New Delhi: The Textiles Ministry has expressed concern over the continuous fall in exports of readymade garments over the past few months and has sought more benefits from the Commerce Ministry to help units that find it difficult to cope with the GST regime. “At a recent meeting chaired by the Commerce and Industry Minister, Suresh Prabhu, on sectoral export growth strategy, the Textiles Secretary pointed out that things were pretty dismal for the sector. The Commerce Minister decided to hold a separate meeting with the Textiles Ministry officials to devise a strategy to boost the sector,” a government official told BusinessLine. The Textiles Ministry has been asked to come up with more details of the segments that are most affected and how things could be improved, the official added. India’s apparel exports have been plummeting since October 2017, with sharp fall of 16.6 per cent to $13.3 billion in May 2018. “The main problem faced by the garments industry is the blockage in GST refunds, slow disbursements in Rebates on State Levies (RoSL) and the sharp decline in RoSL rates which has led to working capital drying up. While the larger units somehow manage to survive, many small units are not in a position to take orders,” the official explained. In a meeting with Finance Minister Piyush Goyal last month, the Apparel Export Promotion Council of India had pointed out that exporters were not able to book orders in the peak summer season and were losing their markets to competitors from other countries such as Bangladesh and Vietnam. To help garments exporters, the Centre has already decided to extend the popular Merchandise Export from India Scheme for garments and made-ups, which was to expire this month, indefinitely. Under the MEIS scheme, garments and made-ups exporters get duty exemption scrips, freely transferable for cash, worth 4 per cent of their total exports. The rate of incentive for the two sectors was doubled to 4 per cent from 2 per cent in October 2017 when exports had started slipping. “The government is already sensitive to the needs of the apparel exporters. But clearly there is a need to do more. Hopefully some strategy will be firmed up when the Commerce Minister meets Textile Ministry officials separately,” the official said.
Source: Business Line
PTA prices shrunk in Asia in the last week owing to weak demand trend in the region. In FE Asia, average prices plunged by US$ 5/ton and settled at US$ 830/ton in the last week, showing a drop of 0.60 per cent as compared to the previous week. In SE Asia, average prices fell by US$ 5/ton and finalized at US$ 850/ton in the last week over the previous week, a declination of 0.58 per cent.In India, average prices dropped down by US$ 10/ton and recorded at US$ 855/ton in the last week, a reduction of 1.16 per cent over the price prevailing at the end of the previous week.
Source: Fibre2fashion
http://www.fibre2fashion.com/news/PaidNewsDetail.aspx?news_id=242991
Speaking at Asian Infrastructure Investment Bank (AIIB) second annual meeting in Mumbai, panel of experts comprising of Interim Finance Minister Minister, Piyush Goyal, said stable, predictable policy regimes with high standards of integrity would attract higher investments in the country. Speaking about the funding requirements for India, he said about $4.5 trillion worth of funding would be necessary for infrastructure products over the next ten years. "Important challenges will be cost of that finance both equity and debt, another important challenge will be to create the availability of local resources, build up capacity to actually implement this level of projects," he said. The panel of experts comprised Goyal, Bambang Brodjonegoro, Minister of planning Indonesia, Piyush Gupta, CEO of DBS Group, Bandar Hajjar, President of Islamic Development Bank and Jin Liqun President at AIIB. India may need $4.5 trillion for funding infrastructure over the next 10 years, says Piyush Goyal
Q: Tell us what has been India's experience in terms of finding money and exactly what the problem is in getting private capital into infrastructure financing?
