The cost of importing cotton into China next year will be only slightly higher, after Beijing adjusted its formula for calculating tariffs, but some traders said this would not clarify uncertainty over demand by the world's top cotton buyer. The official announcement confirmed changes leaked in a report on Friday by industry website cncotton.com. The news sent prices on US futures exchange ICE up to a seven-week high as traders saw the details as confirmation that Beijing will continue to is

Twenty new garment factories will be set up shortly, Investment Promotion Minister Lakshman Yapa Abeywardena said in Parliament yesterday. He said despite the deprivation of the quota system and GSP Plus benefit, the government has been able to uplift the garment industries sector. He noted there are 7,000 vacancies in the garment industries as at present. The Minister said with the collapse of the garment industry in Bangladesh, many companies were come forward to invest in Sri Lanka and

Country’s readymade garment sector achieved an export earnings growth of 20.73 per cent in July-November of the current financial year despite political turmoil. In the five months of the FY 2013-14, the RMG sector fetched $9.65 billion against $8 billion in the same period of the FY 2012-13. The overall export earnings of the country also grew by 18.02 per cent to $11.96 billion in July-November of the FY14 from $10.13 billion in the same period of the FY13, which is 2.86 per cent higher

More than 500 apparel units, small and medium in size, will face closure by February next due to sharp fall in orders from the global buyers, industry leaders said on Sunday. They said, the buyers continued to shift their focus from Bangladesh to other garments manufacturing countries in the wake of political crisis, resulting fall in export orders. "As many as 500 garment units are expected to face closure by February onward due to sharp fall in export orders," Vice-President of the Bangl

Rana Plaza collapse is one of the world’s worst industrial disasters in Bangladesh which claimed at least 1,132 lives. Star file photo. A group that includes Canada’s largest unions is urging Hudson’s Bay Co, Canadian Tire Corp and other Canadian-based retail companies to sign a European-led initiative to improve safety for garment workers in Bangladesh. Proponents of the Accord on Fire and Building Safety in Bangladesh say it is stronger than the US-led Alliance for Bangladesh Worker Safe

APTMA Punjab Chairman said uninterrupted gas supply would help increase textile exports by $1 billion every month. PHOTO: FILE Some three million textile workers will continue to work during the next three months due to the federal government’s decision to supply 100 million cubic feet of gas per day (mmcfd) to the textile industry in Punjab, said All Pakistan Textile Mills Association (Aptma) Punjab Chairman S M Tanveer. In previous years, the Punjab-based textile industry would have had

The Indonesian textile industry growth prospects are estimated to remain sluggish during the 2014 year, owing to the planned increase in electricity power next year, said Benny Soestrisno, chairman of the advisory board of the Indonesian Textile Association (API). Mr. Soestrisno said the rise in electricity tariffs goes against the Government’s aim to improve competitiveness in domestic industries, especially during the phase of ASEAN Economic Community (AEC), which will take effect from 2015

PHNOM PENH (The Cambodia Herald) -- Around 40 Labor Unions in Cambodia have all agreed to pursue the third formula given by the Ministry of Labor, of a one time hike in minimum wage for footwear and garment factory employees in 2014. The Labor Unions agreed to pursue the hike in salary during a two-day meeting held on December 17-18. Ath thon, President of the Coalition of Cambodian Apparel Workers’s Democratic Union (C.CAWDU), said that the union leaders have chosen the one time hike in s

Owners of tannery, leather and leather goods industries demanded interest waiver on bank loans for the next two years in order to recover the business-losses during the past few months due to the political violence in the name of frequent hartal and blockade across the country. In addition, they also demanded fresh loans with a view to making payments of salaries and wages of the employees and workers during the period of political standoff. Engr M Abu Taher, chairman of Bangladesh Finished Leat

- File Photo The Economic Coordination Committee (ECC) of the cabinet on Tuesday formally approved a prime minister’s directive for diversion of 85 million cubic feet of natural gas from electricity to textile units. A senior government official said the withdrawal of gas from power sector would have an adverse impact on electricity tariff because of resultant reliance on furnace oil when hydropower generation would come to almost negligible level in the wake of winter canal closure. Ho