|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1061.1 |
USD/Ton |
-0.34% |
11/21/2016 |
|
VSF |
2209.3 |
USD/Ton |
0% |
11/21/2016 |
|
ASF |
1858 |
USD/Ton |
0% |
11/21/2016 |
|
Polyester POY |
1117.7 |
USD/Ton |
0.20% |
11/21/2016 |
|
Nylon FDY |
2438.7 |
USD/Ton |
0.60% |
11/21/2016 |
|
40D Spandex |
4282.2 |
USD/Ton |
0% |
11/21/2016 |
|
Nylon DTY |
2032.2 |
USD/Ton |
0% |
11/21/2016 |
|
Viscose Long Filament |
1364.5 |
USD/Ton |
0% |
11/21/2016 |
|
Polyester DTY |
2612.9 |
USD/Ton |
0% |
11/21/2016 |
|
Nylon POY |
5472.5 |
USD/Ton |
0% |
11/21/2016 |
|
Acrylic Top 3D |
1335.5 |
USD/Ton |
0% |
11/21/2016 |
|
Polyester FDY |
2250 |
USD/Ton |
0.65% |
11/21/2016 |
|
30S Spun Rayon Yarn |
2859.7 |
USD/Ton |
0% |
11/21/2016 |
|
32S Polyester Yarn |
1718.7 |
USD/Ton |
0% |
11/21/2016 |
|
45S T/C Yarn |
2554.8 |
USD/Ton |
0% |
11/21/2016 |
|
45S Polyester Yarn |
2235.5 |
USD/Ton |
0% |
11/21/2016 |
|
T/C Yarn 65/35 32S |
1843.5 |
USD/Ton |
0% |
11/21/2016 |
|
40S Rayon Yarn |
2191.9 |
USD/Ton |
0% |
11/21/2016 |
|
T/R Yarn 65/35 32S |
3004.8 |
USD/Ton |
0% |
11/21/2016 |
|
10S Denim Fabric |
1.3326 |
USD/Meter |
0% |
11/21/2016 |
|
32S Twill Fabric |
0.8202 |
USD/Meter |
0% |
11/21/2016 |
|
40S Combed Poplin |
1.1526 |
USD/Meter |
0% |
11/21/2016 |
|
30S Rayon Fabric |
0.6561 |
USD/Meter |
0% |
11/21/2016 |
|
45S T/C Fabric |
0.6373 |
USD/Meter |
0% |
11/21/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14516 USD dtd 22/11/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The cards will give national identity to the artisans who will be covered under a national database. The artisans can avail of benefit of any government scheme through these cards. Irani also announced that 20 artisans of each of the five clusters will be imparted training by nationally-acclaimed designers. "The minister announced that artisans belonging to minority communities, Schedule Castes, Schedule Tribes and BPL families will be provided free tool kits as per their art," an official statement read. The ministry will organise insurance camps in February at residential locations of the artisans and take credit guarantee and insurance schemes to their doorstep. The camp for PAHCHAN was launched on October 7 nationwide to ensure a unique identity to the handicraft artisans. The cards being distributed shall provide benefits, including easy access to loan, insurance and credit guarantee funds. By the help of this card, they will find it easier to participate in any domestic or international fair. On top of it, the artisans can get the benefit of life insurance and Rs 1,200 per year for their children studying between class 9 and 12. The minister distributed the PAHCHAN cards at Ahmedabad Haat, Vastrapur, near Ahmedabad after inaugurating the thematic exhibition on handicrafts products. The fair has been conceptualised with a view to providing a direct marketing platform for innovative products developed by 20 handicraft artisans from various parts of India, covering different crafts. Meanwhile, Irani visited Jaipur Rugs Foundation during her trip to Jaipur. She appreciated Nand Kishore Chaudhary for his contribution to Indian handloom and carpets industry during the visit yesterday, a release said. "With 40,000 artisans from 600 villages,JaipurRugs Foundation not only preserves traditional art, but contributes to uplifting lives of weavers," the release said today quoting Irani. The "unprecedented" socio economic development model followed by JRF changed the face of traditional carpet industry in India by eliminating middlemen and ensuring fare wages to the artisans, the release added. The Minister was in Jaipur to attend the annual conference of International Textile Manufacturers Federation (ITMF) hosted by CITI at Jaipur.
