Category: 3. Business

  • Building the Danish Textile Circular System – From Collection and Sorting to Extended Producer Responsibility

    Building the Danish Textile Circular System – From Collection and Sorting to Extended Producer Responsibility

    On 2 December, Global Fashion Agenda and Dansk Mode & Textil hosted the policy event “Building the Danish Circular Textile System – From Collection and Sorting to Extended Producer Responsibility” in Copenhagen. The day opened with a visit to UFF-Humana Denmark’s sorting centre, offering a practical look at Denmark’s two-stream collection system and how it contributes to advancing circularity across Europe.

     

    The event convened brands, recyclers, industry associations, and policymakers, including Eric Mamer, Director-General of DG Environment, and Magnus Heunicke, Danish Minister for the Environment and Gender Equality, to discuss how to optimise feedstock flows, scale textile-to-textile recycling, and strengthen cross-sector collaboration in Europe.

     

    Speakers also included Thomas Tochtermann, Chairman of the Board at GFA; Henrik Sand, Sustainability Lead at BESTSELLER; Marie Busck, Chief Sustainability Officer at Danish Fashion & Textile; Rikke Bech, CEO at NewRetex A/S; Robert van de Kerkhof, CEO at ReHubs; Evan Wiener, Advisor to CEO and Board at ReHubs; Thomas Klausen, Vice Chairman, GFA, CEO at Danish Fashion & Textile, and Justin Pariag, Chief Sustainability Officer, GFA.

     

     

    Denmark’s Progress and the Need for EU Alignment

     

    Speakers reflected on Denmark’s early adoption of mandatory textile collection and its broader ambition to create a model for circular textiles that could inspire EU-wide approaches. However, they also emphasised that even strong national systems have limits without coordinated European action.

    Minister Magnus Heunicke emphasised that the current system is still far from sustainable and noted Denmark’s commitment to improving circularity through national planning and upcoming policy measures. However, he stressed that national action alone cannot fix systemic issues. Ensuring that textiles last longer, remain in circulation and reach high-quality recycling will depend on coordinated efforts across Europe, not solely on Danish initiatives.

     

     

    Harmonisation, Investment and the Circular Economy Act

     

    Speakers also addressed the growing risk of fragmentation as EU Member States begin to implement new requirements under the Waste Framework Directive and the upcoming Extended Producer Responsibility (EPR) schemes. Representatives from companies and industry bodies explained that inconsistent national rules and fee structures can limit efficiency, increase administrative burdens, and complicate planning for recycling investments.

    From the European Commission, Eric Mamer acknowledged the challenges posed by fragmentation and noted that progress will require a balanced approach that recognises both the diversity of national systems and the importance of broader regional alignment. The forthcoming Circular Economy Act and Environmental Omnibus were highlighted as important opportunities to improve regulatory coherence, clarify EPR design features, and provide the predictability needed for industry investment.

     

    Across the day, speakers consistently returned to four shared challenges and opportunities that will shape the future of circular textiles in Europe:

    • Insights from the UFF-Humana sorting visit: Denmark’s two-stream system (reuse vs. waste) supports circularity but challenges in reporting, sorting capacity, and recycling economics mean many textiles still end up incinerated—highlighting the need for harmonised rules and stronger incentives.
    • Harmonisation with room for flexibility: Broad alignment, particularly on EPR, was recognised as essential. The upcoming Circular Economy Act and Environmental Omnibus were seen as critical steps toward this goal. At the same time, speakers stressed that different national realities may require a regional or phased approach to harmonisation.
    • Investment needs and policy predictability: The industry requires a stable EU policy framework to unlock investment, supported by de-risking tools such as targeted funding beyond EPR-led funding, loans, and tax incentives. It was noted that EUR 5–6 billion will be needed to scale recycling capacity and ensure recycled materials become price-competitive with virgin materials. Global Fashion Agenda and ReHubs will collaborate with stakeholders across the value chain to address the supply–demand gap.
    • What it takes to scale circularity: Scaling circular fashion requires both stronger economic incentives and deeper consumer engagement. While models like resale, repair, rental, and product-as-a-service are growing, profitability remains limited due to high handling costs, market fragmentation, and tax structures. At the same time, extending product lifespans depends on emotional durability (people’s attachment and perceived value in garments). Measures such as reduced VAT for circular activities, harmonised legislation, and ecodesign requirements that prioritise quality, repairability, and timeless appeal can support the viability of circular models while encouraging longer-lasting consumer use.

