Zu Cowperthwaite joined Hermes Fund Managers in Boston as a portfolio manager on the firm’s global equities team, confirmed John Chisholm, an institutional portfolio manager with the firm.

Her post, responsible for stock selection in the global consumer sector, is new. She becomes the global equities team’s eighth member.

Ms. Cowperthwaite was co-portfolio manager of a Loomis Sayles global consumer long/short hedge fund.

Loomis spokeswoman Erin Heard confirmed the Loomis Sayles Consumer Long/Short hedge fund was liquidated as of April 30, and its two co-managers, Ms. Cowperthwaite and Ted Finch, had both left the firm.

Reached by telephone, Mr. Finch said he will launch a new firm, Big Rock Capital LLC, in September, to run a long/short opportunity fund and a long/short green fund.

Source: http://english.ctei.gov.cn/News/Companies/253147.htm

Zhejiang Litian Group signed an agreement with Wensu local government in August 12th to invest a 100,000 spindles line, 10 ring spinning lines, 300,000 sets of home textile lines and two weaving bags lines.

Zhejiang Litian Group is a large company invloving in home textile, fabrics manufacturing, plastics, printing and trade. Under this agreement, this project will be located in Akesu Industry Zone, covering an area of 500 mu and investment with 300 million yuan in five years. It is divided into two stages. In first stage, it will invest 150 milion yuan to construct 50,000 spindles line and two weaving bag lines and is expected to put into production on March 2012. The second stage will accomplish in May 2015.

Source: http://english.ctei.gov.cn/News/Companies/252403.htm

New York, NY - Paris, Texas cotton producer Ricky Bearden was unanimously voted in as the Cotton Incorporated Board Chairman for the 2010 through 2012 term. Bearden succeeds California grower Ted Sheely, who held the post for the prior two years. Mr. Bearden brings more than 30 years of practical experience as a cotton producer to the post. In addition, he has lent his leadership to a range of cotton-related organizations at the local and national level.

Cotton Incorporated President and Chief Executive Officer J. Berrye Worsham said this of Bearden’s appointment, “All of us at Cotton Incorporated are delighted to have Ricky on board. His keen understanding of the cotton industry will be an asset during his term as Cotton Incorporated Board Chairman.”

Ricky Bearden is a native of Paris, Texas where he grows cotton, wheat, milo, peanuts and black-eyed peas on his 6,000-acre farm. He has served as a director on the boards of the National Cotton Council, Cotton Incorporated, and the American Cotton Producers, and was also president of the Plains Cotton Growers, Inc. from 2004 to 2006.

Cotton Incorporated, funded by U.S. growers of upland cotton and importers of cotton and cotton textile products, is the research and marketing company representing upland cotton. The Program is designed and operated to improve the demand for and profitability of cotton.

Source: http://www.cottoninc.com/PressReleases/?articleID=543

Bangladesh: UNB, Dhaka The government does not plan to lower the interest rate right now, Finance Minister AMA Muhith said Tuesday. “We’re not in a position to assure you of lowering the interest rate,” Muhith said while replying to business leaders at a meeting held at the secretariat on Tuesday. Presidents of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Abdus Salam Murshedy, AK Azad and Selim Osman met Finance Minister to place their set of demands including implementation of the stimulus package.

Bangladesh Bank governor Dr Atiur Rahman, Finance Secretary Dr Muhammad Tareq and central bank deputy governor Ziaul Hasan Siddiqi were also present in the meeting. BGMEA president Murshedy said they did not get the benefit of the government-announced stimulus package yet and demanded quick release of the fund.

“There was an announcement in the stimulus package that renewal fees for captive generators will be waived but it also remained unimplemented,” he said. Murshedy also sought the Finance Minister’s initiative to reduce the interest rates against loans sanctioned from the export development fund (EDF). In reply, Muhith said the interest rate would be 1 per cent for up to $1 million and above it, the interest rate would rise to 2.5 per cent.

