INTERNATIONAL
Textile Raw Material Price 2016-03-30
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1050.83 |
USD/Ton |
-0.15% |
3/30/2016 |
|
VSF |
2107.81 |
USD/Ton |
0% |
3/30/2016 |
|
ASF |
1933.70 |
USD/Ton |
0% |
3/30/2016 |
|
Polyester POY |
1067.00 |
USD/Ton |
0.36% |
3/30/2016 |
|
Nylon FDY |
2288.09 |
USD/Ton |
0% |
3/30/2016 |
|
40D Spandex |
4545.36 |
USD/Ton |
0% |
3/30/2016 |
|
Nylon DTY |
1155.60 |
USD/Ton |
0% |
3/30/2016 |
|
Viscose Long Filament |
2542.32 |
USD/Ton |
0.61% |
3/30/2016 |
|
Polyester DTY |
5742.56 |
USD/Ton |
0% |
3/30/2016 |
|
Nylon POY |
1286.57 |
USD/Ton |
0% |
3/30/2016 |
|
Acrylic Top 3D |
2118.60 |
USD/Ton |
0% |
3/30/2016 |
|
Polyester FDY |
2118.60 |
USD/Ton |
0% |
3/30/2016 |
|
30S Spun Rayon Yarn |
2865.89 |
USD/Ton |
0% |
3/30/2016 |
|
32S Polyester Yarn |
1741.10 |
USD/Ton |
0% |
3/30/2016 |
|
45S T/C Yarn |
2465.28 |
USD/Ton |
0% |
3/30/2016 |
|
45S Polyester Yarn |
1864.37 |
USD/Ton |
0% |
3/30/2016 |
|
T/C Yarn 65/35 32S |
2126.30 |
USD/Ton |
0% |
3/30/2016 |
|
40S Rayon Yarn |
3004.56 |
USD/Ton |
0% |
3/30/2016 |
|
T/R Yarn 65/35 32S |
2465.28 |
USD/Ton |
0% |
3/30/2016 |
|
10S Denim Fabric |
1.08 |
USD/Meter |
0% |
3/30/2016 |
|
32S Twill Fabric |
0.90 |
USD/Meter |
0% |
3/30/2016 |
|
40S Combed Poplin |
0.98 |
USD/Meter |
0% |
3/30/2016 |
|
30S Rayon Fabric |
0.73 |
USD/Meter |
0% |
3/30/2016 |
|
45S T/C Fabric |
0.74 |
USD/Meter |
0% |
3/30/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15408 USD dtd 30/03/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Following protests from several MLAs, the Delhi government has decided to roll back the hike in VAT on low-cost footwear and textiles which was proposed in its Budget 2016-17. Deputy Chief Minister Manish Sisodia, in his Budget speech on Monday, had proposed a VAT of 5 per cent on all textiles and shoes priced at below Rs 500, triggering protests from several AAP MLAs, including Madan Lal, Alka Lamba and Vishesh Ravi, and BJP’s Vijender Gupta. “The Delhi government has decided to roll back the proposed hike in VAT on textiles and low-cost footwear,” sources said. Sisodia had proposed rationalisation of tax on textiles and fabrics by applying uniform tax of 5 per cent on all varieties, including sarees except khadi and handloom. “At present, footwear costing above Rs 500 and school bags costing above Rs 300 are taxable at 12.5 per cent. It is proposed to apply uniform VAT rate of 5 per cent on all kinds of footwear and school bags irrespective of their price,” he had said. Terming the levy of five per cent VAT as an “onslaught on common man”, Gupta had yesterday warned the Delhi government that if this tax proposal is not withdrawn, he would launch a state-wide agitation against it.
SOURCE: The Financial Express
In the wage revision talks held on Wednesday between the eight trade unions and six textile associations, there has been some improvements and it looked optimistic that the wage agreement could be finalised during the next round of talks scheduled for April 6. Both the trade unions and textile associations eased their stance considerably on Wednesday to facilitate speedy signing of the new wage agreement. Trade union representatives who attended the closed door talks said they had now come down from the demand for 100 per cent hike in basic wages made in the earlier rounds of talks to 50 per cent. At the same time, textile associations too eased their positions a bit and agreed to increase dearness allowance, travel allowance, overtime allowance and compensation for workers who die in harness. However, the knitwear unit owners continued to maintain that they would give only 27 per cent increase in the basic wages over a period of four years. M. Chandran, state secretary of CITU, was optimistic that the stalemate would be over during the next round of talks on April 6 as positive signs were there all through the talks held on the day.
SOURCE: The Hindu
The Regional Office of Textiles Committee was inaugurated by Pranab Kumar Das, Chief Commissioner of Customs, Chennai, in Periyakadai Street here on Wednesday. Mr. Das said that the facility would help reduce dwell time of cargo. With textile production units abounding in Tirupur, Karur and Dindigul regions, Thoothukudi could become a textile export hub. Earlier, M. Vasanthakumar, Deputy Director, Textiles Committee, welcomed the gathering. It was estimated that around 40 to 50 percent of export shipments from Thoothukudi were textile products. Hence, the Ministry gave its approval to start the regional office to expedite processing of shipping documents. Export certificates such as GSP (generalised System of preference) and non-preferential as well as certificate of origin under various Free Trade Agreements (FTA) would be issued from the Thoothukudi office. The stakeholders, who were present at the function, said that if a textile testing facility was also set up, the regional office could render total export-import service.
