The requirement of polyester filament yarn (PFY) is increasing as it is the chief substitute for cotton. Cotton’s low availability, durability and cost are its limitations, while polyester is its cheapest replacement with ample availability, relatively good durability and its applicability for ever increasing purposes, said the head of Supertex Industries. “It is estimated that the per capita consumption of polyester is likely to increase many folds in the developing world,” said Mahesh Sharma, director, Supertex Industries Limited while speaking to Fibre2Fashion. The company manufactures and exports draw warped and sized yarn beams of polyester and nylon. There are two segments to the PFY industry. One is partially oriented yarn (POY) which requires further processing in a desired way, and the other is fully drawn yarn (FDY). The FDY is an improvement on the earlier two processes of drawing of yarn. In FDY, the produced yarn can be directly consumed or consumed after processes like twisting, sizing, etc, explained Sharma. Talking about the latest innovations taking place in the industry, he said, “FDY producing technology was not up to the mark compared to the drawn yarn of similar specification on post spinning machines. This is constantly improving and the two are interchangeable in a majority of the uses. Similarly, dyeing by infusion of masterbatch has become far more superior than earlier. There are other developments like high tenacity yarns, fire retardant yarns and also anti-microbial yarns.” The challenges faced by the industry include volatile oil prices cause instability in the industry, added Sharma. “Having stayed in the unorganised sector for ages, the weaving industry is limping very slowly into the new era of GST. This slow migration has a pronounced impact on the entire business. Money supply is under constant strain and with the banking industry in its current shape, the industry is facing many issues that will take another quarter to be sorted out.” Sharma also said that Supertex is inclined towards growth. “We do not want to lose our identity of a boutique company, but want to broadbase our activities by integrating more processes that can buttress our profitability.”
Source: Fibre2Fashion
New Delhi: Closer to first anniversary of GST, the government on Monday said the new indirect tax regime has added more jobs in formal sector and widened taxpayer base. It noted that partial inclusion of real estate in the new structure had brought builders and those dealing in steel and cements into tax-net. But government does not seem to be satisfied with the current level of tax compliance and wants people to pay non-oil taxes honestly. Union minister Arun Jaitley has appealed people to pay taxes and equated it with patriotic duty of citizens. “The tragedy of the honest taxpayer is that he not only pays his own share of taxes but also has to compensate for the evader. My earnest appeal, therefore, to political leaders and opinion makers is that the full and complete suggestion would be that evasion in the non-oil tax category must be stopped and, if people pay their taxes honestly the high dependence on oil products for taxation eventually comes down,” he said. In a separate statement, the finance ministry said GST is the biggest reform measure, which is eliminating transactions that were not recorded earlier in the books of accounts and thus were outside the tax net so far. The finance ministry assertion has come even as opposition parties have termed the GST rollout as faulty blaming it for job losses in informal sectors. The ministry has said there are early signs of tax base expansion and is expected to rise. As many as 6,60,000 new agents, previously outside the tax net, sought GST registration between June and July 2017. Further, the entire textile chain is now brought under tax net. “A segment of land and real estate transactions has also been brought into tax net “works contracts”, referring to housing that is being built. This in turn would allow for greater transparency and formalisation of cement, steel and other sales, which earlier tended to be outside the tax net. The formalisation will occur because builder will need documentation of these input purchases to claim tax credit,” the finance ministry said. The government had launched GST on July 1 last year turning the country into one common market with uniform tax structure. After initial glitches, the new tax system has now settling and yielding desired results.
Source: The Asian Age
MUMBAI: An escalating trade dispute between the US and China returned to haunt financial markets across the world with Indian stocks and rupee falling on Tuesday. Asian and European stocks fell after US President Donald Trump threatened to impose a fresh round of tariffs on Chinese goods in the latest round of trade war rhetoric between the global economic giants. Foreign portfolio investors dumped shares worth almost ?1,325 crore on Tuesday. Sensex fell 261.52 points, or 0.74per cent, to close at 35,286.74 while Nifty dropped 89.40 points, or 0.83per cent, to close at 10,710.45. The rupee lost 0.5per cent, or 39 paise, against the dollar amid a rush for safe-haven US-backed assets. The local currency closed at 68.38 a dollar compared with 67.99 a day earlier. “The global dollar strength has weighed on all emerging market currencies including rupee,” said Anindya Banerjee, currency analyst, Kotak Securities. “Investors are seeking safety of safe-haven assets amid uncertainties triggered by trade wars and tightening monetary policies.” The rupee weakness may remain unless the trade war fears ease, he said. The decline in local stocks, however, was less sharp compared to other Asian markets. Japan’s Nikkei slumped 1.77 per cent, China’s Shenzhen Composite tumbled 5.77per cent, Hong Kong’s Hang Seng dropped 2.76 per cent and South Korea’s Kospi fell 1.31per cent. Dow Futures were down more than 300 points while European markets were down 1-2 per cent at the time of going to print on Tuesday evening. The perception that India would be less impacted in a trade war saved the day for equity investors. “The ongoing trade war between US and China has definitely impacted investor sentiments across the globe, but India is less impacted due to our export size,” said Raamdeo Agrawal, joint managing director, Motilal Oswal Financial Services. US president Trump said the country would consider imposing a 10 per cent tariff on $200 billion of Chinese goods. The threat was in retaliation for China’s move to raise tariffs on $50 billion of US goods. On the BSE, about 1,923 stocks declined while 703 stocks gained, an indication of the outstretched weakness in the broader market. Metal stocks like Jindal Steel, Hindalco, Vedanta and SAIL slipped over 2-4per cent led by fall in base metal prices on the London Metal Exchange. Fund managers and analysts said India could be less impacted by the trade dispute but its stock market will not be insulated if the matter worsens. The drop in oil prices amid the conflict also came as a relief to investors. Brent oil on Tuesday fell 0.6 per cent to $74.87 a barrel. The market is closely watching the outcome of the meeting between the Organization of the Petroleum Exporting Countries (Opec) and a group of non-cartel countries later this week. Hopes are high that they would decide to increase production but the extent of the output boost would determine the sentiment in the global financial markets. For India, a decline in crude prices will be a key sentiment booster as lower oil prices and strong monsoon are expected to ease inflationary pressures. “Softening of crude oil prices and good monsoon will work in favour of Indian markets,” said Agrawal.
Source: The Economic Times
With close to 70% of the 1.1 crore businesses registered for the goods and services tax (GST) filing the returns by the deadline, the compliance level is now satisfactory, GST Network’s chief executive officer Prakash Kumar told FE, adding that the vexed issue of delays in refunds to exporters has also been fully resolved for those pay integrated GST and seek to get it back. In the initial months since GST’s July 2017 launch, just a little over half of the registered taxpayers used to file returns (and pay tax) by the deadline (the 20th of the next month). While overall taxpayer base has expanded over months from around 64 lakh at the start, the number of monthly return-filers also has risen. According to Kumar, almost all taxpayers who have a tax liability are now filing the returns. “These numbers are in line with what we had in the VAT regime. Even in the case of income tax returns, there are 25 crore PANs but only over 6 crore people who actually file the returns,” he added. Among exporters, those who pay integrated GST (IGST) and file refund applications with “the correct details” were getting the refunds in four to five working days, he added. The prospect of prompt refunds, he said, encouraged exporters to use the fully automated IGST route rather than the letter of undertaking route, which doesn’t involve tax payment but only refund of input tax credits. Exporters are eligible for refund of tax content in export goods as such such sales overseas are zero-rated. “Refund process for claims filed since February has largely been smooth. We have been clearing refunds everyday and it has become relatively error-free,” Kumar said. Exporters have to declare the identical details to the customs department as well as to the IT backbone for GST refunds but failure to match details in earlier days had led to refunds getting stuck. However, Kumar added that the input tax credit (ITC) route for exporters still suffered from delays as it was not completely automated and tax officials were required to verify details before sanctioning refunds. Apart from exporters, ITC refunds are also claimed by businesses supplying GST-exempt goods and those dealing in goods with inverted duty structure. “We had the software for even automated ITC refund but it would work only with GSTR-2 and 3 forms, which have remained suspended. Since there is no validation with GSTR-2 and 3, the time-consuming task of manual interference is required,” he said. The Central Board of Indirect Taxes and Customs (CBIC) has had to undertake special refund drives one in March and the other earlier this month to ensure that refunds are cleared with manual intervention and checks. At the beginning of the second such drive, the government had said that Rs 14,000 crore of refund claims were stuck. GSTN will start work on the new simplified return-filing system after the tax department moots the final draft (software modules related to appeals, investigation and assessment are currently being developed). Detailed returns are crucial for invoices-matching, which is integral to check tax evasion.
