|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1258.49 |
USD/Ton |
0% |
2/28/2017 |
|
VSF |
2531.53 |
USD/Ton |
0% |
2/28/2017 |
|
ASF |
2153.25 |
USD/Ton |
0% |
2/28/2017 |
|
Polyester POY |
1285.40 |
USD/Ton |
0% |
2/28/2017 |
|
Nylon FDY |
3637.25 |
USD/Ton |
0% |
2/28/2017 |
|
40D Spandex |
5019.41 |
USD/Ton |
0% |
2/28/2017 |
|
Polyester DTY |
5666.84 |
USD/Ton |
0% |
2/28/2017 |
|
Nylon POY |
1513.10 |
USD/Ton |
0% |
2/28/2017 |
|
Acrylic Top 3D |
3433.56 |
USD/Ton |
0% |
2/28/2017 |
|
Polyester FDY |
2298.74 |
USD/Ton |
0% |
2/28/2017 |
|
Nylon DTY |
1585.84 |
USD/Ton |
0% |
2/28/2017 |
|
Viscose Long Filament |
3811.84 |
USD/Ton |
0% |
2/28/2017 |
|
30S Spun Rayon Yarn |
3171.68 |
USD/Ton |
0% |
2/28/2017 |
|
32S Polyester Yarn |
1891.37 |
USD/Ton |
0% |
2/28/2017 |
|
45S T/C Yarn |
2735.21 |
USD/Ton |
0% |
2/28/2017 |
|
40S Rayon Yarn |
3302.62 |
USD/Ton |
0% |
2/28/2017 |
|
T/R Yarn 65/35 32S |
2386.04 |
USD/Ton |
0% |
2/28/2017 |
|
45S Polyester Yarn |
2051.41 |
USD/Ton |
0% |
2/28/2017 |
|
T/C Yarn 65/35 32S |
2298.74 |
USD/Ton |
0% |
2/28/2017 |
|
10S Denim Fabric |
1.35 |
USD/Meter |
0% |
2/28/2017 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
2/28/2017 |
|
40S Combed Poplin |
1.18 |
USD/Meter |
0% |
2/28/2017 |
|
30S Rayon Fabric |
0.67 |
USD/Meter |
0% |
2/28/2017 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
2/28/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14549 USD dtd. 28/2/2017)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Powerloom owners in this city and nearby Tirupur District will stop production from tomorrow protesting against fluctuating yarn prices, which they claimed alleged has seriously profit margins. "The increase in yarn prices for the last few months has seriously affected the profit margin of powerloom owners, who have a total of over two lakh powerlooms in both districts," Velusamy, Secretary of the Powerloom Job Workers Association, said. The strike will result in loss of business worth Rs 200 crore and production loss of 85 lakh metres daily, affecting both domestic and export business, besides five lakh workers, he said. The owners--directly taking orders from cloth traders,job workers and also those on contract--also demanded that the Government bring down VAT on yarn from five per cent to two per cent to bring down yarn prices. They also sought a ban on export of waste cotton, which could help further decrease in prices. A delegation is already in Delhi to discuss the issue with the ministries concerned, Velusamy said. (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Source: Business Standard
AHMEDABAD : Higher estimates of consumption and tight supply is likely to keep prices firm for the next few weeks, even as farmers continue to hold close to 40 per cent of the total crop of 341 lakh bales (of 170 kg each). Raw cotton Raw cotton (kapas) prices have remained firm in the range of ₹5,900-6,100 a quintal over the past few weeks due to lower-than-expected arrivals of crop and higher estimates of consumption. According to sources, so far about 208-210 lakh bales or about 61 per cent of total crop has arrived. Whereas on consumption front, the Cotton Association of India (CAI) has estimated for the ongoing year (October to September 2016-17), at 295 lakh bales, which is about 5 lakh bales higher than last year's 290 lakh bales. “Prices are likely to remain firm in near future as demand from yarn makers, millers, and export is likely to be higher this year. And we feel farmers are holdingcotton stock in huge quantities. So far about 210 lakh bales have arrived across India. This means more than half of the crop has arrived, so there is less room for prices to soften in near future,” said Arun Dalal, a leading trader from Ahmedabad. Gujarat Sankar-6 cotton candy (each of 356 kg) hovers around peak levels of around ₹42,600-43,300 for various varieties. No distress selling At Kadi market in North Gujarat, arrivals reported at 15,000 bales on Monday with prices in the range of ₹4,500-6055. Cotton farmer from Kadi noted, "If we are getting better price by waiting for a few weeks, then there is no harm. There is no need for us to do distress selling now as prices are good. We are bringing smaller quantity to the mandis so that the price benefit remains."
Source: Business Line
In a bid to increase cotton supply to khadi institutions, Khadi and Village Industries Commission (KVIC) is planning to upgrade its six cotton sliver plants under the Khadi Reform Development Program (KRDP) this year. The plants' production capacity will be increased by 40 per cent from current four million kgs to 5.6 million kgs a year. "We are going to upgrade all six sliver plants in this year to increase the cotton supply to the khadi institutions. Most of the plants are more than three decades old and it is necessary to change technology for better supply," said V K Saxena, chairman of KVIC. The commission will spend about Rs 35-40 crore on the upgradation of the plants. In the first quarter of next financial year, upgradation will be commissioned in all the six plants. The commission is also considering to set up new sliver plants. "Looking at the rising demand of khadi, we are also considering setting up two new sliver plants. However, it will take some time as detail report is yet to be prepared. With the upgradation of existing plants, the production capacity will increase by 40 per cent," Saxena said. KVIC is planning to provide sales platform to products made in prisons across India. At the annual board meeting at Sabarmati Ashram in Ahmedabad, the commission had taken this decision. KVIC has been encouraging prison inmates to take up khadi production. "It is observed that these prisons made products attain high quality, as witnessed in the jails of Gurugram and Tihar, where rehabilitation efforts are in progress. As an extension of these ongoing efforts, we have decided to provide a sale platform in KVIC's Khadi outlets," said Saxena. Based on the success of the pilot khadi sales through prisoners, the commission will tie up with more prisons in the country. Recognising the importance of enhancing the wages of khadi artisans to a moderate level and in order to ensure that khadi profession provides sustainable life support, the commission will increase the remuneration per hank (a coil or skein of yarn) from the existing Rs 5.50 to Rs 7 with effect from April 2017. This will increase the income of over 1.5 million khadi artisans across India. The rise amounts to about 27 per cent, said Saxena, while adding that higher wages will help improve khadi production in India. The commission has set about Rs 1,900-2,000 crore sales target of khadi and village industries products in the year 2016-17, the KVIC chairman claiming 80 per cent achievement of the target so far. Last year sales stood at Rs 1,510 crore. Going forward, KVIC is aiming at sales worth Rs 5,000 crore in next two years.
