13:28:02 local time MONGOLIA
* Mongolian smes display more than 700 products:
On Saturday, the Mongolian Small and Medium Enterprises and Family Businesses fair, which featured many products manufactured by Mongolian minds, opened at the Misheel Expo Centre.
More than 300 enterprises from the capital city and provinces and 80 private sector organisations revealed more than 700 of their products in this year’s fair. (…) Many remarked that on the quality of the Mongolian production of leather products such as bags shoes and purses. The Baby Shoes Company, which was participating for the first time in the fair, drew a lot of attention with their handmade leather shoes for children. read more.
13:28:02 local time CHINA
* H&M on quest for growth with new fashion chains:
Hennes & Mauritz (H&M), which pioneered global expansion in fashion retailing, now finds itself tailing Zara owner Inditex not just in size but in strategy as it trials separate fashion chains to attract new customers.
Shares in both companies have outperformed the European retail index, which is down 8 percent this year as the continent’s debt worries hit consumer spending, but while world number one clothes retailer Inditex is up 13 percent, H&M, now second biggest, is around 4 percent down.
The Swedish firm is hoping new chains – Spain’s Inditex already has eight concepts to entice different customers – will help it out.
“H&M is a strong global retailer with healthy margins and should trade at a premium to the broader retail segment,” Bernstein analyst Jamie Merriman said. H&M has historically traded at a higher premium than Inditex, due to higher margins, but she now felt the same level, 40 percent, would be proper for both companies. read more.
12:28:02 local time VIET NAM
* Textile producers struggle as orders get scarce:
The domestic textile and garment industry has entered the peak export season but producers have secured fewer export orders than in previous years, according to the Ministry of Industry and Trade.
In a report on the January-May performance of the industry and trade sector, the ministry said orders had been falling as major markets such as the U.S. and the EU had seen slowing winter-spring clothing sales and distributors had suspended new imports.
Moreover, local textile and garment firms are facing other problems, such as difficult access to bank loans, material shortage, rising input costs, and environmental tax on plastic bags used for export products.
In the first five months of the year, the textile-garment sector gained total export turnover of US$5.3 billion, up 7.7% year-on-year. Import of materials and accessories declined in both volume and value, in which the value of cotton import dipped 33.7%, fiber slid 29.3% and fabrics dropped 1.8% year-on-year.
Dang Thi Phuong Dung, vice chairwoman of the Vietnam Textile and Apparel Association (VITAS), told the Daily that inventories of apparel producers for domestic consumption are surging. read more- BUSINESS IN BRIEF 5/6.
12:28:02 local time THAILAND
* Star Fashion to update menswear:
Star Fashion (2551) Co, the maker Hazard and Garbang men’s fashions, plans to rejuvenate its two menswear brands to prepare for more competition when the Asean Economic Community (AEC) is formed in 2015.
Executive director Vitoon Tatiyamaneekul said that although many menswear brands, both local and international, had been introduced in Thailand in recent years, demand for Garbang and Hazard products continued to grow year-by-year.
“This is a good sign. And if we make the two brands more modern and trendy, they will have more market potential,” said Sukris Vareerajuthai, the company’s general manager for business development.
Hazard has been in the market for 28 years and Garbang for 24, and both will be rebranded in the third quarter 2012. read more.
12:28:02 local time CAMBODIA
* To read in the printed edition of the Cambodia Daily:
Productivity could increase if manufacturers feed workers. read more.
13:28:02 local time MALYASIA
* Malaysia To Host UNESCO Award Of Excellence For Handicraft:
Malaysia has been honoured to organise the 2012 UNESCO Award of Excellence for Handicraft (South-East Asia and South Asia), an event aimed at encouraging the innovative creation of handicraft to ensure the continuity and preservation of traditional skills. read more.
11:58:02 local time BURMA-MYANMAR
* More strikes begin at industrial zones:
STRIKES at seven factories in Hlaing Tharyar Industrial Zone were resolved last week, while workers at five other factories launched new stoppages, a lawyer involved in the disputes said.
The new strikes took the total for May to 23, activists said, with workers at Taw Win Myanmar knitwear factory, S-square shoe factory, Costec and two Kabar factories stopping work last week.
But employees at seven other factories returned to work last week after their employers agreed to most of their demands.
“The workers didn’t get all of their demands exactly. But their life will be better as a result of these agreements,” lawyer U Htay told The Myanmar Times on May 30.
Strikes at shoe factories Brilliant Star and Brilliant Sky and garment factories YJ and Asia Hnin Si ended on May 25 when the owners agreed to a K30,000 cost of living increase. read more.
* Factory announces compensation grant to protesters:
Papers were stuck in the compound of Hi Mo artificial hair factory and hostels, announcing “The striking workers could leave the job after taking salaries of three months or five months as compassionate grant”, according to the striking workers.