Source: Financial Express
The Centre on Tuesday decided to adopt a two-pronged approach to improve functioning of functioning of public sector banks (PSBs) by “ironing out issues of consortium-based lending” and identifying “good borrowers. “A committee under Mr Jayakumar (managing director and chief executive officer of Bank of Baroda) has discussed various aspects of credit flow, particularly to micro, small and medium enterprises,” Piyush Goyal, interim Finance Minister, told reporters. Goyal was addressing media after interacting with various bank chiefs from northern and eastern part of the country. He said that bank chiefs have “made decision” to extend credit to MSMEs and “genuine small businesses”. “One of the thoughts before the PSBs has been that they will have to get into the act of working to support MSMEs and genuine good companies who need working capital finances or loans or investment asset but have had some difficulty in the past,” Goyal said. About Rs 27 lakh crore loan is parked with MSMEs, according to banking officials. Bankers, now, have decided to push economic growth on the back of such “good borrowers” in two stages. “In the first stage, (accounts will be taken up of those borrowers) who have borrowings between Rs 200 crore and Rs 2,000 crore… In the second stage, accounts of up to Rs 200 crore will be taken up,” Goyal said. The interim FM said that PSBs have approximately 4,500 accounts under first category. The accounts, which are mostly consortium based, will be thoroughly studied by bankers over the next two weeks to study genuine borrowers. This will be done to identify accounts that are in the business seeing an uptick, which can be further supported by the banks. He further said that, all the bank chiefs will have a “creditors arrangement or agreement” to iron out issues in the consortium lending. “All bankers will take upon themselves to work as a team. It was also decided that bankers will adopt the Insolvency and Bankruptcy Code’s (IBC’s) 66 percent threshold limit to be binding on the consortium,” he said adding, “bankers will follow the decision taken 66 percent of the lenders in a consortium”. Early this month, Ram Nath Kovind, President, had approved promulgation to IBC Ordinance, 2018 paving way to bring down decision taking threshold for lenders at 66 percent from 75 percent. Goyal further said that sub-committees will be set up by all the banks to have “stronger risk assessment mechanism”. “These committees will help banks to ensure that the processes (defined by banks) are robustly followed and suggest if any upgradation of resources, technologies, human resources is needed,” he said. State Bank of India, the country’s largest PSB, has suggested that ex-vigilance expert, former judicial officers or former banker could be part of the committee. PSB chiefs, who addressed the media, said that PSBs want to lead the economic growth and that the “signs of revival in the economy should be taken to higher level”. “The major issue is of flow of credit and asset quality because of which, some of the banks are under prompt corrective action by the Reserve Bank of India,” said Rajnish Kumar, Chairman, SBI. “Banks that are relatively stronger are willing to take up lending activity of a particular bank which is weak”. He said that bankers were working towards improvement of consortium working and multiple banking arrangements to have healthy banking system.
Goyal on RBI’s power over PSBs
Goyal said that the RBI has enough power to oversee the working of a PSB. The government, however, was open to discussion. “It is his (Urijit Patel, RBI governor) views with regards to regulation and supervision. We believe that powers are available with the reserve bank… (but if) there are any more powers required, government is very open to that (conversation),” he said. RBI Governor, Urijit Patel, last week informed a Parliamentary Standing Committee on Finance that the RBI has “inadequate” power over PSBs and demanded more power to regulate them. It must be noted that PSBs don’t come under the Banking Regulation Act, 1949 and are treated as corporations.
Consolidation of PSBs
Kumar of SBI said that banks were still discussing the idea to consolidate banks. “It was a food for thought which has been given and individual banks will use that and look for the opportunities,” he said. The chairman, however, added that banking community unanimously believes that the PSBs are presently “fragmented”. “The size of SBI and the next PSB is huge… But like any other issue, this move has pros and cons… The issues need deliberations… But there is a unanimity that this type of fragmentation is not good,” Kumar said.
Govt behind Bad Bank?
The interim FM said that government was not “behind” creation of bad bank and that it may not finance it. “A committee headed by Sunil Mehta (non-executive chairman, Punjab National Bank) is studying a proposal to study whether they (bankers) should have an ARC and/or Asset Management Company (AMC) or not. The committee is deliberating on it nand discussing with the stakeholders… Government is not managing the Asset Reconstruction Company (ARC). It is only facilitating the bankers to talk,” Goyal said. Centre had recently suggested having a “bad bank” like institution which would help banks clean their balance sheet. A ‘bad bank’ helps banks clear their balance sheets by transferring the NPAs, thereby improving asset quality and balancing assets with liabilities. In January 2017, the Economic Survey had suggested that a centralised Public Sector Asset Rehabilitation Agency (PARA) could be established. He, however, said that government was “committed” to providing “requisite capital” to the banks. In the last fiscal, PSBs collectively registered losses of Rs 87,300 crore. Of the 21 PSBs, only two banks posted profits. The net loss posted by state-owned banks was about Rs 85,370 crore in 2017-18 as against a net profit of Rs 473.72 crore in the previous fiscal. The NPA in the banking sector stood at Rs 8.31 lakh crore as of December 2017.Weak financials due to mounting bad loans have pushed 11 banks, out of 21 state-owned banks, under the PCA framework of the RBI.
Source: Money Control
They want minimum wages notified Chief Minister H.D. Kumaraswamy on Tuesday directed officials to set up a committee involving Labour Department officials, textile manufacturers, Central trade unions, and garment workers to study the long-pending issues plaguing garment workers, including notification of minimum wages. At a meeting with representatives of Garment and Textile Workers’ Union and All India Trade Union Congress (AITUC) and Textile Manufacturers, the Chief Minister said the committee should come out with its report in a time-bound manner so that minimum wages of garment workers could be notified by this year-end.
Draft notification
Garment workers have been demanding that the new government implement the revision of minimum wages that the erstwhile Siddaramaiah-led government attempted by issuing a draft notification in February 2018, but withdrew it in March 2018. The industry employs around 4.5 lakh people in the State, mostly women, with nearly 3.5 lakh workers in Bengaluru alone. The Labour Department had issued the draft notification on February 22, 2018, proposing to double the minimum wages in the tailoring industry. But garment workers’ hopes were dashed when the department issued an order withdrawing the draft notification. The department said the industry management had objected to the revision on the grounds that minimum wages in Karnataka were higher than that in other States and doubling it would have an adverse impact on an industry that is already facing tough international competition. “In today’s meeting, the Chief Minister said it is not possible to restore the withdrawn notification, and assured us that based on the new committee’s report, minimum wages will be notified by this year-end,” said a member of AITUC who attended the meeting.
