|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1026.00 |
USD/Ton |
0% |
11/15/2016 |
|
VSF |
2292.99 |
USD/Ton |
0% |
11/15/2016 |
|
ASF |
1869.44 |
USD/Ton |
0% |
11/15/2016 |
|
Polyester POY |
1113.63 |
USD/Ton |
0.66% |
11/15/2016 |
|
Nylon FDY |
2380.62 |
USD/Ton |
0.62% |
11/15/2016 |
|
40D Spandex |
4308.48 |
USD/Ton |
0% |
11/15/2016 |
|
Nylon DTY |
2041.78 |
USD/Ton |
-0.14% |
11/15/2016 |
|
Viscose Long Filament |
1343.66 |
USD/Ton |
0.55% |
11/15/2016 |
|
Polyester DTY |
2519.36 |
USD/Ton |
0% |
11/15/2016 |
|
Nylon POY |
5506.09 |
USD/Ton |
0% |
11/15/2016 |
|
Acrylic Top 3D |
1336.36 |
USD/Ton |
0.55% |
11/15/2016 |
|
Polyester FDY |
2146.94 |
USD/Ton |
0% |
11/15/2016 |
|
30S Spun Rayon Yarn |
2862.58 |
USD/Ton |
0% |
11/15/2016 |
|
32S Polyester Yarn |
1730.69 |
USD/Ton |
0% |
11/15/2016 |
|
45S T/C Yarn |
2570.48 |
USD/Ton |
0% |
11/15/2016 |
|
45S Polyester Yarn |
3023.24 |
USD/Ton |
-0.48% |
11/15/2016 |
|
T/C Yarn 65/35 32S |
2249.17 |
USD/Ton |
0% |
11/15/2016 |
|
40S Rayon Yarn |
1854.84 |
USD/Ton |
0% |
11/15/2016 |
|
T/R Yarn 65/35 32S |
2205.36 |
USD/Ton |
0% |
11/15/2016 |
|
10S Denim Fabric |
1.34 |
USD/Meter |
0% |
11/15/2016 |
|
32S Twill Fabric |
0.82 |
USD/Meter |
-28.97% |
11/15/2016 |
|
40S Combed Poplin |
1.16 |
USD/Meter |
0% |
11/15/2016 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
0% |
11/15/2016 |
|
45S T/C Fabric |
0.64 |
USD/Meter |
0% |
11/15/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14650 USD dtd. 15/11/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
India’s merchandise exports sharply rose in October with 18 of the 30 export sectors registering a growth in outward shipments. Showing a 9.6% rise, exports in the month were $23.5 billion compared with $21.4 billion in the year ago period while imports rose 8.1% to $33.7 billion from $31.1 billion in the year ago period leaving a trade deficit of $10.1 billion. “Overall the trade balance has improved,” said the commerce and industry ministry in a release. Gold imports more than doubled to $3.5 billion from $1.7 billion in the year ago period. As for services trade, data released by RBI showed exports worth $13.7 billion and imports of $8.3 billion in September. India’s bullish exports have come at a time when Chinese exports fell for the seventh consecutive month in October due to weak demand.
SOURCE: The Economic Times
The textile ministry has sought R1,750 crore in supplementary grant from the finance ministry to settle claims of refunds under the new duty drawback scheme — announced as part of a special package for the garments industry in June — in the current fiscal, a senior government official said. The ministry has so far received claims to the tune of R160 crore from garment exporters since the scheme was notified in late September, the official told FE. In a first, the government announced in June its decision to refund state levies under the duty drawback scheme to boost the competitiveness of garment exporters. It was the most important decision in terms of financial ramification, which was estimated to cost the government a total of R5,500 crore over a three-year period. This particular move was aimed at attracting investments worth $2.7 billion, boosting exports by $9.5 billion and creating 9.5 lakh jobs over the next three years. This apart, the Narendra Modi government also declared some crucial labour reforms for the garment sector, including the introduction of fixed-term employment, and decided to bear the entire 12% of the employers’ contribution of the Employees’ Provident Fund Scheme for certain categories of employees, up from the current 8.33%. Through this package entailing a total estimated cost of R6,000 crore, the government targets to create 10 million new jobs, $30 billion additional exports (over and above the textile and garment exports of $40 billion in 2015-16) and investments worth R74,000 crore over the next three years.
