INTERNATIONAL
NATIONAL
The Government has deferred quality control orders for BIS certification on polyester yarn for three months, and the industry, especially powerloom weavers, has got a short-term relief with this decision. It was originally scheduled to take effect on 3rd July but in an order, the Union Ministry of Chemicals and Fertilisers said the 100 Percent Polyester Spun Grey and White Yarn (Quality Control) Order, 2023 will come into force on 5th October, 2023. Though the Ministry of Textiles has notified QCO for Polyester Staple Fibre and Viscose Staple Fibre, implementation of the QCOs has been delayed. Industry is of the opinion that equipping powerloom units for BIS Certification is a cumbersome process. This is a small relief. The units are not fully ready to go for the certification. Even though it is not mandatory as of now, many buyers are insisting on BIS Certification. “This relief matters a lot and we will try that in next 3 months we can fulfil QCOs and norms as per the international standards also,” said Ashish Gujarati, of Pandesara Weavers Co-Op Society Ltd and former president of Federation of Gujarat Weaver’s Walfare Association.
Source: Apparel Resources
The worldwide spandex fibre market reached a valuation of US $ 7.9 Billion in 2022 and is anticipated to expand significantly, reaching a market size of US $ 15.2 Billion by 2032, with a projected Compound Annual Growth Rate (CAGR) of 7.1 per cent during the period from 2023 to 2032. The market’s positive momentum is driven by several factors, including the increasing demand for stretchable fabrics in the apparel and textile industries, the growing popularity of activewear and athleisure, and notable advancements in spandex manufacturing technologies. These factors collectively contribute to the market’s upward trajectory. Spandex fibres play a crucial role in creating stretchable clothing, sportswear, and technical textiles that align with changing consumer demands. Key market trends include the surge in athleisure and activewear, the embrace of sustainable solutions, and advancements in functional textiles. Factors like enhanced apparel comfort and fit, the thriving sports and fitness sector, the expansive textile industry, and continuous innovations in spandex manufacturing act as drivers propelling the market’s expansion. The growing preference among consumers for comfortable and well-fitting clothing that allows unrestricted movement has led to an increasing adoption of spandex fibres in apparel manufacturing. With their inherent elasticity and shape retention properties, spandex fibres guarantee a comfortable and flattering fit, catering to the desires of modern consumers.
Source: Apparel Resources
India’s exports of smartphones, information technology products and services to European Union countries could be hit by the Foreign Subsidies Regulations (FSR) of the 17-nation block that came into effect from Friday, according to a trade expert. The proposed regulations prohibit foreign subsidies and grants the European Commission (EC), the executive arm of the EU, to investigate cases where foreign subsidies distort competition within the EU.India exported goods worth over $74.8 billion to EU countries in 2022-23 In cases where the Commission finds that a foreign subsidy is distorting competition, it can impose various remedies, including fines of up to 10% of the company’s annual aggregated turnover, requiring the company to repay the foreign subsidy if competition distortion is confirmed, or banning the company from participating in public procurement, founder of Global Trade Research Initiative Ajay Srivastava said in a note.With the new regulations the commission can now investigate products if they have received any incentives like Production Linked Incentives, Faster Adoption and Manufacturing of Electric Vehicles (FAME) or export benefits in India, he said. The EC is already investigating the PLI scheme, and a decision is expected soon. If the Commission finds the PLI scheme violates WTO rules, it could impose sanctions or fines, he said. Under the FSR companies must begin notifying the details of relevant transactions involving foreign subsidies starting from October 12, 2023. The Commission will publish guidelines on the application of the FSR on December 31, 2023, and release an annual report on the FSR’s implementation by June 30, 2024. The FSR covers financial contributions from non-EU governments to companies operating in or exporting to the EU’s market. These contributions include direct grants, interest-free or low-interest loans, tax incentives, state-funded research and development, provision of goods or services at below-market prices, and provision of land or buildings at below-market prices.The Indian government has numerous schemes providing incentives that can be investigated by the EC. The FSR applies to transactions above a certain threshold. Companies must notify the European Commission if their transactions involving foreign subsidies exceed this threshold. “The World Trade Organisation explicitly prohibits countries from investigating subsidies given by other countries. Thus, FSR is also in violation of the WTO mandate,” Srivastava said. Key exports from India to EU are diesel ($8.4 billion), Aviation Turbine Fuel ($6.6 billion), apparel and makeup ($5.6 billion), smartphone ($4 billion), cut and polished diamonds ($2.6 billion), aluminium ingots ($1.5 billion), medicines ($1 billion).