Source: Business Standard
Exporters on Monday sought up to a tenfold hike in the cash withdrawal limit from the current R50,000 a week to be able to conduct certain necessary business transactions following demonetisation. After a meeting with various export promotion councils, commerce and industry minister Nirmala Sitharaman said: “In labour-intensive sectors like carpet and handloom, work is dependent on cash withdrawal. Their demand is to increase this limit to R3 lakh or R4 lakh or even R5 lakh.” Exporters in certain sectors said the low cash withdrawal limit has forced some of them to close units for a week and some of them cut production by from 70-100% of capacity earlier to about 35-40% now. The demonetisation move raised fears that the country’s exports, which witnessed a rise in only three of the past 23 months, could slip again if liquidity is choked. Small and medium enterprises, which deal mostly in cash, are particularly worried. Sitharaman assured the exporters that she would take up their demand of raising the cash withdrawal limit with finance minister Arun Jaitley. While hailing the move to curb black money, the exporters also said since the transport sector (where payments are mostly in cash) has been affected, the movement of export cargo has been hit. “They spoke about the short-term difficulties they are facing. A majority of them stated that a segment of their activity like procurement of raw material happens, to a large extent, in cash,” she said. “We have assured them that we will take very quick and well compiled report to the finance ministry so that quick remedial solutions are offered. We will pitch for them and I am sure that the finance ministry will give us a sympathetic hearing,” she added.
Source: The Financial Express
Trade unions affiliated to parties such as the CPI, CPI(M), Congress and the DMK have called for a day-long strike on November 23 to protest against the Centre’s demonetisation scheme in and around Tirupur — the knitwear capital of India. The proposed strike is expected to make an impact on the readymade garment exporters. Sources told FE that a majority of the exporting units under the Tirupur Exporters’ Association (TEA) are not expected to take part in the strike. However, being a labour-intensive sector, some units are expected to shut their shops to stay clear of any untoward incident, they added. When contacted, TEA president Raja D Shanmugam accepted that the trade unions affiliated to some known parties have called for a strike, but said it won’t bring any solution to the current imbroglio. “Rather it will hurt those workers who take part in the strike,” he said.
Source: The Financial Express
Hailing Prime Minister Narendra Modi 's decision to demonetize Rs500 and Rs 1,000 notes, Union minister of textiles Smriti Irani said that the move is part of the fight against black money. "People queuing up outside banks are part of the fight against black money and I salute their spirit," said the Rajya Sabha MP from Gujarat.Irani inaugurated a thematic exhibition of handicrafts in Ahmedabad on Saturday and also distributed `Pehchan' identity cards to artisans from five clusters in Gujarat, namely Jamnagar, Naroda, Surendranagar, Amreli and Kalol. Irani had launched the `Pehchan' initiative last week at Sant Kabir Nagar in UP, which is a move to register and provide ID cards to handicraft artisans and link them to a national database. "The upgraded ID cards for artisans will be linked to their Aadhar card numbers and bank accounts so they can receive all cash transfer benefits from various government schemes directly," said Irani.In a bid to encourage women and BPL artisans in metal craft, the Union minister for textile also announced that tool kits and safety equipment would be given to them for free for their respective crafts."In February, the ministry will also organize insurance camps where artisans live and provide them a credit guarantee scheme and insurance at their doorstep," said the minister.
Source: Nyooz
As the government firefights to contain damages from its demonetisation move, Pronab Sen, the country’s former chief statistician as well as the chairman of the National Statistical Commission, says more liquidity should be released towards production than consumption to maintain a balance in the economy. In an interview, Sen also says given the current disruptions in the economy, the CSO’s decision to issue the advance estimate of the country’s GDP growth for the entire 2016-17 fiscal a month earlier than its usual schedule (in view of the advancement of the Budget date) will be a tough task. Also, such an advance estimate will be pure guesswork. Excerpts: How much of a decline do you see in the GDP growth for 2016-17 due to demonetization. It is too early to give a precise forecast, but I think the negative impact on GDP could be to the tune of 40 basis points this fiscal (the GDP grew 7.6% in the last fiscal and 7.1% in the first quarter of 2016-17, the slowest in six quarters). But this forecast doesn’t factor in any damage to the production side. The overall impact will be spread over both the third and the fourth quarters of 2016-17. A key factor will be how quickly demand is restored in the economy. Since consumer demand will take some time to recover fully, there could be some adverse impact on investments. But small industries will be hit harder by a potential slowdown in both demand and supply. Do you see a fall in rabi output and a return of inflationary pressure by the beginning of the next fiscal following demonetisation? If sowing is affected due to an inadequate availability of seeds and fertilisers, there could be a fall in rabi production. In such a situation, commodity prices will start reacting even before April (when rabi harvesting starts) and price pressure will be back. However, we have to wait to gauge the precise impact on sowing. It’s good that the government has allowed farmers to buy seeds with the old R500 notes, but it has to go beyond this. Roughly speaking, seeds account for 15% of the farmer’s cost of production, while fertiliser and labour make up for 30% and 50%, respectively.
What will be the impact on industrial production?
There will be some impact on the organised corporate sector due to a temporary slowdown in demand, but the unregistered manufacturing sector in which hard cash plays an important role will be more adversely affected.
What should the government do, on a priority basis, to minimise the damage to the economy from demonetisation?