     

     

    Moving Forward

     

    The event underscored a shared message: Denmark’s experience provides valuable practical learnings, but building a truly circular textile system will require consistent frameworks, predictable policy conditions, and substantial investment across Europe. Global Fashion Agenda will continue engaging with policymakers, industry partners, and initiatives such as ReHubs to accelerate progress and support the development of a resilient, circular textile value chain.


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  • Pakistan issues NOC to Binance, HTX under phased virtual assets framework

    Pakistan issues NOC to Binance, HTX under phased virtual assets framework


    The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued No Objection Certificates (NOCs) to Binance and HTX as part of efforts to establish a structured regulatory framework for virtual asset service providers in Pakistan.

    PVARA said the NOCs were granted after a formal review conducted in coordination with relevant public-sector bodies. The assessment covered governance arrangements, compliance systems, risk management controls and alignment with Pakistan’s evolving regulatory requirements for virtual asset activities.

    The authority clarified that the NOCs do not constitute operating licences. Instead, they allow Binance and HTX to undertake limited preparatory and engagement activities under regulatory oversight. These include registration on the Financial Monitoring Unit’s goAML system as reporting entities, engagement with the Securities and Exchange Commission of Pakistan to incorporate local subsidiaries, preparation and submission of full virtual asset service provider licence applications once regulations are notified, and provision of AML-registered services after completion of goAML registration.

    PVARA said the move reflects a phased and risk-based approach consistent with international regulatory practices, aimed at supporting innovation while ensuring market integrity, consumer protection and financial stability.

    Finance Minister Senator Muhammad Aurangzeb said the structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline.

    The authority said it is also advancing digital oversight tools as part of its regulatory development. PVARA has deployed AI-based systems for application evaluation, recruitment processes and regulatory document review to improve supervisory efficiency and align with global standards.

    Chairman PVARA Bilal Bin Saqib said the issuance of the NOCs marks an initial step toward a fully licensed and regulated digital asset environment, with a focus on transparency, governance and risk management. He said the framework strengthens Pakistan’s alignment with FATF standards and reinforces AML and counter-terrorism financing safeguards.

    Pakistan is currently ranked among the leading countries in crypto adoption, with an estimated 30 to 40 million users. Industry estimates place annual digital asset trading activity linked to Pakistan at over $300 billion. PVARA said it will continue issuing guidance on licensing standards, compliance obligations and supervisory expectations as subsequent phases of the regulatory framework are rolled out.


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  • EU’s 2035 petrol and diesel car ban will be watered down, says senior MEP | Automotive industry

    EU’s 2035 petrol and diesel car ban will be watered down, says senior MEP | Automotive industry

    The EU’s outright ban on the sale of new petrol and diesel cars from 2035 is poised to be watered down, a senior European parliament politician has said.

    The decision, expected to be announced by the European Commission on Tuesday in Strasbourg, would be a divisive move, angering environmental campaigners who argue it would amount to the “gutting” of the EU’s flagship green deal.

    Under the deal, approved two years ago, all cars coming on the market from 2035 had to be zero CO2 emissions, meaning the end of the road for hybrid vehicles as well as those running solely on fossil fuels.

    However, Manfred Weber, an MEP and the president of the European People’s party group of conservative and centrist parties in the European parliament, told Germany’s Bild newspaper that the 2035 cutoff date would be softened next week.

    “The technology ban on combustion engines is off the table,” he said. “All engines currently manufactured in Germany can therefore continue to be produced and sold.”

    The German chancellor, Friedrich Merz, the Italian prime minister, Giorgia Meloni, and most of the car industry have lobbied for the ban to be changed to allow the continued sale of hybrid vehicles. They are likely to hail the EU’s shift as a victory for common sense, giving European carmakers more time to transition to electric vehicles (EVs).

    However, the change is not only opposed by green politicians but also some car manufacturers such as Volvo and Polestar, which argue that shifting the 2035 cutoff for traditional combustion engines would give a further advantage to Chinese rivals.

    Weber said the rule change would be an important signal “to the entire automotive industry and secures tens of thousands of industrial jobs”, reflecting concerns over the future of one of Europe’s most important industries.

