>>
Home / Knowledge / News / Textiles / Wool sector calls on govt to avail insurance credit

Wool sector calls on govt to avail insurance credit

09
Jul '09
The wool industry is in a quandary after the withdrawal of QBE from offering credit insurance to some sectors of the textile industry, which includes wool from July 1 and called on the government to support the insurance companies.

QBE, on its part has defended its decision of withdrawing insurance facilities, by saying that it had made huge insurance payouts to the wool industry after overseas buyers did not make the requisite payments.

This has also led to an increase in costs of buying insurance from other big insurance companies, which in the current times is pinching the exporters and making it difficult to trade with European based companies.

The fallout of this crisis could be that business with the biggest importer of wool; China may increase since, importers from China do business, by means of a letter of credit, which is beneficial to the exporters.

Business with the European buyers is done on a 120 days line of credit and experts aver that changing the system may prove to be difficult, since the buyers too are facing acute financial crisis due to the credit crunch.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Anton_Ivanov / Shutterstock.com

Retail | On 27th Jan 2022

UK retail sales volumes fall at fastest rate in 11 months in Dec 2021

UK retail sales volumes fell by 3.7 per cent in December 2021, the...

Pic: Shutterstock

Textiles | On 26th Jan 2022

Vietnam-US trade hits $111.56 bn in 2021

Vietnam-US trade hit $111.56 billion in 2021, up by nearly $21...

Pic: Shutterstock

Textiles | On 26th Jan 2022

Turkey using less coal, hydropower; use of renewables, gas up: Ember

The use of coal and water for energy in Turkey reduced in 2021, while ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Footwear Industry, Footwear Retailers

Footwear Industry
Footwear Retailers

Still struggling to mop up higher sales

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Sustainable and eco-friendly fibres remain in the minority

Ghatit Laheru,

Ghatit Laheru

When the 2001 tremblor wrecked the Kachchh region of Gujarat throwing many ...

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

Kishina Daruka and Mishika Daruka,

Kishina Daruka and Mishika Daruka

Headquartered in Kolkata, India, sustainable clothing brand Ora was...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Dr. Sean Blamires, Evolution and Ecology Research Centre

Dr. Sean Blamires
Evolution and Ecology Research Centre

Using spider silk for clothing may not seem to be an attractive...

Bav Tailor, Label Bav Tailor

Bav Tailor
Label Bav Tailor

Born in London and Indian by origin, <b>Bav Tailor </b>is the Founder of...

Payal Singhal, Label - Payal Singhal

Payal Singhal
Label - Payal Singhal

Leading South Asian fashion designer, <b>Payal Singhal </b>known for her...

Kamal Khushlani, Mufti

Kamal Khushlani
Mufti

Based out of Mumbai, Mufti is a men’s clothing fashion brand. In an...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

Rayonese Textile Inc., Division de Culp Inc.
Gokaldas Exports Limited
Landmark Group
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
The LYCRA Company Singapore  Pte. Ltd
Lifestyle
The Top Form Brassiere Manufacturing Company Limited
Eastman Chemical Company
SHAHI Exports Pvt Ltd
Cat Tuong Real Estate Group Joint Stock Company
TESCO INTERNATIONAL SOURCING LIMITED
C;&A Sourcing International Ltd
Sainsbury's Argos Asia Limited
LC Waikiki
Gap International Sourcing Limited
Brandix Lanka Limited
Gloria Jeans
Lacoste (Wanchai)
OVS Hong Kong Sourcing Ltd.
PVH Corporation
Permoda(Koaj/Armi/Pronto/Bkul)
Recron Polyester from Reliance Industries Limited
Rosset ;& Cia Limited
Truetzschler India Private Limited
Puma
Gatsby Africa
John Varvatos
Babyshop
Midas Clothing Limited
BIMBA ;& LOLA SL
Decathlon
SYNERGIES HONG KONG LIMITED
Maceton Limited
Page Industries Limited (Bangalore)
Chori Company Limited
Alison Hayes Romania
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Boardriders Asia Sourcing Limited
Tchibo GmbH
Grasim Industries Limited
NITI Aayog
Hirdaramani International Export Private Limited
Phong Phu international JSC (PPJ)
Vianney Textil Hogar S.A. De C.V.
Aramark Uniform ;& Career Apparel, LLC
H;&M Hennes ;& Mauritz (Far East) Ltd
Abit
Lululemon Athletica Inc
Splash
International Textile Manufacturers Federation
Etam Group Strategy Hong Kong Limited
Lisa S.P.A.
MAS Active / MAS Kreeda / MAS Bodyline
Guess Europe Sagl,
Chico’ FAS
Alix Partners
Sportswear Company Spa
Huntsman (Singapore) Pte Ltd
Arvind Limited
Tory Burch Hong Kong Ltd
Benetton Group
Calvin Klein
KAS Direct Sourcing
THE BOMBAY DYEING ;& MFG.CO. LTD
Hela Clothing Pvt Ltd
BIANCA
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Varner AS Retail
Vardhman Textile Ltd
Under Armour Global Sourcing Ltd
Tommy Hilfiger
Walmart
J ;& P Coats
Lenzing Aktiengesellschaft
Reiter India Private Limited
Sportmaster Ltd.
Target Corporation (MN)
IDH – The Sustainable Trade Initiative
Groz-Beckert East Asia LLP
KIABI
IKEA of Sweden AB
Sateri (Jiujiang) Fiber Co.,Ltd
Esprit Europe Services GmbH
Helly Hansen Far East Ltd
Asos
G-Star Raw C.V.
Seasalt Limited
Restoque S.A.
Aquarelle Clothing Limited
Bluestem Global Sourcing Limited

January 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search