Source: Business Standard
Raymond has expanded its footprint through the acquisition of a garment unit in the south, land in Ethiopia and office spaces in many countries to attract the Indian community abroad. During a recent media interaction, Gautam Hari Singhania, Chairman & MD, Raymond Group, highlighted, out of the 55 countries across five continents where they supply products, the US accounts for 30 per cent of the total supply, while Europe and Japan account for 25 per cent and 20 per cent respectively. Exports account for 15 per cent of the overall revenue. The company now wants to move from an 'export-only’ model to an approach focusing on developing the market and increasing business by establishing a face to the name in select regions. In doing so, it has shortlisted a few markets where it would like to be present and invest in building deeper relationships and strategic partnerships with fashion brands and top retailers across the US, Europe, UK, Middle East, South Asia and Japan. Growing network beyond India The company recently set up an office in Dubai for customers in the Gulf region, South and Central Asia and East Africa. Its existing London office caters to the UK and Europe. It is also in the process of opening an office in New York primarily to focus on customers in North America. Going strongly with ‘Make in India’ initiative, the company is planning capacity expansion in Kolhapur and Yawatmal units. Additionally, it is also setting up a greenfield textile project in Amaravati. The idea behind setting up a garments unit in Ethiopia, the fastest growing and stable economy in the African continent, is to mitigate export risks. Ethiopia has duty free access to the US and European markets, making its products competitive for global markets. With over 2 million jackets per year, Ethiopia will be among the largest single-location suit manufacturing facility in the world. Ethiopian unit will entail a capex of Rs 150 crores in Phase-1. Growing from strength to strength Raymond is a strong player in the fabric segment and commands nearly 80 percent market share. Over the past three years, the company has aggressively invested in manufacturing shirts in the B2C branded fabric portfolio and has emerged as a dominant market leader in this segment too. Apparels are another strategic business for Raymond with four power brands: Raymond, Park Avenue, Parx and Color Plus. They are among the three biggest apparel brand players in India. Talking about positioning, Singhania says, their focus is to sharpen the brand's positioning by leveraging each brand to its full potential, hence capturing the ‘full wallet’ of customers. The company recently introduced the 'Raymond Whites' series, coupled with other world-class launches, including light-weight jackets and top-end sweaters in the domestic market. It also plans to expand retail footprint through exclusive brand stores and multi-brand stores. Besides expansion, the company is also renovating and digitising existing stores to enhance shopping experience in retail. Capturing youth’s fancy Raymond caters to over 20 million unique users across demographics and age groups. The company has over four million customers on loyalty platform. Each brand has a sharp role assigned in the context of brand positioning and product offering. Parx for examples is a sharp youth-oriented brand targeting customers between 18 to 24 years. Parx is the fastest growing casual brand in the country offering value based pricing. Whereas, Park Avenue has been a preferred choice for the 'alpha male' over the years with a strong focus on fashion formal offerings for the young generation.
Source: Fashion United India
The RBI has published data on sectoral deployment of bank credit collected on a monthly basis from select 46 scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, for the month of January 2017
Highlights of the sectoral deployment of bank credit are given below:
|
(Rs. billion) |
|||||||||||
|
|
|
Outstanding as on |
Variation (Year-on-Year) |
Variation (Financial Year) |
|||||||
|
Sr.No |
Industry |
Jan.23, 2015 |
Mar.20, 2015 |
Jan.22, 2016 |
Mar.18, 2016 |
Jan.20, 2017 |
Jan.22, 2016 / Jan.23, 2015 |
Jan.20, 2017 / Jan.22, 2016 |
Jan.22, 2016/ Mar.20, 2015 |
Jan.20, 2017/ Mar.18, 2016 |
|
|
|
|
|
|
|
|
% |
% |
% |
% |
||
|
2.4 |
Textiles |
1975 |
2019 |
2027 |
2058 |
1870 |
2.7 |
-7.8 |
0.4 |
-9.1 |
|
|
2.4.1 |
Cotton Textiles |
975 |
1000 |
1017 |
1035 |
905 |
4.3 |
-11.0 |
1.6 |
-12.5 |
|
|
2.4.2 |
Jute Textiles |
22 |
22 |
22 |
22 |
21 |
-1.4 |
-6.5 |
-0.8 |
-4.7 |
|
|
2.4.3 |
Man-Made Textiles |
200 |
204 |
208 |
208 |
194 |
4.1 |
-6.7 |
2.4 |
-6.6 |
|
|
2.4.4 |
Other Textiles |
777 |
793 |
780 |
793 |
749 |
0.4 |
-4.0 |
-1.6 |
-5.5 |
|
|
TOTAL |
Industries |
25792 |
26576 |
27244 |
27307 |
25866 |
5.6 |
-5.1 |
2.5 |
-5.3 |
|
SOURCE: RBI, Database on Indian Economy
The GST Council (GC) has met 10 times during the past few months and has made remarkable progress on various aspects of the GST legislation. In the last meeting held on February 18, the Compensation Bill was approved by the GC and the next meeting slated for this weekend (March 4-5) is expected to finalise the CGST and IGST Bills. A key area which does not appear to be receiving requisite attention is the decision on the rates that will apply to various goods and services under GST. It is understood that a separate team of officials has been working for quite some time on classifying goods and services into various rate baskets. In the fourth meeting of the GC held on November 3-4, 2016, it was decided to have four rates (5%, 12%, 18% and 28%) in respect of goods; however, no decision seems to have been taken yet in respect of services. There is a view that the rate of GST on services would be kept at 18% for all services with a few abatements for specified services, hence a detailed discussion on the rates applicable to services is not necessary. The repeated emphasis of the government on July 1, 2017, as the date of introduction of GST has meant that most businesses small and large are scampering to get GST-ready by the go-live date. In order for a business to be GST-ready, it is essential to have clarity on rates, as without certainty on rates, no meaningful inferences on the effect of GST on a specific business can be drawn. It is also relevant to note that many countries where GST has been introduced have given complete clarity to business much before GST introduction. In case of Malaysia, businesses were given 18 months to prepare, while in Australia a period of 12 months was given to business. Hence, the need of the hour is to focus on the rate finalisation exercise with specific emphasis on the following aspects: Decide on the rates applicable to