    He suggested the EU would pave the way for the continued sale of plug-in hybrid cars, including a future generation of powerful hybrids with long ranges, but with backup combustion engines for long journeys, for example, more than 373 miles (600km).

    “For new registrations from 2035 onwards, a 90% reduction in CO2 emissions will now be mandatory for car manufacturers’ fleet targets, instead of 100%,” Weber told Bild.

    A European Commission spokesperson, Paula Pinho, said on Friday that the 2035 deadline was “still being discussed”. She added that the commission president, Ursula von der Leyen, had already said several times that that there was a clear demand for “more flexibility on the CO2 targets”.

    Volkswagen, Stellantis, Renault, Mercedes-Benz and BMW have argued in favour of dropping the ban, arguing that consumers are not taking up EVs in the numbers anticipated when the 2035 date was approved in 2022.

    According to reports, the EU will also propose a package of measures to incentivise Europeans to make and buy small EVs as part of a new push to dent the growing presence of Chinese electric cars in the bloc.

    Incentives for a “made in Europe” small EV would take inspiration from Japan, which offers significant breaks including lower insurance and car tax for those who own electric kei cars, a category of small, lightweight vehicles notable for their boxy appearance.

    Norway, which has the highest take-up of electric vehicles in Europe, drove adoption of the zero-emission cars with VAT and purchase tax exemptions along with 50% road toll fees.

    It has meant more than 90% of all new cars sold in 2025 were electric, in extraordinary contrast to southern Europe where a lack of infrastructure and incentives has led to a slow take-up of EVs.

    In Norway almost 30% of all cars are now electric, compared with Italy where numbers are growing, but still account for only 12% of the market, according to figures for November.

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  • Gold rates hit record high in Pakistan – December 12, 2025

    Gold rates hit record high in Pakistan – December 12, 2025

    KARACHI: Gold rates in Pakistan surged to an all-time high on Friday, December 12, 2025, in line with a sharp increase in the international market, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

    The rate of 24-karat gold per tola rise by Rs10,700, reaching Rs454,262, up from Rs443,562 a day earlier.

    Similarly, the price of 10 grams of 24-karat gold increased by Rs9,174 to Rs389,456, while 10 grams of 22-karat gold climbed by Rs8,410 to Rs357,014.

    In the global market, gold prices jumped by $107, reaching $4,319.

    Silver prices

    Silver prices also saw an upward trend. The price of per tola silver increased by Rs232, reaching Rs6,684, while 10 grams of silver rose by Rs199 to Rs5,730. International silver prices increased by $2.32 to $64.12.

    Gold trends

    The expanding availability of digital financial tools—including gold-backed Exchange-Traded Funds (ETFs), mobile investment apps, and fintech innovations—has widened access to global gold markets.

    These developments are enabling retail investors, especially in the Gulf region, to participate in a market that was once dominated by institutional players.

    Recent fluctuations in gold prices reflect continued global demand and increased investor caution amid persistent economic and geopolitical uncertainties.

    Investment Trends in Pakistan

    In Pakistan, where the rupee remains under pressure and economic uncertainty persists, gold continues to serve as a preferred investment option. Beyond its value as a commodity, it is widely regarded as a dependable store of wealth and a hedge against inflation.

    As volatility in financial markets intensifies, tangible assets like gold are increasingly viewed as safe-haven investments, reinforcing their importance in both traditional and modern investment strategies.

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  • Japan Stocks Rise at Close with Nikkei 225 Gaining 1.44% on Friday

    Japan Stocks Rise at Close with Nikkei 225 Gaining 1.44% on Friday

    TLDR

    • Nikkei 225 rose 1.44% as Sumitomo Metal Mining saw a 9.13% gain.
    • Tokyo stocks saw more winners than losers, with 2,656 stocks advancing.
    • Crude oil prices increased, while gold futures remained mostly flat.
    • Panasonic and Toray Industries hit 5-year and 3-year highs, respectively.

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    Japan’s stock market ended higher on Friday, with the Nikkei 225 rising by 1.44%. Gains in key sectors such as Real Estate, Banking, and Textile led the upward movement. The Japanese market extended its positive performance, signaling investor confidence across various sectors. While stocks rose overall, specific companies stood out, showing significant gains.

