New Delhi : Revising Resolution on Amended Textile Upgradation Scheme (ATUFS), the Ministry of Textiles has asked textile units to use Digital Signatures for submitting Unique Identification Number (UID) applications and for making Joint Inspection Team Verification (JIT) requests. Also, the Lending Agency will fill in the details of term loan information in i-TUFS and upload the final sanction order with the digital signature of the authorized signatory of the lending agency. Technology Upgradation Fund Scheme (TUFS) is the flagship scheme of the Ministry of Textiles aimed at creating a modern and vibrant textile industry in India. The Ministry of Textiles is implementing ‘Amended Technology Upgradation Fund Scheme (ATUFS)’ with effect from 13.01.2016, for a period of seven years. Under ATUFS, there is a provision of one-time capital subsidy for eligible benchmarked machinery at the rate of 15% for garmenting and technical textiles segments with a cap of Rs. 30 crore and at the rate of 10% for weaving, processing, jute, silk and handloom segments with a cap of Rs. 20 crore. In order to bring transparency in the entire subsidy claim process, iTUFS online portal was introduced to apply for Amended TUFS subsidy. The Ministry of Textiles in a Circular said, “As per…Revised Resolution, the application shall be signed off with the digital signature of the applicant for submission of UID application, and the applicant will sign the application with his digital signature for making JIT request.” Further, the Lending Agency will fill in the details of term loan information in i-TUFS and upload the copy of the final sanction order with the digital signature of the authorized signatory of the lending Agency. The Circular added that the Lending Agency will verify the application against the loan documents available with them and upload copy of the final loan sanction order and sign off the verification with the digital signature of the authorized official of the lending agency. The unit is also required to fill the DPR field as per the Format enclosed at the time UID application and the Lending Agency has to digitally sign it, it said. The Ministry circular said that the modifications are being carried out in iTUFS software accordingly and it will be implemented with effect from August 30, 2018. The beneficiary units and Lending agencies have been asked to make necessary arrangements so that they could apply with digital signatures, on or before August 30, 2018.
Source: KNN
New Delhi : In line with the commitment made by Finance Minister Piyush Goyal during the 29th GST Council Meet, a Group of Minister (GoM) for micro, small and medium enterprises (MSMEs) with six members has been constituted. The GoM convener is Shiv Pratap Shukla, Minister of State (MoS) Finance, Government of India and the other members are – Sushil Kumar Modi, Deputy Chief Minister of Bihar Manish Sisodia, Deputy Chief Minister of Delhi Himanta Biswa Sarma, Finance Minister of Assam Dr TM Thomas Isaac, Finance Minister of Kerala and Manpreet Singh Badal, Finance Minister of Punjab. The decision to form the GoM was taken during the 29th Goods & Services Tax (GST) Council Meet held in the national capital on August 4, 2018. The GoM will work towards identifying the measures to be taken after examining the recommendations of the Law Committee, the Fitment Committee and the IT Committee on the representations and suggestions relating to MSMEs received from stakeholders prior to 29th GST Council Meet, or deliberated in the said Council meet, or new suggestions and representations received subsequently including for procedural changes. The GoM will also identify any other measures to be taken to provide conducive environment for the growth of MSME and also give estimate and project revenue impact of their recommendations, wherever relevant. The Group of Ministers will be assisted in its work by Manish Kumar Sinha, Joint Secretary, TRU-II. The Finance Ministers of any other states have also been invited to join meeting of GoM on MSMEs. The GoM for MSMEs will submit its final report to the GST Council within two months.
Source: Knn
Niti Aayog vice chairman Rajiv Kumar today said the falling rupee is not a cause of worry as it is getting back to its natural value. "The rupee rose by about 17 per cent during the last three years. Since the beginning of this year, rupee has declined by only 9.8 per cent. So, it has recovered. It is rather coming back to its natural value," he said on the sidelines of an event organised by Nabard here. Rupee should be realistically valued and should not be overvalued, he said, adding that the exchange rate is a price which should reflect true equilibrium between demand and supply. He pointed out that one should not be under the impression that appreciation of rupee is a sign of a good economy. To a question if the depreciating Indian currency was a cause of worry, Kumar said, "certainly not." Continuing its free fall, the rupee today slumped 43 paise against the dollar NSE 0.54 % to trade at a life-time low of 70.32 on strong demand for the US currency. Allaying concerns about state of India's economy, he said, "Our rate of growth is up. Our exports are also beginning to rise. Our agriculture production is up. Our employment growth is up. While releasing Nabard All India Rural Financial Inclusion Survey, Kumar said India has capability of doubling farm income in the next few year as the Prime Minister promised yesterday. India has already achieved food sufficiency and there is efficient distribution network as well, he said. Having done this, the country be preparing itself for agriculture export, he said, adding that it would require mind set and analytical change to think as nation which could substantially export agro products.
