Home Expo India is considered to be a compendium of the home furnishings market and offers visitors insights into the latest trends, “from classics to contemporary, traditional to avant garde, simple to baroque.” Organized by the Export Promotion Council for Handicrafts, Home Expo India offers a broad spectrum of home products from furniture and textiles to housewares and bath accessories across three shows – the Indian Houseware & Decoratives Show, the Indian Furnishings, Floorings & Textiles Show and the Indian Furniture & Accessories Show.
The fourth phase of Home Expo India is an event comprising of three trade shows dedicated to home furnishings. The Indian Houseware & Decoratives Show presents a wide range of everyday and luxury housewares, kitchenware, tableware, bathroom accessories and decorative accessories in both contemporary and traditional ethnic styles from about 350 manufacturers.
The Indian Furnishings, Floorings & Textiles Show features 250 manufacturers and exporters of textile products including top-of-bed, window treatments, kitchen linens, throws, floor coverings, upholstery fabrics and more. The Indian Furniture & Accessories Show offers traditional and contemporary furniture and home décor from 250 manufacturers including wood furniture, metal furniture, garden furniture, bathware and stone and metal sculpture. Home Expo India’s attendees include international buyers, importers, wholesalers, distributors, retailers, merchandisers and interior designers. It will be hosted on April 16-18 at the India Expo Centre in New Delhi.
SOURCE: Yarns&Fibers
Two industry bodies have appealed to the Centre to facilitate cost-effective transportation of cotton and textile goods among five major cotton and textile goods manufacturing states to sustain their global competitiveness.
The Southern India Mills Association (SIMA) and Indian National Shippers' Association (INSA) have jointly urged the Centre to take a favourable decision on their plea for concessions in the coming budget so as to ensure cost effective transportation among Gujarat, Maharashtra, Tamil Nadu, Andhra Pradesh and Telangana. A right decision in this direction would make the "Make in India" programme of the Prime Minister a reality by making both the Shipping and textile industries play a greater role, SIMA Chairman T Rajkumar said in a statement here today.
He said SIMA extended its support to the demand of INSA for removal of restrictions on number of moves in ports (Tuticorin) so that greater efficiency achieved at that Port can translate into better logistics services for SIMA members. A joint memorandum had been sent to the Shipping and Textiles ministers two days ago, seeking certain concessions and relaxations in the budget for the Indian shippers so as to bring down the cost of cotton transport on par with foreign shippers, Rajkumar said.
It was also appealed to provide duty free bunkers for Indian flag vessels for carrying cotton and textile products on Indian coasts, he said. Tamil Nadu accounts for one third of the textile business and the mills in the State accounts for 44 per cent of the total spinning capacity of the country and 60 per cent of its yarn exports, earning a total foreign exchange of over Rs. 75,000 crore. However, due to the 'steep' increase in lorry freight, transportation of cotton by road had become unviable. The current lorry freight for transporting cotton from Gujarat to Tamil Nadu was Rs 865 per bale (of 170 kgs), he said.
Indian vessels charge Rs 672 per bale for transporting the same which is higher than the fare of Rs 433 from West Africa to Tamil Nadu. Currently, the mills were spending Rs 85,000 to bring 100 bales of 170 kgs by lorry from Gujarat to Tamil Nadu which works out to around Rs 5.30 per kg whereas China is able to transport 150 bales of cotton per 40 foot container from Gujarat to Shanghai at 100 USD to 350 USD using empty cargo vessels returning in the same route, Rajkumar pointed out.
SOURCE: The Business Standard
Ahmedabad, India-based Anil International, an Anil Associates group company, has recently obtained the global organic textile standard (GOTS) certification from Control Union. GOTS standard defines requirements to ensure organic status of textiles, from harvesting of the raw materials, through environmentally and socially responsible manufacturing up to labelling in order to provide a credible assurance to the end consumer.
