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RSWM has announced signing a binding term sheet with Ginni Filaments Limited for proposed acquisition of its Spinning, Knitting and Processing Undertaking situated at Mathura on Slump Sale basis at an enterprise value of Rs. 160 crore. This move is aimed at enhanced recoveries, productivities, and product diversity to cater to premium clients. RSWM is one of the largest manufacturers and exporters of synthetic and blended spun yarns from India. In a press release, RSWM said that this acquisition is expected to result in an increase in turnover, employee strength, and plant capacity thereby marking a pivotal moment for RSWM Limited and will establish them as market leaders. B M Sharma, JMD, RSWM Limited said, “The acquisition broadens RSWM’s reach, making it a significant player in spinning and knit fabric sector by strengthening its production capacity. This may also lead to enhancement in yarn production capacity of RSWM. RSWM Limited has planned to make substantial investment in the modernisation of the acquired assets, introducing cutting-edge technologies such as the latest generation compact ring frames and advanced carding and comber machines including power infrastructure.” Riju Jhunjhunwala, CMD and CEO of RSWM Limited said, “RSWM Limited is pleased to announce a significant move in the textile industry with its proposed acquisition of Spinning, Knitting and Processing units of Ginni Filaments Limited situated at, Chhata (UP). Going beyond Rajasthan, this expansion foresees a substantial increase in turnover. Targeting new customers globally, RSWM Limited aims to strengthen its position in spinning and knitted fabric sector. With a strategic investment in upgrading acquired assets, RSWM Limited focuses on operational efficiency and eco-friendly practices. This move enhances financial stability and anticipates improved earnings.”
Source: Apparel Resources
India has a considerable share of manmade fibre (MMF) products (fibre, yarn, fabrics, made-ups, readymade garments of MMF) in the total Textiles & Apparel (incl. handicrafts) exports. Under the PLI Scheme for Textiles focusing on MMF Apparel, MMF Fabrics & Technical Textiles, 64 selected applicants are expected to set up 84 units in 14 states and 1 UT including one in Odisha & 10 in Maharashtra. The Government has extended the date of inviting fresh applications through online portal under PLI Scheme for Textiles upto 31 December 2023 and applications are currently being received. The industry is gearing up to tap the potential of MMF and Technical Textiles segment, which is a sunrise industry segment in the country duly supported by PLI Scheme for Textiles and National Technical Textiles Mission. This information was given by the Union Minister of State for Textiles, Smt. Darshana Jardosh in a written reply today in the Lok Sabha.
Source: PIB
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Negotiators from India and the UK returned to the negotiating table this week trying to work out compromises on difficult issues, including rules of origin, market access for vehicles (including EVs) and Scotch, easier work visas and liberalisation of financial services, but some areas remain tough to crack, sources said. “Negotiators from both countries tried their best this week to look for breakthroughs in tough areas. Undeterred by the passing of two Diwalis without a pact in place, the two sides focussed on speeding up talks. There is concern that once attention shifts to the general elections in India in early 2024, things may get indefinitely deferred,” sources said. Last year, former Prime Minister of UK Boris Johnson had set a Diwali deadline for conclusion of the India-UK FTA talks but it could not be met. Due to continuing differences in a handful of areas, efforts made by the Rishi Sunak-led government to complete the negotiations by October-end also did not materialise. “In the 14th negotiating round in New Delhi this week, differences were narrowed in some areas. This has to be built upon in subsequent meetings,” the source said. Major differences that have held back the proposed India-UK FTA so far include provisions under rules of origin (ROO) that prescribe the minimum processing which needs to happen in a FTA partner country for a good to qualify for duty cuts. The UK is not happy with the “strict” ROO proposed by India as many of its companies, especially in the area of automobiles, that source a lot of raw materials from the EU, may not be eligible for tax cuts. “India is careful about ROO as it does not want its domestic market to be flooded with goods from third countries at preferential duties agreed to under the FTA,” the source said. IP rights In the area of Intellectual Property Rights, the UK wants India to agree to measures going beyond the WTO’s TRIPS Agreement, but New Delhi wants to protect its generic producers and is wary of any commitment that could result in extension of patents beyond their regular periods, the source added. To further interest of its workers, India has been insisting on liberal visa rules for IT and health professionals and a social security agreement that would protect contributions of short-term workers, but the UK is not “very enthusiastic” about it. The UK, on the other hand, wants more access for its financial services industry, including banks and insurance, that India is not very confident about extending because of the need to protect domestic players.