Elevated logistics costs, high tariff barriers for exports to key market like the EU when some other competitors like Bangladesh enjoy dutyfree access and archaic labour laws have caused Indian garments exports to grow at a much slower rate for years now. Consequently, Bangladesh beat India in garment exports in 2003 and Vietnam in 2011. India’s garments exports were to the tune of $17 billion in 2014, trailing Bangladesh’s $29 billion and Vietnam’s $21 billion. India’s overall textiles and garment exports stood almost flat at $40 billion in 2015-16 from a year before. Despite being the world’s second-largest producer of cotton in 2014, India accounted for just 5.8% and 3.7% of global textile and garment exports, respectively.
SOURCE: The Financial Express
The textile and other ancillary industries including dyes and chemical units are facing enormous loss of man-hours following the serpentine queues in the banks for cash withdrawal. President of Federation of Surat Textile Traders Association (FOSTTA), Manoj Agarwal said, "Around 60 per cent of the people are workers and employees. Since the banks are unable to cater to the long queues, there is a huge loss of man-hours. The workers have to stand in long queues for almost eight hours thereby suffering their jobs in the textile markets". "The marriage season is set to start and we have been flooded with orders from across the country. It is a crucial business time for us. We have urged the district collector to take up the issue with the banking authorities for opening rows of counters to cater to the customers", he added.
President of South Gujarat Textile Processors' Association (SGTPA) Jitu Vakharia said, "There is a huge man-hour loss in the industry. We can't stop the workers from going out during the job hours to withdraw money from banks. The production of textile fabric has suffered a lot due to the demonitisation of Rs 500 and Rs 1000 notes". President of Pandesara Weavers Association (PWA), Ashish Gujarati said, "At least, the banks should keep their ATMs operational to avoid long queues. The workers have got the excuse of coming to the units late giving the reason for long queues in the bank. This way our business is suffering heavily."
SOURCE: The Times of India
LabourNet Services India, a partner of National Skill Development Corporation (NSDC), has launched the Recognition of Prior Learning (RPL) scheme for tailors working in the apparel sector. Raymond, a leader in high-end men's apparel, is the industry partner for the scheme that is introduced under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY). With RPL certification the tailors can opt for fresh trainings to upgrade their skills. A 12-hour orientation session was conducted as a part of preparatory training for RPL in apparel skills on November 14. This involved 6 hours of training in technical skills followed by 4 hours of soft skills and 2 hours induction into assessments, related concepts, processes and more. People who have been trained informally or have learnt through experience and are working in garment units or self-employed are not able to meet the demands from the industry. Due to their unorganised nature of work and lack of formal training, their skills and years of experience are left unrecognised and as a result of this, they are underpaid and fail to get secure employment.
RPL addresses issues in skill development of unorganised workforce. Through RPL assessments and certifications, candidates will be able to align competencies that they have acquired informally with the National Skills Qualification Framework (NSQF) for better opportunities in employment and higher education. The scheme will also lead to the creation of an equitable system where the workers in the informal sector, who have acquired the skills on their own, can appear for RPL assessments and upskill themselves. “Skilled tailors with certification get paid higher when compared to uncertified ones thereby, the tailors received an RPL certificate post the session which enables them to work at various apparel companies across the country at a reasonable wage,” said Gayathri Vasudevan, co-founder of LabourNet.
Raymond is working with LabourNet to run the intervention for its tailors in order to give each tailor an industry recognised certification that would help formalise the individual's learning and give him industry-level credibility. The company also wants to benchmark its tailors based on performance and categorise them as silver, gold or platinum tailors to chart out a career growth path for them. It will also work on building subsequent learning interventions for its trainers based on identified areas of improvement.
SOURCE: Fibre2fashion
Indo Rama Synthetics reported a steep drop in net loss at Rs. 14.69 crore, down 70.44 per cent during the three months ended September 30, 2016 compared to net loss of Rs. 49.71 crore in the same quarter of fiscal 2016. In the second quarter of fiscal 2017, the company posted net revenue of Rs. 766.16 crore, up from Rs. 695.03 crore in the fiscal ago quarter. In the reporting quarter, operational EBIDTA surged to Rs. 3.47 crore as against Rs. 0.60 crore in the corresponding quarter of the earlier fiscal. Indo Rama Synthetics also said that the sales volume in the quarter under review grew to 93,708 tons, up 16.13 per cent vis-à-vis 80,693 tons in the prior fiscal's second quarter.
