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MARKET WATCH 01 FEB, 2019

NATIONAL

INTERNATIONAL

 

GDP growth rate for FY18 revised upward to 7.2% from 6.7% earlier

The government on Thursday revised the economic growth rate upwards to 7.2 per cent for 2017-18 from the 6.7 per cent estimated earlier. According to the revised gross domestic product (GDP) data, released by the Central Statistics Office (CSO), the demonetisation year, 2016-17, saw a growth rate of 8.2 per cent, the highest in the five years of the Modi government. Earlier, the growth rate was estimated at 7.1 per cent. Advance estimates, which are not given in this data, have pegged growth at 7.2 per cent for the current fiscal year. Now the high base effect of 2017-18 might have a downward impact on the numbers for the current financial year. Soumya Kanti Ghosh, chief economic advisor at the SBI group, has pegged the growth rate in 2018-19 at 5.9 per cent. Growth in the demonetisation year was scaled up despite the fact that the growth rate for manufacturing, which gave a boost to the economy that year, was retained at 7.9 per, and slightly revised up to 5.9 per cent from 5.7 per cent for the next financial year. Experts say the revised data should be interpreted with caution because the new numbers did not seem to reconcile with the ground realities. “One has to be very cautious. While not countering the methodology, the new numbers for the demonetisation year are not in sync with the ground realities,” CARE Ratings Chief Economist Madan Sabnavis said. He said the data on corporate performance, medium-scale industries, and agriculture did not “tell us that the economy grew at the fastest rate in the year of demonetisation” when the cash was squeezed. The growth rate in the year of demonetisation was revised a bit upwards in the services sector. Growth in the trade, hotels, transport and the communication sector saw the revision to 7.6 per cent from 7.2 per cent in FY17. However, for the very next year, FY18, the growth rate in this services segment was scaled down to 7.7 per cent from 8 per cent. Similarly, the financial, real estate and related sector saw the growth rate revision to 8.7 per cent from earlier 6.6 per cent for the demonetisation year. However, the growth rate was now less at 6.2 per cent for FY18 against the earlier calculation of 6.6 per cent. It was agriculture that saw the growth rate moving to 5 per cent against the earlier 3.4 per cent for FY18. For FY17, the growth rate in the primary sector stood the same at 6.3 per cent. Demonetisation now seems to have affected investment. The gross fixed capital formation growth rate is now calculated at 5.8 per cent for FY17, a sharp downward revision from the earlier calculation of 10.1 per cent. However, it jumped to 12.9 per cent for FY18 against 7.6 per cent. It seems demand in the economy was not as bad as had seemed earlier. In the demonetisation year, private final consumption expenditure growth is now seen at 8.2 per cent against 7.3 per cent estimated earlier and for the next year at 7.4 per cent against 6.6 per cent. Ghosh said demonetisation might have forced people to advance their spending with the old Rs 500 and Rs 1,000 notes, which was seen in the demand growth in FY17. That is why demand growth came down the next year and was projected by advance estimates to stand at just 4.2 per cent in FY19, he said. Earlier, 2015-16 was seen as the highest growth year for the Modi government at 8.2 per cent, which now stood revised to 8 per cent. The first year of the Modi government — 2014-15 — and the last two years of the UPA — 2012-13 and 2013-14 — saw no revision in growth rates.

Source: Business Standard

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Letter to BS: The delay in getting tax refunds paralyses textile sector 

This refers to your article "The textile package suffers delivery failure" (January 31). The problem lies in the lack of coordination in policy planning between various departments of the government. The overall economic impact is not taken into account while deciding policies. This is with special emphasis to the textile sector that, like agriculture, is a core contributor to economic growth. Further, the annual Budget is more fiscal than policy oriented. Sudden shocks like demonetisation should also have taken into account its impact on essential economic segments like textiles. The consequent impact on economic progress is reduction in employment in this sector which increases the percentage of unemployment. This contradicts the earlier draft proposal on fixed term employment. Further, the restrictions on cash withdrawals in the process of demonetisation has focused only on unaccounted for money without taking into account its impact on daily wage earners and temporary wage earners especially in this sector. The textile sector thus experienced a reduction in the workforce that experienced loss of income for basic sustenance. It led to a reduction in labour participation and in the process an increase in unemployment. A financial allocation of Rs 6,000 crore to the textile sector planned earlier leads to, apart from a fall in productivity, a waste of allocated funds. Marketing for the textile sector also impacts export trade which is already under stress due to global market stagnation. The administrative delays in getting tax refunds paralyses functioning in the textile sector.