Goyal: To my mind infrastructure today is one of the most important and engaging subjects when it comes to planning for the future of Asia. Different estimates about what is required to be done, you did highlight the problem between the world of finance and the world of infrastructure but it is somewhat like a marriage, it has to be a little rocky in the beginning. It goes through its stages of maturing and once projects are inline, you have all the requisite approvals, regulatory processes in place, land, finances tied up, then it becomes a smoother ride. Ultimately when the entire project is complete then it is joyous because it can transform lives. To my mind the infrastructure story in most countries, I am sure the western would have gone through that at some point of time and Asia today is experiencing that. We in India have seen the development of infrastructure actually transform lives, actually help us go towards meeting the aspirational goals of a billion people. For that what is most critical to attract private capital or even to attract multilateral finance companies to come into India, is going to be a predictable, very stable policy regime, it has to be simple, it has to be easy to navigate, it has to be truly long lasting, you can't change the rules of the game as you go along. To my mind something which Jin and I discussed yesterday - integrity of processes and integrity of individuals, running those processes both sides of the table, will define the availability of finance. There was a time when the entire Asian continent has gone through periods where people distrusted governments and distrusted the processes that went through the process of awarding contracts for infrastructure, Indonesia has faced that period, India has faced that period. You can't have a situation where you have projects which have licenses subsequently getting cancelled leading to a lot of distress to international investors or even domestic investors. So, you will land up facing a situation where private capital will run away if it has to be faced with legal issues or problems subsequent to contracts being finalised. It will also takeaway investors and public financiers. I think that has been one of the most important elements of change that we are witnessing today - (a) the change in governments and governance practices, (b) also the change in the mindset of the people of the country. There is a lot more accountability demanded, there is a lot more monitoring of the work you are doing and there is action taken if something goes wrong. Action which is decisive, action which is visible. Therefore I don't feel any great pressure that we will have a problem of finance when we are doing the massive rollout of infrastructure in India in the coming years. Different estimates are made, we believe we will need about $4.5 trillion over the next 10 years at the minimum. Important challenges will be cost of that finance both equity and debt, another important challenge will be to create the availability of local resources, build up capacity to actually implement this level of projects. I am sure with the support of organisations like the AIIB which are bringing in very high quality standards, high integrity standards and supporting also countries like India develop these processes, I would not think that finance should be a deterrence to the creation of the infrastructure which India requires.
Q: What has been Indonesia's experience so far in terms of attracting private capital to infrastructure and generally finding money for infrastructure?
Brodjonegoro: In general I agree with Piyush Goyal about the issue of strong regulatory framework as well as the certainty for the business. In the issue of certainty, I don't know about other countries but in Indonesia we used to have a fairly critical issue which is land acquisition. So, whenever they have the interest to build the infrastructure project, sometimes their project is disrupted by the land acquisition issue. That is the reason why the government is trying to put the emphasis more on land acquisition just to create certainty. On top of those issues, one critical issue for private sector investment in infrastructure is the readiness or availability of so called feasible projects. We know that there are lot of long term financing everywhere in the world and then there are the needs of the developing countries to build the infrastructure but sometimes when we are trying to attract private sector, we are not ready to provide good feasibility study that makes any potential infrastructure projects bankable. I believe any private investor is only interested with the bankable projects because they need to get some debt financing. So, sometimes we ignore, we always say that we have huge potential, we need power plants, we need airports, sea port but when it comes to the detail which is feasibility study, we don't have a solid feasibility study.
Q: Multilateral organisations like yours instead of giving a large amount of money t few projects, can you give small amounts to many projects but the covenant should be that the private capital which comes in should have the advantage of cross default, that is, if the project defaults to the private capital, it is also a default on the MDB. If that covenant is written, governments will be a little wary of allowing that default because they don't like to default with MDBs and therefore private capital will be happy to come in, they will feel enthused to come in. So, does this work for a multilateral bank? and then to the ministers, whether there will be a buy in from the sovereign for an idea like this? Your reaction to this idea and any others?
Liqun: My reaction is it is dangerous. You scare away both the public and private sector, I hope I am wrong but I think it is very hard. It is very complicated. Private sector companies operate by their own standards and public sector have their own standards. I think the best way is to workout some kind of a mechanism in which for instance we can facilitate the PPP. With regards to the MDBs, we are working fairly well, all of the MDBs. Even though we do not have yet real projects but the chemistry between the Islamic Development Bank and our bank is developing. When we start to invest in many African countries, the first African country is Egypt where we have already invested. So, we can do big ticket projects. To support smaller ones in a cost effective way we can invest in private equity funds because they reach out. They reach out, they do something which we cannot do. To draw an analogy, if you have a big container, you throw in big rocks in it, very quickly it seems like the container is filled but it is not. You have to throw in small rocks and even sand to completely fill the container. That is why big companies, smaller companies need to work together to achieve their maximum development impact. So, if you want to work together that is fine, but I am not, I am not going to do it.
