Year end accounting can be problematic, especially if you have not been paying attention all through the year. The truth is that most businesses, especially ones without dedicated accountants on their payroll, don’t worry about it till tax season comes, and when it does, there’s always too much to do and very little time! If you are feeling the pressure, the good news is that it can be easy for your business if you know how to go about it.
Easy accounting tips
Use a cloud accounting software
If you have not done this till now, you are losing out. Businesses across the world are choosing to use cloud software for a number of reasons. Choose it and you will enjoy a lot of flexibility, security, cost-cutting and a higher productivity. It is also a great idea to put up all your numbers on a cloud as it is going to help you stay on top of your books with ease. The transition can mean a few changes in the way things are done in your business but once the tasks get moving, you will find that it all becomes a lot easier.
Outsource the accounting of your business
This is something more and more businesses are doing. Since this is a part of the business that is mostly done during year-end, it makes sense not to keep a full-time employee on hire for it. It can cut down costs to outsource the process to an outside firm that is experienced in the line of work you are in. Outsourcing has many significant benefits such as it saves time, money and lets you concentrate on more important parts of your business.
One of the significant ways a professional accountant can benefit you is to help you take the advantage of any tax deductions. There are so many ways a business can get tax deductions. If you haven’t got started with it, then it is high time to do so. Making year end accounting can be easier if you know the right things to do.
If the tax season gets you scared every year, it is time to take a step in the right direction. Year end does not have to be scary any longer if this is taken care off early. With the right outsourcing firm hired, you can save yourself both time and money every year. A multi-purpose outsourced agency has good outsourcing accounting experience ranging from 4 to 10 years.
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Have you been thinking of getting a cash advance? Become a member of the audience. A lot of those who happen to be operating happen to be obtaining these personal loans these days, in order to get by until finally their next income. But do you really know what pay day loans are typical about? In the following paragraphs, you will understand about pay day loans. You may even find out items you never ever recognized!
Generally realize that the money which you borrow from your payday loan will likely be paid back straight from the paycheck. You must plan for this. Unless you, if the conclusion of your respective pay out period of time will come about, you will find that you do not have adequate dollars to cover your other bills.
Usually do not create your pay day loan obligations late. They are going to statement your delinquencies towards the credit score bureau. This will likely badly influence your credit history making it even more complicated to take out traditional lending options. If you find question that you can reimburse it when it is expected, do not acquire it. Locate another method to get the money you need.
You will find status regulations, and regulations that exclusively protect pay day loans. Often these firms have discovered strategies to operate all around them legally. Should you sign up for a payday loan, usually do not think that you will be able to get from it without paying it away entirely.
Payday loans can help in desperate situations, but recognize that you may be incurred finance fees that could mean nearly fifty percent fascination. This big rate of interest could make repaying these personal loans difficult. The cash will likely be subtracted straight from your salary and will push you correct back into the cash advance business office for further money.
Generally read through all the conditions and terms associated with a cash advance. Establish every single reason for rate of interest, what every single achievable fee is and exactly how significantly every one is. You need a crisis connection bank loan to get you out of your existing scenarios returning to on your ft, but it is simple for these scenarios to snowball around many paychecks.
Will not rest concerning your cash flow as a way to qualify for a payday advance. This is certainly a bad idea since they will lend you a lot more than it is possible to perfectly afford to shell out them again. For that reason, you are going to end up in a worse financial circumstances than you had been already in.
Because lenders are making it so easy to get a pay day loan, many people use them while they are not within a turmoil or unexpected emergency condition. This could trigger people to grow to be comfortable making payment on the high rates of interest and when an emergency comes up, they may be in the terrible position since they are presently overextended.
Getting a trustworthy pay day loan clients are important if, you locate that you have to sign up for a cash advance. Verify their track record around the Much better Enterprise Bureau site, to see if they may be scored nicely. When applying to an internet firm, ensure they normally use safe encryption technological innovation to transfer your data.
