NEW DELHI: The Rs 6,000-crore special package announced in 2016 for the textiles and apparel sector generated extra investment of around Rs 2,500 crore and additional employment of around 1 lakh in the first twelve months of its rollout, a report said today. The findings of the survey conducted by the Apparel Export Promotin Council (AEPC) also suggested that Remission of State Levies (RoSL) had a positive impact on the garment industry. "After the implementation of the RoSL in September, 2016, India's readymade garment (RMG) exports increased by 2.7 per cent in value terms and grown by 6.4 per cent in volume terms,"AEPC said. "The Special Package for textiles has not only boosted exports but has also helped in increasing the investments," it added. "RoSL has been a well thought out scheme, which had a positive impact on the garment industry. There is direct correlation between release of RoSL to exporters vis-a-vis increase of India's RMG exports. "Though demonetisation and Goods and Services Tax (GST) roll out has temporarily slowed down the industry, the positive impact of RoSL is expected to bring results in 2018-19, as the industry settles down, post GST roll out," HKL Magu, Chairman, Apparel Export Promotion Council (AEPC) said.
Source: The Economic Times
CHENNAI: A section of textile entrepreneurs in Tamil Nadu’s western belt are making a concerted effort to tap into the domestic market, especially into the widening ecommerce market, as a hedge against the vagaries of the exports market that they have been faced with for the past few decades. Traditionally evolved as an export-oriented ecosystem, the manufacturers of Tirupur and Coimbatore have had to decode currency undulations, deal with rising labour costs and make do with a lighter incentive basket from the Tamil Nadu government even as states such as Gujarat and Telengana gave periodic boosts to manufacturers. On top of that remains the heightening competition from Bangladesh, Vietnam and Cambodia, countries that enjoy export expressways – duty-free access into the European mark.“We have seen reports that the online fashion market in India is projected to grow nearly 3.5 times, from the current size to about $14 billion,” said Prabhu Damodharan, a textile mill owner and secretary of entrepreneur association Indian Texpreneurs Federation. “Our entrepreneurs should not miss the wave secondly, considering the kind of growth we see in the exports industry, it is imperative that textile businesses should look at tapping the home market. We can easily create over a dozen clo. According to a report by ratings agency Icra, the global apparel trade has been seeing sustained sluggish growth. According to data by the agency, Indian apparel exports declined to $16.7 billion during 2017-18 from $17.3 billion on sharp reduction in exports to the UAE at $2.8 billion. In the absence of free trade agreements or similar arrangements enjoyed by competing nations, Indian entrepreneurs have begun to look at the domestic market. Conscious of the need to get deeper into the domestic market, a few manufacturers have come up with new brands and marketing campaigns to woo local buyers. One of the forerunners in Tamil Nadu who had gone domestic was Anugraha Fashion in Tirupur, dubbed ‘Dollar City’ for its export-oriented units.
Source: The Economic Times
The rupee sank below 67-mark against the US dollar on Monday, prompting economists to forecast its fall to 70 within this calendar year. They are expecting the rupee to tumble to the 70 level if crude prices continued to climb up and India's trade balance with the US deteriorated further. D K Srivastava, chief policy advisor, EY India told DNA Money that he sees rupee stabilising at 70 in a quarter or so, with US pressure on India's trade and crude likely to soar more. "I would presume it (rupee) would stabilise around 70 (against the US dollar). It would take a little while for it to reach that mark – at least a quarter or so. This would be due to US pressure on both India and China. China is facing a trade deficit in this quarter with US while India's trade balance with US is also deteriorating," he said. Richa Gupta, senior director and senior economist, Deloitte India, did not expect the rupee to hover around 70-mark for long. According to her, the Indian currency is likely to be in the range of 65-68 in the current year. "We don't expect it to stay at 70, even if it goes there. There will be a correction, and then it (rupee) will come down again. It will probably remain in the range of 65-68. It may go down to 70 because the crude is rising and the dollar is strengthening. It may go down to 70 but that rate will hurt imports and therefore there might be a correction. This is our expectation," she said. The rupee plunged to a 15-month low on Monday at 67.14 against the US dollar, down over 27 paise from its previous close of 66.87 per US dollar. It slipped to that level on rising global crude oil prices and a stronger dollar. Several polls on the trend of Indian rupee have revealed that it is likely to breach the 70-mark this year. Deutsche Bank, DBS Bank, Bank of America, Yes Bank, IFA Global and Edelweiss Financial Services reportedly predicted the local currency to hit the 70-mark or fall beyond it. EY's Srivastava said India's relatively low inflation, in general, had till now kept rupee from falling more sharply than it did. He also believes that if India's growth further picked up and investment increased then the rupee could appreciate on its own. Srivastava said there were already signs of a robust growth visible in the service sector. "If India's growth picks up and investment flows improve, rupee could rise on its own otherwise it would require (central bank) intervention. Growth is robust. Services sector is picking up. There are clear signs through PMI. One has to see whether this can be sustained," he said. He also said that improving private investment, not external but internal, could check the fall in rupee to 70 and below. Deloitte's Gupta sees a weaker rupee putting a stress on the fiscal deficit target for the current fiscal but she said it would depend on the revenue collection. According to her, more than fiscal deficit, it would be the current account deficit (CAD) that would be strained due to a depreciated rupee. She too felt that revival in economic growth would stop the free fall of rupee to some extent. Gupta said any call by the RBI to intervene would be taken only after studying its impact on the bond market, yields and inflation. Srivastava was of the view that rupee could be allowed depreciate to more extend "Right now, the rupee was appreciating out of turn. So, I don't see the need for invention for some more time. To some more extend, the rupee can be allowed to depreciate".