The government must strike a judicious balance between easing liquidity for consumption and that for production. Since private final consumption expenditure accounts for around 35% of the total value of transactions in the economy (with the remaining 65% contributed to by the production side), roughly for every one rupee released for consumption, around R2 should be released for production. So, over a half of liquidity that is being released should be directed towards production. Otherwise, the demand side will recover faster than the supply side, leading to an imbalance. Such a situation will stoke inflationary pressure. The CSO has said it will now announce the advance estimate of the GDP growth for the entire 2016-17 fiscal on January 7, a month earlier than the usual date; the reason being the advancement of the Budget date to February 1. Do you think such an estimate, on which certain Budget projections are usually based, will give a clear picture of the true state of the economy? Well, the advance estimate of GDP usually takes into account the second advance estimate of farm production released by the agriculture ministry. If the date is advanced to January 7, the CSO will have to base its forecast on just the first advance estimate of farm production. Similarly, given the disruptions in the economy caused by demonetisation, it will be very hard to estimate consumption expenditure as well as industrial production (for the fourth quarter of 2016-17) by the first week of January. In such a situation, the advance estimate of GDP for 2016-17 will be pure guesswork this time.
Source: The Financial Express
The Centre and states today failed to reach a consensus on who will control which set of assessees under GST. The GST Council will meet again on November 25 to work out the modalities. The informal meeting of Union Finance Minister and his state counterparts was called to break the political deadlock on sharing of administrative control under the proposed goods and services tax (GST) regime. “The meeting has remained incomplete. Discussions will continue on November 25,” Finance Minister Arun Jaitley told reporters after the meeting. Today’s meeting, which came ahead of the formal meeting of the all powerful GST Council on November 25, was held after the Centre and states were deadlocked over the issue at two previous meetings. Error loading player: No playable sources found
The government aims to roll out GST, which will subsume excise, service tax and local levies, from April next year Officers of both central and state governments will meet tomorrow and try to workout a solution. States like Uttarakhand, West Bengal, Uttar Pradesh, Tamil Nadu and Kerala have insisted on exclusive control over small businesses, which earn less than Rs 1.5 crore in annual revenue, for both goods and services. They feel states have infrastructure deployment at grassroot level and small taxpayers are familiar with state authorities. The Centre, on the other hand, is unagreeable to the demand as it wants single registration mechanism for ease to service taxpayers. Instead of horizontally splitting the taxpayers — tax payers with Rs 1.5 crore revenue with states and those above with Centre — it has proposed to divide entire taxpayer base vertically, wherein taxpayers are divided between the Centre and states in a fixed proportion. As a compromise, it is willing to give states administrative power over 2/3rd of the taxpayer base, with service tax continuing to be administered by Centre. An official said the informal meeting was held sans civil servants to arrive at a political solution. Uttarakhand Finance Minister Indira Hridayesh said states demanded control over both goods and service tax assessees of Rs 1.5 crore and below. At present, the estimated total indirect tax payer base, including value-added tax, service tax and excise, is around 10 million, of which around 0.4 million are common to the Centre and the states. This leaves around 9.6 million taxpayers, of which around 6.6 million are value-added tax assessees, 2.6 million are active service tax assessees and around 0.4 million are registered under excise. Under the new system, the states and Centre will collect identical rates of taxes on goods and services. For instance, if 18 percent is the GST rate on a good across the country, the states and the Centre will get 9 percent each, called the CGST and SGST rates. The Centre will also levy and collect the Integrated Goods and Services Tax (IGST) on all inter-state supply of goods and services. The IGST mechanism has been designed to ensure seamless flow of input tax credit from one state to another. The dual control issue, which was deadlocked in the third and fourth GST Council meetings, has risen because multiple taxes levied by the Centre and the states at present will now be integrated into one tax under the GST regime, which is aimed at removing inter-state barriers to trade and integrating India into one common market. The next GST Council meeting is to finalise four supplementary bills dealing with CGST, SGST, IGST and the compensation law. At the last meeting, the Council agreed on a four-slab structure – 5, 12, 18 and 28 per cent — along with a cess on luxury and ‘sin’ goods such as tobacco. Jaitley had earlier this month stated that the proposed GST needs to be rolled out by September 16, 2017, within one year of the Constitution (101st Amendment) Act, 2016 being brought into force.
Source: The Financial Express
The Centre and the Indian state governments continue to disagree on control over assessees under the impending goods and services tax (GST) bill. Finance minister Arun Jaitley organised an informal meeting with state finance ministers on Sunday to discuss administrative control, however, they failed to come to a consensus regarding the issue. Centre had proposed 'cross-empowerment' that allows states as well as the Centre to audit assessees, whereas, states are demanding full control over assessees that have an annual turnover of Rs 1.5 crore or less. West Bengal, Uttrakhand, Tamil Nadu and West Bengal are some of the states that are insisting on exclusive control over small taxpayers, according to media reports. Indira Hridayesh, finance minister of Uttarakhand, said that the Centre is willing to give up administrative control over goods companies, but not over services. The Centre will need to give up in order to pass the CGST and IGST bills and for this they will have to politically work out a middle ground. Kerala's finance minister Thomas Issac said that his state is not willing to compromise as it has given up almost all of its taxation rights.