“Papers were scattered in the compound of the factory and hostels this morning. Pay scale for one month is found in the paper. The factory would settle three-month salary to striking workers under three-year service and five-month compassionate grant to those above three-year service. After taking them, the striking work can leave the work. The closure of the factory is not written in the paper,” said representatives of striking workers on 28 May. read more.
11:28:02 local time BANGLA DESH
* Bangladesh’s per capita income rises to $848:
Bangladesh’s per capita income went up to US$848 in the current fiscal year from $816 last year, but is still way short of the $1,006 needed to pull the country up to the middle-income bracket.
The nation aims to reach the middle income country category by 2021, according to government’s perspective plan.
The required per capita income at that time would be $1,300, meaning a growth rate of 7.5 per cent to 8 per cent is needed every fiscal year, said Zahid Hussain, senior economist of the World Bank.
Bangladesh managed a growth rate of 6.3 per cent against a target of 7 per cent this fiscal year, accordingto provisional data from Bangladesh Bureau of Statistics.
The previous year the growth rate was 6.71 per cent, signifying the country went backwards with respect to its target of graduating to a middle income country status.
* Difference in wages:
The workers are the motivating force behind the growth of Bangladesh economy. The great amount of labour put in by the workers are advancing our economy . There are now many women workers working alongside the men . But in matters of wages , the women are deprived .
The workers are given low wages . And on top of that the women are given much less as wages. Whereas both men and women put in equal amounts of work.
The women workers are unable to bring about good living for their families because of lower wages.
Many of the factory and business owners are depriving the women workers .We want that this discrimination in wages between men and women workers must end . Also the women workers must feel secure in their workplace. to read.
* Apparel factory gutted in Gazipur:
A readymade garment factory caught fire in Jorun area in Gazipur resulting in huge losses.
Senior Station Officer of Gazipur Fire Service Abu Zafar Ahmed told bdnews24.com that Islam Garments Fashion caught fire around 7:45pm on Saturday.
He said fire-fighting units rushed to the spot from Gazipur, Savar EPZ and Kaliakair and doused the flames after two and a half hours’ effort around 11pm.
Zafar said they thought an electric short-circuit had caused the fire but said none was injured in the accident.
Director of Islam Garments Shaker Ahmed said the fire originated at the cutting section on the third floor around 7:45pm. The flames quickly spread to nearby rooms.
He said the fire had gutted a large number of readymade garments, clothes and destroyed several machines of the factory. The director claimed the estimated loss was nearly around Tk 40 million.
Zafar, however, could not say anything about losses.
(see the news, 4 june: RMG Fire: 10 hurt in stampede in Gazipur)
10:58:02 local time INDIA
* Cotton wilts on lack of demand:
Cotton June futures dropped 2.19 per cent to Rs 14,880 for a bale of 170 kg. Kapas or raw cotton was down marginally at Rs 919 for 20 kg.
However, it gained on the NCDEX with February contracts rising to Rs 930.
* Steps to aid debt-ridden textile sector:
As a part of relief package to debt ridden textile industry, the government has decided to enhance subsidy under Technology Upgradation Fund Scheme (TUFS) to Rs 1,000 crore over the next five years, Commerce & Textiles Minister Anand Sharma has said.
“We plan to increase the subsidy component of TUFS to Rs 1,000 crore over the next five years,” Sharma said. The ministry is targeting to upgrade 2 lakh looms out of 23 lakh during the 12th Plan, with 26 per cent assistance under TUFS for the weaving sector, he said.
The development comes after last Tuesday’s financial package announced by the Centre, under which it had asked banks to restructure loans worth Rs 35,000 crore for the textile sector. to read.
* Indian textile firm SEL’s turnover rises 35% in FY12:
SEL Manufacturing Company Limited, the Ludhiana, Punjab-based textile firm, has clocked a remarkable 35.01 percent rise in its turnover during last fiscal.
SEL’s sales increased from 2010-11’s Rs. 17.264 billion to Rs. 23.308 billion during last fiscal.
The growth registered by the company, which is into manufacturing of yarns, knitted fabrics and readymade garments, is remarkable considering the fact that the industry is witnessing a phase of turbulence.
The company’s net profit, however, plummeted from previous year’s Rs. 1.125 billion to Rs. 828 million during last fiscal.read more.
10:28:02 local time PAKISTAN
* Pakistan govt assures full support to leather sector:
The Government of Pakistan has assured its complete support in resolving the issues facing the country’s leather exporters.
During a meeting with PTA representatives, Trade Development Authority of Pakistan (TDAP) Chief Executive Tariq Puri said the Government aims to develop the leather sector and its exports.
He said that the Government would strive to bring an end to smuggling and mis-declaration in wet blue leather export. read more.