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| Cotton & Textiles | [1-2 of 2 stories]
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Prices move upward on cotton market amid tight supply due to wet spellsKARACHI (July 30, 2010): Activity was thin on the cotton market on Thursday as ginners raised asking price owing the tight supplies due to monsoon rains, dealers said. The Karachi Cotton Association (KCA) official spot rate for the second day in a row, was raised by Rs 100 to Rs 6200, they said. In the ready business, only 1600 bales of cotton changed hands between Rs 6000-6400, they said.
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Smart recovery on cotton marketLAHORE (July 30, 2010): After a couple of months of uncertainty and volatility in the domestic cotton market, cotton prices have found a positive direction when the federal government removed the two month old Regulatory Duty on yarn exports on the 26th of this month. Consequently, cotton prices have made a handsome recovery of Rs 200 to Rs 400 per maund (37.32 Kgs) since the inception of this week.
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Prices move up on cotton market as monsoon rains cut phutti arrivalsKARACHI (July 29, 2010): Picking operations halted by ongoing monsoon rains in the country, which cause increase in the rates on the cotton market on Wednesday, dealers said. The Karachi Cotton Association (KCA) official spot rate was higher by Rs 100 to Rs 6100, they said.
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Powerloom owners announce closure of factoriesFAISALABAD (July 29, 2010): The representatives of the powerloom owners on Wednesday have announced to shutdown their factories for indefinite period. They also demanded of the government to provide protection to their weaving units. Thousands of members of Powerloom Workers Union and Labour Qaumi Movement held protests in favour of their demands in Ghulam Muhammadabad Colony.
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Value-Added Textile Forum rejects government's decisionMULTAN (July 28, 2010): Value-Added Textile Forum leader Syed Muhammad Aasim Shah has rejected the decision of the cabinet committee on textiles to waive 15 percent regulatory on textile and withdrawal of quota restrictions describing it unjust and illogical. He said that Federal Government had left Ready-made Garments Manufacturers, Bedwear and Cloth manufacturers alone that earn ten-time more foreign exchange than raw material exporters.
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Hike in power tariff resentedLAHORE (July 28, 2010): Leading textile Industrialist, Mian Faraz Alam has criticised the government for allowing further increase of 64-paia in the electricity tariff and termed it anti-industry step. In a statement, Mian Faraz Alam said the increase in electricity tariff would further enhance the cost of doing business and now it would be very difficult for the businesses to afford electricity at such a high price.
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Yarn export: Aptma hails regulatory duty removalKARACHI (July 28, 2010): Shahzad Ahmed, Chairman, All Pakistan Textile Mills Association has hailed the decision of removal of 15 percent Regulatory Duty on yarn export by the Cabinet Committee on Textile. In a statement issued to the press Chairman Aptma Shahzad Ahmed welcomed the decision of the Cabinet Committee on Textile that the free market mechanism has to be implemented in its true spirit to enable the whole chain of textile industry to stand on their feet in a competitive environment.
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15 percent regulatory duty on yarn export goesISLAMABAD (July 27, 2010): The Cabinet Committee on Textile which met with Finance Minister Dr Abdul Hafiz Sheikh in the chair on Monday abolished 15 percent regulatory duty on export of yarn and decided to carefully monitor domestic availability of the commodity. "Now there will be no government intervention and free market mechanism would prevail as far as export or import is concerned," a senior official of the Textile Ministry told Business Recorder.
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