Jaitley told reporters after the meeting that the discussion had remained incomplete and it will continue in the next meeting to be held on November 25. Any holdups on the issue in the next meeting have the potential to delay the rollout of the GST bill, resulting in the government missing the targeted rollout date of April 1, 2017. Jaitley has also said that GST needs to be introduced by September 16, 2017 as the validity of the Constitutional Amendment brought in by the Centre and sanctioned by states expires on this day.
Source: Fibre2fashion
The rupee edged higher by 7 paise to 68.09 against the US dollar at the forex market in early trade today on fresh selling of the American currency by exporters. Besides, the dollar’s weakness against some currencies overseas and early gains in the domestic equity market supported the rupee, dealers said. Yesterday, the rupee had lost 3 paise to close at 68.16 against the American currency on the back of sustained dollar demand from importers amid a fall in domestic equities. Meanwhile, the benchmark BSE Sensex was up 260.79 points, or 1.01 per cent, at 26,025.93 in early trade.
Source: The Business Line
Technical textiles will be given top priority under the impending national textiles policy as this sector has a huge potential for growth in India, said Union textiles minister Smriti Irani. She also said that there's an opportunity for the Indian khadi to be processed with ayurvedic drugs to offer wellness garments, which are popular in western countries. “There's a need to collaborate with companies from various countries like Japan and Germany to boost technical textile in India. There is potential for huge growth in geotextiles and agrotextiles, which would also benefit farmers in the country,” said Irani while addressing the participants at an interactive session titled 'Textiles: Today & Tomorrow' at the Gujarat Chamber of Commerce & Industry (GCCI) in Ahmedabad. Responding to the demands from Gujarat state textile players that textile and apparel goods be included in the lowest slab under the proposed Goods & Services Tax (GST) bill, Irani said that basic necessities of food, clothing and housing were priorities for the government. On the long pending FTA with the European Union, which was impacting exports from India, while those of Bangladesh were zooming ahead due to preferential tariffs, she said the negotiations would be done keeping in mind the interest of the Indian textile industry. However, she did not provide a timeline by which the FTA would be finalised or come in to force. Regarding the seasonal nature of employment in the garment industry, she said the Rs 6,000 crore garment package has already become effective and under it, the government was providing various benefits to the employees, so that companies were not burdened with providing various compliance benefits to the workers. On offering subsidies to those who wanted to invest their own capital under TUFS as against subsidies offered only on bank loans, she said the TUFS scheme was meant for those who did not have capital in hand and hence they were the ones who needed those subsidies. The minister also added that it was the job of various textile and garment associations, including the GCCI, to inform the various SMEs in the sector about the benefits offered by the package. Irani also suggested collaborations between stakeholders in various segments of the Gujarat textile value chain like ginners, spinners, weavers, fabric processors and also garment producers to set up integrated facilities, to ensure that raw cotton produced in the state is processed in the state itself, while also adding value through processing cotton. She urged trade bodies to approach the ministry with the challenges they were facing and it would be her endeavour to see that they are addressed to the utmost possible.
Source: Fibre2fashion
At a textiles buyer-seller meet held in Salem, attendees were informed that the central government offers several schemes for marketing of textile goods, which should be taken advantage of, by small textile units. So, while units in tier-1 and tier-2 cities were taking advantage of these schemes, units from tier-3 cities should also do so. The buyer-seller meet was organised as a part of a Powerloom Expo and was jointly organised by the Powerloom Development and Export Promotion Council (PDEXCIL) and the Regional Office of the Textile Commissioner, Coimbatore. “The buyer-seller meet was held to enable buyers find the right suppliers and boost prospects of sellers of powerloom fabric, garments and made-ups,” a leading daily reported. The meet also provided an opportunity to buying houses, textile traders and exporters to meet producers of these textiles products directly.
Source: Fibre2fashion
Demonetisation may lead to export drop in November, say exporters People are supporting PM Modi's bold move: Nirmala Sitharaman Cost of credit to exporters is very high due to exchange and interest rates: Nirmala Sitharaman Govt in dilemma over curbs on cheaper imports: Nirmala Sitharaman Business heads meet Nirmala Sitharaman. After a rebound in October, exporters say demonetisation is likely to lead to a fall in exports this month, with a greater fall in the coming months. At a meeting with a receptive Nirmala Sitharaman, commerce and industry minister, exporters warned that the ban on Rs 500 and Rs 1,000 currency notes would lead to production falling in the short term. They have also asked that the weekly withdrawal ceiling of Rs 50,000 allowed to industrial units be raised to Rs 500,000. Sitharaman said a report based on these requests would go to the finance ministry. There had been severe difficulty in the past weeks in sourcing of inputs, paying informal workers and transporting goods, exporters said. A continuation of this would lead to ripple effects for at least some months. Exports had risen for a consecutive month in October, growing 9.6 per cent to $23.5 billion. This was only the second such occasion in the 22 months since December 2014 when a chronic fall in exports had started. Exporters believe the situation will also have a grave outcome for employment, with large numbers of casual laborers looking at no work, as well as downstream units facing a loss of work. “Some of them have preferred closing the units for a week and some of them have been reducing the capacities of production from 100 or 70 per cent to 35-40 per cent,” Sitharaman stated. The sourcing of scrap metals has effectively stopped, since it is almost always done in cash, the Engineering Export Promotion Council said. Similarly, the garment manufacturing sector is facing difficulty in purchasing of cotton yarn, since farmers only accept cash payments. Logistics have been another problem area, with truckers particularly hit by the cash crunch. Without the indispensable cash for food, fuel and lodging, many have stopped operations, leading to a massive backlog of consignments to be transported. Note ban has also thrown up other issues. “Some firms have a weekly system of wages, where workers seek payment in cash. Though they have bank accounts, they are unwilling to accept direct payment to their banks, largely because if the amount exceeds Rs 50,000, this would lead them to forfeit their subsidy benefits for the BPL account,” said Ravi Sehgal, senior vice-chairman, EEPC. Exporters have asked for a lower charge on credit transactions and concessions to cash-based firms such as handlooms and carpet weaving.