Source: The Hindu business Line
The last 18 months have seen a protracted recession in the Southern States, especially in Tamil Nadu, Andhra Pradesh, and Telangana, which together account for about 55 per cent of the nation’s spinning capacity. This recession has been brought on by a number of external factors, most notably the slowdown in the global economy and weak domestic demand. The issue was made worse by the 11 per cent import duty on cotton as well as the high cost of man-made fibre and filament yarns, which significantly decreased exports of yarns, fabrics, clothing, and makeup. From April to September 2023, the country’s exports of cotton yarn fell by 56 per cent as compared to the 1304 million kg exported in FY ’21–22. When compared to states like Maharashtra, Gujarat, and Madhya Pradesh that offer substantial incentives under their new State textile policies, the sharp increase in power costs significantly affected both the domestic market and the competitiveness in the global arena. The significant price fluctuation of cotton and yarn, along with the additional capacity built in the aforementioned States and the decline in exports, have resulted in a surplus of production capacity, which is impacting the Southern States’ current production capacities. The Central Government’s core programmes to support domestic manufacturing of high quality are being undermined by the abnormally high import surge across the value chain, particularly with regard to fabrics, garments, and made-ups from China, Bangladesh, Vietnam, and Sri Lanka. Imports have increased by 40 per cent for cotton fibre, 149 per cent for viscose fibre, 442 per cent for cotton yarn, 46 per cent for polyester yarn, 204 per cent for viscose yarn, 46 per cent for polyester fabrics, 44 per cent for garments, and 27 per cent for made-ups. S K Sundararaman, SIMA Chairman, stated that the associations have jointly appealed to the Hon’ble Chief Ministers of Tamil Nadu, Andhra Pradesh and Telangana to roll back the power tariff hike brought in the recent years for a period of one year as a major relief measure from the State Government. According to the SIMA Chairman, every office bearer in the associations representing spinning mills has suggested a one-week production stoppage to raise awareness among the Government about the critical need for the aforementioned relief measures. Additionally, they have recommended that the spinning industry in India reduce output by one shift or by 35 per cent in order to prevent distressed sales and minimise losses. The Office Bearers from The Southern India Mills Association (SIMA), Tamil Nadu Spinning Mills Association (TASMA), South India Spinners Association (SISPA), Indian Spinning Mills Association (ISMA), Recycle Textile Federation (RTF), Rajapalayam Spinners Forum (RSF), Andhra Pradesh Textile Mills Association (APTMA) and Telangana Spinning & Textile Mills Association (TSTMA) participated in the meeting.