Source: DNA
All traditional skills need to be formally recognized under Skill Development and proper training needs to be imparted in these work-of-art translating into the further economic growth of the State and its people said Skill Development & Entrepreneurship and Petroleum & Natural Gas Minister Shri Dharmendra Pradhan. Addressing the inaugural session, of the ‘Odisha Skill Conclave’ Shri Pradhan expressed, “Odisha has abundant natural resources and a large coastline. The state has emerged as the most preferred destination for overseas investors, owing to its natural wealth which includes the production of one-fifth of India's coal, a quarter of its iron ore, a third of its bauxite reserves and most of the chromite. It has a rich heritage and culture and is known for its handicraft, handloom, and temples. “Skill development is a national dialogue and there have been isolated efforts to promote skill development in the State thus far but it is our endeavor now to join the dots and has a concrete, comprehensive and collective effort with respect to skill development,” he further added. In line with the Prime Minister’s vision of “Sabka Saath Sabka Vikas”, the Ministry of Skill Development & Entrepreneurship organized Odisha Skill Conclave at Jatni near Bhubaneswar to define a roadmap to develop Odisha as a skill development & entrepreneurship hub of India. The two-day event has gathered more than 100 experts, industry veterans, academicians, and professionals from skill ecosystem to deliberate on challenges and opportunities for skill development in the state. The galaxy of experts from national/international organizations like NALCO, Indian Oil, Reliance, ACC, Aditya Birla, International Labor Organization among others assembled at the Conclave to discuss the local complexities of the State, weaving the discussion and integrating them into the national skill ecosystem. The sessions on day one, highlighted the key challenges and opportunities that exist in the State, identification of cluster/areas with high demand for skills based on investments, credit off-take and mapping geographical areas of economic activities. The event gave all participating dignitaries a comprehensive picture of the socio-economic background of the State with respect to its population demographics, the proportion of youth, education averages, labor force participation and labor mobility. There are 631 ITIs today in Odisha with a seating capacity of 1,67,753 and utilization of 54.96 percent. Approx. 80,000 have been trained under MSDE’s flagship program Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 2016-20, which has translated into placement for nearly 50 percent candidates. Over 1 million people from Odisha have migrated to other parts of the country in search of jobs. Nearly, half of Odisha’s population is in age groups below 25 years. Only 6 percent labor force has diplomas, certificates or a graduate-and-above degrees. Odisha’s incremental skill gap for 2011-2026 is expected to be around 4 million. Odisha’s estimated labour demand for 2018-19 is highest in sectors like chemicals, transport, logistics, retail trading, power and healthcare. The discussions also established that the social aspect should be accounted for while planning skill development programs. The tribal community accounts for nearly 30 percent of Odisha’s population, the women population and their participation in economic growth, and traditional skill sets in the State all need to be considered for preparing the action plan for Odisha. It was also discussed that there is a need for synergy between those who regulate the laws on specific skills and those who train so that there is a concrete outcome to all training endeavours. Job roles for driver training and tourism guides can secure a license from the government. “India’s private sector has become extremely exploitative, they need to come out of this mind-set which has linkage to the depressed wage across industries and our focus should be on increasing employability and thus reward them appropriately for their contribution. We also need sensitive good quality counselling for the youth and their parents,” said Shri SubrotoBagchi, Chairman, Odisha Skill Development Authority, one of the experts at the conclave. On this occasion, Shri Pradhan also released a study report on Skill Development & Employability on tribal in Odisha, Chhattisgarh and Jharkhand. The study has been conducted by Functional Vocational Training and Research Society (FVTRS) Bangalore in association with Centre for Youth Skill Development (CYSD), Bhubaneshwar.