Source: Business Standard

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Core sector output growth slows to 2.6% in December 2018

New Delhi: The growth of India’s infrastructure industries slowed to an 18-month low in December, brought down by coal, crude and fertilisers, data released by the commerce and industry ministry showed Thursday. The index of eight core industries rose 2.6% in December, the lowest since a 1% expansion recorded in June 2017. The core sector had grown 3.4% in November 2018 and 3.8% in December 2017. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity, constitute 40.27% of the total industrial production. The latest data suggest a moderation in industrial growth going ahead. In November, industrial production growth had slowed to a 17-month low of 0.47%. “Based on the core sector growth this month (December), we are expecting industrial output (measured by IIP) to grow by around 2.5% in Dec’18, with a downwa bias due to a high base effect,” CARE Ratings said in a note. The industrial production numbers for December will be released on February 12. Core sector growth for April-December was 4.8% against 3.9% in the corresponding period of the previous year. Coal output growth slipped to 0.9% in December from 3.7% in November, also dragging down the expansion in electricity generation to 4% from 5.1% a month before. Production of crude oil, refinery products and fertilisers shrank in December from a year earlier, declining 4.3%, 4.8% and 2.4%, respectively. In the case of refinery products, which has the highest weight in the index, this was the first contraction in 16 months. Steel output growth accelerated to 13.2% from 5.8% in November, while cement production was up 11.6% from 8.8%. “The production of natural gas grew at 4.2%, highest since May 2018,” CARE Ratings said.

Source: Economic Times

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GST mop up crosses ₹ 1 lakh crore in Jan

Collection from Goods and Services Tax (GST) in the month of January crossed ₹ 1 lakh crore. This is the third time since the introduction of new indirect tax regime when mobilisation topped ₹ 1 lakh crore. “The total Gross GST Revenue collected in the month of January 2019 has crossed ₹ 1 lakh crore. This has been a significant improvement over collection of ₹ 94,725 crore during last month and ₹ 89,825 crore during the same month last year,” the Finance Ministry said in a tweet on Thursday. It also said that this increase has been achieved despite various Tax Relief measures implemented by the GST Council to lower the tax burden on the consumers. Final figures and details of collections for the entire month will be released on February 2, 2019. Saloni Roy, Senior Director at Deloitte India said that tax collections could be said to mirror the economy and healthier tax revenue in January definitely is an upbeat signal of the economy. “This trend of significant improvement in revenue collections should be maintained so that deficits are contained and there is stability in tax collections,” she said. Pratik Jain, Partner & Leader (Indirect Tax) at PwC India felt that exceeding 1 lac crore mark for the third time this fiscal comes as a welcome relief for the Government, particularly after some dip in the last month. This again underlines that collections are increasing steadily as compliances are getting simplified, rates are getting reduced and administration is getting sharper. “That said, it's clear that overall collection for the entire year would be significantly lower than what was budgeted. It will be interesting to see whether the estimated collections in the next financial year would reflect the collection trend in the current year,” he said.

Source: Business Line

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RCEP talks: Efforts on to shield farm, auto, iron, steel and certain textile items from tariff cut shocks

India is trying to extend protection to vulnerable sectors including agriculture, iron & steel, automobiles, and certain textile items, despite huge pressure on New Delhi from most countries participating in the Regional Comprehensive Economic Partnership (RCEP) negotiations to offer tariff concessions on almost all traded items. “We have had discussions with all ministries and departments that have expressed concern about India’s participation in the RCEP negotiations. We have assured them that we will try to protect all vulnerable industrial sectors in addition to agriculture,” an official participating in the negotiations told BusinessLine. Whether it will be in the form of taking no commitments or implementing tariff cuts over a longer period of time is something over which a balanced stand needs to be taken, he added. The next round of negotiations for RCEP is scheduled in mid-February in Indonesia. New Delhi is in bilateral talks with China, Australia and New Zealand — the three countries with which India doesn’t have a free trade pact — on the items it wants to continue to protect. “With Australia and New Zealand, the primary concern of our industry is related to dairy and farm products. With China it is a whole basket of items that need protection. We are trying our best to prioritise,” the official said.

