India's factory output expanded at the slowest pace in four months at 4.5 per cent in September, according to recently released data by Ministry of Statistics and Programme Implementation (MOSPI). The rate of growth is slower than that of 4.7 recorded for the month of August this year. Here's a look at the performance of different industries within the index.
CONSUMER DURABLES GREW AT A WORRYINGLY SLOW SPACE
Consumer durables had a very favourable base, but still grew at a slow pace-5.2 per cent. This could partially be explained by Diwali - where producers might have put off production till October/November to better capture demand. Continued low growth would be a worrying sign for the economy.
INFRASTRUCTURE AND CONSTRUCTION GOODS MAINTAINED THEIR IMPRESSIVE GROWTH
In a sign that investment is booming in India again, Infrastructure and Construction Goods continued to grow at a heady pace.
AUTO INDUSTRY AT IMPRESSIVE GROWTH BUT BEGINNING TO SLOW DOWN
The GST has been a boon for the auto-industry. The industry has taken off since the law's introduction. But growth in the industry has slowed in recent months due to the effect of a higher base - but it still mightily impressive at close to double digit figures (9.5% in September).
PHARMA STARING AT A SLOWDOWN
The Pharma industry posted double-digit growth in every month from December 2016 to January 2018. However, it is beginning to slow down.
TEXTILES
It is one of the industries most adversely affected by GST seems to be clawing its way back to growth - albeit aided by a low base.
Source: Times of India
GST compensation paid to states by the Centre has declined to over Rs 11,900 crore during August-September, an official said. The bi-monthly GST compensation paid during the June-July period was Rs 14,930 crore, nearly four-fold jump from Rs 3,899 crore paid in April and May. "Over Rs 11,900 crore has been released to the states from GST compensation fund during August-September after regular and ad-hoc settlement of IGST fund," an official told PTI. The government collected a record Rs 1,00,710 crore from Goods and Services Tax (GST) in the month of October. The returns filed and taxes collected in October reflect purchase and sale activities of September. The government has settled Rs 15,107 crore to states GST from Integrated GST (IGST) as regular settlement. Further, Rs 15,000 crore has been settled with the states from the balance IGST available with the Centre on provisional basis at the end of October. Total revenue earned by the state governments after regular and provisional settlement was Rs 52,934 crore in October. Ten states which are facing maximum revenue shortfall during April-August are Puducherry (42 per cent), Punjab and Himachal Pradesh (36 per cent each), Uttarakhand (35 per cent), Jammu and Kashmir (28 per cent), Chhattisgarh (26 per cent), Goa (25 per cent), Odisha (24 per cent), Karnataka and Bihar (20 per cent). The states faced an average 16 per cent shortfall in GST mop-up in the first year of implementation (July 2017-March 2018), which has come down to 13 per cent during AprilAugust of the current fiscal. Finance Secretary Hasmukh Adhia has already held discussions with tax officials in six states -- Punjab, Himachal Pradesh, Puducherry, Jammu & Kashmir, Bihar and Uttarakhand-- to shore up revenues. While only six states -- Mizoram, Arunachal, Manipur, Nagaland, Sikkim and Andhra Pradesh -- are facing revenue surplus in the current fiscal, 25 states are staring at a revenue shortfall and have to be compensated by the Centre. In 2017-18, the Centre had released Rs 41,147 crore to the states as GST compensation to ensure that the revenue of the states is protected at the level of 14 per cent over the base year tax collection in 2015-16.
Source: Economic Times
The Odisha government Tuesday received investment intents worth Rs 3,964 crore in healthcare, micro, small and medium enterprise (MSME) and textile sectors on the second day of the ongoing Make in Odisha Conclave, 2018, official sources said. While the healthcare sector has received investment proposals worth Rs 2,750 crore, the MSME sector got Rs 1,177 crore worth proposals. Textile sector has received investment proposals worth Rs 137 crore, they said. Odisha Health and Family Welfare Minister Pratap Jena said investors have expressed their interest to be partners in several schemes like setting up a heart care hospital at Jharsuguda in the western part of the state, a comprehensive cancer care unit near Bhubaneswar and the state's affordable health care project. "So far, we have received proposal worth Rs 2,750 crore and the amount may go up as discussions are on on different projects," Jena said. The heart care centre in Jharsuguda will be built at an investment of Rs 70 crore, while 25 hospitals will be built at an investment of Rs 1,300 crore on PPP mode, he said. An amount of Rs 600 crore would be spent on comprehensive cancer care unit in Bhubaneswar and dialysis units will be set up in different places, he said. "We are in talks with different pharmaceutical companies and manufacturers of medical equipment," the minister said. Jena said there is a huge scope for the private sector to invest in healthcare and called upon investors to develop and manage 100 and 200-bedded hospitals at 25 locations. MSME additional chief secretary L N Gupta said that several proposals in the sector has come from investors and they are being considered. "So far, we have finalised proposals worth Rs 1,177 crore," Gupta said. Odisha's Textile Minister Snehangini Churia said that the state government has so far received investment intents worth Rs 137 crore.
