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Indian Express
8 hours ago
- Business
- Indian Express
Woven to last: India's traditional textiles could hold key to sustainability amid fast fashion trends
Increasing affordability among consumers has seen the branded segment of India's apparel sector grow by over 15 per cent every year over the last decade or so, with the market being disrupted by various forces such as foreign firms, e-commerce, and ever-changing fashion cycles even as clothes are being purchased faster than ever before. At the other end of the spectrum are customs and longevity. In a country where tradition and innovation are often woven together, durability may hold the key at a time when the market is being flooded with cheap and disposable clothing and trends like thrifting are catching up. According to a recent HSBC report, India's $86-billion apparel and accessories category is projected to grow 11 per cent annually over the next half a decade. But this growth comes with its costs. Fast fashion The modern apparel sector runs at an industrial scale. India is the sixth-largest exporter of textiles and apparel in the world, accounting for 8.2 per cent of merchandise exports and employing over 4.5 crore people. But this scale consumes greater and greater resources. According to the World Economic Forum's (WEF) 2023 report, the global fashion industry contributes up to 10 per cent of greenhouse gas emissions, while dyeing and finishing processes account for nearly a fifth of industrial water pollution. This is no surprise considering the demand: a 2020 WEF report estimated people were buying 60 per cent more garments than they did 25 years ago while sticking with them for only half as long. The result: up to 85 per cent of textiles end up in landfills. Traditional sustainability At Delhi's Dilli Haat, the piles of block-printed fabrics, wooden toys, and rows of khadi shirts signal sustainability, with vendors speaking of local materials and familiar suppliers — cotton from nearby mills, block prints from Jaipur, woodwork from Saharanpur — as choices shaped more by tradition and trust than environmental goals. It is this kind of understated circularity — local sourcing, durable materials, low-waste habits — that has defined India's craft economy: techniques such as Kantha stitching, where layers of old fabric are quilted into new creations, the reuse of leftover yarn into Chindi rugs and handloom weaving, or traditional hand-stitched quilts made using patchwork on old saris and dhotis known as Godhadi. These are not marketing pitches but acts of necessity, passed down from one generation to another in communities making the most of what they have. Second lives Somewhere between sustainability of traditional methods and appeal of the modern is thrifting, which challenges the throwaway culture. 'Over time, I realised how much waste was being created by fast fashion and overconsumption,' said Isha Saxena, founder of @ an Instagram thrift store. While friends and family make donations, items are also handpicked from thrift markets and bulk vintage suppliers. Changing mindsets, though, remains a challenge, with second-hand clothes carrying the stigma of being dirty. 'Helping people unlearn that, and see second-hand as stylish, sustainable, and even cooler than fast fashion – that's the hardest part,' said Saxena. Start-ups, too, are making use of waste. Mumbai-based Dwij, for instance, upcycled 2,000 pairs of jeans into around 300 utility bags in three months. Doodlage transforms factory scraps into dresses, jackets, and co-ords and repurposes its own waste into home furnishings and bags. KaSha in Pune mixes waste plastic with old fabrics to create jackets, scarves, and skirts. Changing practices Large global brands are not far behind. American retailer Patagonia now primarily uses recycled polyester and cotton, helping cut carbon dioxide emissions by over 80 per cent per pound of fibre. It is also working to eliminate virgin polyester from its products this year – a significant step, as virgin polyester contributes heavily to microplastic pollution and greenhouse gas emissions. Meanwhile, Levi's new water-saving practices have saved over 13 billion litres of water. In India, too, changes are afoot at the policy level. The government set up an Environmental, Social, and Governance task force in 2023. At the fourth meeting of the task force on June 3, the ministry held consultations on a draft Roadmap 2047 for a sustainable, circular, and resource-efficient Indian textile industry, with Neelam Shami Rao, Secretary, Ministry of Textiles, saying at the meeting that sustainability was no longer a choice 'but a defining imperative for the future of India's textile sector'.