services keeping in mind that the existing practice of having one rate applicable to all services may not be appropriate in the GST scenario. There does not appear to have been any discussion on multiple rates for services and hence it would be instructive to look at the rationale of the same. The economic rationale of having multiple rates for goods based on the affluence quotient of the consuming class is equally applicable to services. For instance, if the GST rate on essential goods is exempted or kept low, by the same analogy, the GST rate on essential services should also be kept exempt or low. There are certain services which are consumed by common people such as telecom, cable/DTH, rail travel agents services, etc, which should ideally be taxed at 5%. Many other services can be taxed at 12% and some services which are consumed by the affluent sections of society can even be taxed at 28%. Determine the product classification relevant to the rate buckets already decided for goods. This is also a complex exercise despite the rate buckets having been finalised on account of the sheer volume of goods that are required to be put in the appropriate rate bucket. It is understood that the Central Excise Tariff would be the basis of determining the product classifications and all the entries in the tariff would need to be assigned rates that are acceptable to all states. At this juncture, we need to remember that being a diverse country with various state-wise product preferences and tastes, harmonising the GST rate on a specific product having nationwide applicability is indeed a challenging task. There is no doubt that the GC should focus on getting the draft legislation approved in the next meeting slated for this weekend. At the same time, it is essential that the rate finalisation exercise for both goods and services is also completed expeditiously and announced in early March to enable businesses to move ahead in preparing and welcoming the most significant tax reform that the country has undertaken.
Source: Financial Express
The second Advance Estimates of gross domestic product (GDP), released by the Central Statistics Office (CSO) on Tuesday, show an economy in the pink of health. Three trends stand out. First, contrary to expectations of consumption taking a hit after demonetisation, private consumption has grown robustly in the third quarter (Q3). Demonetisation had drained out 86 per cent of the currency in circulation and remonetisation is still not complete. Yet, the CSO now expects private consumption, which is largely households, to grow at a faster pace in the second half (October-March) of FY17 than in the first half (April-September). Second, after three quarters of consecutive contraction, investments rebounded in Q3. But, notwithstanding fears of a slowdown in private sector investments, the CSO now expects the pace of acceleration in investments to rise in the fourth quarter (Q4). Third, while the government has already breached its fiscal deficit, the CSO expects government expenditure to continue to grow robustly in Q4 as well. The Advance Estimates suggest that fears of private consumption taking a hit after demonetisation were either misplaced or overblown. Private final consumption expenditure grew at a staggering 10.1 per cent in Q3. In Q4, the CSO expects it to grow by 6.5 per cent. Thus, over the course of the second half of the financial year, private consumption is expected to grow at 8.2 per cent, higher than 6.1 per cent in the first half (H1) of the year, when demonetisation had not taken place. This raises two points. First, demonetisation had virtually no impact on household consumption in Q3. Second, growth is expected to slow down in Q4, when remonetisation is believed to have gathered steam. Second, after contracting for three consecutive quarters, investments (gross fixed capital formation, or GFCF) grew by 3.5 per cent in Q3. This is a stunning reversal, especially in the light of capital goods segment of the Index of Industrial Production contracting by 7.7 per cent over Q3. And despite worries over bank lending falling and private sector investments not taking off, according to the CSO, investment activity is picking up pace. GFCF is now expected to grow at 6.5 per cent in Q4. Over the second half of the year, the CSO now projects GFCF to grow at five per cent, after contracting by 3.7 per cent in the first half of the financial year.
Source: Business Standard
India’s revised tax treaty with Singapore, aimed at checking round-tripping of funds, has come into force. While most clauses of the amended treaty signed on December 30 took effect from February 27, the principal clause allowing levy of capital gains tax on investments routed through Singapore will come into force from April 1. “The third protocol amending the existing avoidance of double taxation agreement between Singapore and India entered into force on February 27, 2017,” a statement issued by the ministry of finance of Singapore said. India had, in May last year, signed a revised tax treaty with Mauritius, triggering a change in the double taxation avoidance pact with Singapore. Mauritius and Singapore are among the top sources of foreign direct investments into India and also account for a big chunk of total inflows into the country's capital markets.
Source: Business Standard
The growth of eight core sectors slowed down to a five-month low of 3.4 per cent in January mainly due to contraction in output of refinery products, fertiliser and cement. The growth rate of eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity was 5.7 per cent in January 2016. Infrastructure sectors' expansion in January this year is the lowest since August 2016, when the segments had recorded a growth of 3.2 per cent. It is also lower than that of 5.6 per cent seen in December 2016. The core sectors, which contribute 38 per cent to the total industrial production, expanded 4.8 per cent in April - January this fiscal compared to 2.9 per cent growth in the same period previous financial year, according to the data released by the commerce and industry ministry on Tuesday. The output of refinery products, fertiliser and cement contracted by 1.5 per cent, 1.6 per cent and 13.3 per cent, respectively during the month under review. Both coal and electricity expanded at 4.8 per cent in January as against 7.9 per cent and 11.6 per cent expansion respectively in January 2016. However, crude oil, natural gas and steel output reported positive growth. Crude oil output grew by 1.3 per cent in January 2017 against 4.7 per cent contraction in the same month of previous year. Similarly, natural gas and steel output rose by 11.9 per cent and 11.4 per cent respectively during the month under review.
