Textile industry should invest in technology, especially post spinning technology, to grow further, said Sanjay Jayavarthanavelu, Chairman and Managing Director of Lakshmi Machine Works, here on Friday. Inaugurating Texfair 2017 and Farm to Finish Expo, a four-day event organised by Southern India Mills’ Association (SIMA), he said the textile industry should work towards addressing the challenges that come with changing trends. Earlier, there were four fashion seasons a year and textile manufacturers had substantial lead time to convert fibre to garment. Now, it is said that some fashion brands launch two collections a month. So the lead time available reduces for the manufacturers. However, segments such as leisure wear, bed and bath, and industrial fabrics are growing, throwing open new opportunities. Textile manufacturers are hence of two categories - those who make commodity items and those who make speciality fabrics. The industries needs to invest in technology to capture the potential in the market. Mr. Jayavarthanavelu also urged the industry to work together as there is a need for a comprehensive policy to grow in strength. Ajay D. Shah, president of Textile Machinery and Mill Stores Merchants Association, said the GST on textile spares was 18 % and the association has sought reduction of the rates. Kaizar Z. Mahuwala, president of Indian Textile Accessories and Machinery Manufacturers Association, said 63 of its members are taking part in the exhibition. Indian textile machinery market is expected to grow at 12 %. “We have the entire range of machinery and accessories for textile sector,” he said. P. Nataraj, Chairman of SIMA, said while the apparel exports grew during the first six months of this financial year, it dropped in October. The Government will have to revise the duty drawback and ROSL rates. The industry should upgrade technology to achieve exponential growth in exports. K. Vinayakam, Deputy Chairman of the association, said the Texfair is an event for textile machinery, spares and accessories, and is organised by the user industry. Many SMEs that took part in the fair initially have grown now. This year, the expo has 250 exhibitors and 300 stalls. “We expect one lakh visitors from different states and even abroad,” he said.
Source : The Hindu
Moody's Investors Service has upgraded the Indian Government’s local and foreign currency issuer ratings to Baa2 from Baa3, its lowest grade, and changed the outlook on that to stable from positive, attributing the raise to a “wide-ranging program of economic and institutional reforms”. This implies reduction in capital costs and more foreign investment. The company also upgraded India's local currency senior unsecured rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3, according to a Moody’s press release. The last upgrade had occurred in 2004, when India's status was marked Baa3. Moody's expects that continued reforms will gradually enhance India's high growth potential and its large and stable financing base for government debt, and will likely contribute to a gradual decline in the general government debt burden over the medium term. It believes that the reforms have reduced the risk of a sharp increase in debt, even in potential downside scenarios and will advance the government's objective of improving the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth. Reforms will complement the existing shock-absorbance capacity offered by India's strong growth potential and improving global competitiveness. Moody's has also raised India's long-term foreign-currency bond ceiling to Baa1 from Baa2, and the long-term foreign-currency bank deposit ceiling to Baa2 from Baa3. The short-term foreign-currency bond ceiling remains unchanged at P-2, and the short-term foreign-currency bank deposit ceiling has been raised to P-2 from P-3. The long-term local currency deposit and bond ceilings remain unchanged at A1. However, the government's debt is a cause for concern, with the debt to GDP ratio at 68 per cent in 2016 against a comfort level of 44 per cent in this particular rating category, Moody’s observed. This could severely hamper the government's ability to take any more debt for infrastructure projects, relying instead on issuing bonds, which may find greater acceptability due to the ratings upgrade. Most reform measures will take time for show impact, and some, such as the goods and services tax and demonetization, have undermined growth over the near term. Moody's expects real GDP growth to moderate to 6.7 per cent in fiscal 2017-18 and rise to 7.5 per cent in the next fiscal. In the long term, India's growth potential is significantly higher than most other Baa-rated nations, Moody’s added. (DS)
Source : Fibre2Fashion
With news reports surfacing over the drop in the volume of exports of the ready-made garments that involves a major chunk of the Micro, Small and Medium Enterprises (MSMEs), in the month of October by over 41 per cent, there is mixed opinion among exporters over the possible reasons of the slowdown. Talking to KNN, Dharmendra Joshi, Secretary General of the Gujarat Chamber of Commerce and Industry (GCCI) explained the situation. Joshi opined that there is visible slowdown in the overall volume of exports across sectors including the textile sector. Joshi added that the reasons behind the slow figure can be because of a steep international demand. Commenting over the impact of the Goods and Services tax (GST) with regard to the slowed exports, Joshi said that the new taxation is complicated and it is likely to take time for the traders and exporters to get along the new regime. He however maintained that the GST could factor as one of the reasons behind the fall in exports, but it can’t be singled out as the only reason for the same. “Globally there is a slow demand of commodities across sectors, GST may have proved to be one of the hurdles, and however it is not the only reason for the fall” Joshi said. Earlier, export body Federation of Indian Export Organizations said that the exporters were badly hit by the new taxation despite the positive trend of demand in the global market. The main reason for the same was the capital crunch that began to rise with the GST mechanism functioning in a nasty manner. The GST refund for tax paid on exports during the early months of the implementation continued to face complications despite the government time and again assuring that it will eventually go smooth, resulting in a big blow to the sector in total.