Source: The Hindu
Organises of the sister fairs Heimtextil India & Ambiente India have tied up with the Council of Handicrafts Development Corporations to display India’s heritage art and crafts at a specially curated COHANDS Pavilion. Running into its 5th edition, Heimtextil India & Ambiente India will open doors this month from June 27-29 at Pragati Maidan, New Delhi. The COHANDS Pavilion will bring together Padamshree and National Awardee ai Prakash Lakhwal; National Awardees Vivekananda Bagchi, Sneh Gangal, Devendra Kumar Jha and Kamlesh Jangid; and Shilp Guru Awardees Har Krishan, Mohd Matloob and Brahmdeo Ram Pandit—just to name a few—who will be presenting their strengths in traditional Indian handicrafts. Together, the awardees will highlight traditionally crafted products with a contemporary touch in miniature painting, terracotta, cane & bamboo arts, wood craving & wood inlay, bidri craft, mithila painting, wood craving, brass engraving and pottery. Creating the perfect combination of Indian and international designs, the platform will also host companies from China, Indonesia, Switzerland and Thailand and international speakers from France and Finland to throw light on the lifestyle trends through co-relation with Indian design due to the growing influence of India through emergence of successful Indian designers and brands internationally, the organisers said in a press release. Among the countries participating in the fair this year, the strongest participation is seen from Thailand where the Office of Small and Medium Enterprises Promotion and Federation of Thai Industries are looking at strengthening bilateral ties in the Indian home fashion space given the strong culture of design co-relation in both countries. Altogether, over 150 leading companies will present their stunning collections in dining, living, giving and home furnishing segments at the three-day fair. The highlights of the fair include first-look and season’s new collections launched by leading brands such as D’décor, Reliance, Aditya Birla, GHCL Ltd, RR International, Manorama, etc. The ILA Experience Zone will have innovative concepts in interior spaces showcased through a design face-off on the theme of “My Heritage, My New Age India” between product and textile designers. Further, renowned international speakers French designer David Landart and Finnish designer Susanna Björklund will host sessions on lifestyle trends and the art of window dressing. India’s textiles minister Smriti Irani is expected to inaugurate and address the important gathering where the industry’s new and leading brands will present first-look of the new season’s collections for the Indian market offering inspiring product designs, live design sessions and experience zones.
Source: Fibre2Fashion
After the protests in Thoothukudi against a copper smelter plant belonging to Sterlite Industries claimed 13 lives in police firing, now the agitation against the Salem-Chennai Green Corridor is picking up pace. With just six months away for the second edition of Global Investors’ meet (GIM) scheduled in January 2019, the clock is ticking for Tamil Nadu. The southern state is the country’s second most industrialised state as well as its second richest according to Gross State Domestic Product (GSDP), but a wave of protests against industry gain momentum in the state. First, it was the long standing protests in Thoothukudi against a copper smelter plant belonging to Sterlite Industries which ended when the police allegedly opened fir during ongoing protests, leading to the loss of 13 lives. Now, the agitation against the Salem-Chennai Green Corridor is picking up pace. Chief minister Edappadi K Palaniswami recently admitted in the assembly that Tamil Nadu had witnessed the maximum number of protests in the country, which is unusual for a state considered to beindustry-friendly. Whether it is the IT cluster in and around Chennai or the automobile companies around Sripermbedur, the textile exporters in Tiruppur, the electrical industry in Coimbatore or the leather export cluster in Ambur, the state has carved a niche for itself on the country’s industrial landscape. According to the Confederation of Indian Industries, Tamil Nadu, with its contribution of over 20% to auto exports, 28% to the renewable energy capacity in the country, has been a front-runner in attracting investments over the past three decades. “The protests are mainly due to the weak political stability in the state. At present, the medium and small scale industries are under severe stress. “Thousands of small industries have closed down due to multiple factors ranging from GST, demonetisation and issues pertaining to Tamil Nadu including the agitations and unrest,” said KE Raghunathan, national president of the All India Manufacturers Association.Over the last four years, TN has not added any major company to its industrial clusters in Gummidipoondi, Hosur, Coimbatore, Vellore and Sriperumbudur, but there are reports of several largecompanies shifting their additional new investments away fromTamil Nadu, he noted. However, office bearers of the Confederation of Indian Industry (CII) in Chennai are hopeful that the state will bounce back. “The launch of a single window portal under the Tamil Nadu Business Facilitation Act would attract large number of companies to invest and expand their operations in the state. The proactive steps taken by the industries department have raised the confidence of investors in the state,” opined M Ponnuswami, chairman, CII TN state council. The proposed eight-lane corridor project under the Bharatmala Pariyojana initiative would be a game changer in enhancing the economic growth of central districts of Tamil Nadu, said Ponnuswami. When asked about the recent protests and unrest, senior minister D Jayakumar said the police had to enforce the law of the land. Tamil Nadu industries secretary K Gnanadesikan said all is well with the industry sentiment in the state. Denying that the state has attracted less investment in the recent years, he said, “We are holdings talks with Foxconn and are on the process of reviving the Nokia plant which has been shut down in Sriperumbudur and more industry friendly talks are underway.”
Source: Hindustan Times
The rupee today nosedived 39 paise to hit a near one-month low of 68.38 against the US dollar as escalating trade threats between the world's two biggest economies continued to spiral. Increasing prospects for a full-blown US-China trade war triggered a risk-off atmosphere in many global currency markets after US President Donald Trump ordered to impose another round of tariffs on more Chinese goods, prompting China to retaliate. World stocks too reacted negatively with significant falls in Asia that carried through to Europe. Domestic forex market sentiment succumbed to bouts of pressure on revival of fresh global trade war fears and concerns about possibility that the adverse US trade policy will have a substantial impact on the Indian economy. The rapid surge in global crude oil prices has already had an adverse impact on the country's fiscal arithmetic. The home currency crumbled to hit a intra-day low of 68.39 in later afternoon on panic dollar buying. On the energy front, crude prices dropped, weighed down by expectations that producer group OPEC and key ally Russia will gradually increase output. Brent crude futures, an international benchmark, is trading up at USD 74.39 a barrel, in early Asian trade. Bond markets, however, staged rebound and the 10-year benchmark bond yield finished a tad lower at 7.86 per cent as compared to 7.88 per cent. Earlier, the rupee opened almost flat at 67.98 from overnight close of 67.99 at the interbank foreign exchange (forex) market. But, later suffering in a deeper risk-off reaction, the local unit descended sharply to hit a low of 68.39 before ending at 68.38, showing a steep loss of 39 paise, or 0.57 per cent. This is the lowest closing for the rupee since May 23. The RBI, meanwhile, fixed the reference rate for the dollar at 68.1511 and for the euro at 79.1575. The dollar index, which measures the greenback's value against basket of six major currencies, was up at 94.79. The greenback rose to the day's highs against the currency basket and pared back some losses against the safe haven yen as heightened trade tensions between the U S and China soured risk appetite. In the cross currency trade, the rupee, however, maintained its bullishness against the pound sterling and settled at 89.96 per pound from 90.09 yesterday. The home unit, slipped against the euro to finish at 78.97 from 78.96 and also fell against the Japanese yen to end at 62.27 per 100 yens as compared to 61.55 earlier. Elsewhere, the British pound plummeted to fresh 7-month low against the greenback, extending the fall for the second consecutive session weighed down by the UK Prime Minister Theresa May's loss of a vote on her Brexit legislation in the House of Lords amid fading BoE rate hike prospects. The common currency euro also drifted to near 2018 lows against the US dollar on the back of sluggish eurozone macro data and also impacted by the US-led trade war concerns. In forward market today, premium for dollar showed a steady to firm trend owing to lack of market moving factors. The benchmark six-month forward premium payable in October was unchanged at 104-106 paise, while the far-forward April 2019 contract edged up to 248-250 paise from 247-249 paise on Monday.