Source: The Free Press Journal
OECD on Tuesday trimmed its India growth forecast to 7% for 2016-17 mainly due to demonetisation against 7.4% projected earlier. However, it still viewed India as a star performer, saying that growth will likely touch 7.3% in the next fiscal before rebounding to 7.7% in 2018-19. “India has been a star performer in gloomy times. We do not have many cases of 7% growth… It is a top reformer among all the G-20 countries,” OECD secretary-general Angel Gurria told reporters here after the release of the Organisation for Economic Co-operation and Development’s (OECD) economic survey for India along with economic affairs secretary Shaktikanta Das. The country had grown 7.9% in 2015-16, according to official data. Demonetisation has long-term benefits The demonetisation of high-value currency notes has “transitory” and “short-term costs”, in terms of impact on private consumption, but it should have long-term benefits, the OECD said. “The shift towards a less-cash economy and formalisation should, however, improve the financing of the economy and availability of loans (as a result of the shift from cash to bank deposits) and should promote tax compliance,” it said.
Raise more from property tax
Gurria suggested that the government should raise more revenues from property taxes and personal income tax. “Less than 6% of population pays personal income tax. There should be fewer exemption and more statutory rates,” the secretary-general said. The benefits of tax reliefs to the housing sector are mostly cornered by the better offs, he added. “There is also scope to raise more revenue by less distortive property taxes. Raising more revenue from recurrent property taxes would require granting municipalities more power to implement them and set tax rates, and establishing up-to-date property values,” the OECD said.
Cut corporate tax, slap inheritance levy
India should gradually reduce the corporate tax rate to 25% for all companies from roughly 30% now, introduce an inheritance tax and provide certainty in tax rules, the OECD said. The Paris-based think-tank cited a 2015 report by Credit Suisse to suggest that the poorest 30% households in India own just 0.1% of the country’s total wealth, while the top 10% owned 62%. “The wealth tax (1.1% of the central government total tax revenue in 2013-14) was abolished in 2015 and inheritance taxes are virtually absent despite the extreme concentration of wealth in the hands of a few,” the OECD said. It added that comprehensive tax reforms, especially the goods and services tax, would lift all boats and raise revenue, helping the government deal with the high poverty rate more effectively. It suggested that living conditions across the states could be improved by focusing on farm production, urban infrastructure, liberalised product and labour market.
Efforts to tackle NPAs must continue
The OECD said the ongoing consolidation process among public banks is welcome and should continue. “However, some banks may need to be closed down or merged with other banks,” it added.
Source: Financial Express
Non-food credit growth continued to languish in the region of multi-year lows at 4.87% in the fortnight ended February 17, even as it improved from the previous fortnight’s figure of 4.76%. According to data released by the Reserve Bank of India (RBI), non-food credit grew to R73.8 lakh crore during the fortnight. Growth in food credit remained in negative territory for the second straight fortnight. Food credit as on February 17 stood at R1.05 lakh crore, 2.08% lower than in the year-ago period. Overall bank credit rose 4.77% year-on-year (y-o-y) to R74.85 lakh crore, as against a 4.68% growth in the previous fortnight. Deposits with the banking system fell to their lowest since November 11, which was the first day banks began to receive deposits of demonetised R500 and R1,000 currency notes. Aggregate deposits stood at R104.87 lakh crore, up 12.77% y-o-y. While banks had seen a steady rise in deposits since the announcement of demonetisation on November 8, some of these deposits have already begun to flow out of the system. The outflows began in late December as the RBI gradually eased restrictions on cash withdrawals. Tuesday onwards, the weekly limits for withdrawals from savings accounts will stand at R50,000, as against R24,000 earlier. Limits will not apply March 13 onwards. Most banks expect 40% of the deposits received after demonetisation to remain with them. The credit-deposit (CD) ratio of the banking system, or the proportion of deposits deployed as loans, rose to 71.38% from 70.81% in the previous fortnight. The ratio has been increasing gradually after falling in the first three fortnights after demonetisation when banks sat on piles of deposits in an environment of weak credit demand. Lenders have been banking on interest rate cuts to push demand for credit. However, the RBI’s February 8 decision to change its stance to accommodative from neutral may have signalled an end to the rate-easing cycle that began in January 2015.
Source: Financial Express
Developing countries in Asia and the Pacific will need to spend up to $1.7 trillion a year, or $26 trillion through 2030, to meet their infrastructure needs and to maintain the region's growth momentum, the Asian Development Bank said in a report Tuesday. That's more than double the previous estimate, made in 2009. The Manila-based bank's report covering 45 countries says despite dramatic growth in infrastructure development that has supported growth, reduced poverty and improved people's lives, a substantial gap remains. More than 400 million people still lack electricity, 300 million have no access to safe drinking water and about 1.5 billion lack basic sanitation. Many economies in the region lack modern ports, railways and roads to better connect them to larger domestic and global markets, the report said. "The demand for infrastructure across Asia and the Pacific far outstrips current supply," said ADB President Takehiko Nakao. "Asia needs new and upgraded infrastructure that will set the standard for quality, encourage economic growth, and respond to the pressing global challenge that is climate change." The 25 economies comprising 96 percent of the region's population currently spend $881 billion a year on infrastructure. A significant part of the investments needed involve adapting to climate change, such as shifting from carbon-intensive modes of travel like private cars to public transportation like subways and railways, elevating road embankments, reinforcing structures and fortifying flood control systems to guard against rising sea levels and extreme weather events. Including climate change mitigation and adaptation, infrastructure needs in the region will exceed $26 trillion or $1.7 trillion per year, the report said. The earlier, 2009 estimate, based on 2008 prices, included the infrastructure needs of 32 countries in 2010 to 2020. The latest report covers 45 countries and uses 2015 prices. The report urges countries to enact regulatory and institutional reforms to make infrastructure more attractive to private investors, to boost government revenues through taxation and other reforms and to prioritize spending on infrastructure.