Source: Economic Times
Kolkata : The Confederation of West Bengal Trade Associations (CWBTA) plans to set up ‘Bharatiya Showcase’ — a showroom cum convention centre — to display samples of products exported to Bangladesh in different variants and specifications. According to Sushil Poddar, President, CWBTA, the Showcase, which is likely to come up by the end of 2019, will help boost trade between the two countries. “There is not a single place to showcase India’s export product basket. The Bharatiya Showcase will be a permanent centre displaying all products exported to Bangladesh in all varieties, specifications and details. Bangladeshi importers can see these products under one roof and initiate business to business deals,” Poddar told newspersons on the sidelines of the India-Bangladesh Business Excellence Award 2018 organised by the CWBTA, here on Thursday. The Association has also requested the Indo Bangladesh Chamber of Commerce and Industry to come up with something similar in Bangladesh to showcase their exportable products to the Indian counterparts. Once successful, the concept would be expanded by adding sections displaying country-specific export items, for countries such as Nepal, Bhutan, Myanmar and beyond, he added. Bilateral trade between India and Bangladesh which touched nearly $9 billion, is likely to cross $10 billion by the end of 2019. “With major Indian companies starting operations and India investing in various infrastructure sectors in Bangladesh, the overall trading scenario is on the cusp of a major growth. With additional capacity building the bilateral trade would increase exponentially,” he said.
Source: Business Line
The rupee slid to a fresh low against the dollar on Thursday as the U.S. currency continued to relentlessly strengthen against all major currencies and India’s widening trade deficit dampened sentiment in the foreign exchange market. The recent crash of the Turkish lira also continued to impact all emerging market currencies. The rupee, which opened weaker at 70.26 against the dollar and slumped to an intraday low of 70.40, closed at 70.16, down 27 paise, or 0.38%.The Reserve Bank of India was not seen intervening aggressively to support the rupee, currency dealers said. “Though the RBI is trying to rescue the scenario by increasing the rates, the interventions have been slow as it very well knows that depleting reserves against the global wave of dollar strength is not going to yield much benefit,” said Kishore Narne, Head - Commodity & Currency, Motilal Oswal Securities. Foreign exchange reserves have declined by $23 billion in the last four months, and stood at $402.7 billion as of the week ended August 3, 2018. The weak trend in the global markets along with the fall in the rupee affected investor sentiment in the equity market as well, with the 30-share Sensex losing 188.44 points, or 0.50%, to close at 37,663.56. Kotak Mahindra Bank, Vedanta, HDFC, Wipro, L&T and Tata Steel were among the top losers, shedding 1-4% each.
‘May not help exporters’
The rupee’s fall may not be as beneficial to exporters as widely believed since other emerging market currencies were also depreciating, said Ravi Sehgal, chairman of EEPC India. “Our import intensity of exports is also increasing,” Mr. Sehgal said, adding that short-run volatility “exacerbates uncertainty for the exporters.”
Source: The Hindu
NEW DELHI: India’s crude oil import bill is likely to jump by about USD 26 billion in 2018-19 as rupee dropping to a record low has made buying of oil from overseas costlier government officials said today. Besides the rupee hitting a record low of 70.32 to a US dollar in the opening deal today will also lead to a hike in the retail selling price of petrol diesel and cooking gas (LPG). India which imports over 80 per cent of its oil needs spent USD 87.7 billion (Rs 5.65 lakh crore) on importing 220.43 million tonne (MT) of crude oil in 2017-18. For 2018-19 the imports are pegged at almost 227 MT. “We at the beginning of the financial year estimated that crude oil import bill will be around USD 108 billion (Rs 7.02 lakh crore) at an average crude oil price of USD 65 per barrel and exchange rate of Rs 65 per dollar ” an official said. But the exchange rate has been at an average of Rs 67.6 till August 14. If the rupee is to stay around 70 per dollar for the rest of the ongoing fiscal the oil import bill will be USD 114 billion he said. The rupee has been among the worst performing currencies in Asia witnessing 8.6 per cent slump this year. Fanned by a higher oil import bill India’s trade deficit or the gap between exports and imports in July widened to USD 18 billion the most in more than five years. Trade shortfall puts pressure on the current account deficit (CAD) a key vulnerability for the economy. Rupee depreciation will result in higher earnings for exporters as well as domestic oil producers like Oil and Natural Gas Corp (ONGC) who bill refiners in US dollar terms. But this would result in rise in petrol and diesel prices with full impact likely to be visible later this month. “Though oil firms fix retail selling price of petrol and diesel on a daily basis the inputs for that fixation are an average of previous fortnight. So today’s rate is based on average benchmark of international oil prices and the exchange rate of August 1-15. “And since the rupee in the beginning of the month was at 68.3 to 68.6 a dollar the exact impact of today’s depreciation is not visible ” he said. Prices of petrol and diesel were today hiked by 6 paise a litre each to Rs 77.20 and Rs 68.78 respectively in Delhi. Rates are highest in two months. Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. If oil prices continue at these levels and rupee at 70 a dollar retail rates should go up by 50-60 paisa a litre. Petrol price had touched an all-time high of Rs 78.43 a litre on May 29 and had since receded. On that day the diesel price had touched an all-time high of Rs 69.30. State-owned oil firms had in mid-June last year dumped 15- year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.