Source: Business Standard
In all his speeches, president-elect Donald Trump has expressed good sentiments for India. While, he has developed a relationship with president Vladimir Putin of Russia, China, Iran, Islamic-terrorists and their sponsors and Latino immigrants, are on his hit list. His defence policies will see much less money being spent on NATO and protecting other allies. His aim will be to create jobs, but also reduce expenditures on social security. He will renegotiate all international trade agreements to reduce the burden on the US. He will stimulate business via lower taxes apart from reducing competition from imports. His immediate actions will be to deport over 3 million illegal immigrants mainly from Latin America. This will help uneducated whites who have suffered job losses and static real wages for over a decade. From his speeches he does not appear hostile to immigration of skilled labour, especially when it serves superior American technologies. Thus, India may not have to fear the return of its labour employed in the information technology sector in the US. Nor is there likely to be a freeze on more such skilled immigrants. Clearly, Trump’s underlying political philosophy is that the Cold War is over and new alliances with former enemies are possible; economic growth and not communism is the ideology for all nations; democracy does not need American evangelism as it did in past decades; forms of government and governance can be developed in all countries to suit themselves; Islam has propagated worldwide terror and this must be stopped. A Trump administration will have no difficulty in working closely with autocrats and dictatorships. He will not go for regime change as his predecessors did in Iraq and Libya. Trump may well try to rein in Saudi export of fundamentalist Islam. This will benefit India which for long has experienced Saudi fund inflows to preach Wahabi Islam in Pakistan. Pakistan will experience a tighter squeeze in American military and economic aid. This will reduce its capacity for terrorist attacks on India. Pakistan already has a major donor in China. But China will expect much more in return than the US did. Also, China will come under considerable economic pressure as its exports get reduced and its foreign reserves decline in value. With Trump attacking terrorism, India can certainly expect some respite. Trump’s demand that Europe, Japan and South Korea, among others the principal countries receiving American protection at American cost, pay for it, will not only save money for the US but result in new alliances. Europe already dependent on Russia for fuels will get much closer to it. Japan, Korea and other Asian nations will move closer to India to create a bulwark against China. Trade and investment with these countries are bound to grow greatly as a result. Trump had vowed to cut social security expenditures. His savings on defence and social security may not be enough to balance his promised tax cuts for business, and increases in infrastructure spending. American deficits will increase under a Trump administration. So will inflation, dollar values will fall. A side effect will be a loss to China since it holds over $3 trillion in US Treasury bonds. To stimulate business, Trump may not go for the long anticipated rise in American interest rates. This will be good for India. Especially, since the recent demonetisation of R500 and R1,000 notes will compel a reduction in Indian interest rates. Competitiveness of Indian business will improve. The renegotiation of all trade agreements by the US under Trump can benefit India since we have had little in preferences or as dumping by us. American investments in India will rise as American business reduces its commitments to China. This will be in addition to what others like Japan invest in India. Trump’s thinking appears to be very short-term. He does not believe that there is any threat from climate change. India is already experiencing some of its effects. This is one area in which India and many others must actively press him to meet the agreed to norms. We must welcome Russia into the the “free” world. Opportunities for Indian investment in Russia will rise as will prospects for trade. We could look for energy imports from Russia. The “cold front” against China can only help us, as we join the rest in curbing imports from China. We must expect that American manufacturers will divert some of their assembly line parts for manufacture in India instead of China. Static and low interest rates in the US will also help our economy where many have feared an increase, with adverse consequences for our businesses. We could be at the centre of a new alliance in Asia with Pacific Ocean countries. Our confrontation with China on the border might diminish because of China wanting to avoid repercussions on other Chinese interests elsewhere.