Generally choose a payday loan business that in electronic format moves the amount of money to you personally. When you want dollars fast, you may not want to have to wait patiently for a check in the future through the email. Moreover, there is a slight risk of the examine obtaining dropped, therefore it is significantly better to get the resources moved right into your banking account.
Examine the BBB ranking of payday advance firms. There are a few trustworthy organizations out there, but there are many other folks which are less than reputable. By investigating their standing up with the Far better Organization Bureau, you will be giving your self self-confidence that you are working with one of the honourable ones on the market.
If timing can be a low-problem, look to that loan by your bank, or lending institution just before contemplating a payday advance. Your own loan via your loan provider normally includes lower charges, and interest rates than the usual very similar loan by way of a pay day financial institution. Also, the financing will help develop your entire credit limit with the bank, that means you have much more overall flexibility in the future.
As mentioned previous, fiscal turmoil may bring pressure like couple of other stuff can. Ideally, this article has supplied you with the information you need to produce the correct decision with regards to a pay day loan, and to assist oneself out of the financial circumstances you are into much better, a lot more successful time!
Locating help with your economic troubles in a crisis isn’t challenging. You might have noticed ads for pay day loan companies. Would they work in your situation? It is important to be cautious, nevertheless these organizations will often assist you in an emergency. Keep reading for a few great guidance.
When you are contemplating taking out a cash advance to repay some other line of credit, end and think about it. It could turn out costing you substantially much more to make use of this technique more than just paying out past due-repayment costs on the line of credit history. You will be bound to fund fees, software service fees along with other charges that are connected. Think lengthy and difficult when it is worth it.
Feel meticulously about how much cash you will need. It really is attractive to acquire a loan for a lot more than you need, although the additional money you may well ask for, the higher the interest rates will likely be. Not merely, that, however some companies may only crystal clear you for any specific amount. Use the most affordable sum you require.
Prior to signing up for the cash advance, carefully consider the money that you will will need. You need to obtain only the amount of money that might be needed in the short term, and that you may be able to pay back at the end of the word in the personal loan.
Know what the costs are for past due monthly payments. Occasionally existence will get in the way of financial responsibility. Read through every piece of information of the commitment so you are completely aware of past due costs and penalty charges. Payday loans often have substantial penalty expenses.
Be sure that you understand how, so when you can expect to pay off the loan even before you have it. Hold the loan repayment proved helpful to your finances for your upcoming spend time periods. Then you can certainly ensure you pay the funds rear. If you fail to reimburse it, you will definitely get caught paying out a loan extension fee, along with additional interest.
If you are within the armed forces, you might have some added protections not offered to typical debtors. Government rules mandates that, the rate of interest for payday cash loans are not able to exceed 36Per cent every year. This really is still quite large, but it does limit the service fees. You should check for other support initially, though, should you be in the military. There are numerous of military services aid societies ready to offer assistance to army staff.
As there are generally additional fees and conditions concealed there. Lots of people make your mistake of not performing that, and so they wind up owing considerably more compared to what they borrowed from the beginning. Make sure that you recognize fully, anything at all that you are currently signing.
Pay day loans really should not be taken out in excess of three weeks, so ensure you are completely comfortable of having the capability to reimburse punctually. When you need to acquire additional money than it is possible to repay by your up coming spend period of time, you ought to check out other available choices. You could find that other lenders are prepared to work together with you to lengthen the time you can spend downward your other financial obligations.
When your situation results to normal and also you deal with the funds following, search for strategies to avoid one more crisis and ways to get points to typical. Don’t believe that monetary issues will continue to work them selves out alone or that you are good in the future even though you are in the current. The amount of money you obtain should be paid back.
Paying off a cash advance as fast as possible is definitely the easiest way to go. Having to pay it well immediately is usually the best thing to accomplish. Financing your loan through several extensions and paycheck cycles affords the monthly interest time for you to bloat your loan. This will easily cost a few times the amount you borrowed.
