Wholesale markets in China-wholesale from China-chinese wholesale marketplace-Wholesale online shopping, find many cheap products.
1.Wholesale makets in China-Wholesale online shopping from Alibaba site( Top B to B trade site), find very cheap chinese products and trade informations.
http://www.alibaba.com/
2.Wholesale makets from China-wholesale online shopping-Top China wholesaler from made-in-china website,find very low prices, find everything.
http://www.made-in-china.com/
3.Wholesale markets in China-Wholesale online shopping in China-Chinese wholesale maket from Linkchina website, find very cheap clothes, shoes, Jewelry, toys......
http://www.linkchina.com
4.Chinese wholesale marketplace- China Wholesales from Hongkong-Online Marketplace on hktdc site,find many cheap products from Hongkong, Guangzhou, Shanghai , Hangzhou,Taiwan...
http://www.hktdc.com/
5. Wholesale maket in China-Wholesale market in Guangzhou(south of China)-Find fair price, find cheap fuiniture, clothes, shoes, Glasses,Light,gift/toys on guangzhouwholesalemarket website.
http://www.guangzhouwholesalemarket.com
Saturday, August 29, 2009
Friday, August 28, 2009
US Dollar Index
US Dollar Index®-About USDX
Dollar IndexU.S. Dollar Index (US Dollar Index ®, which USDX), similar to that the United StatesStockComprehensive state of the Dow Jones Industrial Average (Dow Jones Industrial Average), is a comprehensive reflection ofU.S. DollarIn the international foreign exchange marketRateOf indicators used to measure the dollar against a basket of currencies degree of exchange rate changes. It is selected by calculating the dollar and a comprehensive package of changes in currency rates, to measure the extent of dollar strength, which indirectly reflects the competitiveness of U.S. exports and imports cost movements.
var secCount=5;
Directory
U.S. Dollar Index - origins
U.S. dollar index is not from the Chicago Board of Trade (CBOT) or the Chicago Mercantile Exchange (CME), but from the New York Cotton Exchange (NYCE). New York Cotton Exchange was established in 1870, initially by a group of cotton, composed of traders and brokers, is currently the oldest commodity exchange in New York is also the world's most important cotton futures and options exchange. In 1985, the New York Cotton Exchange set up a financial sector, entered the global financial commodity markets, the first project launched is the U.S. dollar index futures.
U.S. Dollar Index - impact
U.S. dollar index is a comprehensive reflection of the dollar in internationalThe foreign exchange marketThe exchange rate of indicators used to measure the dollar against a basket of currenciesRateThe degree of change. It is selected by calculating the dollar and a comprehensive package of changes in currency rates, to measure the extent of dollar strength, which indirectly reflects the competitiveness of U.S. exports and imports cost movements.
U.S. dollar index rose, indicating the U.S. dollar and other currencies that the dollar rose to parity, then the major international commodities are priced in dollars, then the corresponding decline in commodity prices should be. Dollar on the country's overall economic benefit to enhance the value of their currencies to increase enough to buy power. But for some industries also have an impact of, for example, import and export trade, currency appreciation will raise the prices of export commodities, and therefore some impact on the company's exports. If the United States means the decline and vice versa.
U.S. Dollar Index - Calculation principles
U.S. Dollar Index ChartU.S. dollar index is a reference to March 1973 6 kinds of currencies against the U.S. dollar change in the geometric meanWeightedValues calculated, and to 100.00 points as a benchmark to measure its value, such as 105.50 points, quotations, is from the March 1973 its value has been increased by 5.50%.
USDX the current level of reflection of the dollar relative to the benchmark average in 1973. To the present date, the dollar index has been rising to 165 points, also had 80 points as low as below. The change in properties has been widely available in the quantity and the rate of change with the futures on stock indexes for comparison.In March 1973 was selected as a reference point because at that timeThe foreign exchange marketTurning a historic moment. Since then the major trading nations allowed their currencies to freely float with another country's currency for quotes. The agreement is in Washington, Smithsonian Institute (SmithsonianInstitution) reached, symbolizing the victory of free trade theorists. Smithsonian Agreement (Smithsonianagreement) replaced about 25 years ago in New Hampshire (NewHampshire) Bretton Woods (BrettonWoods) is not reached by the success of the fixed exchange rate regime. U.S. dollar index futures based on the calculation of the principles of the world's major countries and the volume of trade settlement between the United States-based, U.S. dollar-weighted method to calculate the overall strength of the extent and strength of the line of 100 points. In the January 1, 1999EuroAfter the introduction of the subject matter of this futures contract has been adjusted from 10 countries was reduced to six countries, the euro became the most important,WeightThe largest currency, its share reached 57.6% weight, so the volatility of the euro against the U.S. dollar index of the strength of the greatest impact.
Currency index weighting (%)
Euro57.6
Japanese Yen13.6
British Pound Sterling11.9
Canadian Dollar9.1
SEK 4.2
Swiss Franc3.6
Dollar IndexU.S. Dollar Index (US Dollar Index ®, which USDX), similar to that the United StatesStockComprehensive state of the Dow Jones Industrial Average (Dow Jones Industrial Average), is a comprehensive reflection ofU.S. DollarIn the international foreign exchange marketRateOf indicators used to measure the dollar against a basket of currencies degree of exchange rate changes. It is selected by calculating the dollar and a comprehensive package of changes in currency rates, to measure the extent of dollar strength, which indirectly reflects the competitiveness of U.S. exports and imports cost movements.
var secCount=5;
Directory
U.S. Dollar Index - origins
U.S. dollar index is not from the Chicago Board of Trade (CBOT) or the Chicago Mercantile Exchange (CME), but from the New York Cotton Exchange (NYCE). New York Cotton Exchange was established in 1870, initially by a group of cotton, composed of traders and brokers, is currently the oldest commodity exchange in New York is also the world's most important cotton futures and options exchange. In 1985, the New York Cotton Exchange set up a financial sector, entered the global financial commodity markets, the first project launched is the U.S. dollar index futures.
U.S. Dollar Index - impact
U.S. dollar index is a comprehensive reflection of the dollar in internationalThe foreign exchange marketThe exchange rate of indicators used to measure the dollar against a basket of currenciesRateThe degree of change. It is selected by calculating the dollar and a comprehensive package of changes in currency rates, to measure the extent of dollar strength, which indirectly reflects the competitiveness of U.S. exports and imports cost movements.