SOURCE: The Hindu
Karnataka Electricity Regulatory Commission (KERC) has recommended a 9 per cent power tariff hike by Escoms (Bescom, Mescom, CESC, Hescom, Gescom & Hukeri RECS) in the State. Announcing the commission’s tariff hike, KERC Chairman M K Shankaralinge Gowda said, “The Commission has ordered for 9 per cent power tariff hike for all categories of consumers. This is against 18 to 19 per cent requested by all Escoms.” “As against uniform tariff increase of Rs. 1.02 per unit proposed by the Escoms for all categories of consumers, we have approved for an average hike of 48 paise per unit (ie ranging from 15 paise to 50 paise per unit ) for consumers which includes urban, rural residential, irrigation pump sets and Bhagya Jyothi / Kuteer Jyothi,” said Gowda.
Revenue gap
In the Annual Performance Review of Escoms for FY15, the Commission has determined a surplus in revenue of Rs. 331 crore. Together with this surplus and the regulatory asset of Rs. 1,105 crore, the total revenue gap for FY17 is Rs. 2,586 crore. Domestic Consumers (Urban): For the domestic consumers in urban areas, the tariff for monthly consumption of up to 30 units is increased from Rs. 2.70 per unit to Rs. 3 per unit and for consumption between 31 and 100 units; the tariff is increased from Rs. 4 per unit to Rs. 4.40 per unit. The tariff for monthly consumption of 100-200 units is increased from Rs. 5.40 to Rs. 5.90 per unit and for consumption above 200 units; the tariff is increased from Rs. 6.40 to Rs. 6.90 per unit. Domestic consumers (rural): The tariff for monthly consumption of up to 30 units is increased from Rs. 2.60 per unit to Rs. 2.90 per unit and for consumption between 31 and 100 units the tariff is increased from Rs. 3.70 per unit to Rs. 4.10 per unit. The tariff for monthly consumption of 100-200 units is increased from Rs. 5.10 to Rs. 5.60 per unit and for consumption above 200 units per month the tariff is increased from Rs. 5.90 to Rs. 6.40 per unit.
SOURCE: The Hindu Business Line
The Reserve Bank of India (RBI) on Wednesday allowed all companies engaged in the infrastructure sector to raise external commercial borrowings with a minimum maturity of five years, including those non-banking finance companies (NBFC) regulated by the central bank. The borrowings have to be fully hedged, the central bank clarified in a notification on its website. The individual limit of borrowing under the automatic route is $750 million. NBFCs engaged in the infrastructure space were earlier allowed to raise ECB funding, but there were certain limitations. For example, NBFC-AFCs (asset finance companies) had to ask permission from RBI if they had to raise money beyond 75 per cent of their net owned funds. Also, the total limit was capped at $200 million annually. By putting the NBFCs directly in the category of infrastructure, RBI has made it easier for these firms to raise additional resources of up to $750 million, provided they use the proceeds only for financing infrastructure, and not for their own use. This will likely help companies like Srei and Shriram Finance that are engaged in lending to various infrastructure related sectors such as transport and equipment financing. The central bank expanded the scope of ECB in view of prevailing external funding sources, “particularly for long-term lending and the critical needs of infrastructure sector of the country.”
Expanding the scope of the definition of infrastructure, the apex bank said exploration, mining and refinery sectors would also be considered as part of the infrastructure sector. While companies in the infrastructure space can utilise the proceeds for their own needs, NBFCs engaged in financing the sector should use the proceeds only for financing infrastructure. Additionally, holding companies and core investment companies can use ECB proceeds only for on lending to infrastructure special purpose vehicles.
SOURCE: The Business Standard
The Gujarat government on Wednesday passed a bill to levy entry tax on goods purchased through e-commerce portals with an aim to provide a level playing field for traders and retailers in the state. The Gujarat Tax on Entry of Specified Goods into Local Areas (Amendment) Bill, 2016, was passed in the state assembly in the absence of Congress MLAs, who were on Tuesday suspended for two days by the Speaker. The bill amended the present Act of 2001 that did not cover e-commerce transactions, which according to the government, was adversely affecting the local traders as the goods coming in the state through such means was sold at a much cheaper rate due to non-payment of any tax. “Due to the recent development in the field of online purchase, web-based software applications or through tele-shopping platforms, which does not attract any tax under the present Act, local businesses were adversely affected,” state finance minister Saurabh Patel said while presenting the bill. As per the bill, the word “importer”, as specified in the present Act, now also covers those who “bring or facilitate to bring any specified goods for consumption, use or sale in Gujarat from any part of the country using online platforms.”
