The global textile & clothing business 2017 is said to be worth roughly US €3660 billion. According to the World Trade Organisation forecast global trade is set to expand by 3.3% this year and 4% in 2018. Major investment into innovation has helped to foster the success of the industry. The success of the modern industry of world textiles is dependent largely upon continuing major investment in innovation and invention. Below is a table showing market size in billions from to 2013, predictions for 2025 and the projected Compound Annual Growth Rate (CAGR);

• EU-27, USA, Japan have 2% CAGR which shows the steady growth of Developed countries.
• Countries like China, India, Russia & Brazil are emerging as apparel retail markets and are set to form significant alternate markets to US, EU-27, Japan.
• India had 46 US$bn apparel market size in 2013 which is estimated to grow for 200US$ with 12% of CAGR in between 2013 – 2025. India is predicted to be the fastest growing market.
• In 2013, surpassing Italy and Germany, India exported textile & apparel garments goods worth $40 billion, with a share of about 5 percent of global textile & garment trade.
• China looks likely to continue to lead the global market with 540 US$bn in 2025. China has led 165 billion US$ market which is growing at CAGR of 10%.

Nearly all merchant ships use oil in some form for their main engines and for generating electricity. Fuel costs are a major element of the running costs of a ship.

When consumption is measured in tens of tons per day the saving on a four-week voyage can be considerable. This can lead to increased profitability for the shipping company and/or a reduction in freight rates which will act to boost the amount of cargo carried. On the contrary, higher oil price translates into high operating cost which, if not accompanied by a proportionate rise in freight rates, will eat into the margins of shipping companies.

High bunker prices will also drive liner operators to reschedule their services on certain trades as they will not be able to sustain a high level of service due to rising bunker cost, and this in turn will affect container fleet productivity. Shipping lines, even large ones, will introduce bunker adjustment factor to spread the cost and risk of rising oil prices to their customers.

As an indirect consequence, almost always, the rise in oil price will be followed by increases in the price of many raw materials, goods and services transported by ships. This will lead to consumers spending more carefully and cutting down demand for various raw materials and goods.

Changes in the price of oil and its derivatives have a considerable impact on the shipping industry. A considerable increase in oil prices increases maintenance and transport costs. In sum, the prices of products and goods transported will increase what will affect the behavior of the consumer.

The latter will reduce its consumption, which, in turn, could have an impact on shipping industry.

The shipping industry is undoubtedly exposed to these variations in oil prices.

Greece’s economic activity is expected to accelerate markedly in 2017 on account of strengthened economic sentiment after the conclusion of the first review of the ESM program, and stabilization of public finances.

Furthermore, unemployment rate is set to continue decreasing from very high levels. Real GDP growth (Forecasts: 2,7%) is expected to gradually pick up during the second half of the year notably driven by higher liquidity in the corporate sector amid clearance of arrears. This growth shall lead to the gradual relaxation of capital controls over time. Real GDP is expected to continue recovering at a robust pace in 2018, with growth forecast to reach 3.1%.

Domestic demand is expected to increase, with investment fueling a positive net exports contribution. Investment is expected to take off in 2017 backed by improved credit conditions and EU funding. Employment is projected to rise at a broadly stable pace until 2018 and unemployment to keep decreasing, reflecting lagged effects of economic recovery, still subdued wage dynamics and the impact of labour market reforms. Net exports’ contribution to growth should turn positive in 2017 on account of increased goods exports driven by recent competitiveness gains and higher investment in the sector. The Harmonized Index of Consumer Price (HICP) is expected to picking up over the next two years (2017 and 2018) as domestic demand strengthens. Wages are expected to increase along with economic recovery.

By end 2016, the authorities have adopted the 2017 Budget and Medium-term Fiscal Strategy 2017-20, including any adjustments in fiscal policies needed, to ensure the achievement of the ESM program primary balance targets of 1.75% of GDP in 2017 and 3.5% of GDP in 2018. An upside risk to this forecast is the persistence of the strong revenue performance seen so far this year on the back of the improving macro-economic performance and revenue administration reforms. Downsides include ongoing spending slippages and potential deviations in the yields of the large fiscal reforms worth 1.6% of GDP (personal income tax, pensions) agreed in the first review for 2017, which have high implementation risks.

Finally, the improved fiscal position and positive GDP growth in 2017 are expected to put the debt-to-GDP ratio on a declining path starting in 2017. Furthermore, interest expenditure is projected to decrease over the forecast years due to declining interest rates for financial assistance loans and updated interest consolidation

Shifts in global demographics and population growth rates, coupled with long-term economic growth in developing markets, will have implications for the maritime sector over the course of the next decade.

The middle class is growing in the emerging economies of Asia, Africa, and Latin America where disposable incomes will drive growth in demand for imports of commodities and finished goods.

One consequence for the maritime sector of a rise in consumer spending in developing markets will be long-term growth opportunities for container ships.

More and larger container ships will require investment in ports, infrastructure, technology, and services to ensure that the flow of business remains efficient.

Shipping’s employment problem is that it is seen as low-tech compared with industries such as the aviation, automotive and technology. To attract the next generation of maritime professionals, shipyards must become more technologically advanced and innovative, and seafaring must learn new skills and integrate new technology.

The Greek Textile Industry presented important rhythms of growth in the past decades. In the 60’ and 70’s period, Greek textile Industry maintained a powerful place in the domestic industry.

The Greek Textile Industry has also undergone significant changes over the past years. These changes have been caused by systemic changes on the international stage, through globalization, liberalization of textiles trade and the resulting increase in competition.