Source: Government Press Release
NEW DELHI — GST Network has invited bids from private entities for “360- degree” profiling of taxpayers for early detection of fraud as it seeks to transform into an end-to-end platform for checking GST evasion from being just a tax collection portal. The analytics company to be roped in will have the mandate for designing and developing a Fraud Analytics System. GST Network has however barred Infosys from bidding for the project to avoid conflict of interest. The system will take about an year to be operational and leverage existing data pertaining to GST registration return filing and e-way bill along with the information from other external sources such as Financial Intelligence Unit (FIU) Central Board of Direct Taxes (CBDT) banks and state tax departments. According to the eligibility criteria the interested bidder will need to have a turnover of Rs 300 crore and should have posted profit in the past three financial years. Also it should have experience in implementing Advanced Analytics the GSTN said in the Request For Proposal (RFP). The fraud analytics company would be tasked with establishment of taxpayer ’s identity. “Based on information available within GSTN as well as third party information it is expected to reliably establish the identity/360 degree view of the taxpayer and key members of its management ” said the RFP. It would also establish taxpayer’s risk profile by analysing information on purchasers and sellers as part of returns data whether the taxpayer deals with sensitive or evasion prone commodities history of the owner of the company as well as rapid change of promoters among others. The company to be appointed for 6 years would also be required to suggest ways to prevent revenue leakages and forecast revenue growth and other econometric analysis for policy formation. It can also suggest changes in laws rules/ procedures based on fraud detection to plug loopholes and identify material/evidences which may be shared with tax authorities for prosecution of fraudulent taxpayers. To ensure that there is no conflict of interest the GSTN has barred Infosys from bidding for the fraud analytics project. Infosys had in 2015 won the Rs 1 380-crore deal for developing and running GSTN’s backend software and hardware. The indirect tax reform GST subsumed over a dozen local taxes and was rolled out from July 1 2017. GSTN has in the bid document mandated that the bidder should develop adequate capability for data storage and calculating complexity of data. “In the near future GSTN is likely to experience an ‘explosion’ in the amount of data in its transactional systems ” the GSTN said. “The figure of data is likely to have quantum jump when the system such as E-way Bill data external agency data like CBDT information from banks Ministry of Corporate Affairs Shops and Establishments Department other Government and nongovernment agencies etc. which will be integrated with the GST fraud analytics system ” it added. To ensure full confidentiality of data GSTN has mandated that the eligible bidder would have to ensure a separate section within their office premises for undertaking the fraud analytics project. GSTN may also place one or two of its employee there for monitoring. “GSTN may in case required provide desktops and laptops for day-to-day operations for carrying out fraud analytics ” said the RFP. Besides the people involved in the project would not be allowed to “carry any storage device such as USB sticks etc. to GSTN premises”. The GST Council chaired by Finance Minister Arun Jaitley and comprising state counterparts last week approved converting GSTN into a wholly owned government company. Currently 51 per cent stake in GSTN is held by private entities and 49 per cent by the Government.
Source: Tecoya Trend
Srinagar: At 17, when Imtiyaz Ahmad dropped out of school to learn the skill of weaving Pashmina from his father he was told that weaving earns more money than other jobs. Now 33, Imtiyaz has been facing a constant struggle in running his household. “My father had always referred to the times of 1980’s when the pay for making one shawl was rupees 1200. He also said that those in service of government did not earn as much as a weaver did. It is a beautiful skill and I never expected its loss of worth,” he said, reminiscing the olden days. Craftsmanship in the valley is a blend of historical skill set making every handmade piece unique and famous all over the globe. Hand-woven Pashmina shawl is one such creation. However, in the recent years, the handloom sector has seen a drastic decline in the market affecting the weavers in all ways possible. The invention of power loom has wiped out most of the handloom’s existence in Jammu and Kashmir, and may soon eradicate it. In a distressing tone, Imtiyaz mentioned the impact of machines on the labourers’ daily life. “Dealers and manufacturers now prefer machines over humans mainly for their profit. A labourer at the