Source: Business Standard
With the change in the base year, the GDP growth for the financial year 2013-14 was estimated at 6.9% as compared with 4.7% on the 2004-05 base year. Similarly, the growth rate for 2012-13 was also revised from 4.5% to 5.1%.The much-anticipated back series data of gross domestic product (GDP) of India would now be released by the end of December as the policy think tank Niti Aayog has sought more time to analyse and recalculate the growth estimates. The government had earlier set an internal deadline of November for the revised estimates of GDP growth from 2004–2005 to 2011-2012 and was expected to announce it on Monday. In the last moment decision on Monday, Niti Aayog said that a roundtable discussion was held under the chairmanship of Rajiv Kumar, vice-chairman, of NITI Aayog, for the purpose. “During the ensuing discussion, experts sought analytical information, which is being worked out. It was, therefore decided to have a follow-up roundtable discussion with experts shortly,” Anna Roy, Adviser (Data Management & Analysis) at NITI Aayog said in a statement. The government in January 2015 had decided to change the base year of 2004-05 for national accounts to new base year of 2011-12. The base year had been revised earlier in January 2010. The Central Statistics Office (CSO) therefore in the new series did away with GDP at factor cost, while adopting global practices of valuing industry-wise estimates as GVA (gross value added) at current or basic prices. With the change in the base year, the GDP growth for the financial year 2013-14 was estimated at 6.9% as compared with 4.7% on the 2004-05 base year. Similarly, the growth rate for 2012-13 was also revised from 4.5% to 5.1%.However, for the years preceding fiscal 2011-12, CSO faced difficulties while evaluating growth rate of the economy with the new base year, mainly on account of lack of availability of MCA-21 database. The then Chief Statistician of India T C A Anant also stated in 2017 that they are facing a major statistical challenge while analysing back series due to the unavailability of data from earlier years. The back series GDP data is being widely anticipated as a Committee on Real Sector Statistics, appointed by the National Statistical Commission (NSC), the autonomous body that helps in data collection by India’s statistical agencies, had said in a report that the Indian economy grew at a faster pace from 2004-05 to 2013-14, compared with the average growth during the first four years of the present government.
Source: Financial Express
Cloth traders have been demanding a textile park for a long time in the region as there is a huge potential for wholesale and retail textile and garment trade in the area. Yielding to the demand of traders in Kavali, the State government has announced to construct a textile park spread over 60 acres at an estimated Rs 526 crore at Ulavapalla village in Nellore district. But there has been no progress so far. There are around 450 wholesale and retail textile shops in the Kavali cloth market. “We purchase cloth from Erode and Coimbatore and sell ready-made garments in local markets after stitching and at lower profit margins. We have to pay additional charges for importing cloth. If the cloth is locally available, it would be very helpful to us. Hence, we demand the government to build a textile park here,” said K Raghava Rao, a cloth merchant. The Kavali traders purchase cloth from Mumbai, Surat, Ahmedabad, Jaipur, Kasi, Kolkata, Erode, Coimbatore, Tirupur and other parts of the country and sell the same in the market. They also sell the garments at cheaper prices across Andhra Pradesh and Telangana. Kavali cloth market was established in 1955. There are around 7,000 skilled workers and daily wagers working in Kavali. With the government not coming to their rescue, the cloth traders have planned to set up their own manufacturing units here. Recently, 10 manufacturing units were set up in the town.
Source: The New Indian Express
New Delhi : Trade Ministers from the 16-member countries negotiating the Regional Comprehensive Economic Partnership (RCEP) agreement, including India, China and the ASEAN, have decided to push the year-end target for a “substantial conclusion” of the talks by a year due to differences on key issues. “Ministers guided the negotiators to deliberate further on e-commerce, competition and investment chapters where consensus could not be reached during this meeting. Ministers urged the negotiators to intensify their work with a view of narrowing gaps and finding balanced outcomes in the negotiations with the aim of concluding negotiations by 2019,” according to an official release of the Commerce Ministry. Commerce & Industry Minister Suresh Prabhu led the Indian delegation at the RCEP Ministerial meeting in Singapore on Monday and Tuesday. Trade Ministers will now give their inputs to the heads of State of RCEP countries scheduled to attend the Summit meeting on Wednesday. Prime Minister Narendra Modi will represent India at the meet. The RCEP also includes Japan, South Korea, New Zealand and Australia and together the 16 nations account for 40 per cent of world trade.