Source: Tecoya Trend
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 55.36 per barrel (bbl) on 27.02.2017. This was higher than the price of US$ 55.18 per bbl on previous publishing day of 24.02.2017. In rupee terms, the price of Indian Basket increased to Rs. 3694.17 per bbl on 27.02.2017 as compared to Rs. 3687.76 per bbl on 24.02.2017. Rupee closed stronger at Rs. 66.72 per US$ on 27.02.2017 as compared to Rs. 66.84 per US$ on 24.02.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on February 27, 2017 (Previous trading day i.e. 24.02.2017) |
Pricing Fortnight for 16.02.2017 (Jan 28, 2017 to Feb 13, 2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
55.36 (55.18) |
54.67 |
|
(Rs/bbl |
3694.17 (3687.76) |
3683.12 |
|
|
Exchange Rate |
(Rs/$) |
66.72 (66.84) |
67.37 |
Source: PIB
US economic growth slowed in the fourth quarter as previously reported, with robust consumer spending offset by downward revisions to business and government investment. Gross domestic product rose at a 1.9 percent annual rate in the final three months of 2016, the Commerce Department said on Tuesday in its second estimate for the period. That matched the estimate published last month. Output increased at a 3.5 percent rate in the third quarter. The economy grew 1.6 percent for all of 2016, its worst performance since 2011, after expanding 2.6 percent in 2015. Economic data early in the first quarter has been mixed, with retail sales rising in January but homebuilding and business spending on capital goods easing. The economy may get a boost from President Donald Trump’s proposed stimulus package of sweeping tax cuts and infrastructure spending as well as less regulations. Trump, who pledged during last year’s election campaign to deliver 4 percent annual GDP growth, has promised a “phenomenal” tax plan that the White House said would include tax cuts for businesses and individuals. Details on the proposal remain vague, though Treasury Secretary Steven Mnuchin said on Sunday that Trump would use a policy speech to Congress on Tuesday night to preview some aspects of his tax reform plans. Economists polled by Reuters had expected fourth-quarter GDP would be revised up to a 2.1 percent rate. U.S. Treasury prices rose after the data, while the dollar dipped against a basket of currencies. U.S. stock index futures were largely unchanged.
CONSUMER SPENDING JUMPS
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was revised sharply higher to a 3.0 percent rate of growth in the fourth quarter. It was previously reported to have risen at a 2.5 percent rate. That meant private domestic demand increased at a 3.0 percent rate, faster than the 2.8 percent pace reported last month. Some of the rise in demand was met with imports, which increased at a 8.5 percent rate rather than the 8.3 percent pace reported last month. Exports declined, leaving a trade deficit that subtracted 1.70 percentage point from GDP growth as previously reported. There was a small downward revision to inventory investment. Businesses accumulated inventories at a rate of $46.2 billion in the last quarter, instead of the previously reported $48.7 billion. Inventory investment added 0.94 percentage points to GDP growth, down from the 1.0 percentage point estimated last month. Business investment was revised lower to reflect a more modest pace of spending on equipment, which increased at a 1.9 percent rate instead of the previously estimated 3.1 percent pace. That was still the first increase in over a year and reflected a surge in gas and oil well drilling in line with rising crude oil prices. Spending on mining exploration, wells and shafts increased at a 23.6 percent rate instead of the previously reported 24.3 percent pace. It declined at a 30.0 percent pace in the third quarter. Investment in nonresidential structures was revised to show it falling at a less steep 4.5 percent pace in the fourth quarter. It was previously reported to have declined at a 5.0 percent rate. Overall, business investment contributed 0.17 percentage point to GDP growth, less than the 0.30 percentage reported last month. Spending on residential construction increased at a 9.6 percent rate, which was downwardly revised from the 10.2 percent pace reported last month. The rebound followed two straight quarterly declines. Government spending increased at a 0.4 percent rate in the fourth quarter, rather than the previously reported 1.2 percent pace of growth. As a result, government investment made no contribution to growth. It was previously reported to have contributed 0.21 percentage point.
Source: Financial Express
China's economy faces risks from international uncertainties and excess factory capacity this year, the statistics bureau said on Tuesday. The world's second-largest economy grew 6.7 percent last year, easing from the pace in 2015 but roughly in the middle of the government's target range of 6.5-7 percent. Yet, even as China's exports are finally showing signs of recovering after a multi-year slump, the outlook for global demand is being clouded by a feared rise in U.S. trade protectionism. "The international situation is still complex and volatile, there are still many uncertainties and there are contradictions between domestic overcapacity and structural upgrading," Li Xiaochao, vice head of the National Bureau of Statistics, said a statement posted on the agency's website. Li pointed to problems of deep adjustments of the world economy, weak global trade and the trend of deglobalization. China far exceeded its targets to reduce bloated industrial overcapacity last year by forcing the closure of many inefficient steel plants and coal mines. It has earmarked further reductions for 2017, though market watchers say much of the outdated operations are being replaced with leaner and cleaner ones, doing little to reduce overcapacity and the threat of oversupply. Li also said maintaining mild inflation will be favorable for China's economy, as price pressures start to build again globally after years of weakness. Consumer inflation accelerated to 2.5 percent in January from a year earlier, the highest for a month since May 2014, while producer price inflation accelerated to 6.9 percent -- the fastest since August 2011 -- as a construction boom fueled demand for materials from steel to cement. About 57 percent of the 1.38 billion mainland Chinese lived in towns and cities at the end of 2016, the statistics bureau said in a report on China's economy and social development on Tuesday. The urbanization rate rose 1.25 percentage points from a year earlier, it said. The government hopes 60 percent of China's population will be urban residents by 2020. China's working-age population was at 907.5 million at the end of 2016, down 3.5 million from a year earlier, it said.