Q: Will you buy it if they come with a cross default clause?
Goyal: Both are right in different projects. I fully agree with President Jin that we cannot have MDBs getting into very high risk projects and defaulting, they are ultimately going back to the sovereign. It is most of the sovereigns who are principal promoters or financiers. The day we will have MDBs failing or even a single MDB having a stress on their balance sheet, it will shake the international financial system very badly. So, we will have to continue to have MDBs who provide relatively lower cost financing, focused on very strong projects, very often insisting on sovereign guarantees or very safe projects. All of us must collectively try and strengthen their balance sheets and strengthen the future, they have a big role to play in the international financing.
Source: CNBC
An analysis conducted by three states — West Bengal, Madhya Pradesh and Maharashtra — suggests that taxpayers may have under-reported value of goods entering these states by nearly Rs 2.6 lakh crore during July 2017 to March 2018. Government officials and tax experts, however, point out that a large part of this is likely to be the amount of tax evasion — in the pre-goods and services tax (GST) or VAT era — that has, in fact, been stopped by the implementation of GST. The analysis, discussed in the last GST Council meeting, was based on a comparison between declarations in the ‘C’ from in 2016-17 with those under Integrated GST (I-GST is applicable on interstate sales). With the C-form sales of goods between states much higher — Rs 2.6 lakh crore across these three states — compared to what was declared in July-March under I-GST, these three states argue the difference is likely to be the evasion that still takes place under the GST regime. Tax experts, however, argue that since VAT rates used to vary a lot across states, one way to bypass it was to disguise intrastate sales as interstate sales. While VAT rates could be as high as 12.5%, those against the ‘C’ form were as low as 2%. As Rajat Mohan, partner, AMRG & Associates, puts it, “Many businesses based in Delhi would supply items to their branch in neighbouring states, say, Haryana or Rajasthan, and then sell these items to a Delhi-based buyer, making it an interstate sale.” Under the VAT regime, stock transfers to a branch outside the state was not subject to either VAT or central sales tax. In which case, these experts argue, the C-form exaggerated genuine interstate sales. Under the GST regime, when taxes across all states are the same, there is no tax arbitrage to be made from recording transactions in this manner. “It is possible that such transactions have now stopped and this is reflecting in the lower value of goods entering states,” a central tax official said. Indeed, in his report on GST in 2015, chief economic adviser Arvind Subramanian had also alluded to this possibility. Though he never referred to disguising of intrastate sales as interstate sales, Subramanian said at least half the interstate trade was accounted for by stock-transfers between branches of a company. With GST, such stock-transfers for purposes of saving on tax become redundant. There is, however, also no doubt that the e-way bill, introduced in April, will also boost GST compliance, though it is not certain by how much. MS Mani, partner at Deloitte India, said that the under-reporting could be for various reasons but said e-way bill was making a difference already. “The fact that GST collections were Rs 94,000 crore in April (month of e-way bill introduction) — which traditionally accounts for only 6-7% of the annual tax collections — is a pointer to the fact that GST collections are increasing due to reduction in the avenues for evasion,” he said. Given that monthly GST collections averaged Rs 91,102 crore between July 2017 and April 2018, the April collections were 10.3% of the total.