Source: Tecoya Trend
MUMBAI — The polyester spinners have announced a mid-month increase in polyester prices. The polyester staple fibre (PSF) prices have been increased by Rs. 3000 per tonne while partially oriented yarn (PTY) prices are up by Rs. 1500 per tonne in all coarser deniers and Rs. 1000 per tonne in all fine deniers. The FDY prices are up by Rs. 3000 to Rs. 5500 per tonne informed market sources. The polyester prices have been hiked on account of increase in polyester intermediates sources said. PTA prices have been increased by Rs. 3400 per tonne and are quoted at Rs. 72400 per tonne while MEG prices are up by Rs. 1400 per tonne and now quoted at Rs. 71900 per tonne. The upward movement of polyester and polyester intermediate prices is on account of escalating crude prices sources said and added the upward trend is expected to continue in the future. The oil prices today are quoted at US $ 70 and are expected to reach US $ 90 by end of this year and forecast at US 150 over the next 12 to 18 months predict industry sources. The US sanctions on Iran has been main driver of escalating prices source said. Considering the rising price trend the polyester prices are also estimated to rise in tandem.
Source: Financial Express
India's economy is expected to grow at a healthy 7.5 per cent in the first quarter (Q1) of 2018-19 (FY19), lower than a seven-quarter high of 7.7 per cent in the fourth quarter (Q4) of 2017-18 (FY18), economists have said. Economic activity is expected to get a fillip from strong manufacturing activity and higher agricultural growth. Gross domestic product (GDP) had dipped to a low of 5.6 per cent in Q1 of FY18, due to initial problems with introduction of the goods and services tax (GST) and lingering impact of demonetisation. This will also make GDP growth in Q1FY19, look higher. GDP numbers for Q1FY19 are slated to be released on August 31. Part of the surge in industrial activity in Q1 of the current financial year can be traced to a low-base effect. Industrial output (Index of Industrial Production) grew by 5.2 per cent in Q1FY19, up from 1.9 per cent in Q1FY18, with the manufacturing sector growing at 5.2 per cent in Q1FY19, up from 1.6 per cent during the same period in the previous financial year. Last year, growth was depressed as companies resorted to destocking inventory ahead of the shift to the GST regime. Gross value added (GVA) by the manufacturing sector had contracted 1.8 per cent in Q1FY18. "The 5 per cent growth in manufacturing volumes in Q1FY19, in conjunction with healthy earnings reported by corporates, which partly reflects the base effect related to the transition to the GST, is likely to boost GVA growth of manufacturing," said Aditi Nayar, principal economist at Icra. "Overall, manufacturing GVA is expected to grow by a considerable 11 per cent in Q1FY19, in contrast to the de-growth of 1.8 per cent in Q1FY18," she added. Devendra Pant, chief economist at India Ratings and Research (Ind-Ra), expects the industry to expand around 8.3 per cent in Q1FY19. Pant pegs the economy to grow at 7.5 per cent in Q1, even as he has revised the FY19 economic growth forecast downwards to 7.2 per cent, from the earlier 7.4 per cent. For the first half of the financial year, Pant has projected growth at 7.4 per cent, higher than the second half growth of 7.1 per cent. In comparison, the Reserve Bank of India has pegged growth at 7.4 per cent for FY19, ranging 7.5-7.6 per cent in H1 and 7.3-7.4 per cent in H2. The construction sector is expected to maintain its growth momentum. Cement production, a leading indicator of the sector, grew at a robust 14.2 per cent in Q1FY19, after contracting 3.3 per cent over the same period last year. Steel production, though, has slipped to 2.9 per cent in Q1FY19, after growing at 6.2 per cent last year. Icra expects the construction GVA growth to improve sharply to 8 per cent in Q1FY19 from the low of 1.8 per cent in Q1 FY2018. The sector had grown by 11.5 per cent in Q4FY19. On agriculture, experts contend that below-normal rainfall and a decline in reservoir levels could impact post rabi harvest output of agriculture, forestry, and fishing. But growth forecasts for the sector vary. While Nayar expects the sector to grow at a robust 4.5 per cent, Pant is more circumspect, pegging growth at 3 per cent in Q1FY19. On the expenditure side, investment activity may continue to witness an upswing. The capital goods segment in IIP grew at a healthy 9.5 per cent in Q1FY19, after contracting by 4.2 per cent over the same period last year. Central government capex has also grown by 27.3 per cent over the same period in the current financial year. In a recent survey, FICCI pegged GDP growth at 7.1 per cent in the first quarter of the current financial year.
