Ministry of Shipping has advised the shipping lines not to impose any container detention charges on import and export shipments for the period from 22nd March,2020 to 14th April,2020(both days inclusive) over and above free time arrangements that is currently agreed and availed as part of any negotiated contractual terms. The Advisory has been issued in order to maintain proper supply lines at the Indian Seaports. During this period, Shipping lines have also been advised not to impose any new or additional charge. This decision is purely one-time measure to deal with present disruptions caused by COVID-19 outbreak. Following the announcement of the lockdownin the country from 25th March, 2020 due to COVID-19 pandemic, there has been some disturbance in downstream services, leading to some delay in evacuation of goods from the ports. This has resulted in some cargo owners either suspending their operations or finding it difficult to transport goods/cargo and complete their paperwork, leading to detention of containers without their fault. The Advisory will help in smooth functioning of trade and maintenance of supply chain in the country.
Source: PIB
A Bradford-based textiles company is expanding internationally after securing a deal with a custom-made carpet manufacturer in India. Texfelt will supply its SpringBond flooring underlay, which is made using recycled PET plastic bottles and other single-use plastics, to Carpet Crafts. Carpet Crafts will use the product in both contract projects including hotels and hospitality outlets, prayer rooms and mosques, and for residential work. The first shipment of SpringBond will be used in a villa before the end of March 2020. James Taylor, managing director at Texfelt, said: "It's fantastic to be working with a company as reputable as Carpet Crafts to broaden the reach of our eco-friendly underlay and help improve indoor air pollution across the globe." Atul Nagi, vice president international sales at Carpet Crafts, added: "SpingBond works incredibly well as part of our portfolio of sustainable products. We're excited about talking to customers about it and are confident about its reception in India and UAE, especially with Texfelt's track record in contract applications. "
Source: Insider Media
Exporters have asked the government to allow them to operate with 50 per cent of their manpower during the lockdown period with all safety and social distancing norms in place so that at least a part of their activities can continue and they do not lose their market share to China and other competing countries. In a video conference with Commerce & Industry Minister Piyush Goyal, exporters body Federation of Indian Export Organisations made a case for extension of the existing foreign trade policy (2015-20) for one year beyond March 31, extension of all status holder certificates and extension or re-introduction of interest equalisation scheme to help the community at the time of crisis. “Our loss will be China’s gain which is using all means to gain greater market access with increased export rebate VAT,” warned FIEO, in its presentation to the Minister, stressing on the need for the government to act fast. Exports from the country have almost come to a stand-still since the 21-day nationwide lockdown started on March 25 as manufacturing in most factories have stopped and transportation of manufactured goods to ports is also not taking place.
‘Amend regulations’
In a letter to the Minister, the Confederation of Indian Textile Industry (CITI) said the smooth movement of ready-cum-in-transit consignments to the ports for shipment should be allowed. “This will require certain amendments in the provisions regulating movement of goods/vehicles inter-State, intra-State and inter-district movement, for which the necessary orders may be issued,” the letter said. All agencies involved in exports-imports, including Customs, CHAs, freight forwarders, transporters, shipping lines, courier companies, plant quarantine, EIC, Certificate of Origin issuing agencies and AD banks, should function with minimal staff, since if one of them is not functioning, the export/import chain will be broken, FIEO, too, said. “Alternatively, the scanned copy of documents sent from official e-mail, may be accepted by all countries in such grave situation. The countries may be asked to release documents in absence of certification on provisional basis with subsequent submission of document,” it added. To help exporters meet their credit needs, FIEO said RBI should extend pre-and post-shipment credit by a minimum of 180-270 days, give exemption from interest and penalty on crystallisation of bills on due date and convert loss in forward cover to interest free loan to be paid after 90-180 days. India's exports in the April-February 2019-20 period was 1.5 per cent lower to $292.91 billion.
