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Indian Textile Industrialists Seek Action Over Textile Dumping

September 15, 2015 News

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Indian Textile Industrialists Seek Action Over Textile Dumping

On the heels of top guns of India Inc demanding protection for the textile industry from cheap Chinese imports, textile manufacturers and associations have warned that the domestic industry would be extinct if dumping is countered.

The industry claims that as much as 60 per cent of dumping happens from China, and unofficial estimate peg the size of this trade varying between 20 and 40 per cent of the USD 105-billion domestic textile industry.

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Indian textile exports to gain from extended GSP benefit

August 5, 2015 News

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Indian textile exports to gain from extended GSP benefit

Indian-textile-exports-to-gain-from-extended-GSP-benefitAll GSP eligible merchandise including textiles will benefit from the US government’s announcement of extending the benefit under the Generalized System of Preferences (GSP) to developing countries. In a notice issued on 28 July, the US Customs and Border Protection (CBP) said that it will “again accept claims for GSP duty-free treatment for merchandise entered, or withdrawn from warehouse, for consumption and that CBP will process refunds on duties paid, without interest, on GSP-eligible merchandise that was entered during the period that the GSP programme was lapsed.” (more…)

71 textile units to monitor energy consumption

August 4, 2015 News

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71 textile units to monitor energy consumption

71-textile-units-to-monitor-energy-consumptionA group of 71 textile units have come together to implement a comprehensive energy management system (EMS) to monitor energy consumption of each and every machine round-the-clock. The initiative was coordinated by Indian Texpreneurs Federation (ITF) with an aim to continuously evaluate the machine health and operating practices through the hardware and software installed as part of the EMS. (more…)

Korean textile firms start factory construction in Vietnam

August 1, 2015 News

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Korean textile firms start factory construction in Vietnam

Korean-textile-firms-start-factory-construction-in-VietnamSouth Korea’s Panko group has started construction of a garment and textile factory in Vietnam’s Tam Thang industrial zone in Tam Ky city, the central province of Quang Nam, according to reports in the Vietnamese media. The factory is being built on an area of over 30 hectares with a total investment capital of $70 million and it is expected to employ about 15,000 workers. (more…)

Century Textile posts Q2FY16 loss from higher finance cost

July 31, 2015 News

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Century Textile posts Q2FY16 loss from higher finance cost

Century-Textile-posts-Q2FY16-loss-from-higher-finance-costDriven by a 53.24 per cent hike in finance costs and also higher expenses, BK Birla Group company Century Textiles and Industries Ltd slipped in to a loss in the three months to June 30, 2105. Higher finance costs at Rs 147.51 crore, up 53.24 per cent year on year led to Century Textiles reporting a loss of Rs 29.01 crore in the reporting quarter as against net profit of Rs 66.49 crore in prior fiscal first quarter. (more…)

ACIMIT records increase in Italian textile machinery order for 2Q 2015

July 30, 2015 News

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ACIMIT records increase in Italian textile machinery order for 2Q 2015

ACIMIT-records-increase-in-Italian-textile-machinery-order-for-2Q-2015The Association of Italian Textile Machinery Manufacturers (ACIMIT) has recorded a 15% increase in orders of Italian textile machinery for the second quarter of 2015 over the same period of last year. The value of the orders index for this period amounts to 99.4 points. Italy remains under observation, but is showing sure signs of a recovery – domestic orders have risen by 7% compared to the second quarter of 2014, the association reports. (more…)

Stora Enso divests recycled fibre based board mill

July 29, 2015 News

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Stora Enso divests recycled fibre based board mill

Stora-Enso-divests-recycled-fibre-based-board-millIn line with its strategy to focus its consumer board offering on high quality virgin fibre products, Stora Enso has sold its Barcelona mill, which produces recycled fibre based consumer board, to private equity fund Quantum. “The initial cash consideration for the divestment of the shares is approximately €10 million, subject to customary closing day adjustments,” Stora Enso said in a press release. (more…)

No change in CENVAT rules on excise duty for textile goods

July 29, 2015 News

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No change in CENVAT rules on excise duty for textile goods

No-change-in-CENVAT-rules-on-excise-duty-for-textile-goodsThere is no change in exemption from excise duty for textile goods as mentioned in central value added tax (CENVAT) Rules 2004, the Union Ministry of Finance has clarified. The Central Board of Excise and Customs (CBEC) had issued a notification on July 17, 2015, which stated that the excise duty credit could be claimed by the manufacturers of end products only if the previous links in the manufacturing chain had paid the excise duty for the inputs at each of the stages. (more…)

Thailand, Vietnam to enhance cooperation in textile sector

July 28, 2015 News

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Thailand, Vietnam to enhance cooperation in textile sector

Thailand-Vietnam-to-enhance-cooperation-in-textile-sectorDuring their recent joint Cabinet meeting in Bangkok, Vietnamese Prime Minister Nguyen Tan Dung and his Thai counterpart Prayut Chan-o-cha agreed to intensify cooperation between the two countries in various sectors, including the textile sector. (more…)

Beyond Denim at Intertextile to cover entire supply chain

July 28, 2015 News

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Beyond Denim at Intertextile to cover entire supply chain

Beyond-Denim-at-Intertextile-to-cover-entire-supply-chainThe organisers of Intertextile Shanghai, Messe Frankfurt have expanded Beyond Denim zone to cover entire denim supply chain and will house denim yarns, fabrics, garments, accessories and machinery. Intertextile Shanghai is the industry’s largest apparel fabrics and accessories event, and takes place at the brand-new National Exhibition and Convention Center (Shanghai) from October 13–15, 2015. (more…)

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