Source: Business Standard
Indian fabric firms are shifting attention from China to Vietnam, which is being widely considered as an emerging denim fabric manufacturing centre. After the third edition of the Denimsandjeans Vietnam Show organised in Ho Chi Minh City in June, many Indian companies expressed interest to collaborate with Vietnamese partners in producing denim fabric. Denim goods accounted for a fifth of the sector’s export revenue, according to the Vietnam Textile and Apparel Association (VITAS). Although the sector is facing bottlenecks in its supplying chain, denim fabric production is a strong point of local producers with the localisation ratio of 55-60 per cent, spurred by heavy investment in production line, and technologies, according to a Vietnamese news agency report. According to marketing director of Coimbatore-based KG Fabriks Thamarai Selvan, his company is planning to move its plants from China as benefits are possibly more with production facilities in Vietnam, including larger order volumes and skilled workers. Surat-based Anubha Industries Private Ltd and Vietnamese denim providers have reached an agreement, and a trade cooperative deal will soon be announced, said marketing director of the firm Amit Desai. India at present has registered $814 million in 176 projects in Vietnam, ranking 28th out of 126 countries and territories having investment in the country.
Source: Fibre2Fashion
COIMBATORE: A two-day conference on industrial textiles will be held at PSG College of Technology from Friday. The conference, supported by Defence Research and Development Organization (DRDO), National Jute Board (NJB), would focus on the applications of various kinds of industrial textile. Industrial textiles are performance-based textiles, which are engineered for specific industrial or technical purposes, said G Thilagavathi, the head of the department of textile technology, PSG College of Technology. “While textiles are normally used for making apparels, industrial textiles are used for specific purposes such as controlling noise in auditoriums or in extreme weather conditions like in Siachen,” she said. Besides, industrial textiles manufactured by 3D weaving or composite weaving are used in aircraft parts which function in high temperature, she added.
Source: Times News Network
Despite the country’s stand as the world’s largest producer of cotton for three years in a row, industry sources foresee supply shortfall of the white fibre by 2025 if efforts to enhance its productivity is not strengthened on a war footing. Stressing the need for a stronger focus on cotton research, J Thulasidharan, President, Indian Cotton Federation (ICF), said, “there is a total lack of agronomy research at present. Australia, for instance, has only 15 per cent of the area under cotton but their productivity per hectare is at least four times higher as compared to India and the trash content minimal. There is good potential for doubling the yield, but to achieve this, research efforts should be strengthened. Front Line Demonstrations (FLDs) alone would not suffice. The fund allocation for conduct of FLDs was fixed twenty-five years back. The government should set up a dedicated department and review the focus.” His comment comes just days before the fourth all India bi-yearly cotton conference slated for August 17 and 18 at the Le Meridien here. Organised jointly by ICF and the Indian Cotton Association Limited (ICAL), Bathinda, the two day-event is expected to focus on the two major issues – volume and quality. The theme of the conference is “Indian Cotton Scenario in 2018-19” along with global outlook, said P Nataraj, Vice-President, ICF and Chairman of the conference. Around 400 delegates from across the country will participate and interact on the cotton situation, acreage, demand-supply equation, price situation and sustainable management. Ginners, traders, brokers and the mill sector will deliberate on fibre quality, volume and other issues which need a business protocol. MCX, the main sponsor of the conference is expected to create awareness amongst the participants on futures trading. “The federation will also be entering into an agreement with MCX for cotton trading,” said Nataraj.
