Fashion brands and retailers re-opening around the world to patchy demand, and carrying unsold stock from spring have cut fall orders by as much as two-thirds in moves spelling more pain for Asian suppliers, Reuters reported. With shoppers still wary of catching the coronavirus at stores, retailers are leaving buying decisions to the last minute and planning on selling all-season basics such as men’s chinos and t-shirts leftover from spring through into fall. “We don’t think orders for clothing will pick up anytime soon.
Bangladeshi banks are facing another jump in already-crippling levels of bad debt as a move by the central bank to ease the situation backfires, Bloomberg News reported. In an effort to revive credit growth, Bangladesh Bank in May introduced an amnesty program that allowed delinquent borrowers to clean up their books by making a small upfront payment and then clearing the rest of their debt over 10 years at favorable interest rates. But it also triggered a rush by healthy companies to reschedule debt on the same terms, which now threatens to overwhelm the banks.