Source: Money Control
This was largely attributed to pink bollworm attack on cotton crops in Maharashtra, Telangana and Andhra Pradesh. The Cotton Advisory Board (CAB) has lowered its cotton output estimates of 377 lakh bales to 370 lakh bales for 2017-18. This was largely attributed to pink bollworm attack on cotton crops in Maharashtra, Telangana and Andhra Pradesh. The estimated cotton output of 370 lakh bales for 2017-18, however, is higher by around 7% from the previous year’s output of 345 lakh bales. The board had estimated cotton production to be 345 lakh bales and exports at 59 lakh bales for the season when it had met in December. Production estimates were lower in the beginning of the season as the board expected damage to the crop from bollworm attack. CAB’s closing stock has been estimated at 43 lakh bales. The Cotton Association of India (CAI), in its recent report, has estimated cotton crop for the ongoing 2017-18 season beginning from October 1, 2017, at 365 lakh bales (of 170 kg each), which is higher by 5 lakh bales from its previous estimate in May. The CAI has estimated domestic consumption for the season at 324 lakh bales while the exports for the season are estimated by the CAI at 70 lakh bales. “We can end the season with exports of 70 lakh bales,” Ganatra had said earlier adding that higher international prices would drive up shipments. Meanwhile, Confederation of Indian Textile Industry (CITI) has estimated the production of Indian cotton crop for the cotton season 2017-18 at 373 lakh bales (170 kg each) which is estimated to be 8.11% higher from the previous year owing to the increase in area under cotton cultivation by almost 13% i.e. from 108.45 lakh hectares to 122.59 lakh hectares. The estimated balance-sheet for 2017-18 shows production as 373 lakh bales, imports at 15 lakh bales and exports at 70 lakh bales. Further consumption is estimated to be 316 lakh bales (including non-mill consumption of 19 lakh bales) against 306 lakh bales in 2016-17. CITI chairman Sanjay Jain has said that the high prices of cotton domestically and internationally would further force the consumption to either remain stagnant or slightly at the lower side. Therefore, consumption figures should not exceed beyond 316 lakh bales (including the non-mill consumption of 19 lakh bales). The consumption of last season 2016-17 was 306 lakh bales (including the non-mill consumption of 17.50 lakh bales).CITI has kept the opening stock of cotton for 2017-18 at 47.81 lakh bales as decided by the Cotton Advisory Board. The closing stock will be around 49.81 lakh bales which is quite sufficient for the textile sector to smoothly run their units throughout the year. Meanwhile, textile commissioner Kavita Gupta has advocated adoption of global practices in cotton cultivation to avoid pest attacks and improve quality of the produce. Indian farmers need to adopt global practices such as adequate spacing between plantations, avoiding bushiness, etc., Gupta said. The Textile Commissioner has proposed the Ministry of Textile interventions to adopt best global practices to promote cotton production and improve farmer’s income. The move comes in the wake of massive pink bollworm attacks in the past 2-3 years in north India and in Maharashtra and Telangana this season. The pest attacks not only destroyed large amount of crop but also impacted quality of the remainder produce dragging down prices.
Source: Financial Express
Rupee depreciation fuels demand further as currency slips below 68 to the dollar Cotton yarn prices have jumped a little over 10 per cent in two weeks, due to a sharp increase in demand from markets abroad, following rupee depreciation. Along with yarn, there has been an increase in orders for Indian cotton from China , following a build-up in its trade war with the US. In a retaliatory measure, China has imposed 25 per cent duty on import of cotton from the US and is meeting its demand by sourcing more from India. As of Tuesday, the benchmark 40-count of cotton yarn was trading at Rs 240 a kg, up from Rs 215-218 earlier this month. The rupee depreciated by nearly one per cent to below 68 a dollar during this period, from Rs 67.41 earlier this month. During the past few months, the rupee has fallen by nearly five per cent. The sharp increase in yarn prices has revived sentiment in the spinning sector in this ongoing lean season. As a rule, demand for cotton yarn is lacklustre for about five months starting from the summer vacation. "The surge in yarn prices is backed by a sudden spurt in demand from importing countries, including China and Bangladesh. Depreciation in the rupee has helped exporters contract more orders and execute past ones at better margins," said Ashok Patel, managing director, Angel Fibers, a Rajkot-based yarn maker. China has contracted to import 500,000 bales (one bale = 170 kg) of cotton from India, after raising tariffs on import from the US. The new orders are in addition to the regular ones. China produces nearly 32 million bales of cotton annually, against its consumption of 45 mn bales. India exported nearly a million bales to China last year. As a result, our overall cotton export is likely to rise 21 per cent to seven million bales for the cotton year ending this September, from 5.8 mn bales the previous year. The price of the benchmark Shankar-6 variety of cotton has risen by 6.5 per cent in June so far, to Rs 13,160 a quintal from Rs 12,373 a qtl. In the course of a month, the price has risen 12 per cent.
Source: Business Standard
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1352.66 |
USD/Ton |
-0.51% |
6/19/2018 |
|
VSF |
2303.10 |
USD/Ton |
0% |
6/19/2018 |
|
ASF |
3152.59 |
USD/Ton |
3.05% |
6/19/2018 |
|
Polyester POY |
1399.25 |
USD/Ton |
0% |
6/19/2018 |
|
Nylon FDY |
3618.49 |
USD/Ton |
0% |
6/19/2018 |
|
40D Spandex |
5435.50 |
USD/Ton |
0% |
6/19/2018 |
|
Nylon POY |
3703.91 |
USD/Ton |
0% |
6/19/2018 |
|
Acrylic Top 3D |
5854.81 |
USD/Ton |
0% |
6/19/2018 |
|
Polyester FDY |
1665.59 |
USD/Ton |
0.05% |
6/19/2018 |
|
Nylon DTY |
3230.24 |
USD/Ton |
0% |
6/19/2018 |
|
Viscose Long Filament |
3261.30 |
USD/Ton |
0% |
6/19/2018 |
|
Polyester DTY |
1646.18 |
USD/Ton |
0% |
6/19/2018 |
|
30S Spun Rayon Yarn |
3074.94 |
USD/Ton |
0% |
6/19/2018 |
|
32S Polyester Yarn |
2217.68 |
USD/Ton |
-0.14% |
6/19/2018 |
|
45S T/C Yarn |
3074.94 |
USD/Ton |
0% |
6/19/2018 |
|
40S Rayon Yarn |
2329.50 |
USD/Ton |
0% |
6/19/2018 |
|
T/R Yarn 65/35 32S |
2609.04 |
USD/Ton |
0% |
6/19/2018 |
|
45S Polyester Yarn |
3245.77 |
USD/Ton |
0% |
6/19/2018 |
|
T/C Yarn 65/35 32S |
2733.28 |
USD/Ton |
0% |
6/19/2018 |
|
10S Denim Fabric |
1.46 |
USD/Meter |
-0.11% |
6/19/2018 |
|
32S Twill Fabric |
0.90 |
USD/Meter |
0% |
6/19/2018 |
|
40S Combed Poplin |
1.25 |
USD/Meter |
0% |
6/19/2018 |
|
30S Rayon Fabric |
0.71 |
USD/Meter |
0% |
6/19/2018 |
|
45S T/C Fabric |
0.74 |
USD/Meter |
0% |
6/19/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15530 USD dtd. 19/6/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
U.S. President Donald Trump threatened on Monday to impose a 10 percent tariff on $200 billion of Chinese goods, prompting a swift warning from Beijing of retaliation, as the trade conflict between the world’s two biggest economies quickly escalated. In a statement, Trump said he had asked U.S. Trade Representative Robert Lighthizer to identify the Chinese products to be subject to the new tariffs. He said the move was in retaliation for China’s decision to raise tariffs on $50 billion in U.S. goods, which came after Trump announced similar tariffs on Chinese goods on Friday. “After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced,” Trump said. The news sent global stock markets lower and pulled down both the dollar and the Chinese yuan in the offshore market. China’s commerce ministry said Beijing will fight back firmly with “qualitative” and “quantitative” measures if the United States publishes an additional list of tariffs on Chinese goods, accusing Washington of launching a trade war. “Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions, and is a disappointment for the international community,” the ministry said in a statement on Tuesday. “The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the U.S., but of the world,” the ministry said. If the U.S. becomes irrational and publishes that new list of tariffs, Beijing will take strong countermeasures to safeguard the interests of China and its people, it said. Lighthizer said in a statement his office was preparing the proposed tariffs and they would undergo a similar legal process as previous tariffs, which were subject to a public comment period, a public hearing and some revisions. He did not say when the target list of Chinese goods would be unveiled. Washington and Beijing appeared increasingly headed toward open trade conflict after negotiations failed to resolve U.S. complaints over Chinese industrial policies, lack of market access in China and a $375 billion U.S. trade deficit. On Friday, Trump said he was pushing ahead with a 25 percent tariff on $50 billion worth of Chinese products, prompting Beijing to respond in kind. Some of those tariffs will be applied from July 6, while the White House is expected to announce restrictions on investment by Chinese companies in the United States by June 30. “China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology. Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong,” he said. Trump said if China increases its tariffs again in response to the latest U.S. move, “we will meet that action by pursuing additional tariffs on another $200 billion of goods.” A spokeswoman for the U.S. Trade Representative’s Office said the new list would replace the previous $100 billion list that Trump ordered to be prepared in early April as a response to China’s first round of $50 billion in retaliatory tariffs. Trump said he has “an excellent relationship” with Chinese President Xi Jinping and they “will continue working together on many issues.”But, Trump said, “the United States will no longer be taken advantage of on trade by China and other countries in the world.” According to U.S. data, China imported $129.89 billion of U.S. goods last year, while the U.S. purchased $505.47 billion of Chinese products. Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, said that means China will soon run out of imports of U.S. goods on which to impose retaliatory tariffs. He added that China was unlikely to respond to an announcement of tariffs with changes in industrial policies. Those could take a long and painful trade fight. “As I’ve said from the beginning, China will back off its industrial plans only when U.S. trade measures are large and lasting enough to threaten the influx of foreign exchange. Not due to announcements,” he said.