Source: The Hindu Business Line
Item |
Price |
Unit |
Fluctuation |
Date |
PSF |
1448.29 |
USD/Ton |
0.70% |
8/16/2018 |
VSF |
2055.36 |
USD/Ton |
0.21% |
8/16/2018 |
ASF |
3006.43 |
USD/Ton |
0% |
8/16/2018 |
Polyester POY |
1597.17 |
USD/Ton |
0% |
8/16/2018 |
Nylon FDY |
3367.78 |
USD/Ton |
0% |
8/16/2018 |
40D Spandex |
4986.63 |
USD/Ton |
0% |
8/16/2018 |
Nylon POY |
5456.39 |
USD/Ton |
0% |
8/16/2018 |
Acrylic Top 3D |
1813.98 |
USD/Ton |
0% |
8/16/2018 |
Polyester FDY |
3049.79 |
USD/Ton |
0% |
8/16/2018 |
Nylon DTY |
3179.88 |
USD/Ton |
0% |
8/16/2018 |
Viscose Long Filament |
1785.07 |
USD/Ton |
0% |
8/16/2018 |
Polyester DTY |
3468.96 |
USD/Ton |
0% |
8/16/2018 |
30S Spun Rayon Yarn |
2731.81 |
USD/Ton |
0% |
8/16/2018 |
32S Polyester Yarn |
2240.37 |
USD/Ton |
0.98% |
8/16/2018 |
45S T/C Yarn |
2934.16 |
USD/Ton |
0% |
8/16/2018 |
40S Rayon Yarn |
2384.91 |
USD/Ton |
0% |
8/16/2018 |
T/R Yarn 65/35 32S |
2486.09 |
USD/Ton |
0% |
8/16/2018 |
45S Polyester Yarn |
2890.80 |
USD/Ton |
0% |
8/16/2018 |
T/C Yarn 65/35 32S |
2500.54 |
USD/Ton |
0% |
8/16/2018 |
10S Denim Fabric |
1.35 |
USD/Meter |
0% |
8/16/2018 |
32S Twill Fabric |
0.83 |
USD/Meter |
0% |
8/16/2018 |
40S Combed Poplin |
1.16 |
USD/Meter |
0% |
8/16/2018 |
30S Rayon Fabric |
0.65 |
USD/Meter |
0% |
8/16/2018 |
45S T/C Fabric |
0.69 |
USD/Meter |
0% |
8/16/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14454 USD dtd. 16/8/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Global resource scarcity has become not only an issue for environmentalists, but has also reached the attention of the business environment. Business models based on the circular economy approach is a possible alternative that can reduce resource intensive production even Google started using this definition for its business model optimization. A circular economy is inspired by living systems, meaning there is no such notion as waste. One species’ waste is another’s food, and accordingly, every waste piece should be a resource for the next production step. Recovering and reusing as many products and materials on the one hand, and development of the product design that considers future material recovery on the other hand, are essential for the circular business models. This mindset opposes to the traditional linear “take, make, dispose” system, introducing instead “make/remake, use/reuse” economy.
Moving from theory to practice
All developed solutions try to foster system effectiveness by revealing and designing from the negative externalities, preserving and enhancing natural capital, and optimizing resource use by circulating products, components, and materials. The Ellen MacArthur Foundation recently issued a report covering different implication areas of Circular Economy in agriculture, food circulation, automotive cars, renewable energy, and of course manufacturing. Development of the new technology shortens the product lifecycle significantly. Annual gadget updates foster us to update the device with the same speed the most known example is our phone. Nevertheless the product itself consists of the valuable materials that could ensure its functionality for at least the next 10 years. So, it seems very logical that we just need to decouple valuable and long-lasting materials from the previous product that would be in the traditional system identified as waste, and re-use it in the production of the new technologically updated version ensuring as well the same quality standard. Currently the most advanced phone producer is the Dutch company FairPhone. The idea behind the Fairphone 2 (the company’s second released model) is to empower users to take ownership of their product/phones and offer easy options for maintenance. The company offers an ecosystem around the phone that supports long-lasting use, first-hand or second-hand. The phone is designed as the module system that simplifies the maintaining and recycling process and basically aims that the owner can exchange each model by themselves. On the other hand, Phonebloks was the first Lego-type designed smartphone, which was block exchangeable and repairable. It was a so-called inspirational project for other phone companies, among them Motorola, Google with its Project ARA (currently on hold), ZTE Eco-modus (at the concept stage), and PuzzlePhone that is currently in development stage from Finland. A commercialized phone that also used the modular approach is the LG G5. To dig deeper, modular systems were picked up as well by more consumer electronic producers such as “One Education,” which is focusing on building a modular laptop, or Neptun Company, developing a modular platform of smartbands, tablets, and smartphones. Examples of remanufacturing and circular design for the manufacturing industry are also appearing in furniture production. The UK office furniture maker Orangebox’s design philosophy is based on using less material to create durable products that are easy to disassemble and recover for remanufacture. Virtually all of the materials (98%) used to make the ARA chair are recyclable. Under cradle-to-cradle, each raw material chemical compound has to be assessed to ensure that at end-of-life, it can be taken back into the production cycle to create new high-grade products. To maximize the value of the materials used in this chair and other products, Orangebox has set up a recycling facility at its manufacturing site in south Wales so it can offer a customer take-back service. Another industry that started embracing circular economy principles is fashion and fabric production. Currently more and more fashion brands, including Adidas, Nike, and Timberland, launched clothing lines from recycled PET bottles and even marine plastic waste. This is of course a small fraction of the collection. Wear2 Company focuses on a textile process technology that allows clothing to be selectively disassembled at end-of-life. It allows manufacturers to specify during the design phase which pieces of the garment they would like to separate out in the future, such as zips, labels, buttons and logos. Despite the straightforward logic, the challenge remains significant to rethink and implement circular design in the manufacturing process. Legislation and certification is one of them, meaning that new quality standards have to be developed to ensure safety of the recycled product. Rebuilding the traditional manufacturing process is also not an easy task, as it complicates the new product’s design, development, and adds a new stage in the product lifecycle: collection, meaning the return and collection point of these products has to be established as well, which could be seen as a hassle for traditional business models.