Source: Financial Express
Union Minister for Textiles, Consumer Affairs, Food and Public Distribution and Commerce and Industry, Shri Piyush Goyal discussed the roadmap to achieve the target of $250 billion textiles production and $100 billion exports by 2030. While interacting with the officers and staff during the Chintan Shivir organized by the Ministry of Textiles, Shri Goyal emphasized on holistic approach towards making the Textiles sector more vibrant so as to prepare to take on global competition. He asked the officers to come up with innovative ideas and underscored the importance of streamlining the institutional structure for better service delivery. The Ministry of Textiles organized Chintan Shivir on 18th of July to brainstorm on various issues relating to the sector. The session was inaugurated by Union Minister of State for Textiles, Smt. Darshana Jardosh, who highlighted the importance of the textiles sector in the economic growth of the country and the need to collectively focus on promoting growth across all segments in the value chain. She mentioned that the Chintan Shivir was a platform for collectively deliberating and finding solutions on important issues pertaining to the sector. It would also help in promoting better understanding and coordination among all offices within the fold of Ministry of Textiles. Officers from the Ministry of Textiles as well as field offices from across the country attended the day long Chintan Shivir. Group Brainstorming sessions were held on five themes namely - Promoting Exports; InvestmentBuilding Size and Scale; Sustainability; Shift from Natural to Man Made Fibre and Improving Service Delivery. Detailed presentations were made by the respective groups giving specific recommendations and solutions to the problems posed. Team Building session organized by the representatives from Capacity Building Commission also provided an opportunity in enhancing communication and interaction among the participants. Shri Gaur Gopal Das, lifestyle coach and motivational speaker and Shri Vivek Sahni, CEO and CoFounder, Kama Ayurveda addressed the participants and shared their perspective and experience.
Source: PIB
The commerce and industry ministry will meet representatives of top India’s 100 listed companies on Saturday for suggestions on reforms required to improve business environment and ideas on pushing manufacturing growth and exports. The meeting will be held in Mumbai and invites have been sent out to top 100 companies listed on BSE and NSE for participation. The meeting will be chaired by commerce and industry minister Piyush Goyal and will also see participation of commerce secretary Sunil Barthwal and secretary in the department for promotion of industry and internal trade (DPIIT).The meeting will be held in an interactive format to elicit ideas and suggestions of the industry on increasing the share of manufacturing in India’s GDP and promote self-reliance in manufacturing. Manufacturing accounted for 14.7% of India’s Gross Domestic Product in 2022-23. The share has been languishing around this figure for the past decade despite many efforts made to increase it to 25%. Other discussion at the meeting will be on increasing India’s share in global merchandise and services trade. According to a report by the World Trade Organization, India’s share of global merchandise exports stood at 1.8% in 2022 and it is ranked 18th on the list of top exporters. Efforts have been made for the past many years to take it beyond 2%. With the slowdown seen in exports in the past seven months due to global demand slowdown, the task becomes more difficult. India’s share of global services exports is 4.4% and is ranked 7th in the world. The Commerce and Industry Ministry will also seek inputs from the industry on reforms that should be undertaken to unlock economic development and improve the business environment.Government on its part has been coming out with different schemes at regular intervals to push investment in manufacturing. Apart from lower income tax, it has committed Rs 1.97 trillion for the Production Linked Incentive Scheme for manufacturing which will provide cash benefit to companies for incremental production in 14 priority sectors. To create space in the local market it has been trying to discourage imports of many products that can be produced locally. Apart from increasing tariffs, it has prescribed or is in process of prescribing mandatory quality standards for both local manufacturers and imports.