Source: The Hindu Business Line
The Invest India Business Immunity Platform (https://www.investindia.gov.in/bip?utm_source=popup), hosted on the website of Invest India, India’s National Investment Promotion & Facilitation Agency, under the Ministry of Commerce and Industry is working 24X7 as a comprehensive resource to help businesses and investors get real-time updates on India’s active response to COVID-19 (Coronavirus). The platform launched on 21st March, 2020 has received over 1.75 lakh visitors from 50+ countries by 10 A.M. today. There are 423 Government advisories and notification on the website, along with 205 Blogs, inforgraphics, videos and resources. Most searched term on the website was “donations for COVID”. The Business Immunity Platform (BIP) is the active platform for business issue redressal, with a team of dedicated sector experts who respond to queries at the earliest. Invest India has also announced a partnership with SIDBI (Small Industries Development Bank of India) for responding and resolving queries for MSMEs. This dynamic and constantly updating platform keeps a regular track on developments with respect to the virus, provides latest information on various central and state government initiatives, gives access to special provisions, and answers and resolves queries through emails and on WhatsApp. So far, it has received 845 business support queries, out of which 614 have already been resolved. The queries were mostly on Logistics, notifications, Customs issues, plant shutdowns and clarifications. BIP has launched ‘Joining the Dots’ campaign to procure essential healthcare supplies. It is also facilitating matchmaking to fill the demand-supply shortages of essential equipment to combat COVID-19. In its Stakeholder outreach activities, about 2000 Global and domestic corporates and stakeholders have been contacted. On the website, 120+ applications have been received from 17 states on ‘Startup challenge: Solutions to combat COVID-19’. It organized special conference call with US Financial Services Companies, with focus on identification and resolution of business continuity issues due to lockdowns in the country. Webinar has been organized on ‘Business Continuity for Startups amidst COVID19’ with a panel of industry stalwarts and other stakeholders. Discussion was held on prospective funding and support: opportunities for startups during COVID19, and shift to Work from home model. A special conference call was held with the American Life Sciences Companies to discuss issues faced by them during the lockdowns, and how to resolve them.
Source: PIB
From Prime Minister Narendra Modi to rating agencies and economists, all welcomed the Reserve Bank of India's steps to reduce the cost of borrowing and infusing liquidity in the market in its war against the impact of coronavirus pandemic. Following are the comments made by key leaders, businessmen and economists:
* Prime Minister Narendra Modi: Today RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce the cost of funds, help middle class and businesses.
* Finance Minister Nirmala Sitharaman: Appreciate RBI Governor Shaktikanta Das' reassuring words on financial stability. The 3-month moratorium on payments of term loan installments (EMI) and interest on working capital give much-desired relief. The slashed interest rate needs quick transmission.
* Alka Anbarasu of Moody's Investors Service: "RBI's guidelines permitting banks and non-bank financial institutions to grant a 3-month moratorium on loan repayments will soften the negative credit impact that the coronavirus has had on their borrowers in the near term. However, there are still material downside risks to asset quality given the halt in India's economy, the impact of which will not be known until a few quarters after the end of the moratorium.
* SBI Chairman Rajnish Kumar: The RBI policy announcements are bold, decisive, compelling and with a humane touch in attenuating to the needs of the economy to fight through the pandemic. The large rate cut, the adjustment in capital conservation buffer, the moratorium on repayments and the bazooka of conventional CRR cut and unconventional liquidity measure of incentivising banks to support CP market - all will help financial markets stabilise, lead to immediate rate transmission and address the credit needs of the real economy. Given that we are in exceptional times, RBI has played the role of championing the cause for the economy and financial system!
* Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas: The RBI has unleashed a bazooka to deal with the economic pain and uncertainty prevailing. This provides a much-needed respite for borrowers and lenders in these trying circumstances and should soften the recovery period.
* BJP president Jagat Prakash Nadda: RBI decision will help the middle class. I welcome these progressive and timely measures.
* Oil Minister Dharmendra Pradhan: Moratorium on payment of interest on loans and working capital will provide much-needed relief to both people and businesses. * Raymond Ltd chairman and managing director Gautam Hari Singhania: The moves announced by RBI today are decisive and a comprehensive package to ensure the stability of financial markets making borrowing costs as low as possible with businesses around the country are closed and the economy is showing recessionary trends. The steps to ease working capital pain, reduced liquidity costs and providing moratorium on term loans will alleviate stress across various sectors.