Further, such importer is now liable to collect the tax from the person (consumer) for whom the goods are brought and pay it to the government in a prescribed manner, as per the bill. The bill was introduced after several trader bodies made representations to the state about online platforms selling “cheap” goods in the absence of a proper tax structure applicable to them. After taking into account their demands and to provide these local businesses a level playing field, Patel had announced that he will bring a bill while presenting the state budget earlier this month. “The state government would announce the rate of tax as well as other procedures to be followed by the importers through a separate notification,” Patel added.
SOURCE: The LiveMint
India’s economic growth is likely to be 5.8 per cent this year, lower than the previously forecast 6 per cent, owing to slow progress in pushing through reforms which are needed to ease business bottlenecks, said a report by Asian Development Bank (ADB). The latest Asian Development Outlook Supplement released yesterday also pointed out that it was a challenge for Asia to maintain growth momentum. Significantly, the report trimmed the 2013 growth forecast for the 45 developing member countries of ADB to 6.3 per cent and cut its 2014 forecast to 6.4 per cent. In April, ADB had predicted a 6 per cent growth for India while for the region a 6.6 per cent growth this year and 6.7 per cent next year. Elsewhere in South Asia, Sri Lanka continues to grow strongly while other parts of the region will see softer than anticipated growth, according to the ADB report. As for South Asia, it is expected to grow by 5.6 per cent in 2013 and 6.2 per cent in the next year. China, as per the report, is likely to see 7.7 per cent growth this year and 7.5 per cent next year after showing a growth of 7.8 per cent in 2012. The report has also trimmed forecasts for Central Asia, reflecting the sluggish economic performance of Kazakhstan and Georgia, and for the Pacific where Timor-Leste is seeing a slowdown in government spending. Meanwhile, Finance Minister P Chidambaram stated that the economy was likely to grow at six per cent during the current fiscal year ending March 2014.
Speaking to the media he highlighted steps taken by the government to boost the economy which included hiked investment in public sector enterprise, investment of Rs 1.15 lakh crore in public sector undertaking during 2012-13; measures to improve exports, coal and gas production, quicker process for environment clearance, resolving of spectrum issues and addition of 20,622 MW of power capacity in 2012-13.
SOURCE: The KNN India
Eleven central trade unions, including the RSS-backed Bharatiya Mazdoor Sangh (BMS), supported by various independent federations, on Wednesday gave a call for a countrywide strike on September 2, to protest against the Centre’s “negative” attitude toward workers. Last year, too, the unions, except BMS, had held a general strike in protest against anti-labour laws, privatisation, growing use of contracts, and higher minimum wages among their 12 demands. The decision for an all-India strike was taken at a national convention held here, attended by unions such as INTUC, CITU, AITUC, SEWA and HMS, among others, and associations from sectors, such as telecom, railways, banks, insurance, defence, electricity, postal, coal, plantations, road transport and scheme workers.
Decrying the “Prime Minister’s Office’s (PMO) written communication to State chief secretaries,” the trade unions alleged that State governments were being “directed to carry out Rajasthan-type pro-management labour law changes on the pretext of facilitating “ease of doing business.” To show how the Modi government was “legitimising violations”, the convention cited the “Labour Secretary’s executive order issued on January 12, granting exemption to so-called start-up enterprises from labour inspections and application of nine labour laws.” “In the garb of tripartite negotiations at the Central level, the Modi government is moving through the PMO and is directing State governments to amend labour laws,” said a union leader from Haryana. He said he had information that the BJP government in Haryana had moved two “anti-labour” Bills on Wednesday, “copies of which were distributed only after 10.30 this morning to the MLAs.”
Haryana Bills
“Today (Wednesday), the Haryana government is tabling two labour Bills in the Assembly — on the Industrial Disputes Act and the Industrial Employment Standing Order, which governs service conditions,” said a leader of the Centre of Indian Trade Unions (CITU), adding that all unions in the State had decided to “burn copies of the Bills in protest on Thursday and intensify their struggle.” In addition, several unions in the Gurgaon-Manesar industrial belt, which houses hundreds of factories of companies, such as Maruti Suzuki, Imperial Auto, Orient Craft, Motherson Sumi and Rico, announced a joint meeting on April 4 in Gurgaon to chalk out their future course of action after the imposition of Section 144 to prevent any “unlawful gathering” of workers.
SOURCE: The Hindu Business Line
Expecting to conclude a free trade agreement (FTA) with India within two months, a high level Australian delegation will visit New Delhi next week to iron out the pending issues. Finance Minister Arun Jaitley, who is on a 4day visit to Australia, today said the talks on FTA are at negotiation levels and being dealt by the Commerce Ministry. "Its not fair to comment on that as they are at negotiations level... They are at fairly advanced stage," said Jaitley, who was meeting Andrew Robb, former trade minister and now Australia's special envoy for trade. Jaitley said Robb will visit New Delhi next week to hold talks on FTA with the Commerce Ministry. Robb confirmed his upcoming visit, saying that the FTA deal conclusion could happen within two months if there was political will on both side. "I think we have reached a point in negotiations where it's a mutually beneficial arrangement, but I need to test that with my counterparts next week," Robb said. The talks for a comprehensive economic cooperation agreement (CECA) also known as FTA between India and Australia were started in 2011 to provide fillip to both trade and investments between the two countries.
