It's official. The world is either in, or heading for, recession. As if we didn't know it already. But now the usage of a new dictionary definition has proved it.

The federal government recently called for written submissions in response to the recommendations set out by Professor Roy Green in his Textile Clothing and Footwear (TCF) Review Report. Tracey Porter reviews the highlights.

EVERY EDITION RAGTRADER CATCHES UP WITH A PREVIOUSLY FEATURED LABEL TO CHART ITS DEVELOPMENT OVER THE INTERVENING PERIOD. HERE BELINDA SMART TALKS TO MELBOURNE FASHION DESIGNER JENNY BANNISTER.

Name: Merline Tan McGregor

Described as one of the great small cities of the world and one of the most beautiful and liveable cities in Australia - Hobart, nestled between Mt Wellington and the Derwent River, seems to have it all.

NATIONAL:A creditor of collapsed corporatewear chain Herringbone has confirmed speculation the business could soon be purchased by a German retailer.

SYDNEY: Rodd & Gunn has announced plans to open a flagship store in the new International Terminal (T1) at Sydney Airport.

SYDNEY: Undercoverwear (UCW) is struggling to maintain its previous trading levels due to tightening economic conditions and difficulty attracting new sales consultants.

NATIONAL: Shopping centre giant Westfield has delivered strong underlying earnings despite the slackening trading environment.

SYDNEY: A series of seminars at upcoming trade fair Fashion Exposed looks set to give industry players much needed direction amid the softening economy.

SYDNEY: Wool research and promotion body Australian Wool Innovation (AWI) has appointed the former head of the Woolmark Company as its new CEO.

NATIONAL: Pacific Brands is set to slash 1850 jobs and shut down its manufacturing operations in Australia, heralding far-reaching implications for local industry.

MELBOURNE: British streetwear label Henleys is set to amp up its Australasian presence by opening a flagship store in Melbourne.

NATIONAL: Prominent fashion designers have issued a condemnatory warning to young players against aligning their fortunes to department stores and fashion shows.

MELBOURNE: Victorian textile company Melba Industries has been placed in voluntary receivership.

MELBOURNE: Embattled wholesale group Mercury Brands has posted a $5.2 million half year loss.