Source: Financial Express
When crude oil prices head north globally, investors typically exit Indian state-run energy producers that run the risk of sharing the subsidy burden on motor fuels. Not this time, it seems. India’s largest gas transmission company GAIL is set to benefit from higher prices of LPG and petrochemicals while expanding its positive marketing margins on long-term gas contracts. Such benefits could result in a 6-18% earnings upgrade in the next three years for GAIL, which has fallen about 9 per cent since the beginning of the year. The stock performance could now reverse. The profitability of the LPG and petrochemical segments is expected to improve due to higher prices of crude oil. These two segments account for a third of GAIL’s operating profit. Prices of LPG and petrochemicals are directionally linked to the trajectory of crude oil rates, although the quantum of price change depends upon the demand and supply of LPG and different petrochemical products. According to analysts’ estimates, every five-dollar increase in crude oil rates could boost earnings by 1.5-2 per cent. Prices of LPG and polymers increased 20 per cent to Rs 40 per kg and Rs 102 per kg in the past six months. Volumes of both segments are expected to improve. LPG volumes are likely to grow due to increasing gas volumes from ONGC. LPG production rose 18 per cent in FY18. Similarly, utilisation at the petrochemical plant is expected to rise. Higher utilisation and lower feed-cost after the renegotiation of gas prices could lower the cost of production of the petrochemical segment. According to Nomura, the petrochemical segment’s operating profit could beRs270 crore andRs980 crore in FY19 and FY20, respectively. Long-term US and Russian gas contracts also may become favourable. The probable loss on long-term gas contracts has weighed on the stock in the past two years when crude oil remained below $50 per barrel. Typically, theoretical prices of gas, depending on the energy intensity, are 12-16 per cent of the prices of crude oil. The Street was factoring in loss from these contracts due to a sharp mismatch between contract prices and spot prices when crude oil dropped significantly, and landed prices of gas were at a 75 per cent premium to spot gas in 2016. Consequently, analysts were expecting an annual loss of Rs 2,000 crore. GAIL had signed two long-term contracts to procure a total 5.8 million metric tonnes per annum (MMTPA) of gas from the US, and 2.8 MTPA from Russia. If crude oil price remains at current levels, GAIL could record positive marketing margins compared with an earlier expectation of loss. This could further support an earnings upgrade. According to CLSA estimates, the gas marketing business earns $1 per MMBtu as trading margins: On unallocated long-term US and Russian gas, it could earn a trading profit ofRs288-1,369 crore between FY19 and FY21.
Source: The Economic Times
The government has put in place a seven-step screening system for all appointments to key institutions and organisations, an elaborate process that begins with a candidate’s internet footprint and ends with clearance from the Prime Minister’s Office (PMO) in successful cases. This is clearly the most comprehensive process to be followed for appointments to government institutions in India, officials said, pointing out that in cases where the assent of the President is required another three levels are added to the screening. As a result, some institutions may have had to wait for longer than in the past to fill a key vacancy but once a candidate passes through the various checks everyone can rest assured that the candidate enjoys the trust of the government, said one of the officials, who spoke on condition of anonymity.
The Screening Process
The screening process begins with a simple tracking of a candidate’s internet footprint including comments related to the candidate to check the general perception about the candidate. The second step involves a check of the candidate’s social media profile and accounts, with a closer look at the candidate’s comments and views on the ruling dispensation, government policies and current issues. Officials said that this is a sensitive stage, for strong comments even by friends and associates of a candidate on social media can lead to the candidate’s elimination. Next comes an assessment of a candidate’s integrity and of how the candidate is perceived. This ‘perception audit’ considers not just concerns over corruption but also allegations, proven or otherwise, regarding the candidate’s public or private life. The fourth step involves a 360-degree approach, similar to what is employed before empanelling IAS officers at secretary level in key ministries. The candidate’s superiors juniors and colleagues are quizzed to “understand” the candidate better so as to get a well-rounded feedback. Then comes the fifth stage of screening, an intensive background check which often requires an Intelligence Bureau clearance of a candidate. The PMO steps directly into the picture from this stage on, according to officials. The sixth round of screening is crucial and has seen many a heavyweight candidate lose out. Candidates are assessed on their past association, professional, personal and ideological affiliations with the previous government or with organisations seen as anti-government in any way. The seventh stage involves the final clearance from the PMO, which has its own well-oiled screening mechanism. In all major appointments, Prime Minister Narendra Modi himself takes the final call. In cases where the President’s approval is required, for instance in the case of vice chancellors of central universities or some cultural bodies, another three steps get added as Rashtrapati Bhavan under President Ram Nath Kovind also does its own due diligence on the candidates.
