A company is seeking to target the worst aspects of wasteful fast fashion and demonstrate and economically-profitable circular economy with that most standard of garments—the t-shirt.
Utilizing the second-largest source of cotton on Earth, Teemill’s business model is making mass-produced t-shirts from mass-produced t-shirts.
These days, if you’re having a corporate event, a good idea is to print 100 cotton t-shirts to commemorate it. Going on tour and looking to drum up some merchandise money for your band? Print 500 cotton t-shirts to sell at the merch booth.
Trying to keep the World Wildlife Fund’s profits going? Print 10,000 cotton t-shirts to send to donors.
In the world of fast fashion, the ubiquity of the casual t-shirt with something printed on it seems immeasurable in scope.
That’s where Teemill comes in. Claiming a truckload of clothes is dumped in a landfill or burned around the world every second, they’re trying to get a handle on this waste flow by cutting off the t-shirt spigot.
Every t-shirt bought from Teemill can be sent back, ground up into cotton fibers, sterilized and remade into new t-shirts in a pair of carbon-neutral factories powered by renewable energy.
SIMILAR: Fashion Designer Makes Shoes that Grow into Apple Trees, Instead of Growing Landfills
“We get told constantly as consumers ‘change what you buy, make better choices, educate yourself, do your bit.’” explains Teemill Co-founder Mart Drake-Knight in a TedX about his experience entering into sustainable fashion.
“So when we tried to do our bit and buy products made from organic materials… or products that are designed in such a way that they don’t eventually end up in a landfill, it’s like they don’t exist. Actually the more we looked, the more we learned that almost everything in the world seems to be made in the exact same way.”
– Teemill
The torso tag on every shirt comes with a QR code that when sent back to Teemill is scanned and worth a little rebate. In this way the consumer also becomes the supplier, and where Teemill would have to buy new cotton, they instead spend that money on shipping to retrieve old or unwanted Teemill tees from previous buyers, and on a little incentive for them to do so.
Sustainable fashion is not catching up to the waste from its more wasteful industry cousins, and selling sustainably grown cotton, or t-shirts made from recycled water bottles, when the price point is over $25 a shirt, is just not going to catch on.
Taking advantage of economies of scale by selling in bulk to people who need hundreds of t-shirts, and lower manufacturing costs from opening a factory in India, Teemill is adapting the aspects that made fast fashion so wasteful and using them to their advantage.
RELATED: Mountains of Garbage in Russia are Being Turned into Fashionable Accessories
To these they pair smart tech innovations like machines that print t-shirts with custom designs in real-time along with orders to reduce the amount of warehouse inventory needed, and cloud platforms that allow small designers to start their own fashion brands linked to the Teemill circular model.
WATCH the start to finishing T-milling process…
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In response, CZ dropped a bombshell on Twitter: Binance would sell off its entire FTT holding. He claimed the intention was to sell “in a way that minimizes market impact,” but the announcement led to a steep drop in the price of FTT (the token has lost almost 90 percent of its value) and a surge in withdrawals at FTX as customers began to panic about the safety of their crypto.
Bankman-Fried initially denied rumors of insolvency on November 7, claiming that “a competitor is trying to go after us with false rumors” and that “FTX is fine.” (These tweets have since been deleted.) It later became clear the company was scrambling to secure a bailout.
CZ has denied that he deliberately created a liquidity crisis at FTX—“I spend my energy building, not fighting,” he tweeted on November 7—but Tim Mangnall, whose company Capital Block has consulted for both Binance and FTX, says this was a “shrewd” business maneuver by CZ, one that allowed him to “buy one of his biggest competitors for pennies on the dollar.”
All Hail CZ, King of Crypto
Binance has now rejected that deal. The crisis at FTX likely reinforces its rival’s position as the world’s largest cryptocurrency exchange. Binance is already larger, by trading volume, than a clutch of its nearest competitors (Coinbase, Kraken, OKX, Bitfinex, Huobi, and FTX) combined.