power loom sector receives about rupees 50 for every shawl, while the dealer sells it for the price of a hand-woven pashmina shawl. They do not prefer us solely because of the wage they’d have to pay us as quantity matters more to them than quality. It takes three days to complete one shawl, and the wage we receive is rupees 600 with no increase what-so-ever. Also, whenever I ask for an increase in wage they either say they haven’t sold the shawls yet, or blame it on GST or speak of moving to machines.” His brother, Khurshid Ahmad, who is also into the same stream, lamented on the implementation of GST in the valley. “After GST came into force here, life has become more difficult. GST hasn’t changed for the manufacturers, dealers, and wholesalers though since they apply GST and get the money while selling them but they tell us that GST has been applied and cannot increase our wage,” Khurshid said. Nevertheless, the production of power loomed pashminas lack the richness and purity. The public is lured into buying it for its cheaper price, and shine. He believes that the handloom sector will cease to exist in a few years. The livelihoods of these labourers face constant challenges. “I’ve tried applying for jobs numerous times, and I’m are still trying. Any job like a delivery boy’s job too would do. I’m skilled in weaving and I don’t have much knowledge in any other field. My brother and I don’t want to pursue weaving anymore. I have two kids and I need to be able to finance their studies. Most of the weavers of pashmina I’ve known left this occupation and joined other jobs to get paid more than before. Some get paid the same amount but they at least don’t have to put so much effort to earn the same. They also get 3-4 days off monthly but for us we have no holiday at all. Even if we fall sick we have no other choice but to work or we wouldn’t earn the little we do. We are fed up of this work now any other job seems to be better for us to feed our family,” said Imtiyaz. The wage is not paid on time. In the case of Imtiyaz, he hasn’t received his wages for five monthsnow. Work is not the only issue a weaver battles at present the personal lives of the young and unmarried handloom labourers are predominantly affected. Imtiyaz and Khurshid disclosed the struggles they faced to find a partner. “No man was willing to give his daughter’s hand in marriage because they feel we don’t earn enough to support the family,” Imtiyaz stated.
Source: Kashmir Reader
The Southern India Mills’ Association (SIMA) would soon come out with the Code of Conduct for the employment of migrant workers. The association said that it will be done as a proactive measure to make the system of direct recruitment from different states of the country a grand success as well as meet all the legal and social requirements. Tamil Nadu that accounts around 45 per cent of the spinning capacity, 70 per cent of the knitted garment manufacturing capacity, 22 per cent of the weaving capacity and directly employing over 60 lakh people, started facing labour shortage during the last decade due to exponential growth in the manufacturing facility. The employment of migrant workers from various states has been increasing steadily. In the major clusters like Coimbatore, Tiruppur, Dindigul, the migrant workers account 30 to 90 per cent depending upon the mills. With the increase in demand for migrant workers across the nation, the mills started facing high attrition problem. Therefore, SIMA has started direct recruitment from its formal placement cell for its members to begin with from Tripura, said the association in a press release. The textile mills face numerous problems in sourcing, mobilising, recruiting and retaining the migrant workers for a reasonable period. In order to overcome these issues, SIMA had written to the labour and employment departments of various states in upcountry including the North Eastern states. The government of Tripura immediately responded and came forward to extend all the support for recruitment and organised an exclusive job fair with SIMA during April 25-26, 2018 at Agartala. P Nataraj, chairman, SIMA has highly appreciated the proactive approach of the government of Tripura and thanked the chief minister, Biplab Kumar Deb for his direct involvement in the job fair and recruitment process. The government had given enough publicity to mobilise the unemployed youth. SIMA chairman stated that around 4,000 unemployed youths, both male and female, attended the job fair from various districts of Tripura. Eight member mills of SIMA viz., M/s. Aruppukottai Jayavilas Limited, Shiva Texyarn Limited, Sri Kannapiran Mills Limited, Loyal Textile Mills Limited, Sangeeth Textiles Pvt Limited, KKP Spinning Mills Pvt Limited, Harshini Textiles Limited and Raga Tex India Private Limited participated in the fair and selected 1,635 candidates out of which 1371 were male and 264 were female candidates. These would include 20 physically challenged candidates also. Nataraj also appreciated the efforts taken by the chief minister of Tripura and the senior officials for extending the necessary support and facilitating a dedicated train to bring the recruits to Tamil Nadu. He stated that the direct recruitment exercise jointly made by the government of Tripura and SIMA would help the mills to source the right candidates with good background and enable the unemployed youths of Tripura job opportunities in Tamil Nadu. The job fair exercise would be repeated in Tripura as the maiden attempt has become a grand success and enquiries have already come from a large number of member mills. SIMA would also conduct the same exercise in other states, said the chairman. (KD)
