Search Results for: Russia

Ukraine’s textile and clothing manufacturing sector has been devastated by Russia’s invasion of its country from February 24, with an industry already suffering from economic weaknesses being hit hard by war.

The country’s light industry production, including textile, clothing, leather, and other materials, contracted by some 12.4% in 2019, according to Ukrlegprom, the Ukrainian Association of Enterprises of the Textile and Leather Industry) (1).…

The Russian textile sector has been struggling to cope with the international sanctions from the US, European Union (EU), UK, Japan and others and the disruption caused by the exit of international companies from Russia, following its invasion of Ukraine.

Russia’s GDP declined 4% in the second quarter and will shrink by 7.8% throughout 2022, predicts the ministry of economic development.…

Factory owners in Bangladesh fear the introduction of a once-a-week holiday in industrial zones to cope with the country’s energy crisis may intensify pressure on textile production while still resulting in production loss. 

Previously, Friday was a holiday for all factories except those involving spinning and dyeing as they require a 24-hour operation, but this day off will now be rotated.…

United Arab Emirates (UAE)-based Pure Harvest Smart Farms plans to raise funding through a new sukuk (Islamic bond) to support its food-security driven expansion plans, Tariq Sanad, the company’s chief financial officer, told Salaam Gateway.

The agritech firm’s breakthrough farming system that can produce year-round crops in the desert has attracted a diverse mix of investors since its inception in 2016.…

Australia’s commitment to strengthen its anti-money laundering legislation is now an eight-year-old promise that has yet to be fulfilled. However, with a change in government in May 2022, with the Labor Party taking power after nine years of government by the right-centre Liberal-National Coalition, there is renewed hope that reform could finally be delivered.…

Xolisile Khanyile, the director of South Africa’s Financial Intelligence Centre (FIC) has been appointed chair of the Egmont Group (EG) of Financial Intelligence Units (FIUs), taking over from July for a two -year term. She replaces the Netherlands’ Hennie Verbeek-Kusters, who had served as chair since 2020.…

The United States Securities & Exchange Commission (SEC) on August 1 charged 11 individuals with fraud offences over their roles in creating and promoting Forsage, a fraudulent online crypto pyramid and Ponzi scheme that raised more than USD300 million worldwide. Millions of retail investors inside and outside the US invested in what was claimed to be a decentralised smart contract platform using the Ethereum, Tron and Binance blockchains.…

GERMANY, a market known for meat consumption, is increasingly trying out plant-based alternatives and has developed one of the largest and fastest-growing meat substitute markets in Europe. As a result, German producers are largely focused on growing the domestic market, with limited exports to other European Union (EU) countries.…

Europe’s food and drink industry is facing tough general and industry-focused inflation rates not witnessed since the global financial crisis and its related recession in 2008-9. These past food inflation rates dipped sharply and quickly as governments took control of this crisis – government spending was mopped up by bad debts rather than additional purchases.…

The World Trade Organisation (WTO) has signalled that it may resume its importance in promoting free trade in food and drinks by securing a global agreement that limits fishing subsidies. At its 12th Ministerial Conference in Geneva, Switzerland, in June, the WTO banned subsidies for illegal, unreported, and unregulated (IUU) fishing by its member jurisdictions – covering most countries in the world.…