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Pin to quick picksMarks & Spencer Share News (MKS)

Share Price Information for Marks & Spencer (MKS)

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Share Price: 273.80
Bid: 272.20
Ask: 272.40
Change: -3.00 (-1.08%)
Spread: 0.20 (0.073%)
Open: 276.70
High: 277.50
Low: 272.10
Prev. Close: 276.80
MKS Live PriceLast checked at -

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Huge Bangladesh fire destroys key garments factory

Fri, 29th Nov 2013 07:27

By Serajul Quadir

DHAKA, Nov 29 (Reuters) - A huge fire on Friday destroyed aBangladesh garment factory supplying key Western brands,authorities said, in a blaze touched off by workers angered overrumours of a colleague's death in police firing.

Garments are a vital sector for the South Asian nation,whose low wages and duty-free access to Western markets havehelped make it the world's second-largest apparel exporter afterChina.

But a series of deadly incidents, including an Aprilbuilding collapse that killed more than 1,100 people, hastriggered global concern over weak safety standards in the$22-billion garment industry.

There were no initial reports of casualties in Friday'sfire, which gutted a ten-storey building at Gazipur, 40 km (25miles) from the capital, Dhaka. Fire fighters were battling toput out the fire in four adjacent buildings.

"We are still struggling to control the flames," said fireofficial Mahbubur Rahman, adding that 22 fire service and civildefence units from Dhaka and nearby areas were scrambled tofight the fire.

A Reuters photographer at the scene said burnt garmentsstrewn on the floors bore brand names from U.S. retailers suchas American Eagle Outfitters Inc, Gap Inc andWal-Mart Stores Inc.

Other brands on the clothes included Li and Fung Ltd, Marks and Spencer Group PLC, Sears Canada Inc, Fast Retailing Co Ltd's Uniqlo andInditex S.A. brand Zara.

The factory was among the ten biggest in the country, said Mohammad Atiqul Islam, president of industry body theBangladesh Garment Manufacturers and Exporters Association.

With the factory destroyed, workers there stood to losetheir jobs, he added. "Now all the workers are at risk ofbecoming jobless," he said.

As many as 18,000 people worked at the factory, its owner,Mosharraf Hossain, told Reuters. But they had left the buildingby 11 p.m., shortly before the fire started.

A police official in charge of the area dismissed asbaseless the claim that a worker had died in the firing, addingthat a group of workers assisted by locals had set the fire.

"We are investigating to find out the reason for thisheinous act," said Mohammad Kamruzzaman, the officer in chargeof the Joydevpur police station that guards the area.

Police and witnesses said tempers flared after a mosqueloudspeaker announcement of a worker's death in police firing todisperse a road blockade by workers who had skirmished withpolice near the factory on Thursday morning.

Police broke up that clash with tear gas, but hundreds ofworkers gathered later, vandalized the factory, set twobuildings on fire, and blockaded the road, said MushfiqurRahman, a manager at Standard Garments, a firm in the building.

Police had to fire shots in the air to break up the workers'blockade and let in fire fighters, he told reporters.

The recent string of accidents in Bangladesh has put thegovernment, industrialists and the global brands that use thefactories under pressure to reform an industry that employs fourmillion people and generates 80 percent of export earnings.

More News
3 Nov 2023 11:52

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(Alliance News) - Levi's and H&M are among top global clothing brands to suffer production halts in Bangladesh, a garment union leader said Friday, after days of violent protests by workers demanding a near-tripling of their wages.

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1 Nov 2023 16:52

LONDON MARKET CLOSE: Stocks prosper ahead of central bank rate calls

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1 Nov 2023 16:35

London close: Stocks rise ahead of US Fed policy decision

(Sharecast News) - London's stock market finished in positive territory on Wednesday, with investors keeping a keen eye on the upcoming policy announcement from the US Federal Reserve.