This standard for organic textiles covers the production, processing, manufacturing, packaging, labelling, exportation, importation and distribution of all natural fibres. The final products may include, but are not limited to fibre products, yarns, fabrics and clothes. On obtaining GOTS certificate, Anil International can now offer various organic products like fibres, yarns, fabrics, home textiles, garments and socks to its customers.
Established in 2008, Anil International is dedicated to the overseas business and has grown rapidly in the international market. The company has its network and business associates all over the world enabling it to source and sell excellent quality products.
SOURCE: Fibre2fashion
Brent crude oil fell towards $60 a barrel on Friday as oversupply, underlined by record-high U.S. crude stocks, weighed on the market. U.S. crude inventories rose 7.7 million barrels to 425.6 million barrels last week, rising for a sixth straight week to record highs, data from the Energy Information Administration (EIA) showed on Thursday.
Stockpiles of West Texas Intermediate (WTI) U.S. crude at the Cushing oil hub in Oklahoma rose the most in six years, the EIA said. "With total crude stocks now about 425 million barrels and Cushing north of 46 million barrels, WTI is looking increasingly mispriced high above $52 per the April contract," said Jeffries Futures analysts in a note to traders.
Brent crude futures for April were down 15 cents at $60.06 by 1135 GMT, having hit an intraweek low of $57.80 in the previous session. U.S. crude for March delivery was down 21 cents at $50.95. The contract expires on Friday. Trading was quiet in Asian hours as China and other countries were closed for the Lunar New Year holiday. While swelling U.S. crude inventories tend to soften prices, falling U.S. rig numbers support oil as they signal supply reduction.
The number of rigs drilling for oil in the United States fell to its lowest since August 2011 last week. This week's rig-count numbers, produced by oil services firm Baker Hughes Inc, are due around 1800 GMT on Friday. "I assume we're going to continue to see another big fall [in rig numbers] and that's going to provide support for the market," said Tony Nunan, a risk manager at Mitsubishi Corp in Tokyo. But Jeffries Futures analysts said a rise in oil prices on falling rig numbers would be premature. "Although the market could receive another pre-weekend boost from a plunge in rig counts, we will reiterate a substantial lag time of months before the rig numbers begin to force a levelling in output," they said.
Expectations of continued oversupply were supported by rising production levels from top oil exporter Saudi Arabia. Barclays oil analyst Miswin Mahesh said exports from Saudi Arabia could reach 9 million barrels per day next year as it focuses on protecting market share. "It is uniquely positioned relative to other oil producers in a highly competitive market," he said.
SOURCE: The Reuters
The government has notified new accounting standards (Ind-AS), making formal rules which are benchmarked to upcoming international standards. Moving to new reporting guidelines would make Indian corporate accounts comparable internationally and more transparent, which in turn could improve investor sentiment towards India and bring in more investment, say experts. The new standards are expected to fill gaps in reporting standards that India follows currently. They will compel companies to make wider disclosures on transactions and associated companies as well as provide explanations on various numbers. Ind-AS will be implemented in phases, starting with the fiscal year beginning April 1, 2016. Firms can voluntarily follow rules from this April.
As per the corporate affairs ministry's roadmap, all companies, listed or unlisted, with a net worth of more than Rs 500 crore and their holding, subsidiary, joint venture and associate companies are covered in the first phase. Firms with net worth of more than Rs 250 crore and up to Rs 500 crore will come under rules starting April 2017. Net worth will be measured as of March 31, 2014. "This isn't just an accounting change, but something that impacts the whole organisation and the way they do business. The disclosures would also increase. It's time for corporates to make a holistic assessment of this change, and gear up for the implementation," said Sai Venkateshwaran, head of accounting advisory services at KPMG.