Advise of caution

Ministries, including Iron and Steel, Heavy Industries and Textiles, have already approached the Commerce & Industry Ministry pointing out at the vulnerability of their respective sectors and advising caution in the negotiations. It is important that some tangible results are reached between India and the three countries before the forthcoming round in Indonesia, as most RCEP members want the deal to be finalised in 2019 and patience is running out. India, together with some members of the ASEAN such as Malaysia, managed to persuade other RCEP members to hold off sealing the deal at the end of 2018 on the ground that more time was required to decide on tariff cuts in goods, with at least some countries such as China, and also raise the levels of commitments in services.

Domestic lobbies

Meanwhile, pressure from domestic lobbies is growing against the RCEP deal. The Swadeshi Jagran Manch, the economic wing of the Rashtriya Swayamsevak Sangh, has urged the Centre not to be part of the deal as it believes that the pact could threaten India’s manufacturing growth, make survival of the small and micro enterprises sector difficult and increase trade deficit several-fold.

Source: Business Line

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Rupee ends 4 paise higher at 71.08 against dollar

Mumbai: The Indian rupee Thursday edged higher by 4 paise to 71.08 against the US dollar amid weakness in the greenback in overseas markets after the US Fed kept interest rate unchanged. At the Interbank Foreign Exchange, the Indian currency opened significantly higher but erased the morning gains during the course of the day due to month-end dollar demand from oil importers and shed 22 paise from the day's high. After opening on a firm note at 70.92, the rupee climbed further to a high of 70.86 following dollar selling by exporters, before finally closing at 71.08, up 4 paise. The rupee had Wednesday ended with just 1 paisa loss at 71.12 a dollar. While weaker American currency and heavy buying in domestic equities supported the rupee trading pattern, surging crude oil prices and a caution ahead of Friday's interim budget restricted the gains of the Indian unit. "Fed chairman Jerome Powell suggested the pace of rate hikes will slow," HDFC Securities Head PCG and Capital Markets Strategy V K Sharma said. He further said the "rupee is headed for the worst performance among major Asian currencies in January as fiscal concerns weigh ahead of Friday's interim budget".The US dollar weakened in overseas market after the Federal Reserve left the key US lending rate unchanged on Wednesday and said it would be "patient" about making any further changes. Meanwhile, the dollar index dropped by 0.02 per cent to 95.32 against a basket of six currencies in the late afternoon trade. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.0333 and for rupee/euro at 81.6836. The reference rate for rupee/British pound was fixed at 93.2383 and for rupee/100 Japanese yen at 65.30. Meanwhile, brent crude, the global benchmark, was trading at 62 per barrel, up 0.57 per cent. Foreign funds purchased shares worth Rs 3,006.41 crore from the capital markets on a net basis, while domestic institutional investors also sold shares worth Rs 1,634.32 crore Thursday, provisional data showed. Meanwhile, market benchmark Sensex Thursday surged over 665 points or 1.87 per cent to close at 36,256.69. The broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95.

Source Economic Times

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SGS helping textile companies reduce harmful chemicals

