Global news roundup
The following is a round-up of apparel and footwear news from the world's local media. just-style has not checked these stories so cannot guarantee their accuracy.
Bangladeshi textile maker Tung Hai Knitting and Dyeing has received approval for an initial public offering (IPO). The company got the go-ahead from the Bangladesh Securities and Exchange Commission Tung Hai to raise BDT35 (US$0.45) per share through the IPO. Funds from the float will be used to meet working capital needs, purchase machinery and pay debt. THE DAILY STAR
Karachi textile mill owners have begun lobbying the Ministry of Textiles against duty exemption on imports of cotton yarn. The value-added textile export sector, however, has reacted strongly against this, claiming the move would result in the value-added sector once again facing hardships due to acute shortages of cotton yarn and an increase in prices. THE NEWS
Cameroon is testing genetically modified cotton to increase production in the country, according to a report by the International Service for the Acquisition of Agri-biotech Applications (ISAAA). Sodecoton began trials to introduce transgenic cotton in the country in 2010. Cameroon expects to produce 240,000 tonnes, which would be 30,000 higher than last year’s yield. BUSINESS IN CAMEROON
A fire broke out at garment factory in the Bangladeshi capital last week. No casualties were reported. A police official at Hazari Bag station said the fire broke out after business hours. "A series of deadly incidents, including a building collapse that killed more than 1,100 people last April, has sparked global concern over weak safety standards in the $22bn industry," he said. OMAN OBSERVER
Some 13 child labourers were rescued from footwear factories in Delhi, India last week. The victims, including boys aged between 12 and 17, worked 12-15 hour days making sandals and school shoes. NGO Bachpan Bachao Andolan (BBA) chairperson R S Chaurasia said the government is not doing enough to stop child trafficking and exploitation of children. BUSINESS STANDARD
An interactive databank with intelligence on the major apparel sourcing countries
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- Footwear to see "significant" gains from TPP
- Is China really going through a slump?
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- UK retailers key to domestic manufacturing growth
- Gap to close 75 stores amid "disastrous" Q1
- H&M criticised for India, Cambodia labour abuses
- US Q1 in brief: Buckle, Destination XL
- M&S to see "departure" of sourcing chiefs?
- Victoria's Secret discontinue swimwear to simplify