Source: Financial Express
Second from left, Mitsuhiro Furusawa, deputy managing director of the International Monetary Fund, visits Eco Couture, a green factory of Viyellatex Group, in Gazipur yesterday. Photo: Viyellatex A top official of the International Monetary Fund has expressed optimism about the future of Bangladesh's garment sector after he saw firsthand the industry's efforts to embrace green practices. “The future of Bangladesh's apparel industry is very bright because of the good workers and the vibrant private sector entrepreneurs,” Mitsuhiro Furusawa, deputy managing director of the IMF, said yesterday. He said the garment sector of Bangladesh has progressed a lot over the years, and turning the factories into green units to save water, energy and the environment is a good initiative. The IMF official visited two green factories -- Eco Couture Ltd and Ecofab -- both owned by Viyellatex Group, a leading garment maker based in Gazipur. “The atmosphere is excellent for the workers. I am very much impressed,” Furusawa said. “I think the garment sector has a bright future. But Bangladesh needs to improve infrastructure further.” Furusawa, who came to Dhaka on Sunday on a two-day visit, said the IMF stands ready to offer support to the private sector of Bangladesh. “An improved business climate is important for the country. Bangladesh should simplify the rules by reducing red tape.” Some 67 garment factories of Bangladesh have obtained a highly regarded global certification -- the Leadership in Energy and Environmental Design (LEED) of the US Green Building Council. Another 222 factories have registered to obtain the recognition, according to Bangladesh Garment Manufacturers and Exporters Association. Currently, Bangladesh has 13 platinum-rated, 20 gold-rated, 27 silver-rated and 7 LEED-certified garment factories. Seven of the world's top 10 green factories are from Bangladesh, including the top three platinum-rated industrial units, said KM Rezaul Hasanat, chairman of Viyellatex Group. Platinum is the highest level of certification that a factory can earn. Hasanat said he can save more than 40 percent energy thanks to the green initiative. He said green factories are not only about saving energy and water or protecting the environment, but also about ensuring a safe workplace. “In a green factory, workers feel safe and confident,” he said. The entrepreneur said a green factory also houses schools, childcare, health care, recreation and training facilities dedicated to workers. Speaking about his two green units, Hasanat said Eco Couture was designed in the concept of an opera house where artistes work. “Garment workers are also like artistes as they are involved in innovative work.” Located in Jogitola in the industrial belt, the LEED gold-certified two-storey Eco Couture is located on an 144,000-square feet space where all operations from sewing to packing of a product take place. Ecofab is an extension of the group's woven business, Interfab Shirt Manufacturing Ltd. It is a modern environment-friendly production unit and was set up following the concept of a resort. Both the units went into production last year. Hasanat has invested Tk 200 crore to construct the two units which employ 5,000 workers. Olymp, Hugo Boss, Calvin Klein, PVH, DKNY, Marks & Spencer, Esprit and s.Oliver are the major customers of the group. Source: The Daily Starlied DNA Proposes Cotton Tagging as a Means to Ending Forced Labor (Source: Genevieve Scarano, Sourcing Journal Online, February 28, 2017) Applied DNA Sciences has a solution for ending forced labor in the Uzbekistan cotton sector. The bio-tech solutions provider has identified lead genetic makers that are tied to Uzbekistan cotton cultivars. The biomarkers have been tested in raw and ginned cotton, with subsequent yarn and finished textile testing forthcoming. Using Applied DNA’s SigNature T molecular tag, which authenticates the forensic origin of cotton, it would be possible to differentiate Uzbek cotton harvested by machinery from that which derives from forced labor. To make this possible, Applied DNA is urging industry members, NGOs and government bodies to work together to introduce modern ginning and machine harvesting in Uzbekistan. Funding could be provided by industry members, organizations and federal authorities to provide the nation’s cotton farms with advanced equipment, meanwhile brands could supply molecular markers to identify the ethically harvested cotton, thereby removing the cotton produced from forced labor from the market. For brands, retailers and manufacturers, this system would have the added benefit of insulating them against the PR damage their companies could face if the public knew there was Uzbek cotton in their products, according to James Hayward, president and CEO of Applied DNA. SigNature T is applied where locally grown cotton is ginned and then forensically authenticated from fibers to finished goods. To date, many brands have used SigNature T for over 150 million pounds of U.S.-grown cotton. “DNA technology can help businesses and regulators enhance traceability and transparency in global supply chains,” International Labor Rights Forum Cotton Campaign coordinator Kirill Boychenko said. “Applied DNA’s advances in molecular tagging and cotton genotyping can provide technical guidance on cotton produced with forced labor from countries like Uzbekistan and Turkmenistan that can then be used by brands, retailers, supply chain intermediaries and law enforcement to ensure responsible sourcing.”According to Cotton Campaign data, the Uzbek government every year forces over one million Uzbek citizens to work long hours picking cotton for state-run industries, and if they refuse to do so, they face losing their jobs or education opportunities. As a result of these practices, the U.K. and U.S. are among the many countries that have passed policies to prevent the trafficking of unethical Uzbek cotton within their borders.
Source: The Daily Star
Pegas Nonwovens SA, one of the leading global producers of nonwoven textiles for use primarily in the personal hygiene products market from the Czech Republic to build a state-of-the-art manufacturing facility in Atlantis, in the Western Cape, with an investment to the tune of R1-billion. The Western Cape’s tourism, trade and investment promotion authority and Into South Africa, an investment advisory firm, plan to make an official announcement on Wednesday about the investment. The investment is one of the biggest foreign direct investments in manufacturing in the Western Cape since 2011, came after months of negotiations and due diligence reports. Currently PEGAS runs two plants with a total of 8 production lines in the Czech Republic and one production line in Egypt. The total production capacity of the Company is currently up to 110 thousand tonnes of nonwoven fabric per annum. PEGAS consists of a parent holding company in Luxembourg and four operating companies, PEGAS NONWOVENS s.r.o., PEGAS-NT a.s., PEGAS - NW a.s. and PEGAS – NS a.s., all located in the Czech Republic. Pegas’s investment in the manufacturing facility in Atlantis will also create hundreds of jobs for local residents.