U.S. dollar index rose, indicating the U.S. dollar and other currencies that the dollar rose to parity, then the major international commodities are priced in dollars, then the corresponding decline in commodity prices should be. Dollar on the country's overall economic benefit to enhance the value of their currencies to increase enough to buy power. But for some industries also have an impact of, for example, import and export trade, currency appreciation will raise the prices of export commodities, and therefore some impact on the company's exports. If the United States means the decline and vice versa.
U.S. Dollar Index - Calculation principles
U.S. Dollar Index ChartU.S. dollar index is a reference to March 1973 6 kinds of currencies against the U.S. dollar change in the geometric meanWeightedValues calculated, and to 100.00 points as a benchmark to measure its value, such as 105.50 points, quotations, is from the March 1973 its value has been increased by 5.50%.
USDX the current level of reflection of the dollar relative to the benchmark average in 1973. To the present date, the dollar index has been rising to 165 points, also had 80 points as low as below. The change in properties has been widely available in the quantity and the rate of change with the futures on stock indexes for comparison.In March 1973 was selected as a reference point because at that timeThe foreign exchange marketTurning a historic moment. Since then the major trading nations allowed their currencies to freely float with another country's currency for quotes. The agreement is in Washington, Smithsonian Institute (SmithsonianInstitution) reached, symbolizing the victory of free trade theorists. Smithsonian Agreement (Smithsonianagreement) replaced about 25 years ago in New Hampshire (NewHampshire) Bretton Woods (BrettonWoods) is not reached by the success of the fixed exchange rate regime. U.S. dollar index futures based on the calculation of the principles of the world's major countries and the volume of trade settlement between the United States-based, U.S. dollar-weighted method to calculate the overall strength of the extent and strength of the line of 100 points. In the January 1, 1999EuroAfter the introduction of the subject matter of this futures contract has been adjusted from 10 countries was reduced to six countries, the euro became the most important,WeightThe largest currency, its share reached 57.6% weight, so the volatility of the euro against the U.S. dollar index of the strength of the greatest impact.
Currency index weighting (%)
Euro57.6
Japanese Yen13.6
British Pound Sterling11.9
Canadian Dollar9.1
SEK 4.2
Swiss Franc3.6
Insurance Investment
Insurance Investment-About Insurance Investment
Insurance Investment meansInsurance CompanyOrganizationEconomic compensationProcess, the accumulation of a variety of insuranceFundsTo be used, capital value-added activities. Insurance companies may use the insurance money is from the capital, the accumulation of reserves and other capital component. The use of a large number of temporarily idle reserve funds of insurance an important part of the movement. In recent years, China's insurance industry sustained and rapid development, but the rapid growth in premium income and insurance funds to use the conflict between the low rates of return remain. Compared with foreign insurance funds, China's insurance industry, there is money that is spent narrow channel, matching the weak structure and poor gap. The use of insurance funds to improve the level of our response: focus on the main line of deepening economic and financial system, increase penetration of insurance funds industry, and social influence; fit the insurance industry, the trend of increasing openness, greater use of insurance funds for exploration and research; optimization the insurance portfolio, weakening macro-economic cycle fluctuations, the use of insurance funds to establish an early warning mechanism to guard against systemic risk.
var secCount=5;
Insurance Investment - Forms
Insurance InvestmentInsurance investment of insurance capital in the form of the insurance companies which invested in specific projects. A reasonable form of investment, on the one hand can maintain financial stability and insurance companies paid the reliability, timeliness; the other hand, to avoid over-concentration of capital and thus affect the industrial structure is reasonable. In general, the insurance funds to be invested in:
1) PI There are two kinds of securities: 1) bond. IncludingGovernment bonds,BondAndBondsAnd so on. Generally speaking, less risky to invest in bonds, especially government bonds.InvestmentsBonds, with special attention to the company's credit and earnings reliability.
2) shares. Investing in stocks is risky, if the business properly, efficiency is not good, is expected to reduce interest rates, as well as other factors that affect the stock market weak, the stock will decline in value. Of insurance enterprises to invest in foreign stocks have a variety of constraints, such as the Japanese government stipulated in the insurance industry in France to buy shares shall not exceed 30% of total assets. 2, mortgage loans Mortgage loan is also more stable long term business, especially for long-term use of life insurance funds. Countries in the world of residential property insurance companies to implement a long-term mortgage loans, most using amortization, the principal way of decreasing, revenue better.
3) life insurance policy loan Life insurance policy has a cash value.Insurance contractProvidesPolicyholdersMortgage insurance can I apply for loans to insurance companies, subject to the burden of interest on such loans is the nature of insurance investment. Policy loan amount limited to the value of the policy at that time, lenders do not have outstanding loans, insurance policies will fail, insurance companies pay no premiums. In fact, such loans do not serve as what the insurance risk. In the life insuranceDeveloped, This business is widespread.
4) Real Estate Investment Real Estate Investment refers to the insurance funds for the purchase ofLand,HousingAnd other real estate. Realization of the investment is poor, it should be limited to within a certain percentage. Japan's insurance companies to purchase real estate, the provisions shall not exceed 10% of its total assets.
5) the supporting services for the insurance business investment Example, to provide repair services for insurance car auto repair shop; Accident Compensation services for the insurance adjuster or survey companies. These companies and insurance business related to insurance funds to invest in these enterprises is conducive to the development of the insurance industry.
Insurance Investment meansInsurance CompanyOrganizationEconomic compensationProcess, the accumulation of a variety of insuranceFundsTo be used, capital value-added activities. Insurance companies may use the insurance money is from the capital, the accumulation of reserves and other capital component. The use of a large number of temporarily idle reserve funds of insurance an important part of the movement. In recent years, China's insurance industry sustained and rapid development, but the rapid growth in premium income and insurance funds to use the conflict between the low rates of return remain. Compared with foreign insurance funds, China's insurance industry, there is money that is spent narrow channel, matching the weak structure and poor gap. The use of insurance funds to improve the level of our response: focus on the main line of deepening economic and financial system, increase penetration of insurance funds industry, and social influence; fit the insurance industry, the trend of increasing openness, greater use of insurance funds for exploration and research; optimization the insurance portfolio, weakening macro-economic cycle fluctuations, the use of insurance funds to establish an early warning mechanism to guard against systemic risk.
var secCount=5;
Insurance Investment - Forms
Insurance InvestmentInsurance investment of insurance capital in the form of the insurance companies which invested in specific projects. A reasonable form of investment, on the one hand can maintain financial stability and insurance companies paid the reliability, timeliness; the other hand, to avoid over-concentration of capital and thus affect the industrial structure is reasonable. In general, the insurance funds to be invested in:
1) PI There are two kinds of securities: 1) bond. IncludingGovernment bonds,BondAndBondsAnd so on. Generally speaking, less risky to invest in bonds, especially government bonds.InvestmentsBonds, with special attention to the company's credit and earnings reliability.