Source: Financial Express
In a move that is set to reshape the children’s wear market, Reliance Brands Pvt Ltd, a subsidiary of Reliance Retail Ventures, is on the verge of acquiring the popular kids-wear brand Ed-a-Mamma, owned by the Bollywood actress Alia Bhatt. The deal, worth an estimated Rs 300-350 crore, is expected to be finalized within the next seven to ten days, according to a report by The Economic Times. The acquisition of Ed-a-Mamma is a strategic move by Reliance Brands to strengthen its already impressive children’s wear portfolio, which includes renowned brands such as Trends and Mothercare. With a valuation of over Rs 150 crore, Ed-a-Mamma has carved a niche for itself in the children’s wear segment since its establishment in 2020.Reliance Brands, known for its partnerships with top fashion brands in various segments, ranging from luxury to high street lifestyle, has managed to create a strong presence in the retail industry. Collaborations with prestigious names like Armani Exchange, Burberry, and Jimmy Choo have positioned Reliance Brands as a formidable player in the market. Ed-a-Mamma, specializing in children’s wear, teens’ wear, and maternity wear, has gained popularity by offering trendy and comfortable clothing options for young ones. The brand has successfully tapped into the online retail market, with its products available through its own web store as well as leading e-commerce platforms such as FirstCry, AJIO, Myntra, Amazon, and Tata CLIQ. Additionally, Ed-a-Mamma’s presence in retail chains like Lifestyle and Shoppers Stop has allowed it to reach a wider customer base. The acquisition of Ed-a-Mamma by Reliance Brands not only expands the retail giant’s children’s wear portfolio but also provides an opportunity for Ed-a-Mamma to further enhance its offline presence. With Reliance’s extensive network of Trends stores, the brand will have access to a vast customer base and a well-established distribution channel.This development is seen as a significant step for Reliance Brands in gaining a stronger foothold in the lucrative kidswear market. Industry experts believe that the collaboration between Reliance and Ed-a-Mamma will bring together the retail giant’s expertise and resources with the brand’s creative vision and innovative designs. As the deal nears its finalization, industry watchers eagerly anticipate the impact of this acquisition on the children’s wear market. The union of Ed-a-Mamma’s youthful appeal and Reliance Brands’ strong market presence is expected to create a winning formula, delighting parents and children alike.
Source: Financial Express
Amidst risk of a global slowdown in the early part of next year, India is expected to remain shielded from its effects due to robust domestic consumption, World Bank President Ajay Banga said in New Delhi on Wednesday. “The outlook for the world economy is better than expectations, but there is more risk on the downside in terms of a slowdown in the early part of next year. Since India gets a lot of its gross domestic product from domestic consumption, even if the world were to slow down for a few months, India has a natural cushion against (it),” Banga, who is on his first visit to India, told the media following his meeting with Finance Minister Nirmala Sitharaman. Besides, there were discussions between the finance minister and the global lending head regarding India’s sectoral priorities like municipal financing, logistics, recycling of water, and renewable energy grids, for seeking assistance from the World Bank Group in leveraging private investments and how the India and World Bank could cooperate to further the Group of Twenty agenda, as India is one of the largest markets for World Bank in terms of its portfolio. “The finance minister mentioned that bridging the knowledge and technology gaps is key to future economic development and the World Bank should accelerate efforts to share the Indian development experience with the Global South,” said the finance ministry in a tweet. Earlier in the day, during his visit to a skill centre in the national Capital, when asked about India’s potential growth in high-income jobs, Banga remarked that India has an opportunity to cash in on global firms’ efforts to build factories outside China, as companies seek to diversify their supply chains. “We need to understand where these jobs are. They are in technology, which is very few... then they are in manufacturing. I think India’s opportunity currently is to cash in on the China Plus One opportunity. This opportunity won’t stay open for 10 years. It is a three- to five-year opportunity when supply chains start relocating or add another location that is going to need work,” he said. His comments follow recent investment announcements by US firms, including chipmaker Micron Technology, in India, as the US looks for a strong counterweight to China in Asia amid growing tensions in ties. In recent years, many companies have adopted a China Plus One strategy to build new manufacturing units outside the People’s Republic.
