The World Bank will host a new facility to help nations experiencing heavy economic loss due to disasters induced by climate change, according to its president David Malpass, who recently announced the new instrument, the Global Shield Financing Facility, at a meeting with German Chancellor Olaf Scholz at the UN Climate Change Conference in Sharm el-Sheikh.Germany will offer €170 million for the Global Shield programme, Scholz, who has spearheaded the effort among G7 members to start an initiati

Climate change is a major threat to future growth and prosperity due to potential productivity losses, production shortages, damaged transport infrastructure and supply chain disruptions, according to the 2022 edition of the World Trade Organization’s (WTO) World Trade Report, which said trade is a force multiplier for countries' adaptation efforts in the face of climate disruptions.WTO’s flagship publication was released yesterday at the 27th United Nations Climate Change Conference (COP27)

The Global GYM market, impacted by the COVID-19 pandemic and the current unstable scenario is predicted to develop at a slight CAGR of 6.2% throughout the forecast duration of 2022 to 2032.The market size of this sector is predicted to be valued at $384.8 Billion by 2032 end. Which is now at a net worth of $204.5 billion in the year 2021.Figure: The market size of this sector is predicted to be valued at $384.8 Billion by 2032.The largest revenue share in the global gym apparel market is North A

Textile footwear, i.e., footwear made of fabrics, are expected to fare better than footwear made of rubber and plastic, leather and more. The market growth of textile footwear is estimated at 4.84 per cent annually between 2021-2026. Overall global market size of footwear will grow at 3.06 per cent annually to reach 26,073.89 million pairs.The textile footwear segment has completely recovered from the COVID-19 disruption.The market size for textile footwear was estimated at 5,825.44 million pair

China’s official manufacturing Purchasing Managers’ Index (PMI) recorded a contraction in activity (49.2) in October 2022, down from the very modest expansion (50.1) indicated in September 2022. Rising COVID-19 cases, further contraction in construction, and a possible contraction in export demand means this weakness will likely continue.The 50-point mark differentiates growth from contraction. “The reading dropped in October due to more frequent flare-ups of COVID-19. Economic recovery needs fu

North India’s cotton yarn prices were steady today as demand from downstream industry did not improve. A gloomy picture of future demand and fear of recession in Europe were the main causes of concern for the textile sector. Cotton yarn prices were stable in Ludhiana, Delhi and Panipat, and cotton prices remained unchanged after experiencing a sudden rise.Poor demand from the weaving industry did not support the market sentiments in Ludhiana where prices remained at the same level. “There was no

While most American businesses in China remain profitable, the impact of ongoing COVID-related restrictions is affecting business confidence and leading to lower investment, according to the China Business Report released by AmCham Shanghai recently. Recovery from the original 2020 shutdown has been stifled by the lockdowns earlier this year.Amid deteriorating US-China relations and macroeconomic pressures, members are reporting record-low optimism for revenue and the business environment, the r

China’s imports and exports from January to September 2022 rose by 9.9 per cent year-on-year (YoY) and were worth 31.11 trillion yuan (around $4.29 trillion). While imports to the country were valued at 13.44 trillion yuan (5.2 per cent YoY), exports added up to 17.67 trillion yuan (13.8 per cent YoY).The East Asian nation’s annual import and export growth rates for the period were 4.8 per cent and 13.2 per cent, respectively. China’s trade with the European Union, the United States, and the Ass

China’s imports rose by 5.2 per cent year-on-year (YoY) to 13.44 trillion yuan, while its exports touched 17.67 trillion yuan after an annual increase of 13.8 per cent. The country’s trade surplus during the period jumped 53.7 per cent YoY, totalling to 4.23 trillion yuan.The combined import and export value increased by 8.3 per cent compared to 2021, which is around 3.81 trillion yuan in September 2022, as per recent data from the General Administration of Customs China (GACC). Moreover, the na

The recent energy crisis has hit hard the Bangladesh textile mills. Industry leaders said that since the scarcity of gas began a couple of months earlier, 60% of textile mills’ production was hampered due to the gas crisis. And textile factories have reduced 30%-40% of their total production capacity and might hamper the $60 billion export earnings target set for the current FY23.Figure: Textile factories have reduced 30%-40% of their total production capacity.According to Bangladesh Textile Mil