stock alerts
stock screener
search stocks using your criteria

Site News

Main features: company information, stock markets, stock filters, intraday charts, alerts, portfolio, customized searches (details)
Site update: January 16 2017, at 14:00 PKST
Stock update: January 13 2017.

Recent Financial News in the 'textile-composite' category

Login or sign up to search news items.

Monday, January 16 2017

Aptma chief praises PM for textile package
The All Pakistan Textile Mills Association (APTMA) Chairman Aamir Fayyaz has thanked the Prime Minister Nawaz Sharif for announcing Rs 180 billion textile industry revival package. He was addressing a press conference at the Aptma Punjab office on Friday. Chairman Aptma Punjab Syed Ali Ahsan was also present on the occasion. Chairman Aptma said he had held four meetings with the prime minister over the last four months and apprised him of the terrible state of affairs in the textile industry due to the high cost of doing business. "The prime minister was kind enough to hold lengthy discussions in each meeting in order to devise the export-led growth strategy along with the relevant ministers," he added. He said the prime minister was concerned about the decline in exports and an increase in the trade deficit, which has reached to $14 billion during first half of the current fiscal. "We explained about the increasing cost of doing business that has impacted export sector viability and also apprised of the government about the support extended by the competing countries like India, Bangladesh and Vietnam to their export industries," he said. Chairman Aptma appreciated the prime minister for taking a bold decision and announcing Rs 180 billion export-led growth initiative for the export sector of Pakistan, which includes duty and sales tax free import of cotton and man-made fibre besides offering duty drawback on exports including 4 percent on yarns/greig fabric, 5 percent on processed fabric, 6 percent on home textile/made-up and 7 percent on garments against realization of import proceeds.
Related news categories: business misc textile-composite textile-spinning textile-weaving

Friday, January 13 2017

Cash crop under threat: Textile ministry opposes new sugar mills in cotton zone
ISLAMABAD: The Ministry of Textile Industry has emphasised that provinces should stop granting permission for setting up new sugar mills in the cotton growing areas that has led to a decrease in cotton plantation. Provinces may be asked to refrain from issuing no-objection certificates (NOC) for establishing, increasing capacity or shifting of sugar mills to the cotton growing areas, the Ministry of Textile Industry suggested in a presentation sent to the National Assembly Standing Committee on Food Security. Sugarcane cultivation has widened in the wake of improved returns and timely supply of inputs. In the meantime, sugar prices have also gone up from Rs31 to Rs68 per kg in the last 10 years. The Ministry of Textile Industry argued that the price increase had encouraged the setting up of more sugar mills, which increased from 45 to 85 in the country. Of these, 45 were in Punjab, 32 in Sindh and eight in Khyber-Pakhtunkhwa.
Related news categories: business misc sugar textile-composite textile-spinning textile-weaving

Thursday, January 12 2017

Incentive package to boost Pakistan’s competitive edge
KARACHI: Textile exporters have described the government’s Rs180-billion incentive package for export-oriented industries as very positive that will cushion the declining exports of the country. “The ball is now in our [textile exporters] court, the government has done what it should do,” said Ziad Bashir, Executive Director of Gul Ahmed Textile Mills, one of the country’s largest composite textile mills.
Related news categories: business economic-indicators misc textile-composite textile-spinning textile-weaving

Monday, January 09 2017

Textile industry struggles to bounce back
FAISALABAD - As the country slowly emerges from a long-term power crisis, its once booming textile sector is scrambling to find its feet, but high energy costs and a decade lost to competitors mean recovery is far from assured. Energy production was severely depressed for more than 10 years due to chronic under-investment, inefficiencies in the power network and an inability to collect sufficient revenue to cover costs. The result was crippling for manufacturers and in particular the textile sector, which employs 30 percent of the working population. Pakistan is the world’s fourth largest cotton producing country but interminable power and gas cuts have stopped exporters from producing their orders on time. Many have watched helplessly as their clients have instead turned to Vietnam or Bangladesh. A third of the production capacity of the sector has disappeared, thousands of factories have closed, and most of the others are running below full capacity, says Rehan Bharara, a former loom owner who now runs a public infrastructure project for the textile industry. Half the time, “we had to run our factories on diesel generators, which was very expensive. We decided to close down rather than losing money every day,” he said.
Related news categories: business misc textile-composite textile-spinning textile-weaving

Friday, January 06 2017

Revival plan: Textile industry comes up with growth-led strategy
KARACHI: The textile industry, while highlighting the challenges being faced by millers, has come up with a set of recommendations for its true revival with the help of a growth-led strategy as exports have consistently stood weaker over a long time. All Pakistan Textile Mills Association (Aptma) Chairman Aamir Fayyaz outlined the proposals during a meeting with Trade Development Authority of Pakistan (TDAP) Chairman SM Muneer at the association’s office. They discussed restoration of the viability and growth of the textile industry. Fayyaz pointed out that exports of all sectors had slid because of the high cost of doing business. The trade deficit reached $28 billion in the previous fiscal year as exports dropped to $19.5 billion from $24.5 billion in 2013. He suggested that the government should remove customs duty on the import of cotton, allow duty-free import of all man-made fibres that were not being manufactured in the country and permit the drawback of taxes and levies at the rate of 4% on export of yarn and grey fabric, 5% on processed fabric and 6% on home textiles, made-ups and garments.
Related news categories: business misc textile-composite textile-spinning textile-weaving helpline: +92-042-3631-4186 (10:30am to 5:30pm)