Search for the Right Candidate
With candidates required to clear a rigorous screening mechanism, many institutions such as central universities, cultural institutions and boards of public sector units have had to wait for months or even more than a year to get a full-time head. IIT Roorkee has yet to get a chairman even after Anil Kakodkar’s appointment was approved by the President. Last-minute queries about him having been an appointee of the erstwhile UPA governme .. Universities such as IGNOU, Tripura University and Visva-Bharati have been without a vice chancellor for more than two years. Most of the Indian Institutes of Information Technology (IIITs) are yet to get a chairperson. Even the country’s apex higher education regulator, the University Grants Commission, has been without a vice chairperson for over a year now. Similarly, the government took considerably long to make appointments at cultural institutions such as the Lalit Kala Akademi, Indian Institute of Advanced Studies, the Indian Council for Historical Research and the National Gallery of Modern Art.
Source: The Economic Times
Kolkata: For the first time since it was set up in 1949, a textile factory of the Aditya Birla group at Rishra in Hooghly district announced a lockout on Monday. The factory has 5,700 workers -- 4,200 of them permanent. They make linen and linen yarn that sells under the Grasim brand. The workers of Jayashree Textiles factory, owned by the Aditya Birla group, have been on strike since June 4 demanding higher wages and the reinstatement of nine workers who had been suspended for alleged violence against officers. Since then, the management says they have incurred losses of Rs. 16 crore and is set to lose another Rs. 10 crore in export orders. But because of the threat of violence by some workers, the management has been forced to shut down. West Bengal labour minister Malay Ghatak tried to hammer out a compromise, but without success. Trouble began May 31 when an officer was assaulted by a group of workers. He was injured in the hand with a knife. Five workers were suspended at once. But at 6 pm that day, the unions called a strike. The management says that since then there have been attempts to restore normalcy. But the workers have stuck to their stand -- reinstate the five suspended on 4 June and nine others on January 7. "We want to stay invested in Bengal," said Ranjan Banerjee, the human resource manager at the Rishra unit. "We even invested Rs. 250 crore earlier this year in expansion, creating 820 jobs. Now we don't have an option but to lock out the factory. If the workers give us a written assurance of good conduct and agree to productivity-linked wages, we will be happy to reopen," the executive said. The workers want a hike in wages and are opposed to any productivity-linked wage. There are eight recognised unions at the factory. The most influential is the Indian Federation of Trade Unions or IFTU. Another recently formed union called PATUC has come up, reportedly with links to the BJP and the Naxal elements. But the management claims there has to be productivity-linked wages in these competitive times. According to Ranjan Banerjee, while the Rishra factory employs 52 hands per 1,000 spindles, other Indian factories make do with 30 hands per spindle and the Chinese work with 22 hands per spindle. "We want to bring 52 down to 38 hands per spindle," he said.In the past, Aditya Birla Insulators, in the same campus as Jayashree Textiles, saw a 45-day lockout.
Source: NDTV News
The Show Your Label Campaign to support the global fashion revolution movement was started by Fairtrade India in April 2015 to take the question of 'who made my clothes' further to 'who grew my clothes'. The online campaign has now become a successful ethical fashion movement in India with real commitments to Fair Fashion being made in the Fairtrade ecosystem. “What started out just as an online awareness campaign has now expanded into a pan-India movement with Fashion Revolution India leading a wide coalition and Fairtrade India being a key partner along with other collaborators, ambassadors and sustainability initiatives. The movement has grown significantly and attracted the attention of the mainstream including several celebrities and key influencers who have reinforced the message of the movement,” said Abhishek Jani, chief executive, Fairtrade India, in an interview with Fibre2Fashion. “The movement is also gaining traction with younger brands. However, we still have our job cut out to get larger mainstream fashion brands in India to make significant commitments towards sustainable and fair fashion and getting more consumers to demand for fair and sustainable fashion as a fundamental requirement that ensures that farmers and factory workers have access to better living conditions and that our environment is also protected,” added Jani. The movement has had a noticeable impact, according to him. “In the Indian context, not only are we seeing the impact in the context of the sustainability dialogue and emphasis by the global brands operating in India, but also an ecosystem of Indian sustainable brands also being developed that are giving people fairer alternatives.” As the consumer awareness and engagement through movements like Fashion Revolution has been growing, brands are embracing different aspects of sustainable fashion. Though most brands are starting off by choosing only some environmental aspects of the impact of their production, few are looking at their production impact holistically-at the social, environmental and economic impact. More and more brands are talking about environmental impact such as using sustainable raw materials, the water footprint, or carbon footprint, waste and chemical discharge or lifecycle analysis of their products, stated Jani. Concerned about the alarming rate at which ecological degradation is taking place on this planet, he said, “I am still hopeful that the changes we are seeing today will pick up speed in the days ahead to not only stem but also reverse the degradation of our planet.”