Source: KNN
The ratings upgrade by Moody’s will bring a new class of investors in the country, so far restricted by their investment mandate of not investing in countries below a threshold. That should strengthen the rupee naturally, but it may not be desirable for the central bank. To maintain the country’s competitiveness, the Reserve Bank of India (RBI) might still want to see the rupee a little weak vis-á-vis its export competitors, revealed a Business Standard poll of 10 senior treasury heads and economists. That usually means the central bank will have to intervene in the market to keep the rupee weaker than its actual strength. Foreign exchange reserves, which recently crossed $400 billion but have come off since then a bit, should get a strong boost as a result of the intervention, they said. However, in the short term, the rupee will maintain a strong bias. Ultimately the rupee’s fate is still tied to what happens to the dollar globally. The dollar index, which measures the greenback’s strength against major global currencies, has fallen rapidly in the past one year, from 102.5 in January to 93.7 level now. Emerging markets currencies have strengthened as a result, and the rupee has more often than not led the pack. This is not a comfortable position for the central bank when the trade deficit is widening. The intraday movement in the rupee also offered some clue in that reasoning. On news of the update, the offshore rupee market swung into action and pushed up the exchange rate to 64.78 a dollar level. In the domestic market, the rupee opened at 64.75 and strengthened to 64.63 before closing at 65.01 on RBI intervention. Abhishek Goenka, managing director and chief executive officer of IFA Global, a currency consultancy firm. The rupee’s real effective exchange rate (REER), on a 36-currency basket basis, was at 119.57, while on a six-currency basket (global major currencies) basis the REER was at 128.86. Anything above 100 is considered overvalued. “Even before the upgrade, the rupee was one of the best-performing emerging markets currencies. We expect the momentum to continue after the rating upgrade,” said Saugata Bhattacharya, chief economist of Axis Bank. There are also a number of experts who expect the rupee to gradually depreciate from the present level. “We expect the rupee to depreciate from here as global market fault lines show up. Hawkishness by the US Fed and European Central Bank, US tax reform are dollar-positive and emerging markets negative,” said Samir Lodha, head of QuantArt Markets Solutions, a treasury consultant, adding India’s widening trade deficit and chances of carry trade unwinding potentially can hit the rupee hard. Lodha expects the rupee to be in the 66-67 range in the coming months. Ajay Mahajan, head of commercial and wholesale banking at IDFC Bank, expects the rupee to be in the range 66-67 by March, basing himself on the belief that the initial euphoria would settle on the face of challenging global macroeconomic conditions. “INR in the short term would remain sensitive to the movements in the US dollar index, which has become very volatile of late. Trends in crude prices and the likely fiscal slippages will lead to a gradual depreciation of the rupee,” said Rupa Rege Nitsure, group chief economist of L&T Finance. Shubhada Rao, chief economist of YES Bank, said the rating upgrade and the ensuing policy reforms would give stability to the rupee, but it might touch 66 in the next two-three quarters.
Source : Financial Express
The rupee today bounced back in style to end at a one-week high of 65.01 against the US dollar after Moodys upgraded the country?s sovereign rating. In its biggest single-day surge in six weeks, the home currency settled the day with a solid 31 paise gain. The rating upgrade comes after a gap of 13 years - Moodys had last upgraded Indias rating to Baa3 in 2004. Stamping one of the most significant milestones, the global credit rating agency Moodys today upgraded Indias sovereign credit rating by a notch to Baa2 with a stable outlook. The rupee today hit an intraday high of 64.60 before giving back some win due to suspected RBI intervention. There is an air of optimism on Indias economic prospects and created an ambiance of feel good factor following Modi governments continued commitments towards strong governance and sweeping reforms measures, a forex dealer said. A rally on domestic equities further supplemented the currency momentum in a healthy way. Earlier at the Interbank Foreign Exchange (forex) market, the home currency made a stellar start with the huge gap-up at 64.75 against overnight close of 65.32 underpinned by the Moodys decision to upgrade the ratings amid massive dollar unwinding. Maintaining its dominance over the greenback, the rupee touched an intra-day peak of 64.60 in mid-morning deals. However, the local currency gave back some of its early strong gains following RBIs suspected intervention in the currency market through public sector banks to curb runaway rupee rally. It finally closed at 65.01, showing a steep rise of 31 paise, or 0.47 per cent. For the week, the local unit appreciated by a good 15 paise against the USD. In cross-currency trades, the rupee recovered sharply against the Pound sterling to finish at 85.79 from 86.16 per pound and strengthened against the Euro to settle at 76.71 from 76.82 earlier. The Indian currency, however fell back against the Japanese yen to end at 57.75 per 100 yens from 57.71. On the global front, the greenback drifted moderately lower against other major currencies as ongoing uncertainty over the