Source: Financial Express
NDO/VNA – Officials of Vietnam and the Eurasian Economic Union (EAEU) lauded the upbeat outcomes brought about by the EAEU – Vietnam free trade agreement (EAEU – Vietnam FTA) over the year and a half since it took effect. The enforcement of the FTA was reviewed at a working session between Vietnam’s Minister of Industry and Trade, Tran Tuan Anh, and Minister for Trade of the Eurasian Economic Commission (EEC), Veronika Nikishina, in Moscow, on June 18. According to statistics released by Vietnam Customs, trade between the two sides hit US$3.9 billion in 2017, up 3% from 2016. Also in 2017, Vietnam recorded a trade surplus of nearly US$1 billion with the bloc. In the first four months of 2018, the bilateral trade was at US$1.53 billion USD, an annual increase of 35%. Key exports of Vietnam to the EAEU were phones – components, computers – electronic devices, apparel, footwear, fruit – vegetables, coffee, cashew nuts, and seafood. It mainly imported petrol, oil, steel, fertilizers, and machinery from the EAEU. The commodities of the sides supplement each other, thus limiting the disadvantages usually seen with other FTAs. However, the two ministers took note of the low use of incentives brought by the agreement, particularly the Certificate of Origin Form EAV. They called for further joint efforts to clear the hurdles for Vietnamese and EAEU businesses so that they can capitalise on the favourable conditions created by the bilateral FTA and bolster their bilateral trade towards a value of 10 billion USD in 2020. Tuan Anh voiced his concern over the EEC’s safeguard duties that are imposed on Vietnamese underwear and children’s wear products for nine and six months respectively since March 14, 2018. He noted that Vietnam had repeatedly asked for reconsideration of the duties considering that Vietnamese goods account for a low share in the EAEU’s total import of such products, have good quality, and supplement the garment and textile products made by EAEU countries. The Vietnamese minister asked the EEC to promptly lift the duties and make the criteria of its safeguard measures more transparent in the future. Concluding their meeting, the two officials agreed to exert greater efforts to effectively implement the EAEU – Vietnam FTA and create the most favourable conditions for the bilateral trade of agro-forestry-fishery goods. They reached a consensus on accelerating the negotiations to build an electronic origin assessment and certification system following the roadmap committed to by both Vietnam and the bloc. In an interview with the Vietnam News Agency, Minister Tuan Anh said the FTA is a strong catalyst for trade with Russia, an important comprehensive strategic partner of Vietnam in the EAEU. The trade value with Russia currently accounts for about 90% of Vietnam’s total trade with the bloc. He said the EAEU is intensifying its trade and investment with the ASEAN Community in its strategy to expand its ties with the Asia-Pacific region, and Vietnam is also building production and distribution chains in the region. Therefore, deeper cooperation with Vietnam will give producers and suppliers in Russia and other EAEU opportunities to join supply chains in the Asia-Pacific.
Source: Nhan Dhan Online
Admittedly corporate sector is an important part of economy. Private enterprises or companies are quixotically clinging to profits that concern them much . But the private organizations like NGOs, voluntary organization are non-profitable trying to play a role as civil societies. Corporate financial institutions mostly private banks 'serves a diverse range of clients, ranging from small- to mid-sized local businesses with a few millions in revenues to large conglomerates with billions in sales and offices across the country. Commercial banks offer the following products and services to corporations and other financial institutions': Loans and other credit products - this is typically the biggest area of business within corporate banking, and as noted earlier, one of the biggest sources of profit and risk for a bank. Treasury and cash management services are used by companies for managing their working capital and currency conversion requirements. Equipment lending - commercial banks structure customized loans and leases for a range of equipment used by companies in diverse sectors such as manufacturing, transportation and information technology. Commercial real estate - services offered by banks in this area include real asset analysis, portfolio evaluation, and debt and equity structuring. Trade finance - involves letters of credit, bill collection and factoring. Employer services - services such as payroll and group retirement plans are typically offered by specialized affiliates of a bank. Notwithstanding its importance in our dynamic economy criticism has become scathing on lowering corporate tax for banks, financial institutions. The Centre for Policy Dialogue (CPD) has been instrumental in slating the move to lower corporate tax rate for banks, insurance and financial institutions by 2.5 percent in the proposed national budget. Dr Debapriya Bhattacharya, a distinguished fellow of the CPD, said "This will give wrong signal, the government should not give such facility to the owners of banks and financial institutions without stopping the anarchy which is going in the banking sector. We think policy makers in the domain of budget preparation should rethink about lowering of corporate tax for reckless and whimsical banking sector. Among our banks those who have already earned bad name under the manipulation of all black cats at the apex should not be given any tax privilege. This would become outrageous. The government may well be advised to give priority to needed reforms to modernize the country's tax system .The move to reduce corporate tax may lead to loss of revenues worth about Tk 1000 crore and is highly unlikely to increase liquidity (CPD in its analysis of the National Budget for FY 2018-19). Our concern is that the financial institutions suffer from image crisis. Governance shortage has become acute. Financial institutions should think that money being deposited in their banks is oublic money. Clients are the main shareholders. So while giving any mega loans in the relam macro enterprise banks must take decision rather circumspectively. We have a plenty of stories about banks in the grips of criminal syndicates. Hallmark-Sonali Bank Loan Scam was a scam perpetrated by the largest State Owned Commercial Bank (SOCB) by giving a loan of BD Taka 3400 crore (almost USD 454 million) using scam documents between 2010 and 2012. The loan scam occurred when one branch of Sonali Bank illegally gave out $454 million in loans, including nearly $344 million to Hallmark Group, a textile business. Tanvir Mahmud, Hallmark's managing director, connived with a branch manager to issue fraudulent letters of credit to fictitious companies (Wikipedia). In a board meeting number of 316, 317, 318 and 319 were approved a higher loan. For instance the bank was approved 117 crore taka in a board meeting no. of 317 without acceptance of other board members.}. Basic bank had paid 45 lac 31 thousand taka to the lawyer of Barrister Kamrujamman for operating their legal suit at the very beginning of that case which was unusual for other lawyer because normally lawyer gets at best 4 to 5 lac taka in total. (Navid Tasmin) Pribes about the scams have been going on for a long time without any commensurable results. On the other hand the government is aware about discipline in banking institutions. In terms loan repayment and bringing loan defaulters under code of conduct. To cite a report: ‘ Bangladesh Bank (BB), the regulatory body of the country's banking sector, has recently taken drastic actions against two banks over allegations of serious violation of banking norms in running their businesses. It has removed the Managing Director and CEO (Chief Executive Officer) of NRBC Bank and barred him from holding any position in any other bank or financial institution for the next two years. Similarly, the central bank has removed the Chairman of the Board of Directors of Farmers Bank over allegation of some gross violations. These punitive actions against the banks' management are apparently a warning to the whole industry. After a long silence, BB has thus played an effective regulatory role. This deserves appreciation. Only when the regulators conduct strong monitoring and take stern action against violation of rules and regulations, the financial industry remains under control and any financial debacle can be averted. Absence of such vigilance from regulators resulted in many financial scandals and fraudulent activities in the country's banking sector. Whenever the central bank failed to take stern action against banks involved in financial scandals like the Hall Mark, Bismillah, and Basic Bank scams, a section of people attributed the failure to so-called political influence and intervention. This in many cases was intended to cover up the failure of the central bank. True, political influence is a common phenomenon in the developing world and it is not unusual even in the developed world where such malpractice takes place in a sophisticated way through lobbyists. However, such political influence should not be considered as a big impediment to