INTERNATIONAL
India will soon launch a scheme focused on man-made fibres (MMF) and technical textiles segment, according to textiles secretary Shri Ravi Capoor, who recently told a virtual event organised by the Ministry of Textiles that the government is also looking at setting up a special export promotion council to promote the technical textiles segment.
The production-linked Focused Product Scheme’s emphasis is deliberate, he said.
Capoor also urged the domestic players to focus on the top 10 technical textile lines globally constituting about $82 billion, in which India's share is a miniscule 0.6 per cent. Huge benefits will be offered to kick-start these technical textile lines, he was quoted as saying by a news agency.
Capoor had earlier said the proposed Focused Product Scheme aims to promote both greenfield as well as brownfield investments in the specified segments.
Source: Fibre2Fashion News Desk (DS)
Even as the coronavirus pandemic hits the Indian economy severely, the country is poised to recover strongly in the upcoming quarters due to reform orientation, resilient financial system, and robust domestic consumption, Finance Minister Nirmala Sitharaman’s Office said in a tweet. It added that the government has been consistently introducing reforms that are improving the investment climate in India. A day after Prime Minister Narendra Modi’s addressed the global investors in an effort to attract them to invest in India, the FM Office said that the investment landscape in India offers abundant opportunities across sectors, segments and industries.
With the growth in spending power, consumption expenditure, and internet and smartphone penetration, India is fast turning into a market that every investor would like to tap, the FM Office underlined. Highlighting the favourable investment conditions in India, it said that the National Infrastructure Pipeline, with an investment target of $1.5 trillion by 2025, provides opportunities to invest in the creation of large infrastructure assets.
The government said that India is on track to becoming a sought-after and favoured destination for global manufacturers and the country has seen robust investment inflows in recent times, with several MNCs committing significant investments in the country. The increase in FDI inflows and forex reserves over the last few years were also attributed to India’s sustained GDP growth and controlled inflation levels, which are believed to have boosted investor confidence.
Meanwhile, India received the highest ever Foreign Direct Investment (FDI) for the first five months of a financial year during April-August 2020. The total FDI inflow into India in the first five months was $35.73 billion, according to the Ministry of Commerce and Industry. It is also 13 per cent higher than that in the same period last fiscal. The FDI equity inflow received during April- August 2020 stood at$27.10 billion, which is also the highest ever for the first 5 months of a financial year and 16 per cent more than the same period last year.
SOURCE: The Financial Express
INTERNATIONAL
Sensil® BodyFresh Fabrics from NILIT, a manufacturer of innovative, customised nylon (polyamide) 6.6 solutions, has demonstrated a 99.85 per cent reduction in viral activity when tested according to ISO 18184:2019 criteria against Betacoronavirus 1 (OC43), an enveloped, positive-sense, single-stranded RNA virus.
The confirmation has been received from Microbe Investigations AG (MIS) – a microbiological testing services lab.
The additives integrated into Sensil® BodyFresh yarn delivers long-lasting protection that does not deteriorate with laundering, indicating that the additive is not washed out of the fabric.
The technology was originally developed to offer anti-bacterial and anti-odour properties to the customers providing outstanding freshness.
“With these proven antiviral test results, our business partners can expand their Sensil® BodyFresh product concepts beyond comfort and aesthetics to include enhanced protection and a positive sense of well-being,” said Sagee Aran, Head of Global Marketing at NILIT.
The Sensil® BodyFresh is already being used by the leading apparel brands amongst various segments including intimates and underwear, base layer, activewear and legwear.
The use of the technology helps in controlling the microbial growth allowing fabric to stay fresher longer and require fewer launderings.
Moreover, the Sensil® BodyFresh is responsibly made at NILIT’s water- and energy-optimised facilities and meets NILIT’s Total Product Sustainability guidelines.
Source: Apparel Resources
Petroleum, automobiles, textiles and steel are some of the key sectors that could be the focus areas under the Supply Chain Resilience Initiative (SCRI), which was launched by India, Australia and Japan in September, according to sources.
The SCRI seeks to enhance the resilience of supply chains in the Indo-Pacific region and develop dependable sources of supply and attract investment.
"Some of the possible sectors that could be looked at from the perspective of the volume of trade in all categories of goods (raw materials, intermediates, capital goods and consumer goods) and services of the 3 countries are petroleum and petrochemicals, auto and auto components, and steel and its products," they said.
The other sectors include pharmaceuticals, medical devices, marine products, tourism and travel services, financial services, information technology and skill development.
"However, intense stakeholder consultations would be required to fine-tune this list," they added.
The key features of the initiative, originally piloted by Japan and based on bilateral discussions, are enhancing the resiliency of supply chain in the Indo-Pacific region including diversification of supply sources and increase competitiveness of sectors. It will also attract foreign direct investment (FDI) in the region and strengthen mutually complementary relationship among the participants.
One of the sources said SCRI is also planning to finalise "Track 1.5" participants to involve industry, academia and government, besides exploring inclusion of like-minded countries to build secure supply chains in the region.
The source added that a trilateral framework at the senior official level between the three proponents (Australia, India and Japan) could be considered with certain working structures. That includes formation of sectoral groups, trilateral trade promotion and facilitation cell, and trilateral mechanism to address trade and investment barriers, the source said.
While the broad objective of the initiative is to promote, expand and diversify trade and investment, the specific action plans include digitisation of trade documentation, activities for promotion of trade and investment and identification of sectors for cooperation, among others.
SOURCE: The Business Standard
The European Union is poised to move next week to impose tariffs on $4 billion of U.S. imports in retaliation for U.S. subsidies for planemaker Boeing BA.N, EU diplomats said, teeing up an eleventh-hour showdown with U.S. President Donald Trump.