    Strong Performance from Key Sectors

    At the close of trade, the Nikkei 225 gained 1.44%, reflecting a positive day for Japanese stocks. Among the standout sectors, Real Estate and Banking played a significant role in driving the market higher. This uptick in key sectors is seen as a reflection of stable economic conditions and strong corporate earnings across Japan.

    One of the day’s biggest gainers was Sumitomo Metal Mining Co., Ltd., which rose by 9.13%. This surge in its stock price brought it to its highest level in three years, signaling strong investor sentiment. Other notable performers included Panasonic Corp, which climbed 6.91% to hit a five-year high, and Toray Industries, which rose 5.87%. The positive movement across these stocks reflects an optimistic outlook for these companies in the market.

    Declining Stocks and Market Dynamics

    Despite the overall positive movement, there were a few stocks that experienced declines. Tokyo Electron Ltd. was among the worst performers, falling 3.37%. This drop came after disappointing earnings reports from major tech companies in the U.S., which affected investor sentiment towards tech stocks globally. Sumitomo Dainippon Pharma and Ebara Corp. also saw declines, with losses of 2.96% and 2.38%, respectively.

    However, the overall trend on the Tokyo Stock Exchange remained positive. A total of 2,656 stocks advanced, while only 932 declined. This shows that the broader market sentiment was favorable, with a larger number of stocks outperforming the lagging ones. Even with a few underperformers, the market managed to end the day on a high note.



    Impact on Commodities and Currency Markets

    In commodities trading, crude oil prices saw modest gains. Crude oil for January delivery rose by 0.56% to $57.92 per barrel. Meanwhile, Brent oil for February delivery also increased, rising by 0.49% to reach $61.58 per barrel. On the other hand, gold futures for February delivery remained largely unchanged, falling by just 0.00% to $4,312.90 per troy ounce.

    Currency markets showed slight movement as well. The USD/JPY exchange rate was up by 0.03%, reaching 155.66, while EUR/JPY rose marginally by 0.01% to 182.70. These small fluctuations reflect a generally stable trading environment in the currency markets.

    Market Outlook and Conclusion

    As Japan’s stock market continues to show strength, investors are hopeful that this momentum will carry into the future. The Nikkei 225’s performance, bolstered by strong gains from key stocks, suggests continued investor optimism.

    Even though certain stocks faced declines, the overall market sentiment remains positive. Looking ahead, analysts are watching for any developments that could impact market performance, including the ongoing situation with global commodity prices and currency fluctuations.

    With the Nikkei 225 up 1.44% and key sectors continuing to perform well, Japan’s stock market appears set to maintain its positive trajectory in the coming weeks.

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  • Hauwa Otori ’08 spreads the stories of under-resourced entrepreneurs

    Hauwa Otori ’08 spreads the stories of under-resourced entrepreneurs

    The newest episode of a podcast hosted by Entrepreneurship at Cornell, Startup Cornell, features Hauwa Otori ‘08, creator of the Founders International Network and host of the Building Black podcast, which shares stories about the experiences of under-resourced entrepreneurs from around the globe.

    Otori has a degree in communications from Cornell and a law degree from American University. She is also an independent producer for Fast Company, KCRW and Marketplace and her writing has appeared in Elle and Forbes.

    The Startup Cornell podcast features interviews with Cornell entrepreneurs, who tell their stories of successes and failures and offer actionable advice for building and growing a business. It’s available on the Entrepreneurship at Cornell website, as well as Apple podcasts, Spotify and Soundcloud.

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  • China’s grain barn province reports record-high bumper harvest-Xinhua

    China’s grain barn province reports record-high bumper harvest-Xinhua

    Farmers spread newly harvested corns to air in Suihua City, northeast China’s Heilongjiang Province, Oct. 14, 2025. (Xinhua/Xie Jianfei)

    HARBIN, Dec. 12 (Xinhua) — Heilongjiang Province, a major grain producer in northeast China, saw its 22nd bumper harvest with a record-breaking grain output reaching 82 million tonnes this year, data from the National Bureau of Statistics (NBS) showed on Friday.

    After surpassing 80 million tonnes in total grain production in 2024, Heilongjiang has once again topped the record this year, marking its 16th straight year as the top grain-producing region in China, according to the provincial agriculture and rural affairs department.