Source: Apparel Resources
The new partnership aims to create sustainable, biodegradable, and zero-waste solutions for the textile industry. In a move towards sustainable textile manufacturing, Algaeing™, a front-runner in clean textile innovation, has teamed up with the global leader in man-made cellulosic fibers, Birla Cellulose. The parties have signed an agreement to develop and introduce a unique, algaepowered cellulosic fiber that is environmentally friendly and offers multiple benefits to the end-user. Commenting on this collaboration, Dr. Aspi Patel, the chief technology officer of the Aditya Birla Group and Birla Cellulose, said: “This developmental collaboration with Algaeing aligns well with Birla Cellulose’s focus on offering more sustainable fibers to consumers. We are keen to develop and scale this innovative new cellulosic fiber in collaboration with Algaeing”. Harnessing the vibrancy of nature, this unique fiber redefines the textile manufacturing process. Infused with algae’s rich and varied hues, it offers a palette of naturally occurring colors, eliminating the need for traditional dyeing processes. This innovation aims to bring a variety of dyeless garments to the market while significantly reducing the environmental impact associated with conventional dyeing processes. By streamlining production and embracing the inherent beauty of algae, we present an innovative solution that is both visually appealing and ecologically responsible. The fiber offers additional advantages, such as toxin-free production and enhanced first-ofits-kind user benefits stemming from the rich nutrients, minerals, antioxidants and botanical properties inherent in the algae added to the fiber. Renana Krebs, co-founder and CEO, Algaeing, said “Our collaboration with Birla Cellulose marks a significant milestone in our joint mission to detoxify the textile industry and promote sustainable innovation. Joining hands with a global leader like Birla Cellulose amplifies our impact, allowing us to bring affordable, superior products to consumers and branch into new industries. Together, we are carving a path for a brighter future, where fashion and sustainability seamlessly converge.״
Source: Textile World
As Reserve Bank of India Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) begins its three-day deliberations on Wednesday, economists said that the central bank will maintain the ‘withdrawal of accommodation’ stance and will keep the repo rate unchanged at 6.50 per cent. RBI Governor Shaktikanta Das will disclose its decision on the morning of December 8. The RBI MPC consists of six members – both external and RBI officials. Alongside Governor Shaktikanta Das, RBI officials are Rajiv Ranjan, serving as Executive Director, and Michael Debabrata Patra, as the Deputy Governor. While Shashanka Bhide, Ashima Goyal, and Jayanth R Varma are the external members. According to economists, RBI is likely to keep repo rates unchanged keeping in mind the fact that retail inflation is still above its 4 per cent target despite moderation while the economic growth remains strong. Moreover, crude oil prices have been volatile and geopolitical risks loom. Rahul Bajoria, MD & Head of EM Asia (ex-China) Economics, Barclays, said, “In its 8 December meeting, we expect the MPC to remain on a cautious hold and keep the repo rate unchanged at 6.50 per cent. The central bank may flag risks to inflation from a potential recurrence of food price shocks and its impact on inflation expectations, even as it draws comfort from the moderation in core inflation.” “In terms of outlook, we think the RBI may raise its annual growth forecast modestly, but is likely to keep its inflation forecasts unchanged, citing uncertainty around the near term outlook due to possible changes in domestic food and international energy prices,” he added. Economists further welcomed the buoyant GDP numbers and said that the growth numbers will give comfort to the MPC and a continued pause becomes a certainty in this meeting. “Given the better-than-expected economic growth in Q2FY24, we expect the RBI to revise up its growth projections from 6.5 per cent by 20-30 bps,” said Rajani Sinha, Chief Economist, CareEdge. While RBI is likely to continue to sound hawkish to signal its caution, economists and experts opined that the central bank will not opt for rate cuts till the next fiscal year. Here are the views of major economists on the RBI MPC decision slated for December 8: Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research There is a strong likelihood that RBI-MPC will keep the benchmark repo rate unaltered at 6.50 per cent in the upcoming meeting and thereby continue with the pause mode for the fifth consecutive policy review. It’s also unlikely that there will be any revision in the monetary policy stance of “withdrawal of accommodation”. We will look forward to RBI’s assessment of growth and inflation in its statement. GDP growth in the second quarter of the year has been significantly higher than market and RBI’s forecasts at 7.6 per cent YoY, translating to a robust growth of 7.7 per cent YoY in H1FY24. Given the stronger growth momentum, there is a possibility that RBI revises its GDP forecast for the current year by 25-30 bps from the existing figure of 6.50 per cent. Acuité Research has already revised its growth forecast from 6.0 per cent to 6.5 per cent after the GDP data of the second quarter; nonetheless, we expect a moderation in growth in the second half of the year given the impact of El Nino on rainfall in the current year and its consequent effect on agricultural output and rural demand. Rahul