UK-based Worn Again Technologies has completed its latest funding round, raising £27.6 million to support the construction of an innovative textile recycling demonstration plant in Winterthur, Switzerland. The latest investment round brings the company’s total raised funding to £42.9 million, representing its most successful funding tranche since its founding.“We are extremely happy with the results of this funding round, which was our most successful so far. As such, it demonstrates the strengt

The International Monetary Fund (IMF) is downgrading its global economic growth forecast, its managing director Kristalina Georgieva recently announced in an address to students in Washington, DC’s Georgetown University campus. “Overall, we expect global output as a result of all this [multiple shocks] to shrink between now and 26, 2026 by $4 trillion,” she said.IMF estimates that one third of countries around the world would experience, at least, two consecutive quarters of contraction this yea

Economic growth in China is expected to moderate to 3.3 per cent this year, amid restrictions related to the COVID-19 pandemic and tepid consumer demand, according to a new report by the Asian Development Bank (ADB).China’s economy is forecast to grow 4.5 per cent in 2023, according to the recently released Asian Development Outlook (ADO) 2022 Update.The COVID-19 pandemic continues to weigh on consumer confidence in China. External trade is projected to moderate in the second half of 2022, as de

China’s small and medium-sized enterprises (SMEs) have maintained their recovery momentum with the Small and Medium Enterprises Development Index standing at 88.3 for August 2022, the same as for July 2022. The recovery has been attributed to government policies intended to stabilise the economy.The index comprises many sub-indexes, which are used for estimating the progress and projections of SMEs. The sub-index for the industry sector, that had declined in July, rose by 0.1 points in August.Th

Beijing welcomes the development of US enterprises in China and will continue to provide a market-oriented, internationalised and legalised business environment, according to state councilor and foreign minister Wang Yi, who recently said his country’s attitude of continuing to strengthen economic and trade cooperation between the two countries is certain.This was one of the five ‘certainties’ about China that Wang, who recently met representatives from the National Committee on US-China Relatio

Ethiopia, China, and Germany have pledged to increase their cooperation regarding the promotion of the social, labour, and environmental standards in the textile sector of Ethiopia. Representatives of the three countries endorsed their commitment towards the ‘Sustainable Textile Investment and Operation in Ethiopia’ project at a recent conference in Addis Ababa, Ethiopia’s capital.The project, which is a collaboration between the China National Textile and Apparel Council (CNTAC), Deutsche Gesel

The COVID-19 pandemic has not been the major setback for global trade that many anticipated; rather international trade in goods has surged by as high as 10 per cent above pre-pandemic levels, even in the face of significant supply bottlenecks that constrained further growth, and trade growth is expected to dramatically accelerate in Sub-Saharan Africa, shows a new survey.New poles of trade growth are identified in Southeast and South Asia, according to the new DHL Trade Growth Atlas published b

China and Uzbekistan have signed a trilateral Memoranda of Understanding (MoU) regarding the management of the Kyrgyz section of the China-Kyrgyzstan-Uzbekistan railway project. The Central Asian state also approved the boosting of exports of textiles, shoes, and other goods to China in exchange for the latter to expedite the authorisation of animal and plant quarantine permits for different product categories.The two countries decided to accelerate railway construction in order to strengthen in

Various counts and varieties of polyester and polyester-cotton yarn were traded lower by ₹5-10 per kg today in Indian markets. Traders feel that demand for yarn is not improving due to muted activities in domestic and export markets. Higher prices of polyester raw materials failed to boost market sentiments. Market will have to wait for better sentiments.According to trade sources, there was no significant buying for domestic and export market. Export orders for garment, fabric and yarn were not

Profits of major Chinese apparel firms witnessed steady growth during the first seven months this year, increasing by 4 per cent from a year ago, according to official data. The country's 13,067 major apparel companies raked in profits of 37 billion yuan ($5.35 billion) during the period, according to the ministry of industry and information technology.Exports of garments and accessories increased by 12 per cent to $80.2 billion dollars during the period, the ministry said.Revenues of the co