fate of a major US tax reform plan and concerns over an investigation into Donald Trumps presidential campaign weighed. The dollar index, which measures the greenbacks value against a basket of six major currencies, was down at 93.64 in early trade. In forward market today, premium for dollar continued to show weakness due to sustained receiving from exporters. The benchmark six-month premium payable in April edged down to 127-129 paise from 128-130 paise and the far forward October 2018 contract also moved down to 266-268 paise from 268.50-270.50 paise yesterday. On the International energy front, crude prices remained under pressure on rising US supplies and doubts over Russian support for continuing a cut in crude output, despite OPEC showing willingness to extend an ongoing production cut beyond March 2018. Brent crude futures, the international benchmark for oil prices, were at USD 61.23 per barrel, down 13 cents from their last close. US West Texas Intermediate (WTI) crude futures were at USD 55.32 a barrel, up 18 cents.PTI EDM BPD MR
Source : Economic Times
After many quarters, the aggregate gross non-performing asset (NPA) levels were held stable in Q2, at 10.3% of loans, aided by banks writing off 0.5% of loans (Rs 330 billion) during the quarter and net slippages moderating to 0.7% (from 1.3% in Q1). While gross NPAs are at around 10% of loans, non-NPA stress remains high and accounts for another 5-7% of loans across banks. Slippages are likely to come largely from these buckets; as we saw in Q2, 30-70% of the slippage was from the watch list and restructured book. Axis Bank saw higher slippage outside of known stress on account of the Reserve Bank of India (RBI) audit. Q2 witnessed a sharp divergence in slippages, which moderated at public sector banks (PSBs) from the elevated levels seen in the last couple of quarters. However, private corporate banks have seen an increase in slippages, led by Axis Bank and YES Bank, which were impacted by the RBI audit. The RBI audit is yet to be completed at a few PSBs (SBI, Bank of India) and ICICI Bank, and this may impact their Q3 numbers. Most banks witnessed a sharp sequential drop in gross slippages. Moderation in slippage was visible in the SME and agriculture segments as well, after the Q1 increase (partly on account of farm loan waivers). Corporate slippage was down at most banks. Corporate banks appear to have accelerated write-offs in H1 (around 100bps of loans) as they wrote off another Rs 330 billion of loans in Q2. PSBs wrote off around Rs 2.8 trillion of loans (5.8% of loans, or around 60% of current PSB capital) over the past four years. Without this, NPAs will be 20-50% higher than the reported NPAs of 8-25%. Axis Bank and ICICI Bank have also written off Rs 50 billion (60bps of loans) in Q2 and Rs 335 billion (4.7% of loans) over the past four years. This high delinquency experience would necessitate high standard asset provisioning, whenever these banks migrate to International Financial Reporting Standards (IFRS). As a result, credit costs were up at 3.9% of loans on account of provisions on Insolvency and Bankruptcy Code (IBC) cases and ageing. NPA coverage, therefore, improved 300bps quarter-on-quarter to 46%. With most banks still to provide for the second list, credit costs are likely to remain high in H2. The overall stress asset cover remains low at around 33%. Q2 saw some pick-up in PSB loan growth, with many mid-sized PSBs (Punjab National Bank, Union Bank, Canara Bank, Indian Bank) growing loans 4-8% quarter-on-quarter. SBI, though, grew only 1% quarter-on-quarter. Therefore, while market share gains for private banks continue, it has slowed to 60% of incremental loans versus around 80% over the past 12 months. Their overall loan growth, though, continued to be healthy at about 20% year-on-year. In terms of deposits as well, private banks continue to gain market share, while this has been at a slower pace as compared to loans. Aggregate gross loan growth for PSBs was muted, at 1% quarter-on-quarter; some PSBs saw a pick-up in loan growth, growing 6-8% quarter-on-quarter. However, loan growth for banks under RBI’s prompt corrective action plan was relatively weak, most of which continue to witness a contraction, barring the Central Bank, in which loans grew at 7% quarter-on-quarter. As private banks’ loan growth has remained strong and continued to outpace deposits growth, their loan-to-deposit ratios have almost peaked at 85-95% versus 55-75% for PSBs, and hence we are unlikely to see them follow PSBs’ recent rate cuts on term deposits. On the back of the 50bps cut in savings deposits at most banks, they have witnessed a further 10-15bps drop in deposit costs. As loan growth saw a slight pick-up and banks continue to report losses on the back of higher provisions, capital consumption was higher this quarter, at 30-70bps across banks, further accentuating the need for PSB recap. Thirteen of the 21 banks, with loans of Rs 20 trillion (around 40% of PSB loans, and 60% excluding SBI), are with banks having common equity tier-1 (CET-1) of less than 7.5%. All the seven banks under RBI’s prompt corrective action also have CET-1 of less than 7.5% and these account for 17% of PSB loans. With Axis Bank recently raising Rs 120 billion of capital and SBI expected to be a key recipient (our estimate is Rs 420 billion) of the government’s PSB recap plans, their CET-1 levels will move up to 12.5-13.5%. ICICI Bank’s capital levels are already healthy, at around 14%. With these capital raisings, we believe these banks would now be in a position to improve coverage.