Source: Business-Standard
Most Asian Americans in the US, including Indians, view their ancestral homelands favourably, except Chinese Americans, reveals the findings of a survey by polling agency Pew, which offers new insights into the thinking of Asian Americans: a category that includes immigrants as well as people born in the US but tracing their ancestry to India, China, the Philippines, South Korea, Japan, and other Asian countries. The Indian diaspora across the world, including the US, has been wooed aggressively by the Narendra Modi government and is seen as a force multiplier in raising India’s image globally. Seventy-six per cent of Indian American adults have a favourable opinion of India but when asked whether they would ever move to India, 65 per cent Indian adults say they would rather stay in the US, compared with 33 per cent who say they would like to move back. Immigrants who have been in the US for less time are likely to be open to moving back, relative to those who have been in the US for longer. Nearly all US-born Indian adults say they would not move to India (85 per cent). Half of Indian adults who say they would move to India would do so because of its lower cost of living (52 per cent). Some 59 per cent of Indian American adults say they have an unfavourable opinion of China, including 32 per cent who report very unfavourable opinions of the country. Overall, Indian adults are 12 percentage points less likely than other Asian adults to say their opinion of China is favourable.
Source: Business-Standard
Chief Minister MK Stalin on Wednesday urged the Prime Minister to make three specific interventions to ease the plight of the MSME-led spinning industry. The first is on the restructuring of the Emergency Credit Line Guarantee Scheme (ECLGS). Stalin urged the Centre to provide financial support for MSMEs in the textile sector under ECLGS by extending the moratorium by one more year. Existing loans under ECLGS may be restructured, converting them into six-year term loans and fresh loans may be provided under ECLGS, reducing the regular banking interest rate. The second request is to withdraw the 11 per cent import levy on cotton as it will reduce the production cost significantly. The third is to consider a ban on the export of waste cotton from India temporarily to tide over the shortage of waste cotton being faced by the open-end spinners who fall under the micro-enterprises category but contribute to 35 per cent of the yarn production of the country primarily used in low-end fabrics. “These measures will go a big way in bringing back employment in the spinning mill sector. I hope you will consider these favourably and expeditiously,” Stalin said.
Cotton prices Stalin drew the Prime Minister’s attention to the steep increase in cotton prices and its impact on the cost of yarn and fabrics in downstream enterprises. The spinning sector, with 1,500 spinning mills and around 15,00,000 employees, is one of the vital engines of the industrial economy of Tamil Nadu. The combination of high cotton prices, increased operational costs, including bank interest rates and poor demand in domestic and international markets, has plunged the sector into such a severe crisis that the spinning mill association declared a production stoppage from July 15th, 2023 onwards.
Rehabilitation of MSME units The Indian government has provided short-term loans under ECLGS to revive and rehabilitate MSME units following the Covid-19 pandemic. Now the repayment for loans availed under ECLGS has started, which has become an additional burden on the spinning mills and increases the cost of production. Another significant price differentiator between India and its competitors internationally is the 11 per cent import duty imposed on cotton in India. “In my previous letter written on May 16, 2022, on the subject, I requested for extension of the time for the cash credit limit of spinning mills to purchase cotton to 8 months from the current three months and for the reduction in margin money sought by the banks to 10 per cent from the 25 per cent of the purchase value. I urge you to consider the compelling need to protect the textile sector (from spinning to fabrics) and the employment avenues generated by it and reiterate my earlier request on the banking front,” he said.
Source: The Hindu Business line
INTERNATIONAL
Global fashion organisations have made a united call and pressed global, national, and local authorities for sustainable digital labelling. The collective group of a total of 130 organisations, in a joint letter to the authorities concerned on July 11, advocated for the modernisation of textile, garment, footwear, and related accessories labelling requirements and legally allowing more sustainable and economically viable digital labels for required labelling information. The signatories represent the global fashion and sportswear industry, and its enablers and stakeholders, including those representing materials such as leather, wool, and textiles; and those working to advance sustainability, circularity, and authenticity solutions. The group included American Apparel and Footwear Association (AAFA), International Apparel Federation, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB), according to the letter. Industry estimates show that collectively, labeling requirements now result in the annual production of approximately 5.7 million miles (about 9.2m km) of label tape - enough to stretch from the earth to the moon, and back, twelve times each year. "Shifting to the use of digital labels would significantly reduce labeling waste and significantly aid in decarbonisation efforts, resulting in the elimination of at least 343,000 tonnes of CO2e from industry supply chains," read the letter. "Consumers today want more information with less waste. The opportunities are endless if digital opportunities are unlocked. Purchasers will gain access to more detailed and accurate information about the textiles, garments, footwear, and related accessories they are considering buying, such as more indepth materials and origin information," AAFA president and CEO Steve Lamar said in a statement. It also unlocks more information throughout the garment's lifecycle, including details about resale, repair, rental, upcycling, or recycling, he said, adding this is one tool for a more responsible and agile global industry. "We need the Federal Trade Commission and sister agencies around the globe to update their rules to give companies the option to meet labeling standards using digital means," he said. When asked, BGMEA president Faruque Hassan said they joined the global alliance as a fully digital labeling solution would cut manufacturing cost and thus make fashion more competitive and affordable. At least three labels are there in a garment while the numbers are many depending on buyers' requirements, he said, adding that price tags are done digitally in almost all garments they export. "But it is the buyer who has to ask for such digital label as we only implement it," he added. Moreover, digital labeling will also help controlling the manufacturing of counterfeit products as every inputs of the finished goods would come under digital labeling where all the parties in the supply chain would be identifiable. Bangladesh is the second largest apparel exporter in the world after China. The country fetched US$46.99 billion from readymade garment export in the just concluded fiscal year of 2022-23, according to official data. Bangladesh fetched US$9.73 billion from RMG exports to the USA in 2022, turning the destination its single largest market.