2) shares. Investing in stocks is risky, if the business properly, efficiency is not good, is expected to reduce interest rates, as well as other factors that affect the stock market weak, the stock will decline in value. Of insurance enterprises to invest in foreign stocks have a variety of constraints, such as the Japanese government stipulated in the insurance industry in France to buy shares shall not exceed 30% of total assets. 2, mortgage loans Mortgage loan is also more stable long term business, especially for long-term use of life insurance funds. Countries in the world of residential property insurance companies to implement a long-term mortgage loans, most using amortization, the principal way of decreasing, revenue better.
3) life insurance policy loan Life insurance policy has a cash value.Insurance contractProvidesPolicyholdersMortgage insurance can I apply for loans to insurance companies, subject to the burden of interest on such loans is the nature of insurance investment. Policy loan amount limited to the value of the policy at that time, lenders do not have outstanding loans, insurance policies will fail, insurance companies pay no premiums. In fact, such loans do not serve as what the insurance risk. In the life insuranceDeveloped, This business is widespread.
4) Real Estate Investment Real Estate Investment refers to the insurance funds for the purchase ofLand,HousingAnd other real estate. Realization of the investment is poor, it should be limited to within a certain percentage. Japan's insurance companies to purchase real estate, the provisions shall not exceed 10% of its total assets.
5) the supporting services for the insurance business investment Example, to provide repair services for insurance car auto repair shop; Accident Compensation services for the insurance adjuster or survey companies. These companies and insurance business related to insurance funds to invest in these enterprises is conducive to the development of the insurance industry.
Venture Firm
Venture Firm-What is a Venture Firm?
Venture(Venture Firm)Is20Century60 With before and after the age of
The new technological revolutionRising tide created by a number of new enterprises. And the general business is different from this kind of enterprise specialized in high-riskTechIndustries for development, production and management, mainlyMicroelectronics,Bioengineering,Computer,Space Technology,Marine Technology,Medical,New Materials,EnergyAnd so on.
It is high-tech projects, product development and production of objects, so as to achieve rapid commercialization, industrialization, and can easily occupy the market launch, access to general business can not get high profits. From the last century,5OEnd of the decade, the venture business has shown signs of taking shape. Into7OAge, risk enterprises such as mushroom, continue to emerge.9OYears after the venture appears to be rising.
Venture(Venture Firm)Is20Century60 With before and after the age of
The new technological revolutionRising tide created by a number of new enterprises. And the general business is different from this kind of enterprise specialized in high-riskTechIndustries for development, production and management, mainlyMicroelectronics,Bioengineering,Computer,Space Technology,Marine Technology,Medical,New Materials,EnergyAnd so on.
It is high-tech projects, product development and production of objects, so as to achieve rapid commercialization, industrialization, and can easily occupy the market launch, access to general business can not get high profits. From the last century,5OEnd of the decade, the venture business has shown signs of taking shape. Into7OAge, risk enterprises such as mushroom, continue to emerge.9OYears after the venture appears to be rising.
Brand Alliance
Brand Alliance(Co-Branding) -About Brand Alliance
What is a co-branding?
Co-branding refers to belong to different companies, two or more brands of short-term or long-term contact or a combination. From the intuitive point of view, co-branding is manifested mainly in a single product or service used in a number of brand name or logo, etc., such as by Sony Corporation and Ericsson mobile phone joint production use "Sony Ericsson" as a brand name, Legend the company's personal computer is printed on "Intel Inside" logo and so on. Co-branding is an important way of brand equity to use for co-branding launch party for the implementation of co-branding the main motive is to help other brands owned by the brand equity to influence the attitude of consumers for new products, thus increasing buying will, and to improve the brand's brand image or reinforce a brand features.
Co-branding has long been used in commercial practice. As early as 1961, the United States leading food manufacturers Betty Miao Kitchen, Inc. (General Mills) and Sunkist company once the successful implementation of a co-branding. The Ford Motor and Firestone tires cooperation can be traced back to 1908. Since the age of 2O century, 8O, co-branding has been the practice in the management of more and more widely used. McKinsey & Company in 1994, a study suggests that the global co-branding within the context of the number of brands is an annual average increase rate of 4O. Nutra Sweet, Microsoft, Intel and other brands have been adopted in co-branding was a great success.
Co-branding in practice allows the rapid development of the study to solve this problem has an important practical significance. Since the 2O century, 9O early, NORRIS, and RAO such as the introduction of the research topic, co-branding related research in academia has been more and more attention. What exactly is more likely to be successful co-branding, brand jointly participating in the joint brand, what kind of impact, and participation in the joint in the joint brand of what role each played a series of problems caused by the wide interest in academic circles. Consumer Behavior in a large number of studies have shown that attitude can be a good predictor of behavior, therefore, empirical studies often use of certain factors on the impact of changes in consumer attitudes to predict the factors that influence consumer behavior validity. Similarly, co-branding of the relevant studies have made use of co-branding its impact on consumers attitudes to assess its effectiveness. In the literature on the basis of carding, where co-branding from the consumer's attitude toward evaluation of the factors involved in co-branding co-brand with which feedback effects, as well as participating in the joint brand of the relative contribution of the joint three aspects of research carried out reviewed, and directions for further research on the prospects in order to promote domestic research and application of co-branding.
What is a co-branding?
Co-branding refers to belong to different companies, two or more brands of short-term or long-term contact or a combination. From the intuitive point of view, co-branding is manifested mainly in a single product or service used in a number of brand name or logo, etc., such as by Sony Corporation and Ericsson mobile phone joint production use "Sony Ericsson" as a brand name, Legend the company's personal computer is printed on "Intel Inside" logo and so on. Co-branding is an important way of brand equity to use for co-branding launch party for the implementation of co-branding the main motive is to help other brands owned by the brand equity to influence the attitude of consumers for new products, thus increasing buying will, and to improve the brand's brand image or reinforce a brand features.