Binance will now likely hold greater control over the kinds of coins that are widely listed for purchase. By the same token, the influence of CZ, already one of the most prominent figures in the crypto world, will also be magnified in debates around policy and regulation.
For the portion of the community that believes crypto should stand for decentralization, the merging of two of the world’s largest exchanges will also be cause for concern. Decentralization is all about the even distribution of power and eliminating single points of failure, but the fall of FTX supports neither ambition.
After Binance’s rescue plan was first announced, the prices of bitcoin and ether fell by more than 10 percent, wiping out more than $60 billion from the market. They may now fall further.
The implosion of FTX will also raise questions about what should be done to protect crypto owners in the future. One proposal from CZ is that all exchanges should provide transparent “proof of reserves”—in other words, clearly demonstrate they have enough cash on hand to fund customer withdrawals. In a tweet, he promised that Binance will take up this policy “soon.”
Brian Armstrong, CEO of Coinbase, expressed sympathy for FTX but also pointed to “risky business practices” and “conflicts of interest” that left the company exposed—something that, presumably, transparency requirements would also remedy. Separately, Armstrong moved to dismiss concerns that Coinbase might find itself in a similar liquidity crunch: “We hold all assets dollar for dollar,” he wrote on Twitter.
But others say this latest dance with disaster is evidence that people should not store their wealth with exchanges. “What we’re seeing now is a reminder of the importance of crypto custody,” says Pascal Gauthier, CEO at Ledger, which makes wallets to allow people to manage their own crypto. “You don’t own your crypto unless you use self-custody.”
Updated 11-9-2022, 5:30 pm EST: This article has been updated to reflect Binance’s statement that it would not acquire FTX after all.
Federal Reserve Chair Janet Yellen holds a news conference following day two of the Federal Open Market Committee (FOMC) meeting in Washington, U.S., December 14, 2016. REUTERS/Gary Cameron – RTX2V2DG
US Treasury Secretary Janet Yellen, on her first visit to India, touted her ‘friendshoring’ strategy of aligning trade and investment within a group of countries with shared values, in an apparent attempt to cut the role of China.
As the pandemic redraws the trade and economic map of the world, the Biden administration has mooted friendshoring or allyshoring – manufacturing and sourcing components and raw materials within a group of like-minded countries.
Speaking at an event at Microsoft Inc’s facility just outside the national capital, she said US-India are natural allies who can show the rest of the world that democracies can deliver for their citizens despite volatility and war.
“For too long, countries around the world have been overly dependent on risky countries or a single source for critical inputs,” she said. “We are proactively deepening economic integration with trusted trading partners like India.”
The two nations share an interest in strengthening their supply chains in a world where certain governments wield trade as a geopolitical weapon, Yellen said as she introduced the concept of ‘friendshoring’.
While trade can drive growth and bring significant economic benefits to all countries involved, the probability of disruptions should also be accounted for.
“Recent disruptions have contributed to higher prices in both of our countries and sapped economic output,” she said in an oblique reference to energy and commodity prices spiking up after Russia invaded Ukraine.
The US in its new ‘friendshoring’ approach is diversifying away from countries that present geopolitical and security risks to our supply chain, she said.
“Our strategy will also create redundancies in our supply chain to mitigate over-concentration risks. And we are also addressing our reliance on manufacturers whose approaches clash with our human rights values.”
Many western companies that embraced offshoring – cutting costs by shifting manufacturing or certain processes to countries with cheaper labour – have been encouraged by tariffs and pandemic supply chain disruption to bring production back to their home country – a trend known as onshore or reshoring.
But countries like the US cannot make, mine or manufacture everything themselves and so it is now favouring strategic allies when building a supply chain.
Yellen highlighted plans by the US firm First Solar Inc to build a manufacturing facility in Tamil Nadu and Apple Inc’s plans to shift some iPhone manufacturing from China to India.
“To be very clear, friendshoring is not limited to an exclusive club of countries. We seek integration with the large group of countries that we can count on – developing countries and advanced economies alike,” she said.