Bajoria, MD & Head of EM Asia (ex-China) Economics, Barclays In its 8 December meeting, we expect the MPC to remain on a cautious hold and keep the repo rate unchanged at 6.5 per cent. The central bank may flag risks to inflation from a potential recurrence of food price shocks and its impact on inflation expectations, even as it draws comfort from the moderation in core inflation. Domestic growth still seems to be holding up, and with the Q3 23 GDP growth print springing a positive surprise, we think the RBI will have little concern over the growth momentum. The MPC is likely to flag a moderation in the pace of monetary transmission, as spreads of lending rates over the repo rate have narrowed in the past few months. Accordingly, we expect the committee to maintain the monetary policy stance pointed towards a “withdrawal of accommodation” despite deficit liquidity conditions. We think the RBI may raise its growth forecast for FY23-24, though only modestly to incorporate the higher-than-expected Q3FY23 GDP growth (the RBI’s Q3 forecast was 6.5 per cent, vs actual 7.6 per cent), and continuing momentum in the current quarter. Rumki Majumdar, Economist, Deloitte India We expect a sustained status quo in policy stance. The economy is picking momentum so there will be demand pressure on inflation. Besides, the US Federal reserve is also likely to keep its policy stance hawkish. Furthermore, the recent impact of winter rain on the Rabi crop, coupled with lower crop production in the last quarter, is anticipated to constrain the supply side, thereby exerting upward pressure on food prices, keeping them elevated. All these factors contribute to the vigilant approach that RBI may take up. Prasenjit Basu, Chief Economist, ICICI Securities With CPI inflation moderating to 4.87 per cent YoY in Oct’23 (and core CPI inflation to 4.5 per cent YoY), we expect the RBI to keep the policy repo rate unchanged at its next MPC meeting. The prospect of further easing in inflationary pressure is likely to result in the MPC moving to a neutral policy stance (from the previous stance of “withdrawal of accommodation”). Deepak Jasani, Head of Retail Research, HDFC Securities The RBI MPC is likely to hold rates at its forthcoming meeting. However, its commentary on the way forward will be keenly watched and analyzed. Given the buoyant GDP numbers and sticky inflation (including food), it may signal heightened vigilance on demand trends in the economy and on CPI and its components. It could sound hawkish as far as the transmission of rates and keeping liquidity tight is concerned. The rate cuts may have to wait till at least next fiscal year. Rajani Sinha, Chief Economist, CareEdge Despite challenges in certain pockets like rural demand and agricultural output, the overall economic outlook has improved significantly since that last policy meeting in October. Given the better-than-expected economic growth in Q2FY24, we expect the RBI to revise up its growth projections from 6.5 per cent by 20-30 bps. Furthermore, the headline inflation has eased significantly, and core inflation remains relatively stable close to 4 per cent. However, food price volatility remains a cause of concern and can potentially keep headline inflation elevated in the coming months. Liquidity conditions have tightened, and borrowing costs remain elevated. Given the current circumstances, the RBI will likely continue supporting economic growth, while remaining cautious on inflation. Thus, we anticipate that the RBI will keep its policy rates unchanged, while adhering to its stance of “withdrawal of accommodation”. We do not anticipate any further rate hikes by the RBI in this fiscal year. The MPC is expected to consider rate cuts after the first quarter of the upcoming fiscal year. Ranen Banerjee, Partner, Economic Advisory Services, PwC India The two major factors that have changed since the last MPC meeting are inflation and growth prints. The inflation has moderated and especially the core inflation but it is still above the 4 per cent targeted inflation rate though well within the plus minus 2 per cent range. The surprising element has been the Q2 GDP print that has surprised everyone. The growth numbers will give comfort to the MPC and a continued pause becomes a certainty in this meeting. The “withdrawal of accommodation” stance could have a difference of opinion within the committee but it is likely to be retained. Dr Manoranjan Sharma, Chief Economist, Infomerics Ratings The MPC is likely to go in for an unchanged benchmark policy rate on December 8. This policy would be announced against the backdrop of a mixed macro economic and global canvas. Positive cues included unchanged Fed Reserve policy in the range of 5.25 per cent to 5.50 per cent for the second time on November 2, average crude price at below $85 per barrel for 8 months upto November, CPI inflation dropping from 5.02 per cent in Sept 2023 to 4.87 per cent in October, comfortable foreign exchange reserves of $600 billions and current account deficit (CAD) at 1.1 per cent of GDP in April-June 2023. There has been a robust GDP growth of 7.6 per cent on top of 7.8 per cent in Q1. This growth was spearheaded by manufacturing sector growth of 13.9 per cent over last year. Fiscal deficit has been restricted at 45 per cent of the targeted estimates of April/Sept 2023 on surging direct and indirect taxes. Tailwinds also include corporate profitability and investments. To place matters in perspective, we must, however, also consider the base effect in the growth process, non realisation of the full potential of private investment, spike in personal