A majority of EU governments have backed imposing the widely expected tariffs once EU trade ministers meet next Monday - the latest twist in a transatlantic trade saga that has spanned 16 years and four U.S. presidents.
Democratic presidential candidate Joe Biden is edging closer to victory in the U.S. election, but Republican Trump would remain president until Jan. 20 and has plenty of leeway to increase U.S. tariffs on Europe that were imposed in a parallel case over subsidies for Airbus.
U.S. Trade Representative Robert Lighthizer last month warned any EU tariffs would “force a U.S. response” and Trump has threatened to “strike back harder”..
Brussels views its own tariffs - authorized by the World Trade Organization last month - as important leverage in negotiations to end a dispute that began in 2004.
“I would expect the tariffs to be imposed next Tuesday or Wednesday,” an EU diplomat said.
In October 2019, Washington imposed tariffs on Airbus planes and other European products from cheese to olives and single-malt whisky. Combined, the two cases represent the world’s largest ever corporate trade dispute.
Washington argues there is no legal basis for EU tariffs because underlying subsidies to Boeing have been repealed. European officials argue it is only the WTO that can decide on compliance and that last month’s green light stands.
Both sides accuse the other of failing to obey WTO rulings but are seen as determined to maximize their positions ahead of probable negotiations.
If Biden wins, the avowed transatlanticist is expected to work quickly to mend fences with Brussels on a host of issues, and could use talks over the aircraft subsidies as a gesture of goodwill as he tries to build a more united front against China.
After holding off on tariffs to avoid clashing with the U.S. presidential campaign, EU governments formally cleared tariffs on Tuesday, Election Day, but must now decide their timing.
SOURCE: Reuters
Oil fell below $40 a barrel on Friday as rising global coronavirus cases stoked fears about lackluster demand and as drawn-out vote counting in the US presidential election kept markets on edge.
France reported record coronavirus cases, intensifying concerns that additional lockdowns in Europe could weigh on demand.
In the US election, Democratic presidential candidate Joe Biden took the lead over President Donald Trump in Georgia and Pennsylvania on Friday, edging closer to winning the White House as a handful of states continue to count votes.
Three days after polls closed, Biden has a 253 to 214 lead in the state-by-state Electoral College vote that determines the winner, according to Edison Research. Winning Pennsylvania's 20 electoral votes would put the former vice president over the 270 he needs to secure the presidency.
Brent crude fell $1.46, or 3.6 per cent, to $39.47 by 2:07 p.m. EST (1907 GMT). US West Texas Intermediate (WTI) dropped $1.58, or 4.1 per cent to $37.21 a barrel.
Still, Brent was heading for a 5 per cent weekly gain, and US crude was up 4 per cent on the week.
Diminishing prospects of a large US stimulus package were also weighing on the market.
US Senate Majority Leader Mitch McConnell said on Friday that economic statistics including a 1 percentage point drop in the US unemployment rate showed that Congress should enact a smaller coronavirus stimulus package that is highly targeted at the effects of the pandemic.
"Crude oil is very sensitive to the stimulus expectations, which just took a hit for the worse," said Bob Yawger, director of energy futures at Mizuho. "The coronavirus situation is as negative a demand indicator as you can get," he said.
Coronavirus cases in the United States surged by at least 120,276 on Thursday, according to a Reuters tally, the second consecutive daily record rise as the outbreak spreads in every region.
Italy recorded its highest daily number of Covid-19 infections on Thursday. France registered a record 60,486 new confirmed coronavirus cases on Friday, after posting a record 58,046 on Thursday, health ministry data showed.
Providing some support, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, could delay bringing back 2 million barrels per day of supply in January, given weaker demand after new lockdowns.
US crude inventories plunged last week by 8 million barrels, against analyst expectations for an increase.
SOURCE: The Business Standard
The World Trade Organization has cancelled a meeting on Nov. 9 to decide on the appointment of Nigeria’s Ngozi Okonjo-Iweala as the body’s next director general after the United States rejected her as a candidate.
Trade sources said they thought a factor in the delay was that there had been no indication the Trump administration - which will continue to govern trade policy in the weeks ahead irrespective of any U.S. election result - had switched its support to Okonjo-Iweala.
A WTO document seen by Reuters said: “For reasons including the health situation and current events, delegations will not be in a position to take a formal decision on 9 November.” It said it had been postponed until further notice.
As well as the impasse over the leadership, Geneva, home to the WTO, implemented COVID restrictions this week including a five-person cap on in-person meetings, although the organisation has held many meetings virtually.
The WTO later confirmed the decision on its website, saying consultations would continue. The body usually chooses its new leader by consensus, with trade sources saying they would be reluctant to resort to a vote.
A high-powered WTO panel last month recommended Okonjo-Iweala, a former finance minister, to lead the global trade watchdog, setting her up to become its first African and first woman head.
However, the U.S.-backed South Korean candidate Yoo Myung-hee, has not withdrawn from the race, despite mounting diplomatic pressure.
There was no immediate comment from the U.S. Trade Representative’s office.
U.S. President Donald Trump has frequently criticised the WTO, calling it “horrible” and biased towards China. His administration has already blocked judge appointments, disabling its top appeals panel last year.
Okonjo-Iweala, currently chairing the GAVI vaccine alliance board, has vowed “positivity all the way” on her Twitter feed.
“Dr. Ngozi is very grateful for the WTO’s support and she’s ready to get to work as soon as possible,” her spokeswoman Molly Toomey said.
The Geneva-based body has been run by four deputies since Brazil’s Roberto Azevedo stepped down a year early in August.
SOURCE: Reuters