* Essar Ports CEO Rajiv Agarwal: Moratorium of 3 months for interest and principle payments along with a sharp cut in the CRR will ease the liquidity and help industry as well other segments of the economy. More steps might be needed once the Government comes out with the much-needed stimulus package to overcome the economic crisis arising from COVID-19. * Anshuman Magazine, CBRE: RBI is in a mission mode to nurture the market, preserve financial stability and the timing here is crucial. The decision to defer installments of all term loans by three months will provide the necessary support to homebuyers as well. * Arun Singh, Chief Economist, Dun and Bradstreet: Strong proactive measures have been taken by RBI to address the need of the country in times of heightened uncertainty. Such robust measures were unanticipated and would restore the confidence of the market, restrict foreign capital outflows, both in the debt and equity market, and will help in arresting depreciation of rupee. Mitigating debt servicing burden to prevent transmission of financial stress to the real economy was much needed as various countries globally have deferred loan payments from three to six months. However, banks might face difficulties meeting the capital adequacy norms which we expect will be further relaxed by the RBI during the short term. * Gayathri Parthasarathy, KPMG: It is a good decision and the time is right for RBI to intervene and announce these measures. The steps to ease working capital pain, reduce liquidity costs and provide a moratorium on term loans will alleviate stress across various sectors. Liquidity will definitely help the current situation and I strongly believe the rates could go down further by 50 to 75 basis points. * Sanjay Doshi, KPMG: Onus is now on the financial institutions to ensure better credit support to the corporate. However, given the challenging times, many corporates will have significant pressure on their income stream. Banks will have a tough job in deciding the allocation of credit. * Muthoot Pappachan Group Chairman Thomas John Muthoot: Various measures to nudge banks to lend and to inject liquidity into the system, will help in passing the benefit to the potential borrowers. * Radhika Rao, Economist, DBS Group Research: RBI pulled all the stops, delivering an aggressive rate cut. Its moves provide the right tailwind for the economy once the lockdown is complete. * Vijay Chandok, MD & CEO, ICICI Securities: The RBI has gone all out to fight the economic fallout of Covid-19. Although the rate cut is big, we believe the economy will benefit more from the liquidity and regulatory actions.
Source: Economic Times
A slew of measures announced by the RBI on Friday would help mitigate the impact of coronavirus-related lockdown on businesses, the industry said. The industry said that the steps would help push lending rates down, encourage banks to infuse money into productive sectors, infuse liquidity and address the financial stress in the system. The RBI on Friday allowed banks to put on hold EMI payments on all term loans for three months and cut interest rate by the steepest in more than 11 years as it joined the government efforts to rescue a slowing economy that has now got caught in coronavirus whirlwind. The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across the banking system. “The current situation in the economy and financial markets is extremely fragile and it required a massive dose of monetary stimulus to be injected at the earliest. The RBI has done just that. This should help lift the spirit of economy, " Ficci President Sangita Reddy said. "This, together with a host of other measures to boost liquidity will address the financial stress in the system on account of the COVID19 outbreak and the consequent lockdown. The substantial reduction in the CRR will help banks to reduce their lending rates and aid monetary transmission, " CII Director General Chandrajit Banerjee said. Assocham President Niranjan Hiranandani said these measures, including reducing the cost of borrowing and reduction in the CRR would ensure India's financial stability at a time when there is heightened volatility in the global financial markets, with a desperate rush towards security. Cyril Shroff, Managing Partner at Cyril Amarchand Mangaldas said: "The RBI has unleased a bazooka to deal with the economic pain and uncertainty prevailing in the wake of the COVID crisis. Acting swiftly and decisively, the RBI has used several levers to increase liquidity in the system". PHD Chamber President D K Aggarwal said these measures will provide adequate liquidity in the system, bring down the cost of capital and mitigate the impact of pandemic COVID-19. The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor. RBI Governor Shaktikanta Das predicted a big global recession and said India will not be immune. It all depends how India responds to the situation, he said. Global slowdown could make things difficult for India too, despite some help from falling crude prices, Das said, adding food prices may soften even further on record crop production. Aggregate demand may weaken and ease core inflation further, he noted. After cutting policy rates five times in 2019, the RBI had been on a pause since December in view of high inflation. The measures announced come a day after the government unveiled a Rs 1.7 lakh crore package of free foodgrains and cash doles to the poor to deal with the economic impact of the unprecedented 21-day nationwide lockdown. While the Monetary Policy Committee (MPC) of the RBI originally was slated to meet in the first week of April, it was advanced by a week to meet the challenge of coronavirus.
