05:41:58 local time CHINA
* Material costs weigh on textile makers:
The biggest challenge to China’s textile industry is not increased labor costs, but raw material expenses, which are much higher in the domestic market than in the international market, according to the China National Textile and Apparel Council (CNTAC).
Cotton prices in the international market have been sinking since September, expanding the price difference between the domestic and overseas markets from the previous spread of 1,000 yuan ($157.01) per ton to the current gap of 5,000 yuan. The widening price difference has undermined the international competitiveness of China’s textile industry. to read. & read more.
* Beijing’s trade policies chasing away European investors:
European companies operating in China are finding the Asian country’s market barriers increasingly frustrating ,a fact that could force them to shift investment to other economies, a business group has said. Speaking Tuesday, the group noted that Beijing’s trade policies have put it on a coalition course with many countries around the world including the United States and some European Union members.
Some of the concerns voiced by these countries include China’s violation of its trade commitments by subsidizing and protecting companies from its solar power and steel sector, the business group said. As the global economy continues to become weaker, unemployment is on the rose and most governments around the world including the US are under pressure to respond politically. read more.
* Decathlon plans to open a fourth outlet in Suzhou, China:
Decathlon, a leading sports equipment and apparel retailer, is planning to open a fourth store in Suzhou, a move aimed at adding its share in the rapidly expanding Chinese apparel market. The new store is expected to kick off its operations in October 2012, and will be located in Jinchang district. read more.
05:41:58 local time PHILIPPINES
* Philippine garment makers can gain by trading with India:
Philippine textile and garment producers and exporters can improve their product quality and gain from trading with India, Philippine Chamber of Commerce and Industry, President Miguel Varela, said.
Speaking at an exhibition organized in Philippines by the Synthetic and Rayon Textiles Export Promotion Council, an association of synthetic and rayon textile producers and exporters from India, Mr. Varela said the 15 Indian firms participating in the expo, presented the best of the Indian industry. read more.
05:41:58 local time INDONESIA
* Protest at Adidas store for Indonesian workers rights:
Calling all London people (or anyone who can be in London on Friday). Please go along to this protest to demand justice for PT Kizone worker – 8 june 2012, 14h – London.
Workers in Indonesia have called for solidarity action in response to $1.8 million in severance pay they say they are legally owed.
Students across the world have formed a global campaign to help win back their severance pay, and some universities have threatened to cut their Adidas contracts. Will UK students will join them and get Adidas to pay their fair share? It’s down to you. to read.
03:41:58 local time BANGLA DESH
* RMG Fire: 10 hurt in stampede in Gazipur:
At least 10 garment workers, mostly female, were injured in a stampede triggered by panic over a fire in a factory at Konabari here on Saturday.
Fire brigade sources said the fire broke out on the 2nd floor of Islam Garments unit-2 at about 7:45pm and roared through the 3rd and 4th floors of the factory building, prompting its workers to scramble to get out of it.
On information, firefighters from Gazipur and Kaliakoir rushed in and were trying to bring the fire under control.
The extent of damage caused by the fire could not be ascertained immediately.
* Textile, garment workers demand allocation in budget:
Leaders of the Bangladesh Textile Garments Workers Federation (BTGWF) at a roundtable Friday demanded especial allocation in the ensuring budget for five fields including rationing, housing and healthcare for the welfare of the workers.
Other discussants, however, called for a greater coordination between the government and all other stakeholders of the country’s textile and garment industry in fixation of a suitable wage structure for the workers. read more.
* Energy crisis dominates budget talks:
Top ministers, business leaders and economists have all cried out seeking extraordinary attention from the government to steer the country out of the current energy crunch for the greater interest of industrialisation.
Some of them also urged the political parties to reach a consensus on coal extraction method so that Bangladesh can set up coal-based power plants. The observations came at a discussion on “Industrial Prospects in Budget 2012-13” at Ruposhi Bangla Hotel in the city on Friday.
Private television channel RTV organised the programme in association with Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and Bangladesh Textile Mills Association (BTMA).read more.
03:11:58 local time INDIA
* Cotton is one of our strengths:
Lakshmi Machine Works (LMW), which is celebrating its golden jubilee this year, is part of the Indian spinning sector’s growth story. The country’s textile industry is the second largest in the world, next only to China, and it continues to expand its global footprint. It is also unique as it is largely cotton-based. The industry is just reviving from a tough year.