Ensure you realize that breakdown to repay a payday loan will lead to collection pursuits. You credit score lowers considerably. It’s vital you have the funds for within your accounts your day the settlement will probably be removed from it.
Acquiring a faxless payday loan may seem like a brief, and easy way to acquire some dollars in the bank. You must stay away from this kind of loan. Most loan providers need you to fax documentation. They now know you might be reputable, and yes it helps save them from culpability. Anybody who fails to want you to fax something may be a scammer.
Constantly select a payday advance company that in electronic format exchanges the amount of money to you personally. If you want cash quick, you do not want to wait for any examine to come from the snail mail. Furthermore, you will find a small likelihood of the check out acquiring dropped, it is therefore significantly better to get the money moved straight into your checking account.
Doubtlessly, payday loans are of help for people who don’t have the money to spend their expenses or deal with an urgent situation. You need to acquire reliable understanding of fiscal choices prior to buying one particular. This information will provide you with some very nice knowledge about spend time loans.
The industrial sector is facing an unprecedented challenge to produce larger quantities using limited raw materials and energy resources. Ever-changing technology is helping companies establish efficient manufacturing processes with improved productivity and energy efficiencies. The concept Internet of Things (IoT) refers to the network of computers, devices, and objects that collect and process huge amounts of data. Industrial Internet of Things is a part of this larger concept.
A central cloud-based system saves and aggregates data and presents it to the end-user in a meaningful way. An easy access and ability to process great amounts of data with great speed would certainly help manufacturing industry transform its processes and meet future needs more efficiently. Companies willing to embrace technology and innovation have already started exploring the opportunities created by IIoT.
What benefits can IIoT offer to industrial organizations? Industries always strive to save time and costs while achieving scalability, efficiency, and connectivity. IIoT can certainly help industries achieve these objectives. Improved operational efficiencies are one of the benefits industrial internet brings about.
Information is surely the greatest commodity a business could have. The Industrial Internet of Things helps organizations connect data, people, and processes from production team and equipment to executive offices. Information and data produced in a connected industrial environment help business owners take the right decisions.
It is always hard to develop and implement new technologies to an existing manufacturing system. Businesses have to remove obstacles in order to successfully adopt new tools and systems. Introducing IIoT into a manufacturing process also comes with certain challenges that need to be given due attention. For instance, it is of immense importance to locate and eliminate security vulnerabilities in order to make a profitable use of information and connectivity.
IIoT is turning out to be the primary trend affecting the industrial sector. Industries are stretching to understand modernize systems as a possible solution to challenges such as disruptive technologies, market speed and volatility. Companies that have embraced IIoT have witnessed improved productivity, safety, and profitability. Taking into account the increasing intensity of competition and demand for quality products, IIoT will become an essential part of a modern business.
The driving force behind the industrial internet is that smart devices are more efficient than humans in communicating and capturing data consistently and accurately. This data can help businesses locate inefficiencies quickly, thus, saving time and resources. IIoT has demonstrated great potential in streamlining quality control, supply chain traceability, and overall operational efficiencies.
Health insurance cannot be taken for granted, especially in the modern world where there is an increase in health related issues. Your insurance will come in handy when you need it the most since it saves you from financial pressures that can be very frustrating. The fact is that there are lots of health insurance providers and you will need to be careful, especially when looking for an affordable option for your coverage. A few more considerations away from the deductibles and premiums can help ease your search for the best.
1. Find out about any exemptions in the policy. The most common exemptions that you will come across include smoking cessation programs, depression screening and blood pressure as well as immunizations among others. You should ensure that you end up enjoying the full benefits of the insurance cover that you settle for. Hence, the fewer the exemptions the better it is.
2. Choose a plan that suits all your needs. In general, there are three different plans you can choose from. They are health maintenance organization, point of service plan and preferred provider organization. They all come with their own rules and regulations and this makes it important for you to go through them all before making a choice you feel works best for the needs that you have.
