Directorate of Intelligence and Investigation has arrested a yarn trader on charges of committing tax fraud of Rs762.6 million by adjusting fake purchases of 51 spinning mills of different areas. A case was already registered with the directorate in 2014 and investigation was under way to identify the culprits involved in the tax fraud. An officer requesting anonymity told Dawn that during investigation conducted by the Inland Revenue, it was detected that Naveed Iqbal of Rehman Textile,

Representatives of 65 international retailers, who source garments from Bangladeshi factories, yesterday demanded an immediate solution to the current political crisis, saying the ongoing blockade is interrupting their supply chain. The retailers and brands expressed the concern at the regular "buyer forum meeting" at Westin Hotel in Dhaka. “Usually, during this time of the year we discuss with the buyers the future growth plan of garment exports from Bangladesh,” Atiqul Islam, president o

The price index of issue 20150202 of “China • Keqiao Textile Index” closed at 103.65 points, 0.08% higher than that of last period, 0.07% up from the beginning of this year, and decreased by 1.45% YOY. In this period, prices of textile raw material, grey cloth and home textiles decreased slightly; turnover of apparel fabric and apparel accessories had a slight increase. A. Price of textile raw material decreased slightly. According to statistics, price index of raw material in this period

For the full year of 2014, sales at global specialty chemical company, Eastman Chemical grew by just 2 per cent over 2013 to $9.5 billion. Operating earnings for 2014 amounted to $1.6 billion, a slight increase compared with 2013, while reported 2014 operating earnings stood at $1.2 billion compared with $1.9 billion for 2013. Eastman said results of the acquired Taminco and Commonwealth businesses and of the acquired aviation turbine oil business following the acquisitions is included in

Botswana companies have failed to take full advantage of AGOA because of lack of raw materials and complications arising from US rules of origin despite of that according to the statistics from US Department of Commerce, Botswana exports to US under the African Growth Opportunity Act (AGOA) increased by 53 percent from $5.5 million (P52 million) to $8.5 million (P80 million) in the first 11 months (Jan-Nov) of the year, mainly on the back of increase in textile and apparel. While Botswana is

The government is set to introduce new textile policy immediate after the Union Budget scheduled to be held on February 28, said Kiran Soni Gupta, Textile Commissioner. She was inaugurating The Clothing Manufacturers Association of India (CMAI)'s 60th National Garment Fair, the two-day event in Mumbai on Wednesday. She said that 13 textile parks are in various stages of consideration. The government has sanctioned 61 textile parks of which 55 are operational. Rahul Mehta, President of C

The textile and clothing industries of India and Vietnam are more complementary than competing in nature. Both can end up in a win-win situation by cooperating with each other, says Rajesh Kumar Shah With annual exports of around US$ 40 billion, India is currently the second-largest textile and clothing exporter in the world, next only to China. However, nearly $25 billion of this amount is earned by exporting textiles like yarn and fabric, with China being a leading destination, especially

China's yuan has become the world's fifth most widely used payments currency, with the value of cross-border deals settled in it more than doubling in 2014, data from transactions organisation SWIFT showed Wednesday. The data comes as China looks to make the yuan used more internationally in line with its standing as the world's second-largest economy, while at the same time keeping its value tightly controlled. The yuan, also known as the renminbi (RMB), overtook the Canadian dollar and t

The longstanding demand of the Lahore Chamber of Commerce and Industry (LCCI) that the mark-up rate should be at the lowest to provide some breathing space to industries has been taken care of with the State Bank of Pakistan’s (SBP) decision to cut the interest rate by 100 basis points – from 9.5% to 8.5% which will not only help stimulate private sector growth but also bring down the inflation rate according to them. All Pakistan Textile Mills Association Chairman SM Tanveer said that the de

Bangladesh’s RMG sector is gradually losing its share in the European Union market due to factors like political unrest and lack of compliance, which gives boost to its global competitors. According to Eurostat data, the country’s apparel export registered slow growth in July-October period last year compared to its competitors. In 10 months of last year the country earned 11.7% RMG export growth in the EU market while Vietnam posted 22.88% growth, Cambodia 25.41% and Pakistan 28.26%.