Stressed asset cover is still low
NPA cover for SBI/Axis/ICICI of them is still relatively low at 47-49%. On the total stressed loans, coverage is even lower at 28-34%. As 2-4% of their loans are likely to be in the National Company Law Tribunal (NCLT) by the year-end, they will need to raise provisions on these loans. Provisioning needs for these are relatively higher at ICICI Bank (`25 billion, 0.5% of loans) compared to Axis Bank (0.1% of loans) and SBI (0.3% of loans). Many of the strategic debt restructuring (SDR) cases will also be nearing the end of their 18-month standstill in H2FY18, which are 0.5-0.6% of loans for these banks. Among the three corporate lenders, SBI has the highest exposure to NCLT cases as a share of its loans (4.2%). If all cases in the two lists are resolved, the gross NPA ratios of SBI and ICICI Bank could come down by 4 and 3.5 percentage points, respectively. Axis Bank is also now relatively better covered on provisions on IBC cases. It needs very little additional provisioning to meet RBI’s thresholds, while ICICI Bank and SBI need another 0.3-0.5% of loans.
Source: Financial Express
A latest notification related to the goods and services tax (GST) by the revenue department, ministry of finance, has disturbed the Cotton ginning industry. In the notification, 5% GST has been imposed by the government under the reverse charge mechanism (RCM). A latest notification related to the goods and services tax (GST) by the revenue department, ministry of finance, has disturbed the Cotton ginning industry. In the notification, 5% GST has been imposed by the government under the reverse charge mechanism (RCM). Earlier, the government had postponed the implementation of the RCM till March 31, 2018. The notification says that the GST on supply of raw Cotton by agriculturist will be liable to be paid by the recipient of such supply under the RCM, thereby affecting the ginners and Cotton traders. According to the Cotton ginners, this decision will block working capital and this will directly impact on Cotton, Cotton seed and Cotton oil prices too. Ginners also said that if government will not change the rule, ginning industry may loose buying power. Following the RCM decision, ginners are more willing to sell the fibre to the domestic market, where they will get full tax refund than to sell it to exporters, who are liable to pay GST at 0.1 per cent only.
Source: India Infoline News Service
India’s Apparel Export Promotion Council (AEPC) has expressed concern over the decline in apparel exports by about 40 per cent in October compared to the same month last year and has been engaging with policymakers for an early resolution of the issue that is hampering the apparel industry post implementation of the goods and services tax (GST). An AEPC delegation led by chairman Ashok Rajani met chief economic advisor (CEA) Arvind Subramanian on November 16 to convey that the decline was primarily due to sharp reductions in the effective rates of drawback and rebate of state levies (RoSL), which has not only reduced the total reimbursements of duties for the sector but has also drastically affected the export prospects of the apparel sector, according to an AEPC press release. AEPC, which had anticipated this decline following the GST roll-out, has already made several presentations to the textiles ministry, drawback committee, NITI Aayog and a parliamentary standing committee. The AEPC delegation informed Subramanian about the recommendation of the drawback committee for a composite rate for apparel sector without GST credits as an option and requested him for an early expedition of the issue as that will benefit small scale exporters. In its presentation to a parliamentary standing committee, AEPC urged for the extension of exemption of international GST on import under Export Promotion Capital Goods (EPCG) or Advance Authorization from March 31, 2018 to December 2018 to provide a longer window for investment decisions. India’s apparel exports fell by 40.75 per cent in October to Rs 5,398.08 crore compared to Rs 9,110.75 crore in the same month in 2016. This includes garments of all textiles, according to the ministry of commerce and industry. Exports of man-made textiles, including yarn, fabric and made-ups, during the month dropped by 8.26 per cent to Rs 2,309.57 crore, as against Rs 2,517.51 crore in October 2016. There has been an overall decline of 5.94% in the exports of apparels from India. “The important point is the principle of reimbursement of domestic non-GST and GST central taxes in addition to customs through the drawback mechanism. This requires an amendment in the drawback rules to provide for reimbursement of GST duties. We therefore urged Dr. Subramanian that pending these legislative changes, the total duty reimbursements to the apparel sector be retained at pre-GST stage of 7.5 percent drawback without input tax credits, plus 3.5 per cent of RoSL. These pre-existing levels of reimbursement through the drawback and the RoSL routes may be maintained up to 31 March, 2018 to provide immediate relief to the reeling apparel sector”, said Rajani.