3. Before re-enrolling in your insurance plan, take the time to identify any changes that might have taken place. It is a very simple way of making sure that you are not hit with costs that are unexpected to enjoy the benefits of your cover. For instance, you might find that spouse covering costs have increased or some services disappeared from the cover. When you are aware of such changes, you will make a decision whether to continue with the plan or make a change to a much better one.
4. Make adjustments to the existing plan or switch to another that is more suitable. This is especially in cases where your status has changed like when you now have a family to take care of. You might want to have your children covered and this means making adjustments or moving to a better cover. It is important to take care of any changes as soon as they occur to keep you enjoying the benefits of affordable health insurance. Unfortunately, it is also possible for other medical or health issues to arise along the way, making it necessary to make changes to the plan to take care of the new situation.
5. Use an online calculator to compare the total costs amongst the available plans. Many employers will make this helpful tool available and you can use it to make a reasonable decision in the end. Things such as coinsurance and co-pays should be factored in when sizing the costs.
6. Consider having a health care expenses account separately. This can help you save on premiums through paying for prescriptions and things such as contact lenses among other minor medical expenses. It is a big plus to have contributions to a health saving account subtracted from pretax income.
Today there is a great demand in the entertainment industry. People love watching movies and are keen to watch most new movies. In some ways I think due to the busy schedules everyone has, they are looking for some kind of entertainment at the end of the day and that’s exactly what movies provide them with. Watching a movie is a great way to let out steam after a long day at work. We can just kick our shoes off, jump on to our couches and enjoy a movie. Be it serious movies or comedies. They are always entertaining. Besides being entertaining many movies prove to be educative or informative which again is interesting to watch. It can brighten up a boring week day or provide great entertainment on a relaxing week end. There is no doubt that everybody just loves and appreciates a good movie.
With the increase in the number of viewers of movies or rather the audience, more movies are being produced. Very often, two to three movies are released at the same time. Besides the usual Hollywood movies, the latest thrill in the film industry is the animated movies. Animated movies are believed to be kiddies’ movies, but that is no longer true. Tons of adults are crazy about animated movies. Couples along with their kids flood the movie halls to enjoy animated movies. Another version of movies that are popular is the 3D movies. These movies are increasingly popular. The 3D version makes the people connected with the characters. It also brings more life to the movie. Kids especially enjoy this version. It is a super success among audiences of all ages. Due to the success of both animation and 3D, producers are now combining both versions. They prove to provide more entertainment for the masses. Animation never seizes to thrill its audience and everyone cannot help but admire the 3D format. 3D animation has now become common. It has left the audiences asking for more. Sometimes it is hard to imagine that all of this has been developed over the years. Technology is steadily being rediscovered and so many new technologies are coming into being, one better than the other. Technology doesn’t seem to stand still; it just keeps evolving and evolving. Thanks to evolving technology, we get to watch some really entertaining movies and can enjoy the 3D Animation format.
What is so special about 3D I hear you ask? Well the 3D format definitely brings more life into the movies. It makes it feel more alive. The characters seem alive and with you. Animated movies too are widely popular because they show you something you don’t get to see in real life. Here in animated movies, you see dogs talk, chicken sing, rabbits cry, horses talk and the sun smile. Animation is popular because it really explores different possibilities. It makes you think, what if! It is very interesting. Also it is believed that the animated movies are providing serious competition to movies made with actors. Many actors and actresses fear that they may not have a happy career thanks to the invention of animation. According to them there is hardly any margin for error where animation is concerned. You don’t have bad acting when it comes to animation. In fact the acting in animation is top. All you need is good voices and most animated movies have some of the best Hollywood actors lending them their voices. When it comes to acting by individuals, not many can say they are perfect. In fact acting is tough and all the actors are continuously under scrutiny by the audience, for a movie to be successful acting will play a keen role. If the acting is good, you can be ensured that the audiences will enjoy it even if the story line isn’t that great, on the reverse, if you have a great story line but it isn’t accompanied by brilliant acting, you will find that the audiences won’t be watching your movie. With 3D animation, there is no problem. The acting is always top notch and people enjoy it. 3D animated movies are a sure short success most of the times unless the story line is very poor. But almost every time, animated movies receive good responses from the movie lovers.