Ind-AS, which is a converged standard with global financial reporting standards, will have a transformational impact on accounting for financial instruments, business combinations, revenue recognition and consolidated financial statements for entities. New rules will impact the way financial assets and liabilities are classified and measured. Many off-balance-sheet items will now have to be reported. India will be the first country to adopt the financial instrument standard as others will do it only in 2017-18. "The move towards an early adoption of the financial instruments standard is a bold one.
The transition will require a considerable implementation effort that will affect multiple business functions," said Pankaj Chadha, partner with India member firm of EY Global. "Currently 39 Ind-ASs have been notified, the most significant ones being revenue recognition and financial instruments. These two standards on their own will have an enormous effect on entities - it will not only impact every company's top line, and therefore bottom line, but will require other organisational and business changes," said Sumit Seth, partner and IFRS leader at PricewaterhouseCoopers.
Already many Indian companies, especially those with overseas listing or have plans to do so, follow international accounting standards. One of the significant changes because of the adoption of Indi-AS is the way companies need to report consolidated numbers. Under this, if a company has de-facto control over another company irrespective of the stake, it has to consolidate under the new standards. In terms of revenue recognition standard, it would require allocation of transaction value to separate performance obligation and thus increase the element of judgement in revenue recognition. "These necessitate a thorough analysis of in-scope companies on application," said Ashish Gupta, partner at Walker Chandiok & Co.
SOURCE: The Economic Times
Large Taxpayer Unit (LTU) Karachi has responded to all major queries of textile sector trade bodies pertaining to sales tax refunds/customs rebate, zero-rating facility, adjustment, multiple audit notices and other crucial issues raised by the industry. Sources told Business Recorder on Friday that the Chief Commissioner LTU Karachi has forwarded a detailed report to the FBR on the issues submitted by the trade bodies for consideration of the tax authorities.
The following report of LTU Karachi has been submitted to the FBR for due consideration: Issues relating to sales tax:
1) Delay in processing fresh sales tax refund claims: The fresh claims of LTU Karachi are being processed on priority. However, instructions have been issued to Zonal Commissioners to process fresh claims of genuine exporters immediately.
2) Major amount of sales tax refunds have been deferred: The board has issued directions to all field formation to dispose of all deferred claims up to February 29, 2015 and submitted no pendency certificate by March 2, 2015.
3) Pending customs rebate claims: The board has issued directives to customs authorities to process rebate claims of genuine exporters on priority.
4) Inordinate delay by FBR in the zero-rating facility of sales tax on utilities to genuine exporters: Zero-rating facility on utilities is granted after physical verification of manufacturing premises of exporters. The process shall be completed within 15 days of the receipt of verification report from filed formations and 30 days of the date of receipt of application.
5) Withdrawal of zero rating facility on utilities from industries: Zero rating cannot be withdrawn on the basis of canteen. However, where taxpayers have rented out/sold out the manufacturing premises to other units, the zero rating facility will be withdrawn immediately. Besides, use of electricity and gas for residential colonies is not permissible as per law.
6) Show cause of withholding tax based on 17 percent: Sales tax on supplies of yarn reduced is applicable @ rate of 2 percent irrespective of the facts that supply has been made to un-registered persons. The issue has been resolved by the FBR vide clarification dated 26-02-2014.
7) Non-issuance of reason for rejection from electronic processing of sales tax refund (ERS): The ERS system has been developed on the basis of some in-built risk management criteria, which is not visible to any FBR officers neither to taxpayers. When exporters file their refund claims in ERS then the system accepts or rejects the claims as per risk management system. However, the rejected claims are being processed in held formations in STARR System. Therefore, there is no disadvantage to the claimant.
8) Electronic objection "input not verified in supply chain". System does not provide any specific reasons: This is a genuine problem being faced by big Exporting Houses. It is recommended that FBR may amend the STARR software so that specific reasons of "input not verified in supply chain" so that overruling of the objection may be allowed.
9) Bank account attachment against recovery proceedings: The recovery of default amount shall be adjusted from available sales tax/income tax refunds. In cases where huge refund claims are pending no bank attachment proceedings are allowed as per law.