Source: The Financial Express
Donald Trump on Monday announced the United States would signal its withdrawal from the Trans-Pacific Partnership (TPP) trade deal on his first day in the White House, as one of six immediate steps aimed at "putting America first." The Republican billionaire — who for 10 days has been sounding out cabinet picks at his Trump Tower offices in New York — made the pledge in a short video message. The 70-year-old property tycoon outlined a list of priorities for his first 100 days and executive actions to be taken "on day one" — on half a dozen issues from trade to immigration, national security and ethics — in a push to "reform Washington and rebuild our middle class." "My agenda will be based on a simple core principle: putting America first," said the president-elect, whose victorious campaign tapped the anger of working-class Americans who feel left behind by globalization, singling out trade deals such as the TPP as key culprits. "On trade, I am going to issue our notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country," said Trump, who takes office January 20. "Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores," he said. Both the 12-nation TPP and the North American Free Trade Agreement featured heavily in the brutal White House race — accused of harming the US economy and jobs — and many see Trump's victory as a repudiation of ever-deeper commercial ties. Trump's populist election platform called for scuttling the TPP — President Barack Obama's signature trade initiative which still needs approval from the Republican-dominated Congress — as well as for renegotiating NAFTA. Asian leaders have been scrambling to save the TPP, and US Trade Representative Michael Froman warned last week that scrapping it would have "serious" strategic and economic costs. Trump's pledge to pull out of the deal was one of six points on which he promised immediate executive action — which he can take without Congressional approval — all of which broadly echoed his campaign positions. Sticking to his theme of protecting US jobs, Trump said he would direct the Department of Labor to investigate abuses of visa programs "that undercut the American worker." On energy, the president-elect has pledged to boost the oil and gas sector and bring back coal, reversing Obama's efforts to encourage renewables. In the video message he promised to "cancel job-killing restrictions on the production of American energy — including shale energy and clean coal — creating many millions of high-paying jobs." Regarding national security, Trump said he would ask the Department of Defense and the Chairman of the Joint Chiefs of Staff to "develop a comprehensive plan to protect America's vital infrastructure from cyber-attacks, and all other form of attacks." On cutting government red tape — another central pledge — he promised "a rule which says that for every one new regulation, two old regulations must be eliminated." And on the subject of ethics — the Republican has vowed to "drain the swamp" in Washington, although his own transition team includes several lobbyists — he promised "a five-year ban on executive officials becoming lobbyists after they leave the administration." There was no mention in the message of some of Trump's biggest campaign promises — notably his pledge to build a wall along the Mexican border, deport millions of immigrants, restrict Muslim immigration, or repeal the Obamacare healthcare law. The video was issued as the stream of would-be appointees continued at his New York headquarters, with the day's talk focusing on retired general James "Mad Dog" Mattis being nominated as secretary of defense. Despite the 66-year-old Marine's renowned frankness — "Be polite, be professional, but have a plan to kill everyone you meet" — he enjoys warm support in Washington and should sail through confirmation. Trump's camp has said no new nomination announcements were imminent. "It could come this week. It could come today but we're not in a rush to publish names just because everybody is looking for the next story," campaign manager Kellyanne Conway said. After Mattis, Trump's other choices may prove more complicated, such as that for secretary of state, reportedly between former Massachusetts governor Mitt Romney and former New York mayor Rudy Giuliani, both of whom met Trump over the weekend at his golf club in New Jersey. After meeting potential hires, Trump hosted private talks with a group of top US news anchors and executives — with whom he repeatedly feuded during the campaign — for what Conway described as a chance to "hit the reset button." Late on Tuesday or early on Wednesday, Trump is to fly to his Mar-a-Lago resort in Florida to take a "brief" Thanksgiving holiday break with his family.