Textile quotas were eliminated among WTO members at the first day of 2005 in accordance with the Agreement on Textiles and Clothing (ATC). However, resistance to quota removal spread in the US and EU. Subsequently, China reached agreements with the EU and the US in June and November 2005 respectively. The China-US agreement, effective from January 2006, governs the exports of a total of 21 groups involving 34 categories of Chinese textiles and clothing products to the US during 2006-2008. The China-EU agreement, effective from June 2005, covers 10 categories of Chinese textiles and clothing exports to the EU during 2005-2007.
On the other hand, the mainland and Hong Kong agreed in October 2005 to further liberalise the mainland market for Hong Kong companies under the third phase of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA III). Along with other products of Hong Kong origin, the mainland agreed to give all products of Hong Kong origin, including clothing items, tariff-free treatment starting from 1 January 2006. According to the stipulated procedures, products which have no existing CEPA rules of origin, will enjoy tariff-free treatment upon applications by local manufacturers and upon the CEPA rule of origins being agreed and met.
Hong Kong clothing companies are reputable for ODM and OEM production. They are able to deliver quality clothing articles in short lead time, as foreign importers and retailers request clothing suppliers to tighten up supply chain management to ensure the ordered merchandise reaching the store floor at the right time. Increasingly, Hong Kong clothing companies, the established ones in particular, have shown enthusiasm for brand promotion.
Hong Kong’s total exports of clothing rose year-on-year by 9% in the first 11 months of 2005. While Hong Kong’s re-exports of clothing rose by 20%, domestic exports fell by 14%. In the first 11 months of 2005, Hong Kong’s clothing exports to the US and EU rose by 11% and 18% respectively. While Hong Kong’s clothing exports to Japan levelled off, those to the Chinese mainland declined by 11%.
The clothing industry is a major manufacturing sector of Hong Kong. Its gross output is one of the highest among all manufacturing sectors, amounting to HK$35.9 billion in 2003. It is the largest manufacturing employer in Hong Kong, with 1,673 establishments hiring 28,752 workers as of June 2005. It is also the leading earner in terms of domestic exports, taking up 40% of the total in the first 11 months of 2005.
Hong Kong’s geographic boundary has never constrained the development of the forward-looking clothing industry. The majority of clothing manufacturers have set up offshore production facilities in an attempt to reduce operation costs. Relocation of production facilities offshore has however resulted in a steady decline in the number of clothing manufacturers in Hong Kong.
Hong Kong is not only a leading production centre but also a hub for clothing sourcing globally. Companies doing garment trade in Hong Kong are experienced in fabrics procurement, sales and marketing, quality control, logistic arrangements, clothing designs and international and national rules and regulations. The professionalism that they command and the combined services offered are not easily matched elsewhere. With a total of 15,190 establishments hiring 95,889 workers, they form the largest group involved in import-export trade in Hong Kong.
Performance of Hong Kong’s Exports of Clothing
Hong Kong’s total exports of clothing rose year-on-year by 9% in the first 11 months of 2005. While Hong Kong’s re-exports of clothing rose by 20%, domestic exports fell by 14%. The contrasting performance of Hong Kong’s re-exports and domestic exports was basically ascribed to the increasing relocation of garment manufacturing to the Chinese mainland, resulting from the removal of quotas under WTO’s Agreement on Textiles and Clothing (ATC). But the declining trend of domestic exports has been reversed somewhat in recent months, due to the re-imposition of quantitative restraints on mainland-made textiles and clothing by the US and EU.