Source: Economic Time
ICRA, too, trimmed its growth projection to 4.2% for FY21 from 4.4%, despite the support from agriculture and government spending. Moody’s on Friday sharply trimmed its growth projection for India to just 2.5% for 2020 from 5.3% earlier. The latest projection is lower than its forecast of 3.3% for China, the epicentre of the Covid-19 pandemic. With this, Moody’s joins a clutch of agencies that has slashed their FY21 forecasts in the range of 2.5-4.2% in the wake of the coronavirus outbreak and the consequent lockdown. India’s growth, however, could rebound to 5.8% in 2021, while China’s may accelerate to 6%, Moody’s said. The global rating agency has forecast a 0.5% contraction for the global economy in 2020, citing an unprecedented demand compression. Moody’s projection comes on a day when the monetary policy committee of the Reserve Bank of India (RBI) cut the repo rate by as much as 75 basis points, with RBI governor Shaktikanta Das flagging risks to expansion in most sectors. “If Covid-19 is prolonged and supply chain disruptions get accentuated, the global slowdown could deepen, with adverse implications for India,” Das said. He added that the implied real GDP growth of 4.7% for the March quarter, based on the estimates of the National Statistics Office (NSO) in February, is now at risk because of the pandemic. The NSO had pegged the FY20 growth at 5%. “The slump in international crude prices could, however, provide some relief in the form of terms of trade gains. Downside risks to growth arise from the spread of Covid-19 and prolonged lockdowns. Upside growth impulses are expected to emanate from monetary, fiscal and other policy measures and the early containment of Covid-19,” the governor said. On Thursday, Crisil slashed its FY21 growth forecast for India by as much as 170 basis points to just 3.5%. It expected the impact of social distancing, drop in discretionary spending and a potential plunge in exports to exacerbate the slowdown in the June quarter.ICRA, too, trimmed its growth projection to 4.2% for FY21 from 4.4%, despite the support from agriculture and government spending. SBI’s group chief economic advisor Soumya Kanti Ghosh has estimated growth to collapse to just 2.6% in FY21, with a clear downward bias. The FY20 growth could also see a downward revision from 5% to 4.5%, with the March quarter expansion being 2.5%, he said in a report. The total cost of the lockdown is at least Rs 8.03 lakh crore (in nominal terms), output loss of at least 4%, an income loss of Rs 1.77 lakh crore and a loss in capital income of Rs 1.69 lakh crore, Ghosh said.
Source: Financial Express
Despite the Reserve Bank of India's (RBI) massive actions to spur the economy, India's gross domestic product (GDP) is likely to contract by 4.5 per cent in the April-June 2020 quarter and will rise by only 2 per cent in 2020-21 on the coronavirus impact, according to domestic rating agency Icra. While announcing a number of measures in the policy review, the RBI refrained from giving its estimate on both growth and inflation, saying things are fluid and rapidly changing. The Indian economy was already supposed to clock a decadal low growth of 5 per cent in 2019-20, according to official estimates, and the coronavirus-related worries have only compounded the problems. "Regardless of the measures announced now by the RBI, we are lowering our base case scenario for GDP growth to (-)4.5 per cent for Q1 FY2021 and to 2 per cent for FY21," Icra said in a note on Friday. They said the estimate is guided by the rapidly growing uncertainties over the duration of the impact of coronavirus on economic activity in India and the rest of the world. The RBI's policy measures got welcomed as a set of "comprehensive announcements" by the agency. "The combination of moratoriums, liquidity enhancing measures and the sharper-than-hoped-for repo rate cut will help to assuage the markets in these increasingly unsettled times, and offer some protection against widespread defaults, even though the actual impact on boosting economic activity may be limited," it said. A slew of analysts have been downwardly revising their growth estimates following the outbreak of the coronavirus pandemic in India and also a host of developed countries. India has been placed under a three-week lockdown till mid-April, which has chilled virtually all the economic activity.