Source: Yarns and fibres
Two US-based manufacturers serving the growing digital print market are combining expertise to bring a full range of textile printing substrates optimised for today’s digital printing technologies. Mohawk Fine Papers, in collaboration with Aurora Specialty Textiles Group, is launching a line of textiles for digital printing. Called Mohawk Printable Textiles and Canvas, Engineered by Aurora, the product line includes a wide variety of high quality textile products engineered to work optimally on the latest digital print technologies for a broad range of end use applications. “Mohawk is pleased to partner with Aurora to expand our wide format product offering. Aurora offers a best-in-class portfolio of printable textiles and canvas that allows Mohawk to truly serve as a one-stop-shop for our customer’s wide format printing needs,” said Mike Madura, Vice President, Digital, Mohawk. Growing demand The collaboration reflects the rapidly growing demand in North America for textile substrates, such as specialised canvas products for digital printing. The move also reflects Aurora’s leadership position as a North American developer of high quality textile printing products, and Mohawk’s global leadership in the digital printing industry, the company reports. “Aurora is very excited to partner with Mohawk in providing the North American paper distribution channel with access to a full range of printable textiles and canvas engineered to perform on today’s newest digital printing equipment,” said Mark Shaneyfelt, Director of Sales & Marketing, Printable Textiles, at Aurora. “Our partnership combines Aurora’s textile coating and finishing manufacturing expertise with Mohawk’s market-leading knowledge in serving the digital needs of the North American paper distribution channel. In summary, our collaboration provides that channel with a “one stop” shop for all their digital print media needs.” Committed tomanufacturing in US Aurora specialises in developing specialised textile substrates for the latest digital printing technologies and its products are designed for printing on latex, UV, solvent and dye sublimation printers. Aurora has an established, full line of products to meet application needs in wall graphics, wall coverings, front lit and backlit displays and fine art. Mohawk has an established history of manufacturing in the North American paper distribution channel and a network of warehouses located across North America, plus comprehensive expertise in research and development and a skilled staff of digital specialists with experience in helping their distribution partners successfully use new substrates and printers. With this collaboration, Mohawk says it is providing one-stop-shopping for digital print customers. Both companies are privately owned by US-based families, and are established manufacturers with US plants committed to maintaining North American operations and supporting the communities that rely on their companies for jobs and economic viability. In addition, both have invested in state-of-the-art manufacturing technologies and are committed to sustainable manufacturing practices.
Source: Innovations in Textiles
Over a 100 exhibitors are expected to showcase their products at the 6th International Apparel and Textile Fair (IATF) that will take place from April 8-10, 2017 at the Dubai World Trade Centre. The event provides exhibitors a platform to showcase their collections to new and established retailers, wholesalers and manufacturers and build brand identity. The event will open opportunity for buyers, distributors and designers to view a large range of fabric from the most prestigious textile mills all over the world – all under one roof. Organised by Nihalani Events Management, the 6th IATF is supported by the Istanbul Ready-Made Garment Exporters’ Association (IHKIB), an organisation that aims to enhance the apparel exports of Turkey by having its members participate in trade related activities. In line with this, various exhibitors from Turkey will showcase their products at IATF. Turkish exhibitors will showcase diverse products including intimate apparels, thermal wear, nightwear, swimwear, sportswear, lingerie, corsets, undergarments and loungewear. A majority of the Turkish exhibitors specialise in homewear and lingerie, thus it is expected to have a huge selection of these during the event. Some Turkish exhibitors to look forward to during the event are Mendo, Anil, Nurteks, Bondy, Iberya, Shirly, Sevim and many more. The exhibitors will cater to men, women and children's apparel and textile needs, said the organiser in a press release. Exhibitors from the Asian region including China, India, Korea, Japan, and Pakistan will also participate in the event. A number of exhibitors are coming from the Middle East, Europe, Africa and the US. Print studio collections, machineries, home textiles and accessories and trims will also be showcased at the IATF.
Source: Fibre2Fashion
Zion Market Research, the market research group announced the analysis report titled ‘Textile Chemicals Market: Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021′. The chemicals that are used during various processes of fabric or yarn manufacturing are known as textile chemical. As per the defined process in textile industries, it has numerous finishing procedures including pretreatment, dyeing, printing, and enhancement of fabrics. The chemicals include a list of the specialized chemicals such as flame retardants, biocides, and water repellents as well as normal chemicals such as greases, starch, waxes, and others. The various sources of the raw materials used in textile chemicals are extracted from nature or produced synthetically. On the basis of products, the global textile chemicals market is segmented as finishing agents, surfactants, bleaching agents, yarn lubricants, colorants, and coating and sizing chemicals. There are certain processes wherein the chemicals are utilized. Based on the process used, the global market is further segmented as scouring, bleaching, de-sizing, softening, mercerization, dyeing, and others. Of which, the sizing and coating segment dominates the textile chemicals market. On the basis of end-user, the global textile chemicals market segmented as apparel, home furnishing, industrial, and medical apparel. Of which, the home furnishing segment was witnessed as the major segment in the textile industry. Rising demand for environment-friendly fabrics has led the development of eco-friendly chemical solutions by chemical manufacturers. The rigid growth of the real estate and housing segment has boosted the home furnishing requirements, which in turn impacts the growth of the textile in a positive way. Therefore, this indirectly augments the growth of the textile chemicals market. An increasing number of new brands launched globally as well as constantly growing SME’s for apparel manufacturing has increased the growth of the global textile chemicals market. Moreover, the introduction of nanotechnology in the textile process resulting in the development of fabrics with exceptional chemical resistance, strength, water repellence, antibacterial properties, elasticity, flexibility, durability, and other properties is one of the factors driving the growth of the global market. In addition, the demand from medical industry for surgical apparels is also a key element for rising textile chemicals market growth. Furthermore, increasing utilization of greenhouse fabrics, automotive fabrics, and fireproof fabrics used in the household application may boost the growth of the textile chemicals market. Conversely, the large use of the hazardous textile chemical in the manufacturing process and consumer preferring hygienic products with the low concentration of chemicals may restrain the growth of the global textile chemicals market in the future. Asia Pacific is dominating the overall textile chemicals market globally. North America is anticipated to grow at steady a speed. In addition, owing to growing urban development in the Middle East, this region may fuel the market growth. Some of the major companies dominating the global textile chemicals market are BASF, Clariant International, BASF, Bayer Material Science, Huntsman International, The Dow Chemical Company, Kiri Industries Limited, Sumitomo Chemicals Co. Ltd., and Omnova Solutions. Other key players influencing the global market are Lubrizol Corporation, Archroma, Kemira, and Shaw Industries, Inc.