Several rounds of negotiations have been completed for liberalising trade and services regime besides removing nontariff barriers and encouraging investments. Last month Robb had said that he and Commerce Minister Nirmala Sitharaman took stock of the progress of talks in Nairobi in December last year. "We sat down in Nairobi, we had a long session with their officials and the minister and we took stock at where we were and how much longer we could expect and we both agreed that and the officials concurred that in the first half of the year (2016) we can finish this," Robb had told PTI then.
Australia is pushing for tariff reduction in dairy, fresh fruit, pharma, meats and wines. On the other hand, India wants zero duty on auto parts, textiles, and fresh fruits, including mangoes and greater access in services sector. The bilateral trade stood at $13 billion in 201415 as against $12.12 billion in the previous fiscal.
SOURCE: The Economic Times
Inviting Australian businesses to “invest and make in India”, Finance Minister Arun Jaitley today said sectors like railways, defence and manufacturing now offer huge scope for foreign investments with liberalised FDI norms. “India could manage to become a very low-cost service provider but failed to transform into a low-cost manufacturing”, Jaitley said here, adding there is an opportunity now for the same. Launching ‘Make in India’ conference here on the second day of his four-day visit to Australia, the Minister invited Australian businesses to be a part of India’s growth story. Separately during a bilateral meeting with Australian Foreign Minister Julie Bishop, Jaitley said there is a lot of scope for foreign investment in India in various sectors which have now been opened for FDI including railways, defence and manufacturing. He also listed out various reform measures undertaken by the Modi government in the last 22 months and asked Australian businesses to “invest and make in India”. He also said India faces three major challenges — it needs to boost exports in view of shrinking global trade, increase private investment and is hoping for a better monsoon this year after insufficient rains for two consecutive years. Jaitley said India has shown a great resilience despite global economic downturn. “For two consecutive years, we are the fastest growing economy in the world. When we measure ourselves by our own standards, we believe that 7.5 per cent does not reflect our true potential,” Jaitley said. India has to invest in its infrastructure in a bid to prepare a base for an economy of this huge size, he said. “Manufacturing must occupy a space,” he said, adding that global investors must look at India.
Speaking on the occasion, Bishopsaid Australia can play a major role in providing various services to India especially in field of innovations, R&D and designing, vocational training and skill development, among others. Jaitley thanked the Australian Foreign Minister for concluding the administrative arrangements on civil nuclear cooperation to facilitate the flow of uranium. He will also meet Australian Prime Minister Malcolm Turnbull tomorrow. Recalling the recent high-level visits by leaders of the two countries, Jaitley and Bishop expressed satisfaction over ongoing cooperation in several areas of bilateral interests. The two leaders discussed various bilateral and global developments and stressed upon the importance of people-to-people contacts and welcomed the forthcoming ‘Festival of India’ in Australia and growing tourism and cultural exchanges. Later, Bishop told PTI that the meeting was “productive” and positive, where several bilateral issues were discussed. At the Make in India conference, Jaitley said that there was a need to expand the manufacturing share to 25 per cent of GDP with a significant population moving out of agri sector. Jaitley said that now is the time when ‘Make in India’ campaign can translate into actual activities. The conference was launched in the presence of Australia’s Special Envoy for trade Andrew Robb, Indian High Commissioner Navdeep Suri, CII Director-General Chandrajit Banerjee, CII President Sumit Mazumder and NEW Parliament Secretary for Major Events and Tourism Jonathan O’Dea. Jaitley said India has got a second chance to transform itself into manufacturing hub with ‘Make in India’ campaign. The Indian economy is doing well despite global downturns and if the global tailwinds become more supportive, India could perform even better, he said. “Global investors must seriously look at in terms of investing in India,” Jaitley said, adding that the country has also shown a great appetite for economic reforms. “The constituency that supports economic reforms in India today are far more bigger than the one which obstructs it. India becoming an aspirational society has significantly increased,” he said.
Jaitley also cited the size of the market that India offered. “Any market that occupies 1/6 of the global population, 35-40 per cent of them in middle class. Its purchasing power increasing by the day. Where else will you get a market of this size,” he said, adding that Indian federalism has evolved from being cooperative to competitive. The minister further assured the investors that tax system in India was also being gradually brought to global standards. Speaking on the occasion, Australia’s former Trade Minister Andrew Robb said his country has a lot to offer to India in terms of expertise. “As a country, we are 80 per cent services. We can offer environment, power, design, energy, transport and other services,” Robb said. Indian High Commissioner Navdeep Suri said the two sides had a strong strategic relationship.