loans, higher logistics cost vis-a-vis other countries, moderation in the services sector and heightened geopolitical tensions post the Russia-Ukraine war and more recently the Israeli-Hamas war. Hence, taking an overall view of the global and domestic environment, we don’t see a change in the forthcoming RBI’s Policy in terms of key benchmark rates. We also see the stance of the policy to be retained as the “withdrawal of accommodation”. Mandar Pitale, Head- Treasury, SBM Bank India Overall data prints released after October MPC are supportive for MPC to continue with its current “withdrawal of accommodation” stance. MPC is also likely to maintain the status quo on rates in the forthcoming policy announcement. The present liquidity dynamic prevailing in the market is governed by shallowness in the systemic liquidity with the overnight rates hovering near the upper band of the policy rate corridor (MSF) supporting effective transmission of the past rate actions. The average monthly liquidity absorption for the last 2 months is well below Rs 1 lakh crore. Since the present liquidity equation is expected to continue for the foreseeable future, RBI may not be required to resort to structural liquidity suction tools such as OMO sale in coming months. Forward guidance on inflation, comments on behaviour of systemic liquidity going ahead as well as any explanation on not using the structural liquidity tools such as OMO Sales as touched upon in the previous MPC will be keenly watched by the market participants. Vikrant Mehta, Head – Fixed Income, ITI AMC The RBI MPC meeting later this week is expected to be a non-event from the policy rate perspective as the Central Bank is predicted to keep the repo rate unchanged for the fifth meeting in a row. While we do not expect the RBI to indicate a “dovish hold” in this meeting, we do expect the Central Bank to tone down its hawkishness as the global environment is less hostile as compared to the previous policy review in October 2023. Additionally, markets will eagerly watch for cues on liquidity management and RBI open market operations.
Source: Financial Express
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Global sports company PUMA has today announced that it has scaled up its textile recycling innovation, RE:FIBRE, replacing recycled polyester with RE:FIBRE technology in all PUMA football Club and Federation replica jerseys from 2024 onwards. Since the launch of the pilot in 2022, which saw PUMA produce recycled training jerseys for their sponsored football clubs, RE:FIBRE technology has been used to create Switzerland and Morocco replica kits for the Women’s World Cup as well as Girona’s 2023/24 season Third kit. In 2024, official PUMA football replica jerseys* including those for the Euro and Copa América tournaments will be manufactured using RE:FIBRE recycled materials that were made of old garments and factory waste rather than only recycled plastic bottles. Through the RE:FIBRE program, PUMA is keen to address the challenge of textile waste via a long-term solution for recycling. The technology also looks to diversify the fashion industry’s main source of recycled polyester in garments from being less reliant on clear plastic bottles. The RE:FIBRE process uses any polyester material – from factory offcuts, faulty goods to pre-loved clothes which allows new garments to be recycled from any color textile to any colour desired. The four-step process of RE:FIBRE sees: Collect and Sort: Collecting and sorting textile waste and other previously wasteful materials. Shred and Mix: Shredding and mixing the collected materials down to the minimum. Dissolve, Filter and Polymerize: Melting down the shredded polyester and ridding them of previous dyes through a chemical recycling process. Melt, Spin, Knit and Sew: The melting allows the newly produced polymers to become ready to be spun and sewn into shape to create good as new RE:FIBRE fabric which can be recycled again and again. Managing waste has today become a necessity, which is why PUMA is ramping up its investment into resource-efficient manufacturing processes in a move to reduce textile waste. “Our wish is to have 100% of product polyester coming from textile waste,” said AnneLaure Descours, chief sourcing officer at PUMA. “Textile waste build-up in landfills is an environmental risk. Rethinking the way we produce and moving towards a more circular business model is one of the main priorities of our sustainability strategy.” To help make the technical process of RE:FIBRE more digestible for the everyday consumer who wants to know more, PUMA has harnessed the storytelling power of Computer Generated Imagery to take viewers through the RE:FIBRE process, right down to the molecular chemistry at work. View the video here. https://about.puma.com/en/re-fibre The video builds on the brand’s ongoing commitment to ensure PUMA’s sustainability initiatives are simplified for everyone to engage with. This comes after research conducted by PUMA found that 71% of young people felt their voices were not being heard when it comes to the environment and would like to see brands making more commitments (49%), communicating their goals better (40%) and being more transparent (34%). As part of this commitment to communicate better, PUMA released The RE:GEN REPORTS podcast in June 2023. Making dense information in their Sustainability Report more accessible and tailored to a Gen Z audience. PUMA’s ongoing efforts in sustainability has shown the brand improving its rankings on Corporate Knight’s Global 100 Sustainability Index from 77th to 47th, and the journey is not over.