Source: Economic Times
The firm plans to build a pipeline of a few hundred thousand masks and wipes in the coming weeks for all on-ground workers and their families attending to essential services Amid the coronavirus (Covid-19) outbreak in the country, the Welspun Group is switching capacities at its textiles plant of Welspun India Ltd in Anjar, Gujarat to manufacture disinfectant wipes and masks to meet the demand-supply gap for personal protection. The company plans to build a pipeline of a few hundred thousand masks and wipes in the coming weeks that could be made available to all on-ground workers and their families attending to essential services, B K Goenka, chairman of Welspun Group told Business Standard. The plant that makes home textile products for largely exports along with domestic market also has technical textiles capabilities for products like disposable wipes, wound care, diaper, drapes and gowns apart from technical textile durables for automotives, protectives and home textiles, among others. Now, as a natural extension, the group is looking to manufacture disinfectant wipes and masks to bridge the demand-supply gap in the country. "Welspun Group has always been at the forefront when it comes to supporting Government initiatives and the Society at large. From the business point of view, we have been making smart non-woven products and medium for diverse applications around safety clothing, filtration, personal hygiene and cosmetic segments. Hence, manufacturing face masks & disinfectant wipes for combating the crisis is a natural extension for us," said Goenka. With this, the company aims to bridge the unhealthy gap between demand and supply for personal protection and wipes in the country even for non-specialised application need, he added. While it is working on using technology and skill set that are not optimized for such finished products, the group feels it can build a pipeline of a "few hundred thousand masks and hand wipes" in the coming weeks. "However, the current lockdown poses its own challenges for sourcing of key ingredients and managing workforce. For this, we are working with the Government and local authorities who are extending all the support to ensure no disruption in the manufacturing process," Goenka added. With its prime focus currently on speedy production of such essential supplies, Welspun is focused on making these masks and disinfectant wipes available for all on-ground workers and their families who are at great risks by attending to essential services amidst the pandemic. Among the top global makers of bed and bath linen, the company has been manufacturing cotton terry towels, beach towels, bath rugs and mats, bath robes, cotton sheets, pillows and comforters among other things at its Vapi and Anjar facilities.
Source: Business Standard
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
794.68 |
USD/Ton |
-1.05% |
29-03-2020 |
|
VSF |
1328.69 |
USD/Ton |
-0.21% |
29-03-2020 |
|
ASF |
1895.81 |
USD/Ton |
0% |
29-03-2020 |
|
Polyester POY |
704.50 |
USD/Ton |
-3.85% |
29-03-2020 |
|
Nylon FDY |
1845.79 |
USD/Ton |
-0.76% |
29-03-2020 |
|
40D Spandex |
4015.65 |
USD/Ton |
0% |
29-03-2020 |
|
Nylon POY |
1704.89 |
USD/Ton |
-0.82% |
29-03-2020 |
|
Acrylic Top 3D |
2169.86 |
USD/Ton |
0% |
29-03-2020 |
|
Polyester FDY |
873.58 |
USD/Ton |
-2.36% |
29-03-2020 |
|
Nylon DTY |
2113.50 |
USD/Ton |
-0.66% |
29-03-2020 |
|
Viscose Long Filament |
5326.02 |
USD/Ton |
0% |
29-03-2020 |
|
Polyester DTY |
1014.48 |
USD/Ton |
-1.37% |
29-03-2020 |
|
30S Spun Rayon Yarn |
1902.15 |
USD/Ton |
0% |
29-03-2020 |
|
32S Polyester Yarn |
1514.68 |
USD/Ton |
0% |
29-03-2020 |
|
45S T/C Yarn |
2268.49 |
USD/Ton |
0% |
29-03-2020 |
|
40S Rayon Yarn |
2071.23 |
USD/Ton |
-0.68% |
29-03-2020 |
|
T/R Yarn 65/35 32S |
1838.75 |
USD/Ton |
-0.38% |
29-03-2020 |
|
45S Polyester Yarn |
1648.53 |
USD/Ton |
-0.85% |
29-03-2020 |
|
T/C Yarn 65/35 32S |
2127.59 |
USD/Ton |
-0.66% |
29-03-2020 |
|
10S Denim Fabric |
1.21 |
USD/Meter |
-0.35% |
29-03-2020 |
|
32S Twill Fabric |
0.66 |
USD/Meter |
0% |
29-03-2020 |
|
40S Combed Poplin |
0.94 |
USD/Meter |
0% |
29-03-2020 |
|
30S Rayon Fabric |
0.51 |
USD/Meter |
-0.27% |
29-03-2020 |
|
45S T/C Fabric |
0.65 |
USD/Meter |
0% |
29-03-2020 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14090 USD dtd. 29/03/2020). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
KEY POINTS