SOURCE: Fibre2fashion
Home textiles manufacturer Welspun IndiaBSE -3.23 % on Tuesday said it has initiated steps to closely monitor and control its Egyptian cotton business, which had come under a cloud early this year over quality issues. “The company is moving towards producing all the Egyptian cotton products in-house i.e., from procuring cotton to the finished product," the company said in a statement. The steps to be initiated include deployment of a dedicated resource in Egypt for sourcing of Egyptian cotton, increasing third party assurances such as Gold Seal from Cotton Egypt Association, vendor audit and DNA tests, it said.
Welspun India found itself in a spot in August when U.S. retailer Target Corp accused the company of selling cheaper sheets as premium Egyptian cotton for two years, damaging the company's reputation and hurting India's image in quality control. The Egyptian cotton imbroglio hit the company hard and led to a net loss in the quarter ended Sept. 30 from an otherwise healthy profit last year. The company posted a consolidated net loss of 1.48 billion rupees ($21.87 million) for July-Sept as against a profit of 1.79 billion rupees a year earlier.
SOURCE: The Economic Times
Ahmedabad based Rabatex Industries will showcase its latest and innovative weaving preparatory technologies at the upcoming India ITME exhibition in hall 6, stall D8. The company will display high speed sample warper, sectional warper machine, single end sizing machine; battery operated warp beam carrier with healdframe support and cloth roll doffer carrier. The Rabatex high speed sample warping machine model RI 6001 is primarily for production of samples and short production warp at very high production rate. The RI 6001 has a robustly constructed warping drum, suitable up to widths of 2400 mm and for warping lengths between 21 and 450 metres (depending on thread density) and suitable for yarn range from 5 to 500 Tex. The RI 6001 comes with a heavy duty rotational creel with a maximum creel capacity of 16 colours and is suitable of attaining maximum speeds of up to 1,200 metres per minute.
The Rabatex sectional warping machine RI 112 is a state-of-the-art technology which produces high quality warp beams with higher productivity. The RI 112 comes with user friendly advance software and data management, which offers all online data of warping operations. It also offers graphical display of all events and breakages and also loss end memory control. The ergonomically designed single end sizing machine RI 8001 offers 4, 8, 12 and 16 spindle configurations and produces sized yarn of the highest quality to ensure trouble-free and smooth weaving operations. The RI 8001 is suitable for cotton yarn in the range of 10's to 120's Ne and polyester yarn in the range of 30 to 210 deniers, with option of dry steam or electric heater drying system.
The Rabatex battery operated warp beam carrier with heald frame support VM 5003 is beam gaiting trolley with a robust structure for lifting of beam with harness, dropper and heald frame. The VM 5003 comes with a battery operated hydraulic power pack unit, transportation module with battery life for continuous working of 8 hours. The cloth roll doffer carrier cradle VM 508 is designed to be compact and suitable for lifting and transporting a cloth roll in narrow gangways. The cloth roll cradle can be lowered up to the ground floor. The cloth roll on the weaving machine can also be directly lifted and transported by the VM 508. “All our technologies, including those on display at India ITME are very robust and so require very less maintenance. We have developed these technologies through our in-house R&D team and these go through rigorous tests before launching in the market,” Haresh Panchal, managing director of Rabatex Industries said. “The various accessories that are used in our machines are sourced from renowned multinational suppliers like Siemens, Mitsubishi, Danfoss, Allen Bradley etc, which also ensures that the machines and equipment we market are long lasting and trouble free,” he added.
SOURCE: Fibre2fashion
The Yarn Fabric & Accessories Show (YFA) 2016 which starts from November 23-26, 2016 at NSIC Okhla, New Delhi, India aims to redefine the way fibre, yarn, fabric and apparel accessories are sourced and bring renowned suppliers from the these four segments closer to buyers and also offer buyers a one-stop place to source all their requirements. Renowned and major textile companies like Indorama Synthetics India Limited, RSWM Ltd, Bhilosa Industries Pvt. Ltd, Vardhman Textiles Limited, TT Limited, Nahar Industrial Enterprises and many others have signed up to exhibit at the biggest South Asian show of fibres, yarns, fabrics and accessories and which has received support from NITMA, TEXPROCIL, SRTEPC, PDEXCIL, AEPC, CMAI, FOHMA, UPAEA, NAEC, TAI, NITRA, NSIC & PTA Users Association.