Source: Textile World
Amazon.com is sharply cutting fees for merchants selling clothing priced below US$20 (S$26.80), a sign it is hunkering down for a price war with Chinese fast-fashion upstart Shein. On Dec 5, Amazon announced it would reduce seller fees on clothing products priced below US$15 to 5 per cent beginning in January. The rates on clothing priced from US$15 to US$20 will drop to 10 per cent. The commissions on both categories had previously been 17 per cent. It is rare for Amazon to reduce the so-called referral fees it charges merchants on its online store, and no other changes of that nature were announced. That signals Amazon is specifically looking to entice merchants offering low-cost clothes – an area where Shein has excelled with its US$9 hoodies and other bargain-basement apparel. “This will make Amazon way more competitive in the low-price apparel category because a dollar or two can make a big difference,” said Mr Lucas Barnes, a former Amazon executive who founded PNW Web Marketing, a consulting firm. “Amazon wants to let Shein spend all of its money offering discounts without losing too many Amazon Prime shoppers to the US$9 hoodie.” Amazon dominates US e-commerce by capturing more than US$1 of every US$3 spent online, making it about six times bigger than closest online competitor Walmart, according to Insider Intelligence. But it faces new threats from companies with ties to China. That includes Shein, which plans to hold an initial public offering in 2024, and Temu, a shopping app that launched in the United States in 2022 and is offering steep discounts on a broad assortment of products. Social media app TikTok, owned by Beijing-based ByteDance, also launched a US shop on its app earlier in 2023. Amazon announced the reduction in seller fees on apparel in a blog post that did not offer any explanation about why it was reducing fees for just lower-priced products in one category. In a subsequent e-mailed statement, an Amazon spokesperson said: “We are reducing referral fees for the apparel category in order to help drive and incentivise even greater selection for customers and competitive prices. Our focus is always on how we can best support the growth and success of our selling partners.” Amazon has had some missteps in apparel. In November, it announced the closure of its Amazon Style clothing stores in California and Ohio – outlets that had just opened in 2022. BLOOMBERG
Source: Straits Times
Spanish fashion retailer Zara is expanding its service to sell, repair or donate second-hand clothes in several European countries from Dec. 12, the company said on Tuesday, as the market for used apparel grows. The service called 'PreOwned' is already available in the United Kingdom and France through Zara's stores, its website and a mobile app. It will now launch in Spain, Germany, Austria, Belgium, Croatia, Slovakia, Slovenia, Finland, Greece, Ireland, Italy, Luxembourg, Netherlands and Portugal. The chain's owner, Inditex, previously said it aims to extend the life of customers' Zara clothes, and help reduce waste and raw material consumption. Other fast fashion brands, such as Zara's main competitor H&M, also offer products for resale.