Source: Fibre2Fashion
COIMBATORE: Both the textile and textile engineering industries need comprehensive policies to grow, Sanjay Jayavarthanavelu, Chairman and Managing Director, Lakshmi Machine Works, has said.Delivering the inaugural address at Texfair 2017, a four-day exposition of textile machinery, accessories and spares at the Codissia Trade Fair Complex here, he hailed the Southern India Mills’ Association (SIMA), the event organiser, for rising to meet the needs of its members over the years.
Growing industry
“The only solace is that textiles is still a growing industry, and as the industry grows, we have to understand the needs of the customer. With new fashion retailers coming into the world of textiles, challenges are aplenty for the mill sector to keep pace with the changes,” he said. “There were four seasons till a few years ago, and mills had enough lead time to convert the fibre. This has changed dramatically now,” he added, putting in context the pressure on the industry, given the rise in avenues and different types of textile products such as leisure wear, bed and bath products, industrial fabrics, medical textiles and so on. Referring to the gap in the post-spinning sector, he urged the participants to tap the potential and begin manufacture of such products in India, instead of depending on imported fabrics. “The growth should be supported by investments,” he added.
Tech upgradation
SIMA Chairman P Nataraj also stressed the need for continuous investments in upgradation of technology to achieve exponential growth. He advised the manufacturers to adopt cost-effective manufacturing methods and emphasised the need for maintaining consistency in quality and delivery schedule. “Focus on value addition, vertical integration, consolidation and branding,” he said.
Source: Business Line
A presentation of planned economic projects was held in the Sergely region of Uzbekistan within the framework of President Shavkat Mirzieev's visit on November 17, reports the press service of the president. Thus, "Bek mega textile", "Dara elite", "Laura peri fashion" and "Orchid beauty" companies are planning to organize production of textile products and ready-made garments, "Оriginal textile and print" - production of finished products from denim, accessories and "Ella" - sewing women's coats and leather goods. Companies "Orient confection" and "Sladus produce" are planning to expand the production of confectionery products, "Korton Osiyo" Ltd. - corrugated boxes and packing boxes for fruits and vegetables. The project of the enterprise "Aminovs company" is aimed at the production of household appliances, "Сentral Аsia" - building nails, metal wires and electrodes. Also, there will be new companies in the service sector. In particular, the "Nazm-nur progress" LLC is aimed at creating a modern cardiosurgical clinic, the organization "Global medical center" - the expansion of the multidisciplinary medical center and LLC "Kilpyong leaders" - erection of the park and business center. Thanks to these projects, export-oriented products will be produced, which will create hundreds of jobs.
Source: AzerNews
The Association of Southeast Asian Nations (ASEAN) and Hong Kong recently signed the ASEAN-Hong Kong-China Free Trade Agreement (AHKFTA) and the ASEAN-Hong Kong Investment Agreement (AHKIA) at the 31st ASEAN-Hong Kong summit in Manila to strengthen economic cooperation and stimulate development in the region. AHKFTA is ASEAN’s sixth free trade agreement. The agreements will create opportunities for micro, small and medium enterprises in the ASEAN countries to increase their presence in Hong Hong, a news agency report quoted Philippine trade and industry secretary Ramon Lopez as saying. While AHKFTA comprises 14 chapters covering broad areas of market access liberalisation, trade facilitation, rules to promote confidence in trade, and co-operation aimed at facilitating trade in goods and services in the region, AHKIA complements the former by covering the protection, promotion and facilitation of investment. ASEAN already has free trade agreements with China, South Korea, Japan, India, Australia and New Zealand.
Source : Fibre2fashion
Islamabad : Raw Cotton exports into the country increased by 69.70 Per cent during the first quarter of current fiscal year (July-September) as compared to the same period of last year, according to Pakistan Bureau of Statistics (PBS). According to the data provided by PBS, Raw Cotton worth $29,624 were exported during the first quarter of current year as compared to $17,457 of last year. Cotton yarn worth $320,942 were exported during the first quarter of current year as compared to $306,958 of last year. Cotton yarn exports into the country increased by 4.56 per cent during the first quarter of current fiscal year as compared to the same period of last year.