SGS is helping textile manufacturers reduce their reliance on hazardous chemicals through services like hazardous substances control workshops which empower companies with the right knowledge to achieve compliance with regulations, maintaining competitive advantage and better reputations. SGS also helps stakeholders gain technical expertise in production. Textile production uses around 9.3 million metric tons of chemicals a year and the harmful effects of this are now being fully recognised. The French Agency for Food, Environmental and Occupational Health and Safety (ANSES) has recently published “Footwear and textile clothing: consumers need better protection from the risks of skin allergies and irritation”. It notes that most irritations are caused by chemicals. In addition, the sector is now being recognised as the “second biggest polluter in the world”, a quote attributed to high-end clothing retailer Eileen Fisher. Pollution from the clothing industry is now so bad in some places, for example the Citarum River in Indonesia and the city of Xintang in China, that the natural environment is no longer safe for humans. In both cases, rivers have become too polluted to swim in or drink. The ANSES report included recommendations for how authorities can improve the industry. This included, among other suggestions, the recommendation that retailers should only stock clothing or footwear that their suppliers can prove do not include carcinogenic, mutagenic, reprotoxic (CMR) substances, and/or skin sensitising and irritating substances. This will require a better knowledge of chemical usage in the whole supply chain. Part of the problem stems from rapid growth in the sector over the last few decades. It has led to long supply chains, meaning retailers aren’t always sure of the full extent of the number of economic operators in them. At the same time, stakeholders are often too willing to rely on the advice of chemical suppliers, rather than gaining the necessary technical understanding to control the flow of chemicals themselves. The impact of remaining ignorant unaware of the full extent of chemical usage may be great. Consumers are already looking for products that are sustainably sourced and better for the environment. Knowledge of the chemical flow in the supply chain has therefore become very important; it is the key to the effective control of hazardous substances. This knowledge also has several benefits for businesses such as reduced risk of non-compliance with market regulations, improved reputations from reduced pollution and better living conditions for workers, and better protection of consumers from skin allergies and irritations. To better understand production and improve systems, SGS is advising stakeholders to gain technical expertise in the areas such as production, chemical knowledge, and water management. This understanding will create better, more efficient productions systems while reducing waste. In addition, stakeholders can also reduce the use of hazardous chemicals and restricted substances by directly managing chemical sourcing. This will ensure that only chemicals that do not contain restricted substances are used, chemicals are used properly – avoiding waste due to improper formulations, correct storage of chemicals, and that chemicals are discarded properly. Deeper understanding of the processes involved in production will also reduce the water usage. For example, a simple tee shirt will use over thousand liters of water in its manufacture. Reducing this amount will also be good for the environment. With the damaging effects of chemical usage in the clothing industry become apparent, customers, authorities and retailers are looking to manufacturers to improve and reduce their use of chemicals. The key to better chemical usage is knowledge of the processes and chemicals involved in the production of footwear and textiles. This will result in lower levels of waste, improved efficiencies, more cost-effective methods of production, and better profit margins. (SV)

Source: Fibre2fashion

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Global Textile Raw Material Price 31-01-2019

Item

Price

Unit

Fluctuation

Date

PSF

1333.52

USD/Ton

0%

1/31/2019

VSF

1977.21

USD/Ton

0%

1/31/2019

ASF

2397.65

USD/Ton

0%

1/31/2019

Polyester POY

1270.26

USD/Ton

0%

1/31/2019

Nylon FDY

2753.36

USD/Ton

0%

1/31/2019

40D Spandex

4762.56

USD/Ton

0%

1/31/2019

Nylon POY

3006.37

USD/Ton

0%

1/31/2019

Acrylic Top 3D

5610.89

USD/Ton

0%

1/31/2019

Polyester FDY

1547.83

USD/Ton

0%

1/31/2019

Nylon DTY

2574.76

USD/Ton

0%

1/31/2019

Viscose Long Filament

2544.99

USD/Ton

0%

1/31/2019

Polyester DTY

1473.42

USD/Ton

0%

1/31/2019

10S OE Cotton Yarn

2103.71

USD/Ton

0%

1/31/2019

32S Cotton Carded Yarn

3407.46

USD/Ton

0%

1/31/2019

40S Cotton Combed Yarn

3918.69

USD/Ton

0%

1/31/2019

30S Spun Rayon Yarn

2738.47

USD/Ton

0%

1/31/2019

32S Polyester Yarn

2001.76

USD/Ton

0%

1/31/2019

45S T/C Yarn

2872.42

USD/Ton

-0.52%

1/31/2019

40S Rayon Yarn

2158.04

USD/Ton

0%

1/31/2019

T/R Yarn 65/35 32S

2544.99

USD/Ton

0%

1/31/2019

45S Polyester Yarn

3036.13

USD/Ton

0%

1/31/2019

T/C Yarn 65/35 32S

2530.11

USD/Ton

0%

1/31/2019

10S Denim Fabric

1.37

USD/Meter

0%

1/31/2019

32S Twill Fabric

0.83

USD/Meter

0%

1/31/2019

40S Combed Poplin

1.11

USD/Meter

0%

1/31/2019

30S Rayon Fabric

0.65

USD/Meter

0%

1/31/2019

45S T/C Fabric

0.71

USD/Meter

0%

1/31/2019

Source: Global Textiles

Note: The above prices are Chinese Price (1 CNY = 0.14883 USD dtd. 30/1/2019). The prices given above are as quoted from Global Textiles.com.  SRTEPC is not responsible for the correctness of the same.

