Global news roundup
- The Foreign Investment Promotion Board (FIPB) has deferred fashion retailer Inditex's proposal for a joint venture with The Tata Group for its Massimo Dutti brand. Under single-brand retail, Inditex's subsidiary Zara proposed a 51:49 venture with Tata Group. However, the FIPB said one of the stipulations of single-brand retail is that the foreign investor has to be the owner of the brand but Zara does not, its parent company Inditex owns the brand. THE ECONOMIC TIMES
- In Ethiopia, a committee of cotton and textile stakeholders, plans to allocate 10,000 tones of cotton to 15 textile companies to support cotton growers. There are 15 textile factories in Ethiopia, which have the capacity to produce 110,178 tonnes on a yearly basis. However, cotton growers are not pleased with the proposed 10,000 tonnes because the figure is based on factory capacity and not demand. The Ministry of Agriculture (MoA) is talking to the Development Bank of Ethiopia (DBE) and the Commercial Bank of Ethiopia (CBE) about providing textile factories and cotton growers with loans. ADDIS FORTUNE
- In Thailand, garment and textile exporters predict a 15% shrinkage in their exports this year because of the EU debt crisis, according to the Thai Garment Manufacturers Association (TGMA). Garment exports in the first five months of the year was down 9.2% to US$1.21bn, while textile exports reached $1.75bn during the period, down 18.8%. The TGMA predicts slower orders of garments from the EU in September and October due to the debt problems of Spain, Italy, Ireland and Greece. THE BANGKOK POST
- Thai footwear manufacturer Pan Asia Group is restructuring its business by shutting half of its shoe and parts factories to rationalise operations and reduce production costs after orders have shifted to Vietnam. Five factories in Nakhon Ratchasima's Chakkarat and Phimai districts and in Buri Ram province will be shut down. The company will keep its Si Racha production base and nearby factories to lower production costs by at least 5% and increase management efficiency. THE BANGKOK POST
- Pakistan's textile sector is expected to grow at a faster pace in fiscal 2012-2013 because of concessions given to the country's textile products by the World Trade Organisation in February. Exporters are expected to comply with international obligations including ISO certifications. Textile projects to be carried out include Pak-Korean Garments Technology Training Institute at INR300m and Lahore Garment City Co at INR587m. THE DAILY TIMES
An interactive databank with intelligence on the major apparel sourcing countries
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