Source: The Retail.Economictimes.Indiatimes.com
Keel Labs joined pioneer luxury designer Stella McCartney at COP28 Dubai as part of “Stella McCartney’s Sustainable Market: Innovating Tomorrow’s Solutions.” The exhibit featured 15 innovators offering a glimpse at sustainable materials poised to reshape and redefine the fashion industry. Keel Labs’ and Stella McCartney’s presence and partnership at Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) offered a first-hand look at next-generation materials being used in the fashion industry today. The international climate summit gathers the world’s highest decision-making body on climate issues and serves as one of the largest international meetings in the world. Hosted by the United Arab Emirates (UAE) this year, COP28 is providing a momentous opportunity for the world to come together, course correct, and drive progress to meet the goals and ambitions of the Paris Agreement. “We’re thrilled to join Stella McCartney at COP28 and promote the necessary innovations that are needed to revolutionize the world of fashion,” said Tessa Callaghan, co-founder and CEO of Keel Labs. “It’s our mission to transform the textile industry and the world by harnessing the radical potential of our oceans, and we can’t do it alone. Bringing about change requires not only the development of biomaterials, but also policy, government support, and direct action from global brands to bring them to scale. At COP28, we’re proud to be propelling the adoption of next-generation materials forward.” Featured at the exhibit was Keel Labs’ flagship product, Kelsun™ fiber — a seaweed-based material made from more than 75 percent seaweed. As a drop-in solution for existing yarn and textile production infrastructure, Kelsun is designed for scale. Kelsun utilizes an abundant biopolymer found in seaweed, one of the world’s most regenerative and carbonsequestering organisms, to create an alternative to conventional fibers like cotton. Stella McCartney’s participation at COP28, including the creation of a sustainable materials exhibit, underscores her commitment to sustainability and innovation and demonstrates the opportunity for biomaterials to positively impact fashion’s business interests while furthering the adoption of sustainable materials at scale. “In my recent Summer 2024 runway show, we worked with the visionaries at Keel Labs on a seaweed-based yarn, Kelsun, grown from renewable and regenerative kelp that uses the ocean’s resources to protect it,” said Stella McCartney. “This could also offer a planetfriendly alternative to cotton, which accounts for 2.5 percent of the world’s arable land and 16 percent of all pesticide use. Kelsun uses 70 times less water than conventional cotton, and 100-percent less land and pesticide use. This is the future of fashion.”
Source: Textile World
A Saudi company will operate Bangladesh's maiden private seaport terminal at Patenga seashore under a deal government high-ups hail as harbinger of the oil-rich Arab country's bigger business footprints ahead. "It is a 'beacon of hope' for the country's economy," Prime Minister Sheikh Hasina said on an upbeat note as she witnessed the deal-signing ceremony at the PM office in Dhaka on Wednesday Chittagong Port Authority (CPA) signed the US$ 170- million contract under the public-private partnership (PPP) paradigm with Red Sea Gateway Terminal International (RSGTI) of Saudi Arabia, nearly one and a half years after completion of the port infrastructures. The container terminal of Chattogram Port at Patenga is expected to go into full operation within a year as gamut over its management ends with the signing of the 22-year contract with the world-famous Saudi firm. Under the concessionaire agreement under governmentto-government modality, RSGTI will equip the PCT with modern equipment and build necessary superstructures in next one year to operate and maintain it in the concessionaire period. Terming the deal a landmark one, the Prime Minister also said the Patenga Container Terminal with shipping facility for deeper-draft vessels would work as a gateway in global trade and open up new avenues for trade expansion of the country. The PCT project exemplifies a "strong and sustainable partnership" between Bangladesh and the Gulf kingdom, and the agreement has set an example of the two countries' joint vision for economic cooperation and prosperity, she said. Bilateral relations, especially trade relations, will be further strengthened through it, the prime minister said, adding that the "self-reliant" terminal will also enhance the capacity of the seaport, and bolster regional trade. CPA Chairman Mohammad Sohail and Chief Executive Officer of RSGTI Jens Floe signed the agreement on behalf of respective side. Investment Minister of Saudi Arabia Khalid A Al Falah, Adviser to the PM on Private Industry and Investment Salman Fazlur Rahman, State Minister for Shipping Khaled Mahmud Chowdhury and Saudi Ambassador in Bangladesh