The Indian textile industry is the world's second biggest industry, while India also has the second biggest population with rising incomes. With rising costs, China is losing its competitiveness, due to which, India is emerging as the next best worldwide alternative to do business in the sector, due to its cost-effectiveness and also demographics. By exhibiting, the YFA show can prove to be a gateway for foreign companies to enter the attractive and lucrative Indian market and grab a slice of the ever-growing market for textiles and apparels, since the show is taking place in a region of India, which is one of the biggest Indian hubs for manufacturing textiles and apparel. The show has attracted attention of Indian textile companies in the textile value-chain, not only from just Northern India, but also Southern, Western and Eastern India, which goes to prove the popularity of the show with exhibitors.
The fibres segment will see India's biggest private sector company; Indorama Synthetics india Ltd. showcase its specialty portfolio of fibres for various applications alongside will be Roica, a spandex yarn brand which will be represented by Bishnu India, its marketing agent in India. The Yarn segment will see India's biggest private sector company LNJ Bhilwara Group's flagship company, RSWM Ltd., Vardhman Textiles Limited, Nahar Industrial Enterprises, Mumbai based Nimbark Ltd., Soundararaja Mills, Everflow Petrofills Ltd., T.T. Ltd., National Textile Corporation and many more. Fabric section is represented by Kudu Knit Fab from Ludhiana and Meher International, Textrends, Rawalwasia Group from Surat, Sanchi Velvets from Mumbai alongside Winsome Textiles, Gloster Limited and many more. The garment accessories section will see action from exhibitors like Uflex Industries, Jai Roop Narrow Fabrics, PETAL, Sky Hemmay, Nilesh Ribbon Industries, Crystal Collections, Mohan Thread Mills, Madeira India, Nandganesh Ribbon, B.K.S. Exim LLP, King lace, Kiona fashion and many more. In order that exhibitors get full advantage during the course of the four-day show, the organizers have also planned several B2B meetings between exhibitors and visitors and also invited business delegations from various parts of the world.
Delhi and its surrounding area, is the headquarters for several renowned Indian and global apparel brands and also home to hundreds of spinning and weaving units as well as thousands of garment manufacturing units. Top officials, merchandising and sourcing teams from these companies and brands are expected to attend to the show, which will provide exhibitor's access to the most exclusive buyers ever seen in any other exhibition of this category. Sourcing teams from some of the iconic global brands like GAP, H&M, Nike, M&S, Levis, etc are expected to visit the show, while teams from Indian apparel brands like, Wills Lifestyle, Arvind Ltd., Madura Lifestyle, etc, also will be seen and sourcing teams from the biggest Indian garment manufacturers like Shahi Exports, Pearl Global, Orient fashions and many more too will be visiting the show. A lot of professionals from the abovementioned companies have already registered with the show as visitor. The show has already gathered a lot of enthusiasm among the industry. Vision Communications, the organizer, has initiated a 360 degrees integrated marketing and PR campaign to attract the maximum number of genuine visitors.
Founder duo of Vision Communications, Abhishek Sharma and Ankur Goel say, "Our aim is to bring producers of world class and multiple varieties of value added fibres, yarns, fabrics and also garment accessories closer to the end-users in Delhi and its surrounding areas through YFA 2016." So, if you are a producer of fibres, yarns, fabrics or clothing accessories, YFA 2016 is the place to be, whereby, participating in this exhibition will offer a sense of satisfaction never seen before, as a large number of only genuine and serious buyers will be seen visiting the exhibition.
SOURCE: Fibre2fashion
The Government of Tamil Nadu is in talks with the central government on rationalisation of the ease of doing business index, in the wake of recent ranking by the centre in which the State was ranked as 18th. Around Rs 87,000 crore investment out of the Rs 2.42 lakh crore committed during the Global Investors' Meet in 2015, is being implemented in the State, said a senior administrative officer from the State government.