Different opinions
While most members, including many of the ASEAN countries, were keen to have a part-conclusion of the RCEP pact by the year-end, India, backed by Malaysia, the Philippines and Vietnam, was of the opinion that market access issues needed to be ironed out both in goods and services and there was need for more time. The Ministers acknowledged that good progress had been made in the negotiations with successful conclusion of seven chapters which include economic and technical cooperation, small and medium enterprises, Customs procedures and trade facilitation, government procurement, institutional provisions, standards, technical regulations and conformity assessment procedures and sanitary and phytosanitary (SPS) norms, the release said. On the side lines of the RCEP, the Commerce Minister held bilateral meetings with his counterparts from Singapore, China, Japan and New Zealand. He discussed bilateral issues and progress in RCEP negotiations. He also had pull-aside meetings with Trade Ministers of South Korea, Indonesia, Cambodia, Malaysia, Australia and Philippines to discuss matters of mutual interest.
Source: Business Line
Four major units are coming up in Andhra Pradesh with an approximate investment of ₹4,000 crore, generating nearly 20,000 jobs, according to a press release. Chief Minister N Chandrababu Naidu, presiding over the State Investment Promotion Board meeting at the Secretariat in Amaravati, gave the green signal for setting up the units.
Arvind Mills unit
Arvind Mills is setting up a greenfield integrated textile plant for the first time outside Gujarat at Kuppam in Andhra Pradesh, with an investment of ₹700 crore with a capacity to manufacture 24 million garments and 24 million fabric a year. The textile plant will provide employment to 80 per cent of women with 9,300 direct jobs. Arvind Mills, producing denim jeans, is likely to start production in February 2020. The Chief Minister is likely to lay the foundation for the unit on December 13, when he attends MSME conclave at Tirupati.
THK plant
THK, a leading Japanese manufacturer of linear motion equipment manufacturing company, will set up a manufacturing facility in Sri City, Chittoor district. The unit will provide a fillip to machine tool industry in India by providing components essential to increased precision, rigidity, speed and energy efficiency.
International Flavours and Fragrances India Pvt Ltd is ready to set up a flavours and fragrances unit at Chittoor at a cost of ₹525 cr to provide employment to 450. Doowon Climate Control India Pvt Ltd is ready to set up an ancillary unit of Kia motors at Anantapur with an investment of ₹210 crore to provide employment to 350 people. Dong — A Hwasung India Pvt Ltd is also ready to set up an ancillary of Kia Motors at Anantapur with an investment of ₹35 crore to provide employment to 71 people. THK’s first plant in India will be located in Andhra Pradesh, providing employment to over 600 people with an investment of ₹800 crore.
Saint Gobain investment
Saint Gobain will invest ₹2,000 crore for plasterboard, gypsum and glass manufacturing with an annual capacity of 11 lakh metric tonnes at Atchuythapuram in Visakhapatnam district. The unit would employ 1300 workers and will build an ecosystem and funnels the entire value chain of gypsum and glass based products. On the occasion, Chief Minister Chandrababu Naidu exhorted the State Investment Promotion Board officials to intensify their efforts to attract more number of industries to the State. Minister for Industries N Amaranatha Reddy, Principal Secretary of Infrastructure and Investments Ajay Jain and others were present.
Source: The Hindu Business Line
Mumbai: The rupee Tuesday recovered 22 paise to close at 72.67 against the US currency on easing crude oil prices and better-than-expected macroeconomic data. Crude oil prices fell below the USD 70 per barrel mark, easing concerns over expanding current account deficit and inflation which have a bearing on rupee sentiment. Positive macro data which showed retail inflation dropping to a 13-month low in October also bolstered the market sentiment. Besides, fund inflows by foreign investors and the US dollar's weakness against some currencies overseas also supported the domestic unit, dealers said. Oil prices retreated Tuesday after US President Donald Trump flayed Saudi Arabia's call for production cuts and pressed oil cartel OPEC for lower prices based on supply. Weak oil demand outlook by OPEC and worries about oversupply and US-China trade war also weighed on oil prices. Brent crude fell 70 cents to USD 69.42 per barrel while West Texas Intermediate dropped 74 cents to USD 59.19 per barrel. At the Interbank forex market, the rupee opened with strength at 72.81 and advanced to a high of 72.51 in day trade. The domestic currency finally settled at 72.67, showing a gain of 22 paise or 0.30 per cent over the last close. Retail inflation fell to a one-year low of 3.31 per cent in October, raising hopes of a pause in RBI's interest rate hikes. Foreign institutional investors (FIis) bought shares worth Rs 832.15 crore Monday, provisional data showed. Stock markets also rebounded from Monday's losses, with the BSE Sensex gaining close to 1 per cent.