10) The FBR holds refunds payment of RPOs already issued before 4 months: This is a policy issue. Member IRS may be requested to direct Chief CSTRO to issue cheques immediately in all sanctioned refund claims as per law.
11) Amendment to SRO 647 and section 813: The manufacturers having more than 50 percent exports in financial year shall be excluded from provisions of section 8-B of the Sales Tax Act, 1990. For this purpose Board can amend SRO 647 accordingly by replacing word "tax period" with "financial year."
12) Adjustment of sales tax withholding from excessive input tax during the tax period: Withholding of sales tax cannot be allowed to be adjusted from excessive input tax, because withheld amount belongs to other person, which must be deposited by the agent. Taxpayer money cannot be allowed to be retained by exporters who are acting as withholding agents on behalf of the government.
13) Refunds against local supplies at reduced rates: Refund is generally allowed to exporters. However, refund against local supplies is not allowed rather input tax adjustment is to be made u/s 7 of the Sales Tax Act, 1990.
14) Resuming zero-rating regime for five export sectors: The government has levied reduced rate of 2 percent only on local supply of five zero rated sectors. This meagre amount is also allowed to be adjusted against output tax. Therefore, there is no hardship in this case.
15) Sales tax registration (as manufacturers) for unit operative as portion of other industrial unit: The registration of sales tax can be allowed to the unit operative as portion of other industrial units if the applicant should submit rent agreement and no objection certificate from landlord for using electricity from his meter.
16) Issuance of multiple audit notices: The FBR has developed an automated audit system. Now all notice relating to audit proceedings are issued through system of withholding taxes. Post refund scrutiny is also being carried out through system. However, FBR is also working on development of automated manual relating to monitoring.
17) Input tax adjustment/refund against construction material: Input tax adjustment/refund against construction material is not permissible as per provisions of section 7 of the Sales Tax Act, 1990.
18) Refund on services since 2011: The FBR has issued SRO 212(1)/2013 and allowed refund against the invoices of services.
19) Denial of input tax refund/adjustment against suppliers who were declared non active but were active during transaction: Input tax adjustment is being allowed by the system in cases where the supplier was active at the time of transaction. However, refund against black listed invoices is not permissible as per section 21 of the Sales Tax Act, 1990.
20) Proprietorship to partnership/private limited firm: There is no bar in the law for a person who intends to change its individual status to partnership/private limited firm. The status shall immediately be changed once all legal formalities and documentation, ie, partnership agreement, SECP certificate, new NTN of AOP/Private Ltd etc are completed by the taxpayer. For this purpose the concerned RTO/LTU may be delegated such powers to make amendment or update the particulars of taxpayers at local stage.
21) Meeting with Member IT to remove anomalies: It has been decided in the meeting that a monthly review meeting with member IT will be held to remove anomalies in the ERS system to facilitate genuine refund claimants.
SOURCE: The Business Recorder
At the Pakistan-Turkey Business Forum attended by the prime ministers of both countries, the Board of Investment on Thursday announced that a ‘Turkish Exclusive Special Economic Zone’ would be established in Pakistan. Turkish PM Ahmet Davutoglu said that the investors from his country can invest in Pakistan’s textile, energy, transportation, agriculture and other sectors.
Pakistan and Turkey have also agreed to sign a Free Trade Agreement (FTA) to enhance bilateral trade to $10 billion besides inking an additional protocol to strengthen the protection available to Turkish investments in Pakistan.The existing volume of bilateral trade amounting to $650 million is painful and we have decided to complete negotiations to sign the FTA by June this year to remove the impediments to trade,” said Ahmet Davutoglu, Prime Minister of Turkey, at the Pakistan-Turkey Business Forum.