performing regulator's role. Rather, the regulators should learn the acumen of performing their due role by way of tactfully counter-manoeuvring the challenges of political influence and other unnecessary obstacles. Political influence is rampant in our country but at the same time, bank management's incompetence or inability also sometimes gets immunity in the name of political influence and intervention. Now that Bangladesh Bank has acted as an effective regulator, one hopes that the central bank will continue to keep it up and will even toughen its stance while performing its regulatory role. The BB should exercise its prudence while taking any punitive measure against any bank or financial institution. This is required because if any legal flaw is found, action taken by the BB may be overruled by the court. In that situation, the central bank's role will be questioned and its regulatory role will also be undermined. Nevertheless, ambiguity may arise over the interpretation of some sections of the Bank Company Act and various circulars issued by the BB from time to time. The roles of the Managing Director (MD), and board of directors of the bank in its day-to-day affairs, particularly in sanctioning loan, have also not been unambiguously spelt out, which may create confusion or ambiguity. The banking industry of the country is highly developed with the presence of more than 50 banks and hundreds of non-banking financial institutions. However, roles and responsibility of the management team, MD and CEO and the board of directors in running banks' day-to-day affairs, particularly in sanctioning loan, have not been defined properly. Loan proposal is originated by the branch, evaluated by the CRM (Credit Risk Management) Team, and then submitted to the MD and CEO or Board of Directors for approval depending upon their respective delegation. So the existing practice reveals that persons at different levels of the bank, from top to bottom, are involved in sanctioning loan. In that situation, question may arise why only MD and Chairman will be punished and others will be spared. In response, some may argue that the officers or CRM have followed whatever MD or Chairman of the Board had instructed, but this should not be an acceptable explanation. Irrespective of the position, no one should carry out an order of the superior if it is not found compliant with the rules and regulations. Unfortunately, the financial industry in our country lacks this standard practice. In his banking career, this writer has experienced many instances where MD has just asked CRM Head to look into a credit proposal to find its viability and in response; CRM Head submitted the proposal with recommendation for approval without studying its viability. This is a very difficult situation because it creates a dilemma in holding the concerned officer accountable as the Chairman may say the bank board has approved loan proposal based on the MD's recommendation. Similarly, the MD can say he approved the loan proposal in line with CRM recommendation. If CRM or the MD is asked why they have recommended such loan proposal, they will come up with counter-argument saying that they have done so because they have been asked by the Chairman to do so. Due to lack of proper guidelines in approving loans and due to the absence of specific rules determining the role and responsibility of executives at different levels of a bank, including the MD and the board, such blame game arises which provides a safe passage to the main culprits.
MODERN BANKING: In the face of such ambiguous situation prevailing in the country's banking industry, Bangladesh Bank should first emphasise on streamlining the entire loan operation system in the banks. In modern banking, board of directors does not directly approve any loan proposal. However, they continuously assess risks associated with sanctioning loan. And for proper assessment, they develop specific guidelines incorporating risk parameters. The MD will be solely responsible for implementing policy and guidelines developed by the board of directors. He will exercise adequate control at every level of loan management - from loan originating office to the approving level - to meticulously comply with guidelines and parameters approved by the board. Loan proposal will be evaluated, assessed and approved within the given guidelines and parameters by the management team at different levels of the bank including credit committee, senior credit committee, risk committee and so on. If any deviation or violation of the board-approved guidelines and parameters is detected, the concerned department or person will be held accountable and responsible. At the same time, the MD will be held responsible for his failure to exercise control over a department involved in the loan approval process and accordingly punitive measure will be taken. The board will closely monitor whether their guidelines and parameters are being meticulously complied with while approving loans. If the board fails to provide appropriate guidelines and parameters or fails to ensure compliance, its members will be held responsible and accordingly, punitive action will be taken against the defaulters. The entire process of loan sanctioning should be brought under computer technology so that the system does not allow deviation from given parameters. If such deviation or violation occurs, an exception report will be automatically generated and distributed to the concerned authorities including the board of directors. The roles and responsibility of board of directors, MD and CEO and management team and demarcation of each stake holder's duty should be made in black and white. Probable consequence or punishment for each violation should also be clearly specified in the written procedure. The concerned body should be made aware of this procedure and will provide written acknowledgement so that no scope of any denial or ignorance remains. These changes are required not only in the credit and loan operations but also in other areas including international trade (foreign exchange), operation department, FCD (Financial Control Department) and IT (Information Technology). Banker's accountability and responsibility can then be properly defined and the bank itself, and Bangladesh Bank as regulatory body will be able to enforce their actions against the violators what will thus restore and establish sustainable discipline in the country's financial sector. Bangladesh bank must be playing role in the creation of conations conducive to the maintenance of rules and regulation. All public and private banks should be brought under Bangladesh Bank. "Bangladesh Bank should consider establishing effective presence in the country's financial industry so that any market player thinks twice before violating any rules.
Source: New Nation
Working collaboratively under the framework of the ARC Research Hub for Future Fibres, textile innovators at HeiQ, with help from researchers from Deakin University's Institute for Frontier Materials (IFM), have developed a range of No Fuzz treatments that reduce unsightly pilling and make garments look and feel newer for longer. IFM Senior Research Fellow Dr Alessandra Sutti said pilling was caused by friction, as loose fibres in the material rub together and become tangled, forming annoying fuzzy balls. “The key to avoiding pilling is to either remove fluffy fibres or to stabilise the fabric structure so fibres can't easily loosen and tangle,” she explained. “HeiQ's NoFuzz technology bridges the gaps and strengthens loose fibres with adhesive polymer structures, reinforcing fabric yarns and resulting in a significant improvement against pilling.”
Extending lifetime of garments
HeiQ Australia Chief Executive Dr Murray Height, co-founder of HeiQ Materials AG, said pilling and abrasion resistance in general was one of the biggest problems affecting clothing, especially when it came to staple fibre textiles such as wool and natural/synthetic blends. “The need for an off-the-shelf treatment that can be applied to any fabric without noticeable impact on its feel or appearance has been discussed since the early days of the IFM/HeiQ partnership,” he said. “The textiles industry has tried to deal with this issue for years, but none of the current methods are entirely satisfactory – most fabric-based treatments result in an unpleasant feel to the fabric and reduced comfort.” Dr Sutti said the HeiQ NoFuzz treatment helped to make clothing more robust to wear and tear, thereby playing a role in extending the useful lifetime of garments. “This treatment can be used on all fibre types, but it has been shown to be particularly effective on spun yarns and natural/synthetic blends, and we're using materials that reinforce component yarns within the main fabric structure,” she said.
Improving performance
No Fuzz is the second commercial product to come out of IFM's collaboration with HeiQ, following the 2016 release of the HeiQ Real Silk textile treatment. Dr Sutti said she and her team were committed to working with HeiQ on a range of projects to improve the performance and sustainability of textiles. “Our collaboration covers a wide range of topics, from the development of the short polymer fibre platform all the way through to the implementation of new technologies in textile treatments,” she said.
