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WOOL TRADING NEWS - September 2010 |
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Japanese yen hits 15-year high
The yen has hit a new 15-year high against the dollar amid continued uncertainty about whether the government will intervene. Speaking at an emergency press conference, Japanese Finance Minister, Yoshihiko Noda, declined to comment on any potential currency intervention. But he said that he was monitoring the situation "extremely closely, with grave concern". The strength of the yen is a major worry
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UK economy boosted by construction sector
The UK economy grew by more than initially thought in the second quarter of 2010, boosted by a strong performance by the construction sector. The economy grew by 1.2% in the quarter, the Office for National Statistics (ONS) said, revising up its initial estimate of 1.1% growth. That was the fastest rate of quarterly expansion recorded since the first three months of 2001. But most economists do not expect this level of growth to continue. The first estimate of gross
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New Zealand Wool Market Report
South Island: 9,200 bales (Incl. 2,300 ex N.I.) Main buyers: NZWSI 19%, Masurel 16%, Fuhrmann 11%, B+B 8%, WGR 5% - 30% Passed. North Island: 5,600 bales Main buyers: Masurel 27%, NZWSI 24%, JSB 21% 19% Passed
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UK Wool growers to benefit from rise in prices
Sheep producers will be receiving a “significantly higher” Wool Cheque from the British Wool Marketing Board (BWMB) this year, to reflect the record breaking demand for wool which has sent prices to the highest level for over a decade. “Our wool producers will benefit from the substantial increase in auction prices over the last 12 months, reflecting the improved demand and the decline in UK wool production which was down to 28.6 m kg in 2009 compared with 31.2 m kg the year before
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News from IWTO
Through the intervention and sponsorship of IWTO with support of LANO Carpet (Belgium), the famous “Renewable Energy House”, headquarter of the European renewable energy agency “EREC”, is now featuring a 100% woollen carpet on their floor. This wool carpet and IWTO’s sponsorship is recognized with
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Japanese exports rise at slower pace
Japanese exports rose in June but at a slower pace than in recent months, raising questions about the strength of Japan's economic recovery. Exports climbed 27.7% to 5.87 trillion yen ($67bn; £43.4bn), the Finance Ministry said. However, analysts warned that exports would slow in the coming months as rises in the yen started to bite. Separately, figures showed that economic growth in South Korea slowed in the second quarter. GDP grew by 1.5% in the three months to the end of June, compared with
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Wools of New Zealand Aid Oil Spill Cleanup
Every little bit helps and when it comes to removing oil from water, wool has been shown to soak up 40 times its weight in oil, according to an online BBC News magazine article. Wools of New Zealand put out a call that was answered by some of its U.S. carpet manufacturer partners to donate wool waste for use in the Gulf coast oil spill clean-up efforts. J. Mish, Woolshire, Woolen Resources and Creative Accents have all shipped wool waste material to Matter of Trust
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China to maintain economic policies
Premier Wen Jiabao made it clear that China will maintain economic policies that most analysts expect will lead to slower growth. This comes against a background of a cooling the property market and is an outcome that is unnerving global markets. China will "maintain the continuity and stability of economic policies, while making them more targeted and effective," Mr Wen said in a meeting with scholars and businesspeople, according to a State Council statement. "China's economy is currently
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Wool prices rise in new selling season for NZ
This week’s wool sales generally saw prices rise in what was the first significant quantity of wool offered in the new selling season, according to New Zealand Wool Services International Ltd. In the combined auction of North and South Island wool in Napier and Christchurch, 85 per cent of the 17,800 bales on offer sold. Strong demand overcame a 0.89 per cent rise in the New Zealand dollar against a weighted indicator of the main international wool trading currencies since the previous offering
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UK clothing sales grew sharply in July
Sales on the High Street increased in July at the fastest pace since April 2007, the latest CBI survey of the sector has indicated. Annual summer sales, the World Cup and warm weather all appeared to encourage trade, the business group said. The areas with the strongest growth were grocers, clothing, and footwear and leather.The Distributive Trades Survey, which covers 20,000 outlets, said sales were expected to keep growing next month. It found 51% retailers reported higher sales than a year ag
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NZ Wool industry to create new strategy
After years of often bitter dispute and falling returns, the wool industry has decided to join together to form a new strategy. Agriculture Minister David Carter said the newly formed Wool Group would be a "respected voice". The Government would now work with it to find ways to improve the profitability of the industry, he said. The group, which may choose a new name at a later meeting, has 17 members, representing 17 different organisations involved in wool's transformation from fleece to carpe
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India increases interest rates again
India's central bank has raised interest rates for the second time this month. The Reserve Bank of India (RBI) increased the rate at which it lends to banks to 5.75% from 5.5%. The moves are designed to contain stubbornly high inflation. Indian inflation has been in double figures for five months and is expected to stay there for a sixth, with wholesale price inflation forecast by the government's chief statistician to rise to 11% in July from 10.55% in June. Rising prices - particularly in food
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Euro hits 11week high vs. weak dollar
The euro hit an 11-week high against a broadly weak dollar as month-end demand for the single currency helped push it above a key barrier. Market participants said demand for euros from an Asian central bank in early European trade had sparked wider demand for the single currency, helping push the dollar to a three-month low versus a currency basket. Gains in the euro helped push the dollar .DXY down to 81.596 versus a currency basket, its weakest since late April. Data showing a slide in German
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Bangladesh increases minimum wage for garment workers
Bangladesh will almost double the minimum wage for its garment workers, a wage board official says, following months of violent protests over pay. It will rise from 1,662 taka ($25; £16) per month to 3,000 taka. The labour ministry is to formally announce the deal. Workers wanted the rate, last raised in 2006, to triple to 5,000 taka a month. Bangladesh makes clothes for Western brands such as Walmart, Tesco, H&M, Marks & Spencer, Zara and Carrefour. The garments industry is the backbone of
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New OEKO-TEX® Secretary General
Dr. Jean-Pierre Haug, of the Swiss textile testing institute TESTEX, will assume the position of Secretary General for the International OEKO-TEX® Association. His predecessor Raimar Freitag, who has played a key role in forming the profile and global focus of the OEKO-TEX® testing and certification system, was honoured for his many years of service during a ceremony held in Vienna at the end of June. He will continue to assist the association in an advisory role. In Jean-Pierre Haug's view, the
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