Co-branding has long been used in commercial practice. As early as 1961, the United States leading food manufacturers Betty Miao Kitchen, Inc. (General Mills) and Sunkist company once the successful implementation of a co-branding. The Ford Motor and Firestone tires cooperation can be traced back to 1908. Since the age of 2O century, 8O, co-branding has been the practice in the management of more and more widely used. McKinsey & Company in 1994, a study suggests that the global co-branding within the context of the number of brands is an annual average increase rate of 4O. Nutra Sweet, Microsoft, Intel and other brands have been adopted in co-branding was a great success.
Co-branding in practice allows the rapid development of the study to solve this problem has an important practical significance. Since the 2O century, 9O early, NORRIS, and RAO such as the introduction of the research topic, co-branding related research in academia has been more and more attention. What exactly is more likely to be successful co-branding, brand jointly participating in the joint brand, what kind of impact, and participation in the joint in the joint brand of what role each played a series of problems caused by the wide interest in academic circles. Consumer Behavior in a large number of studies have shown that attitude can be a good predictor of behavior, therefore, empirical studies often use of certain factors on the impact of changes in consumer attitudes to predict the factors that influence consumer behavior validity. Similarly, co-branding of the relevant studies have made use of co-branding its impact on consumers attitudes to assess its effectiveness. In the literature on the basis of carding, where co-branding from the consumer's attitude toward evaluation of the factors involved in co-branding co-brand with which feedback effects, as well as participating in the joint brand of the relative contribution of the joint three aspects of research carried out reviewed, and directions for further research on the prospects in order to promote domestic research and application of co-branding.
Capital Fligh
Capital Fligh t-About Capital Fligh-What is Capital Fligh ?
Capital Flight (Capital Fligh t), also known as capital flight, orCapital transfersRefers to an approach that,Economic crisis,Political unrest,WarAnd other factors, led to its rapid flow of capital abroad, thus avoiding possibleRiskPhenomenon. It is a measure of a country's economic growth in a stable condition, reflecting a country's financial system, potentially an important indicator of crisis proportions. Capital to avoid the outflow of capital within the meaning of the concept itself is not all illegal, under certain political and economic conditions, capital flight is also a legitimate and normal outward investment. In the short run, large-scale evasion of capital will lead to economic chaos and unrest. In the long term, the capital to avoid reducing their amount of capital available, reducing the government from domestic assets can be obtainedTax revenue, An increase of country's external debt burden, which will cause a series of seriousEconomicConsequences.
Capital Flight (Capital Fligh t), also known as capital flight, orCapital transfersRefers to an approach that,Economic crisis,Political unrest,WarAnd other factors, led to its rapid flow of capital abroad, thus avoiding possibleRiskPhenomenon. It is a measure of a country's economic growth in a stable condition, reflecting a country's financial system, potentially an important indicator of crisis proportions. Capital to avoid the outflow of capital within the meaning of the concept itself is not all illegal, under certain political and economic conditions, capital flight is also a legitimate and normal outward investment. In the short run, large-scale evasion of capital will lead to economic chaos and unrest. In the long term, the capital to avoid reducing their amount of capital available, reducing the government from domestic assets can be obtainedTax revenue, An increase of country's external debt burden, which will cause a series of seriousEconomicConsequences.
Compensation Trade
Compensation Trade-What is compensation trade?
Compensation trade - an overview of compensation trade
Compensation trade, also known as buy-back refers to the transaction in the other party to offer credit based on the import of equipment and technology, and then the device technology products, staging equipment and technology help meet the price of imports and interest.
Compensation trade - the types of compensation trade
In accordance with the subject of a different payment, compensation can be divided into roughly three categories:
A direct product of compensation. That the two sides agreed in the agreement, the direction of the import of equipment from the equipment supply side promised to purchase a certain amount or the amount produced by the device directly to the product. Limitation of this approach is that it requires the direct product produced and its quality must be each other's needs, or are available in the international market, sell, otherwise not easily accepted by the other party.
2, compensation for other products. When the transaction device itself does not produce material products, or equipment produced direct product of non-other necessary or bad in the international market, when sales may be both necessary and possible consultations with the purchase other products instead.
3, labor compensation. This practice is common in the same processing or a combination of small and medium sized component assembly in compensation trade. Specifically, this: The two sides of the agreement, are often purchased by the other party on behalf of the necessary technology, equipment, advance payment by the other party. Our request by the other side, after processing, from processing charges receivable owed in installments deducted also.
The above-mentioned three kinds of approaches can be used in combination, namely, comprehensive compensation. Sometimes, according to the actual needs of the situation, but also partly by a direct product or other products or services, compensation, partly in cash payments.
Compensation trade - the basic features of compensation trade
Compensation trade as compared with the general trade, with the following two basic features:
(1) carry out compensation trade credit is indispensable precondition.
(2) The equipment supplier must be committed to purchase equipment, the importer of the products or services, which constitutes a prerequisite for compensation trade.
It should be clear that, in the credit based on the import of equipment does not necessarily constitute compensation trade, compensation trade, requires not only equipment supplier to provide credit, while also committed to purchase each other's products or services, so that the other party with the proceeds of the loan money . These two conditions must be met, are indispensable.
In addition, carry out compensation trade, compensation trade between the two parties signed an agreement.
Finally, it should be noted that the conduct compensation trade should pay attention to the following questions: First, to do well the project feasibility study; Second, we should reasonably calculate the cost and arrangements for the loan repayment period; Third, we must correctly handle the compensation for the export of products and normal relations.
Compensation trade - the role of compensation trade
Compensation trade in equipment and the roles of technology import
Compensation trade enterprises to import equipment and technology for addressing their lack of funds for equipment renewal and technological transformation of the problem, so that products can upgrade to enhance the market competitiveness (including the international market and domestic market). Equipment, technology import side will buy-back, in the cover price of equipment and technology, while also using the equipment exporter sales channels in foreign countries, so that products into foreign markets to import equipment and technology to boost the export of products, known as the "Progressive to bring out "approach, is a contemporary one of the major characteristics of small compensation trade.
To compensation trade imported equipment and technology, often not very advanced, and even used equipment. However, if the product can marketing and the market outlook remains positive, equipment at reasonable prices, then for developing countries to increase exports and expand domestic employment opportunities and improve the region's economic development level is still beneficial.
