The industry and banks have hailed the 25 basis point cut in the repo rate and Cash Reserve Ratio. While the lending institutions feel that this will help ease the tight liquidity in the system, the seeker of finance thinks that this will help ease the pressure on the borrowing cost. Who will say ‘no’ to cheaper finance or lower rates? The industry obviously will expect more and this is exactly what the knitwear exporting community too is looking forward to. While welcoming the RBI’s de

BOON:The new textile unit at Ramco textiledivision at Rajapalayam in Virudhunagar district.— file photo Textile export units in Karur and elsewhere would benefit immensely from the Registration, Evaluation, Authorisation and Restriction of Chemical Substances (REACH) programme organised by the international testing agency TUV Rheinland, according to Bhaskar, Director (Finance and General Administration), TUV Rheinland India. Speaking at the high-level Summit and Best Practice Exchange Foru

Taiwanese footwear manufacturing company PT Shyang Ju Fung issued separation pay on Tuesday to workers it was laying off, due to it halting production activities in Indonesia. The company, which produced footwear under the Assic brand name, has been laying off its roughly 2,500 employees since last November. Industrial relations between workers and managers in the company have been tense, severely affecting production activities. “Since we started production activities in 2009, our workers

Cotton production in Burkina Faso, one of the first countries in Africa to approve genetically modified cotton, jumped 57.5 percent in 2012-2013 due to an increase in GMO crops, the producers' association said. Output for the year to end-January 2013 rose to 630,000 tonnes from 400,000 tonnes in 2011/2012 and exceeded the association's expectations for 532,000 tonnes, the Burkina National Cotton Producers' Union (UNPCB) said on Thursday. Burkina Faso, which relies on cotton as one of its major

The deal between India and Bangladesh for cotton shipments, which will be at a business-to-business level, is being worked out by the Commerce and Textile Ministries of the two countries. India and Bangladesh may shortly seal an agreement on cotton that will ensure supply of a fixed minimum quantity from New Delhi to its neighbour every year irrespective of any export ban. “Bangladesh wants India to commit to 15 lakh bales (170 kg each) of cotton every year, but the final amount is sti

Invista, one of the world's largest integrated producers of polymers and fibers, announced on Thursday it will initiate a $1 billion nylon project at Shanghai Chemical Industry Park. It has received approval from the Chinese authorities regarding both the environmental impact assessment and the project application report, a step toward its plan to construct a nylon 6-6 intermediates manufacturing facility, according to Warren Primeaux, president of Invista Intermediates. Nylon 6-6 is preferred

Close to 400 textile processing units in the city have been hit hard by the curtailment of the natural gas supplied by the Gujarat Gas Company Limited (GGCL) to industries from the past two days and claim that it has resulted in a production losses to the tune of Rs 25 crore. South Gujarat Textile Processers Association (SGTPA), apex body of the textile processing sector, said that the processing of textile fabrics at over 50 dyeing and printing units in Pandesara GIDC has come to a halt as th

A collapse in demand for woollen carpet, both in New Zealand and abroad, is one of the main reasons the country's only independent yarn spinner decided to get out of the business. Summit Wool Spinners, cited the lack of demand for good wool yarn for carpets and the high kiwi, when it announced on Thursday it is selling the plant to Godfrey Hirst Carpets with more than 190 employees to be made redundant. Godfrey Hirst managing director Tania Pauling said that if the sale goes through, the com

Wool prices lost more ground at this week's sale. Demand from China and pressure to get wool shipped quickly, pushed up prices at the first sales of the new year. But prices for most wool types fell last week, as that pressure eased and that trend continued at Thursday's combined North and South Island sale. New Zealand Wool Services International says mid micron fleece and fine crossbred fleece and shears were up to 4% cheaper. Coarse crossbred fleece sold for up to 6% less, except for