SOURCE: The Financial Express
The sooner the India-Australia Free Trade Agreement (FTA) is signed, the better, said Finance Minister Arun Jaitley, while addressing the ethnic Indian media on Wednesday at the Shangri-La hotel in Sydney's central business district. When asked if signing the FTA was a priority for his government and if the FTA would address services and make material concessions to attract Australian companies to operate and partner in India, Jaitley told Business Standard, "This is at the negotiations stage; therefore, it is not fair for me to comment." Recently, while delivering the 2016 Lowy Institute for International Policy annual speech, Australian Prime Minister Malcolm Turnbull said, "Trade with India has not looked this promising for hundreds of years. That's why, to aid the transition to a new and more diversified economy, I'm placing a high priority on the conclusion of a free trade agreement with India - as complex as those talks have been." Jaitley said, "It (FTA) was a priority even when the Indian Prime Minister (Narendra Modi) was here in 2014. He (Modi) wanted this to be done in 2015. So, we have already crossed the deadline. The sooner the better." The minister was quizzed by the ethnic media on a wide range of topics from Adani's coal mine to the Jawaharlal Nehru University (JNU) issue back home. Jaitley said Adani's pit-to-port Carmichael coal project in Queensland was "not really" on the agenda. "This is a subject which is internal to Australia and that is not a subject for the purpose of my visit. But, in the course of my discussions, one of the ministers of the Australian government has informed me that as far as the government of Australia is concerned, they are trying their best to stick to the contract, subject to whatever other influences in a democracy are there."
On the question of how much of a dent had incidents like JNU made on the image of India abroad, Jaitley said, "I don't think it is an issue of creating any dent to an image, for the simple reason that no country - however, liberal - can allow an agenda, which openly speaks in terms of breaking up the country. India is a liberal society; it is a democratic society. It allows free speech, but even under our Constitutional order, sovereignty of India is an exception to the principle of free speech." When asked to list the two-year-old Modi government's achievements and challenges, Jaitley said, "It has maintained a direction and the government has not committed any major mistake. More so, the government is perceived to be more decisive and, certainly, corruption has disappeared from the corridors of New Delhi. I think the challenges will still be fighting poverty, strengthening India's agrarian sector and building infrastructure." He emphasised that "there are areas of Australian expertise, which can do a considerable amount of good to the Indian economy. For instance, in the recent Budget, I have opened the food processing sector to 100 per cent FDI (foreign direct investment). This is an area where Australia has done a lot. Mining is another area." Jaitley said there's considerable opportunity available in the power sector - in thermal, hydel and renewable energy.
On when the first smart city would be completed, Jaitley said, "It will take time. Twenty cities have already been identified and their partners have been found so the actual development works on those areas can take place." India is seeking Australian expertise in building smart cities. David Holm, director at Cox Richardson, Sydney's leading architectural and planning practice, told Business Standard, "India can be a template for the way cities should be over the next century. But, one of the great blocks we have in India is working with the bureaucracy. Most of the work we do (in India) is with private entities and they solve a lot of the issues of governance and contracts."
SOURCE: The Business Standard
India and Belgium today pitched for resumption of the long stalled negotiations on the proposed India-EU free trade agreement (FTA) on "mutually agreed terms" as Prime Minister Narendra Modi and his counterpart Charles Michel resolved to strengthen their bilateral ties. During their meeting here today, both leaders committed to strengthen the economic engagement by diversifying the bilateral trade basket and expanding investment ties. "They agreed on the need to tap into the full potential of the EU-India strategic partnership and looked forward to the resumption of negotiations on the India-EU Broad-based Trade and Investment Agreement (BTIA) on mutually-agreed terms," a joint statement issued after meeting of the two leaders said. Belgium is the member of the 28-nation European Union (EU). The negotiations for the free trade pact, officially dubbed as BTIA, have been held up since May 2013 as both the sides are yet to bridge substantial gaps on crucial issues, including data security status for the IT sector. Although senior officials from both the sides have met twice in the last two months on the issue, no date has been finalised yet for the next round of talks. Belgium is India's second largest trade partner in goods in the EU and India is the Belgium's second largest export destination outside the EU. More than 160 Belgian companies have presence in India and around 80 Indian firms are present in the European nation. "They encouraged businesses on both sides to take advantage of the growing trade and investment opportunities, especially in sectors with mutual complementarities like ports, railways, renewable energy, pharmaceuticals, biotechnology, IT, health, research and innovation," it said. Recognising the importance of the diamond sector in bilateral trade and the ongoing cooperation in the framework of the Kimberley Process, they resolved to further consolidate this mutually beneficial partnership. "They committed to further strengthening the economic engagement by diversifying the bilateral trade basket and expanding investment ties," the statement said. Acknowledging the contributions made by skilled workers to the service sectors of the two economies and the importance of smooth movement of skilled personnel, both the leaders recognised the importance of global cross-border transfer of information by electronic means for business purposes and resolved to address regulatory issues. Both the sides also discussed the various flagship development initiatives launched by India and agreed to explore enhanced cooperation in these areas, especially the Smart Cities and the Clean Ganga programmes including the management of water resources in the Ganga River basin.
SOURCE: The MoneyControl
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$ 36.89 per barrel (bbl) on 30.03.2016. This was higher than the price of US$ 36.45 per bbl on previous publishing day of 29.03.2016.