Compensation trade, the role of technology export side
Exporter in the provision of credit, based on the expansion of equipment and technology exports. The exporter for the transfer of industries, our needs, compensation trade way through the transfer of industries to developing countries, where it won both the purchase price for the transfer of equipment and technology, and from the sale of goods resold to a profit, can be described as a double benefit.
Compensation trade - an overview of compensation trade
Compensation trade, also known as buy-back refers to the transaction in the other party to offer credit based on the import of equipment and technology, and then the device technology products, staging equipment and technology help meet the price of imports and interest.
Compensation trade - the types of compensation trade
In accordance with the subject of a different payment, compensation can be divided into roughly three categories:
A direct product of compensation. That the two sides agreed in the agreement, the direction of the import of equipment from the equipment supply side promised to purchase a certain amount or the amount produced by the device directly to the product. Limitation of this approach is that it requires the direct product produced and its quality must be each other's needs, or are available in the international market, sell, otherwise not easily accepted by the other party.
2, compensation for other products. When the transaction device itself does not produce material products, or equipment produced direct product of non-other necessary or bad in the international market, when sales may be both necessary and possible consultations with the purchase other products instead.
3, labor compensation. This practice is common in the same processing or a combination of small and medium sized component assembly in compensation trade. Specifically, this: The two sides of the agreement, are often purchased by the other party on behalf of the necessary technology, equipment, advance payment by the other party. Our request by the other side, after processing, from processing charges receivable owed in installments deducted also.
The above-mentioned three kinds of approaches can be used in combination, namely, comprehensive compensation. Sometimes, according to the actual needs of the situation, but also partly by a direct product or other products or services, compensation, partly in cash payments.
Compensation trade - the basic features of compensation trade
Compensation trade as compared with the general trade, with the following two basic features:
(1) carry out compensation trade credit is indispensable precondition.
(2) The equipment supplier must be committed to purchase equipment, the importer of the products or services, which constitutes a prerequisite for compensation trade.
It should be clear that, in the credit based on the import of equipment does not necessarily constitute compensation trade, compensation trade, requires not only equipment supplier to provide credit, while also committed to purchase each other's products or services, so that the other party with the proceeds of the loan money . These two conditions must be met, are indispensable.
In addition, carry out compensation trade, compensation trade between the two parties signed an agreement.
Finally, it should be noted that the conduct compensation trade should pay attention to the following questions: First, to do well the project feasibility study; Second, we should reasonably calculate the cost and arrangements for the loan repayment period; Third, we must correctly handle the compensation for the export of products and normal relations.
Compensation trade - the role of compensation trade
Compensation trade in equipment and the roles of technology import
Compensation trade enterprises to import equipment and technology for addressing their lack of funds for equipment renewal and technological transformation of the problem, so that products can upgrade to enhance the market competitiveness (including the international market and domestic market). Equipment, technology import side will buy-back, in the cover price of equipment and technology, while also using the equipment exporter sales channels in foreign countries, so that products into foreign markets to import equipment and technology to boost the export of products, known as the "Progressive to bring out "approach, is a contemporary one of the major characteristics of small compensation trade.
To compensation trade imported equipment and technology, often not very advanced, and even used equipment. However, if the product can marketing and the market outlook remains positive, equipment at reasonable prices, then for developing countries to increase exports and expand domestic employment opportunities and improve the region's economic development level is still beneficial.
Compensation trade, the role of technology export side
Exporter in the provision of credit, based on the expansion of equipment and technology exports. The exporter for the transfer of industries, our needs, compensation trade way through the transfer of industries to developing countries, where it won both the purchase price for the transfer of equipment and technology, and from the sale of goods resold to a profit, can be described as a double benefit.
Foreign Exchange Rate
Foreign Exchange Rate-what is Foreign Exchange Rate?
Foreign exchange rate (Foreign Exchange Rate) is converted into a country's currency to another countryMoneyThe ratio of parity orPrice. It can be said, are expressed in domestic currency to foreign currency "price." Foreign Exchange Trading generally concentrated in commercial banksFinancial Institutions. Of their foreign exchange trading is aimed at the pursuit of profit, is cheap buying expensive goods to sell, bid-ask spread earn their buying foreign exchange when the exchange rate based onBuying rate, Also known as purchase price; sell foreign exchange when the exchange rate based on knownSelling rate, Also known as selling price. In direct price law, the buying rate for banks to buy one unit of foreign currency to pay for the number of selling exchange rate isBanksSell a unit of foreign currency received by the number of the local currency.Middle rateIs the buying rate and selling rate of the central parity, that is buying rate selling rate 10 1 / 2 = intermediate exchange rate applicable to the sale of foreign exchange among banks, which means that they do not earn foreign exchange transactions between theProfit.
var secCount=13;
Foreign exchange rates - related knowledge
1, analysis There are several ways the exchange rate?
MoneyAnalysis of the exchange rate, there are two main methods: basic analysis and technical analysis. Basic analysis is the basic factors affecting exchange rate analysis, the basic factors include the level of national economic development and status in the world, regional and national political situation, the market anticipated. Technical analysis is the use ofPsychology,StatisticsDisciplines, such as research methods and means, through the study of past exchange rates, predict the future exchange rate movements. Analysis of the exchange rate-based
2, in today's world to study the classical theory of exchange rate changes what?
There are three:United KingdomScholarsXun GeTheSaid the international lending,SwedenEconomistKasselThePurchasing power parity, Well-known British economist,CairnsTheInterest Rate Parity. Among them, the interest rate parity and purchasing power parity, said the greatest impact on the market.
3, learn to explain what interest rate parity?
Answer: by the British economist John Maynard Keynes in the1923Interest rate parity theory put forward to explain the level of interest rates and exchange rate relationships. In short, what kind of currency with high interest rates investors are willing to buy what kind of money, and thus will lead to the currency exchange rate. Interest rate parity theory breaks through the traditional balance of payments and the scope of price levels, from the perspective of capital flows changes in exchange rates, laying the foundation of modern exchange rate theories.
4, What is purchasing power parity theory?
A: The purchasing power parity theory of exchange rates in the West as a doctrine. Relative price of two currencies, the domestic purchasing power of money depends on the contrast between the two countries relations. If, a hamburger sold in the United Kingdom worth aBritish Pound SterlingSameHamburg1.70 U.S. dollars sold in the United States. We say that an exchange rate of £ 1 for 1.70 U.S. dollars.
