Adidas, the German maker of sportswear and equipment, said Thursday that profits were down in the third quarter due in part to exchange rate effects, but it is sticking to its full-year targets. Adidas said in a statement that its net profit fell by 11 percent to 282 million euros ($352 million) in the period from July to September. Underlying or operating profit fell by 12.7 percent to 405 million euros while sales grew by 6.2 percent to 4.118 billion euros. "During the third quarter o

The immediate future of Swaziland’s duty-free export market to the United States (US) through the Africa Growth and Opportunity Act (AGOA) is hanging by a thread as Swaziland will be struck off the beneficiaries of AGOA late December, if it fails to meet the benchmarks. Varying stakeholders from the textile and apparel industry in the country have sent an impassioned request to United States President Barak Obama, to at least give Swaziland a few months more to sort the benchmarks hurdle tha

Despite a drop in Europe, global yarn output rose in the second quarter of 2104 from its previous quarter, due to higher yarn production in Asia, South and North America. “On an annualised basis, yarn production increased, only as a result of higher output in Asia with South America, North America and Europe recording reductions,” the latest report of the International Textile Machinery Federation (ITMF) reveals.Asia’s production is traditional significantly higher in the second quarter, compar

Ambassador of Russian Federation to Bangladesh Alexander A Nikolaev on Friday said Russia was keen to import readymade garments from Bangladesh. ‘The apparel sector has developed in Bangladesh with enormous potentials and there is ample scope to export garments to Russia from here,’ said the Russian envoy. The Russian ambassador was speaking while visiting RMM Knit Clothing and Sweater Factory at Aliganj in Narayanganj sadar upazila Friday morning. The European Union member countries

Textile exports of the country registered a nominal increase of only one percent in the current calendar year and netted $9.1 billion as compared to $9 billion during the same period of last year, it is learnt. Official sources revealed to Business Recorder that textile exports to the European Union (EU) registered an increase of 19 percent during the first nine months of the current calendar year and remained at $3.98 billion as compared to $3.3 billion during the same period of last year.

As China sends more aid to the Ebola-plagued west Africa, medical equipment suppliers are fighting the epidemic on another front as they rush to meet the soaring global demand for protective products. Protective gear such as coveralls, gloves and goggles are essential supplies in the battle against the deadly virus, with Chinese suppliers seeing a wave of orders from concerned countries. Gao Yan, a sales manager of Crown Name Disposable Hygiene Products Fty Ltd based in Hubei province, sai

CHINA is hoping that APEC will play a coordinating role in establishing a Free Trade Area of the Asia-Pacific (FTAAP), a Chinese official said yesterday. It is seeking implementation of an APEC information exchange for free trade areas to increase transparency and facilitate interaction among Trans-Pacific Partnership Agreement members and the Regional Comprehensive Economic Partnership, Wang Shouwen, assistant commerce minister, told a press conference. China also hopes concerned parties

The country’s jute growers have incurred huge losses this season as most of them failed to achieve their production target due to unfavourable weather during the cultivation, growers and traders told New Age. They feared jute production might have declined by 30-40 per cent this year across the country due to severe drought in the beginning of the season and downpour in the mid-season. Due to the decrease in jute production, its prices increased by 15 per cent compared with the last year’s

Cotton export has started to pick up, with the new season (October to September) having begun, but is unlikely to meet the estimates put forward by the Cotton Advisory Board (CAB). The Board, under the Union textile commissioner, has estimated total export in 2014-15 at nine million bales (a bale is 170 kg), about 23 per cent lower from the previous year’s export of 11.7 mn bales. Analysts believe the total might be no more than 7-7.5 mn. Prerana Desai, head of research with Edelweiss Comm

Mills and spinners continued buying on expectations of increase in prices in times to come, dealers said on the cotton market on Friday. The official spot rate was unchanged at Rs 5,150, they added. In the ready session, around 30,000 bales of cotton changed hands between Rs 4600 and Rs 5300, they said. In Sindh, rates of seed cotton were firm at Rs 2000 and Rs 2500, in Punjab prices were unchanged at Rs 2400 and Rs 2650, they said. Market sources said that in the short run, no major change