Retail sales in the US held firm in the first 11 months of 2005, rising by nearly 6% from the same period in the previous year. In the first 11 months of 2005, Hong Kong’s clothing exports to the US rose year-on-year by 11%.
In the first 11 months of 2005, Hong Kong’s total clothing exports to the EU surged year-on-year by 18%. Clothing exports to major EU markets like France, Germany and Italy recorded growth rates in excess of 20%.
On the other hand, Hong Kong’s clothing exports to Japan levelled off in the first 11 months of 2005 partly due to the trend of direct shipment. On the back of the rising income however, Japanese consumers tend to resume their spending spree on premium clothing items. Meanwhile, Hong Kong’s clothing exports to the Chinese mainland dropped by 11% in the first 11 months of 2005, compared with the same period last year.
Product-wise, Hong Kong’s exports of woven wear rose by 12% in the first 11 months of 2005. While woven wear for women/girls grew by 13%, those for men/boys recorded a growth of 8% from the same period in the previous year. Knitted wear grew by 2%, with women/girls and men/boys rising by 1% and 6% respectively. While clothing accessories declined by 3%, other apparel articles, for their part, increased by 13%.
Hong Kong’s clothing manufacturers have forged strong relationships with their customers. They are able to understand and cater for the preferences of very broad customer bases. Exporters also have good knowledge of international and national rules and regulations governing clothing exports, such as rules of origin, quota restrictions, tariff rates and documentation requirements. Cut, make and trim (CMT) arrangements are common although many Hong Kong manufacturers have moved to higher value-added activities such as design and brand development, quality control, logistics and material sourcing.
A few well-established local manufacturers have entered into the retailing business, either locally or in overseas markets. Many of them have retail networks in major cities around the world including Beijing, London, New York, San Francisco, Shanghai, Singapore, Sydney, Taipei and Tokyo. Some well-known manufacturing retailers include Baleno, Bossini, Crocodile, Episode, Esprit, G-2000, Giordano, JEANSWEST, Moiselle and U-2.
As a global sourcing hub in Asia, Hong Kong attracts a number of international trading houses and major retailers. Buyers sourcing from Hong Kong include American and European department stores (e.g. Macy’s, JCPenney, Federated, Karstadt Quelle, C & A), discount stores (e.g., Sears, Target and Carrefour), specialty chains (e.g., The Gap, The Limited) and mail order houses (e.g. Otto and Great Universal Stores). Many international premium designer labels — such as Calvin Klein, Donna Karen, Ralph Lauren, Tommy Hilfiger and Yves Saint Laurent — source clothes in Hong Kong through their buying offices or other intermediaries.
Hong Kong’s fashion designers have been gaining worldwide reputation for their professional expertise, sensitivity to current trends and ability to blend commercialism with innovation. Medium to high-priced fashion clothing bearing Hong Kong designer labels is being sold/have been sold in renowned department
stores overseas such as Bloomingdale’s, C & A, Harrod’s, Isetan, Macy’s, Marui, Mitsukoshi, Nieman Marcus and Seibu.
Trade fairs and exhibitions remain common places for buyers and suppliers of clothing to congregate. To establish connections and explore market opportunities, Hong Kong manufacturers and traders have involved themselves actively in international shows led by the Hong Kong Trade Development Council (TDC), including the ones in Beijing, Chengdu, Dalian, Dubai, Dusseldorf, Hong Kong, Moscow, Mumbai, Paris and Tokyo. ‘Hong Kong Fashion Week’ is organised twice a year and attracts international suppliers and buyers to participate in the exhibition. Organised by TDC, ‘World Boutique, Hong Kong’ is the first independent event in Hong Kong dedicated to promoting designers’ collection and brands from around the world.
Changes in retail landscape: In the US and EU, large-scale retailers are undergoing drastic restructuring and consolidation, in particular, the growing prominence of hypermarkets such as Wal-Mart. To strengthen competitiveness, Sears and Kmart have merged to form the third largest retail group in the US.