Source: Economic Times
The 'Circular Design Challenge, launched earlier this year as part of R Elans 'Fashion for Earth initiative, is open for entries. It will recognise the environmental champions of tomorrow in the Indian fashion and textiles industry. The design challenge, launched in August at the Winter Festive 2018 edition of Lakme Fashion Week (LFW) in partnership with the UN in India, puts the spotlight on circular fashion. It is open to all fashion/accessory designers and entrepreneurs in India, read a statement. With the upcoming Summer Resort 2019 season, LFW will continue its focus on fashion and sustainability. This initiative will unravel the country's first award for sustainability, and will inspire innovation through circular design and offer solutions to reduce the environmental impact of the fashion and textile industry in the country. The registration for the challenge is open till November 30. Applicants must incorporate circular components across the textile value chain in their design through the application of circular-design principles and demonstrate a positive impact on the environment and on society. The designers will need to submit a proof concept of their sustainable collection, which must encompass key principles of circularity, sustainability, aesthetics and scalability. They can use any material for their collection, as long as it is up-cycled from diverse waste sources, including plastics. The shortlisted entries will be judged, and a final winner will be announced by the jury on January 31, 2019, the Sustainable Fashion Day at LFW Summer Resort 2019. The winning collection will be showcased on Sustainable Fashion Day at LFW in August 2019. Vipul Shah, COO - Petrochemicals, Reliance Industries Ltd., said: "As an industry leader, we have embraced circularity and sustainability in our core values and operations, aiming to make the world a better place for the generations to come. "We are confident that the Circular Design Challenge will provide enormous opportunities for budding concept creators, fashion designers and the entire textile value chain to exhibit their innovative ideas, designs with a focus on circularity and sustainability. The initiative will help the entire Indian textile value chain to become a global leader in ingraining circularity in their business strategy and operations." Yuri Afanasiev, UN Resident Coordinator in India, said: "From cultivation to weaving, from design to execution and transportation, fashion touches every part of the economy, affecting the lives of thousands of people along the way. It is vital that this process be sustainable, fair, and inclusive." The design challenged, Afanasiev said, is an opportunity for innovative young designers to combine sustainable design practices with new circular business models. "I am confident that this platform will encourage more design-led research to reduce textile waste and environmental impacts, helping accelerate the shift to circular fashion."
Source: Business Standard
Bhubaneswar: The Odisha government Tuesday received investment intents worth Rs 3,964 crore in healthcare, micro, small and medium enterprise (MSME) and textile sectors on the second day of the ongoing Make in Odisha Conclave, 2018, official sources said. While the healthcare sector has received investment proposals worth Rs 2,750 crore, the MSME sector got Rs 1,177 crore worth proposals. Textile sector has received investment proposals worth Rs 137 crore, they said. Odisha Health and Family Welfare Minister Pratap Jena said investors have expressed their interest to be partners in several schemes like setting up a heart care hospital at Jharsuguda in the western part of the state, a comprehensive cancer care unit near Bhubaneswar and the state's affordable health care project. "So far, we have received proposal worth Rs 2,750 crore and the amount may go up as discussions are on on different projects," Jena said. The heart care centre in Jharsuguda will be built at an investment of Rs 70 crore, while 25 hospitals will be built at an investment of Rs 1,300 crore on PPP mode, he said. An amount of Rs 600 crore would be spent on comprehensive cancer care unit in Bhubaneswar and dialysis units will be set up in different places, he said. "We are in talks with different pharmaceutical companies and manufacturers of medical equipment," the minister said. Jena said there is a huge scope for the private sector to invest in healthcare and called upon investors to develop and manage 100 and 200-bedded hospitals at 25 locations. MSME additional chief secretary L N Gupta said that several proposals in the sector has come from investors and they are being considered. "So far, we have finalised proposals worth Rs 1,177 crore," Gupta said. Odisha's Textile Minister Snehangini Churia said that the state government has so far received investment intents worth Rs 137 crore.
Source: Time of India
The International Cotton Association (ICA) in association with the Beijing Cotton Outlook Consulting (BCO) delivered a two-day 'Total Trade' training course to more than 50 delegates in Luoyang, China. Developed in response to industry demand, the training was delivered by Dr Robert Jiang from ICA concentrating on all aspects of cotton and yarn trade. "Total Trade training aims to provide an insight into the key areas of cotton and yarn trading in an interactive learning environment. This year’s event is more riveting in light of some fundamental changes to the import volume, policies and inspections. I am very pleased with the success of this course and would like to express my gratitude to BCO for their support in helping us to deliver the training so effectively," said Jiang at the training programme. The recent training focused on four key areas including the trading process as a whole, experience of business enterprises, problem avoidance and relationship building. Now, the ICA plans to deliver more Total Trade training courses at various global locations in the future.