Daily Mirror
11 hours ago
- Business
- Daily Mirror
Use our map to see if your bank is one of 41 branches set to close in July
There are 41 banks scheduled to close in July and the vast majority (38) are branches of Santander - use our map below to see if your local is closing Dozens of banks are set to shut in July as the wave of summer closures continues - check if you're about to lose your local branch. There are 41 banks scheduled to close in July. The vast majority (38) are branches of Santander. That follows the banking giant's announcement earlier this year that it was shutting 95 branches from June. Some 85 banks shuttered in June, and 69 in May. Another 13 banks are scheduled to close in August and 21 in September. It means that by the end of this year alone, 364 banks will have been lost from the high street. Last year, 399 banks closed, and in 2023, 633 branches shuttered. The latest closures impact every region of England as well as Scotland, Northern Ireland, and Wales. Cornwall will be hit hardest by the latest round of closures, with four branches set to shut this month. You can find out if any branches are due to close near you in July using our interactive map. Since a voluntary agreement saw the major banking groups commit to assessing the impact of every closure in February 2022, 1,879 bank branches have shut or announced their intention to close. That's an average of around 50 closures announced per month or 12 per week. The LINK initiative to assess the impact of closures - which was agreed by all the major banks including Barclays, HSBC, Natwest, Lloyds, and Halifax - was set up to ensure vulnerable customers and small businesses were not left behind in the switch to cashless payments and virtual banking. When closures leave communities without any local bank, banking hubs or free ATMs are set up to fill the gap. Full list of banks due to close in July Lloyds Bank, 27 Norwich Street, Fakenham Lloyds Bank, 14 Molesworth Street, Wadebridge Halifax, 2/3 Mill Street, Pontypridd Santander, 19 Upper English Street Santander, 42 High Street, Bognor Regis Santander, 105-109 Shenley Road, Borehamwood Santander, 1 Bridge Street, Caernarfon Santander, 6 Trelowarren Street, Camborne Santander, 3 Church Street, Colne Santander, 16 Penrhyn Road, Colwyn Bay Santander, 4 High Street, Crowborough Santander, 40-42 Teviot Walk, Cumbernauld Santander, 712-714 Wilmslow Road, Manchester Santander, 19 Rolle Street, Exmouth Santander, 13 Market Street, Falmouth Santander, 17 The Borough, Farnham Santander, 61 Hamilton Road, Felixstowe Santander, 392 Mare Street, London Santander, 56 High Street, Hawick Santander, 135 Mortimer Street, Herne Bay Santander, 20 Maidenhead Street, Hertford Santander, 408 Holloway Road, London Santander, 108 High Street, Honiton Santander, 4 Parade, Kirkby Santander, 22 Worcester Road, Malvern Santander, 4 High Street, Market Harborough Santander, 123 High Street, Musselburgh Santander, 5 Lidget Hill, Pudsey Santander, 15 Bank Street, Rawtenstall Santander, 32 High Street, Ross-on-Wye Santander, 73 High Street, Ruislip Santander, 19 Chapelwell Street, Saltcoats Santander, 28 Broad Street, Seaford Santander, 53 High Street, Shaftesbury Santander, 36-38 Fore Street, Santander, 56 Market Square, St Neots Santander, 48 High Street, Stokesley Santander, 64 Main Street, Strabane Santander, 32 High Street, Tenterden Santander, 472 High Road, London Santander, 2 Main Street, Wishaw
Yahoo
14 hours ago
- Business
- Yahoo
Barclays vs. HSBC: Which Global Bank is the Smarter Buy Today?