Growing importance of private labels: Private labels, in essence, have become an increasingly effective marketing tool among garment retailers. In order to differentiate as well as upgrade the image of their products, major retailers have started to put a stronger emphasis on their own labels. According to Cotton Incorporated, private labels accounted for 45% of total US apparel sales in 2003, up from 39% in 2001. In some adult apparel categories, such as skirts, private labels accounted for as high as 76% of the total sales. It is also estimated that 45% of products sold in the EU are sold under private labels. Renowned retailers such as H&M, Marks & Spencer, Orsay, Palmers, Pimkie, Springfield and Kookai have owned their private labels. As consumers desire to have private labels on everyday garments like jeans, accessories and T-shirts, the doors are also open to the supply of these clothing items to private label owners.
Growing interest in China’s domestic market: The rapid expansion of mainland’s economy has attracted great interest of Hong Kong clothing companies to explore its clothing market. A TDC survey on mainland’s garment shoppers indicates that Hong Kong brands are ranked number one by the respondents in the mid-range segment. While international brands are most preferred in the high-end segment, mainland brands dominate the low-end. In addition, the same survey finds out that in the eyes of mainland consumers, Hong Kong companies are very strong in casual wear, as they are generally of good design and quality. In essence, many mainland consumers have developed a stronger awareness of Hong Kong brands through tour to and shopping in Hong Kong. Therefore, Hong Kong’s casual wear has successfully projected a positive image to mainland consumers.
On 18 October 2005, the mainland and Hong Kong agreed to further liberalise the mainland market for Hong Kong companies under the third phase of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA III). Along with other products of Hong Kong origin, the mainland agreed to give all products of Hong Kong origin, including clothing items, tariff-free treatment starting from 1 January 2006. According to the stipulated procedures, products which have no existing CEPA rules of origin, will enjoy tariff-free treatment upon applications by local manufacturers and upon the CEPA rule of origins being agreed and met. But non-Hong Kong made clothing products will remain subject to tariff rates of 10-25% when entering the mainland.
The promulgated rules of origin for clothing items to benefit from CEPA’s tariff preference are basically similar to the existing rules governing Hong Kong’s exports of these products. Generally speaking, the principal manufacturing process of cut-and-sewn garment is sewing of parts into garments. If linking and/or stitching is/are required, such process/processes must also be done in Hong Kong. For piece-knitted garment, if it is manufactured from yarn, the principal process is knitting of yarn into knit-to-shape panel.
If the piece-knitted garment is manufactured from knit-to-shape-panels, the principal process is linking of knit-to-shape panels into garment. If stitching is required, it must also be done in Hong Kong.
Trade Measures Affecting Exports of Clothing
According to the ATC, textile quotas were eliminated among WTO members at the first day of 2005. However, resistance to quota removal spread in the US and EU. Particularly in the US, China-specific safeguards on 10 categories of clothing items from China were invoked. Against this background, China reached agreements with the EU and the US in June and November 2005 respectively.
The China-US agreement, effective from January 2006, governs the exports of a total of 21 groups involving 34 categories of Chinese textiles and clothing products to the US during 2006-2008. It allows an annual growth of 10-15% in 2006, 12.5-16% in 2007 and 15-17% in 2008. The China-EU agreement, effective from June 2005, provides for an annual growth of 8-12.5% in 10 categories of Chinese textiles and clothing exports to the EU during 2005-2007. In addition, both EU and US agreed to exercise restraint in invoking China-specific safeguard against Chinese textiles and clothing that are not covered in the agreements.
Formal Dressing: While casual wear accounts for the bulk of clothing sales, a general trend towards stricter corporate dress codes has led to a rising demand for formal dressing, particularly suits. According to a survey by Cotton Incorporated in late 2004/early 2005, 38.5% of respondents believe that people dressed too casually at work. This is a 6.5 percentage point increase over the same year-ago.
