DESPITE better growth prospects for all the sectors, skyrocketing oil prices are likely to caste a shadow on the Indian economy. The textile sector, in particular, may be affected by spiralling oil prices, as major fibre intermediates are derived from petroleum products such as naphtha, according to a report from YarnsandFibers, a market intelligence company. In the first eight months of 2005, crude oil prices rose 40-50 per cent and naphtha is now dearer by almost 25 per cent. This may set

EU hails end of China clothes logjam, but new clouds loom BRUSSELS: European retailers are looking forward to the end of a logjam of Chinese clothing imports this week but warn that a new "disaster" could already be looming, threatening further EU-China strains. The European Union hopes that by the middle of the week it can start releasing millions of bras, trousers and other cheap Chinese-made clothes blocked at European ports for weeks in a row over import quotas. EU trade chief Peter Ma

MANCHESTER, England: Britain's finance minister, Gordon Brown, has urged his European Union counterparts to push ahead with economic reform so the bloc can compete with the booming economies in Asia. "Asia will surpass Europe in the coming 20 years," Brown warned during two days of informal talks between the ministers in Manchester, northern England, which ended yesterday. "There is a temptation to believe that this is a race to the bottom. All the evidence I have is that these countries are

The Dutch inflation rate in August 2005 reached 1.8 percent, up 0.2 percent point on June and July. Then prices were 1.6 percent higher than the year before according to the consumer price index of Statistics Netherlands. The increase is mainly due to price developments in petrol, gas, electricity, potatoes, vegetables and flowers.The Dutch inflation rate according to the European harmonised method was 1.6 percent; 0.1 percent point higher than in July. Price rise of 0.4 percent in August In Aug

On September 7, 2005, Member States endorsed the outcome of the negotiations with China in Beijing on 4-5 September, as reflected in the Agreed Minutes of 5 September, and the Textiles Committee gave its positive opinion to a draft Commission Regulation destined to implement the Agreed Minutes and to unblock as a matter of urgency the goods shipped from 13 July in excess of the agreed levels set out in the 11 June Memorandum of Understanding (the MoU). The Commission is taking all necessary step

EU states backed a plan on Wednesday to free up blocked Chinese textile imports but Denmark slammed the deal as out of touch with modern trade, a sign of how deep divisions remain over Europe's response to Asian competition. Reuters reported. European Trade Commissioner Peter Mandelson -- who has been buffeted by the rival interests of Europe's textile producers and retailers -- praised the "solidarity" of member states and said he expected the goods would begin to be released next week. Tens of

US apparel imports from China in categories embargoed since July have now virtually ground to halt, according to latest data. Shipments received in August were mainly down from July but remain above the monthly average for 2005. Imports of wool products are going up. Industry associations are continuing to react and pushing for further safeguard measures. Latest data from the US Department of Commerce reveal a virtual standstill of imports into the US of Chinese apparel in categories embargoed

Reports by industrialists show that in the second quarter of 2005 there was acceleration in the rate of industrial output and in the extent of sales to the domestic market. This was accompanied by a continued slow expansion of the number of workers in industry. As against this, a slowdown was registered in the rate of export shipments, accompanied by a slight slowdown in the rate of investments in fixed assets. Companies with manufacturing activities abroad report a slowdown in the rate of growt

Peter Mandelson must be a relieved man, after all!What after all the jetlag, and rounds of negotiations, not only with China but putting it across to dissenting members of the European community for unblocking Chinese textiles that jammed sea ports of member countries.Now, its matter of days that some 80 million Chinese jumpers, trousers and other textiles will reach retailers, some of whom had already sought alternate sources for replenishing vanishing stocks.China will definitely celebrate thi

In view of the growing cotton output worldwide, specially from India, Pakistan and China, besides plummeting prices, Australian cotton growers have started piling up stock for prices to go up.Already, the above countries have forecast above average to bumper cotton output. Leading cotton agency for India has announced that the country's output will go up from 18 million bales to 21 million bales, this year.Cotton markets in Pakistan have also been witnessing subdued prices even as fresh stocks h