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CHAPTER FOUR The Global Business Environment Analyse te impact on busines of changes in aces to do bes 1 Under a extra endronment audit arat| Introduction tn chis chp we are going to examine the global macroevionmen a he to hich rmsuseto anal. The external environmen: changing raliyanbecom Inpmch es prediabledeto + thescaerting ttf pobalzaton + the nfrmaton technology sevoltion + th incsing economic and plies weight of counties sucha Cin ti. and uss + imecnatosl institutions ike the WTO and the EL becoming eres Portaninfuences onthe lol environment, as hav NGO wih ei esl oppo Sionefreadeand investment andthe sccessn peti erontenal pice suchas hnae change ono the pltialagerda of natoal governments andre Fim fc retical a monitoring ansingandespondngtoanexternalenvi- onmecsujctolteraly thoosandsof ferent forces bth domestic nditermatnal Massive waves ofplobalzaton in recent decades hae rade the ask of montonng te ‘xtra emvronment much more complex and turbulent, Firms can fl themes Sprating inoue with very esparate histor, poli and lel tao nd procs, econom fancil socio-cultural environments, and py sd ele ‘opal nfiasrecturs Firms haveto be prepared to cope ith various languages fe, {01 trading res and curenee and vole echange rae Ged ths taney rpinination: nay dit fies deny free hat could have cies! impacts ppeed otto cn be safely gnoed. Thr ablty tera he extra resi ‘tl because the environment erestes opprtunties or firms to ache cri ee Jes. such esprois and prow, Hower can also pose anges wo fs tha cold — rest uhimatey sth ing Ar he gla lvl, the exter enzo fre ‘xpi pie on prices mi prot an adap pronation pol ‘Se ma oblige thr crestructuete organo, ato change sates sar 1 geogaphicalmaketandiccan mal them vloralet laksowr These canbe seas det cose fr busines when operating sow The External Environment ‘he extemal enitonmeat ofthe frm comprise al he external influnces tht fet sdecsons perfomance Such ues an vary frit rm and industy to industry and can change, sontimes very rap, ovr time, According 0 many ‘servers. the emironment fr ineratonal buns scanging Ester than ev nto ticular asp compen andtaulence, Comply eles tthe increasing de. Sy of aston, al suppers, ae of scio-ciral pote, nd technol alelemensonfonunginternatonulbusiness Copley sins dy theorcesa the cetera nronment comnsoly nating with animating on cach che "Aninccasigh omplextera evionene makes it media or Gms to make Senseo and evaluat, nfrmation on change nth envionment and 1 aia ‘hes impact on he busines. Ths tr. mas Kore of problem to formule an appropiate ceponce The problems crested complet areaggreatedby the growing turbulence of he envirrment. Atle environmen is oe Where thee apd ‘expected che. a cotast ta sable environmen where cg low and p= ‘tsa Turbulence asicreaeed ithe rapid widening and éecpenng othe polit economic, scb-eitaral and tecnoloienterconnestionsbroght about by lab raation.and altace advaeerinteeconmanicatons ‘What was fay static envionment may Become tublent 4 subj oven «change. the 19905, the reltieyeangulentirnment ced by £0 alines kc BA Ait France, and Luthansa was died bythe deco ade bythe 8 oraz entry Im theindsty New aggressive vat inthe for ofthe lo oe ities ike Ryan syle and AtBein entered heed competing ay the euablsed rn make Shares on shor and mun haul igh Basie operating on prey domestic ass Isley to conkent safer enironmene than titration couerpats Some fins. likecome shops. se realy simple an cetinenvrontint wheres ulnar alike Nest peraingn alos 100eountreshavetodesl thane tht mach mone kingi save ogi eres, which police, hc oth hapeer ‘de resol sche Sith syand fora broad based Finns alo hareto tak accourt of the lcreasng nportanceintheplicl and gl vitnmentofiternatonal neni the Wow Tre Organon (WTO he EU, andthe substantial romber of eloal wading los that ave bem eabliched and bois sochastheIrerationa Accounting Stanands Board haharthe tsk of ting Incraina accountng standards. Countrie geogetherin the WTO agetersles