Source: Times of India
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$ 45.51 per barrel (bbl) on 18.11.2016. This was higher than the price of US$ 43.46 per bbl on previous publishing day of 18.11.2016. In rupee terms, the price of Indian Basket increased to Rs. 3106.70 per bbl on 21.11.2016 as compared to Rs. 2959.58 per bbl on 21.11.2016. Rupee closed weaker at Rs. 68.26 per US$ on 21.11.2016 as against Rs. 68.09 per US$ on 17.11.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on November 21, 2016 (Previous trading day i.e. 18.11.2016) |
Pricing Fortnight for 16.11.2016 (Oct 27, 2016 to Nov 11, 2016)
|
|
Crude Oil (Indian Basket) |
($/bbl) |
45.51 (43.46) |
44.80 |
|
(Rs/bbl |
3106.70 (2959.58) |
2990.85 |
|
|
Exchange Rate |
(Rs/$) |
68.26 (68.09) |
66.76 |
Source: PIB
Exports of 1 million bales of cotton from top producer India have been delayed after a government move to ban high-value currency notes prompted farmers, who prefer cash payments, to postpone sales, industry officials told Reuters. The supply crunch has driven up prices in India to levels higher than in the global market and could force buyers to switch to other producers like the United States, Brazil and African countries. It could also curb India's total exports in the 2016/17 year marketing year that started on Oct. 1. "Supplies are very limited in the market. Farmers are not selling cotton right now as they need payments in cash and it is not available," said Chirag Patel, chief executive officer of Indian exporter Jaydeep Cotton Fibers. Earlier this month, Prime Minister Narendra Modi scrapped 500 rupee and 1,000 rupee bills to crack down on corruption. But the move disrupted trading of farm commodities like cotton and soybean as most farmers prefer payments in cash. "November remains a peak supply month but now supplies have stopped due to the cash crunch. We are ready to give farmers cheque, but they are insisting on cash," said Pradeep Jain, a ginner based in Jalgaon in Maharashtra. Expecting a bumper crop of 35 million bales, Indian traders had contracted 2 million bales for exports to China, Vietnam, Bangladesh and Pakistan for shipments in November to January. But traders have managed to ship only around 300,000 bales and nearly 1 million bales that were due to ship in November and December are getting delayed, three exporters told Reuters. India's inability to ship promptly could force buyers to switch to other suppliers like Brazil and the United State, said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia. "In fact, this may be one reason why U.S. cotton is going higher at harvest time." New York cotton futures last week touched a high of 72.75 cents per pound, the loftiest since August. They have risen about 5 percent over the past fortnight, versus a 10 percent gain in Indian prices. The surge in local prices is also making signing new export deals difficult for India as overseas prices are lower than local prices, Jaydeep Cotton's Patel said. The disruption in exports will have an impact on global prices as it reduces the overall supply, said Rebecca Pandolph, statistician of International Cotton Advisory Committee. "How much of an effect will depend on how long the situation lasts." However, industry officials say the crunch is temporary and prices will moderate as India is set to harvest a bumper crop. Last year, the country shipped out 6.9 million bales."The Indian crop is still very big and if price pressure doesn't come now, then it's only being delayed and that pressure will arrive at some point," said a cotton trader from Britain.
Source: Times of India
The official midpoint guided by the People's Bank of China (PBOC) was set weaker for a 12th consecutive day at 6.8985 per dollar prior to market open on Monday, compared with the previous fix 6.8796. Khoon Goh, head of Asia research at ANZ Bank, wrote in a note last week the yuan would end the year at 6.90 and hit 7.10 by the end of 2017. Some market watchers were concerned about whether the central bank would prop up the Chinese currency at current levels. "Whether China will continue to defend 6.9 amid dollar strength will be the key focus of this week," Tommy Xie, an economist at OCBC Bank in Singapore wrote in a note on Monday. Chinese policymakers have been unfazed by the yuan's recent slide, but are ready to slow its descent for fear of fanning capital flight if the currency falls too quickly through the psychologically important 7-per-dollar level, policy advisers said. The yuan index surprisingly appreciated against a basket of currencies, official data showed, with the Chinese currency having lost more than one percent of its value to the dollar last week. The latest China Foreign Exchange Trade System (CFETS) data showed that the index for the yuan's value based on the market's trade-weighted basket stood at 94.54 on Friday, up 0.22 percent from the previous week. The dollar index, which tracks the greenback against a basket of six rivals, stood at 101.34 at midday, not far away from a high of 101.48 on Friday, its highest since March 2003. "I expect the dollar index to continue to climb to breach 105, which will force the yuan involuntarily to fall further," said a Shanghai-based trader at a foreign bank. "The market was quite stable in the morning without much pressure from dollar purchases," the trader said, adding that investors in the domestic market were very "cautious". The spot market opened at 6.8945 per dollar and was changing hands at 6.8970 at midday, 90 pips weaker than the previous late session close and 0.02 percent firmer than the midpoint. The offshore yuan was trading 0.28 percent weaker than the onshore spot at 6.9167 per dollar. Offshore one-year non-deliverable forwards contracts (NDFs), considered the best available proxy for forward-looking market expectations of the yuan's value, traded at 7.1, 2.84 percent softer than the midpoint.
Source: Times of India
India, Russia, Colombia and South Africa have, however, said that talks on e-commerce should be conducted in their mandated committees, indicating that attempts to fast-track decisions by pushing comprehensive proposals at a single forum must be discouraged. “Four WTO bodies were given the responsibility of carrying out the ‘work programme on electronic commerce’ adopted by the WTO in 1998, which included the councils for trade in services, trade in goods, TRIPS and the Committee on Trade and Development. No member should be allowed to push a comprehensive proposal at whatever forum they chose,” a government official told BusinessLine. China’s proposal, co-sponsored by Pakistan and recently discussed at the WTO’s Goods Council meeting, contains three discussion points. These include trade facilitation for cross-border e-commerce, transparency on e-commerce policies and assistance to improve infrastructure and technical conditions for developing country members. It also suggests the exchange of information on regulations, such as consumer protection, privacy, and intellectual property rights. China said it would be best to include only those services, such as payments and logistics, which directly support merchandise trade. However, it added that discussions at this stage should not lead to new market access commitments. “Work on e-commerce should proceed progressively with priority given to easy issues,” says China’s proposal. Against cherry-pickin New Delhi has maintained that it was opposed to the policy of cherry-picking. “In the name of easy issues, several members try to push their own agendas. Although China is not talking about new market access commitments at the moment, once negotiations begin with the objective of arriving at a deal, the final outcome could take any shape. India, therefore, needs to be very careful,” the official added. India does not allow foreign direct investment (FDI) in the inventory model of e-commerce, where a company sells its own items through an e-platform.