In rupee terms, the price of Indian Basket increased to Rs 2450.08 per bbl on 30.03.2016 as compared to Rs 2426.11 per bbl on 29.03.2016. Rupee closed stronger at Rs 66.41 per US$ on 30.03.2016 as against Rs 66.56 per US$ on 29.03.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on March 30, 2016 (Previous trading day i.e. 29.03.2016) |
Pricing Fortnight for 16.03.2016 (26 Feb to 11 Mar, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
36.89 (36.45) |
34.82 |
|
(Rs/bbl |
2450.08 (2426.11) |
2356.62 |
|
|
Exchange Rate |
(Rs/$) |
66.41 (66.56) |
67.68 |
SOURCE: PIB
For the first time a Textile Sector Texpo 2016 begin organized by the Trade Development Authority of Pakistan (TDAP) which is expected to open new horizons for investors to invest in the textile sector, said TDAP Secretary Rabiya Javeri Agha. To give TEXPO-2016 a momentous head start, a soft launch of this sector specific exhibition was held on Tuesday in Karachi, which was inaugurated by Commerce Minister Khurram Dastgir Khan. Rabiya Javeri Agha, Towel Manufacturers Association Patron-in-Chief Mehtab Chawala, Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Senior Vice President Khalid Tawab British Deputy High Commissioner to Pakistan and John Tucknott were also present on the occasion. The Texpo-2016, would be held in four halls with 230 exhibitors from textile, value added textile and high-end fashion displaying the entire value chain of textile sector at the expo centre. The main objective of this event is to build a strong business relationship of Pakistan's exporters with the importers of textile worldwide.
Many renowned brands like Gul Ahmad, ChenOne, Shabbir Textile, Fashion Pakistan Council, Master Textile, Sapphire Textile Mills, Kohinoor Textile Mills, Reshma Textiles, Colony Textile Mills, Mahmood Group, Soorty Enterprises, Digital Dura Prints, Sitara Chemicals, Mima Leather, Faisal Fabrics, Gohar Textiles, Din Industries, Al-Karam Towel, Bari Textile, Afroze Towel, Hasam Towel, Bil Exporters etc. have reserved their spaces in Texpo, 2016. The TDAP secretary said that major textiles associations like TMA, PRGMEA, Carpet Association, PHMA, Sports Goods Association, APUBMA, PTEA, PTA and PLGMEA have also reserved major spaces in different halls to showcase the trendy and stylish textile products of Pakistan.
Apart from exhibitors, around 600 foreign delegates are confirmed from 51 countries and more recommendations are coming in. Many top foreign brands like B&C collection (Belgium), Shinatomo, ITO-Yokado, Yonex, Marubeni Intex, Marubeni Tex (Japan), Lotte Mart, Shinwon (South Korea), Simmons- The leading US bedding brand, Hertex, Standerton, Polo Africa (South Africa), Super Muffato (Brazil), Apacinti (Indonesia), Septwolves (China), Teddy SPA (Italy), Fifth Factory (Spain), Basic Resources, Green Source (USA), Gargo Way 10, DET 10-10 (Vietnam), Firma Gamma (Russia) have confirmed to attend Texpo, 2016. British Business Centre of UK Deputy High Commission, which is set up by the British Government to facilitate bilateral trade and investment between UK and Pakistan, is mounting a 25-member delegation from UK, which will visit under the leadership of Baroness Nausheena Mubarik, TDAP secretary informed. The commerce minister on the occasion highlighted the efforts of Ministry of Commerce and TDAP in product and market diversifications and stated that the newly approved Strategic Trade Policy Framework 2015-18 will boost our overall export sectors. Representatives of trade bodies expect to take benefit in shape of new orders and signing of MoUs with their counterparts at the TEXPO 2016 which will held from April 7 to 10 at the Karachi Expo Centre.
SOURCE: Yarns&Fibers
All Pakistan Textile Mills Association Chairman Tariq Saud at an emergent meeting of the member mills held at the Punjab office of the Association to review the import statistics of the Man Made Fiber yarn for domestic consumption demanded of imposing 15 percent Regulatory Duty on the import of Man-made fibers, as it increased by four times in last four years and likely to reach to 57000 tones per annum by the end of 2015-16. The surge in the port of MMF yarns has become a matter of serious concern for the domestic industry and posing a serious threat to the survival of about two million spindles with over three million direct and indirect workforce attached with this industry both upstream and downstream. He further said that the textile industry has been representing the issue with the government, seeking an immediate imposition of 15 percent Regulatory Duty on the import of all Man Made Fibers yarns particularly the polyester viscose yarn, polyester cotton yarn and pure polyester yarn. An immediate intervention by the government is needed as both the upstream and downstream industries as well as millions of direct and indirect jobs are under threat. An unchecked import of yarns has hit the viability of the domestic spinning yarn industry, which is also threatening the survival of domestic PSF producers and the PTA industry by and large.