“In fact, part of our ‘friendshoring’ approach involves partnering with developing countries to grow local industries and connect them to the global supply chain.” She went on to state that the solar manufacturing facility in Tamil Nadu will help diversify supply chains away from china, which currently dominates over 80 per cent of global solar panel production.
“Our investments are also consistent with our values: certain solar panel materials produced in China – like those from the Xinjiang region – are known to be produced with forced labour,” she said.
Stating that there already was progress on ‘friendshoring’, the Treasury Secretary said new supply chains are developing across regions from Asia to the European Union.
“We are also seeing signs that Western firms are diversifying their supply chains beyond China. Technology companies like Amazon and Google are investing in India and Vietnam,” she said.
“The United States will continue to deepen our business and commercial ties with India as we pursue our friendshoring agenda.” Calling Russia’s war in Ukraine “barbaric”, she said challenges faced today are bringing the United States and India closer together than ever before.
“The trajectory of the global economy will be shaped by the work that India and the United States undertake together,” she said. “The same is true for the prosperity and security of the Indo-Pacific.” As a leading developing country and the world’s largest economy, the two nations have great opportunity and responsibility to make progress on the world’s most intractable problems.
The US-India “ties are stronger than ever before,” she said.
While the US is home to the largest Indian diaspora outside of Asia and serves as its largest export market, bilateral trade between the two countries reached an all-time high last year and is expected to grow further in the years to come.
“In the Indo-Pacific region, our shared objective is to advance prosperity and maintain peace and security. India and the United States remain committed to upholding the rules-based international order,” she said.
“We are working with our allies and partners to tackle global challenges through the Quad and the Indo-Pacific Economic Framework.” On India assuming the G20 presidency, Yellen said a successful Indian presidency is indispensable to global economic recovery and sustained progress on deepest problems.
The G20, she said, must do better to provide debt relief where necessary.
India’s G20 year is a chance to accelerate global coordination on debt restructuring, she said, adding two years back a Common Framework established in G20 to bring all the major bilateral creditors together to coordinate timely and orderly debt relief for low-income countries could not deliver largely because of lack of cooperation from China.
“As a consequence, debtor countries in need are hesitant to request Common Framework treatment. This needs to change. All major bilateral creditors, including China, must cooperate constructively to deliver on their G20 commitment to provide meaningful debt relief. We must also improve the speed and predictability of the Common Framework itself,” she said.
On climate action, Yellen said the US and India – the world’s second and third-largest emitters, have a shared interest and responsibility to reduce greenhouse gas emissions. “A global challenge like climate cannot be solved by any one country. It requires all of us to work together.”
“We live in difficult and complicated times. We face urgent problems that require concerted and collective action,” she said. “The work of our two countries has never been more vital.”
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Diamondback Energy, Inc. (Symbol: FANG), where a total of 20,769 contracts have traded so far, representing approximately 2.1 million underlying shares. That amounts to about 93.6% of FANG’s average daily trading volume over the past month of 2.2 million shares. Particularly high volume was seen for the $155 strike put option expiring November 18, 2022, with 15,991 contracts trading so far today, representing approximately 1.6 million underlying shares of FANG. Below is a chart showing FANG’s trailing twelve month trading history, with the $155 strike highlighted in orange:
Marathon Petroleum Corp. (Symbol: MPC) saw options trading volume of 28,498 contracts, representing approximately 2.8 million underlying shares or approximately 91.4% of MPC’s average daily trading volume over the past month, of 3.1 million shares. Especially high volume was seen for the $55 strike call option expiring January 20, 2023, with 6,290 contracts trading so far today, representing approximately 629,000 underlying shares of MPC. Below is a chart showing MPC’s trailing twelve month trading history, with the $55 strike highlighted in orange:
And Ambarella, Inc. (Symbol: AMBA) saw options trading volume of 3,931 contracts, representing approximately 393,100 underlying shares or approximately 84.8% of AMBA’s average daily trading volume over the past month, of 463,735 shares. Especially high volume was seen for the $135 strike call option expiring December 16, 2022, with 1,120 contracts trading so far today, representing approximately 112,000 underlying shares of AMBA. Below is a chart showing AMBA’s trailing twelve month trading history, with the $135 strike highlighted in orange:
For the various different available expirations for FANG options, MPC options, or AMBA options, visit StockOptionsChannel.com.