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1 Nov 2023 15:44

UK earnings, trading statements calendar - next 7 days

Thursday 2 November 
BT Group PLCHalf Year Results
Derwent London PLCTrading Statement
Entain PLCTrading Statement
Haleon PLCQ3 Results
Helios Towers PLCQ3 Results
Hikma Pharmaceuticals PLCTrading Statement
Howden Joinery Group PLCTrading Statement
J Sainsbury PLCHalf Year Results
Kin & Carta PLCFull Year Results
OSB Group PLCTrading Statement
Shell PLCQ3 Results
Smith & Nephew PLCQ3 Results
TI Fluid Systems PLCTrading Statement
Trainline PLCHalf Year Results
Friday 3 November 
no events scheduled 
Monday 6 November 
Kingspan Group PLCTrading Statement
Kosmos Energy LtdQ3 Results
Ryanair Holdings PLCHalf Year Results
Tuesday 7 November 
Associated British Foods PLCFull Year Results
Beazley PLCQ3 Results
Direct Line Insurance Group PLCTrading Statement
dotdigital Group PLCFull Year Results
IWG PLCQ3 Results
Persimmon PLCTrading Statement
RS Group PLCHalf Year Results
Vaalco Energy IncQ3 Results
Watches of Switzerland Group PLCTrading Statement
Wednesday 8 November 
Conduit Holdings LtdQ3 Results
ITV PLCTrading Statement
JD Wetherspoon PLCQ1 Results
Marks & Spencer Group PLCHalf Year Results
MaxCyte IncQ3 Results
Secure Trust Bank PLCTrading Statement
Smiths News PLCFull Year Results
Time Out Group PLCFull Year Results
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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27 Oct 2023 09:30

LONDON BROKER RATINGS: UBS says buy SJP; JPMorgan raises Trainline

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

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23 Oct 2023 19:21

London close: Stocks mixed at start of busy week

(Sharecast News) - London's stock markets finished with a varied performance on Monday, driven by concerns over rising UK bond yields and global interest rate trends.

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11 Oct 2023 15:01

London close: Stocks weaker amid Gaza tensions, hot US producer prices

(Sharecast News) - Stocks in London ended in the red on Wednesday, impacted by heightened concerns regarding global inflation and ongoing situations in the Middle East.

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10 Oct 2023 12:01

LONDON MARKET MIDDAY: Stocks push higher as rate rise fears ebb

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10 Oct 2023 08:44

TOP NEWS: UK grocery price inflation cools; sales lifted by promotions

(Alliance News) - UK grocery price inflation cooled to a seventh-month low of 11% in the four weeks to October 1 as prices of staple foods dropped, according to survey data from Kantar on Tuesday.

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29 Sep 2023 12:21

Broker tips: Marks & Spencer, Intertek, Landsec

(Sharecast News) - Bank of America Merrill Lynch upgraded Marks & Spencer on Friday to 'buy' from 'neutral' as it argued the stock is still too cheap and consensus earnings too low.

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29 Sep 2023 10:58

BofA Merrill Lynch upgrades Marks & Spencer to 'buy'

(Sharecast News) - Bank of America Merrill Lynch upgraded Marks & Spencer on Friday to 'buy' from 'neutral' as it argued the stock is still too cheap and consensus earnings too low.

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29 Sep 2023 09:15

LONDON BROKER RATINGS: Goldman Sachs cuts WPP; Shore raises LandSec

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22 Sep 2023 08:42

LONDON MARKET OPEN: Stocks slip after central bank rate calls

(Alliance News) - Stock prices in London opened lower on Friday, but managed to avoid the steep declines seen in New York, as investors mulled over an eventful week dominated by central bank decisions.

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21 Sep 2023 12:20

LONDON MARKET MIDDAY: Sterling slumps as BoE ends hiking streak

(Alliance News) - Stocks in London perked up heading into Thursday afternoon after the Bank of England, like the Federal Reserve, decided against a hike, hurting the pound.

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19 Sep 2023 14:22

Director dealings: M&S non-exec invests, Brooks Macdonald CEO deals with options

(Sharecast News) - Marks & Spencer was among those on the list of director buys on Tuesday after a non-executive director picked up more than 9,000 shares.

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