Talking about the issue, BB Deputy Governor Ziaul Hasan Siddiqi said the interest rate of the EDF is fixed by the LIBOR (London inter-bank offered rate). FBCCI president AK Azad sought government support to resolve the problems of the RMG sector. BKMEA president Salim Osman said they did not get any benefit out of the government-announced stimulus package and he demanded quick implementation of the announcement. He also demanded uninterrupted supply of gas and power to grow industry faster. The business leaders demanded supply of diesel and furnace oil to the manufacturing units with the same price which Bangladesh Petroleum Corporation spends for import. They said they do not want subsidy on diesel and furnace oil.

Source: http://www.bgmea.com.bd/home/pages/Business_leaders_demand_quick_release_of_stimulus_package

Bangladesh: BGMEA Thursday appreciated the government’s latest decision of reviving 270 sick garment factories to help rehabilitate the units by resuming production.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in a statement said the decision has proved that the government is industry and labour-friendly.

The government’s decision came considering the important role of the ready-made garments (RMG) sector in national economy and export trade, and in creating employment opportunity.

According to the decision, the sick industries will get an opportunity to receive fresh loans, and repay the principal amount of their default bank loans in 10-yearly instalments. Owners of the sick garment industries will not have to pay any amount for getting their default loans rescheduled.

Earlier, the BGMEA submitted a list of 270 garment factories to the Finance Ministry to avail the special financial facility.

A senior BGMEA official said the steps would help the closed garment factories resume their production. “The garment sector is doing well amid various internal and external challenges. We want speedy and smooth implementation of the decision to enhance our export,” he added.

Source: http://www.bgmea.com.bd/home/pages/BGMEA_lauds_govt_decision_to_revive_270_sick_RMG_units

Union Textiles Minister Thiru. Dayanidhi Maran, has expressed satisfaction over the recently announced Annual Supplement 2010-11 to the Foreign Trade Policy 2009- 14. He hoped that the incentives offered would result in increase in exports of handicrafts items and this initiative would help the sector maintain the growth and achieve its export target of Rs. 9910 crore in 2010-11. Thiru. Maran said this while
meeting the delegation led by Shri Raj Kumar Malhotra, Chairman, EPCH along with the exporters of handicrafts , which called on him today to thank him for various incentives announced by the Government.

The Foreign Trade Policy 2009-14 which was announced in August 2009 was an important step towards attaining the positive trend shown in the handicrafts exports. The annual supplement 2010-11 of Foreign Trade Policy 2009-14 is in continuation to the same spirit and intent and will help the handicraft sector attain the double digit growth in the year 2010-11, Thiru. Maran added.

The Handicrafts Sector has been given due recognition in this Annual Supplement and the following benefits has been offered to the Sector:

• All handicrafts exports at present entitled to 5% duty credit scrip on exports under Focus Product Scheme shall be entitled to additional benefit of 2% of bonus over and above the existing benefit of 5% . The benefit shall be available on exports w.e.f. 01.04.2010. All handicrafts means 67 items under Table 2 and 44 items under Table 5 of Appendix 37D of Hand Book of Procedure Vol -1 of 2009-14.
• Barmer (Rajasthan) has been added in the list of Town of Export Excellence (TEE) under Appendix 7 of Hand Book of Procedure Vol-1.
• The facility of Duty Free Import of tools under Duty Free Import Scrip (non functional at present due to non ¡Vissue of custom notification on the subject) shall be
  made operational.

Further, there has been extension in case of DEPB (till 30 June 2011), Zero duty EPCG scheme (till 31 March 2012) and status holder incentives scheme (till 31 March 2012)

Source: http://www.texmin.nic.in/dmaran/press/pr_rajesh_mal_20100826.pdf

India: As per information available with the Ministry of Textiles, a total of 334 textile mills were enlisted with the Textile Commissioner’s Office, Mumbai, during the Eleventh Plan. These included 177 non-SSI spinning units, 11 non-SSI composite mills, 138 SSI spinning units and 8 Exclusive Weaving Mills. Information relating to the units that came up in the decentralized segments such as knitting, processing, garmenting and made-ups is not available. No new textile mill has been set up in the Public Sector during the 11th Five Year Plan. This information was given by the Minister of State for Textiles, Smt. Panabaaka Lakshmi in a written reply in the Rajya Sabha today to a question raised by Shrimati T. Ratna Bai.