Source: Innovation in Textiles
RECENTLY, the National Union of Textile, Garment and Tailoring Workers of Nigeria, NUTGTWN, in collaboration with Trustfund Pensions, PLC, held a workshop for some members of NUTGTWN in the informal sector to sensitise them about micro pension scheme that would be launched by the National Pension Commission, PenCom, among other issues concerning the Contributory Pension Scheme, CPS. At the sensitisation programme attended by over 300 tailors in Lagos and Ogun states, who are members of Nigeria Union of Tailors’ branch of the NUTGTWN, President of the union, raised the alarm that many of the Pension Fund Administrators, PFAs, were not accessible to their clients especially workers and retirees. Welcoming participants, President of NUTGTWN, John Adaji explained that the programme became necessary to get all the members of the union, including those working in the informal sector, into the CPS. According to him: “It is important to let our members in the tailoring sector know that they have to save for the retirement or raining days. One of the most difficult things to do in life is saving. But everybody has time that he or she would be caught of with time and retire.” He commended Trustfund Pensions for always carrying along the workers on the new initiatives in the pension scheme, adding that it was also noteworthy that the PFA identified with workers in the informal sector. According to him: “The performances of the PFAs are not the same. What determines the performances is ability and capacity to collect and effect the benefit payment as and when due. It is in that line that we have received several complaints. That is why I said even if there are issues from our members with Trustfund, we get them corrected almost immediately because Trustfund is accessible to us. But for those other PFAs, we always find it very difficult because one , you cannot access some of them. I do not want to mention names. The representative of the Trustfund Managing Director also said that Trustfund has 43 branches and centres across the country. This means, they are virtually everywhere we have our members. So, they attend to our needs. “But for others, we receive several complaints and in most cases, we find it very difficult to address these complaints because the PFAs are not very accessible. I have said it earlier that one of the biggest challenges especially in this part of the world, is the ability to save. We find it very difficult. It is easier under formal conditions because it is deduction at source. But for an individual, self-employed person it is a huge challenge. We believe that when people are enlightened, when people are sensitized, they will adjust to the reality of the time. What we are saying is that whoever you are, it is a matter of time before old age will catch up with you. So, we know that some of them will understand by the time they key into it and as we progress, some others will join. The only step we can take is what we are doing now. To sensitize them, let them realize the need and key into the scheme.”
Source: Vanguard
The trade fair duo of FIT 0/16 and Pueri Expo held in Sao Paulo, Brazil witnessed a total of 9,424 trade visitors from 11 countries, up 9.5 per cent from 8,607 visitors in 2017. The central trade platform for the baby and children's outfitting industry had 300 attractive exhibiting brands from 22 countries presenting exclusive new products for baby stores. Pueri Expo increased its exhibition space from that of the previous year by more than 125 per cent to around 7,000 gross square metres. The 51st FIT 0/16, the international trade fair for baby and children's clothing, and Pueri Expo presented themselves in a gross area of 13,000 square metres. "The trade fair duo is the hotspot for the entire children's industry in Latin America. We have once again successfully presented our international competence in the baby and children's outfitting industry", said Gerald Böse, president and chief executive officer of Koelnmesse GmbH, organiser of both trade fairs. "It was an all-around successful event. The record results, like the very high number of new exhibitors and the once again increased degree of internationality on the visitor and exhibitor sides speak for themselves. With FIT 0/16 and Pueri Expo, we precisely address the needs of the industry in the region and deploy the know-how of the leading global trade fair Kind + Jugend perfectly and profitably,” Cassiano Facchinetti, managing director of Koelnmesse in Brazil, said. Many major international participants on the market like ABC Design, Avent, Babyfehn, Chicco, Cybex, Dorel, Ergobaby, Mam, Nuk, Peg-Pérego, Skip Hop, Trunki and Twistshake presented their products and innovations at Pueri Expo. FIT 0/16 had some international key players like Calvin Klein Jeans, Tommy Hilfiger and Promperu, which presented providers of clothing made of Pima cotton in a pavilion. Parangolé, Aaran Baby, Baby Duck, Charminho, Le Infantti, Pukeko and Mooui presented their collections for the first time at FIT 0/16 with great success. Nuk, Mam, BabyGo, Sam & Peas and Munchkin were there for the first time and are enthusiastic about Pueri Expo. For the exhibitors in the country pavilions from China, Peru and the US, the trade fair offered an ideal platform for presenting their new products in trendy designs for modern parents.
A total of 300 exhibitors presented themselves at the trade fair duo comprising 212 brands from Brazil and 88 foreign brands from 21 participating countries - Australia, Belgium, China, Chile, Germany, France, the UK, Ireland, Israel, Italy, Canada, the Netherlands, Norway, Peru, South Africa, Spain, Sweden, Switzerland, Thailand, Uruguay and the US. Many international exhibitors used the personalised matchmaking and were able to generate valuable contacts, said the organisers in a press release. In addition to many Brazilian trade visitors, participants from Argentina, Bolivia, Chile, China, Costa Rica, Israel, Italy, Peru, Uruguay and the US also made use of the diverse offering of the trade and knowledge platform. “We have exhibited at Kind + Jugend for 12 years. With distributors in Europe and Asia, we now turn our attention to the potential of Latin America. Our experience here at Pueri Expo was great. We talked to over 50 potential distributors and will choose one to market our childcare products exclusively here in Brazil. We will probably come back for the next edition," said Ronald Koreman, director at Dooky. The Kids Catwalk presented trendy styles on the first three days of the trade fair at the popular fashion shows. The Puericultura Showroom was a presentation space for innovative product presentations in the children's outfitting segment. Many interesting lectures and workshops in the Trend forum inspired and provided important impulses with regard to market themes, fashion trends and sales concepts, for example, concerning omnichannel retailing and sales via social media channels. In the consultation bus from Sebrae, many small and medium-sized companies took the opportunity to consult with analysts regarding themes like founding, accounting, supplier selection and marketing. The matchmaking for international exhibitors and visitors also met with a very positive response. Another highlight was the presentation of the Consumer Awards of Kind + Jugend. Winners from eight countries received the distinction for the products and bestsellers established on the market at the last Kind + Jugend in various categories. The 52nd FIT 0/16 will present the latest fashion trends and collections of the autumn/winter season in the salon format with a uniform stand design from November 22-24, 2018. From June 13-16, 2019 the 53rd FIT 0/16 edition spring/summer will take place together with the 4th edition of Pueri Expo, the largest children's outfitting trade fair in Latin America. (KD)
Source:Fibre2Fashion
The digitalisation of production processes in the textile industry is in need of a whole new set of skills and training solutions for current trend of automation in Industry 4.0, according to a recent report released by the president of ACIMIT, Alessandro Zucchi, at the general meeting of ACIMIT. ACIMIT is the Association of Italian Textile Machinery Manufacturers. Alessandro Zucchi reiterated the inevitability of the digitalisation process regarding the entire textile industry. Partnerships between technology suppliers and textile manufacturers have become an essential component in providing solutions to the needs of fast-fashion and increasingly more significant ecommerce retail channels. The declaration of intent launched by the trade association is essentially to strength the current link with educational institutions. Zucchi said, “We need to consolidate the dialogue with schools making sure that our needs are met in professional terms, created by the new digital context and the ensuing opportunities young people can seize upon in sectors such as textile machinery production, in which Italy plays a pre-eminent role in providing excellence worldwide.” At the general meeting’s opening remarks, professor Fortis, vice president of the Edison Foundation, illustrated Italy’s global leadership within the textile machinery industry, both in terms of exports and trade balance. The quality and distinction of Italian textile machinery has been reiterated by the latest figures provided by president Zucchi. In 2017, production rose by 8 per cent, for a value of €2.4 billion, while exports grew by 7 per cent (€2 billion). Production benefitted from a growing demand abroad for Italian machinery, as well as the crucial recovery of Italy’s domestic market, mainly due to the boost generated by the fiscal incentives for the digitalisation process of the companies.