Source: Fibre2Fashion
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1387.38 |
USD/Ton |
-0.28% |
5/7/2018 |
|
VSF |
2185.22 |
USD/Ton |
0% |
5/7/2018 |
|
ASF |
2955.55 |
USD/Ton |
0% |
5/7/2018 |
|
Polyester POY |
1457.34 |
USD/Ton |
0.32% |
5/7/2018 |
|
Nylon FDY |
3348.57 |
USD/Ton |
0% |
5/7/2018 |
|
40D Spandex |
5659.56 |
USD/Ton |
0% |
5/7/2018 |
|
Nylon POY |
1729.31 |
USD/Ton |
0% |
5/7/2018 |
|
Acrylic Top 3D |
3600.11 |
USD/Ton |
0% |
5/7/2018 |
|
Polyester FDY |
5942.54 |
USD/Ton |
0% |
5/7/2018 |
|
Nylon DTY |
1705.73 |
USD/Ton |
0% |
5/7/2018 |
|
Viscose Long Filament |
3081.32 |
USD/Ton |
-0.51% |
5/7/2018 |
|
Polyester DTY |
3065.60 |
USD/Ton |
0% |
5/7/2018 |
|
30S Spun Rayon Yarn |
2963.41 |
USD/Ton |
0% |
5/7/2018 |
|
32S Polyester Yarn |
2182.07 |
USD/Ton |
-0.14% |
5/7/2018 |
|
45S T/C Yarn |
3002.71 |
USD/Ton |
0% |
5/7/2018 |
|
40S Rayon Yarn |
2326.71 |
USD/Ton |
0% |
5/7/2018 |
|
T/R Yarn 65/35 32S |
2546.80 |
USD/Ton |
0% |
5/7/2018 |
|
45S Polyester Yarn |
3128.48 |
USD/Ton |
0% |
5/7/2018 |
|
T/C Yarn 65/35 32S |
2688.29 |
USD/Ton |
0% |
5/7/2018 |
|
10S Denim Fabric |
1.47 |
USD/Meter |
0% |
5/7/2018 |
|
32S Twill Fabric |
0.90 |
USD/Meter |
0% |
5/7/2018 |
|
40S Combed Poplin |
1.25 |
USD/Meter |
0% |
5/7/2018 |
|
30S Rayon Fabric |
0.70 |
USD/Meter |
0% |
5/7/2018 |
|
45S T/C Fabric |
0.74 |
USD/Meter |
0% |
5/7/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15721 USD dtd. 7 /5/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Bangladesh and Thailand are working towards boosting bilateral ties and the trade between the two countries is expected to touch $2 billion by 2021. Bangladesh has also requested a Thai delegation led by Kobsak Pootrakool, investment and economic reforms affairs minister, to consider a free trade agreement (FTA) to encourage bilateral trade. A meeting was held between the Thai delegation and Bangladesh representatives led by Tofail Ahmed, commerce minister of Bangladesh. Ahmed made the request to sign an FTA as Thailand already offers duty-free access to many Bangladeshi products. He has also asked the delegation to provide duty-free access to some other items including garments, leather goods and jute products. The commerce minister also invited Thai entrepreneurs to invest in Bangladesh, according to Bangladeshi media reports. The country is willing to provide a special economic zone as well as business facilities to foreign investors, added Ahmed. Bangladesh-Thailand trade currently amounts to $800 million, with the latter’s export amount standing at $781 million. Ahmed also said that Bangladesh is now concentrating on signing FTAs as it is slated to graduate out of the least developed countries (LDCs). The country will sign FTAs with Cambodia and Sri Lanka by the end of this year and is also considering similar agreements with some other nations. (KD)
Source: Fibre2Fashion
Azerbaijan: The state program for development of cotton growing contributes to the successful development of this sector in Azerbaijan, General Director of Azercotton LLC (Azerpambig) Bahruz Jamalov said at a scientific-practical conference devoted to the 95th birth anniversary of national leader Heydar Aliyev. "In 2015, 35,000 tons of cotton were harvested in Azerbaijan, while in 2017 this figure amounted to 207,000 tons. This shows that the policy gives results," said Jamalov. He noted that the development of cotton growing in Azerbaijan, in turn, will give impetus to the development of the textile industry. "The development of the textile industry contributes to the growth of Azerbaijan's industrial potential, the creation of new jobs and the improvement of the welfare of the people," Jamalov added. "The state program for development of cotton growing in Azerbaijan for 2017-2022 was approved by President Ilham Aliyev in July 2017. It is expected that through the implementation of the state program, the annual cotton production in 2022 will reach 500,000 tons. Within the framework of the state program, it is planned to carry out various institutional measures, improve the regulatory framework, strengthen human resources, apply innovative technologies, attract foreign investments and implement a number of other measures for the development of this sphere."