The Turkish PM said that the goal was to increase bilateral trade to $5 billion in the next three years and then to $10 billion. The Turkish premier has sought logistics and infrastructure support from Pakistan. Turkish Minister for Economy Nihat Zeybekci in his speech at the forum said that they do not want to be in competition with Pakistan. In order to complete the negotiations in the minimum possible time, both the countries have decided to use the Malaysian FTA as a base model, said Khurram Dastgir Khan, Federal Minister for Commerce.
An important feature of the forum was business-to-business meetings between Pakistan and 15 private investors from Turkey. Ten different fields of investments in automotive industry, infrastructure development, energy, air transportation and aerospace, agriculture, electronics and furniture industry were identified during those meetings.
SOURCE: Yarns&Fibers
China has assured to end a costly stockpiling program that has artificially exaggerated cotton prices. The Xinjiang Production and Construction Corps (XPCC) reluctant to accept the current weak market price, has urged the government to buy part of its crop and store it in state reserves, said two trade sources with knowledge of the issue. XPCC, also known as the army corps, or 'bingtuan', has become a sort of state within a state and gained a dominant role in industries such as cotton, where it employs about 200,000 mainly Han Chinese on some of Xinjiang's best land.
According to Tom Cliff, a scholar at the Australian National University, cotton is closely associated with land usage, ownership, employment and Han in-migration. China has agreed for subsidies to help cushion the impact of ending stockpiling, but the total amount is unclear and with the local cotton price plunging any threat to the industry could be a fresh source of competition for jobs.
Beijing has also assured to invest billions of dollars in textile factories in Xinjiang, in the hope of creating 1 million jobs by 2023, but there are concern that Uighurs could be overlooked for many of the jobs. China's National Development and Reform Commission (NDRC), which is leading agriculture reform, reiterated in January it would stick to plans to end stockpiling and let the market dictate demand.
China previously acquired almost all of China's cotton at high prices and then auctioned it off to textile firms. But it incurred huge costs and left masses of fiber unsold in reserves. Its new policy has already caused prices to plunge and some experts say that a subsidy - a replacement for stockpiling - will not be enough to encourage farmers to keep growing. XPCC, which produces almost 30 percent of China's cotton, has been keeping its prices at least 500 yuan ($80) per ton higher than other ginners, limiting sales.
According to one of the China-based trade sources, normally XPCC have sold everything by March. But now they're out of the market and not competing. This means the group may have to slash its price later in the season if the state doesn't intervene, putting pressure on benchmark local prices that have already lost a third of their value since September. This could also weigh on international prices, with the market counting on demand from China to support prices that last month traded near 5-1/2 year lows.
Liang Dongya, general manager of XPCC's cotton and jute division, told a conference last month the group had sold less than 400,000 tonnes of a 1.76 million ton crop at end December. He said that the poor sales should not be blamed on high prices, but were due to a "very serious" reduction in demand. The U.S. Department of Agriculture expects China'a cotton consumption to be 7.7 million tonnes in 2014/15 but some believe it could be as low as 6.5 million tones. Production, on the other hand, is seen between 6.2-6.5 million tonnes and, with about 1.5 million tonnes of fiber likely to be imported, bulging stocks may grow further.
SOURCE: Yarns&Fibers
Israel and Egypt, the two countries marked 10years of the U.S. Qualifying Economic Zone framework with a joint booth at the Magic apparel trade fair, in Las Vegas, the world’s biggest event in the international fashion industry, this week. The two countries to strengthen the relations on Wednesday has agreed to double duty-free textile exports to the United States to $2 billion within three years, said Gabi Bar, head of the Middle East desk at the Economy Ministry.
In addition they has agreed to explore adding other industrial sectors [to the QEZ framework] in which Israeli-Egyptian collaboration would have a competitive advantage, such as food and plastics, so that the agreement would contribute more to the Egyptian economy, to Israeli industry and peaceful relations between Israel and Egypt, said Bar.
