TPP) and Trans-Atlantic Trade and Investment Partnership (TTIP) -- and it's important for India to be part of at least one. "It is important for us to be part of at least one of them. And by inherent logic, RCEP is one where we need to be there. This group has 30 per cent of world's trade. So, it is important for us to be part of this," Teaotia told PTI.
The 16-member bloc RCEP comprises 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six free trade agreement partners -- India, China, Japan, Korea, Australia and New Zealand. RCEP negotiations were launched in Phnom Penh in November 2012. The 16 countries account for over a quarter of the world's economy, estimated to be more than $75 trillion. There has been "good discussions" in the RCEP and so far, nine rounds of negotiations have already been concluded, Teaotia said. On goods, she said: "Largely, the discussions are done. There are some small hiccups to be sorted out, but I do not think that there are any major bottlenecks at this point of time. We should be able to overcome those." On services and investments, the Secretary said: "We are now looking for the movement forward. Our interest is to build on our existing agreements with ASEAN, Japan and Korea for our benefit to widen our base for doing business." "We are expecting a good movement in the next ministerial meeting this month."
RCEP trade ministers are meeting in Kuala Lumpur on August 24 to finalise the modalities of the pact. The deal aims to cover goods and services, investments, economic and technical cooperation, competition and intellectual property. RCEP is under negotiations and is an extremely important institutional process which will have significant implications for India and other partners. Such trade pacts would help India increase its share in the global trade -- India is aiming to increase its share to 3.5 per cent by 2020 from the current 2 per cent. TPP is a proposed trade agreement under negotiations among 12 countries - Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam. TTIP is between the European Union and the US.
SOURCE: The Economic Times
On her first trip to Egypt, External Affairs Minister Sushma Swaraj has said West Asia and North Africa are growing in significance for India's national interests and the country will pay greater attention to the region by seeking closer cooperation and stronger partnership. Wooing the diaspora for greater investment in India, she said the India Business Forum (IBF) has been created as a platform to promote Brand India and leverage the business interests of all Indian companies here. "This region in the Gulf and in the West Asia and North Africa is growing in significance from the perspective of our national interests. "Not only is this area home to 7 million Indians but is also crucial for our energy security, resources, and indeed our national security. We shall continue to pay greater attention to this region and seek closer cooperation and stronger partnership," she said at the Indian community reception here last night.
Swaraj invited the diaspora to invest in the country as she listed steps taken by the government to boost trade and make India a global manufacturing hub. She said a "unique transformation" is taking place in India in both economic and political fronts and that the Narendra Modi government was determined to take the country to "new heights". Appealing the diaspora community to be part of the 'India growth story' she said, "We are committed to good governance, transparency, inclusive and sustainable growth and we as the government is ushering into an era of rapid eco development. There is a positive and upbeat business sentiment in our country."
The External Affairs Minister said the mood and the perception about India had changed because the Modi government has shown "will and determination" in the last 15 months to ensure rapid economic development. "We have achieved great success in the field of foreign office as well. The greatness of India now has a stronger resonance and our circle of friends has grown," Swaraj said at the gathering last evening. Calling the overseas Indian community an "inalienable" part of India's transformation, she appealed them to join hands with Indian government to take forward its developmental agenda. Swaraj highlighted various initiatives of the government including the 'Make in India' programme to boost manufacturing with the help of world's best technology. "Welfare of our citizens outside India, particularly in this region is a top priority of our government. We have been proactively engaging with all the stakeholders to address the concerns of our overseas community," she said. She expressed happiness over Egyptian authorities' decision to transfer back to India two prisoners who have served 22 and 16 years in Egyptian prison. "They will now be able to return home soon," she said. Swaraj said the Gulf and the North Africa were crucial for India's energy security and complimented the diaspora community for their contribution in ensuring stronger ties between countries of the region and India. Talking about the last general election, she said it has given a "huge mandate" to the leadership of Prime Minister Modi and his government is now working tirelessly to fulfil the aspirations of the people. Swaraj arrived here yesterday on the first leg of her two-nation tour. From here, she will leave for Germany.
SOURCE: The Economic Times
Vietnam's textile sector ranked second in attracting FDI with more than $1.12 billion out of the nation's total estimated $5.85 billion worth of pledged investment in the first seven months of 2015, according to the government's Foreign Investment Agency. The FDI was designated for manufacturing and processing projects in the textile industry. Vietnamese media quoted the agency as saying that the figure accounts for more than 20 per cent of Vietnam's total foreign investment inflows between January to July this year.