sndregulasons roan nerational rade srdinvestrn. The WTO thenats tense expect forthe rules, I 2008, a WTO paelrled ina case rough by de USA, ce BU, ‘Canada that China hadbroken herulrby wingtax ply torestitrmporto ear pars. Sanerand Guherme 17 pinout the common approach eed te ner onal Monta undand Use World Bank towards developing cnanesncdes + reducing budget deficsby asin taxes and eating publcexpendure + ving up contol finest rites + radacng barirsto rade nd frig reteset + seinga subleand compestiveexhargerateand + prvatnng public ener Al. these could have sigan ftsor domestica foregone een sy of competion, marke shares, prices cst. and profs Economic and Financlal Environment Theeconomic and nancial enronment comprises fre tht fect gears ofthe conony lke she ra of econ roth, interest ates, exchanger and inition andthe policies of domes ndicernationalnsittonshatinfznce these economic ‘arabes. The rate of economic growth important for business because indies are 4 ex oP om — Manes cnc the sped at which the teal evel fd and fr good andres ic ging fw ‘ng economies income an purchasing poverisineasng kadngoae cna denen. By coer, slow growth mea tht metho arora oe wav therfore no arc fr busines stuns ec he sation onthe wold economy and its component pars ts Bgues shove ok Soaps hore een rowing eat sonly whit devoping cantnar pe ing ats moe aid te-Chinee growth, orci topped is no he a ayo an Rusa wee growing at ratsa ead Peep har seo [De MF aso makes predlcionsofgrmibracswhichcoull eoleac iota Soil which mates wil be fest rowing Fgue nee ter a developing counties will cone o row later thas na ChapterstWo anne), Desptthehighe ates of con ‘ eaivel smal proportion biggest marker contac roi rowthin poorer oun thy il secu or income ad purchasing pov indeatng tht he te located niche gions IMF estimates (08 shone sree more than hee quarters glbel Income te Un fon ang the way wih aroun! 27% of world CDP pens Geos fe eo Funes optermakeup2fartherqaner of incon blew GOP menue oo ‘aneconomy—1 repress the vai ol goods and sence, po ‘raha boundare of county Di helevel of ouput or name ps Red uns can aio eafleedby vlan the con nd fncalenionment Inthe 20ers le 98s thee wersecnpercseumaliniecneie re the advanced economies ced within the eo ing tral GDP by the county ponuiion ges Tell 4. Tat Get Dm Prat 2098 ‘ay ase vt susero Ifa wweky nfo pan Ini 2007, toying athe tee wih usa, fuel eo ses vhs + shes sock maka cash of 987 thecrsinte Europes Moneay System 1999 when sting andthe aon ee two rrmvedandaeeralehercurenciesadobedevae Rusia dfnling on dc segments ane he cope of Lang Term Capt Management in 998 ‘efi erissn Est Asif heat 19905 + thedotco rsh 200 + theimpct ofthe atc onde Twin Towesin 20 1 the207)8 cet crach Such ven nue den and, Bese of balan geographically widespread ineeasein uncertainty In bsies snd Bnance Makes become vl ard make the [Ssossmentofrsk moredifeak Asa rea hereiea fight fom, what redeemed be, Pity tsar ase Lenders ster ay fom prong cred to he priate sector ite lending o government can become oredifcukand only forbes and anc instant borrow money Confdence takes: it which has akock-onefect nec rome rowth because business ad consumes become lee wilingt vest or by foods and serves The nality to bono, combined with contracting marke could felis companies gop out of busines, There eects can be aleiated, oa extent, ‘Shen nine sur cnral sk ake conto bos conbéenceby.frinsnee Tedicingimeres ates nd proving cettotbunkashappened nthe USA and theUK during he 200708 ree euneh ee IMF 2008 fora more detailed impact analysts of these Socio-cuttural Environment “The socio caturl enronmenti concerned wih the soci orgeiaton and stucure fst This inde many roi and clara characteris wish ca vay snc tnt from one society to anther Socal apts inde the dstribton of nome and treath the ruta of employment and unemployment living and weg cond ‘ons healt acanonpopulaoncharsteraesncludngs an readowe Dy tender and eho rou, scl clas, the degre of urbanaton andthe provision of ‘elie forte population