Source: Fibre2fashion
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1326.60 |
USD/Ton |
0% |
6/25/2018 |
|
VSF |
2279.67 |
USD/Ton |
0% |
6/25/2018 |
|
ASF |
3120.52 |
USD/Ton |
0% |
6/25/2018 |
|
Polyester POY |
1386.55 |
USD/Ton |
0.61% |
6/25/2018 |
|
Nylon FDY |
3581.68 |
USD/Ton |
0% |
6/25/2018 |
|
40D Spandex |
5380.20 |
USD/Ton |
0% |
6/25/2018 |
|
Nylon POY |
3666.22 |
USD/Ton |
0% |
6/25/2018 |
|
Acrylic Top 3D |
5802.93 |
USD/Ton |
0% |
6/25/2018 |
|
Polyester FDY |
1652.49 |
USD/Ton |
0.23% |
6/25/2018 |
|
Nylon DTY |
3197.38 |
USD/Ton |
0% |
6/25/2018 |
|
Viscose Long Filament |
3228.12 |
USD/Ton |
0% |
6/25/2018 |
|
Polyester DTY |
1629.43 |
USD/Ton |
0% |
6/25/2018 |
|
30S Spun Rayon Yarn |
3043.66 |
USD/Ton |
0% |
6/25/2018 |
|
32S Polyester Yarn |
2175.14 |
USD/Ton |
0% |
6/25/2018 |
|
45S T/C Yarn |
3028.28 |
USD/Ton |
0% |
6/25/2018 |
|
40S Rayon Yarn |
2305.80 |
USD/Ton |
0% |
6/25/2018 |
|
T/R Yarn 65/35 32S |
2582.50 |
USD/Ton |
0% |
6/25/2018 |
|
45S Polyester Yarn |
3212.75 |
USD/Ton |
0% |
6/25/2018 |
|
T/C Yarn 65/35 32S |
2705.47 |
USD/Ton |
0% |
6/25/2018 |
|
10S Denim Fabric |
1.44 |
USD/Meter |
-0.11% |
6/25/2018 |
|
32S Twill Fabric |
0.89 |
USD/Meter |
0% |
6/25/2018 |
|
40S Combed Poplin |
1.24 |
USD/Meter |
-0.12% |
6/25/2018 |
|
30S Rayon Fabric |
0.70 |
USD/Meter |
0% |
6/25/2018 |
|
45S T/C Fabric |
0.73 |
USD/Meter |
0% |
6/25/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15372 USD dtd. 25/6/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Hanoi (VNS/VNA) - Vietnam witnessed growth in textiles and garment exports to most of the major markets in the first five months of 2018, reported the General Department of Vietnam Customs. Exports of textiles and garments to the markets of the member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) accounted for 17.1 percent of the country’s total garment export turnover, reaching 1.87 billion USD. Exports to Japan saw the highest increase at 22.6 percent, reaching 1.39 billion USD. The exports to Singapore rose by 22 percent to 39.16 million USD, to Canada by 17.4 percent, reaching 230.29 million USD and to Australia by 16 percent, touching 79.41 million USD. The CPTPP will come into effect in early 2019 and is expected to open a great opportunity for the Vietnamese textile and garment industry, pushing its export value up by 3 to 6 percent per year. According to the General Department of Vietnam Customs, the January-May period saw the national textile and garment export growth reach 16.2 percent year-on-year to 10.91 billion USD, accounting for 11.2 percent of the total export value of Vietnam. It said the value to almost all the major markets increased against the same period last year. The United States was the largest export market for Vietnam’ textile and garment products, with a growth of 12.4 percent in value, reaching 5.15 billion USD. It was followed by the European Union with a growth of 12.1 percent to 1.43 billion USD; Japan, up by 22.6 percent to reach 1.39 billion; and the Republic of Korea, up by 22 percent to touch the 1.09 billion USD mark. Meanwhile, the exports to Turkey jumped sharply by 96.8 percent, reaching 19.23 million USD; Poland, 69.3 percent, reaching 23.43 million USD; Myanmar, 65.9 percent, reaching 9.19 million USD; Egypt, 65.2 percent, touching 2.33 million USD; Hungary, 60.4 percent, reaching 1.84 million USD. The garment and textile exports of foreign-invested enterprises accounted for 60.6 percent of the total garment export value, reaching 6.62 billion USD, up by 16.8 percent over the same period last year.-VNS/VNA
Source: Vietnam Plus
The sixth edition of Source Africa Textile and Apparel Show promoted the African-made products to national and international buyers and manufacturers, encouraging intra-regional trade between African countries. The recently concluded event featured 140 exhibitions by textile, shoe and clothing producers, suppliers and service providers from across Africa. Source Africa owned by the global exhibition firm Messe Frankfurt brought together industry leaders and decision-makers from across Africa, Europe and the United States, providing opportunities for buyers, manufacturers, suppliers and service providers to network and find new business