Barclays PLC BCS and HSBC Holdings PLC HSBC are often the first names that come to mind when discussing prominent foreign banks. Both are based in London and have been streamlining their operations to enhance efficiency and focus on their core and Barclays have been reallocating their capital into higher-growth markets, with HSBC being particularly focused on the Asia-Pacific region. Can Barclays' streamlining initiatives outperform HSBC's strategic pivot to Asia to drive growth? To find out which stock presents a better investment opportunity, let's evaluate the underlying factors driving each bank's performance. Barclays has been striving to simplify operations and focus on its core businesses. In February 2024, the bank unveiled a three-year cost savings plan to enhance operating efficiency and focus on higher-growth markets. In sync with this, Barclays sold its consumer finance business in Germany in February 2025. Last year, the company transformed its operating divisions and divested its Italy mortgage portfolio and $1.1 billion in credit card receivables. Through these efforts, Barclays recorded gross savings of £1 billion in 2024 and £150 million in the first quarter of 2025. The company aims to achieve gross efficiency savings of £0.5 billion this year. By 2026, management expects total gross efficiency savings to be £2 billion and the cost-to-income ratio to be in the high 50s. Its first-quarter 2025 cost-to-income ratio was 57%.The company is reallocating these savings in high-growth businesses and markets. In April, Barclays entered into a collaboration with Brookfield Asset Management Ltd. to reshape its payment acceptance business with plans to inject roughly £400 million. In March, the bank announced a capital injection of more than INR 2,300 crore (£210 million) into its India operations. Last year, the company acquired Tesco's retail banking business, which complements its existing business. In 2023, Barclays acquired Kensington Mortgage, which bolstered its mortgage BCS' core operating performance remained unimpressive, net interest income (NII) and net fee, commission, and other income rose in 2024 and in the first quarter of 2025 on the back of structural hedges and Tesco Bank buyout, which indicates that Barclays' efforts to refocus on core operations have begun to bear fruits. The redeployment of capital into higher-growth businesses and markets through improving efficiency is a multifaceted approach to boosting profitability. Barclays remains committed to this approach, which is likely to help improve profitability over time. HSBC is taking steps to streamline and refocus its global operations. In early 2025, it announced a $1.5 billion cost-saving plan tied to organizational simplification, with estimated upfront charges of $1.8 billion by 2026. The bank is planning to redeploy another $1.5 billion from underperforming or non-core areas into strategic part of its global restructuring, HSBC has exited or divested operations in the United States, Canada, Argentina, Russia, Greece, New Zealand, Armenia and retail banking in France and Mauritius. It is also winding down certain investment banking activities in the U.K., Europe and the United States, and reviewing its operations in markets like Germany, South Africa, Bahrain and Malta to sharpen its focus and improve HSBC is doubling down on its Asia-focused strategy as the core of its long-term growth plan. It aims to become a leading wealth manager for high-net-worth and ultra-high-net-worth clients in the region, which now accounts for more than half of its operations. In mainland China, HSBC is rapidly expanding its wealth business by launching integrated lifestyle-based wealth centers in key cities, acquiring Citigroup's retail wealth portfolio, investing in digital capabilities and hiring talent to strengthen its Premier Banking, Private Banking and Asset Management India, HSBC is aggressively scaling up its presence. The bank received approval from the Reserve Bank of India to open 20 new branches, significantly expanding beyond its current footprint of 26 branches in 14 cities. With India's ultra-high-net-worth population projected to surge 50% by 2028, HSBC is positioning itself to capture this growth through its Global Private Banking, the acquisition of L&T Investment Management (2022) and ongoing enhancements to its Premier Banking revenue generation at HSBC has been subdued over the past several quarters. While the interest rate environment across the world improved, the financial impact of the challenging macroeconomic backdrop continues to weigh on the company's top-line growth. Not-so-impressive loan demand and a tough macroeconomic environment in many of its markets are concerns. The Zacks Consensus Estimate for BCS' 2025 and 2026 earnings indicates 21.2% and 23.3% growth, respectively. Over the past week, earnings estimates for 2025 and 2026 have been revised marginally downward. Earnings Trend Image Source: Zacks Investment Research On the contrary, the