inthe orm of edocation, hel cu, unemployment beets, personae seon Thecuaralcomponentscove ste hnguage rion, di aes ndnormnsatttades bebelsand practi, socal etonhipe, how people interact and sys for meredseatio oftesoco-culnl frameworks Chapter Fe Responding to culural ferences, whather thi producing packaging i various lngtages or ‘hanging ingretentsnfoodproduts deo deren isc car cos for es, Technological Environment In simple terms, technology sf othe know-how or pool fies or knowledge val blero society. Business partly interested in avancerin knowlege that can ‘iploitcommercally Technology oles busines the prospect of — + ing reso evapo poate pod ower technological advances ing the pats of busines a ene been funeral rn ehaogin ands ha idee nd hem doe toler a gond hatraion Inc pois soem oflabour and capleg The oven of om proces as cv dow he ured produce aceraineel ofp stony lock. proved produc yey pms errand gay sing Sicenchoe is rep. Sono eS wih mcchy Chae eee ae ‘usin ofthe tchacogeaffemencty However, echoolgyinanes mo research and developmen tha echnical eae ene of ha Sony fu this ut when ts Be Bate between Soy and Toh m Chaps ge Sony’ Bley und Tshibes HDVD sje {freed spending on eeuch and decopmeareon the numberof new drips Beng generated fas Be on old drugs for ther erues, tsk fr oy Price WaterhouteCoopers 2007) Then forbusinesttocay ha ner corporat na increasing the scarey Puch incerta: Frms ean pump os of suns ‘ae cating edge of echnoloy With now praheg competitors, But that does puso ee max ideo sytem st outta VS ce Mn Cas maton on the bate been maceutial companies have fc but hve found ha res they have ad ory 75 of cing cost and go for mangas ecology aoceraitiee make t nore dice eng-ange planning The Ecological Environment In ocent decades there has been the tection between hue be farts marl environment Impact onthe environment yu which the word depends The sodcherseinsealeledo nsportandagrculuslset icesig concern, oth sional and gab sbous in the cconomc system they enablah ect ae tinct forms a major par of economic rene ite sing op sources andaleng the eclogcalopeet damage tothe czone ayer thempac flab warming tty power generation indus more discussion ot ‘heeclopalenvonmen see Capes ees Exmronmentl chal ihinatonslbondes oaectsthewholewerll hese ting nt confit spread recognition tht nh ow the de eddie Sethe have sds ‘ore es about thet ig Sncd vet for ‘sry ed a ey ld p> OS + eaxthe pole ani + subsidize firms who manage to reduce aces that har the environment, for ‘Sanpeby snchngto yor polling sures of nergy + useregulationstecontrol:te amount f pollution generated by business + promote the cretion f enieamentaly fend technologies. ‘Screening and Evaluating Foreign Markets ‘Compamessekang o expand abroad do so in onder to incense ale, ort acest "resources or both They can do aon a number of ways—lrom exporting to sen up ‘Production facies ovens, Whatever retod they choose they ae faced with he ompleetakofsreeningand enestingfrign market ‘What makes sn atracive mst or producto lotion? Counts feria terns of “tr atratvens a res of vartons inthe ecmomic enronment grt aes, pola stability, Asposable incomeleel sealable resources, government incentives, Kee ofcompetion, andthe bac isk The deco abot which matt com fan ead how thy source the goods rae mars sega seperti oes, sho fond tale ony oe feo sace conc with cust ‘muschewhere the markers For ethers. sch a mie which epuie where thecoxo ranspertisprohibtive ocsion hips, Prodcton can tke place anywhere inthe word ‘tite shpred to mutes chewhce. Rims may wan ta they ener fies wherever they fa Kate. because there spare capacity. onern ew mera othe nay want exiatith ew oc pedactoncouc tt en ws ae ping to bul on the gene macterionmetlass aur eablsbel a chischper tpt ith he ndseyanasotchaner sehen fameworcto sss atactneness Ey in ay marke mas ak Sn undersanding of how tha marke is acted. because th wil doe Sfpamutestomale ros. To what exencssvotublewildapen ee Ripdiegthemcrocrianentandhow thisafetheseustcclinocen {adie toe for mmpiecieaeeandpomhl the mart ne ta ee teaton corn the nomi soir and patslonioeree ee seleeronmen The ners, fr eral can incense oi ole say ‘make icasertocontllveign operations Fetal regs] |Ezciart | “| | | some” |] reque The ln thee ‘Organizations sch a the Ezonomit Itligence Uni (EN) assess corti far # vary of ik and sl he ess o burner One table roduc is an assessment or scour ofthe dgreof operational rk Countey rating se basedon Ocaegres ois + poli bi + Ng and gun + fosgn ade and payments + tx poly “Theleast ris counts tend tobe the most advan economies, whi poorer cou tres dominate the ranks of temost sky Switzerland heads the able at the kas sky rth sone ot ou of 1K), dose followed by Denna (9). na, singapore ene ‘Sweden 10) At the other ed of he scl a comes ina 30h wh 2 core of 85 [Myanm 4th (9), Venezia 4th (9 eur 1418 (68) and Kenys 13h (66) (mw eno, 28 Ape 2008. Basic Screening ‘Thefrestageinanysrening processtoastes whether thereisa bse demand forte copay’ products of tebe resources egued are present Ts fly bios fist ep which can eliminate many cous rom the search, Fr example county's ‘imatecan be spin inleace on th pattern of demand There demand oe ‘eaingin Malia open wih sn aerage ear round temperate above 3 degrees Cebus, bur ret demand for sr condoning. This makes screening bly sughforwan frspeiaized goods ofthsnatre but ess sofor other more widely com ‘med prodoct such sconectonay computers and gues. ‘One ayistouse trade sss char te Unted Nations Iteretlonal Trade Stas- tier Yexboo, to lonksrthe goods andservices seuntystmportg fom abroxd or ‘eno whichcounies you domestcompettorsareexporting Smplevrecring of ‘Counirescan abo be undertaken byecssto base satsicson CDP. CDP per capa, nid ‘thr ndiaton of wealth uch a the omerchip of ar, televisions, and wephones, If ‘youarealing cig cameras, it erentclevsions and DVD recoeetsthen pan. weth per eps incomeof USSSRATO, beer sartig pole than Hat witha pe apa incon of only USE480 (Word Development indicators database, Werld Bak, 1 fly 2207, Aner ways took athe domesiorputofan economy see whataclo- cesta Rnd Simul, companies eng to pode conse a esental resourceste bro cn doa qulk sca of wha they nkctae production Avulabity ofa merce sideraon buses bes and Rance an ether ipo eee ee lat of ifort eh rae fom oranatons seh NESE Me snk he enamel Noncary Fund OMe ena (otc eM Ohand cnn fr conn: Cropenton and Docs Detailed Analysis Orcethe x of possible aleratieshasbeen reduced basisereening need ost mach mor dtl anal iss of opportuni and threats re ant inne ‘eiowth an eaninston eth rcsouinedinrguc Sand eee inthechape lnazeting th nara busines envionment counties compari pena Ayconesenad with sof pean and thes mele Fore on Somrimenywlbo cunt wboscbasne emtonmertoenticie ee See Camou: «Hench company ithe words cond nat ele aan 2 cous The Carrer ame ome int ng 959 Cachan cera aks ft vee oie Fc and dit win Beg scat smpei tame contormen. vay smo lomactenaa ee ‘en 19750 Seth Ameri. wat al 19%, when ead ee roe nig, tdi 2 ey dient banner crrenmane Homer oy aan anftarover wasting made inane andthe Ewe (wa carfcom tnt ext ston Wess how hiner {PESTLE napa cour anh Folica ana Leg! Environment tne pest yess fb poland lp oe omen ‘aon government burcaucay poli kin ee seine anc utes tae andres or cure tough Iepmsof cee. One fata of ineasnggloslanion te compen Coy Ton STAD porthat oe th pr 199-2002 985 of Fr ply cones ne RR mowing ear FL In 202965 ofthe 268 changes aden ne favourable cimateUNCTAD 200) “pel ofthetypeofincenves + anc incemves—invesment rans or ed guarentee, + Fscalinceves—reduced eorportion ay 1 Reon ncentes—easing of ealthand sey or nonmetal epations “water eles commutications + Mathes prileges—prefveri ernment contac + Fonjgnexchaneprivleges—pecil exchanges + Subidned services (the eames ofthe regulatory and loge sogime to consi ate dhe tax rege caployent hel and oft iss eviremenl ply, andcompeten poly Governmentbuzear:.inretonte business restos faced by bus reshndaytodiyopeatinsbecaase ofthe number ofr heya