More than $2.6 billion worth of orders in Bangladesh’s garment sector have been withdrawn and new cancellations are coming up, according to the country’s commerce minister. Garments are a major source of export for the South Asian country as retail brands abroad source for apparel from Bangladeshi factories. But the coronavirus pandemic has led to many of those brands shutting down their stores, forcing them to cancel orders or delay shipments. “More than $2.6 billion (worth of) orders have been canceled, and new cancellations are coming up,” Tipu Munshi, Bangladesh’s commerce minister, told CNBC’s “Street Signs” on Friday. “We are waiting to see how it improves; the moment things improve, we hope that the buyers will not cancel the orders or they will take the deliveries, maybe a little later, and they will pay the money to the factories,” Munshi said. More than 4,600 garment factories in Bangladesh make shirts, T-shirts, jackets, sweaters, and trousers; they are mostly shipped to Europe, the United States, and Canada, to be sold by local retailers in those countries. Bangladesh is the world’s second-largest clothing exporter behind China, according to ratings agency Moody’s. Ready-made garments comprised 84.21% of Bangladesh’s total exports worth $40.5 billion in its 2018-2019 fiscal year, according to data posted on the website of trade body, Bangladesh Garment Manufacturers and Exporters Association (BGMEA). More than 60% of the garments were shipped to the European Union. Canceled or delayed orders could lead to serious problems for Bangladesh, where garment factories are likely to struggle to pay some 4.1 million workers in the sector, who already earn very low wages. BGMEA’s website showed about $2.67 billion worth of orders — or 828 million pieces of apparel in 966 factories — have already been canceled or suspended, and it affects around 1.96 million workers thus far. The trade body’s president, Rubana Huq, made a video appeal to international buyers earlier this week. “I am going to appeal to your good senses so that you kindly take all your current goods, which are under production and which are ready,” she said. “Please take them under normal payment terms.” Commerce minister Munshi told CNBC that other sectors in Bangladesh, such as leather, jute, and ceramics, are also being affected due to the global outbreak. He also implored buyers in Europe and the United States to support the country’s efforts to keep the garment sector from struggling during the pandemic. The virus outbreak in Bangladesh so far has been relatively less severe, with 48 reported cases and 5 deaths, according to data from Johns Hopkins University. Globally, cases have risen to 530,000 and more than 24,000 people have died.
Source: CNBC
Textile producers in Portugal are rallying to stitch urgently-needed medical supplies for the battle against coronavirus in Portugal and further afield even as the firms worry about their future if the pandemic-induced economic slump continues. The sector, concentrated in Portugal’s north where coronavirus cases are highest, wove its way out of the country’s 2010-14 economic and debt crisis by boosting exports, supplying primarily to European retailers. The Bank of Portugal estimated on Thursday the country’s total exports would shrink by 12-19% this year. As orders are delayed or cancelled, hundreds of firms with time on their hands are providing supplies like bedsheets, towels and gowns to Portuguese hospitals for free, with the first deliveries dropped off this week, according to the Portuguese Textile Association (ATP). “There’s a collective need in Europe, and we want to show solidarity,” Cesar Araujo, CEO of textile manufacturer Calvalex, told Reuters. Calvalex and four other firms have put all their resources towards producing medical supplies. “We’re all worried about the future. This virus is a disaster. But we’ve got to unite, and we’re trying to set an example,” he said. The consortium, totalling 6,000 workers, is selling supplies at cost price to European clients and supplying Portuguese hospitals at 50% discount or for free. As for the much-needed protective masks, firms are limited by a lack of raw materials, usually supplied from Asia, and technical know-how. CITEVE, a product-testing and certification centre for the textile sector, warned on Thursday that people were using masks that did not follow technical standards and presented danger to wearers. The centre set up a lab to verify production of masks and identify raw materials sourced locally that could do the job. It is preparing guidelines for Portuguese companies eager to kickstart mask production. “We shouldn’t be depending on masks from China, imported through Ethiopian Airways, here in Porto,” Prime Minister Antonio Costa said during a visit to the centre on Friday. Portugal has reported 4,268 confirmed cases of the illness so far, with 76 deaths. The government provided a 1.3 billion euro ($1.44 billion) credit line for the textiles industry, which employs 138,000 people, as well as financial support to cover social security contributions of workers whose jobs have been temporarily suspended.
Source: Reuters