Although the purchasing power parity theory is not perfect, but the central bank in the calculation of basic ratio between currency still plays an important role. Because according to the basis of purchasing power out between exchange rates and price comparison can be judged on the basis of current market exchange rate deviations from the minimum that is an important means to predict long-term exchange rate.
5, decided to move toward the root causes of foreign exchange rates, what is?
A: The foreign exchange rate fluctuations, although the ever-changing, and, like other commodities. In the final analysis is determined by supply and demand. In the international foreign exchange market, when a particular currency when more buyers than sellers, buyers rush to purchase, the buyer power is greater than the seller forces; seller valuable commodity, the price is bound to rise. On the contrary, when the sellers see to poor sales, competing to sell a currency, market forces prevailed sellers, then the dollar must fall.
6, the mass psychology of the expected impact on the foreign exchange market?
A: Like other commodities, a country's currency is often expected for people affected by the rise and fall of foreign exchange rates. Such human factors influence on the exchange rate, sometimes even more than economic factors and the impact was also evident. Therefore, economists, financial experts, analysts, traders and investors often rely on the international community on a daily basis what happened, to make their own comments and forecasts, to express their views on the exchange rate movements.
7, political factors do influence the foreign exchange market?
A: Yes.PoliticalFactorsEconomicFactors are inextricably linked. A country's political situation is stable, its economy, particularly in the currency exchange rate will have a significant impact. Whether it is military conflict, or political scandal, will be important in the foreign exchange market, leaving traces.
8, the central bank to intervene in the foreign exchange market?
A: Because a country's currency exchange rate tends to the country's international trade, economic growth, monetary supply and demand conditions, and even political stability have a significant impact, so when the foreign exchange market speculation that makes the country's exchange rate deviation from the normal level of , the country's central bank intervened often. The central bank in the foreign exchange market to deal with speculators in the four magic is:
1) directly in the foreign exchange market, trading in local currency or U.S. dollars or other currencies2) increase the interest rates in national currency3) to tighten the local currency credit and prevent outflow of domestic currency4) released a statement. National central banks through the above measures, making speculators on the foreign exchange market, a substantial increase in financing costs, forcing them to stop open positions, playing with toys, so that the exchange rate back to a reasonable level.
The above four methods, especiallyCentralThe short-term effectiveness of intervention in the foreign exchange market is most obvious, is often the reason for the exchange rate volatility. Personal foreign exchange trading firm offer customers must be very sensitive to this.
Foreign exchange rate (Foreign Exchange Rate) is converted into a country's currency to another countryMoneyThe ratio of parity orPrice. It can be said, are expressed in domestic currency to foreign currency "price." Foreign Exchange Trading generally concentrated in commercial banksFinancial Institutions. Of their foreign exchange trading is aimed at the pursuit of profit, is cheap buying expensive goods to sell, bid-ask spread earn their buying foreign exchange when the exchange rate based onBuying rate, Also known as purchase price; sell foreign exchange when the exchange rate based on knownSelling rate, Also known as selling price. In direct price law, the buying rate for banks to buy one unit of foreign currency to pay for the number of selling exchange rate isBanksSell a unit of foreign currency received by the number of the local currency.Middle rateIs the buying rate and selling rate of the central parity, that is buying rate selling rate 10 1 / 2 = intermediate exchange rate applicable to the sale of foreign exchange among banks, which means that they do not earn foreign exchange transactions between theProfit.
var secCount=13;
Foreign exchange rates - related knowledge
1, analysis There are several ways the exchange rate?
MoneyAnalysis of the exchange rate, there are two main methods: basic analysis and technical analysis. Basic analysis is the basic factors affecting exchange rate analysis, the basic factors include the level of national economic development and status in the world, regional and national political situation, the market anticipated. Technical analysis is the use ofPsychology,StatisticsDisciplines, such as research methods and means, through the study of past exchange rates, predict the future exchange rate movements. Analysis of the exchange rate-based
2, in today's world to study the classical theory of exchange rate changes what?
There are three:United KingdomScholarsXun GeTheSaid the international lending,SwedenEconomistKasselThePurchasing power parity, Well-known British economist,CairnsTheInterest Rate Parity. Among them, the interest rate parity and purchasing power parity, said the greatest impact on the market.
3, learn to explain what interest rate parity?
Answer: by the British economist John Maynard Keynes in the1923Interest rate parity theory put forward to explain the level of interest rates and exchange rate relationships. In short, what kind of currency with high interest rates investors are willing to buy what kind of money, and thus will lead to the currency exchange rate. Interest rate parity theory breaks through the traditional balance of payments and the scope of price levels, from the perspective of capital flows changes in exchange rates, laying the foundation of modern exchange rate theories.
4, What is purchasing power parity theory?
A: The purchasing power parity theory of exchange rates in the West as a doctrine. Relative price of two currencies, the domestic purchasing power of money depends on the contrast between the two countries relations. If, a hamburger sold in the United Kingdom worth aBritish Pound SterlingSameHamburg1.70 U.S. dollars sold in the United States. We say that an exchange rate of £ 1 for 1.70 U.S. dollars.
Although the purchasing power parity theory is not perfect, but the central bank in the calculation of basic ratio between currency still plays an important role. Because according to the basis of purchasing power out between exchange rates and price comparison can be judged on the basis of current market exchange rate deviations from the minimum that is an important means to predict long-term exchange rate.
5, decided to move toward the root causes of foreign exchange rates, what is?
A: The foreign exchange rate fluctuations, although the ever-changing, and, like other commodities. In the final analysis is determined by supply and demand. In the international foreign exchange market, when a particular currency when more buyers than sellers, buyers rush to purchase, the buyer power is greater than the seller forces; seller valuable commodity, the price is bound to rise. On the contrary, when the sellers see to poor sales, competing to sell a currency, market forces prevailed sellers, then the dollar must fall.
6, the mass psychology of the expected impact on the foreign exchange market?
A: Like other commodities, a country's currency is often expected for people affected by the rise and fall of foreign exchange rates. Such human factors influence on the exchange rate, sometimes even more than economic factors and the impact was also evident. Therefore, economists, financial experts, analysts, traders and investors often rely on the international community on a daily basis what happened, to make their own comments and forecasts, to express their views on the exchange rate movements.
7, political factors do influence the foreign exchange market?
A: Yes.PoliticalFactorsEconomicFactors are inextricably linked. A country's political situation is stable, its economy, particularly in the currency exchange rate will have a significant impact. Whether it is military conflict, or political scandal, will be important in the foreign exchange market, leaving traces.