oor iy witha rig with which ey rcenoreeecommany eed as eta Foresampl, ow long does tak oon ances to operate sl ow many frm havetobecompletedand submited to gverame how oe, andnhow mh der The Hestag Foundauon isthe USA, Iibertaran tisktank sees counties, acorn tous meses eedom redo otf rom a rel tionandeoration hestrengthaf property rights, and lbs ancil ninestren fredom. I thn ranks counties according to the sores out of 10, Thowe scoring ‘ween 80 an 10a lasted aes, fron 70-799 mos ie, 3-699 moderately 2.50) 200 Jercndtin etan etree wg. te changer potted, | + Givilunrestbe: ween ethnic groups, aces, and religions. = One sure ofr. change poi leadership. Ections take placer four or Sreyeasinallofthe advanced ndusrializedecnomiese the world and wihhene Come relatively noe changes in tte to busness. This might est in charges trade agreements or gene charges in polices ad elation towards buses Pave sik which is aly predicable2d shoulda herr be a prblem ak hich ‘npreditabletha she bigger problem. Although pat pater bsaclyned oases ‘hers his abo asits dangers Kenya wis generally conser one of nese Politically stable counties wih ating oui bring inabonc Use bine ‘et year. Contoveria eetons in December 207 erigeed a wav of velen rest ‘eran in ore he 1,000 deals ad 290000 fred tom the hs the Weed Bank was predicting growth in eal GDP of 6 for Kenya n 2008 label Esonoree (stlook October 2007, bust vilene hs it the concn by reducing he none ‘frou oa che. Horcukure was Kenya's oes big eames bt his an depended ‘onthe tours ndsty asi he any loa anda slr, Inthe othersources of pliant which othe gg si Phe poe consqueness are pty sirreby confections ene by gorenent wot compensation expopriton set seine wth compensation onion takeover by goverment ofsnentreindusty + frecsng of fan. + nipping of employes + Racker, Sneed esrenetoe | Sen" . teenies | Pier 6 rsh hens 2007 me ng nda fecaing angling aes coon Peatons. Sie exchange ral nce su men Otek a eels how mcheapeer ge Ing tae tet pms than dpedense ee ibe Lsindustil and crnmerclemeguce he Tresuy departments not sean ee es be a0 yy male me a movement in ‘exchangeand eres ras, eet ‘sing ses teat ws TT Snipe BR im Ey ea # em & 15 mays 2 “Tbe 43 shows an HI conte asesment of Gnancl rik. Coutries with good recardson economic aking euch singapore, HongKong. and Chie tendo do trl. These wih poor payment records lings and ci viene ae the sree, AD ate 880 lop kero to whch lp Smvenhing mime end weaken Thesceamen ast Tha ltratrlinatasaspon mentee ee waa ies tee mnie pcre an Manse MEMS ptslfacoama tourna anindeatom encase teh onelconPpuasnszecanbe si imme ler pnt cones whleCbr presale onsen nhchertocisa sient fear ee Te aegastone ot hesewihitheconony entenabioernete act peat Nn of some ews sou wth pcg es eet spread, "Ir Se oran enc whichtemakctsroip sake roads arate which gts grawa Sona Ponsa th whcharesmalbatgowng py caecens soe Persson mdGOFareohenesationses mice ce "eRe of enero te saiecnanc of che caomer wihing i ter populaindeaors ae + Baez consumption. ; + evsions per ead of popustion, * Nobile phones per ead population, ‘Soao-cultual Environment Ins mats and ins cos soc-cta ics do tra oso: The shy andlor a sen ngewe py weg hor eee the dba BON coms. Tee alo ply sae an ee read a ah and cl css which emis at "efered probably moreinyor scant mile many comgngmsie booing weld demande Compr Care asa ag thse counts the gorge aot crave Wine eteconsf hi scughesinacoticoeate a Casa: Wimalicen ngs dung enc Oana ee ee value enormous spending power will emerge. WaLMat, Carrefour, Teco, IKEA, and deco Kingfishers B&Q are already weleabisbd i China bean ‘Technological Environment ilwex Another feature of country atratienss show well derdopd theinfasucr Anefiien anspor and cnnmunkatons networks necensy for mare to funcion | propety andthe intention st expereawel developed pom infstucreisao nec tse | Eat ey elie toassess nthe inrasroctre a soe » ° rite | + Scence ard echnlogy nfrstrectre. wy, | 1 tet and quay ofroad erw evenly + Extent and quay ofpublitansport