Source: Fibre2Fashion
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1306.58 |
USD/Ton |
-2.41% |
11/13/2018 |
|
VSF |
2053.19 |
USD/Ton |
-0.69% |
11/13/2018 |
|
ASF |
3008.00 |
USD/Ton |
0% |
11/13/2018 |
|
Polyester POY |
1277.86 |
USD/Ton |
-1.66% |
11/13/2018 |
|
Nylon FDY |
3259.27 |
USD/Ton |
-1.30% |
11/13/2018 |
|
40D Spandex |
4795.57 |
USD/Ton |
0% |
11/13/2018 |
|
Nylon POY |
5427.32 |
USD/Ton |
0% |
11/13/2018 |
|
Acrylic Top 3D |
1543.49 |
USD/Ton |
-2.27% |
11/13/2018 |
|
Polyester FDY |
3043.90 |
USD/Ton |
-0.70% |
11/13/2018 |
|
Nylon DTY |
3158.76 |
USD/Ton |
0% |
11/13/2018 |
|
Viscose Long Filament |
1435.80 |
USD/Ton |
-1.96% |
11/13/2018 |
|
Polyester DTY |
3445.92 |
USD/Ton |
-1.23% |
11/13/2018 |
|
30S Spun Rayon Yarn |
2785.45 |
USD/Ton |
-0.51% |
11/13/2018 |
|
32S Polyester Yarn |
1959.87 |
USD/Ton |
-3.87% |
11/13/2018 |
|
45S T/C Yarn |
2929.03 |
USD/Ton |
0% |
11/13/2018 |
|
40S Rayon Yarn |
3086.97 |
USD/Ton |
-0.46% |
11/13/2018 |
|
T/R Yarn 65/35 32S |
2656.23 |
USD/Ton |
0% |
11/13/2018 |
|
45S Polyester Yarn |
2196.77 |
USD/Ton |
0% |
11/13/2018 |
|
T/C Yarn 65/35 32S |
2512.65 |
USD/Ton |
0% |
11/13/2018 |
|
10S Denim Fabric |
1.34 |
USD/Meter |
0% |
11/13/2018 |
|
32S Twill Fabric |
0.82 |
USD/Meter |
0% |
11/13/2018 |
|
40S Combed Poplin |
1.14 |
USD/Meter |
0% |
11/13/2018 |
|
30S Rayon Fabric |
0.65 |
USD/Meter |
-0.22% |
11/13/2018 |
|
45S T/C Fabric |
0.68 |
USD/Meter |
-2.07% |
11/13/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14358 USD dtd. 13/11/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Foreign direct investments (FDI) in Myanmar will be hit if the European Union (EU) withdraws its generalised scheme of preferences (GSP), under which the country enjoys easy trade access to the world’s largest trading block, according to U Aung Naing Oo, director general of the country’s Directorate of Investment and Company Administration (DICA). Three-fourths of workers employed by the garment manufacturing industry could lose their jobs if the EU blocks Myanmar’s access to its market, the director general said. Job loss will delay reforms, he added. The EU is considering doing away with the GSP benefit due to the ongoing crisis in northern Rakhine. An EU monitoring mission recently visited the country to meet government officials, businesses and labour associations as part of it decision making, according to media reports from Myanmar. Myanmar was expected to draw FDI of $5.8 billion this fiscal, according to DICA. FDI from the EU accounts for 10 per cent of total FDI in Myanmar, with most funds directed to the garment sector. Myanmar exports almost half its apparel to the EU. Other countries invest in the garment sector in Myanmar to have a share of the EU’s rising demand for textiles, clothing and footwear. Foreigners dominate 65 per cent of the country’s garment industry, while the remaining are domestically-owned. Of the foreign-owned factories, around three-fifths is run by the Chinese, which then export to the EU, according to the Myanmar Garment Manufacturers Association (MGMA). (DS)
Source: Fibre2Fashion
The Environmental Audit Committee in the United Kingdom has called on five leading online-only fashion retailers to offer evidence as part of its inquiry into sustainability of the fashion industry. In letters written to Amazon, Asos, Boohoo, PrettyLittleThing and Misguided, the committee chair asked some of them to give evidence in parliament. The committee has asked for information on areas including staff wages, garment life-cycle and steps to reduce environmental and social impact of their businesses, according to information posted on the British parliament website. According to committee chair Mary Creagh, low-quality £5 dresses aimed at young people are said to be made by workers on low wages and are discarded almost instantly, causing mountains of non-recycled waste to pile up. “We want to know that they are fully compliant with employment law, that garments have a decent life-span, and that profit is not put before environmental damage. I look forward to the responses,” she said. On October 30, the committee heard evidence that the buying practices of some online fashion retailers may be putting British clothing manufacturers in a position where they can only afford to pay garment workers illegally low wages. (DS)
Source: Fibre2Fashion
The British Cabinet is set to have a crucial meeting on Wednesday, after U.K. and EU negotiators agreed on the text of a draft withdrawal agreement in Brussels on Tuesday. A Downing Street spokesperson confirmed that a Cabinet meeting is due to take place to decide the next steps, following discussions in Brussels. “Cabinet Ministers have been invited to read documentation ahead of that meeting,” the spokesperson said in a statement on Tuesday. The development will put the spotlight firmly on the internal battles within the U.K. government over the terms under which Britain will leave the EU. Media, including the BBC, reported that ahead of the Wednesday meeting, individual meetings with Cabinet members were taking place on Tuesday, as Prime Minister Theresa May attempts to rally support for the terms of the deal.