Vikram Kapoor, Principal Secretary of Industries, Government of Tamil Nadu, said that the Centre need to relook at the 340 items based on which the ranking has been prepared, since there is a lot of duplication and huge points disproportionately assigned to certain aspects like inspections, while the weightage should have been given to other aspects such as feedback from the industry. He was speaking on the sidelines of the Conference on Tamil Nadu Manufacturing, organised by the Confederation of Indian Industry. "The Government of India have been in discussion with the states on how to further refine the index and we will give our input to the central government with other states and hopefully next time around you will see the result," he said. "There was also an issue of showing evidence in most of the cases the state was compliant, but we didnt have time to produce those evidence or it was not accepted. Certain states, may be smarter enough to get it through," he said. "We are ensuring that next time around, we do provide all the evidence. We are confident that in terms of ease of doing business, we are no less than any other leading state. There are always areas to improve. It takes certain time to get certain clearances from some departments, but that is because Tamil Nadu is a law abiding, rule bound State," he added. He said that the implementation of Goods and Services Tax (GST) will change the way states attract investors. While states are currently looking at what kind of tax refunds they can offer to attract the industries with some incentives, the implementation of GST will affect such incentives.
From next year it has to be looked at what would be the viability of giving such kind of sops on sales tax and others. Instead of these fiscal incentives, things like ease of doing business, the availability of land, labour, connectivity, infrastructure and would be more important as a differentiator rather than which states give more tax incentives, he said. All States need to sit together and see what will be the future. The state continues to attract investments from the sectors such as automobiles. For example, Ford is investing around Rs 3,700 crore in their production facility and another Rs 1,300 crore in the research and development centre. Most of the major manufacturers has plans to expand production capacity in Tamil Nadu, he added. The state government, along with the Centre, is in discussion to revive the mobile handset manufacturing plant of Nokia India and the centre is examining various aspects, since it is more to do with the central government. The state government is working towards an early resolution, he added.
SOURCE: The Business Standard
The Centre will share the draft model GST law with the states today as it prepares for the rollout of Goods and Services Tax (GST) from April 1 next year, CBEC Chairman Najib Shah said. The Centre is also working on multiple options apart from horizontal and vertical divisions for deciding on jurisdiction over tax assessees, he said. "We are very hopeful of GST implementation from April 1, 2017. We will share the model GST law with the states which has been redrafted after taking into account the comments of stakeholders," Shah said while inaugurating the CBEC pavilion at the IITF.
COMPENSATION LAW TO BE SHARED WITH STATES ON NOV 16
He said the compensation law will be shared with the states on November 16, detailing the procedure for making good revenue loss of states in the first five years of the GST rollout. The Central Board of Excise and Customs (CBEC) has taken up Goods and Services Tax as the theme for its IITF pavilion and it tries to educate people about the new taxation regime, which is expected to roll out from April next year. The GST will subsume excise, service tax, VAT and other local levies and will help in the smooth movement of goods and services across the country. The Centre and states have already decided on four-tier GST rates -- 5, 12, 18 and 28 per cent -- but is yet to decide on the issue of cross empowerment to avoid dual control.
Differences arose with the states demanding control over 11 lakh service tax assessees, and the Centre proposing to do away with the states having exclusive control over all dealers up to an annual revenue threshold of Rs 1.5 crore -- an issue which was settled in the first meeting of the GST Council.
WHAT ARE HORIZONTAL AND VERTICAL DIVISIONS?
The Council has arrived at an option of two proposals -- horizontal division and vertical division. Horizontal division would mean taxpayers would be divided both for administrative and audit purposes based on a cut-off turnover. Those with a turnover over Rs 1.5 crore would be administered both by the Centre and states, while those with below Rs 1.5 crore would be administered solely by the states. Under the vertical division, taxpayers could be divided in a ratio which would balance the interest of the Centre and the state, both with respect to revenue and spread of numbers.
SOURCE: The India Today
Traders in Maharashtra will have to get themselves enrolled on the Goods and Services Tax portal from November 16 to 30. Once they log in with their current ID and password on the GST portal, they will be given a new GST registration number, log-in ID and password, stated a press release.
SOURCE: The Times of India
In the wake of demonetisation of high-denomination notes in the Indian market, the Confederation of All India Traders (CAIT) has urged the Union finance minister Arun Jaitley to take steps to intensify adoption of electronic payments. It has also requested the government to ensure smooth flow of currency, both at the hands of traders and consumers. Post demonetisation, consumer footfall in the market has declined in comparison to normal days. Besides retail activities, the wholesale trade has also been affected severely due to very low volume of transportation of goods. The trade in markets across the country has reduced to 25 per cent in comparison to normal days, CAIT said in a statement. It is estimated that Indian retail trade is of about 42 lakh crore annually resulting to approximately Rs 14 thousand crore per day, out of which about 40 per cent trade is conducted through Business to Business (B2B) whereas rest of the 60 per cent trade is conducted through Business to Consumer (B2C) activities. The 60 per cent of the total retail trade is conducted in urban areas whereas rest of 40 per cent is conducted in rural areas.