Source: Trend News Agency
Cambodia must move fast to make the most of the recent tax reform in the US and its ongoing trade dispute with China, said a high-ranking official at the Ministry of Economy and Finance. Vongsey Vissoth, Secretary of State at the ministry, speaking to reporters during ADB’s annual meeting in Manila last week, said the tax reform in the US, a sweeping overhaul of the country’s tax system approved by the Senate in December, could be of great help to the Cambodian economy. “An IMF representative just told me that the tax reform in the US will boost its economy and create many new opportunities for Cambodian exporters. It could help us grow our GDP by as much as 0.5 percent,” he said. “A buoyant economy in the US multiplies opportunities for exporters in Cambodia,” he said, adding that the US has recently extended its GSP programme, which grants Cambodian companies access to duty-free privileges when exporting to the US. The ongoing US-China trade dispute also presents a tantalising opportunity to increase exports to the US, the biggest market for Cambodian garment and footwear products, Mr Vissoth said. “China will fight back by creating new tariffs for US products, primarily for agricultural goods. This will allow us to boost exports to China. “As barriers to export to the US increase in China, investors from the US will turn to other countries to invest and to set up factories from which they can import. Cambodia must take advantage of this situation. “It is a big opportunity that we can only maximise if we are willing to undergo deep structural reforms,” he said, adding that the kingdom needs to improve its competitiveness by reducing the cost of electricity and transportation, as well as streamlining and facilitating trade procedures and diversifying its industry. The so-called ‘trade war’ between the US and China continues with no end in sight, said Mr Vissoth. A US delegation visited Beijing last week to discuss trade with Chinese counterparts. Both sides have imposed tariffs on each others’ goods, though they’re yet to be implemented. Kaing Monika, deputy secretary general of the Garment Manufacturers Association in Cambodia, told Khmer Times that he expects the US trade reform to have a significant impact in Cambodia. “I think the US-China trade war will not have a big effect on our exports. However, the improvement of the US economic situation will definitely help us. It is a fact that reducing taxes increases disposable incomes which, in turn, supports retail sales,” he said. “There is little doubt that prospects are bright for travel goods exports after the GSP programme was extended,” he added.
Source: Khmer Times
MULTAN: Federal Minister for National Food Security and Research Haji Sikandar Hayat Bosan said on Monday that the Centre had allocated Rs2.5 billion funds to improve national cotton production for the fiscal year 2018-19. While addressing a seminar titled “Cotton Production Technology” at Central Cotton Research Institute (CCRI) Multan, Bosan said that the government was doing whatever required and utilising all resources to upgrade agriculture sector and improve the financial condition of the farming community. He said that farming community was facing the problem of availability of better quality seed but added that researchers were busy day and night in developing varieties that can survive all odds including the climate change. He said that the government has provided Rs100 billion worth of subsidies to cotton farmers that was relevant to all stages from sowing to harvest. He said that national cotton production showed better results this year compared to last year. Bosan added that prices of Phutti were also better this year which should be encouraging for farmers. Cotton Commissioner and Vice President Pakistan Central Cotton Committee (PCCC), Dr Khalid Abdullah said that the country produced three million bales more than the last year’s production and attributed this success to the researchers’ hard work. He said that the federal cotton research bodies would continue to organise special training and guidance programmes for farming community in cooperation and consultation with the provincial governments to improve financial conditions of farmers and materialise the dream of ‘Khushhal Pakistan’. CCRI Multan Director Dr Zahid Mahmood said that scientists were engaged in developing varieties that are high yielding, and can survive pest attack, and climate change factors. He disclosed that laboratories have been set up at CCRI Multan where research was in progress on pink bollworm and white fly and its findings would help farmers in a big way to counter the pest attack. Agriculture scientists including Dr Fayyaz Ahmad, Dr Idrees Khan, Dr Muhammad Naveed Afzal, Ms Sabahat Hussain, and Dr Rabia Saeed also spoke on the occasion. Progressive farmers including President Anjuman Kashtkaraan Rana Iftikhar Ahmad, and Noorul Haq Jhandeer from Mailsi also addressed the participants. The seminar was attended by agriculture scientists from universities, and private sector, besides a number of progressive farmers. Different companies also set up their stalls.