8, the central bank to intervene in the foreign exchange market?
A: Because a country's currency exchange rate tends to the country's international trade, economic growth, monetary supply and demand conditions, and even political stability have a significant impact, so when the foreign exchange market speculation that makes the country's exchange rate deviation from the normal level of , the country's central bank intervened often. The central bank in the foreign exchange market to deal with speculators in the four magic is:
1) directly in the foreign exchange market, trading in local currency or U.S. dollars or other currencies2) increase the interest rates in national currency3) to tighten the local currency credit and prevent outflow of domestic currency4) released a statement. National central banks through the above measures, making speculators on the foreign exchange market, a substantial increase in financing costs, forcing them to stop open positions, playing with toys, so that the exchange rate back to a reasonable level.
The above four methods, especiallyCentralThe short-term effectiveness of intervention in the foreign exchange market is most obvious, is often the reason for the exchange rate volatility. Personal foreign exchange trading firm offer customers must be very sensitive to this.
Hot Money
Hot Money/Refugee Capital-about hot money
what is hot money?
International short-term speculative movement of funds is mainly to avoidPolitical Risk, The pursuit of exchange rate movements, important changes in commodity prices and international price movements of securities interests, namely, the pursuit of hot moneyRateChanges in the interests of speculative behavior. When speculators expect the price of a currency will fall, while the sale of the forward foreign exchange currency with a view to the future after the expiry, you can buy a lower spot foreign exchange earned by the difference in this one's interests. Because of this speculation is purely fictitious, and hence different arbitrage. In the foreign exchange market, the result of such speculative funds often tend to devalue their ownMoneyConverted into an appreciation of the currency tend to currency, an increase of , The foreign exchange marketInstability, therefore, as long as the expected psychological presence, only an appreciation of the currency fluctuations or the introduction of exchange controls in order to prevent such speculative flows.
Hot money - high feature
1, high profitability and risk. Pursuit of high returns is the hot money in the global Financial markets Movement's ultimate goal. Of course, often accompanied by high-yield high-risk, and therefore a high risk of hot money earn profits, they may earn in this market, while in Peru market losses, or make money at this point deficit in the wound up, which it has undertaken high-risk awareness and ability.
2, high technology and sensitive information.Hot money is the darling of the information age, to a country or the world economic and financial status and trends of the exchange differences on the various financial markets, spreads and a variety of price differential on the relevant country's economic policy is highly sensitive, and can quickly reflect the .
3, high liquidity and short-term.Information based on high and high sensitivity to make money then they can quickly access and increased risk is an instant escape. Showed great short-term, and even ultra-short-term, in a day or week in and out quickly.
4, the high investment in the virtual sex and speculative.That hot money is a kind ofInvestment funds, Mainly referring to their investment in global securities markets and currency markets in order from the Securities and currency daily, hourly, per minute price fluctuations to achieve profits, namely, "Money begets money," the financial markets have a certain lubrication. If the financial market is not hot-money type of risk preferences, a risk averse person can not transfer risk. But the hot money of the investment is neither employment creation nor the provision of services, with a great virtual sex, speculative and destructive.
what is hot money?
International short-term speculative movement of funds is mainly to avoidPolitical Risk, The pursuit of exchange rate movements, important changes in commodity prices and international price movements of securities interests, namely, the pursuit of hot moneyRateChanges in the interests of speculative behavior. When speculators expect the price of a currency will fall, while the sale of the forward foreign exchange currency with a view to the future after the expiry, you can buy a lower spot foreign exchange earned by the difference in this one's interests. Because of this speculation is purely fictitious, and hence different arbitrage. In the foreign exchange market, the result of such speculative funds often tend to devalue their ownMoneyConverted into an appreciation of the currency tend to currency, an increase of , The foreign exchange marketInstability, therefore, as long as the expected psychological presence, only an appreciation of the currency fluctuations or the introduction of exchange controls in order to prevent such speculative flows.
Hot money - high feature
1, high profitability and risk. Pursuit of high returns is the hot money in the global Financial markets Movement's ultimate goal. Of course, often accompanied by high-yield high-risk, and therefore a high risk of hot money earn profits, they may earn in this market, while in Peru market losses, or make money at this point deficit in the wound up, which it has undertaken high-risk awareness and ability.
2, high technology and sensitive information.Hot money is the darling of the information age, to a country or the world economic and financial status and trends of the exchange differences on the various financial markets, spreads and a variety of price differential on the relevant country's economic policy is highly sensitive, and can quickly reflect the .
3, high liquidity and short-term.Information based on high and high sensitivity to make money then they can quickly access and increased risk is an instant escape. Showed great short-term, and even ultra-short-term, in a day or week in and out quickly.
4, the high investment in the virtual sex and speculative.That hot money is a kind ofInvestment funds, Mainly referring to their investment in global securities markets and currency markets in order from the Securities and currency daily, hourly, per minute price fluctuations to achieve profits, namely, "Money begets money," the financial markets have a certain lubrication. If the financial market is not hot-money type of risk preferences, a risk averse person can not transfer risk. But the hot money of the investment is neither employment creation nor the provision of services, with a great virtual sex, speculative and destructive.
Performance Unit
About Performance Unit:
Performance Unit, also known as phantom stock refers to the company were to use ordinary shares as a long-term incentive compensation paid to the operator,EquityTransfer from the operators whether they have met predetermined performance indicators to decide. If the realization of the company's performance goals, were granted to those who could then enjoy a certain amount ofDividend, But not ownership and voting rights, can not be transferred and sold, leaving the company automatically lapse. In the virtual stock holders under the conditions to achieve stated objectives, the company paid to the holders of the yield, either to pay in cash, stock equivalent, you can also pay the equivalent combination of stock and cash. Phantom stock through its corporate residual claim holders to share, their long-term gains and business benefits linked.
Performance Unit - Features
1. executives of the annual incentive bonuses based on company's operating performance based on the year, directly linked with the profit that year, the general that year the company'sNet AssetsRate of return linked; the company on an annual basis the performance of executives to extract a certain reward fund.
2. the company is through the use of incentive funds according to the prevailing market price from the secondary market to purchase shares of the company's manner, thus bypassing the current "Companies"In the legal obstacles related to stock options.
3. senior management of the Company stock held by the right line there is a certain time limit.
4.senior management incentive bonus at the outset in respect of all or part of the transformation-based company's stock, in fact the stock purchase of certain mandatory.