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Texworld & Apparel Sourcing end on a successful note

The recently held Texworld USA and Apparel Sourcing USA Winter 2019 edition closed its doors to another highly successful event. Together, the two shows connected 330 international suppliers of textiles, trims and accessories, manufacturing, and private label development services and finished apparel to a host of industry buyers, designers, and experts. In attendance, collectively, Texworld USA and Apparel Sourcing USA welcomed more than 4,100 qualified buyers spanning the three days. The two shows received attendees from a total of 70 countries, including France, Australia, Canada, Brazil, India, South Africa, Guatemala, Puerto Rico, Italy, Spain, Argentina, the United Kingdom, and more, according to a press release on the shows. The two events highlight a broad range of textiles with innovative structures, material mixes and a remarkable array of colour palettes across 16 product categories. This dual platform offers direct access to impressive colour, fabric and trend areas, a strong educational line-up and assortment of industry resources. This season’s SPOTLIGHT theme on sustainability came with an understanding that fashion’s impact on global carbon emissions, water, and chemical pollution is substantial. More than 10 per cent of the suppliers in both events displayed sustainable materials or certifications emphasising their reduced environmental impact in their production and processing. This edition, the show strengthened its commitment to sustainability through its recycled and repurposed bags. Created from previous edition’s vinyl banners and promotional material, Texworld USA in conjunction with Restore Clothing and CaseNYC, produced nearly a thousand bags. The Lenzing Pavilion hit the show floor with 25 exhibitors showing sustainable fibres in a range of product categories. From cotton and functional fabrics to knits and lace, Lenzing Pavilion exhibitors showcased the best use of sustainable materials in Tencel and Lenzing Modal. Texworld‘s educational seminar series, organised by Lenzing, featured sessions hosted by a curated panels of industry experts who discussed the changing global landscape, sustainable solutions, and the trend forecasting. Speakers included Texworld art directors, MintModa and the Global Purchasing Companies. Overflowing into the aisles, the Textile Talks section of the show floor was full with thought-provoking, interactive discussions. Topics included sustainable practices, fashion entrepreneurship, textile dyeing innovation, and technology. The guided floor tours opened the opportunity for attendees to walk the show floor with seasoned industry experts and gain a more detailed insight on various exhibitors relevant to their businesses. It also created a more informal forum for questions and interaction. Taking a walk down, Resource Row led attendees to a multitude of companies sharing their industry tools including trend consultants, fabric recycling companies, technology, fashion consulting, creative learning, workshops, networking, and more. Connecting buyers with local apparel factories, contractors and services, Local Loft was created in response to attendees seeking domestic and locally-sourced production facilities. Highlighted companies included AGH Trimsource, In Vogue Studios, MCM, and USA Beading. Texworld’s USA Trend Showcase curated by Texworld’s art directors, Louis Gerin and Gregory Lamaud, hit the show floor with a unique and creative flair, showcasing their vision and expertise for the upcoming season. Excitement flourished as attendees viewed the featured fabrics from select companies exhibiting at the show as well as the inspiration behind the vision: At the Source. Visitors also had the opportunity to preview the newest colours and textile offerings for the Spring/Summer 2019/20 season. (GK)

Source: Fibre2fashion

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Vietnam's garment export up 6.7 pct in January

HANOI, (Xinhua) -- Vietnam gained nearly 2.7 billion U.S. dollars from exporting garments and textiles in January, posting a year-on-year increase of 6.7 percent, the Vietnam Textile and Apparel Association said on Thursday. Specifically, turnovers of Vietnamese garments and textiles, including T-shirts, jackets, dresses and fabrics, exported to China surged 23.9 percent, and to Japan rose 7.6 percent. Vietnam, which is among the world's five biggest exporters and producers of garments and textiles, posted garment and textile export turnovers of over 30.4 billion U.S. dollars in 2018, up 16.6 percent from 2017. However, Vietnam had to spend more than 12.9 billion U.S. dollars importing cloth last year, up 13.5 percent, the association said, noting that most of local cloth has yet to satisfy quality requirements of the country's key garment export markets.