Source: Pakistan Observer
Minister for Trade and Industry, Mr Alan John Kwadwo Kyerematen has launched the Association of Ghana Apparel Manufacturers (AGAM) with a pledge to members of government’s commitment to support and promote the apparel industry. He said as one of the strategic anchor industrial pillars, the garment and textiles sector would help significantly to transform the economy and make Ghana the leading apparel manufacturing hub in Africa. Mr. Kyeremanten said the government through its 10-point industrial transformation agenda would prioritize programmes and projects designed to change the structure of the Ghanaian economy. He said the sector had the potential to employ many more people and urged the apparel manufacturers to be united in their pursuit to achieve their objectives. Mr Gregory Kankoh, the President of AGAM, said the Association would facilitate advocacy with key stakeholders to address challenges confronting the industry. It would also help members to build a strong network for exchange of ideas and building of partnerships to enhance their businesses while ensuring that members adopt global best practices and innovations in the apparel industry to make Ghana the preferred apparel manufacturing hub in Africa. He said the main goal of the Association was to develop and sustain a thriving apparel industry and create jobs to enhance the quality of life of our community. Other benefits to be derived from the Association include enhancing the export of Garments from the country to generate foreign exchange for Ghana, industry upgrading and enhancing tax contribution for national development. The Association, a business network and advocacy body, is the largest in the country. It exports more than $12 million worth of clothes each year and employs over 2,000 workers with the potential of growing this workforce to 20,000 employees by December 2018.
Source : Ghana News
The new Mexican Standard NMX-A-3758-INNTEX-2014 “Textile
– Code of Generation of Caring Labels with the Use of Symbols” has come into force on October 15, 2017. The new standard supersedes NMX-A-240-INNTEX-2009, and has been prepared, approved and published by the National Organisation for Standardisation, Instituto Nacional de Normalización Textil (INNTEX). On August 16, 2017, Mexico’s Ministry of Economy, through the General Directorate of Standards published in the official journal a declaration of validity of the new Mexican Standard – NMX-A-3758-INNTEX-2014, Textile – Code of Generation of Caring Labels with the Use of Symbols. The new standard replaces NMX-A-240-INNTEX-2009 which is now obsolete. The updated Mexican Standard establishes a system which covers the use of graphics / symbols in care labels intended for textile articles in order to provide information on the most severe treatment that does not cause irreversible damage to the article during the textile care process. NMX-A-3758-INNTEX-2014 is identical to the International Standard ISO 3758:2012 – Textile-Care labeling code and uses symbols containing five basic textile care symbols in the order of washing, bleaching, drying, ironing and professional textile care treatments of wet and dry cleaning, but excludes industrial laundry. In Mexico, labelling of textiles and apparel products must comply with appropriate mandatory standards (NOMs) and voluntary standards (NMXs) (if a NOM specifies that an NMX must be followed, this becomes mandatory). Generally, all apparel, apparel accessories, textile products and home textiles with more than 50 per cent textile content must comply with the Official Mexican Standard NOM-004-SCFI-2006 for mandatory labelling requirements. For apparel and apparel accessories, one or more permanent and legible label(s) must be attached at the collar, waist or any other visible location with the below labelling information in Spanish. Additionally providing labelling information in other languages is also allowed. As per the rules, care and preservation instructions must be indicated using brief and clear legends or the symbols indicated in the NMX-A-3758-INNTEX-2014, or both. Symbols different from those stipulated in the aforementioned standard may be used, only if the legend relating to proper treatment and the care and preservation instructions also appears in Spanish.
Source: fibre2Fashion
COTTON farming season in Geita Region for 2017/18 has officially been launched with 196,373 acres expected to be cultivated through contract farming. Geita Regional Commissioner (RC), Mr Robert Luhumbi, said at the launch of the new cotton planting season held at Buharahara Village that more than 66,000 farmers in the region are expected to cultivate cotton this year. “The government is committed to seeing farmers benefiting from cotton cultivation for their-wellbeing as well as supporting the quest to have sufficient raw materials for the textile industries,” he said. In the 2016/17 cotton farming season, the region planned to cultivate 67,002 hectares with expectation of producing 93,343 tons of cotton. However, a total of 24,791 hectares were cultivated that produced 13,267.82 tons of cotton seeds worth 15,926,181,600/-. He urged farmers to use both urea and di-ammonium phosphate fertilisers sold under government cap prices to boost yields. He called on District Commissioners (DCs) and District Executive Directors (DEDs) to ensure that they are supervising well the cotton cultivation season and ensure it brings productivity and redeem farmers economically for the welfare of their lives. He said cotton is the main cash crop cultivated in all five districts of the region to generate farmers’ income to meet basic needs such as food, health care, education and better shelter. Geita RC commended civil servants especially those from agriculture sector who joined forces in the cotton cultivation, warning them not to forget their basic responsibilities of educating farmers on how to engage in best farming practices for better yields. More than 100 civil servants from Geita Region joined in the cotton contract farming to boost individual income and as part of supporting industrialisation drive. An agriculture officer from Geita Town Council, Ms Leunida Clemence, planning to cultivate four cotton acres, said her engagement in farming will encourage farmers to undergo modern cotton farming to boost productivity. “This initiative we have taken will help farmers who are desperate to cultivate cotton, because they will have a farm field of learning from us on how to improve cotton cultivation,” she said.