The Minister further stated that the Government has introduced a number of schemes such as Technology Upgradation Fund Scheme (TUFS), Scheme for Integrated Textile Parks (SITP) and various schemes for the development of the Powerloom, Handloom, Handicrafts, Silk and Wool sectors for the overall development of the textile sector and welfare of the weavers and artisans.

Source:http://pib.nic.in/release/release.asp?relid=65253&kwd=

Australia: “The prospect of a hung parliament and a Senate where a minor party holds the balance of power in its own right, is a worrying outcome for business. It will potentially lead to instability, uncertainty and short-termism in policy development, all of which poses risks and challenges for the economy,” Australian Industry Group Chief Executive Heather Ridout said today.

“Should they need to be called upon, we would urge the independents to commit above all to supporting stable government and we are encouraged by their early reassurances to this effect.

“Beyond that, business and industry is looking for a government committed to dealing with the hard issues and dealing with them competently and that takes a positive and long term approach to lifting our productivity and securing our long term prosperity.

“Australia is one of the few developed countries in the world, which, while facing challenges, also has a range of positive choices and growth opportunities available to it. Our essentially sound fiscal position, strong terms of trade and proximity to Asia, the emerging centre of world economic growth, means that we can approach the future with confidence.

Source: http://www.aigroup.com.au/

America - Once the epitome of health with its young, slick, urban fashion sense, American Apparel is now on the critical list thanks to a succession of disastrous setbacks. Preliminary figures for the company’s delayed second quarter results suggest a haemorrhaging of retail sales, leading to a loss of several million dollars and increased debt levels.

That’s the reason for doubts over the company’s future viability, but a series of problems have also served to distract management and sap morale at the California company. An immigration crackdown at its Los Angeles factory led to more than 1,600 new workers having to be taken on, with a knock-on impact on labour and production efficiency.

American Apparel parted company with former auditors Deloitte Touche earlier this year after Deloitte identified “material weaknesses” in the company’s controls over financial reporting. The move has also resulted in a threat of legal action from law firm Levi & Korsinsky, while American Apparel said it had received a subpoena from the US Attorney’s Office in New York, as well as an enquiry from the Securities and Exchange Commission.

And the company was also threatened with being delisted by the New York Stock Exchange after it failed to file its first quarter results on time. All are worrying setbacks which have undoubtedly had a negative impact on the business, but it is American Apparel’s current trading performance which provides the gravest grounds for concern.

Comparable store sales were down a likely 16 per cent in the second quarter to June 30, while gross margins slumped to 50 to 52 per cent from 59 per cent in the same period last year – impacted by a shift from retail sales to lower-margin wholesale revenues. The result, American Apparel admits, will be a substantial loss in the first half of 2010 with little sign of improving trends in the third quarter.

Source:http://www.aepcindia.com/international.asp?id=350&yr=2010

Garment exports from Pakistan are likely to be down by nearly one-third as orders for the Christmas season shift to Bangladesh and Sri Lanka over fears that supply will be disrupted as a result of the recent floods.

Mr Ejaz Khokhar, chief coordinator and former chairman of the Pakistan Readymade Garment Manufacturers and Exporters Association (PRGMEA), said the floods have destroyed around three million bales (500 million kg) of cotton. This will result in a 20 per cent rise in production costs while the total losses in terms of garment exports could reach around 30 per cent.

Floods could affect Pakistan’s garment business in two ways, said Mr Khokhar. Firstly, increases in production costs will lead to closures in the small-scale sector. Secondly, buyers will try to divert their orders to other countries.

Source:http://www.aepcindia.com/international.asp?id=347&yr=2010