Since 2008 (European and Global Economic Crisis), Greek Textile Industry entered in period of recession, with important reduction of domestic production and investment activities, so that it is led to shrinkage and a lot of textile manufacturing units suspend completely their work.

A distinction can be made between two types of stakeholders in the Greek Textile Industry: Private Label Manufacturers and Greek Brands Producers.

Private Label Manufacturers have the following advantages:

• Excellent quality and well-designed products

• High Flexibility

• A quick response and a fast delivery ability

• An ability to respond in small and medium size orders

On their side, Greek Brands producers have the following advantages and are going of the following trends:

• High Flexibility

• An unbeatable quality-price ratio

• An ability to respond in small and medium orders

• The expected growth of branded Greek exports

• The expected development of big trade chains in Greek market

Currently, the Greek Textile Industry focuses on products with higher added value and offers design services in addition to quality manufacturing.

As of 2016, the Greek economy is ranked 45nd largest in the world in terms of nominal gross domestic product, according to the World Bank. It is also ranked 15th among the economies of the 27 member countries of the European Union. The economy of Greece is based mostly on the service and industry sector, with agriculture providing about 2% of the total gross domestic product of the country. Its industries include tourism, merchant shipping (one of the largest merchant marine in the world in terms of total capacity), agricultural production.

In the primary sector, Greece is the one of the largest producers of cotton and pistachios in the European Union. Other important agricultural products include rice, olives, tomatoes, watermelons and tobacco. Organic farming has also increased considerably in the country.

In the industry sector, the recent crisis hit hard various industries. Indicative industries of Greece include cement, pharmaceuticals, concrete, beverages and beer, dairy and cigarettes. In the tertiary sector of services, shipping has played a key role in the Greek economy since antiquity, and was recently boosted during the 1960s. The tourism sector has also been a major component of the Greek economy, especially after the 1950s, ranking the country 15th in the world in terms of tourist expenditure. Recently, various tourism – related organizations, such as Lonely Planet, have included Greece in their “hot” guides and lists.

On 9 December 2014, the Council of the European Union adopted Directive 2014/107/EU amending Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation which now provides for an automatic exchange of financial account information between EU Member States (“DAC Directive”), including income categories contained in the EU Savings Directive.

The adoption of the aforementioned directive implements the OECD Common Reporting Standard (“CRS”) and generalizes the automatic exchange of information within the European Union as of 1 January 2016. To avoid duplication reporting standards, the EU Council adopted on 10 November 2015 Council Directive 2015/2016 repealing Directive 2003/48/EC on taxation of savings income in the form of interest payments which effectively phases out the EU Savings Directive at the same time as the CRS is phased in. Consequently, the EU Savings Directive ceases to be applicable in the EU Member States effective 1 January 2016 (2017 in Austria).

In Luxembourg, the Law of 23 July 2016 implementing Directive 2015/2060 correspondingly repeals the Law of June 2005 implementing the EU Savings Directive. Similarly, the Bilateral Agreements with certain associated or dependent territories or third countries, introducing measures identical or equivalent to those of the EU Savings Directive will cease to apply, as all such signatory jurisdictions have also signed the CRS Multilateral Competent Authorities Agreement and will therefore also be exchanging information in accordance with the CRS with including Luxembourg and other Member States. However, of the jurisdictions whose EU Savings Directive Bilateral Agreements are reciprocal Sint Marteen and Aruba will only apply CRS starting 1 January 2017. The CRS is applicable to reporting financial institutions. This definition is quite wide and covers, among others, custodial institutions, depository institutions, investment entities and specified insurance companies unless they present a low tax evasion risk and are excluded from reporting.

Non-reporting financial institutions include:

• Government entities, international organizations and central banks;
• Broad participation retirement funds, narrow participation retirement funds, qualified credit
• card issuers and pension funds of government entities, international organizations and
• central banks;
• Entities that present a low risk of tax evasion and have certain characteristics (such entities
• will be defined by local law);

Exempt collective investment vehicles;

Trusts, if the trustee is a reporting financial institution that reports all necessary information on behalf of the trust.

The list of accounts covered by the CRS includes depository accounts, custodial accounts, cash value insurance contracts, annuity contracts and certain equity or debt interests in a financial institution. Under the terms of the CAA, the partner jurisdictions agree to exchange information on account holders which have their tax residence jurisdiction in the other jurisdiction. Generally, information will be exchanged between the competent authorities within nine months after the end of the calendar year. Therefore, this information will need to be reported by financial institutions significantly earlier than this. It is, however, left to each jurisdiction to define the timeframe for reporting by financial institutions.

The information to be reported includes:

• The name, address, taxpayer identification number (TIN) and date of birth (for individuals);
• Account number (or functional equivalent);
• Account balance or value;
• Gross amounts paid to the account in the year;
• Total gross proceeds paid or credited to the account.

Although, the EU Savings Directive has been repealed by Council Directive of 2015/2060 of 10 November 2015 with effect from 1 January 2016, for a transitional period, the EU Savings Directive shall continue to apply and notably regarding reporting obligations and scope of information to be provided by the Luxembourg paying agent (within the meaning of the EU Savings Directive) and regarding obligations of the Member States in respect of the issuance of the tax residence certificate and elimination of double taxation. Investors should get further information about, and where appropriate take advice on, the impact of the changes to the EU, the implementation of the DAC Directive, the Multilateral Agreement and the CRS system in Luxembourg and in their country of residence on their investment.