Source: Daily News
David Dunlow has grown cotton his entire career but for the first time in 2016 he can began to question if he was doing the right thing. Son William Dunlow and father David Dunlow having been farming in partnership since 2014 when William joined the operation. David started farming with his father when he graduated from high school in 1978. David Dunlow has grown cotton his entire career but for the first time in 2016 he can began to question if he was doing the right thing. Dunlow, who farms with his wife Debra and son William in North Carolina’s Northampton and Halifax Counties, began farming with his father and mother after graduating high school in 1978. In 1985, he became a partner in the operation and in 1992, upon the death of his father, he began running the farm on his own. Cotton has always been their top crop, but Dunlow says provisions in the 2014 farm bill that kept cotton out of the covered commodity program made 2015 and 2016 both very challenging years for producing cotton. “We were shut out of the farm bill. Without that support, without that safety net, the cotton farmer is very vulnerable,” Dunlow says. “I attribute my uncertainty about growing cotton in 2015 and 2016 mostly to that. But the fact that we had some holes in crop insurance where the quality portion of cotton wasn’t insured properly really cost North Carolina cotton farmers a lot in 2015 and 2016.” In 2015, much of the North Carolina cotton crop was damaged by heavy rains at harvest. Hurricane Matthew also damaged much of the crop in 2016. In both years, many farmers suffered greater quality losses rather than yield losses. Dunlow says the situation in 2015 and 2016 demonstrate that the quality loss provisions of federal crop insurance proved inadequate for many producers in North Carolina and other Southeast cotton states. The good news, Dunlow says, is USDA’s Risk Management Agency is working to change provisions to crop insurance beginning in 2018 that will protect farmers who suffer quality losses but not necessarily yield loss. Dunlow says the National Cotton Council, Southern Cotton Growers, the North Carolina Cotton Producers Association and other organizations worked diligently with RMA to implement the changes that will improve the quality provisions of crop insurance. Dunlow is chairman and past president of Southern Cotton Growers and serves on the board of the National Cotton Council. He says changes to the quality provisions of crop insurance and including “seed cotton” as a covered commodity in the 2018 farm bill are the most pressing policy issues impacting cotton farmers. He says the term “seed cotton” or “cottonseed” is key for including cotton as a covered commodity. “We (cotton farmers) are unique because we raise two different commodities but one product. We sell our seed and we sell our lint. Most of the seed we produce in North Carolina goes to feed dairy cows in states north of us. A lot of the seed is also used for oil,” Dunlow says. Dunlow says cotton should be a covered commodity under Title 1 of the farm bill. He says industry organizations are all on the same page of including “seed cotton” as a covered commodity in the next farm bill. Cotton is the only program crop that does have any long-term price or revenue protection in the farm bill and that needs to be corrected in the next farm bill. Dunlow says by including cotton in Title 1, cotton farmers will have access to risk management tools that provide protection during prolonged periods of depressed market conditions. He is optimistic changes will be made and cotton will be a covered commodity in the next farm bill. “I am passionate about cotton. I make my living with cotton. We just want to be treated like other commodities. We want to be in the Title 1 portion of the farm bill. My sense, after going to Washington, D.C., is they hear us. Congress supports us. We are just trying to find a way to get back in the farm bill,” he says.
Source: Southeast Farm Press
The Belt and Road Initiative would provide long-term development chances for growing industry sectors in Italy and China, according to professionals from both countries. The issue was discussed at a recent forum held in Italian city of Milan, which attracted Italian and Chinese entrepreneurs, officials, and experts. Titled "Building a concrete roadmap for Italy and China's Joint Growth", the event was organized by Italy-China Foundation with the patronage of the Italian Ministry of Economic Development and the Chinese Ministry of Commerce. "As a comprehensive project, the Belt and Road (initiative) might give all companies a strong opportunity to reduce their costs, and cut distances in both cultural, infrastructural, and logistical terms," Massimiliano Guzzini, vice president of lighting technology firm IGuzzini, told Xinhua. The Belt and Road Initiative, which comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, was proposed by China in 2013, with the aim of building a trade, investment and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes. Having spent years in China, where the firm opened a branch in 2005, the entrepreneur is able to observe "great changes" in the Chinese society, and the consumer trends in Asia overall. "Design was not yet well known at the time (2005), but since then I have seen Chinese firms, training courses, and universities' departments and research centers growing steadily in the sector," Guzzini said. Now that the industry was showing vibrant signals of potential growth in the area, the Belt and Road Initiative would "indeed boost the future development of our industry", he added. For Italy, China is currently the ninth largest market for exports, and the first target market for sales to the Asia-Pacific region, according to Italy's state-owned export credit agency SACE. The trade exchange between the two countries suggest there is room for broad development. Italian sales to China reached 11.1 billion euros (13.2 billion US dollars) in 2016, marking a 6.4 percent rise over the previous year, and are expected to increase by some 296.8 million euros (350.2 million US dollars) by 2020, the agency's data and forecast showed. Apparel, jewellery, fibres and yarns, drugs and pharmaceutical products, machinery, shoes, and textile are among Italy's top 10 sectors in terms of exports to China, according to Italy-China Foundation. On the other hand, Italy is China's fifth largest commercial partner for trade volume, and has become one of the major recipient countries of Chinese investments in Europe in latest years. As such, projects related to the Belt and Road Initiative would likely benefit many different industries. For example, in terms of facilities connectivity, which was among the five cooperation priorities of the Initiative, as Vice President of China National Textile and Apparel Council (CNTAC) Xu Yingxin said at the forum. "It means helping to develop infrastructure construction of railways, highways, ports, electric power, and telecommunications in the Belt and Road countries," Xu said. Xu told Xinhua that the Belt and Road Initiative is meant to benefit all of the countries involved. "It means we could have in the future a stronger and more unified market, which is good for everybody, including China." As for the specific sector he represents, the textile industry, Xu deemed the Initiative has come in the right moment. "I think China's textile industry is in a very critical phase of transformation and adjustment, and the Belt and Road Initiative provides us with the opportunities to expand," he said.