Source: Business Recorder
Washington – Billions of dollars are at stake as the U.S. government considers withdrawing from NAFTA and imposing tariffs on Chinese imports, according to the NRF. The National Retail Federation recently released a new study with Consumer Technology Association (CTA) that finds that four jobs would be lost for every job gained should the Trump administration’s proposed tariffs on $50 billion of Chinese imports pass. Coupled with retaliation promised by China, this action would reduce U.S. gross domestic product by nearly $3 billion and diminish 134,000 American jobs, NRF warned. “We hope this is the start of a serious negotiation process that leads to a more open Chinese market and protects U.S. jobs and economic growth,” said NRF president and CEO Matthew Shay. “We must resolve this trade dispute without resorting to job-killing tariffs and retaliation.” Thus far, Chinese textiles products have not been added to the list of goods that will be levied with tariffs. Additionally, withdrawing from NAFTA (North American Free Trade Agreement) would cost retailers and consumers up to $16 billion a year and lead to the loss of 128,000 retail-related jobs over the next three years, another NRF study shows. In 2017, retailers imported $128 billion worth of merchandise from Mexico and $54 billion from Canada, the study notes. NAFTA has made most of those goods tariff-free since it took effect in 1994. But withdrawing from NAFTA would subject retail imports to $5.3 billion in annual tariffs that would that would most likely be passed along to consumers in the form of higher prices. Food and beverages sold at grocery stores would see the biggest hit at $2.7 billion, followed by apparel and footwear at $501 million, electronics and appliances at $390 million, household goods at $498 million and auto parts at $240 million. The remainder would come from the flow-through costs of tariffs imposed on other industries that would drive up retailers’ costs for services such as transportation. “It’s clear NAFTA must be modernized, but we can’t lose sight of the fact that this agreement helps ensure that American families have access to products they need at prices they can afford,” Shay noted.
Source: Business Recorder
Lenzing Group, an international company that produces high-quality fibres from renewable raw material wood with environmentally friendly and innovative technologies, has joined hands with Country Road, Australia’s leading fashion retailer. Country Road will make denim garments with Lenzing’s Tencel Lyocell fibres and Lenzing’s innovative Refibra technology. Country Road’s top selling Sateen Jean is now made from Tencel Lyocell using Refibra technology by Lenzing. The fabrication created by Spanish mill Tejidos Royo is smooth and gentle on the skin, while being strong and durable for everyday wear. The Sateen Jean will be available online and at 80 store locations across Australia and New Zealand. A testament to Lenzing’s commitment to driving sustainability, Refibra technology transforms a supplemental proportion of cotton scraps collected from garment production and wood pulp from responsibly managed forests into new virgin Tencel Lyocell fibres. The fibres are produced via a closed-loop production process 1 using bioenergy and can be used for fabric and garment production. Denim garments made with Refibra technology are smooth and gentle on skin, yet versatile, strong and durable for everyday wear. Tencel Lyocell fibres produced by Refibra technology recently achieved the Recycled Claim Standard 2, which certifies that production processes in its entire supply chain having undergone proper steps to ensure integrity of the final product. Tricia Carey, global business development director of denim, Lenzing Group said, “Our partnership with Country Road is a key milestone to the development of the newly launched Tencel Lyocell fibres using Refibra technology, as well as a major step forward in sustainable fashion. Guided by the Tencel brand promise of ‘Feels so right’, we will continue to innovate and identify ways to reduce the fashion industry’s ecological footprint while ensuring natural comfort. Refibra technology marks another step forward in our journey, and we’re grateful to work alongside Country Road to bring high quality and sustainable denim products to the market.” (GK)
Source: Fibre2Fashion
SHANGHAI -- The 18th China International Dye Industry, Pigments and Textile Chemicals Exhibition (China Interdye) and China International Digital Textile Printing, Printing and Dyeing Automatics Exhibition (China Textile Printing), concluded successfully at the Shanghai World Expo Exhibition & Convention Center on April 13, 2018. The two exhibitions, one with a focus on technological innovation and the other on green development, were hosted by China Dyestuff Industry Association, China Dyeing and Printing Association and China Council for the Promotion of International Trade, Shanghai Sub-Council and co-organized by Shanghai International Exhibition Service. Coinciding with the 100th anniversary of China's dyestuff industry, the 40,000-square meter exhibition area attracted the participation of 630 exhibitors from 17 countries and regions and was attended by 69,663 professional visitors from 39 countries and regions around the world. A robust roster of leading domestic and international firms participated in the exhibitions, with International giants Tanatex, Huntsman, Yorkshire, and domestic leaders Zhejiang Longsheng Group, Zhejiang Runtu, Hangzhou Jihua Group, among others, expressing high praise. Delegations of exhibitors from India and Korea also increased participation. In addition, opinion leaders from many industry associations, including China Petroleum and Chemical Industry Association, China National Textile and Apparel Council, Council for the Promotion Of International Trade Shanghai, China Dyeing and Printing Association, China Cotton Textile Association, China Knitting Industrial Association, and China Dyestuff Industry Association's Organic Pigment Professional Committee, Additives Professional Committee and Masterbatch Professional Committee visited the event. Several important launch events, forums, seminars, new product conferences, industry conferences and annual meetings were held concurrently during the exhibitions. Two events of note were the launch ceremony for the i7colors E-commerce Online Platform which took place at Shanghai World Expo Exhibition & Convention Center, North Hall, and the press conference for Zhichuan Eco Net which was held within China Interdye. The combination of exhibitions and meetings promoted the ongoing transformation of the global dyeing and chemical industry. Next year, China Interdye will be held again in Shanghai World Expo Exhibition & Convention Center from April 10th to 12th. Registration has now opened for Interdye Asia, the sister fair of China Interdye, taking place from November 21th to 24th at the Saigon Exhibition & Convention Center in Vietnam. The event provides an exchange platform for China'sdyestuff industry to further accelerate the ongoing transformation, and help the Asian dyestuff industry to boom. To register, please contact with Mr. Zack:: +86-21-6279-2828.
