UPDATE 1-Fast Retailing, Toray in $4.6 bln supply deal

TOKYO, July 20 (Reuters) – Japan’s Fast Retailing (9983.T), operator of the Uniqlo casual clothing chain, said its procurement from textile maker Toray Industries (3402.T) would reach 400 billion yen ($4.6 billion) in the five years to 2015.

That will mark a 70 percent increase from the 240 billion yen in business during the previous five years of their partnership, which has helped Fast Retailing develop hit products and fuelled its global expansion.

Toray supplies Fast Retailing with textiles and has been working with the apparel giant on new fabrics, including the material used in its popular heat-trapping clothing.

Fast Retailing President Tadashi Yanai told a joint news conference he wants to strengthen their partnership as it accelerates a push into overseas markets, where it still gets less than 10 percent of its sales.

“I personally think in some countries we would like to do everything together from production to sales,” Yanai said. (Reporting by Taiga Uranaka; Editing by Michael Watson)

Fast Retailing eyes expanded business with Toray

July 20 (Reuters) – Japan’s Fast Retailing (9983.T), operator of the Uniqlo budget clothing chain, said on Tuesday it expects business with textile maker Toray Industries (3402.T) to total 400 billion yen ($4.6 billion) in the five years to 2015.

The two companies said in a statement did they did business worth 240 billion yen in the five years through 2009.

Toray currently supplies textiles to Uniqlo, including the material for hit products such as heat-trapping garments. (Reporting by Taiga Uranaka)

Gujarat textile traders pin hope on government’s annual budget

Surat, June 26 (ANI): Textile traders in Surat, who are hit by global recession, high bank interests and soaring cotton prices, hope for some relief in the government’s annual budget which is scheduled to be presented on July 6.

The textile industry of Surat has been feeling the heat of global financial crisis with export orders going down.

The industry used to be flooded with orders round the year and small units were busy expanding their operational capacities to meet the increased demand. However, this does not seem to be the case any more.

Anil Bhagwani, a garment exporter said that the Central Government should make special provisions for the export of garments.

“Our expectation is that right from the yarn weaving till the market, where finished garments are sold, the government should give more subsidy and as far as the finished garment is concerned, the government should make provisions for export so that the garment business flourishes,” Bhagwani added.

Devkishen Mangani, spokesman for Textile Association, Surat, said that the audit limit, fixed by the Central Government at rupees 40 lakh must be increased to rupees two crores for the benefit of small traders.

“Our biggest demand is that around 20-25 years back, the Central government had set the audit limit at rupees 40 lakh and till now it’s the same and has not been increased. If it’s not increased, the small traders will not be able to progress. So we demand that it should be increased to two crores and also the Income Tax relaxation should be fixed at rupees three lakhs so that the small traders can come forward,” Mangani added.

The Indian textile industry is one of the largest employment generators in the world.It is also one of the largest textile industries in the world second only to China. (ANI)

EC clears new registrations under job scheme

With the economic downturn taking away thousands of jobs in the gems, mining and textile industries, the Election Commission has said that it has no objections to the Government continuing the process of registering new households and issuing job cards during the model code of conduct.

This a step forward from the EC’s decision in 2006 allowing the Government to only take up new works from an already identified shelf of NREG projects, that too for already registered households. It had then told the government that prior permission would be required from electoral officers in case the available shelf of projects failed to meet the job demand. This decision meant that the Government could not register new workers even though it allowed the Government to continue offering jobs to registered wage seekers.

The EC’s directive this time is likely to help the Government, which is trying to accommodating the increasing number of jobless workers under the NREGS. The Central Government has already informed the state governments to continue registration of new households and issue new job cards to job seekers.

Sources in the Rural Development Ministry said Orissa had recently informed that they needed to register about one lakh new households under the NREGS because of the job losses. Gujarat had informed the Centre that the demand for NREGS had gone up after the retrenchments in the mining industry. The state is learnt to have provided 5,000 jobs to those who lost jobs in the jewellery sector ahead of the introduction of the model code of conduct.

EC clears new registrations under job scheme

With the economic downturn taking away thousands of jobs in the gems, mining and textile industries, the Election Commission has said that it has no objections to the Government continuing the process of registering new households and issuing job cards during the model code of conduct.

This a step forward from the EC’s decision in 2006 allowing the Government to only take up new works from an already identified shelf of NREG projects, that too for already registered households. It had then told the government that prior permission would be required from electoral officers in case the available shelf of projects failed to meet the job demand. This decision meant that the Government could not register new workers even though it allowed the Government to continue offering jobs to registered wage seekers.

The EC’s directive this time is likely to help the Government, which is trying to accommodating the increasing number of jobless workers under the NREGS. The Central Government has already informed the state governments to continue registration of new households and issue new job cards to job seekers.

Sources in the Rural Development Ministry said Orissa had recently informed that they needed to register about one lakh new households under the NREGS because of the job losses. Gujarat had informed the Centre that the demand for NREGS had gone up after the retrenchments in the mining industry. The state is learnt to have provided 5,000 jobs to those who lost jobs in the jewellery sector ahead of the introduction of the model code of conduct.