Source: The Beam
Pakistan’s ministry of commerce and textile industry is offering multiple training courses in different fields to enhance the capabilities of its workers to make the sector competitive. The streams include garments, fashion, apparel design, cutting for lingerie, line supervision and knitting machine operation, according to a senior government official. The ministry has also launched a skill development project in collaboration with the International Labour Organisation (ILO) and Canadian International Development Agency (CIDA), according to a news agency report. Four textile training institutes under the ministry—Pakistan Readymade Garment Training Institute (PRGTTI), Pakistan Knitwear Training Institute (PKTI) in Lahore , Pakistan Fashion and Apparel Design Institute (FADIN) in Karachi and SMA Rizvi Textile Institute (SMARTI) in Karachi— have been selected as partners for implementing the project. Around 600 workers will be trained over one and half years under the project. (DS)
Source: Fibre2Fashion
BEIJING/WASHINGTON - China and the United States will hold lower-level trade talks this month, the two governments said on Thursday, offering hope that they might resolve an escalating tariff war that threatens to engulf all trade between the world’s two largest economies. Still, White House Economic adviser Larry Kudlow warned Beijing not to underestimate President Donald Trump’s resolve in pushing for changes in China’s economic policies. A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will meet U.S. representatives led by Treasury Under Secretary for International Affairs David Malpass, China’s Ministry of Commerce said in a statement on its website. The Wall Street Journal reported that the talks in Washington would take place on Aug. 21 and 22, just before $16 billion in new U.S. tariffs on Chinese goods take effect, along with an equal amount of retaliatory tariffs from Beijing. While the engagement was seen by analysts and business officials as positive, they cautioned that the talks were unlikely to lead to a breakthrough, given they involve lower-level officials, led on the U.S. side by the Treasury Department, not the U.S. Trade Representative (USTR). There also remains a wide gap between the two sides over Washington’s demands that Beijing improve market access and intellectual property protections for U.S. companies, cut industrial subsidies and slash a $375 billion trade deficit with China. Kudlow, who heads the White House Economic Council, declined to comment on the specific goals of the Malpass-Wang talks. “It is a good thing if they’re sending a delegation here. We haven’t had that in quite some time,” Kudlow told CNBC television. “The Chinese government in its totality must not underestimate President (Donald) Trump’s toughness and willingness to continue this battle, to eliminate tariffs and non-tariff barriers and quotas, to stop the theft of intellectual property and to stop the forced transfer of technology,” Kudlow added. It had little effect on U.S. stocks, which retreated on reports Trump had disclosed classified information to Russia's foreign minister about operations in Syria, after the S&P 500 .SPX and Nasdaq Composite .IXIC hit record intraday highs. The world’s two largest economies have been locked in escalating rounds of tit-for-tat tariffs, with $34 billion in goods targeted by each country and another $16 billion slated to go into effect on Aug. 23. Trump has threatened to impose duties on virtually all of the more than $500 billion of Chinese goods exported to the United States. The meeting would end a drought in talks since early June, when U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He in Beijing, but returned with no agreements. U.S. Treasury officials declined to comment on the talks, referring Reuters to Kudlow’s remarks on CNBC. In a White House cabinet meeting, Kudlow said the decline of the yuan currency in recent months showed that the United States had an upper hand in the trade war. “There may be some manipulation but mostly I think investors are moving out of China because they don’t like the economy, and they are coming to the USA because they like our economy... Their economy looks terrible,” he said. The upcoming meeting will be held at a lower level compared with four earlier rounds of talks. Having made little progress in the previous meetings, the White House said on Aug. 3 that the United States was open to further talks with China on resolving the festering trade dispute. Four U.S. and Chinese sources in the business community said they had low expectations for the discussions, particularly if officials from USTR were not involved. The invitation for the talks may have been intended to steady markets, they said. After negotiations in Washington in May, Beijing believed it had assurances from the U.S. that tariffs were off the table, with Mnuchin saying the trade war and tariffs were “on hold.” But less than 10 days later, the White House said it would push forward on planned tariffs on $50 billion of Chinese imports and curbs on investments by Chinese companies in the United States.
