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THE CURRENT global energy crisis and its attendant price rises have had “a dramatic impact on the profitability of many companies” in the textile and clothing sector, and a European Union (EU)-wide cap on gas prices is essential, Dirk Vantyghem, director general of the European Apparel and Textile Confederation (Euratex), has told WTiN.…

FATF has announced it will “severely limit” Russia’s role within FATF, following it invasion of Ukraine, which as of June 17 had killed 4,509 civilians (UN figures). Following its plenary from June 14-17, FATF announced Russia “can no longer hold any leadership or advisory roles or take part in decision-making on standard-setting, FATF peer review processes, governance and membership matters”.…

THE EUROPEAN Commission’s planned ‘Textile Transition Fund’ could be key to achieving a sustainable clothing and textile industry in Europe, Dirk Vantyghem, director general of the European Apparel and Textile Confederation (Euratex), has told Just Style.

He hoped it will enable the industry to fulfill the goals of the European Union [EU] Strategy for Sustainable and Circular Textiles (1), announced in March (2022).…

National risk assessments (NRAs) for money laundering and terrorist financing, required by the Financial Action Task Force (FATF) since 2012, are not comparable nor based on sound methodology, according to a new World Bank study (1) ‘National Assessments of Money Laundering Risks: Learning from Eight Advanced Countries’ NRAs’.…

Growing environmental concerns and rising awareness of sustainable energy resources is driving considerable growth in the global used cooking oil (UCO) market. Production is also being boosted by recent technological advancements in UCO processing, expanding supplies from the rapidly evolving foodservice industry and initiatives by various governments to promote UCO for industrial use.…

The size of the global non-fungible token (NFT) market has exploded since the beginning of 2021 and, as ever with the growth of a novel asset, fraudsters have been creative in exploiting its sale and purchase to make dishonest gains. One benefit for fraudsters seeking to attack immature markets is unstable valuations, in this case of unique digital assets consisting of data stored in a blockchain.…

Switzerland-based multinational mining and energy group Glencore will pay almost USD1.2 billion in fines and penalties to the US, UK and Brazil for corrupt and dishonest trading, including bribing African officials and illicitly manipulating oil market prices.

With prosecutorial investigations continuing in the Netherlands and Switzerland, Glencore said yesterday (Tuesday 24/5) that it would set aside USD1.5 billion to settle all cases relating to this malpractice.…

The Covid-19 pandemic has been a disruptive force across the clothing and textile industry, and it has affected consumer taste as well as shaking up supply chains, notably in home textiles, which are increasingly finished by digital printing.

With changes in demand proving very fluid because of lockdown lives lived at home, and an increase in underlying personal stress, digital printing designs have sought to tap a need for feelings of wellness and calm.…

With moves to sustainability conformity strengthening across the textile industry, rules protecting consumers and finishing workers, as well as the environment, are strengthening, notably to reduce textile dye allergies. Dye producers Colorifix, from Norwich, East Anglia, England, says this has led to “biology replacing chemistry” in dye production, enabling finishers to market products as provide positive health benefits not just preventing allergic reactions.…

The Russian paint industry is being disrupted by its government’s invasion of Ukraine, with foreign coatings majors quitting the country, hit hard by resulting financial and trade sanctions. Ukraine’s smaller paint and coatings sector has been devastated by the miliary action, with factories and offices destroyed and supply chains wrecked.…