Source: Business Line
Fast Retailing, a public Japanese retail holding company, has established a new denim innovation centre, the Group's first facility to focus on research and development of denim fabric, in Los Angeles, California, that aims to bring together specialists in jeans development from premium denim brand J Brand and other Fast Retailing Group companies. The centre will develop jeans utilising innovative technologies and materials, based on the established tradition of jeans. The first project for the facility will be research on jeans for UNIQLO and J Brand. Products for both brands developed at the centre will be available from the fall winter 2017 season. By establishing the denim innovation centre in Los Angeles, the global hub for information on denim, Fast Retailing will be able to quickly incorporate the essence of current trends in its designs. Focusing on the “3Fs” (Fabric, Fit, and Finish), the key elements in making jeans, the centre will develop fabrics with the world's leading fabric makers, as well as conduct R&D on the latest production technologies, to make jeans that look exceptional and are comfortable to wear. Fast Retailing has previously outsourced the production of samples and other operations to external manufacturers, but with the denim innovation centre, the company will now be able to manage the entire process in-house. Using the latest equipment, the centre will be able to quickly create and evaluate sample products, considerably enhancing the speed and quality of product development. The centre can also be used by contracted producers as a research centre, which will increase the integrity of the finished product during actual production. In addition, the facility will focus on environmentally friendly processing and production methods, conducting R&D on chemicals and techniques used for fading and distressing of jeans. The innovation centre provides a structure for optimal fabric development and selection based on the type of jeans. Through cooperation with such world-leading fabric manufacturers, UNIQLO will offer jeans of the highest quality material to people throughout the world. The centre is equipped with the world's most advanced denim processing technologies. The centre has gathered together specialists in jeans development from around the world, who conduct repeated tests within the centre to create authentic jeans for UNIQLO on a par with premium denim. (GK)
Source: Fibre2fashion
In the first fortnight of November, liquidity was low in the Brazilian cotton market, mainly because sellers withdrew from the market and buyers also did not show interest. Most of the sellers did not display interest in trading, keeping in mind the low availability of cotton type 41-4, volatility in international cotton prices as well as the US dollar. However, cotton traders and merchants were more flexible, since they had in stock previously purchased cotton for ready delivery. The CEPEA/ESALQ Index, with payment in 8 days, for cotton type 41-4, delivered in São Paulo, rose 1.94 per cent between October 31 and November 14, closing at BRL 2.5559 or $0.7427 per pound on November 14. Data released by National Company for Food Supply (CONAB) on November 10 informed that the planted area in the Brazilian 2016-17 cotton season may be down between 1 and 6.9 per cent as against the prior crop. According to CEPEA, the decline in area may be compensated by a projected 16 per cent rise in yields, which would result in raw cotton production of between 1.393 and 1.479 million tons, up between 8.1 and 14.8 per cent. (AR)
Source: Fibre2fashion
The 20th edition of Texcare Asia, the International Trade Fair for Modern Textile Care, will be held from September 27 - 29, 2017 in Shanghai, China. The biennial show debuted in 1998 in Singapore and developed to be one of the most comprehensive showcases on advanced machinery and commercial solutions for the laundry and dry-cleaning industry in Asia. New technologies and efficient solutions enter the market frequently and Texcare Asia is recognised as the gateway to these advances entering the Asian market. It will be organised by Messe Frankfurt (Shanghai) and China Light Industry Machinery Association. “With the growing awareness of the significance of energy conservation and environmental protection, intelligent and resources-saving concepts are gaining more attention within the industry across Asia. We see the regional demand for solution-oriented software and services is sprouting and the potential is huge,” said Richard Li, general manager of Messe Frankfurt (Shanghai). “Throughout the show's two exhibition halls, buyers will be able to explore an array of integrated solutions and the foremost technologies for smarter textile management and energy control presented by leading suppliers in the field,” added Li. As a service-based industry, the textile-care market has benefited significantly from the extensive economic growth in Asia and is still reflecting a high consumer demand, especially in the past two years. Texcare Asia will serve as an effective networking and trade platform to assist industry players in capturing new opportunities created for service-related industries, including businesses relying on the use of professional textile care services In 2015, the show attracted 153 exhibitors from 19 countries and regions and set a new record with 10,267 visitors from 54 countries and regions, which represented a 20 per cent increase from the 2013 edition. Texcare Asia is a sister event of Texcare International. Every four years, Texcare International – the world market for modern textile care – provides an international venue for the textile-care sector in Frankfurt, Germany. The next edition of Texcare International will be held in 20 – 24 June 2020.
Source: Fibre2fashion.