A Cabinet divided
Ms. May’s Brexit strategy has provoked much division within her own government. At the weekend, Jo Johnson, the Transport Minister, resigned, arguing that the strategy – dubbed the “Chequers Deal” — would leave Britain economically weakened. He also called for a second referendum. Among the biggest obstacles in reaching agreement has been the length of time over which the Irish backstop — to prevent the development of a hard border between Northern Ireland and the Republic of Ireland — would apply. While some are eager for a near and definite end to the backstop, others have been concerned about the risk that inadequate back-up mechanisms could have on peace on the island. Tuesday’s development is a significant one and raises the prospect of a summit of EU leaders in November to further discuss the terms on which Britain will exit, heightening chances of other steps — including a parliamentary approval process — proceeding in time for March 29 when Britain is set to leave the EU formally. However, many obstacles remain: there are questions around whether the terms in the document will be agreed on by individual EU member states and by a majority within the U.K. Parliament. Crucially, there is the question of whether the government can command the support of the Democratic Unionist Party, on whose votes it would be reliant to get legislation through Parliament. “The significance of this moment is the PM starting the process of seeking support for her Brexit deal. There’s quite a path from here to final deal, but at least the waiting game is over,” said David Henig, a former senior civil servant within the Department of Trade. MPs campaigning for a second referendum warned that there remained a long way to go. “This is not in any way shape or form a deal,” warned Labour MP Chuka Umunna. “It looks nothing like what people voted for and provides no certainty on our final relationship with the EU.” Boris Johnson, who resigned over the summer because of the direction of U.K. negotiations, warned ahead of the official announcement that a deal was set to be struck but that it would “mean surrender by the U.K.”, which would be “doomed” to “colony status” to the EU.
Source: The Hindu
The Ministry of Industry and Trade has forecast that Vietnam’s total export revenue will grow 10-12 percent to hit a record of 239 billion USD for the whole year 2018, much higher than the set target of 214 billion USD. Deputy head of the ministry’s Foreign Trade Agency Tran Thanh Hai, shipments of key products such as telephones and spare parts, garment and textiles, electronics, computers and spare parts, equipment and footwear during January-October continued to rise over the same time last year.In stark contrast, steep decline was seen in the export of crude oil, which fell 24.8 percent year on year to 1.8 billion USD. Vietnam raked in some 200.3 billion USD from exports in the period, or 14.2 percent higher than the amount earned in the same time in 2017. Of the total amount, 56.82 billion USD was contributed by domestic sector and 143.45 billion USD by foreign-invested sector. The US remained the largest importer of Vietnam when it spent 39.17 billion USD purchasing products from the Southeast Asian country (up 13.4 percent year-on-year), followed by the EU with 34.6 billion USD (increasing 9 percent), China with 33.1 billion USD (growing 25.1 percent), ASEAN with 20.4 billion USD (expanding 13 percent), and Japan with 15.26 billion USD (rising 10.2 percent). Hai said in the period, Vietnam continued to promote exports to its traditional markets while developing new markets by capitalising on the free trade agreements (FTAs) which have taken effect or are under negotiations. If local firms know how to take full advantage of the FTAs, this will serve as a catalyst to bolster exports, he said, adding that improvement in business climate has given momentum to the expansion of export enterprises. Also in the ten-month period, Vietnam splashed out 193.84 billion USD on imports, a year-on-year increase of 11.8 percent. Most of the purchased products were electronic products, computers and spare parts, equipment, telephones and spare parts, steel and petrol. Experts said domestic production has shown signs of strong recovery as the rate of imports that need to be controlled only accounted for 6.5 percent of the total import revenue. During January-October, the country enjoyed a trade surplus of 6.4 billion USD, with a trade deficit of 20.7 billion USD from the domestic sector, and 27.1 billion USD in trade surplus from the foreign-invested sector. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam free trade agreement, which will take effect in the end of this year, have made Vietnam more attractive to foreign-direct investment. Domestic investment, sparked by business confidence, favourable business environment, stable monetary policy, is forecast to continue increasing to generate new production capacity together with foreign investment. Furthermore, Vietnamese firms are more confident to bolster shrimp and tra fish exports to the US after the country decided to reduce anti-dumping tariffs on the products. Deputy Minister of Trade and Industry Do Thang Hai said that to promote exports in the last two months of the year, the ministry will keep a close watch on the world’s economic developments, particularly the escalating US-China trade war, to pen rational measures to enhance shipments and prevent trade and origin frauds. Production of goods meeting quality and food safety standards as well as fitting the taste of export markets will be prioritised, Hai stressed. On the other hand, the ministry will work to give timely forecast and warning over the safeguard measures imposed on Vietnamese products while removing bottlenecks for enterprises to branch out export markets. Besides, it will pay due attention to increasing Vietnam’s market share in traditional markets and creating favourable conditions for Vietnamese products to gain foothold in new markets. Accelerating negotiation, signing and ratification of free trade deals with foreign countries and implementing Vietnam’s integration commitments should be placed at the first line of the measures, he said