Leading experts have stressed that foreign-invested transnational companies, particularly those related to yarn manufacturing, are rushing to shore up their supply chains in anticipation of free trade agreements in the offing. The yarn forward rules of origin do not allow for Vietnam based textile, garment or footwear manufacturers to benefit from the reduced tariffs of the proposed Trans Pacific Partnership (TPP) unless all yarn is manufactured in Vietnam or any of the 11 other TPP nations. Similar provisions are applicable to other free trade agreements. Experts say the complex rules of origin provisions are driving higher levels of inward FDI into the yarn industry in Vietnam. Under the provisions of rules of origin, if a Vietnam based textile company imported yarn from China, it could not avail itself of reduced tariffs for product shipments to the US or any of the other TPP member nations. Turkey has invested $660 million in a fibre producing plant in the southern province of Dong Nai, making it the largest project so far in this field. The other two projects are a plant producing auxiliary products for textile in Binh Duong province and a fibre plant in Tay Ninh, worth $274 million and $160.8 million, respectively. Another $300 million project was listed by a British investor in Ho Chi Minh City.
Vietnam's free trade agreements with the US, Japan, South Korea and the EU are poised to increase opportunities and advantages for investors. According to trade projections, garment exports to the EU are expected to rise by 50 per cent in the first year and around 20 per cent for the consecutive years once the Vietnam-EU free trade agreement comes into effect.
SOURCE: Fibre2fashion
The Vietnam National Textile and Garment Group (Vinatex) will begin construction of a $6.7 million garment factory in the central province of Quang Binh on August 25, it said in a statement. The 6-ha plant in the Cam Lien Industrial Zone in Le Thuy District will have a capacity of eight million pieces a year, which it will export to key markets like the US, the EU, and Japan. The first phase of the plant is scheduled to go on stream next March. The project is part of Vinatex's plan to increase output to tap export opportunities expected to arise from various trade agreements the country is set to sign.
Last year Vinatex said it would invest $213.8 million in three projects in Quang Binh -- a fibre plant and a garment factory in Ba Don town and a garment plant in Quang Ninh District. It also signed a memorandum of co-operation with the Quang Binh province for four other facilities -- research and development of cotton for its spinning mills, investment research for the construction of a fibre plant in Quang Ninh District, investment research for a fibre weaving and dyeing complex in Bac Quan Hau Industrial Park, and a feasibility study for building garment factories for exports in Le Thuy and Quang Trach Districts. In March, Vinatex began construction of a fibre-weaving-dying complex in the central province of Quang Nam at a cost of $53.4 million.
SOURCE: Fibre2fashion
Vietnamese apparel and footwear industry is looking for opportunities to re-enter Eastern Europe through the Czech Republic, the country's newspapers have reported. Representatives of Hanoi apparel and footwear businesses met Czech entrepreneurs at a trade promotion workshop in Prague recently to pursue that goal and to boost bilateral trade with that country. Director of the Hanoi Department of Industry and Trade Le Hong Thang said while opening the workshop that the textile and garment industry is currently the second biggest hard currency earner of Vietnam, raking in over $20.7 billion last year and $10.2 billion in the first half of 2015.
Hanoi earned $11 billion in total shipments in 2014, including roughly $1.6 billion worth of textile and garments. Exports of these commodities to the European Union generated $436 million, which encouraged Hanoi's apparel and footwear sector to participate in an international fashion fair in Brno city from August 22-24. Thang said the Vietnamese delegation's visit to the Czech Republic was to seek import partners and material suppliers. He pointed out that companies in Hanoi imported more than $662.5 million of fabric, $125.6 million of fibre and $196 million of other materials last year.
Chairman of the Czech Republic-Vietnam Friendship Association Marcel Winter said Vietnam's economy has grown rapidly and dynamically in recent years and has vast cooperation potential. Vietnamese firms produce a number of goods that suit Czech consumer tastes and have demand for quality machinery from the East European country. "In fact, Vietnam's economy has gained strong growth in recent years and now has great potential in developing further," Winter said. "Vietnamese enterprises have products with good quality for Czech customers, while they need imports of high-quality equipment and machines from Czech Republic." Both Thang and Winter agreed that Hanoi apparel and footwear companies', as well as Vietnamese firms', return to traditional East European markets via the Czech Republic will benefit both countries.