Source: Reuters
ISLAMABAD :Chairman National Vocational Technical Training Commission (NAVTTC) pakistan Dr Zulfiqar Cheema said Sector Skill Council will act as a bridge between textile industry, training centers and governmentdue to the ever growing need of skilled force in the Pakistan textile industry and the rising economy. An MOU was signed under the leadership of Executive Director Zulfiqar Ahmed Cheema in a meeting attended by industrialists and specialists belonging to textile industry including Mian Muhammad Ghafoor, CEO Sitara Group of Industries, Muhammad Ayub, Secretary Pakistan Hosiery Manufacturing Association (PHMA), Sohail Afzal Sheikh, Executive Member Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) and Hamid Tufail, Secretary General All Pakistan Textile Mills Association (APTMA), said a press release on Thursday. In the session Ayesha Khan, Chairperson Hospitality Sector Skill Council and Khalid Abdur Rehman, Chairman of Technical Committee Construction Sector Skill Council expressed their views and shared their experience. Addressing the session, Executive Director Zulfiqar Ahmed Cheema said that our textile sector is facing a shortage of skilled labor. In this regard, the establishment of Sector Skill Council is a great step which will result in the formation of trained skilled labor force. This will not only help the industry but it will also aid in the progress of the country's economy. He said the technical sector has the potential to change the destiny of our nation and Sector Skill Council will act as a bridge between Government and those providing trainings. He further added that by the end of this month the Textile Sector Council will become operational. He praised TVET Support Program and said that the cooperation from European Union, Germanyand Norway is highly appreciated. On this occasion Muhammad Ayub, Secretary Pakistan Hosiery Manufacturing Association (PHMA) appreciated this step by NAVTTC to activate the industry and promised his full support. He said that due to this platform of Sector Skill Council, we will be able to overcome this serious issue of providing skilled labor force to the textile sector. Kamran Sindhu, Marketing Director Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) said that the establishment of Sector Skill Council is a welcome sign and it will help in the overall performance and increase the production of textile industry manifold. Imran Ghafoor, CEO Sitara Group of Industries said our textile sector is very vast and we will work with all stakeholders to make it stronger. Hamid Tufail, Secretary APTMA said on this occasion that the establishment of Sector Skill Council is a golden opportunity for the Textile Industry to train skilled workforce on priority basis and to play a major role in the betterment of nation's economy. Ayesha Khan, President Hospitality Sector Skills Council while declaring the establishment of Skill Council a historic moment said that this will help strengthen the TVET Sector of Pakistan. She further added that she will fulfill her responsibilities regarding the progress of TVET Sector of Pakistan. Khalid Abdur Rehman, Chairman Technical Committee Sector Skill Council congratulated Zulfiqar Ahmed Cheema on this important milestone and conveyed his hope that by establishment of Skill Council, they will be able to fulfill the requirements of the market by providing skilled workforce to them which will also stabilize the nation's economy. On this occasion Zubair Hashmi, Director General NAVTTC briefed the participants on the future goals and vision of the Sector Skill Council.
Source: Urdu Point
PETALING JAYA: Pakatan Harapan's decision to not collect Goods and Services Tax (GST) has reduced the Government's income by at least RM15bil, says Datuk Seri Najib Tun Razak. In a Facebook post, the former prime minister said that there was also a shortfall in income of RM8bil between September and December 2018. "The Government will also have to pay back traders input tax of RM8bil for GST incurred on business purchases and expenses. That will total up to a loss of RM31bil this year alone," he said. On Monday (Aug 13), Finance Minister Lim Guan Eng stated that Barisan Nasional had "robbed" GST refunds, saying that the problem of unpaid tax was due to the weak cashflow of the previous administration, brought about by poor fiscal discipline and an increase in large debts. On the same Facebook post, Najib said Lim should launch a police report over the missing amount of RM19bil and state that the money was indeed stolen by Barisan, as opposed to pointing fingers at the previous administration. "The people should now be prepared for a variety of other new taxes from Pakatan Harapan following the abolition of the GST," he added. The 6% GST rate was zero-rated from June 1, while the sales and services tax (SST) will be implemented from Sept 1.