network + Teephony network Lesko “ ene capacy yean + Water supp aie rsp + Artanspor. thine + Quay ofpocs sty production and cern of spp Counties with well develope infasructare ae ative to busines bean thy facie mht gronth and ofr cheaper and beter waniport and communication nerweks Developing counts with poorer infasvuctre io Ac, Asa of Latin Ames alee appealing, Fcological vironment The natural eironment ithe touce of etal rw materials which re par of sy tsi srening bt the natural envionment ilo the source of aoe but ifcueo pret risks Natural catatophes such as earthquakes ooding, and uerianes ra ‘rprecitable though cet areas are more prone thee occurrences than aher _ Competitive Forces. ‘Onc the nations busines envieats ve been srened and he isk assed the fnaltemetitoanaleethconpetivecvironientin partic producrmakes ee salon Chapter Thre for an in-depth éscuson of how this can be done. This shoul also ta lec an asesmen of ow th macroenionmenta forces might athe compet om {teenvironment inte tre aan "This smal shoud llow tat exphined i Chapter Thre and would inde an SS secant «These ofthe mare a + Thegrowthrateofthe mao | + Thenumbe and slaeofconpettors, with + Markeing sraepes, + Povucion capac: + Exeafeney ino theme, + Substtes + Fowsserbuyers, + Powerofspples TheGoal Competitiveness Report The Wald Econem ony (WEE) produces measures ntonalconpedtveness thay tse ‘conomicfeunéaone af maonal compe amondandthe sages desloge Natonsin Caper), The Wer idence vba Competiveness Report. Ths cut the errno an aro irene bated ontheids outlines Petar cthesecton on TheCompetive Avena ils ofcompetivenes ons~the ep amework government attudes to warts and feedom, ‘scesneburesucraty. oneregulition and cor upon, Infistrictire—quaty rods, oad, telecommute POW, spor, ehticiy supply, and Macro-sonomy—economi abit. Heath and Primary Edecaton~ahealy workforce witha bic ection, Higher education and ainng-igher grade sl owe upthe vale, ls necesaryfor he econo to Goods mae fikency—sphi foreign nares Labosr are ficeny ele abou mats with prope evan yams Fanaa sophiscaton-aheengschannladtopreducivemmearany TEchnologkaleadiness—acest inn ation, Market sie~ domestic and feign snes ophisicaon Sons any. Inaoraios—high levels of RAD ex ndinduse, protection of ie pepery carci WEE hes 12a atk tons compensate ‘Sf Speracd in onder tobe messed Figur 47) They aceon re Inerc tach ote For example he 1th pls ofimowaca singe ea Fehon EM cheat ym, without the rocon of meetnlrpene Fgh. ete estes abd compatine domestic and nd communatons technolo: res llow economies acl ‘uly ofbasiness aerworks and indrdual fer open Pendur, collaboration brween universities The WEF denies die sagesof devel pment inked tothe lla and denied as thelacto driver age. efisieney- dent andthe novation dren sage The Wer -allcaescountestoeachstgesccondng (tweeter Theft itelenlo/ GDP per rage salon, and ‘ay sand log ar tthe pny Etioerny evans [ | cee, | DP cere capt ze Table 44) and che send she shar of exports of primary goods inal “Thorefllnginberwen are ad ben tension! ms 2007-08 the USA topped the crcl ranking of he 131 countries ncadd inthe ‘epor with Switeand in sconl postion. The ranking ae cll rom secondary dha, pus + survey the WEF caries out sean 1,00 ofthe wort’ bunt eaers ties, Sect oewmoment aor erent eH Soe Toate 20 Tern te tap tse 3 300-1700 © CHAPTER SUMMARY nee pew cami sb een bses enone he Senco caret cove Be aloe ony a tots © REVIEW QUESTIONS frit yi date oath eo Ineeoxt yas te ste mart "ahs hes ant enon sag lb et compton on chap noes to, + Questions Testa ci Ontine Resource Centre ‘ww oxortertbnoks cuk/ore/hanilton.webster/ \sithe supporting ontine resource cetrefor atonal materia which ihe you tn your assignments essys and rescore, oryoumay fi thee extra ezoures Fel when ising fr exis © FURTHER READING Feravey ial posi pst cal eam step cron ‘ap nt We ROR iy i Ne atin rth ety ad BE + th 2007 Ung Sayan en R927. 1 Snowe in 2007 Nop amar ui Ca ante Can Unity Pt

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