SOURCE: Yarns&Fibers
The Government says it looks forward to signing a Free Trade Agreement (FTA) with China next month. The Minister of Industry and Commerce Rishad Bathiudeen said that a high level delegation will be visiting China next week to sign the agreement. “China-Sri Lanka relations are historic and long standing. Silk route connectivity is only one part of this long history. China is one of the biggest product suppliers to Sri Lanka as well. Of Sri Lanka’s $4 Bn total trade China in 2015, $3.7 Bn were imports from China. President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe are very keen on the FTA,” he said. Bathiudeen was addressing a visiting six member official delegation from the Yunnan Province in China led by Gao Shuxun, the senior advisor to Yunnan Province administration. Shuxun handed over an official invitation extended by Yunnan Governor Chen Hao for the 24th Kunming Fair in June. “Last year Yunnan’s trade with Sri Lanka was $83 million while Sri Lanka’s exports to Yunnan was just half-a-million dollars. Yunnan investors have invested in four projects in Sri Lanka. By 2015 Yunnan’s contracted projects with Sri Lanka was valued at a total of $390 million. Sri Lankan investors also have invested in one enterprise in Yunnan to the value of $60000. We are happy to observe that Lankan businesses and exporters’ increasing participation in the Kunming Fair,” Gao Shuxun said. According to Sri Lanka’s Department of Commerce, Sri Lanka’s overall trade with China in 2015 was at $4 billion, up by 12% from 2014. Sri Lanka’s exports to China increased by 69% in 2015, and imports rose by 9%.
SOURCE: The Colombo Gazette
Free Trade Agreements (FTAs) signed by South Korea with Peru and Chile were successful and boosted bilateral trade between parties, Korean Ambassador to Peru Keun Ho Jang said. During the international symposium titled "Asia-Pacific economic relations with Latin America: South Korea and Pacific Alliance Countries," Keun highlighted trade between the region and the Asian nation has expanded "with strong impetus" over the last two decades. "Concerning our cooperation, the next step is to implement a FTA network between Korea and Latin American countries, particularly those of the Pacific Alliance, since FTAs [...] have been very successful and invigorated bilateral trade exponentially," he expressed. "Top Korean products such as automobiles and electronic products have been exported to Latin America over recent years," the diplomat specified. Likewise, both countries' farming and fishery products are popular among Koreans. The Asian nation also invests in energy and natural resources sectors. "In the future, we want to add other higher added-value areas such as infrastructure, health, e-government, among others. The aim is to create synergies based on mutual benefit and shared growth," he said.
SOURCE: The Andina
The world’s largest business organization, the International Chamber of Commerce has welcomed Brazil’s ratification of the World Trade Organization’s Trade Facilitation Agreement (TFA)—an agreement which was forged under the leadership of the Brazilian head of the WTO Roberto Azevedo.
Brazil ratifies WTO Trade Facilitation Agreement (Credit WTO)
President Dilma Rousseff signed the Trade Facilitation Agreement yesterday during a high-level ceremony at the Palacio do Planalto in Brasilia with the attendance of Roberto Azevedo, who is visiting Brazil this week. During his stay in the country, Roberto Azevedo will visit ICC Brazil - the ICC Brazilian Committee hosted by the Brazilian National Confederation of Industry (CNI) headquarters in Sao Paulo - and meet with CEOs from various sectors to analyze the potential benefits of the Agreement for Brazil. Brazil becomes the 72nd country to ratify this landmark agreement to speed global commerce by cutting red-tape at borders-and third country in South America after Guyana and Paraguay. A study by the Getulio Vargas Foundation for CNI suggests that Brazilian GDP could expand by US$24 billion with the adoption of trade facilitation measures. Globally the WTO estimates that the TFA will reduce trade costs by more than 14% globally-creating an estimated 20 million jobs globally. ICC's Brazilian chapter has championed trade facilitation reforms since its inception in 2014 and played an instrumental role in securing the ratification of the TFA by the Brazilian parliament. Working closely with its local partner, Brazil's National Confederation of Industry (CNI), ICC Brazil made the case for the TFA by highlighting the benefits of the agreement for Brazilian industry-including through direct discussions with Armando Monteiro, Brazil's Minister of Industry, Trade and Development, and Daniel Godinho, Brazil's Secretary of Foreign Trade. "The ratification of the Trade Facilitation Agreement and the recently launched National Export Plan send a strong signal of Brazil's commitment to put international trade at the heart of its economic recovery," said Daniel Feffer, Chair of ICC Brazil.
Applauding this breakthrough development for trade facilitation, ICC Secretary General John Danilovich said: "Implementing the TFA gives Brazil, once one of the world's fastest growing emerging market, an opportunity to reboot its economy by creating significant export diversification gains and reducing trade costs." The Agreement will enter into force global when two-thirds of the WTO's [110] members ratify the deal. Last year, the Brazilian government unveiled a 5-pillar plan aimed at boosting Brazil's share in global trade. Two key features will be the implementation of a single window system for import, export and transit, and the introduction of an Authorized Economic Operator program, through which local operators can be recognized as "safe traders" in over 50 countries. In July, WTO-chief Robert Azevedo will visit Brazil to deliver a speech at ICC's first Brazilian Business Day in Sao Paolo.
SOURCE: The International Chamber of Commerce
Japan's factory output in February fell the most since 2011, when a devastating earthquake ruptured the supply chain, stoking fears of another recession and renewing pressure on policymakers to take evasive action. The data followed passage of the Budget on Tuesday, paving the way for Prime Minister Shinzo Abe to announce a new fiscal stimulus or drop the planned 2017 hike in sales tax after first quarter economic growth data due on May 18 is published. The announcement may also be made around when Abe hosts a summit of the Group of Seven (G7) richest nations from May 26 to May 27. Analysts expect the gross domestic product (GDP) to resume moderate growth in January to March, although some fear a second straight quarter of contraction because of weak exports and tepid consumption. "It's fully possible Japan may suffer a second straight quarter of contraction," said Hiroshi Shiraishi, senior economist at BNP Paribas Securities.