Source: The Star Online
President Donald Trump looks to have changed his tune on the U.S. dollar -- at least for now. After repeatedly talking down the value of the currency in the past, Trump boasted on Twitter on Thursday that investors were pouring money into the greenback -- a development that would tend to push the currency up, not down. “Our Economy is doing better than ever,” Trump said. “Money is pouring into our cherished DOLLAR like rarely before, companies earnings are higher than ever, inflation is low & business optimism is higher than it has ever been.” His chief economic adviser, Larry Kudlow, was more explicit in an interview on CNBC television. He described the dollar as “strong and steady,” adding that it has been trading in a range for “quite some time.” “As the president noted today, I think the king dollar, the strong dollar, it’s a steady dollar, it’s a sign of confidence,” said Kudlow, who is director of the White House’s National Economic Council. “Money is flowing into the U.S.A. That’s terrific.” The dollar has risen about 5 percent this year against a broad basket of currencies, buoyed by strong U.S. economic growth, rising interest rates and U.S.-driven trade tensions, which boost the greenback’s appeal as a haven. It’s not clear whether the shift in Trump’s dollar rhetoric will prove to be long-lasting. “He has a history of talking it down more than he has of boosting it and clearly he is one to give us surprises, so it’s not easy to predict if he will have a new strengthening guidance,” said Juan Perez, senior foreign-exchange trader and strategist at Tempus Inc. in Washington. “He notices and is grasping the power of currency and may opine on it as he sees best fits his narrative.” Kudlow, a long-time proponent of what he’s called “King Dollar,” touted the benefits of a strong currency in holding down oil and other commodity prices. Asked if he favored any particular level of the greenback in foreign exchange markets, Kudlow said, “I just want it steady.” “There is all this unrest around the world,” Kudlow said. “Trillions of dollars are coming here because we’re in an economic boom that virtually nobody thought possible." Some of that unrest has been fueled by the president’s own actions.
Turkey Markets
Turkish markets, already in a tailspin over President Recep Tayyip Erdogan’s economic policies, tumbled further after Trump’s Aug. 10 announcement that the U.S. is doubling steel and aluminum tariffs on shipments from the country. In making that decision, Trump pointed to the rapid slide of the Turkish lira “against our very strong dollar.” “The U.S. is not playing its usual role to try to tamp down anxiety and fears,” said David Hensley, director of global economics for JPMorgan Chase & Co. in New York. “If anything, the U.S. has been throwing fuel on the fire.” Breaking with the past practice of presidents not commenting on the dollar, Trump has frequently expressed displeasure with the strength of the greenback since taking office in January 2017. He’s accused some of America’s trading partners, including China and Europe, of deliberately driving down the value of their currencies to gain advantage for their exporters. In another break from the past, Trump has criticized Federal Reserve Chairman Jerome Powell and his colleagues for raising interest rates and in the process undercutting his efforts to slash the U.S. trade deficit.
Source: Bloomberg
The textile complex of JSC Zhongtai Dangara Sin Silu Textile in Dangara district plans to increase the volume of cotton fiber processing, Avesta Information Agency reported referring to the Ministry of Industry and New Technologies of Tajikistan. After the second stage's start the volume of cotton fiber processing at the enterprise will increase by 17,000 tons. Start of the enterprise's second stage is planned for 2H2018. The cotton fiber processing capacity of the first stage is 15,000 tons. The enterprise is located in the Dangara district. Construction of an enterprise that can process up to 52,000 cotton fibers per year and produce 150 million meters of cotton textiles was launched in December 2014. The first stage of the textile complex was officially commissioned in August 2016. It was earlier reported that, despite the start-up of new spinning mills in the country, almost 80 percent of textile products are imported from abroad.
Source: Trend
New York : Researchers have, for the first time, produced fibres with embedded electronics that are so flexible they can be woven into soft washable fabrics and made into wearable clothing. Embedding high speed optoelectronic semiconductor devices, including light-emitting diodes (LEDs) and diode photo detectors, into washable fabrics also makes it possible to produce clothing that communicates optically with other device. This discovery, described in the journal Nature, could unleash a new 'Moore's Law' for fibres, in other words, a rapid progression in which the capabilities of fibres would grow rapidly and exponentially over time, said researchers from the Massachusetts Institute of Technology (MIT) in Boston. The key breakthrough for producing these new fibres was to add to the preform lightemitting semiconductor diodes the size of a grain of sand, and a pair of copper wires a fraction of a hair's width. When heated in a furnace during the fibre-drawing process, the polymer preform partially liquifies, forming a long fibre with the diodes lined up along its centre and connected by the copper wires. "We are anticipating the emergence of a 'Moore's law' analogue in fibres in the years ahead," said Yoel Fink from the varsity. "It is already allowing us to expand the fundamental capabilities of fabrics to encompass communications, lighting, physiological monitoring, and more. In the years ahead, fabrics will deliver value-added services and will no longer just be selected for aesthetics and comfort " Fink added In this case, the solid components were two types of electrical diodes made using standard microchip technology: LEDs and photosensing diodes. The resulting fibres were then woven into fabrics, which were laundered 10 times to demonstrate their practicality as possible material for clothing. One of the advantages of incorporating function into the fibre material itself is that the resulting fibre is inherently waterproof. To demonstrate this, the team placed some of the photo detecting fibres inside a fish tank. A lamp outside the aquarium transmitted music through the water to the fibres in the form of rapid optical signals. The fibres in the tank converted the light pulses so rapid that the light appears steady to the naked eye -- to electrical signals, which were then converted into music. The fibres survived in the water for weeks.
Source: Economic Times