Source: The Financial Express
America's relationship with India is stronger than ever, the White House said Wednesday nearly a month after the historic Official State Visit of Prime Minister Narendra Modi to the United States. "The visit last month was extremely successful and important. The relationship with India is stronger than ever and, as you know, we announced a range of key deliverables, some of them are being implemented," White House Press Secretary Karine JeanPierre told reporters at her daily news conference. "We have remained very optimistic as it relates to our long-term future and relationship with India. And we believe that's going to continue," Jean-Pierre said Responding to another question on the I2U2 - the new grouping that includes the US, India, Israel and the UAE - she said this is already deepening those partnerships among four countries. "Those four countries and beyond are evidenced by existing projects and initiatives. There is still a strong future with I2U2, and so we're really excited about the prospects of that future and so just don't have anything more to share beyond that," she said.
Source: Economic Times
The hottest June on record has been followed by an early July that now includes 10 of the hottest days in history. Simultaneous heat waves are suffocating the US, much of Europe and parts of Asia, while El Niño intensifies in the Pacific Ocean and the Atlantic waters off Florida hit an unprecedented 90F (32.2C). It’s already enough to put 2023 on a likely trajectory to become the warmest year since record-keeping began in the 1800s. Since October 2019, the research nonprofit Berkeley Earth has been analyzing each month’s global temperatures and issuing predictions for the year’s ultimate rank in terms of heat. Its latest analysis, published July 11, found “a fairly high chance — above 80% at this point — that 2023 will be the warmest year on record,” says Zeke Hausfather, a Berkeley Earth climate scientist. Researchers will finalize annual temperature rankings in January. To date, the hottest year on record is a tie between 2016 and 2020. For longtime climate observers, the summer’s breakneck pace of temperature records is a grim pattern long predicted, and one with little chance of breaking. “I’ve been expecting this for 20 years,” says Camille Parmesan, a professor at the National Center for Scientific Research and an Intergovernmental Panel on Climate Change report author. “This is just going to keep happening given that we’re not reducing emissions.” Earth has already warmed 1.2C since the preindustrial era due to growing greenhouse gas emissions in the atmosphere. This has resulted in a clear trend: 22 of the last 23 years were the hottest ever, according to NOAA. The only way to stop this trend, climate scientists have repeatedly warned, is for people to dramatically and immediately cut their climate pollutants, mainly through ditching fossil fuels. High among the factors pushing this year’s unparalleled heat trajectory is the aforementioned El Niño, the first in nearly four years. The Pacific basin covers one-third of the planet and is subject to the El Niño-Southern Oscillation, which ping-pongs the ocean’s temperatures between cold and warm phases. This year started off in the La Niña phase, officially switching to El Niño in June. “Every time we have an El Niño event, we get a small peek into the future. This is what is going to be the new normal for the climate in 5 to 10 years if our emissions keep at current levels and don’t decrease rapidly,” Hausfather says. “So we’re going to have slightly higher than normal temperatures this year and next, but long-term climate change is going to quickly push the planet to these levels of heat all the time.” Worsening climate change is driving up the frequency and intensity of extreme weather events, and this summer is no exception. Heat waves have plagued Japan, India and the US, which has also struggled with devastating flooding in the Northeast. Drought now grips Europe, following record spring heat in the Mediterranean. Canada is wrestling with out of control wildfires, which have unleashed