Today’s Most Active Call & Put Options of the S&P 500 »
Also see:
Industrial Stocks Hedge Funds Are Buying Institutional Holders of NVT Institutional Holders of NXEO
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Skootr, a provider of Premium Managed Office Space services provider, has said it is going to invest ₹100 crore to double space under its management to 10 lakh square ft in the next 12 months.
“We have invested ₹100 to develop 5 lakh sq ft of space,” Puneet Chandra, Director and Co-Founder of Skootr, said.
He said the company’s clients include Claranet, Grant Thornton, Futures First, Creditsafe and Darwinbox, the Hyderabad-based HR tech company that has taken 75,000 sq. ft of space.
“We invested ₹75 crore in the last quarter to expand the managed office portfolio to five lakh sq ft. The clients are looking for flexible office spaces that will include the right mix of private and open space,” he said.
“Return to office continued to pick momentum in the third quarter of 2022 across sectors and clients are seeking workspaces to gain premium office experience,” he said in a statement on Monday.
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Leaders of teacher groups who were thought of as humble helped improve professionalism and collaboration among team members, new research has shown.
In the study done in China, groups of teachers were more willing to share their knowledge and expertise when they rated the leader of their meeting group as being higher in humility.
The reason was that humble leaders made teachers feel more empowered to share their knowledge because they felt psychologically safe to take risks, said study co-author Roger Goddard, professor of educational studies at Ohio State University.
“A little humility on the part of leaders goes a long way in helping groups be more productive and collaborative,” Goddard said.
“When people feel their leader admits mistakes and is open to learning from others, everyone contributes more and makes these groups more effective.”
In the United States and elsewhere, “professional learning communities” (PLCs) are designed to facilitate the sharing between teachers of their best practices and experiences in the classroom.
In China, the equivalent of PLCs are called Teaching Research Groups (TRGs). The leaders of TRGs are experienced teachers who are not traditional administrators, but do serve as supervisors and coordinators and are involved in teacher evaluations, lesson planning and teacher selection.
The study involved 537 teachers from 238 TRGs in a variety of both urban and rural schools in China.
Teachers rated their TRG leaders on three dimensions of humility: their willingness to view themselves accurately, such as admitting when they didn’t know how to do something; their appreciation of others’ strengths; and their teachability, such as being open to other teachers’ advice.
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Results showed that teachers who rated their TRG leaders as being higher in humility were more likely to report that they shared their knowledge and expertise in TRG meetings.
“The whole point of these groups is for teachers to share their knowledge, so the fact that humble leaders inspired individuals in their groups to be more willing to do this is very significant,” Goddard said.
The study determined that humble leaders were so effective in helping their teachers share their knowledge because of the sense of psychological safety their humility provided; they gave the TRG the confidence to share experiences that might not automatically be viewed positively.
That feeling of safety led them to feel more psychologically empowered: They felt their jobs had meaning, they had autonomy to do their work, and they felt they were competent and that their work had impact in the school.
“This feeling of teachers that they could safely share their knowledge comes from having a leader who has humility—an openness to learning from others, a willingness to revise opinions, and an appreciation for the strengths of others,” he said.
While this research was done in China, Goddard said he believes the results would be similar in the United States and elsewhere.
RELATED: Humble College Professor is Putting All of His Nobel Prize Money Towards His Students’ Education
“There’s a lot of evidence that suggests trust is a key part of successful organizations. And feeling psychologically safe and empowered to share your knowledge in the workplace is part of building trust, and that’s what humble leaders help create,” he said.
“That is as true in the United States as it is in China.”
In the same way, the results should be applicable outside of education.
“Many of the same principles that make successful organizations cut across cultures and fields. It makes sense that humble leaders will build trust and better relationships that will increase the effectiveness of any groups that have to work together,” Goddard said.