Due to demonetisation move, rural retailers from taluka who generally visit nearby district markets for procurement of goods are forced to remain at their respective places for want of sufficient funds of acceptable denomination. Agricultural Produce Market Committee and mandis across the country also had very less business during the last few days as farmers who bring their produce for sale in the market are unable to get money due to non-availability of smaller denomination of notes. Further, the logistic sector came to standstill as the truck drivers had only high denomination notes which caused blocks in smooth movement of transportation.
Though demonetisation has prompted the usage of digital mode of payments, the transaction cost being charged by banks on its usage is a major deterrent in making payment through cards. As per guidelines of the ministry of finance released on February 29, 2016, incentives may be announced for every usage of card payments. Like special camps being organised for filing of IT returns, it will be appropriate if similar special camps may be organised in the markets with help of local trade associations for disbursement of currency, CAIT suggested to the finance minister.
Retailers who have direct connect with the consumers may also be authorised to accept high value denomination currency from the consumer, subject to necessary identification documents which in turn may be submitted to banks by the retailers for replacement of currency. Such a step will bring normalcy in the markets and will also off load banks from enormous pressure, CAIT said.
CAIT has also urged the government that it should consider waiver in import duties for point-of-sale (POS) terminals. There should also be a drive to 'Make in India' for POS and other mobile based payment acceptance technologies. In this regard it will also help to scale up significantly the broadband connectivity in small towns and rural areas to facilitate digital transactions. Better utilisation of existing payment infrastructure and acceptance network and a level playing field for free market and competition is the need of the hour for all stakeholders to come together and participate in this digital drive. The National Payment Council of India should be made an independent regulator, and a separate body for Rupay may be constituted for its greater penetration among the people
SOURCE: Fibre2fashion
Currency crisis in India has put cross border trade between Bhutan and Bangladesh under trouble. Though a bilateral issue between the two neighboring countries, thousands of Indian citizens, dependent on this trade, have become victims of the situation. Being landlocked, Bhutan maintains lion’s share of its around $30 million worth exim with its one of the largest trade partners Bangladesh mainly through Indian land in Dooars region in northern West Bengal. Four major trade points of Bhutan in Indo-Bhutan border at northern side of Dooars are linked with 4 trade gates of Bangladesh at southern side of Dooars in Indo-Bangladesh border. “Though the trade involves Bhutan and Bangladesh, lion’s share of this bilateral trade is handled by Indian agents, transporters or packers in Dooars region. They are major victims of the situation,” said K. Pradhan, a transporter of Indian town Jaigaon, adjacent to Bhutan’s largest trade point Phuentsholling. According to him, around 10,000 Indians are indirect dependants of Bhutan Bangladesh trade at different levels. “With severe shortage of low denomination currency notes, it has become difficult to pay the daily wage earners like porters or packers. Their common practice is taking payment and keeping it in cash due to low density of ATM’s or bank branches at the locality. Now most of them are absent from work to stand in serpentine queues in banks or ATMs in nearby towns for whole days.”
In addition “The pace of our trade related paper processing has also gone down at Government offices as many of the officials are locked in bank or ATM queues,” said D. Mandal, a shipment agent. To take advantage of the situation, many illegal currency exchange agents have surfaced up charging as high as 10% of the exchange value. Incidents of scuffles within these agents on commercial interest have also started taking place. When asked on this, a senior administrative official, reluctant to be officially quoted said, “The situation may turn too bad if sufficient amount of cash does not reach in these deep corners of the country by next two or three days.”
SOURCE: The Economic Times
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 42.95 per barrel (bbl) on 15.11.2016. This was higher than the price of US$ 42.12 per bbl on previous publishing day of 14.11.2016.