With inflation stalling, consumer spending weakening and China's slowdown threatening to undermine the export-reliant economy, the Bank of Japan (BoJ) is also under pressure to act again after it unexpectedly adopted negative rates less than two months ago. As speculation lingers that Abe may call a snap election for parliament's lower house to coincide with a July poll for the upper chamber, analysts bet Abe will adopt fresh stimulus, targeting consumers and again delay raising the sales tax. But, some are sceptical about sustainability of such stimulus. "It may support the economy near-term, but they won't be a fundamental solution. Structural reform such as immigration policy to secure the labour force is needed to fix Japan's rock-bottom growth potential," said BNP Paribas' Shiraishi. Trade ministry data showed industrial output fell 6.2 per cent month-on-month in February, largely in line with economists' median estimate. It followed a 3.7 per cent rise in the prior month, which was the first gain in three months. It was the biggest drop since March 2011, when the devastating earthquake and tsunami struck Japan's northeastern coastal areas. The decline was exaggerated by one-off factors caused by the Lunar New Year holidays in China and Asia generally - Japan's key export markets - and Toyota Motor Corp's halting of factory production for a week following an explosion at a steel plant. Excluding such factors, analysts see factory output remaining flat as a trend.
DOWNWARD SLIDE
SOURCE: The Business Standard
Brazil posted a primary budget deficit of 23.040 billion reais ($6.38 billion) in February; central bank data showed on Wednesday, erasing a hefty surplus from the previous month as a contracting economy curbs revenues and raises unemployment benefit payments. The country had been expected to post a primary budget deficit of 10 billion reais, according to the median forecast of nine analysts surveyed by Reuters. In the 12 months through February, the primary budget deficit rose to an equivalent of 2.11 percent of gross domestic product from 1.75 percent in 12 months through January.
SOURCE: The Reuters
Despite attempts by the European Central Bank to bolster economic growth, confidence in Europe's economy is faltering. In the latest measure of economic sentiment released by the European Commission Wednesday, expectations fell for a third consecutive month in March, registering 103 in the eurozone after reading 103.9 last month. The number, which came in below analysts' expectations of 103.8, is the lowest reading since February 2015. Within sectors, the sharpest falls were seen in measures of consumer confidence, construction and financial services. The broader European Union — which includes nations like the U.K. that do not use the euro — saw its economic confidence indicator decline to 104.6 from 105.3.
Despite years of cash infusions and extraordinarily accommodative monetary policy from the European Central Bank (ECB), growth in the eurozone continues to underwhelm. Earlier in March, the ECB announced a new spate of measures intended to push up inflation and spark economic vitality, including a bolstered asset purchase plan and a reduction of benchmark interest rates further into negative territory. “Conditions have significantly changed since early December,” ECB Chief Mario Draghi said at the time, citing sharply reduced inflation expectations and financial market vulnerabilities that spread globally in the first two months of 2016. As Bloomberg noted, the reading contradicts other measures, including the German Ifo Business Climate Survey, which turned positive in March.
SOURCE: The International Business Times
China will face severe demographic challenges in the next 25 years as its working-age population is predicted to shrink over six per cent to 56.9 per cent of the total population by 2030, according to a new study. Last year the working population was stated to be 63.3 per cent last year. The ageing population will swell from 16.1 to 25.2 per cent which could seriously test China’s social and economic development, experts said. The number of those aged between 16 and 59 will decrease to 896 million in 2020 and 824 million in 2030, while those aged 60 and over will grow to 253 million in 2020 and 365 million in 2030, according to a new data provided by the Population and Development Studies Centre at the Renmin University of China, state-run Global Times reported today.
China ended the three decades old one-child policy this year and replaced it with two child as the demographic crisis deepened with sharp rise in the population of old age population. According to latest figures the number of people aged 60 or over in China has reached 212 million at the end of 2014, accounting for 15.5 per cent of the country’s population, with the number of disabled elderly people approaching 40 million. The United Nations has predicted that people over age 65 will account for 18 per cent of China’s population by 2030, double the number in 2011 which will have a negative bearing on China’s labour availability.
By 2050, China is expected to have nearly 500 million people over 60, exceeding the population of the US. Data from the National Bureau of Statistics (NBS) shows that in 2015, China’s working age population was 911 million and there were 222 million senior citizens. “China’s current demographic structure is severely distorted, as the country now faces problems such as low fertility, an ageing society and gender imbalance. This may hinder economic development as well as social stability in the long run,” said Mu Guangzong, a professor at Peking University’s Institute of Population Research said. Yi Fuxian, a scientist at the University of Wisconsin- Madison in the US, recently warned that China has entered a “low fertility trap” and that its ageing population will impede economic development. Although other scholars are reluctant to jump to similar conclusions, many worry that the demographic problem may worsen if the nation does not take more decisive action.
SOURCE: The Tecoya Trend