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Government may soon come up with indirect tax treatment of crypto assets
There could soon be clarity on applying goods and services tax on virtual digital assets, as the Central Board of Indirect Taxes and Customs is working on an agenda paper on the topic. The board has been interacting with industry to decide on the GST rate for crypto assets and identify whether they should be classified as goods or a service, besides related issues. The board’s agenda paper will likely be presented to the fitment panel of GST and then to the GST Council.
Why it’s important: Clarity on tax treatment is expected to offer some relief to the crypto industry, which has been concerned about tax notices seeking GST on the gross value of the crypto asset instead of the service fees or commission. Clarity is expected on all critical aspects of the sector.
Reliance, Adani and 13 others in race to take over bankrupt Future Retail
The Adani group and Reliance Industries are among the 15 entities to have submitted expressions of interest to acquire the assets of bankrupt Future Retail. April Moon Retail, a JV between Adani Airport Holdings and promoters of Flemingo group, Reliance Retail Ventures, and Dharampal Satyapal are among the suitors. Capri Global Holdings, Nalwa Steel and Power, Shalimar Corporation, UV Multiple Asset Investment Trust’s Special Situation Fund, and United Biotech had also sent in their EoIs by November 3.
Why it’s important: A legal tussle between Reliance and Amazon over the assets of Future group left lenders scrambling to recover their dues. Future Retail’s fixed assets now largely consist of furniture and fixtures and leasehold improvements at its 302 leased stores.
Deadline for 30 percent volume ceiling to be extended for leading UPI apps
The deadline for 30 percent volume cap norm on existing third-party application providers for UPI might be extended by the National Payments Corporation of India. The move will benefit PhonePe and Google Pay. PhonePe processed over 47.26 per cent of the transactions done through the UPI in October, and Google Pay processed about 34 per cent of the UPI transactions, according to NCPI data.
Why it’s important: The ceiling norms are expected to disrupt the UPI ecosystem in the short run. An extension is being considered because the corporation wants to preserve the rapid growth of its flagship UPI payments platform.
Persistently high inflation drags down rural sales in September quarter
The FMCG sector continued to report a fall in rural sales, as those less well-off in villages felt the pinch of persistently high inflation. Sales in rural markets declined for the fifth consecutive quarter in the three months ended September, market researcher NielsenIQ has said. Sales volume declined at a faster 3.6 per cent rate in the September quarter compared with 2.4 per cent decline in the March quarter. Demand in urban markets continued to report a positive trend.
Why it’s important: Rural households are more vulnerable to inflation. The rural poor have cut down on expenditure for basic items like soaps and detergents as they have little left after spending on food and shelter and the rising prices of FMCG goods.
SIP investment hit new record in October although mutual fund inflows fell
Flows into systematic investment plans surged to a monthly record in October. SIP flows rose to a new high of Rs 13,041 crore, compared with September’s Rs 12,976 crore. Flows in equity schemes slipped to Rs 9,390 crore, compared with Rs 14,100 crore in the preceding month, according to the Association of Mutual Funds in India. Average assets under management fell marginally to Rs 39.53 lakh crore compared with Rs 39.88 lakh crore in September.
Why it’s important: The steady increase in SIP investments indicates the undiminished appeal for long-term growth assets despite reduced potential upside for stocks after the recent climb in the indices.
Crisis deepens at cryptocurrency exchange FTX, which is headed towards bankruptcy
The crisis at Sam Bankman-Fried’s FTX.com is worsening rapidly, with the onetime crypto wizkid warning of bankruptcy if his firm can’t secure funds to cover a shortfall of as much as $8 billion, shortly before rival exchange Binance scrapped a takeover offer. FTX.com needs $4 billion to remain solvent and is trying to raise rescue financing through debt, equity, or a combination of the two.
Why it’s important: The development is a stunning turn for Bankman-Fried, who was once worth $26 billion. It also underlines the uncertainty hanging over FTX, its clients and crypto markets as a whole.