waves of dangerous smoke on millions of people across North America. El Niños are just another type of extreme event that have also gotten stronger in recent decades due to climate change. “Since 1950, El Niños have been significantly stronger than any time from 1400 to 1950,” Parmesan says, citing a 2021 IPCC report she helped write. “We haven’t had an El Niño event at this level of global warming,” says Brown University’s climate scientist, Kim Cobb. “Maybe that’s an obvious statement but I think it still needs to be said.” The implication is we don’t really know what’s in store, Cobb warns, adding that the El Niño is only just beginning “and it’s forecast to get quite a bit stronger.” Berkeley Earth’s estimated odds for 2023 as the hottest year increased as the year went on; if the El Nino persists and intensifies, 2024 could be hotter. After January, the group noted that 2023 had a 14% chance of being the hottest year; by the end of May, it had risen to 54%. Then came a stunningly hot June. Declared the warmest on record by Berkeley Earth, the US National Centers for Environmental Information and the European Union's Copernicus Climate Change Service, it beat out by a significant margin a previous set in 2022. Even more disasters are expected to plague communities as the year continues, amid an especially hot summer and fall. Or as Hausfather puts it: “A lot of bad stuff.”
Source: Economic Times
Over the past 20 years huge swathes of the world's oceans have changed colour, displaying a subtle greening towards the tropics that researchers say points to the effect of climate change on life in the world's seas. In the new research published on Wednesday, scientists said they had detected shifts in colours across more than half of the world's oceans -- an expanse bigger than Earth's total land area. Authors of the study in Nature think that is down to changes in ecosystems, and particularly in tiny plankton, which are the centrepiece of the marine food web and play a crucial part in stabilising our atmosphere. "The reason we care about the colour changes is because the colour reflects the state of the ecosystem, so colour changes mean ecosystem changes," lead author B.B. Cael, of Britain's National Oceanography Centre, told AFP. The colour of the seas when seen from space can paint a picture of what is going on in the upper layers of the water. A deep blue would tell you that there is not much life, while if the water is greener it is likely to have more activity, specifically from the photosynthesising phytoplankton, which like plants contain the green pigment chlorophyll. These produce a significant amount of the oxygen we breathe, are a crucial part of the global carbon cycle and are a foundational part of the ocean food web. Researchers are keen to develop ways of monitoring changes in ecosystems in order to track climate changes and enshrine protected areas. But previous studies have suggested you would need three decades of ocean chlorophyll monitoring to detect a trend because of annual variations. In the latest study, researchers broadened the colour spectrum, looking at seven hues of ocean colour monitored by the MODIS-Aqua satellite from 2002 to 2022. These are too subtle for humans to see and would look largely blue to the naked eye. The authors analysed the observational data to detect a trend above the yearto-year variability and then compared it to computer models of what would be expected with climate change. They found that the real-world observations tallied closely with the changes predicted. While the researchers said more work would be needed to find out what exactly those colour changes might mean, they said climate change was very likely to be the cause. "I've been running simulations that have been telling me for years that these changes in ocean colour are going to happen," said co-author Stephanie Dutkiewicz, of MIT's Department of Earth, Atmospheric and Planetary Sciences at the Center for Global Change Science. "To actually see it happening for real is not surprising, but frightening. And these changes are consistent with man-induced changes to our climate."