In rupee terms, the price of Indian Basket increased to Rs. 2908.14 per bbl on 15.11.2016 as compared to Rs. 2823.00 per bbl on 14.11.2016. Rupee closed weaker at Rs. 67.72 per US$ on 15.11.2016 as against Rs. 67.03 per US$ on 14.11.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on November 15, 2016 (Previous trading day i.e. 14.11.2016) |
Pricing Fortnight for 16.11.2016 (Oct 27, 2016 to Nov 11, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
42.95 (42.12) |
44.80 |
|
(Rs/bbl |
2908.14 (2823.00) |
2990.85 |
|
|
Exchange Rate |
(Rs/$) |
67.72 (67.03) |
66.76 |
SOURCE: PIB
Garment, textile export growth sees ten year low, Sun Life Financial acquires PVI Sun Life, Monetary policy supports economic growth, HN Exchange honours transparency, 2017 budget deficit set at 3.5% of GDP. Vietnam’s garment and textile export in the first nine months this year posted the lowest growth rate for the last ten years, reported Vietnam Textile and Apparel Association (Vitas). The down growth rate has been caused by import reduction from some major markets of Vietnam where have met with economic difficulties and the Britain’s exit from the EU.
Other reasons comprise unstable exchange rate, high loan interest rate and minimum wage increase. These all have highly increased prices in the market, affecting the competitiveness of Vietnamese goods. Many businesses have met with order scarcity with the number of orders accounting for only 70 percent of that during the same period in previous years. Therefore, the association forecast that the country’s garment and textile export turnover will grow as low as 5 percent to approximate US$28-29 billion this year. Some companies have got only few orders from regular customers in preparations for 2017.
SOURCE: The Global Textiles
The orders index for Italian textile machinery recorded an increase for the third quarter of 2016, thanks to positive sales figures abroad, according to ACIMIT, the Association of Italian Textile Machinery Manufacturers. Based on an industry survey conducted by ACIMIT, for the period from July to September 2016 the overall order intake increased by 16% compared to the same period last year. The third quarter value for 2016 stood at 101.1 points (2010 basis = 100). However, this growth applied to exports only, where the index recorded an absolute value of 112.3 points, a 20% increase compared to July - September 2015. In Italy, the index stood at 48 points, dropping by 14% over the same quarter in 2015.
Outlook
ACIMIT President Raffaella Carabelli commented on the figures from Shanghai, where ITMA Asia + CITME concluded last month. The trade fair closed with over 100,000 visitors, 20% of which hailed from abroad. “This data on orders confirms the significant vitality in foreign markets,” explained Ms Carabelli. “Here too in Shanghai, we’ve met many entrepreneurs who want to invest; and not just the Chinese.” On the other hand, the situation in Italy’s domestic market appears to be less positive. “The order intake has declined after two consecutive quarters of growth,” said Carabelli. “We’re still far from an effective recovery for the domestic market. However, we’re confident that the plan put forward by the Italian Government for 2017 fiscal year can give confidence to businesses who need to invest.”
ACIMIT
ACIMIT represents an industrial sector comprising around 300 manufacturers, employing close to 12,000 people and producing machinery for an overall value of about EUR 2.6 billion, with exports amounting to 86% of total sales.
SOURCE: The Innovation in Textiles
In conjunction with “America Recycles Day” today, and the upcoming Thanksgiving and holiday season, the Re-Clothe NY Coalition, a group of governments, recyclers and non-profits across the state, encourages local residents to donate and recycle unwanted clothing and other household textiles by bringing them to the closest collection location. “New York State residents trash an estimated 1.4 billion pounds of recoverable clothing and textiles annually, with a market value exceeding $130 million,” said Andrew Radin, chair of the New York Product Stewardship Council. While 15 percent of household textiles are reused or recycled, over 95 percent of all used clothing, footwear and other cloth household products – including sheets, towels, curtains, blankets, and pillowcases – can be recycled, including clothing that is torn, missing buttons, or has broken zippers or a few stains. There are over 15 collection sites in the Rome area.
The Re-Clothe NY Coalition consists of a variety of non-profit collectors and for-profit used clothing companies that sign onto a set of agreed-upon standards for transparent textile collection and recycling, which ensures that donated clothing goes to a good place. The Coalition represents one of the first public-private partnerships of its kind and size in the U.S. “Approximately 40 percent of donated clothing is reused for its original purpose, helping those in need by offering them free and low-cost clothes, shoes, and linens,” said Dan Lilkas-Rain, chair of the Re-Clothe NY Campaign for the New York State Association for Reduction, Reuse, and Recycling and recycling coordinator for the Town of Bethlehem. “An additional 30 percent of recycled and donated textiles are cut into industrial wiping and polishing cloths, and the remaining 25 percent are shipped to mills where the textiles are converted to fiber.” New York residents can visit www.nysar3.org/page/re-clothe-ny-78.html for a database of textile collection bins, a list of acceptable materials, and for more information on the importance of textile recovery.
