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James Richman: Who is this Secretive Billionaire?

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James Richman, the Latvian-born self-made private billionaire has brought a ray of hope for people living in distressed conditions. He is doing an excellent job by providing basic amenities to deprived people at a global level. In spite of making billions of dollars in an investment portfolio, he lives as a secretive and private individual. And he invests his time and energy in humanitarian as well as philanthropy based projects to help needy people worldwide.

As a young father, he met with a sad and devastating incident which changed him completely and ignite the fire in him to help poor people. At that time, he was living in a small poverty-stricken town with his family and his place didn’t have proper healthcare facilities. Due to faulty public medical care systems, his little daughter failed to receive the necessary treatment for her acute ailment. This led to the tragic death of his young daughter. Not just this, many other similar cases prompted James Richman to think for a solution to this problem in the poor countries.

After having a devastating experience, he decided to target the area over the globe which deals with social issues. The war-stricken, MENA (The Middle East and North Africa) region came to his notice and he started providing the medical facilities to the affected people in this region. With his investment in the MENA and Asian regions, he took a high risk with the belief to get a high reward. Because of his inherent critical and strategic decision-making abilities, he manages to make profitable financial investments after taking calculated risks.

Jenny is one of the oldest contributors of Bigtime Daily with a unique perspective of the world events. She aims to empower the readers with delivery of apt factual analysis of various news pieces from around the World.

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World

Turkish Textile Giant Sun Textile Solution Proposal for Drought

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While the World Health Organization (WHO) and the United Nations (UN) are seeking solutions to combat drought through various projects, Ekoten Textile, a subsidiary of Turkey’s textile giant Sun Textile, has developed a groundbreaking project in collaboration with a technology startup to minimize the intensive water consumption in the textile industry. This pioneering project, the first of its kind globally, will enable the recycling and reuse of up to 90% of the water used in textile production.

Drought is one of the most pressing issues facing the world today. According to WHO data, 40% of the global population is struggling with water scarcity. By 2030, up to 700 million people could be forced to migrate due to drought. The unconscious use of water in global production processes plays a significant role in the rapid depletion of clean water resources.

The textile industry is one of the sectors with the highest water consumption. In Turkey, while the food industry consumes 22% of the water used for industrial purposes, the textile sector follows closely with 18%. For instance, producing an average of 40 tons of products daily requires 2,500 tons of water, equivalent to the daily water consumption of approximately 10,000 people.

CLEAN WATER RESOURCES FOR HUNDREDS OF THOUSANDS OF PEOPLE EVERY DAY!

In textile production, where clean water resources are heavily consumed, the innovative success of the Turkish company stands out as a global best practice. This initiative will shape the future of the industry. The wastewater recycling project, developed through intensive R&D efforts, will ensure that over 90% of the required water is sourced from recycled supplies.

The reuse of wastewater in production will transform the fate of countries operating in the textile sector. By preventing the use of clean water resources for textile production, this project will free up clean water sources that can meet the daily needs of hundreds of thousands of people.

R&D ACTIVITIES IN 38 COUNTRIES WITH 380 PARTNERS!

Sun Textile places great emphasis on R&D activities, conducting research and development efforts with 380 partners across 38 countries. Sun Textile and its subsidiary Ekoten Textile export nearly 90% of their production, solidifying their identity as a leading exporter. The company ships products to numerous destinations worldwide, including European countries, the UK, and the US. Sun Textile, the leading ready-to-wear exporter in the Aegean Region, achieved a consolidated turnover of 250 million euros in the third quarter of 2024, continuing its active growth trajectory.

OFFERING CUSTOM DESIGNS TO CUSTOMERS

Sun Textile provides its own designed collections to leading brands in Europe and the UK. Ekoten Textile, its subsidiary, is among the most respected knitted fabric manufacturers in Turkey and Europe. 

With a dedicated sales team for each major customer group and five design offices in three different countries, Sun Textile creates designs tailored to its customers’ needs. Its largest clients include the Inditex Group, H&M, Jimmy Key, Tesco, Kiabi, Marks & Spencer, and Next.

Sun Textile also extends its sustainability approach to social responsibility, notably for its high ratio of female employees. The company, which went public in 2022, is also listed in dividend indexes.

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