Search Results for: Turkey

The International Sustainability Standards Board (ISSB) is considering a report highlighting difficulties in implementing its first two standards, with board members to consider whether they need amending. The paper focuses especially on problems linked to IFRS S2 on climate-related disclosures, such as concluding paragraphs being “unclear and [that] appear contradictory” to requirements in IFRS S2 regarding disclosure of “scope 3 category 15 GHG emissions”, for example.…

The shifts and volatility of the Malaysian Ringgit (MYR) against USD dollar has remained an important challenge for the Malaysian Textile Manufacturers Association and its clothing and textile manufacturing members.

Between July and September this year, the USD1/Ringgit fluctuated significantly, underpinned by both global and domestic factors, with the MYR/USD1 rate moving between July and early August between MYR4.55 and MYR4.69, making profit margin assessments a challenge for imported inputs and overseas sales.…

The Colombian digital textile printing sector is innovating to overcome weak sales trends in fabric and clothing sales, with challenges to exports and production. Local companies are as a result pushing technological adoption to improve response rates and production times, especially regarding digital printing techniques.…

Singapore authorities are trying to strengthen vulnerabilities in the Asian financial hub’s anti-money laundering (AML) system following an AML probe that led to the arrest of nine men and one woman, all from Fujian province in China last August (2023). Police subsequently seized assets and cash worth more than Singapore dollars SGD3 billion (USD2.2 billion) as of January 2024.…

Türkiye is one of the top 10 milk producers worldwide, according to the Turkish National Dairy Council (Ulusal Süt Konseyi – USK) but the country’s dairy sector has been impacted over the past two years by high inflation and the depreciation of the Turkish lira (1).…

Textile factories need to start modernising immediately, not in the future – or they risk becoming obsolete in the face of new standards, new technology and increasing sustainability regulations a comprehensive European Union (EU) funded report has advised. ‘The Modern Textile Factory Report’ (1), compiled and led by Porto, Portugal-based Smartex, which offers digital and AI solutions to textile manufacturers with the aim of “empowering factories to produce with full traceability and zero waste” warned of an “approaching commercial and regulatory storm”.…

The USA’s Securities & Exchange Commission (SEC) has released its long-awaited rule on enhancing and standardising climate-related disclosures by companies listed in the USA and those undergoing public offerings. The rule largely follows single materiality principles of measuring the impact of climate change on reporters, with filers having to report climate-related risks reasonably likely to have a material impact on business strategy, model, operations and finances.…

Türkiye raised its minimum wage by 49% from January 1 (2024) in a bid to tame the impact of the country’s punishing inflation rates, impacting the textile and garment industry’s global competitiveness. However, but the sector is hopeful that investment in automation, adopting eco-friendly schemes and recycled textiles will drive business.…

The doomsayers who in 2022 predicted the collapse of cryptocurrency as a major payment instrument have been proved wrong, meaning that AML regulators and obliged entities will need to focus hard to fight the abuse of these digital payment systems by criminals.…