Bangladeshi garment exporters have fallen victim to fraudulence recently, with some 26 companies apparently manufacturing goods worth around Tk 600 crore for a non-existent British company. Two local garment buying houses, Vanguard and ASM Apparels Ltd, placed the work orders on behalf of the “importer”, Y&X, saying that the latter is owned by a Bangladeshi-born British citizen named Manjur Billah. The duo offered higher prices, on condition that the raw materials have to be bought fro

After exceeding expectations in 2017, the global economy is projected to carry forward its current momentum to generate a 3 percent growth rate through 2018, the Conference Board said in its latest Global Economic Outlook 2018 on Monday. "Global growth has finally left the starting gate since the global economic and financial crisis," said Bart van Ark, chief economist of the Conference Board. "GDP growth, which we predicted to grow at 2.8 percent a year ago, is likely to end at about 3 perc

A three-day trade show on leather and footwear machinery, components, chemicals and accessories will begin in Dhaka on Thursday, organisers said yesterday. ASK Trade & Exhibitions Pvt Ltd in association with Leathergoods & Footwear Manufacturers & Exporters Association of Bangladesh (LFMEAB) will organise the fifth edition of the “Leathertech Bangladesh 2017” at International Convention City Bashundhara. Some 250 exhibitors from 15 countries, including India, China and Banglade

Bilateral trade between Myanmar and China amounted to over $5.5 billion in first half of present fiscal year 2017-2018, official Global New Light of Myanmar reported Friday. In accordance with official figures from the Ministry of Commerce, the country's exports to neighboring China reached $2.46 billion while its imports were $3 billion. The country usually trades with China via Muse, Lweje, Kanpikete, Chinshwehaw and Kengtung border points. Bilateral trade between the two countries

China is now the new engine of global economic growth, and the sound economic growth in China is conducive to the world at large, a German entrepreneur told Xinhua in a recent interview. Frank-Jurgen Richter, founder and chairman of Horasis, an international consultant firm, said on the sidelines of a two-day forum held in Sheffield, a city in South Yorkshire, earlier this week that "I think China is now, we can easily see, becoming the new engine of growth" in the world economy. "I thin

The All Pakistan Textile Mills Association (Aptma) Punjab Chairman Ali Pervaiz has urged the government to immediately notify withdrawal of 4 percent customs duty and 5 percent sales tax and other non-tariff restrictions on import of cotton to enable the industry to meet its export commitments. “Textile industry is in a difficult situation due to the prevalent cotton situation and warrants the government to act swiftly and remove restrictions rather than waiting till January 1, 2018 to do so,

White Oak Commercial Finance, among the nation's leading lenders to the middle market, has awarded a $15 million factoring facility to Mias Fashion, an innovative leader in the full package apparel manufacturing and global sourcing. Since 1999, Mias Fashion has efficiently produced high-quality products for many of the country’s leading brands and retailers. The company is headquartered in Santa Fe Springs, CA with global operations in South Korea, Mexico and Vietnam. The $15 million line of

US garment, textile and footwear firms are seeking investment opportunities in Vietnam after their country withdrew from the Trans-Pacific Partnership (TPP). According to American Apparel & Footwear Association (AAFA) senior vice president Nate Herman, Vietnam’s strengths in quality, price and delivery commitments attracts US retailers to the country. Herman said Vietnam surpassed rivals in export growth to the United States despite receiving no preferential trade pacts. Vietnam’s export

Pakistan is taking various steps, including introduction of zero-rating regime for textile, leather, carpets, surgical goods and sports goods, to enhance exports, commerce and textile minister Muhammad Pervaiz Malik informed the senate recently. He said Pakistan has so far signed free trade agreements (FTAs) with China, Sri Lanka and Malaysia. Pakistan signed the FTAs with Sri Lanka, China and Malaysia in August 2002, November 2006 and November 2007 respectively. During 2014-15, exports

The Andhra Pradesh agriculture department officials are expecting 4.66 lakh tonnes of cotton out of 1.82 lakh hectares of farm land in Guntur district, according to civil supplies minister P Pulla Rao, who held a review meeting recently with officials and asked them to ensure farmers get the minimum support price (MSP) set by the government for their crop. The Cotton Corporation of India will set up 11 purchase centres in the district to purchase cotton from the farmers at the MSP, a report