opportunities. "I look around through this hall today, and I see what Africa can be, and what private sector development can do for this continent. I hope that you have a great show over the next two days, and I hope that you learn more about the USAID Southern Africa Trade Hub, I hope that you learn more about the African Growth and Opportunity Act, and I hope to see more African and expatriate businesses get together because there is so much potential here in Southern African and throughout the continent," said USAID Southern Africa mission director John Groarke adding that Source Africa offers a model for private sector-led economic development in Africa, where untapped sourcing and export opportunities abound. The USAID Southern Africa Trade Hub advances enterprise-driven solutions to unlock Africa’s growing markets. Through innovative public-private sector partnerships, the Hub promotes trade and investment to drive international commercial expansion and encourages resilient economic growth, Messe Frankfurt said in a press release. (RR)
Source: Fibre2fashion
Algeria’s largest textile factory, the Algerian-Turkish company Tayal, recently announced it has started exporting its cotton yarn products to Turkey. Two containers weighing 25 tonnes were shipped last week from the port of Oran in western Algeria to Turkey, according to a statement by the Algerian ministry of industry and mines. The first export batch from this plant was possible after its first production phase in March, a Middle east news website reported citing the statement. Tayal is a joint venture of the Algerian government and the Taypa textile company of the Turkish Tay Group. The first stage, comprising eight production units, a textile school, will employ 10,000 people. On completion, it is likely to employ 25,000 and annually produce 60 million meters of denim fabric and 30 million pieces of garments. The second stage includes 10 factories that will produce readymade garments, industrial fibres, denim, and knitted and woven fabrics. (DS)
Source:Fibre2Fashion
NuORDER, a B2B eCommerce platform, is giving access to Immediate Marketplace where brands showcase in-stock and available to sell products to ship to retailers. Immediate Marketplace was created to serve high-growth, trend-driven categories, like activewear, where retailers struggle to carry enough inventory or, in case of fitness studios, lack warehousing. As activewear continues to gain popularity among consumers, retailers are eager to stock their shelves with latest gear from the best brands. At the same time, non-traditional retailers, including fitness and yoga studios, are driving significant activewear sales. For example, SoulCycle recently stated that their retail merchandise business is growing 20 to 30 per cent annually. To discover the best activewear brands and fill their stores with the best merchandise, retailers are turning to NuORDER. NuORDER has more than 100 of the leading activewear brands in the world on its platform, including Koral, Onzie and Varley. Today, NuORDER makes it easier for retailers to buy from these activewear brands by bypassing tedious onboarding processes and jumping straight into ready-to-ship inventory. NuORDER’s Immediate Marketplace also provides important benefits to activewear brands. Noli Yoga, a luxury activewear brand based in NYC, originally launched in 2015 as a direct to consumer model, but shortly thereafter discovered the importance of wholesale to the growth of the brand and partnered with NuORDER to digitise and grow their wholesale channel. Now, Immediate Marketplace will allow Noli Yoga to wholesale inventory pre-season, as well as when it’s ready to ship. “Any time you have an opportunity to quickly turn product into cash, it’s a huge benefit to the business,” said Slava Furman, founder, Noli Yoga. “It allows us to reinvest the cash into new products to propel our business forward.” (SV)
Source:Fibre2Fashion