In recent years, bilateral trade ties have seen positive growth but remain limited despite large potential. Vietnam's main exports to the Czech Republic include coffee, pepper, fresh and dried fruits, peanuts, green tea, rice, rubber, seafood, footwear, textiles, handicraft products and computer spare parts while importing machinery, chemicals, dairy products, pharmaceuticals and plastics. The Czech Republic considers Vietnam one of the 12 highest potential markets with trade touching $670 million in 2014.
SOURCE: Fibre2fashion
Acting ambassador of the European Union (EU), Stefano Gatto, has asked Pakistan's business community to diversify its exports to Europe in the post-GSP Plus scenario. Pakistan's exports mostly consist of textiles and leather goods currently, but efforts should be made to diversify the export range in order to fully benefit from the EU's GSP Plus scheme, he said while speaking to office bearers of the Karachi Chamber of Commerce and Industry (KCCI). “Pakistan needs to focus on strengthening its capacity in order to effectively compete in the international markets,” the Pakistani media quoted him as saying. Gatto said that Pakistan's exports to EU had been gradually improving after the grant of GSP plus status, however after every two years, the 28-nation European bloc would assess whether Pakistan was fulfilling the conditions required to get duty-free access to European markets or not. The first assessment had begun, which would be officially reported in January 2016, he added.
Commenting on China-Pakistan Economic Corridor (CPEC), he said it could bring economic improvements and Pakistan would be able to play the role of a bridge between the Central Asian Republics (CARs). But Gatto termed the lifting of moratorium on death penalty and establishment of military courts serious issues "We want to see strengthening of civilian courts rather than giving the role to military courts," he added. KCCI Senior Vice President Muhammad Ibrahim Kasumbi stressed the need for improving the perception about Pakistan particularly in the EU countries. He said the security situation in Karachi has improved significantly due to the ongoing operation against criminal elements. He also endorsed Gatto's statement that Pakistan needs to export traditional and non-traditional goods to the EU markets in order to fully benefit from the GSP Plus scheme.
SOURCE: Fibre2fashion
National Textile University (NTU) Rector Prof Dr Arshad Ali here on Monday said that a most promising and enduring textile industry show – Textile Asia 2015 Trade Exhibition – will be held at the Lahore Expo Centre – from August 29 to 31. He said that major participating countries in this trade exhibition included Pakistan, China, India, Singapore, Korea, Japan, Malaysia, Thailand, Hong Kong, Indonesia, Turkey, Czech Republic, Sweden, United Kingdom, Germany, France, Italy, Spain, Switzerland, Ukraine, Belgium and the United States. It is expected that over 100,000 corporate visitors from the globe will attend this exhibition. Dr Arshad Ali said that Pakistan textile sector had been seriously lacking the knowledge input for up-gradation with the technological development around the globe, which has led to declining textile exports. This year, the Textile Asia Summit 2015 will also include a conference focusing on value addition and innovation in textile sector. This conference on latest technology trends in textile is being jointly organised by the National Textile University Faisalabad, Ecommerce Gateway Pakistan and TexTalks International. He said that researchers from NTU would share industry focused research and the opportunity available for future of textile sector in Pakistan. This discussion and knowledge sharing exercise will open doors for Pakistan industry to venture into value-added textile products. Speakers from NTU will include Prof Dr Tanveer Hussain, Dr Yasir Nawab, Dr Munir Ashraf, Dr Abher Rasheed, Dr Sheraz Ahmad and Dr Muhammad Tausif from UET Faisalabad Campus will talk on technical textiles, textile composite materials, self-cleaning textiles, e-textiles, non-destructive testing of textiles and non-woven textiles, respectively.
SOURCE: The Daily Times
The global economy is not at a risk of a recession in spite of recent concerns over China’s economy and weakness in commodity prices, Goldman Sachs said, although it lowered its short-term outlook for global stock markets. “The drop in commodity prices during the past year and recent economic and foreign exchange weakness in China and other emerging markets will not tip the global economy into recession,” analysts at the U.S. investment bank said in an Aug. 24 dated note to clients, which was seen by Reuters.
The Wall Street bank reduced its short-term outlook for the equity market to “neutral”, but remained “overweight” over six and 12 months. It also maintained its view that commodities will underperform. “We see a meaningful risk that markets are over-interpreting the collapse of oil and commodity prices as a negative growth signal,” the analysts said. The fall in prices of oil and other commodities are primarily a reflection of excess supply rather than weak demand, they said. Goldman Sachs raised its short-term outlook for U.S. equities to neutral and lowered European equities to neutral.
SOURCE: The Financial Express