Source: Economic Times
Extreme heat was forecast across the globe on Wednesday, as wildfires raged and health warnings were in place in parts of Asia, Europe and North America. Firefighters battled blazes in parts of Greece and the Canary Islands while Spain issued heat alerts and some children in Italy's Sardinia were told to stay away from sports. From California to China, authorities warned of the health dangers brought by searing temperatures, urging people to drink water and shelter from the sun "You can't be in the street, it's horrible," said Lidia Rodriguez, 27, in Madrid. Temperature records tumbled around the world, with new heat streaks set in China and the United States, and fresh highs in France. Beijing broke a 23-year-old record with 27 consecutive days of temperatures above 35 degrees Celsius (95 Fahrenheit), forecasters said. Phoenix broke a similar record, in place for 49 years, with its 19th consecutive day of temperatures of 43.3 Celsius or higher, weather officials said. In southern France, a record 29.5C was recorded in the Alpine ski resort of Alpe d'Huez, while 40.6C had been recorded for the first time in Verdun in the foothills of the Pyrenees. In a stark reminder of the effects of global warming, the UN's World Meteorological Agency (WMO) said the trend showed "no signs of decreasing". "These events will continue to grow in intensity, and the world needs to prepare for more intense heatwaves," John Nairn, a senior extreme heat adviser at the WMO told reporters in Geneva. Northwest of the Greek capital Athens, columns of smoke loomed over the forest of Dervenohoria, where one of several fires around the capital and beyond was still burning. Fire spokesman Yannis Artopios called it "a difficult day", with another heatwave on the horizon for Thursday, with expected temperatures of 44C. A forest fire by the seaside resort of Loutraki, where the mayor said 1,200 children had been evacuated Monday from holiday camps, was still burning. In the Canary Islands, some 400 firefighters battled a blaze that has ravaged 3,500 hectares of forest and forced 4,000 residents to evacuate, with authorities warning residents to wear face masks outside due to poor air quality were put under hot weather red alerts. The Italian islands of Sardinia and Sicily have been forecast to possibly surpass a continent-wide record of 48.8C recorded in Sicily in August 2021. At Lanusei, near Sardinia's eastern coast, a children's summer camp was restricting beach visits to the early morning and forbidding sports, teacher Morgana Cucca told AFP. In the Sardinian capital of Cagliari, pharmacist Teresa Angioni said patients were complaining of heat-related symptoms. "They mainly buy magnesium and potassium supplements and ask us to measure their blood pressure, which is often low," Angioni said. Many throughout Italy sought escape by the sea, including outside Rome, where the midday heat hit 40C. "Certainly it's better at the beach, you can at least get a little wind from the sea. It's not even possible to remain in the city, too hot," said Virginia Cesario, 30, at the Focene beach near the capital. Tens of millions of Americans experienced dangerous heat levels on Tuesday. In the town of San Angelo, Texas, where temperatures were expected to reach 104-108F (40-42C), the National Weather Service said it was "running out of ways to say that it's gonna be hot out there today." "With temperatures across the area likely topping the 105 mark yet again, we implore you to continue to practice heat safety and try to stay cool," the agency said on Twitter. And in Arizona, the mercury at Phoenix Sky Harbor Airport again reached 110F on Tuesday, breaking the previous record of 18 consecutive days at or above that temperature, set in 1974. The heat waves across Europe and the globe are "not one single phenomenon but several acting at the same time", said Robert Vautard, director of France's Pierre-Simon Laplace climate institute. "But they are all strengthened by one factor: climate change." The record-setting heat came as US climate envoy John Kerry met with Chinese officials in Beijing, with the world's two largest polluters reviving stalled diplomacy on reducing planet-warming emissions. Speaking Tuesday at Beijing's Great Hall of the People with China's top diplomat Wang Yi, Kerry called for "global leadership" on climate issues.