Performance Unit, also known as phantom stock refers to the company were to use ordinary shares as a long-term incentive compensation paid to the operator,EquityTransfer from the operators whether they have met predetermined performance indicators to decide. If the realization of the company's performance goals, were granted to those who could then enjoy a certain amount ofDividend, But not ownership and voting rights, can not be transferred and sold, leaving the company automatically lapse. In the virtual stock holders under the conditions to achieve stated objectives, the company paid to the holders of the yield, either to pay in cash, stock equivalent, you can also pay the equivalent combination of stock and cash. Phantom stock through its corporate residual claim holders to share, their long-term gains and business benefits linked.
Performance Unit - Features
1. executives of the annual incentive bonuses based on company's operating performance based on the year, directly linked with the profit that year, the general that year the company'sNet AssetsRate of return linked; the company on an annual basis the performance of executives to extract a certain reward fund.
2. the company is through the use of incentive funds according to the prevailing market price from the secondary market to purchase shares of the company's manner, thus bypassing the current "Companies"In the legal obstacles related to stock options.
3. senior management of the Company stock held by the right line there is a certain time limit.
4.senior management incentive bonus at the outset in respect of all or part of the transformation-based company's stock, in fact the stock purchase of certain mandatory.
Trading System
What is a trading system?
Trading system is a system of thinking of the physical and chemical trading. System Trading thinking is a concept, it reflects the analysis in the Quotes of the price movement to determine the overall time of observation and the continuity of observation, the performance in the decision-making characteristics of the right of trading partners, trading capital and investors in this transaction three elements of the full expression. Thinking about the system involves a great many transactions, there was unlikely to be more space as the focus for discussion. But one thing must be pointed out, trading system, trading system, since it is the materialization of thinking, it is definitely not what the current market, a simple software or broadcast Quotes Quotes secondary analysis software comparable.
Trading system is a system of thinking of the physical and chemical trading. System Trading thinking is a concept, it reflects the analysis in the Quotes of the price movement to determine the overall time of observation and the continuity of observation, the performance in the decision-making characteristics of the right of trading partners, trading capital and investors in this transaction three elements of the full expression. Thinking about the system involves a great many transactions, there was unlikely to be more space as the focus for discussion. But one thing must be pointed out, trading system, trading system, since it is the materialization of thinking, it is definitely not what the current market, a simple software or broadcast Quotes Quotes secondary analysis software comparable.
Export Trade
What is the export trade?
The export trade is our country to produce or the processing commodity loses toward the foreign market sale.
Export trade flow:
1.The Quoted price
2.Ordering
3.The Payment method
4.Prepare goods
5.Packing
6.The custom clearance procedures
7.The shipment
8.The transport insurance
9.The bill of lading
10.The settlement of exchange
The export trade is our country to produce or the processing commodity loses toward the foreign market sale.
Export trade flow:
1.The Quoted price
2.Ordering
3.The Payment method
4.Prepare goods
5.Packing
6.The custom clearance procedures
7.The shipment
8.The transport insurance
9.The bill of lading
10.The settlement of exchange
Economic organizations
Economic organizations in the world:
1.Economic organizations-World Trade Organization，WTO (Create in The Kingdom of Morocco ， Le Royaume du Maroc, 4-15-1994)
2.Economic organization-World Federation of Direct Selling Associations, WFDSA( Create in 1973)
3.Economic organization-Group20 ( Group20 is an international economic cooperation forum, create in Berlin, Germany,12-16-1999)
4.Economic organizations-Black Sea Economic Cooperation,BSEC (June 25, 1992, the Black Sea Economic Cooperation Organization was established)
5.Economic organization-Union Monétaire Ouest Africaine,UMOA ( Create date：1-10-1994)
6.Economic organizations-TheBaselCommitteeonBankingSupervision ( Create Date: 1974)
7.Economic organization-World Association of Investment Promotion Agencies，WAIPA(Create in 1995)
8.China-EU Association (Approval by the State Council, China-EU Association (Central Association) on November 11, 2001 announced the establishment. He Luli, vice chairman of NPC Standing Committee, served as honorary president of the National Friendship Association Chen Haosu president. Venue is located in the Chinese People's Association for Friendship with Foreign Countries.)
9.Economic organizations-Central European Free Trade Agreement, CEFTA( Central European Free Trade Agreement (Central European Free Trade Agreement, CEFTA). December 21, 1992, the Czech Republic, Poland, Hungary and Slovakia foreign ministers in the city of Krakow, Poland Wawel Palace have signed an agreement establishing a free trade zone in order to replace Poland, Czechoslovakia and Hungary was established in February 1991 Visegrad Group (Vise grad Group). January 1, 1993, the Central European Free Trade Agreement came into effect.)
1.Economic organizations-World Trade Organization，WTO (Create in The Kingdom of Morocco ， Le Royaume du Maroc, 4-15-1994)
2.Economic organization-World Federation of Direct Selling Associations, WFDSA( Create in 1973)
3.Economic organization-Group20 ( Group20 is an international economic cooperation forum, create in Berlin, Germany,12-16-1999)
4.Economic organizations-Black Sea Economic Cooperation,BSEC (June 25, 1992, the Black Sea Economic Cooperation Organization was established)
5.Economic organization-Union Monétaire Ouest Africaine,UMOA ( Create date：1-10-1994)
6.Economic organizations-TheBaselCommitteeonBankingSupervision ( Create Date: 1974)
7.Economic organization-World Association of Investment Promotion Agencies，WAIPA(Create in 1995)
8.China-EU Association (Approval by the State Council, China-EU Association (Central Association) on November 11, 2001 announced the establishment. He Luli, vice chairman of NPC Standing Committee, served as honorary president of the National Friendship Association Chen Haosu president. Venue is located in the Chinese People's Association for Friendship with Foreign Countries.)
9.Economic organizations-Central European Free Trade Agreement, CEFTA( Central European Free Trade Agreement (Central European Free Trade Agreement, CEFTA). December 21, 1992, the Czech Republic, Poland, Hungary and Slovakia foreign ministers in the city of Krakow, Poland Wawel Palace have signed an agreement establishing a free trade zone in order to replace Poland, Czechoslovakia and Hungary was established in February 1991 Visegrad Group (Vise grad Group). January 1, 1993, the Central European Free Trade Agreement came into effect.)
Subscribe to:
Posts (Atom)