The QEZ program allows Egyptian textile makers to sell their products duty-free in the United States as long as Israel contributes at least 10.5% of their value. The purpose of this trade initiative has been to support the prosperity and stability in the Middle East by encouraging regional economic integration. The QEZ framework, which went into effect in February 2005, is aimed at encouraging Israeli-Egyptian economic ties in order to bolster the two countries’ 1979 peace agreement. The United States recognizes 14 industrial zones with more than 150 textile plants in Egypt as QEZs.
The Israeli contribution last year provided about $105 million worth of inputs to the plants, including chemicals, packaging materials and zippers. They constitute three quarters of all Israeli exports to Egypt, so that doubling QEZ exports from Egypt would significantly add to Israeli-Egyptian trade as well. Ohad Cohen, head of the Economy Ministry’s Foreign Trade Administration, said that Cairo had done little to promote the QEZs after the agreement went into effect, but in the last two years has begun to show greater interest in the program as a way of spurring the Egyptian economy. There’s a growing recognition in Egypt that the QEZs can serve as a growth engine. The goal of doubling exports would be done through stepped-up marketing. Most of the inputs come from plants in Israel’s north and south, where unemployment is relatively high. The agreement helps employment in factories in [Israel’s] periphery, in places like Migdal Ha’emek, Beit Shemesh, Kiryat Malachi, Or Akiva and Yavneh. The plants employ many hundreds of workers.
In Egypt, QEZ plants employ some 280,000 workers directly and thousands of others through sub-contractors and service providers. The immediate saving for an investor in the QIZ is the amount of the U.S. tariff on any specified good. Generally speaking, U.S. tariffs on clothing and textile goods are relatively high, which makes production of these goods in QIZs especially attractive
SOURCE: Yarns&Fibers
ORIGIN AFRICA 2015 is both an event and an on-going effort dedicated to improving African Cotton, Textile and Apparel trade. The event is profiled to raise the awareness of Africa as a place to do business, sourcing destination, changing perceptions, and to make the value chain in the continent more visible as a source of supply of cotton, textile and apparel products for the domestic, regional and international buyers.
The event is being organized by the African Cotton & Textile Industries Federation (ACTIF) together with International event organizers Trade & Fairs East Africa (TFEA) and in Partnership with the East Africa Trade and Investment Hub (EATIH). The 3 day event will encompass a Trade Exhibition, Conference, B2B Meetings and a Fashion Designer exposition. Being an integral part of the expo, the Exhibition shall have a section for cotton fiber, textile & export ready apparel industries, machinery & technology, Home textile & décor and a brand new beauty section.
Special B2B meetings will be organized for buyers to meet procurement officers whereby they set their own needs and topics, while investors will have meeting set at their offices to discuss both local and foreign investments. The conference will have keynote speakers discussing topics that emphasis on the buyers & investors interest: Financial Institution packages for investment development; the manufacturer’s challenges, involvement of Government support and the role of Associations.
The 2014 Origin Africa event was a high profile, international event with more than 400 participants from 11 countries participating, including 15 regional and international buyers, with strong representation from across the cotton, textile and apparel value chain. And the organizers plan for an even bigger and better display this year with over 200 exhibitors and 1500 participants targeted from: Cotton, Fiber, Yarn & Textiles, Apparel & Fashion, Home Textiles & Décor, Gifts and Accessories sectors; Support Agencies; Investment Agencies; Export Agencies; Textile Machinery/Technology Suppliers; leather and leather goods; Beauty items, Cosmetics and Treatments; International Investment delegation; Financial Intuitions; National Delegations; and Country Pavilions. ORIGIN AFRICA 2015, set to take place from the 21st – 23rd October 2015 at the Millennium Hall in Addis Ababa, Ethiopia and will host the Africa Sourcing & Fashion Week (ASFW) 2015.