Rue21, a leading fast fashion apparel retailer, and Columbus Consulting International, a leading retail consulting firm, have announced that they have partnered to develop a strategic technology roadmap for the retailer. The focus of the partnership is moving the consumer to the centre of the operations and prioritising initiatives to best serve shoppers. Key milestones for Rue21 have been outlined and they include achieving real-time inventory visibility across all channels to enable buy online, pick-up in store services; gaining more consumer data and leveraging analytics to target assortment; and balancing inventory across the supply chain in order to respond to shifting consumer trends. Columbus Consulting evaluated Rue21's current system capabilities and developed an IT roadmap that includes both foundational and analytical components, delivering short-term and long-term benefits to the business. Additionally, infrastructure, cloud and security strategies were considered. Finally, IT processes and organization were considered to ensure an ongoing alignment between business and technology. “Columbus Consulting has deep expertise helping retailers to objectively assess their current technology solutions and position them on a path toward success,” said Mark Chrystal, chief analytics officer, Rue21. “I found Columbus’ outside opinion and knowledge essential to validating parts of our approach and contributing insight into the future vision. The unified commerce and data analytics projects we’re now focusing on will provide us with a customer-centric view of our business, allowing us to better serve our shoppers.” During the assessment phase of the project, Columbus found that Rue21’s existing data was reliable and many of its current systems were functionally sound. Furthermore, Rue21’s executive team members were in alignment when it came to their goals and priorities, said Columbus Consulting in a press release. “We are pleased that Mark and his team once again put their trust in Columbus Consulting for this critical project,” said Rick Amari, founder, Columbus Consulting. “It’s a pleasure to have the opportunity to work with a team that is so well aligned. This will continue to serve them well as they move forward with building out Rue21’s unified commerce and data analytics capabilities, as outlined in the IT roadmap.”
Source: Fibre2Fashion
LONDON: The Europe-India Chamber of Commerce (EICC) today joined hands with industry bodies representing the US, Canada and Japan to issue a Brexit plea to the UK government to make urgent progress on the issue. The groups, also include the American Chamber of Commerce to the EU, Canada Europe Roundtable for Business and Japan Business Council in Europe. They represent the interests of an array of international businesses who are heavily invested in both the European Union (EU) and the UK and warned that the clock was ticking towards the October deadline for Britain to strike a final "Withdrawal Agreement" with the EU. In the lead up to the European Council summit in Brussels on Thursday and Friday, they urged policymakers to address issues around governance, regulatory cooperation and post-Brexit preparedness. "Reaching agreement on these issues will provide businesses with more confidence that a Withdrawal Agreement can be agreed and ratified, thereby providing legal certainty for the proposed transition period and avoiding the worst-case cliff-edge' scenario in March 2019," they said in a statement titled 'Third country investors urge Brexit progress at June EU Council Summit'. The statement said that while they recognised the complexity of finding a solution for the Irish border, the EU and UK must continue to try to find agreement on the issue that is seen as a stumbling block to an agreement. EICC works as a platform for European and Indian businesses to enhance trade and commerce in their respective countries and focuses on assisting Indian inbound investments into Europe. Its joint statement comes soon after French aerospace giant Airbus warned that it may have to abandon investment plans for the UK over Brexit. German auto giant BMW also said it needed clarity on Brexit negotiations in the next couple of months, with other car manufacturers including Tata Motors-owned Jaguar Land Rover expected to issue a fresh warning over Brexit at a Society of Motor Manufacturing and Traders (SMMT) meeting tomorrow. The UK's car industry is concerned that if the UK does not stay in the single market, it will be hit by costly delays in delivering components from the EU.
Source: Business Line