Source: Vietnam News Association
Realizing Pakistan’s potential as 4th largest cotton producer, the Chinese investors expressed their deep desire to enter into joint ventures with Pakistan for importing high quality fabric to China that would help in improving bilateral trade and economic relations between the two countries. A Chinese delegation from China National Textile & Apparel Council (CNTAC) led by CEO Textile Mills Management, Shahid Nazir Masood and CEO of Shanghai Challenge Textile Mr Robert, visited Punjab Board of Investment and Trade. The objective of the visit was their keen interest in developing business in Pakistan specifically in the textile sector for changing the economic landscape of the country. CEO PBIT Burana welcomed the delegation and briefed them about the core functions of PBIT as an Investment Promotion Agency. He stressed on two types of investments, one that is immediate by acquisition of potential points of existing textile industry and the other one of Greenfield Investments. He highlighted that the new government is highly interested in strengthening the economic bond between the two countries in the light of CPEC and OBOR. He told the delegation that a team will be designated from PBIT that will work with them in order to identify potential opportunities in the specific sector. He further said that the Investment Advisory Team of PBIT will facilitate them regarding the entire procedures for establishing or expanding the businesses in Punjab through its Special Economic Zones such as Quaid-e-Azam Apparel Park. The representatives of Chinese companies said it was their first visit to Pakistan for exploring trade and investment opportunities. They stated that China has now globally established itself as the finest textile producer. The investors showed immense interest in investing in Pakistan as it is amongst the largest cotton producers in the world and their high quality fabric can be exported to China thus enhancing the productivity and boosting trade relations between the two countries. They requested that Chinese investors should be provided with specific promotion incentives to deepen trade relations. They invited PBIT and potential investors from Punjab for showcasing their products in the biggest textile expos conducted in Shanghai. CEO PBIT told them that Minister for Industries, Commerce and Investment, Punjab is interested in visiting China with delegates from our textile sector for further economic cooperation. He proposed that a joint working group should be constituted between PBIT and CNTAC to explore possibilities of promotion & cooperation between Punjab and China specifically in textiles. He also proposed a meeting with the said Minister and signing of memorandum of understanding as a concrete step towards mutual efforts for augmenting industrial relations.
Source: The Nation
Out of 14 companies, 2 companies have not announced any dividends for the current fiscal year. As many as 12 companies are at risk of being delisted from the Dhaka Stock Exchange (DSE), as they have failed to declare any dividends for the last five years, sources at the premier bourse have said. DSE management is still mulling whether to delist the non-performing firms, in compliance with DSE Listing Regulation 51(1)(a). Earlier, the DSE decided to review the performances of 15 listed companies. Among them, three firms recently declared dividends. Although the companies have failed to declare dividends, their shares have been trading at unusually high prices, due to syndicate trading and manipulation of the stock market, analysts said. Out of 14 companies, 2 companies have not announced any dividends for the current fiscal year. The failing companies are: Meghna Pet Industries, Dulamia Cotton Spinning Mills, Samata Leather Complex, Shyampur Sugar Mills, Zeal Bangla Sugar Mills, Beximco Synthetics, Imam Button Industries, Meghna Condensed Milk Industries, Savar Refractories, Jute Spinners, Sonargaon Textiles and Shinepukur Ceramics Limited. The Board of Directors of Kay & Que (Bangladesh) has recommended 5% cash dividend for the year ended on June 30, 2018. The Annual General Meeting (AGM) of the company will be held on December 9. The Company has also reported earnings per share (EPS) of Tk0.91, net asset value (NAV) per share of Tk76.55 and NOCFPS of Tk1.26 for the year ended on June 30, 2018, as compared to Tk0.05, Tk11.45, and Tk0.48, respectively, in the same period of the previous year. Information Services Network’s (ISN) Board of Directors has recommended 1% cash and 4% stock dividend for the year ended on June 30, 2018. Both Kay & Que and ISN escaped becoming delisted as they declared dividends, though minimal, sources said. If any of the companies fail to satisfy the upcoming reviews by DSE, they may be delisted from the stock exchange. Shares of these companies have been trading in the ‘Z’ category. “The