    To ensure consecutive high yields, the province has applied over 176,000 high-performance seeding machines and continued to promote scientific farming methods, including soil testing formula fertilization technology, dense planting techniques and integrated water and fertilizer irrigation projects.

    China has achieved another year of bumper grain harvest in 2025, with total output hitting a record high of 714.88 million tonnes, an increase of 1.2 percent year on year, according to the NBS. 

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  • OpenAI launches GPT‑5.2 AI model with enhanced capabilities

    OpenAI launches GPT‑5.2 AI model with enhanced capabilities

    OpenAI has grown rapidly to more than 800 million people using its services weekly since its 2022 launch. PHOTO: REUTERS

    OpenAI on Thursday launched its GPT-5.2 artificial intelligence model, after CEO Sam Altman reportedly issued an internal “code red” in early December pausing non‑core projects and redirecting teams to accelerate development in response to Google’s Gemini 3.

    GPT-5.2 comes with improvements in general intelligence, coding and long-context understanding, the company said in a statement.

    The new model is expected to bring even more economic value for users, as it is better at creating spreadsheets, building presentations and handling complex multi-step projects, OpenAI said.

    Alphabet’s Google launched the latest version of its Gemini in November, highlighting Gemini 3’s lead position on several popular industry leaderboards that measure AI model performance.

    “Gemini 3 has had less of an impact on our metrics than we feared,” Altman said in an interview with CNBC on Thursday, alongside Disney’s CEO Bob Iger.

    Google did not immediately respond to a Reuters request for comment.

    Disney said on Thursday it is investing $1 billion in OpenAI and will let the startup use characters from Star Wars, Pixar and Marvel franchises in its Sora AI video generator.

    Microsoft-backed OpenAI said that it currently has no plans to drop GPT‑5.1, GPT‑5, or GPT‑4.1 from its application programming interface.

    GPT-5.2 Instant, Thinking, and Pro will begin rolling out in ChatGPT on Thursday, beginning with paid plans.

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  • How AI Prompting Is Shaping the Future of Work

    How AI Prompting Is Shaping the Future of Work

    Sandvik hosted its first ever Promptathon in December, with the goal of helping employees master the art of asking better questions.

    Unlike a traditional hackathon focused on writing code, the event centered on crafting prompts, questions and instructions given to AI systems to tackle real business challenges. “Initiatives like the Sandvik Promptathon show how we’re advancing our strategic objectives and shaping the industry’s future. I’m impressed by the achievements it delivered,” explained Stefan Widing, CEO and President of Sandvik.

    For two hours, teams across the world dove into Microsoft Copilot to tackle real business challenges—from boosting profitability and efficiency to reimagining how people work and collaborate. Ideas were judged on how well they support long-term strategy, the tangible value they create, their originality, and how easily they can be scaled across the organization.

    The four-ingredient formula for better prompting

    The event opened with a masterclass led by Usman Afzal, Solution Architect and Productivity Coach at Microsoft, who shared practical tips for getting more out of Copilot while building scenarios for the Promptathon.

    (Not every prompt needs all four ingredients, Afzal explained, but including the relevant ones dramatically improves the outcome and keeps AI grounded in real business needs.)

    Celebrating the winners

    The winners of the first Promptathon was a team from Brazil (including Flávio Lopes, Gabriel Pereira, Gabriela Sousa, Gustavo Cunha, Leonardo Ferreira, and Matheus Oliveira) (, with their concept “Sandvik Game Master,” in the category Empower High Performing Teams.

    Their idea reimagines onboarding and training as an engaging, gamified journey that fosters learning, psychological safety, and collaboration. Complex processes are transformed into accessible “worlds,” helping people build competence faster while reinforcing a safety-first culture.

    I would say that this is a bold, human-centered innovation that empowers teams and drives Sandvik forward

    “I would say that this is a bold, human-centered innovation that empowers teams and drives Sandvik forward,” said Stefan Widing as he congratulated the winners.

    As AI tools become standard workplace technology, the ability to communicate effectively with them becomes as fundamental as any other professional skill. By investing in prompt literacy, employees are equipped to maximize the potential of these tools and enhance productivity while maintaining the human judgment and expertise.

    The question is no longer whether AI will transform how we work, but how quickly we can learn to work alongside it effectively.

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