Source: Global Times
Forbes Finds covers products we think you’ll love. Featured products are independently selected and linked to for your convenience. If you buy something using a link on this page, Forbes may receive a small share of that sale. Five-star reviews are hard to come by these days. Even some of the most popular products will have their fair share of one- or two-star reviews, lowering its overall ratings. Often this is simply a matter of taste, but negative reviews can impact a potential customer's trust in the product. These five pieces of apparel have so many positive reviews, they’ve landed an impressive overall rating. Each item on this list has at least a 4.5 rating, making them worth a consideration if you’re trying to grow your wardrobe. Here's a deep dive into what makes each of these items so popular.
AG Legging Raw Hem Ankle Skinny Jean
This raw hem skinny jean from AG Jeans has the look of classic denim, combined with the distressed edges that are currently so popular. Customers report that they don’t stretch after wearing and the fit is perfect. Since jeans can be so difficult to size, the fact that many people praise the fit says volumes about the return on the investment these will bring. Best review: “These make me look like I’ve lost 10 lbs. I want in darker washes and with finished hem. I’m obsessed. Most comfortable jeans. I’ve been wearing stretch for years but now I’m all in on 98% cotton. These are amazing just wish they were a little dressier.”
The Cashmere Crew
Stay warm throughout the coldest winter months with this grade-A Mongolian cashmere crewneck sweater. Available in 13 colors, this sweater will quickly become a wintertime wardrobe staple. Customers praise its versatility and true-to-size fit, as well as the fact that it is lightweight while still being so warm. Best review: “This sweater is the best of both worlds. It takes the classic cashmere crewneck and updates it with a relaxed fit and modern colors. It is the kind of sweater you end up wearing every day for comfort but it has the kind of polish that makes you look effortlessly put together.”
Burberry Ashurst Quilted Jacket. This lightweight quilted jacket gets 4.8 hearts from Bloomingdale’s customers. For more than a century, Burberry has been known for its high-quality outerwear, and this jacket continues that tradition. Available in dark plum pink, this jacket is described as having a slimming fit. Customers do report that it runs small, so be sure to use the fit predictor built into the Bloomingdale’s site. Best review: “I bought this jacket in black a year ago and bought the claret this year as well. It is a terrific weight for DC weather—as outer wear for much of the year and inside as well. It pulls together an outfit—from jeans to a black dress. Incredibly handy. Always looks finished-but not fussy, no matter how rushed you were to get dressed and out the door!”
Zella Live In Slim Fit Leggings
Leggings are a must-have for every wardrobe and these leggings will quickly become a favorite. Available in black or purple plum, these pants are made from a moisture-wicking knit material that keeps you comfortable whether you’re in an intense cardio session or lounging around the house. These leggings are exclusive to Nordstrom and customers are impressed with how well they hold up after multiple washes, as well as how stretchy they are while still retaining their shape. Best review: “I’d heard that these were great leggings and after my old Lululemon’s got a hole in them I decided to give these a try. I have other Zella workout crop leggings that I love but hadn’t tried the solid black ones yet. These are incredible! They are my favorite black leggings that I have ever tried on/owned. These are great for layering under tunics, walking, lounging, yoga, etc. They are not see-through at all and very comfortable! I’m a small in the other Zella leggings I have and these fit perfectly.”
Barefoot Dreams CozyChic Lite Circle Cardigan
Wrap yourself in this light but warm cardigan from Barefoot Dreams. You can choose from eight different colors for this sweater, which is perfect for both lounging around the house and hanging out with friends. Customers compare it to wearing a warm, cozy blanket everywhere they go. Reviewers also say you can wear this cardigan with leggings or a pair of jeans for both style and comfort.
Best review: “This is the most comfy sweater I’ve ever owned. Fits perfectly, just the right length. I love it with leggings. I will be wearing it all winter. I have it in grey also! Perfect.”
Source : Forbes