Source: Fibre2fashion

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Vietnam: Ministry of Industry and Trade issues circular on certificates of origin

Hanoi (VNA) - The Ministry of Industry and Trade has issued Circular No 03/2019/TT-BCT stipulating the certificates of origin (C/O) rules in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). According to the ministry’s Import-Export Department, the CPTPP has some differences compared to other Free Trade Agreements (FTAs) which Vietnam has signed including the rule of origin of goods and rules of origin of refurbished and recycled goods. The C/O form issued to Vietnam’s exported goods including the minimum information required by the CPTPP was also issued alongside the circular that will take effect from March 8, 2019. Regarding the mechanism for certification of origin, goods exported from Vietnam would be applied with the C/O mechanism by agencies and organisations authorised by the ministry. The transition time to implement the mechanism of exporters eligible for self-certification of goods origin is carried out from 5 to10 years under the ministry’s guidance. The mechanism of Vietnamese importers certifying their origin is implemented after 5 years from the effective date of the CPTPP. For Vietnamese goods exported before the effective date of this circular, C/O-granting agencies and organisations shall consider granting C/O forms to enjoy tariff preferences under the agreement and regulations of importing member countries. Only when the origin requirements are met can Vietnamese products be exported to new markets to enjoy preferential tariffs. This is a strict rule of origin to prevent countries that are not members of the agreement from taking advantage of tax incentives. Notably, the CPTPP is the only agreement Vietnam participates in a stand-alone textile chapter that is not in common with any other chapter. Truong Van Cam, Secretary General of the Vietnam Textile and Apparel Association (VITAS), said the biggest obstacle for the garment and textile sector was that Vietnam has not produced fabric. Rules of origin for yarns in the CPTTP have hit the industry bottleneck. Vietnam still has to import nearly 99 percent cotton, 1.3 million tonnes of fiber and 80 percent fabric. Vietnam has advantages in the sector. However, it is mainly outsourcing. Currently, some localities have returned to textile and garments, especially dyeing. But many projects of reputable and fully qualified investors are not licensed. Therefore, the Government needs to have planning on industrial parks and waste water treatment to facilitate businesses in the sector. -VNA

Source: Vietnam Plus

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Uzbekistan, Saudi Arabia intend to launch joint production of textiles

Uztextileprom Association discussed the implementation of joint investment projects in Uzbek textile industry with the delegation of Saudi Arabian Corporation Ajlan & Bros on January 24, 2019, Trend reports via the press service of Association. The leadership and specialists of Uztextileprom Association provided detailed information on competitive advantages and conditions for foreign investors in Uzbekistan, benefits and preferences in the textile and garment and knitwear industry. Representatives of foreign company praised the achievements in the textile industry of Uzbekistan as well as the country's large-scale economic reforms. As a result of the meeting, the foreign side announced its intention to implement an investment project in Uzbekistan to establish the production of finished textiles.

Source: Trend.az

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Azerbaijan's company establishes goods delivery to Portugal, Belgium

Azerbaijan's "Mingachevir Textile" LLC has established deliveries of its products to Portugal and Belgium, Rashad Karimov, the public relations manager of the company, told Trend.Karimov noted that presently, the company's products are exported to Turkey and Russia. "We intend to further expand the geography of exports. In particular, it is envisaged to expand deliveries to non-CIS markets. Currently, about 80 percent of the products manufactured at the factory are exported. The rest is sold in the domestic market, mainly to large enterprises of the textile industry. The plans of the enterprise for the current year include increasing production volumes, as well as expanding international cooperation," Karimov said. The products manufactured by the company in 2019 will be on display at the industry exhibition "International Istanbul Yarn Fair", which will be held on Feb. 28, 2019 in Istanbul.Mingachevir Textile LLC was established in February 2018 on the territory of the Mingachevir Industrial Park. The company uses equipment from leading companies of Germany, Switzerland and Japan.

Source: Trend

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