Source: Economic Times
The Bangladesh Apparel Summit was held in Melbourne, Australia, yesterday (July 18), organised by the Bangladesh Garment Manufacturers & Exporters Association (BGMEA) in collaboration with the HSBC Bank, supported by the High Commission of Bangladesh to Australia. This summit brought together a number of 130 participants from a diverse range of stakeholders, including buyers, retailers, suppliers, consumers, development partners, and supportive Australian government policymakers, creating an opportunity for fruitful discussions, meaningful interactions, and the exchange of ideas and information. Throughout the day, the esteemed speakers shared their insights through the opening plenary and two panel discussions titled 'Trade between Australia and Bangladesh: Charting the path for next decade' and 'Sustainability matters - ESG collaborations to shape the future of fashion', said a press release today (July 19). President of BGMEA Faruque Hassan delivered a keynote presentation highlighting the immense potential of Bangladesh and critical issues such as supply chain transparency, responsible sourcing, and ethical manufacturing practices. He solicited collaboration for a future where the fashion industry flourishes prioritising social, environmental, and responsible business norms and values. The High Commissioner of Bangladesh to Australia, M Allama Siddiki, brought in the perspective of historic and cultural connections between the two nations and urged them to exploit them for strengthening bilateral trade and investments in mutual interests. The event signified a milestone in fostering collaboration and strengthening the bonds between the apparel manufacturing industries of Bangladesh and Australian retailers. The tremendous contributions of the Australian apparel market to the growth of the Bangladesh garment industry were underscored, both during the pandemic and in the post-pandemic era. Discussions also encompassed issues related to the rights and well-being of the workers, ethical sourcing practices, and sustainable trading by brands fostering responsible business. The speakers also stressed the importance of trade policies enabling the business and economic interests of both countries, particularly with regard to policy priorities to support a smoother transition for Bangladesh's graduation from LDCs. Among the speakers, Managing Director of Kmart Group Ian Bailey praised Bangladesh's transformation on social and environmental sides while stressing the importance of leveraging industry-level data and information sharing to steer supply chain efficiency and productivity. He opined on upgrading the tier 2 and tier 3 factories in Bangladesh while continuing the ESG standards in the tier 1 factories. Antony Shaw, CEO of HSBC Australia, praised the progress Bangladesh has made in its industry and overall infrastructure. While HSBC takes pride in being a partner in this transformation, it reiterated its continued partnership with Bangladesh. Joanne Ryan MP, Federal Member for Lalor and Chief Government Whip, made her special remarks at the closing of the event, assuring policy support that benefits the people and economies of both countries. Matt Fregon, MP, Deputy Speaker of the Victoria Legislative Assembly, and Shadow Minister for Trade and Investment David Southwick, MP for Victoria, also attended the sessions at the Summit. The event included an exclusive photo exhibition of Bangladesh and its rich heritage and nature. A product showcase was organised, featuring the latest collections and a diverse portfolio, which gave a clear impression of Bangladesh's capability.
Source: The Financial Express
The Bharat Chamber of Commerce (BCC) is set to launch a Bangladesh Desk in Kolkata aiming to facilitate bilateral trade and cooperation between the two neighbouring countries, said sources. The desk is expected to be inaugurated during Commerce Minister Tipu Munshi's upcoming India visit in August. The minister is likely to attend the inauguration as a guest of honour. The Bharat Chamber and the Bangladesh Chamber of Industries (BCI) have already signed a memorandum of understanding (MoU) to establish the desk. The MoU states that both chambers will set up such desks at their own premises. The launch of the Bangladesh Desk is part of an effort to strengthen trade ties between West Bengal and Bangladesh. The two countries are already major trading partners, with total trade worth more than US$16 billion in 2022. The BCC said that the Bangladesh Desk would help to "further promote and facilitate trade and investment between the two countries." The desk would also provide information and support to businesses from both countries. An official familiar with the developments said that Bangladesh and India are close neighbouring countries with a long history of good bilateral relations in the areas of history, culture and geography. "Over the decades, trade and political relations between the two countries have grown significantly. However, they also face significant trade barriers and challenges," commented the official, adding that Both countries are working sincerely to resolve these existing roadblocks. The official added that the two countries are the largest trading partners in the South Asia region. Bangladesh is also the largest recipient of Indian line of credit (LoC). In addition to trade, the two countries also exchange treatment, education, tourism and professional services. Bangladesh and India are trying to start negotiations on the long-awaited proposed Comprehensive Economic Partnership Agreement (CEPA) soon. The total trade between Bangladesh and India is currently more than US$16 billion.
Source: The Financial Express
Bangladesh and India are likely to start the operation of Moitree Super Thermal Power Plant-II, KhulnaMongla Port Railway Line and Akhaura-Agartala Railway Link next September during the G-20 summit in New Delhi. Prime Minister Sheikh Hasina will attend the summit as a guest at the invitation of India, the forum's current president. The Moitree Super Thermal Power Plant-II and Khulna-Mongla Port Railway Line are being implemented under Indian Line of Credit (LOC) while Akhaura-Agartala Railway Link is being built under an Indian grant. The information on the opening of the vital projects was conveyed when Indian High Commissioner to Bangladesh Pranay Verma called on the prime minister at her official residence Ganabhaban. PM's Press Secretary Ihsanul Karim briefed reporters after the call on, reports UNB. Verma hoped that PM Hasina will play an important role in the G-20 summit, said the press secretary.
Source: The Financial Express