Source: PR Newswire
Delta Galil Industries, an Israel-based manufacturer and marketer of apparel for men, women and children, as well as leisurewear, activewear and denim, has signed an option to acquire Eminence SAS and its subsidiaries. The transaction is expected to close in the third quarter of 2018 and is subject to the fulfilment of French law requirements. As per the deal, Delta Galil will acquire the Eminence Group, which includes leading French underwear brands for men, women and children: Eminence and Athena and the Italian brand Liabel. For 2019, Eminence is expected to contribute approximately €100 million of revenue and approximately $0.40 to $0.45 to Delta’s earnings per share, excluding transaction and other deal-related expenses. The transaction would accelerate Delta revenue to exceed $1.5 billion, Delta Galil said in a statement. Eminence would bring to Delta a men’s premium French brand, which has the second largest men’s underwear market share in France, with products ranging from undergarments to polo and technical shirts to Eminence Tech+. Athena adds a sporty and athletic, family mass market French undergarment brand that is modern and cool. In addition to the French brands, the transaction includes Liabel, an Italian brand, founded in 1851, which stands on heritage and tradition and brings strong brand awareness as a mass market Italian t-shirt and innerwear brand for the entire family. In 2017, Eminence Group’s net sales totalled approximately €99 million, with most of the products designated for men (87 per cent) and the remainder for women (8 per cent) and kids and infants (5 per ent). Most of the Group’s sales are to the French market (approximately 79 per cent of all sales) and the remainder in Western Europe – mainly in Italy (17 per cent) and in Belgium (3 per cent) – under leading underwear brands in France (Eminence in the upper market and Athena in the mass market) and an Italian underwear brand (Liabel). “We are very pleased to look at adding the Eminence Group to our portfolio, as it represents a dominant leader in French men’s undergarments, with strong consumer appeal,” said Isaac Dabah, CEO of Delta Galil. “This is a very compelling transaction for Delta that reflects our strategic efforts to expand our branded business and introduce Delta in a significant way to France and Italy where our activities to date have been small. By providing potential synergies in products, innovation and operations, we see this opportunity as a platform for growth.” (RKS)
Source: Fibre2Fashion
Boosted by tax reform and other factors, the retail industry employment in the US increased by 3,700 jobs seasonally adjusted in April over March and 48,900 jobs unadjusted year-over-year, the National Retail Federation (NRF) has said. There was an increase of 5,600 jobs in March. The three-month moving average in April showed an increase of 17,200 jobs. The numbers exclude automobile dealers, gasoline stations and restaurants. Overall, US businesses added 164,000 jobs, the department of labour said. “The jobs gains are looking very good and are in line with the continuing growth of the economy,” NRF chief economist Jack Kleinhenz said. “Irregular weather patterns have put some noise into the data this year in terms of fluctuating monthly numbers, but the overall trends show the underlying strength of the economy. Tax reform and regulatory reform seen over the past few months are expected to continue to provide traction for the economy and further job growth.” While sporting goods stores saw the number of jobs increasing by 1,700, clothing being a weather-sensitive sector witnessed jobs going down by 5,300, NRF said in a release. Economy-wide, average hourly earnings in April increased by 4 cents or 2.6 per cent year-over-year. The department of labour said the unemployment rate dropped from 4.1 per cent to 3.9 per cent, the lowest level since December 2000. Retail job numbers reported by the labour department, however, do not provide an accurate picture of the industry because they count only employees who work in stores while excluding retail workers in other parts of the business such as corporate headquarters, distribution centres, call centres and innovation labs, Kleinhenz said.
Source: Fibre2Fashion