Teenager: One of the major driving forces of clothing market appears to be the teenagers in the coming years. The number of teenagers in the US expects to increase from 31.6 million in 2001 to 34.1 million in 2010. A recent survey by Teenage Research Unlimited found that teens are saving money by value shopping. While JCPenney is their favourite department store, Target and Wal-mart are their favourite hypermarkets. In addition, Old Navy is their choices among specialty apparel stores.
Silver Market: Ageing population becomes a common phenomenon in many developed countries in Europe as well as Japan and the US. Elderly people constitute a major market segment called ‘silver market’. Supported by savings, social security benefits and pensions, many elderly people have rather strong spending power. It is estimated that the age group of 65 year and above accounted for about 21% of Japan’s consumption expenditure in 2000. A survey conducted by the Japanese government also shows that people who are 60 years old and above possess almost three times the financial assets of those in the 40-50 age group. In the US, those aged at or above 65 amounted to 18.1 million in 2001, and the number is expected to swell to 26 million in 2015.
Plus-size Market: The plus-size market has been an area of growth for many years, and the trend is expected to continue in the coming future. It is estimated that 65 million women in the US wear size 14 or above. This group represents one-half of the US female population. It is reported that some renowned brands have already responded to the trend by offering merchandise of larger size; these companies include Liz Claiborne, Ralph Lauren and Tommy Hilfiger.
Easy-care Clothes: Clothes made of stain-resistant and wrinkle-free fabrics are well received in the market. It is estimated that about a quarter of apparel is now made of easy-care fabrics, and its popularity is expected to continue in the next few years. While major apparel brands like Dockers and Liz Claiborne have already marketed extensively easy-care clothes, major hypermarkets, like Wal-Mart, also offer more merchandise of such quality.
The lobal semiconductor industry is one of the mature as well as promising industries and is expected to grow at a CAGR of 7.5% from 2016 to 2024. Supported by the growth in electronic industry and upcoming innovative products is majorly driving the market growth. 2016 has seen a mixed growth; however, a consistent growth is expected in the year 2017. Microelectromechanical systems (MEMS) replacing nanoelectromechanical systems (NEMS) is one of the best examples this industry has seen and the size of the chips are further expected to decrease in the coming years.
The U.S. has always been the pioneering market for electronic gadgets wherein China is the largest region in the manufacturing of electronic devices be it lighting or display from small toys to mobiles phones and television. China acquires almost half of the market share in the semiconductor sales worldwide. The campaign of moving towards organic is also boosting the growth of the world semiconductor industry proving to be an era of environment-friendly products. ‘Go green’ campaign is accepted all over the world and it is impacting almost all the industry verticals to save the environment. Governments all over the world are making new rules and regulations for manufacturing environment-friendly products.
This industry is also expected to see growth across automotive and industrial sectors. China, Russia, Brazil and India are the major countries driving the growth of the global semiconductor industry. Continuing energy demand and increasing demand for renewable energies are the major factors raising the growth of semiconductor in the industrial sector. Further, the huge customer base of smartphone and tablets is one of the major factors supporting the growth of semiconductors all over the world.
In addition, Internet of Things (IoT) is also expected to raise the growth of the global semiconductor industry. The growth trend of IoT is flourishing, thus helping the semiconductor industry to grow at a fast pace. The benefits associated with IoT is helping the businesses to opt for it and thereby increasing the usage of the semiconductor in IoT. Spending in IoT is primarily driven by transportation, manufacturing, utilities and logistics.
In the coming years, this market is expected to witness robust growth. The demand for a semiconductor related product is expected to rise across several domains such as automotive, electronics and industrial among others in the coming years. Moreover, ongoing research and development and new product launches are also expected to positively drive the growth of the world semiconductor industry. Taking into account the driving factors this industry is expected to see robust growth in the next decade.