SOURCE: The Rome Sentinel
South Korean company Hyosung Corporation has proposed to invest in a polypropylene (PP) manufacturing plant in Vietnam. The plant which will be set up on an area of 608,910 sq. metres in Ba Ria Vung Tau province, will be set up in two phases. The company will invest $336 million for a capacity of 300 million tons per year in the first phase. “In the second phase, Hyosung Corporation will invest $226 million for a capacity of 300,000 tons per year for another PP plant,” Vietnamese media reported. The company already operates a facility in Vietnam which produces various fibres like spandex, nylon, polyester, and carpet fibre and also steel fibre for applications in automobile tires, etc.
SOURCE: Fibre2fashion
Malaysia will continue to strengthen its economic ties with the United States and other countries in the Pacific Rim, regardless of whether the Trans-Pacific Partnership (TPP) trade pact takes off, said Prime Minister Najib Razak, who began his official visit to Japan. Addressing concerns about Putrajaya’s strategic pivot towards Beijing, Mr Najib stressed that Malaysia’s relations with any particular country would not be at the expense of other nations. In a written interview with the Nikkei Asian Review (NAR) ahead of his three-day visit to Japan, Mr Najib noted that while countries involved in the TPP were aware that US President-elect Donald Trump was not in favour of proceeding with the agreement, it would be premature to make any conclusion before he assumed office.
The TPP involves 12 countries on both sides of the Pacific: The US which was its key driver, Malaysia, Singapore, Brunei, Vietnam, Japan, Australia, New Zealand, Canada, Mexico, Chile and Peru. In its current form, the TPP cannot come into force without Washington’s involvement, Mr Najib said, when asked how Malaysia would react if the US fails to ratify the TPP and if Malaysia would agree to a renegotiation. “As such, it is not a question of whether or not Malaysia — or any other country, for that matter — could still proceed with its ratification,” Mr Najib, who is also the Finance Minister, told the NAR. “Whether the TPP proceeds or not, we remain committed to strengthening our economic and trade ties with the US and the other countries involved,” said Mr Najib, who is visiting Japan at the invitation of Prime Minister Shinzo Abe.
On Malaysia’s relations with China, Mr Najib said bilateral ties have reached a new level and one can expect the trend to continue. “This is not surprising given that China is our largest trading partner and accounts for over 15 per cent of trade outside our borders,” he said. Ties between the two countries received a major boost following Mr Najib’s trip to China earlier this month. His visit saw the two countries sign 14 agreements worth RM144 billion (S$47.5 billion), signalling a potential strategic shift by Putrajaya away from Washington. However, Mr Najib stressed that Malaysia continues to “place great importance” on its relationship with the US. “Indeed, this is reflected by the elevation of our bilateral relationship to a comprehensive partnership in 2014,” he told the NAR when asked if Malaysia would reconsider its relations with the US. “We already cooperate on a range of areas including the economy, trade, security and defence — and hope to further enhance our relations under President-elect Trump.”
In the interview, he also touched on the scandal-ridden state investment firm 1Malaysia Development Bhd (1MDB), which is the subject of money-laundering investigations in at least six countries including Switzerland, Singapore and the US. Mr Najib noted that he was the first to order multiple investigations into 1MDB, adding that the Malaysian authorities would act without favour if the firm was found to have violated any laws. Meanwhile, Minister of International Trade and Industry Mustapa Mohamed said yesterday that Malaysia will pursue direct free-trade agreements (FTAs) with other TPP members if the US withdraws from the deal. He said Malaysia would also continue to pursue bilateral and multilateral trade agreements with other countries, with a new focus on the Regional Comprehensive Economic Partnership, a deal involving 10 Asean countries and six major trading partners in the Asia-Pacific region, including China. “... Should there be a confirmation that the TPP will not materialise, we will explore other available options, including negotiating bilateral FTAs with the TPP members that we currently do not have an FTA (with),” Mr Mustapa said in a statement. He said the TPP member nations will be meeting in Lima, Peru, this week during the Asia-Pacific Economic Cooperation summit to discuss the way forward. AGENCIES
SOURCE: The Today Online