Source: Fibre2Fashion
Minute fibers shed from synthetic textiles are polluting oceans, streams, rivers even the air we breathe with unknown consequences. You try to do the right thing. You’re conscientious about recycling. You carry reusable shopping bags, drink from refillable water bottles, and you’ve stopped using those face washes and toothpastes that contain plastic microbeads. Unless you’re a nudist, though, you probably haven’t yet addressed another big contributor to your environmental footprint: wearing clothing. We have long known that apparel production is linked to environmental ills, such as water and air pollution, not to mention the land, water and pesticide use related to growing natural fibers. Now, a growing body of research shows that apparel made wholly or partially from synthetic textiles is the source of yet another big problem: a type of microplastic known as microfibers, shed during normal use and during laundering. Made from polyester or other popular synthetics that account for a growing proportion of our wardrobes, these fibers linger in the environment, just like the plastic packaging that coats so many of the world’s beaches, and they bond to chemical pollutants in the environment, such as DDT and PCB. Plus, the textiles from which they are shed are often treated with waterproofing agents, stain- or fire-resistant chemicals, or synthetic dyes that could be harmful to organisms that ingest them. Worse, we all appear to be consuming microfibers in food and drink. And a research review published last year indicates that some of the microfibers floating in the air could be settling in our lungs. Today, clothing retailers, textile companies, environmental nonprofits and others around the world are working hard to better understand the problem and craft solutions.
Troubling Findings
The epiphany occurred in 2004, when a team of researchers led by Richard Thompson from the University of Plymouth in the United Kingdom set out to document and quantify the occurrence of microplastics in the marine environment. This involved collecting sediment from around 20 coastal sites in the United Kingdom. As part of the same study, published in Science, researchers also took surface water samples and compared the microfiber contents from samples taken decades prior. They observed an increase in fibrous synthetic material over time that corresponded with the uptick in synthetic fiber production since the 1970s. One of Thompson’s graduate students, Mark Anthony Browne, decided to pull on a thread of causation he suspected based on that research, and conducted a study that looked both at where fibers were found and a possible source of microfibers in coastal areas. He collected beach sediment samples from around the world. He also washed polyester apparel in order to quantify how many fibers those items shed into laundry wastewater. Browne’s 2011 paper based on that research reported two troubling findings. First, samples taken near wastewater disposal sites had 250 percent more microplastic than those from reference sites, and the types of microplastic fibers found in those samples were mainly polymers often used in synthetic apparel, suggesting the fibers were eluding filters in wastewater treatment plants and being released with treated effluent (which is released into rivers, lakes or ocean water). Second, a single polyester fleece jacket could shed as many as 1,900 of these tiny fibers each time it was washed. (Subsequent studies have shown far higher numbers — 250,000 fibers, according to a later study from the University of California, Santa Barbara — but research and counting methods vary widely.)
His suspicion: synthetic apparel is a major source of microfibers in the environment. Five years later, the Rozalia Project, a Vermont-based nonprofit focused on ocean protection, led a study of microfiber pollution across an entire watershed. Traveling by boat, members of a research team collected water samples from the mouth of the Hudson River all the way to where the river meets the Atlantic in Manhattan. Based in part on Browne’s study they expected microfiber content would increase around treatment plants. It did. However, outside of samples taken near treatment plants, there was no statistically significant difference in the concentration fibers from the alpine region to the agricultural center of New York State to the high population areas of Manhattan and New Jersey. That surprised the group’s director, Rachael Miller, who expected cities to be microfiber hot spots. And it suggested to her that fibers might be entering surface waters from the air and from septic system drainfields in rural areas without municipal sewage systems. Another surprise: microfibers spiked at a sample site near a popular trailhead that runs along a tributary to the Hudson. Miller suspects that hikers clad in synthetic fabrics shed fibers from clothing as they scramble up the trail. “If you’re going to rub up against rocks while climbing the trail, there’s likely to be abrasion,” she says. Demand for polyester has grown faster than demand for wool, cotton and other fibers for at least 20 years, according to industry journal Textile World. And, by 2030 synthetics are expected to account for 75 percent of global apparel fiber production, or 97 million metric tons (107 million tons). All textiles, including carpeting and upholstery, produce microfibers. So do commercial fishing nets. But due to the frequency with which apparel is laundered and the increasing quantities of clothing being purchased throughout the world (thanks at least in part to the so-called fast fashion trend) apparel is the microfiber source on which researchers and policy-makers are focusing attention. Outdoor gear is heavily reliant on synthetic textiles due to their performance profile (moisture wicking) and durability, according to Krystle Moody, a textile industry consultant. But price is the big driver behind the use of synthetics in textiles. A poly-cotton blend is generally far cheaper than a cotton one, but doesn’t look or feel appreciably different to most consumers, according to Jeffrey Silberman, professor and chairperson of textile development and marketing with the Fashion Institute of Technology at the State University of New York. The motivation is to get natural-like fibers and still be able to get a price point that people are willing to pay,” Moody says. Recycling, ironically, is also a culprit. Many brands sell fleece jackets and base layers, for example, made from used PET water bottles. Synthetic textiles made from recycled polymers have less tenacity and yarn strength than those made from virgin polyester. “Initial research suggested that recycled polyester might shed more microfibers,” says Katy Stevens, sustainability project manager for the outdoor gear industry consortium European Outdoor Group (EOG). “Are we doing the right thing by using recycled polyester that might shed more? It has added a whole other big question mark.”
Fiber-filled Planet
In the years since the University of Plymouth study, a stream of other studies has found microfibers in effluent from wastewater plants, in the digestive tracts of market fish, throughout riversheds and in air samples. Two separate studies released in March 2018 revealed that microfibers are found in bottled water sold all over the world. And a study published weeks later revealed that microplastic — chiefly microfibers — were present in 159 samples of tap water from around the word, a dozen brands of beer (made with Great Lakes water) as well as sea salt, also derived globally. Most research has thus far focused only on synthetic fibers, which will take centuries to degrade and because they are often coated with potentially harmful chemicals and dyes during manufacturing. But Abigail Barrows, an independent microplastics researcher who has conducted numerous studies on microfibers, says natural fibers such as cotton and wool, and semi-synthetics such as rayon should not be totally ignored. While they will degrade more quickly than, say, polyester, they may still be treated with chemicals of concern that can move up the food chain if the fibers are consumed before they degrade, says Barrows. She led an analysis of microplastics found in surface water samples collected globally and while 91 percent of the particles collected were microfibers, 12 percent of those were semi-synthetic and 31 percent were natural. It’s clear microfibers are pretty much everywhere. And it’s clear that our clothes are playing a big role. Those segments of fibers haven’t been the focus of past studies, but “we have a lot of questions about them,” she says. It’s personal, too, she notes, because she favors natural fibers in an attempt to reduce her personal contribution to microfiber pollution but worries that might not be adequately stemming the chemical flow. We know microfibers, just like other shapes of microplastics, bond with toxins they encounter in the environment, and lab studies show clear harm to small organisms that ingest them. Still emerging is an understanding of impacts on the wider environment and on human health. How to design (and pay for) feasible methods of stemming the flow of microfibers into the environment, is another open question.
This report is part one of a three-part series on the emerging threat of microfiber pollution. Parts two and three will explore the implications for the environment and human health, and look at who’s working to solve the problem.
Source: Ensia.com
The third edition of Denimsandjeans.com Vietnam Show will take place at Riverside Palace, HCM City, from June 27 to July 18. This was announced at a press conference on June 18. The event, jointly organised by the Việt Nam Textile and Apparel Association (VITAS) and Balaji Enterprises of India, will introduce the world’s latest fashion trends and achievements in the denim industry. According to vice secretary of VITAS Nguyễn Thị Tuyết Mai, the event will see the participation of more than 40 reputable firms specialising in producing denims, accessories and textiles from Việt Nam and more than 10 countries, including India, Switzerland, Thailand, South Korea, China and Singapore. By signing many free trade agreements (FTAs), especially the European Union-Việt Nam FTA and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Việt Nam has become one of the leading destinations for investors interested in the textiles and garment industry, Mai said. The show is quite attractive to retailers, fashion brands and textile companies from around the world, especially those from the European Union and the United States, Mai said, adding that it will provide a good opportunity for exhibitors to seek and establish partnerships. Sandeep Agarwal, CEO of Balaji Enterprises, said the theme of the event, “Rock and Roll,” will look back on the formation and development of the denim and jeans industry in connection with the rock and roll genre of music over the past years. In the framework of the event, six seminars will be held with the participation of international experts who will focus their discussion on the future of denim supplies, denim supply chain link for sustainable development and conversion from analogue to digital.
Source: Vietnam News