Essa bin Yousef Al Duhailan were among others present on the occasion. Representatives of the International Finance Corporation and the CPA also attended the function. Officials said the PCT operation, which will be carried out as the first PPP under port sector, will increase efficiency and growth of the port services, which is vital for bolstering international trade and economic activities. The CPA took the project in 2017 as a standalone terminal located nine nautical miles away from the shore of the Bay of Bengal at Patenga and completed it in July 2022. It later tried to operate the port on experimental basis on own arrangement through berthing a ship with rice from Myanmar on November 19 last year. CPA Secretary Golam Farukh told the FE over phone that the port authority since then had used the terminal on a limited scale as the PCT has yet to be furnished with necessary superstructures and equipment. Asked when the PCT will start full operation, he said, "The RSGTI will be given time for few months to submit the financial closure and bring international- standard equipment as well as necessary manpower." Claimed as a green-field project under government fund, PCT is said to be able to handle 500,000TEU cargos annually, handling three vessels simultaneously in its 600-metre quay. Ships of over 9.5-metre draft can take berth at the PCT jetty. It has also a 16-acre space on the backyard of the jetty with capacity of storing 4,500 TEUs of containers. Since the project was included in the PPP, the International Finance Corporation (IFC) has been providing transaction advisory services to CPA and PPP Authority for this project. The World Bank's private-sector financing wing has appointed PwC as the E&S consultant to conduct an E&S scoping study for the PCT project concerning national E&S regulations. Earlier, the Ministry of Shipping had signed a memorandum of understanding in July 2019 with RSGT to work in the country's port development. Another MoU was also signed between PPP Authority and the Ministry of Investment of Saudi Arabia on October 28, 2021. As a follow-up to the MoU, the first joint-platform meeting was held on February 23, 2022 in the process of deal-making.
Source: The Financial Express
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan has called upon apparel exporters to boost their business capabilities in order to adapt to evolving market dynamics. Speaking at a meeting with BGMEA members of the Chittagong region on December 5, he urged them to adopt a pragmatic approach in business negotiations, planning, and restructuring investments to cope up with the emerging challenges. “While the RMG industry is currently navigating through challenging times, addressing immediate concerns, it is imperative for us to think long-term to stay competitive in the global market,” said Faruque Hassan. The meeting was attended by BGMEA First Vice President Syed Nazrul Islam, Senior Vice President S. M. Mannan (Kochi), Vice President (Finance) Khandoker Rafiqul Islam, Vice President Md. Nasir Uddin, Vice President Rakibul Alam Chowdhury, former First Vice Presidents S. M. Abu Tayeb and Nasir Uddin Chowdhury, along with Directors of BGMEA. Faruque Hassan provided an overview of the current status of the RMG industry, with focus on the impacts of the global economic situation, challenges associated with implementing new wage structures, and the priorities to maintain industry competitiveness in the long run, said a media release on Wednesday. He also mentioned that the industry is going through many challenges including increased cost of production due the hike in prices of electricity, gas, and bank rates. Highlighting the recent increase in minimum wage, Faruque Hassan said the hike aims at ensuring a decent livelihood for the industry’s workers. Ensuring workers’well-being means enhancing their productivity, which benefits the industry. He urged the garment manufacturers to engage in discussions with buyers for a rational increase in prices to support the implementation of the new minimum wage. “I have already written to our valued buyers, requesting them to adjust prices for orders, considering the standard of living of our workers and inflation,” remarked Faruque Hassan. He emphasised the importance of fair prices and ethical sourcing for a smooth transition to the new wage scale. BGMEA is actively collaborating with the government and various stakeholders to support the sustainable development of the RMG industry. Faruque Hassan called upon the member factories to find innovative ways to optimise costs, invest in technologies to enhance efficiency, and reduce waste. Acknowledging the industry’s current challenges, Faruque Hassan expressed optimism of overcoming them through collective efforts. “We faced challenges before and emerged even stronger. With our collective efforts, we will be able to overcome all challenges and ensure a brighter future for the industry,” he said.
Source: The Financial Express