performances of the non-performing listed securities will be reviewed by DSE in line with regulation 51(1) (a) of the Dhaka Stock Exchange (Listing) Regulations 2015. The companies have failed to declare dividends (cash/stock) for a period of five years from the last date of declaration of dividends or the date of listing with the exchange,” a DSE statement said in the first week of August. According to DSE Listing Regulation 51(1)(a), if the issuer fails to declare dividends (cash/ stock) for a period of five years from the last date of declaration of dividends or the date of listing with the exchange, the listed securities may be delisted. On July 18, the DSE authorities delisted Rahima Food Corporation Ltd, as well as Modern Dyeing & Screen Printing Ltd, as both companies had been incurring constant losses and had not been in production for over five years. The companies concerned did not declare any dividends for the last five years. The DSE Listing Regulations 2015 also say listed securities may be delisted if commercial operation, production, or exploration stops for three consecutive years. DSE Managing Director KAM Majedur Rahman told the Dhaka Tribune, “We are conducting our investigations of junk companies to protect the interests of shareholders and the image of the market. Any company that failed to declare dividends for the last five years will be delisted for the interest of the market.” AFC Capital Limited CEO Mahbub H Mazumder told the Dhaka tribune: “The non-performing companies that are failing to declare dividends should be punished for the overall development of the bourse. Any stern decision from the DSE will send a message to rough stock traders.” Policy Research Institute (PRI) Executive Director Ahsan H Mansur said: “People should invest carefully. They should stay away from investing in junk shares.”
Source: The Dhaka Tribune
Kraig Biocraft Laboratories, a leading developer of spider silk-based fibres, has begun the scale up of its recently announced second generation of Dragon Silk. Consistent with the company’s history of creating performance driven recombinant spider silk, this new material was specially designed at Kraig Labs’ Michigan research headquarters for application in protective textiles, where increased strength and decreased flexibility are expected to provide improved protection. Scale up of Dragon Silk 2.0 is well underway, with the production team already raising tens of thousands of the new transgenic silkworms at the company’s US based pilot production facility. Over the next 30 days, Kraig Labs anticipates scaling up production volumes of this new silkworm strain into the millions, as it prepares to create the first silk threads and fabrics made of this next generation recombinant spider silk. Further, the company is laying the groundwork to partner with experts in multicomponent thread design and spinning, to develop new specialty threads blending the performance spider silk with other traditional materials. This work is expected to develop threads and fabrics focused specifically on products for the performance wear and other closely linked market segments. “The ability to rapidly scale up this newly announced material, from initial testing to pilot scale production, is a major differentiator in our approach, which utilizes silkworms and the existing global silk infrastructure,” said COO, Jon Rice. “The current global infrastructure, equipment and skilled labour, is able to produce more than 150,000 metric tons of conventional silk per year. Our recombinant spider silk silkworm technology is a direct drop-in replacement for traditional silkworms and allows us to move quickly, with minimal investment, to bring new products to market.” Future scale up of Dragon Silk 2.0, as well as the company’s other lines of recombinant spider silk silkworms, is expected to be transferred to the company’s subsidiary Prodigy Textiles and its operations in Vietnam, while the company’s US facility remains focused on the development of next generation materials.
Source: Innovation in Textiles
UK retailers John Lewis (pictured), M&S, New Look, NEXT, River Island and Shop Direct have signed up to a joint agreement aimed at combating labour exploitation in UK textiles manufacturing. The ‘Apparel and General Merchandise Public and Private Protocol’ commits signatories to work together to eradicate slavery and exploitation in textile supply chains. They have also pledged to raise awareness to prevent worker exploitation, protect vulnerable and exploited workers and disrupt exploitative practices and help bring criminals to justice. Enforcement bodies including the Gangmasters and Labour Abuse Authority (GLAA), Department for Work and Pensions (DWP), Employment Agency Standards inspectorate, Health and Safety Executive (HSE), HMRC, Immigration Enforcement and the Insolvency Service have also signed the document, which is supported by industry bodies British Retail Consortium, UK Fashion and Textile Association, and auditing system Fast Forward. The firms’ commitments follow the latest meeting of the Modern Slavery Taskforce, created by Prime Minister Theresa May, which discussed how to better identify and tackle forced labour in business supply chains. In a statement, released this morning, the GLAA revealed the textiles sector has been identified as a high-risk industry for labour exploitation and believes the partnership will enhance efforts to root it out of supply chains and reassure workers and customers of the efforts being made by the UK industry.
Source: Recruiter