Tata Play could opt for confidential pre-filing of IPO documents
Tata Play, previously known as Tata Sky, is set to become one of the first Indian firms to opt for confidential pre-filing of offer documents for an IPO in the next fortnight. The market regulator is expected to issue guidelines on confidential IPO prefiling in the next 7-10 days. Sebi has been looking to allow such filings and could have discussed the matter in its board meeting on September 30.
Why it’s important: Allowing pre-filing of IPO documents without a public announcement is expected to help safeguard sensitive business information of issuers. The Tata group firm is looking to raise Rs 2,000-2,500 crore.
Concerns rise on draft telecom law, industry bodies seek review
The draft Indian Telecommunication Bill 2022 will impose extensive permitting burden, hurt cross-border digital trade, hamper India’s economic growth, and constrain innovation, several industry bodies have said in a joint statement. The statement signed by App Association, Asia Internet Coalition, Computer and Communications Industry Association, Information Technology Industry Council, India Cellular and Electronics Association, among others recommended narrowing the broad definitions of telecom services and equipment.
Why it’s important: The draft legislation, which was up for public consultation till Thursday, aims to expand the definition of telecom services to include OTT communication services such as WhatsApp, and email providers like Gmail, requiring them to do KYC of users, adding to the compliance burden.
Offer price of Rs 170 a share too low for present times, says Fortis chairman
Even as IHH Healthcare Bhd is in talks discussions with the market regulator to proceed with its open offer for Fortis Healthcare and raise its stake over 51 per cent, the offer price could emerge as a sticking point, Kelvin Loh, CEO, IHH Healthcare, and Ravi Rajagopal, chairman, Fortis, said in an interview. From the four-year-old price of Rs 170 a share for the open offer, Fortis shares are currently trading at around Rs 280.
Why it’s important: The price was established in 2018, when there were specific regulations on how to arrive at that price. Fortis has done well since then and the offer prices is now deemed too low.
India seeks substantial increase in climate finance at UN summit in Egypt
Developing countries require substantive enhancement in climate finance from the floor of $100 billion per year to meet their goals, and rich countries need to lead the mobilization of resources, India has demaded at the ongoing UN climate summit in Egypt.
Why it’s important: Developing countries like India are pushing rich nations to agree to a new global climate finance target, which they say should be in trillions as the costs of addressing and adapting to climate change have expanded. Wealthy countries are unlikely to agree.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Procter & Gamble Company (Symbol: PG), where a total volume of 43,983 contracts has been traded thus far today, a contract volume which is representative of approximately 4.4 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 63.7% of PG’s average daily trading volume over the past month, of 6.9 million shares. Especially high volume was seen for the $145 strike call option expiring December 16, 2022, with 10,355 contracts trading so far today, representing approximately 1.0 million underlying shares of PG. Below is a chart showing PG’s trailing twelve month trading history, with the $145 strike highlighted in orange:
MSC Industrial Direct Co Inc (Symbol: MSM) saw options trading volume of 2,383 contracts, representing approximately 238,300 underlying shares or approximately 61.9% of MSM’s average daily trading volume over the past month, of 385,020 shares. Especially high volume was seen for the $85 strike call option expiring November 18, 2022, with 642 contracts trading so far today, representing approximately 64,200 underlying shares of MSM. Below is a chart showing MSM’s trailing twelve month trading history, with the $85 strike highlighted in orange:
And Adicet Bio Inc (Symbol: ACET) options are showing a volume of 3,162 contracts thus far today. That number of contracts represents approximately 316,200 underlying shares, working out to a sizeable 61.6% of ACET’s average daily trading volume over the past month, of 513,305 shares. Especially high volume was seen for the $15 strike put option expiring December 16, 2022, with 2,867 contracts trading so far today, representing approximately 286,700 underlying shares of ACET. Below is a chart showing ACET’s trailing twelve month trading history, with the $15 strike highlighted in orange:
For the various different available expirations for PG options, MSM options, or ACET options, visit StockOptionsChannel.com.
Today’s Most Active Call & Put Options of the S&P 500 »
Also see:
Technical Analysis Channel ESGR Average Annual Return DCI shares outstanding history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
– Teemill 