Source: Times of Kabul,
KARL MAYER Technische Textilien GmbH Technical Textiles is an expert and highly committed partner to the composites sector, and will be demonstrating this once again at the next JEC World show, to be held from 14 to 16 March 2017 in Paris. For the duration of this leading global composites fair, this textile machinery manufacturer can be found in hall 5A on stand N 54 of the Paris Nord Villepinte Exhibition Centre. Here, the guests of KARL MAYER Technische Textilien can look forward to having some interesting conversations. They will also be able to network and gather information on what the company has to offer. KARL MAYER Technische Textilien is offering the COP MAX 4 and COP MAX 5 multiaxial warp knitting machines for the production of high-performance composites. The COP MAX 4 is a flexible, all-round machine for producing multilayered, multiaxial structures having angles of from maximal +20° to -20°. The COP MAX 5 is the machine of choice for processing carbon fibres in particular. This machine enables multiaxial textiles having very low weights per unit area to be produced, and the fibre material can either be delivered online or offline. For the offline version, KARL MAYER Technische Textilien can also supply the UD 700 spreading unit for spreading the fibre tapes.
Source: TexData.
As an intiative drive to exclude adulteration in the cotton industry, Applied DNA Sciences, a provider of DNA-based supply chain, anti-counterfeiting and anti-theft technology, product genotyping and product authentication solutions; is offering molecular tagging and authentication service to brands and retailers. The platform is based on a SigNature T molecular tag, applied at the point where locally grown cotton is ginned, and forensically authenticated at each stage of the supply chain to allow traceability for fibres to finished goods back to their origin. The biomarkers have been tested in raw and ginned cotton. The testing of yarn and finished textiles is forthcoming. Applied DNA is looking for partners to aid in halting forced labour in cotton fields, while facilitating a global collaboration in identifying and highlighting Uzbek. The company proposes that machine harvesting and modern ginning be introduced to the Uzbek cotton industry as soon as possible, perhaps funded by governments, NGOs and the global cotton industry. Molecular markers supplied by the company could ensure that every relevant fibre is recognizable as free of forced labour. In collaboration with leaders within the cotton industry and cotton research, Uzbek cotton fibres could be introduced to the global market as a superior upland cotton, untainted by ethical compromise. Dr James Hayward, President and CEO of Applied DNA said that even if a retailer's brand were surreptitiously adulterated with Uzbek cotton, the damage to their equity would be irreparable. When combined with a programme of molecular tagging at the source, their products and services can de-risk supply chains for every cotton retailer, brand and manufacturer. Kirill Boychenko, Coordinator of the Cotton Campaign at the International Labour Rights Forum said that DNA technology can help businesses and regulators enhance traceability and transparency in global supply chains. Applied DNA's advances in molecular tagging and cotton genotyping can provide technical guidance on cotton produced with forced labour from countries like Uzbekistan and Turkmenistan that can then be used by brands, retailers, supply chain intermediaries and law enforcement to ensure responsible sourcing. Andrew Wallis, OBE, the catalyst behind the Modern Slavery Act, and Founder and CEO of Unseen, a UK charity that works towards a world without forced labour stated that the innovative use of technology by Applied DNA Sciences to tackling some of the world's most complex problems - transparency in supply chains and modern forced-labour abuses - is to be applauded. More than 250 brands and retailers have signed, The Cotton Pledge, promising not to knowingly source cotton from Uzbekistan.
Source: Yarns and fibres
The three Arab investors, Hassan Al Ghatani from Saudi Arabia, Harabi Al Ghatani from Kuwait and Khalid Abd Al Ghadir from Sudan were in Uganda to explore investment opportunities especially in the area of textile manufacturing, construction of warehouses and assembling buses. Trade Minister Amelia Kyambadde at the meeting which took place at Esella Country Hotel in Kira with the Arab investors said that they have a lot of animals in Uganda yet they still import leather products expensively and plastics from countries like China disguised as ‘leather’ She informed the Arab investors that there are a lot of investment opportunities in Uganda mainly in the area of value addition emphasizing textiles and leather. Kyambadde advised the Arabs to invest in leather manufacturing adding that Government has now imposed a ban on the exportation of raw hides and skin to enable the leather industry to grow. She also urged the investors to explore the establishment of textile industries and add value to cotton, saying Uganda currently has only 3 textile industries yet they harvest cotton twice a year with production standing at 102,619 bales per annum. She added that Uganda has the best quality cotton in East Africa but most of it is exported semi-processed. The investors are proprietors of companies specializing in manufacturing and engineering services with branches in Riyadh, Saudi Arabia, Dubai and Kuwait. Hassan Al Ghatani expressed interest in the textile industry of Uganda and said that they were ready to set up a textile industry and the purpose of their visit is to first establish how much cotton is produced and its quality, and whether Uganda has enough skilled labour to work in the factory. The trio later visited Fine Spinners textile factory in Industrial Area in Kampala, to get a feel of what it takes to manage a textile factory in Uganda. Al Ghatani added that they are also interested in construction of storage facilities especially warehouses and assembling of buses for public transport. The Executive Director of Uganda Warehouse Receipt System Authority Deborah Kyarasiime who attended the meeting informed them that currently, Uganda produces 7 million metric tons of grain per year; however, the storage infrastructure available is for only 550 metric tons leaving a very big gap. Kyarasiime added that Government plans to partner with the Private Sector to construct warehouses with capacity of 700,000 metric tonnes distributed in all the regions. She asked the Arab investors to explore this opportunity and co-invest with Government in the venture. Minister Kyambadde added that the land for construction of warehouses is already available with a number of districts that have offered land to construct. She however cautioned the investors on the use of local content in all their investments by employing the local people and shareholding with the districts that have offered the land for construction of the warehouses. The trio visited storage facilities (warehouses and silos) in Buloba on Mityana road. Khalid Abd Al Ghadir said that they are willing to explore the opportunity of working with Government of Uganda under the Public Private Partnership through Uganda Development Corporation or partnering with the farmers cooperatives. Ghadir said that they are willing to go back to Saudi Arabia and be back to Uganda in the next two months to start the investments. They shall start with the construction of warehouses which they find easy to do and after consultations in Saudi Arabia, they will consider the assembling of buses.
Source: Yarns and fibres