Managing Director of LMW Sanjay Jayavarthanavelu shares his views with M. Soundariya Preetha on the challenges and opportunities for the textile industry. Excerpts.
At a time when the textile industry is showing signs of revival, the Indian economy is facing challenges. What are your views on the economy and the prospects for a growth rebound this fiscal? read more.
* Cotton wilts despite shrinking arrivals:
Cotton prices dropped by Rs 200-300 for a candy of 356 kg on Friday despite shrinking arrivals.
Kapas future also declined on the back of lower demand.
A Rajkot-based cotton broker, Mr Jatinbhai, said: “Demand is poor from exporters, while mills buying is slow. In the coming days, price may decline as we have more than enough stock on hand amidst weak demand.” read more.
* ‘Private schools will have to offer 25% seats to poor students’:
Chief minister Prithviraj Chavan on Saturday said that all private schools in the state will have to implement the Right to Education (RTE) Act, 2009 and reserve 25% seats in these schools for poor students. Chavan was speaking to reporters after addressing the participants of the five-day state level Sevadal training camp being held at Karla near Lonavla.
He said the RTE Act has been enacted by the Union government and even the Supreme Court has given directives about its implementation, and private schools will have to implement the provisions. The state government will offer Rs 11,000 per student for its implementation. (…)
The state is the second largest producer of cotton in the country after Gujarat. However, 80% of the produce is sent outside the state for processing. “The state has introduced a new textile policy to boost the textile sector and reduce suicides of cotton farmers. An investment of Rs 40,000 crore will have to be made, which will generate employment for one lakh people,” he said. read more.
* Textile firm’s growth beats odds:
A city-based textile conglomerate, SEL Manufacturing Company Limited, having its presence in yarns, knitted fabrics, ready made garments and captive power generation recorded a 35.01% jump in its turn over in the financial year ending March 31, 2012. The growth stands out considering the fact that the industry is passing through a turbulent phase. read more.
* Lifting of power holidays a boon for TN textile sector:
Acute power shortage in Tamil Nadu became a major setback for the HT industries particularly the textile industry which accounts for one third of the textile business, 47 percentage of spinning capacity, fetching over Rs.50,000 crores forex and providing direct jobs to over 50 lakh rural people and women.
The textile industry had to face the worst ever crisis in its history during the last one year due to the high volatility in cotton and yarn prices coupled with global and domestic market slow down. Recently, the centre has announced a debt restructuring package of Rs.35,000 crores consequent to the concerted efforts made by The Southern India Mills Association to avoid large scale NPAs and sustain the survival of the mother industry in the country which provide direct and indirect jobs to over 90 million people in the country. read more.
* Nano-mark of purity to authenticate Banarasi silk:
n order to help shoppers better identify and differentiate the genuine Banarasi silk items, including the world-famous Banarasi silk sarees, from the fake ones, the Silk Mark Organization of India (SMOI) has introduced a high security nano-particle-embedded fusion label as a mark of purity.
The new-label, launched with sponsorship from the Central Silk Board, differs from the existing labels in the sense that it is fused with the fabric with the help of a hot press machine. read more.
02:41:58 local time PAKISTAN
* Dull trading prevails at cotton market:
Trading remained dull at Karachi cotton market on Saturday as fall in New York Futures had a negative impact on physical lint prices, which came down to nearly 40 percent.
However, the Karachi Cotton Association (KCA) kept the spot rate unchanged at Rs 5,600 per maund to support raw lint in fetching better prices, floor brokers said.
The New York Future market dipped nearly 400 points to stay at around 64-65 cents per pound, which was around 78-79 cents per pound in the previous week.
* Textile sector: Exporters not satisfied with Budget 2013:
The federal government has not addressed issues in the new budget regarding the uncountable problems hurting exporters, said Pakistan Textile Exporters Association (PTEA) Chairman Rana Arif Tauseef on Saturday.
While responding to budget measures, Tauseef said that three main issues had been identified namely energy crisis, immediate payment of duty drawbacks and exemption of withholding tax on exports. The government has touched all these issues but failed to identify a plan to eradicate them permanently, he said.
The budget is filled with inconsistencies, wrong allocation of funds and misplacement of priorities, he added. The architects of the budget have failed to realise the importance of major irritations besetting the economy and outline a strategy for their solutions, said Tauseef. read more.