The ASFW 2015 will be the largest Pan-African event cotton, textile & apparel event in the region and is profiled to raise awareness of Africa as a place to do business and as a sourcing destination. The event highlights the creativity and innovation of the African cotton, textile and clothing industries, with a specific focus on business, trade and investment both regionally and internationally while capturing the spirit, style and innovation of modern Africa.
SOURCE: Yarns&Fibers
About 1200 organized units in Karachi, Lahore, Faisalabad and Sialkot were operating the country and the number has been same for the last 15 years ago. While, the export of knitted garments had shown an ever growing trend over the past many years but inconsistent government policies by successive governments not only increased the cost of doing business but also handicapped the country’s knitwear sector to exploit its real export potential.
Pakistan Hosiery Manu¬facturers Association (PHMA) Chair¬man Usman Jawwad said that at present, they are refusing orders from abroad because of uncertain energy scenario and very thin profit margins. Moreover, the extraordinary delay in the sales tax refunds was one example of the government’s failure to implement its own policies. There are businessmen who have yet not received refunds for the last over two years. Due to shortage of funds they are unable to increase exports.
Electricity supplied to the industrial sector has been most expensive in the whole region and added to the cost. Gas is occasionally available in Punjab depriving the industry to produce electricity at low cost. The government has recently subjected furnace oil to additional sales tax increasing the cost of alternative fuel available for power-generation. Shahzad Azam Khan, PHMA former chairman has urged the government to remove bottlenecks hampering exports, adding that knitwear has been the most labour-intensive industry of the country employing over a 1.5 million workers including those employed by industries catering to domestic needs.
UN conventions: Implementation of 27 UN conventions relating to the GSP+ programme was still a source of concern for a European Union delegation which met All Pakistan Textile Mills Association (Aptma) leadership on Thursday. Aptma Chairman S.M. Tanveer informed the delegation that his association was working with the Punjab government for implementation of the conventions. The textile industry was focused on making best use of GSP+ and the country’s exports to EU increased by 29pc per cent during January to November 2014.
The delegation comprised Chairman Green/European Free Alliance Ms Jean Lambert and EU Ambassador Lars-Gunnar Wigemark along with other members of the mission. They also are in touch with the government in this regard. The Pakistan government has failed to match facilitations provided to this sector by India and Bangladesh has resulted in closure of numerous smaller units.
SOURCE: Yarns&Fibers
Benetton Group SpA on Friday agreed to contribute an unspecified amount to a fund established to compensate victims of the 2013 Rana Plaza factory collapse in Bangladesh that killed more than 1,100 people and injured more than double that figure. The decision by Benetton comes after an advocacy campaign garnered more than one million signatures demanding the Italian company contribute. Benetton is the last major Western company that had suppliers working at the factory to commit funding to the United Nations-backed Rana Plaza Donors Trust Fund.
Though Benetton hasn’t contributed until now, saying there wasn’t a mechanism for identifying victims and dispersing compensation, the company had paid funds directly to a Bangladesh-based nongovernmental organization that helps victims and their families recover from the collapse of the eight-story factory. Benetton said that through its previous contributions it has helped 280 victims and family members meet their medical and financial needs.
In the years leading to the tragedy, Benetton and many other Western clothing manufacturers had piled into Bangladesh to take advantage of its low labor costs and favorable trade status with the European Union. The rush to meet growing demand from abroad and the importance of the textile industry—garment exports account for about 80% of Bangladesh’s exports—led to lax controls on the construction of new production facilities including at Rana Plaza.
SOURCE: The Wall Street Journal
Paraxylene (PX) prices remained unaffected in Asian markets. PX prices were stable in SE Asia, where they ranged between US$ 880 and 885 per ton. In the FE Asian market, PX prices were stable at US$ 865 per ton. Prices of PX imported from the Taiwanese market were stable in a range of US$ 880 to 885 per ton.