consensus mark for HSBC for 2025 suggests an increase of just 4.2% while the same for 2026 earnings indicates a decline of roughly 1%. Over the past seven days, earnings estimates for 2025 and 2026 have remained unchanged. Earnings Trend Image Source: Zacks Investment Research This year, Barclays' shares have performed quite well on the bourses compared with HSBC. The BCS stock has risen 37.9% on the NYSE, while HSBC has gained 22.3%. The industry has rallied 23.8% in the same time frame. YTD Price Performance Image Source: Zacks Investment Research Valuation-wise, HSBC is currently trading at a 12-month trailing price/tangible book (P/TB) of 1.09X, higher than its five-year median of 0.76X. BCS stock, on the other hand, is currently trading at a 12-month trailing P/TB of 0.77X, which is higher than its five-year median of 0.45X. Further, both are trading at a discount to the industry average of 1.70X. P/TB TTM Image Source: Zacks Investment Research Thus, Barclays is inexpensive compared to return on equity (ROE) of 12.55% is above Barclays' 8.04%. This reflects HSBC's efficient use of shareholder funds to generate profits. ROE Image Source: Zacks Investment Research Barclays appears to be the better investment opportunity, given its stronger near-term earnings outlook, attractive valuation and superior stock performance. The company's strategic capital redeployment to boost core businesses and restructuring efforts to improve efficiency paves the way for sustained profitability. Furthermore, its year-to-date stock rally demonstrates solid investor confidence relative to HSBC's modest HSBC's pivot to Asia and high-net-worth wealth management could yield significant long-term gains, especially as India and China's affluent classes expand. Its disciplined global exit strategy and cost-saving plan may improve returns. Yet, muted revenue growth and weak earnings performance expectations raise near-term concerns. While HSBC has a slightly better ROE, Barclays' higher growth momentum and aggressive capital return strategy make it the better bet present, BCS carries a Zacks Rank #2 (Buy) while HSBC has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Barclays PLC (BCS) : Free Stock Analysis Report HSBC Holdings plc (HSBC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
CTV News
17 hours ago
- CTV News
Fraudulent withdrawals of over $150,000 at Burlington bank leads to arrest
A Halton Regional Police logo is shown on a vehicle in Oakville, Ont., Wednesday, Jan.18, 2023. THE CANADIAN PRESS/Richard Buchan Halton police have laid multiple charges against a man they say defrauded a Burlington bank out of more than $150,000 last year. In March 2024, the Halton Regional Police Service (HRPS) was contacted after a series of fraudulent withdrawals from an account at a Burlington HSBC branch. The withdrawals totalled $156,000. Police arrested the person making the withdrawals at the time. Further investigation by the HRPS Financial Crimes Unit identified an additional suspect who organized the crime. 'To gain access to the bank account, the accused used a fake Ontario Drivers License and made large withdraws via cash and wire transfer,' police said in a release on Friday. Police executed a search warrant at a Vaughan home on June 26 and arrested the accused. A 'large quantity' of psilocybin and an illegal .22 calibre rifle were also found during the search. gun, drugs A large quantity of psilocybin and an illegal .22 calibre rifle were found during a search of a Vaughan home. Andrew Meeks, 41, of Vaughan, faces several charges, including fraud, drug possession, and unauthorized possession of a firearm.
Hamilton Spectator
17 hours ago
- Hamilton Spectator
Vaughan man accused by Halton police of being mastermind behind fraud scheme that stole $150K from Burlington bank account
A man from Vaughan has been accused by Halton police as being the mastermind behind a fraud scheme that swindled more than $150,000 from a Burlington bank account. A suspect was arrested in March 2024 after investigators were contacted regarding a series of fraudulent withdrawals totalling $156,000 from an account at an HSBC branch, say police. The investigation continued and police say officers identified 'an additional suspect who organized the crime.' According to police, the suspect used a fake Ontario driver's licence to gain access to the bank account and then made large withdrawals via cash and wire transfers. A search warrant was carried out at the suspect's Vaughan home on June 26, where police say a large quantity of psilocybin and a prohibited .22-calibre rifle were seized. The suspect was also arrested at that time. A 41-year-old man from Vaughan has been charged with fraud over $5,000, possession of a Schedule III substance (psilocybin), careless use of a firearm, unauthorized possession of a firearm and breach of a firearm prohibition order. Anyone with more information is asked to call 905-825-4777 . Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