PTA prices remained unaffected in Asia. SE Asian market witnessed stable trend in PTA prices, which ranged between US$ 615 and 620 per ton. In the FE Asian market, PTA prices were stable at US$ 600 per ton. Prices of PTA imported from the Taiwanese market were stable in a range of US$ 595 to 600 per ton. In the Chinese domestic market, PTA prices were stable in a range of RMB 4645 to 4695 per ton.
Ethylene prices remained unaffected in Asian markets. In the SE Asian market, Ethylene prices were stable ranging between US$ 950 and 955 per ton. In the FE Asian market, Ethylene prices were stable at US$ 900 per ton. In the US market, Ethylene prices were stable ranging between 34.00 and 34.50 cents per pound. Ethylene prices increased in the European international as well as domestic markets to US$ 895 per ton and € 790 per ton, respectively. MEG prices remained unaffected in Asia. In SE Asia, MEG prices were stable at US$ 815 per ton. In the Chinese international market, MEG prices were stable ranging between US$ 805 and 810 per ton. In the Chinese domestic market, MEG prices were stable in a range of RMB 6140 to 6190 per ton.
In SE Asia, prices of BG PET Chips remained unaffected ranging between US$ 905 and 945 per ton, and some deals were concluded in the range of US$ 915 to 955 per ton. In the FE Asian market, selling offers were steady in the range of US$ 925 to 965 per ton, while talked prices hovered in the range of US$ 935 to 975 per ton. In the Chinese market, BG PET Chips’ prices were stable ranging between RMB 6775 and 6825 per ton. In the Korean market, prices of FG PET Chips remained unaffected in the range between US$ 815 and 845 per ton. In the Indian market, FOB based prices hovered in the range of US$ 825 to 855 per ton. In the Chinese market, FG PET Chips’ prices were stable ranging between RMB 6350 and 6400 per ton.
PSF prices remained unaffected in Asia. In the FE Asian market, PSF prices were stable at US$ 1030 per ton. In the SE Asian market, PSF selling prices were stable at US$ 930 per ton. In the Chinese domestic market, PSF prices were steady ranging between RMB 7250 and 7275 per ton. In the Chinese domestic market, prices of Polyester POY, DTY and FDY were stable at RMB 7450 per ton, RMB 9100 per ton and RMB 7450 per ton, respectively. In the export market, offers for POY, DTY and FDY were stable at US$ 970 per ton, US$ 1195 per ton and US$ 955 per ton, respectively.
SOURCE: Yarns&Fibers
Strong buying from spinners and some exporter moved up cotton prices by Rs50 to Rs100 on Thursday at the Pakistan cotton market. Many millers rushed to replenish their stocks at current price level in the wake of higher cotton consumption figures released by the ginners’ body. Much of the activity, however, remained confined to quality lint. As the current season is drawing to a close, quality lint is in shortage, hence expensive. Besides, lesser stocks of unsold cotton held by ginners could be another worrisome factor for spinners who did some panic buying which pushed prices higher, according to brokers
The Karachi Cotton Association (KCA) raised its spot rates by Rs50, to Rs4,950 per maund. Major deals finalised on ready counter were: 600 bales Faqirwali at Rs4,800 to Rs4,825, 600 bales Fort Abbas at Rs4,850 to Rs4,875, 800 bales Chichawatni at Rs4,850 to Rs4,900, 2,000 bales Sadiqabad at Rs5,000 to Rs5,100, 1,000 bales Alipur at Rs5,075 to Rs5,100, 1,000 bales Rahimyar Khan at Rs5,100, 1,000 bales Liaqu¬atpur at Rs5,100, 600 bales Chani Goth at Rs5,100, 1,000 bales Dera Ghazi Khan at Rs5,100, 600 bales. Shujabad at Rs5,100 and 3,000 bales Khanpur at Rs5,150 to Rs5,150 to Rs5,200.
Thursday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL. On the global front, the world cotton markets also moved higher with the New York cotton finishing higher for all future contracts. The Indian cotton market is reported to be steady.
SOURCE: Yarns&Fibers
