May 19
Few more international than West Seti (eKantipur.com)
May 20
Maoists up land grab drive (eKantipur.com)
Global Bank aims to tap rural market (eKantipur.com)
Mero Mobile now in Janakpur (eKantipur.com)
Wlink's new offers (eKantipur.com)
Buddha Air acquires new aircraft; NIC operating profit up 50 pc (eKantipur.com)
Share market grows unabated (Nepalnews.com)
May 21
JTMMs step up land seizures (eKantipur.com)
Severn Trent withdraws bid (eKantipur.com)
Quality control effort hits snag (eKantipur.com)
IFC extends $2m to BoK (eKantipur.com)
Cement black market thrives (eKantipur.com)
Commerce minister rules out petro price hike (Nepalbiznews.com)
May 22
Melamchi is dead (eKantipur.com)
Wheat production up by 8.68 percent (eKantipur.com)
‘China to restore Kodari highway’ (eKantipur.com)
IOC slashes petroleum supply (eKantipur.com)
IFC partners with BoK on Trade Finance and SME Development (Nepalnews.com)
Severn Trent withdrew without consulting ADB (Nepalnews.com)
May 23
Melamchi: Yet another Arun III (eKantipur.com)
Indo-Nepal brand war intensifies (eKantipur.com)
Coffee export picks up (eKantipur.com)
Handicraft export comes down by 4.65 pc (eKantipur.com)
IOC cuts petro supply again, nation set to face fuel crisis (Nepalnews.com)
May 24
IOC demands Rs 1b for normal supply, Govt to extend Rs 500m to NOC (eKantipur.com)
Nepal, Hong Kong review air service (eKantipur.com)
Effort stressed to maintain tea quality (eKantipur.com)
Break up syndicate in transportation: CNI (eKantipur.com)
IOC demands Rs 1 billion for normal supply of petro products (Nepalbiznews.com)
May 25
NOC cuts corners on safe storage (eKantipur.com)
PE losses stand at Rs 41b (eKantipur.com)
Nepali entrepreneurs to participate in tea & coffee world cup (Nepalnews.com)
May 26
Govt extends Rs 1b loan to NOC (eKantipur.com)
Lukewarm response to 3G (eKantipur.com)
Carpet export sees another decline (eKantipur.com)
Upcoming budget to be business friendly (eKantipur.com)
Govt to buy aircraft for NAC (eKantipur.com)
May 27
Schools to open, talks between teachers and Ministry called off (Nepalnews.com)
Monday, May 28, 2007
Saturday, May 19, 2007
Roundup of Economic & Business News (May 12 - May 18)
May 12
PM requests India for normal petroleum supply (eKantipur.com)
No third party in valley's water distribution system: Yami (Nepalbiznews.com)
May 13
Schools shut down nationwide (eKantipur.com)
Fuel supply not yet smooth (eKantipur.com)
Maoists to return the seized properties (Nepalbiznews.com)
May 14
IOC doubles petrol supply (eKantipur.com)
Yami dismisses Severn Trent deadline (eKantipur.com)
Israel adopts ?wait and see? approach (eKantipur.com)
Casino Royal closed (eKantipur.com)
FDI commitment rises 56 pc (eKantipur.com)
Forthcoming budget to total Rs 160 billion (Nepalnews.com)
May 15
New building code for Valley unveiled (eKantipur.com)
IOC reduces petrol supply again (eKantipur.com)
Tribhuvan Highway to close during monsoon (eKantipur.com)
Government repays Rs 11.84 billion debt (eKantipur.com)
ID Bank to issue shares (eKantipur.com)
WWF grants Rs 7.8 million for biogas project (Nepalbiznews.com)
May 16
Privatization or no, NWSC badly needs reforms (eKantipur.com)
Hotel workers condemn Maoist excesses (eKantipur.com)
Nepal Airlines: Revamp or close down (eKantipur.com)
Cheaper wireless Internet from WorldLink (eKantipur.com)
Dillydallying jeopardizes Korean jobs for Nepalis (eKantipur.com)
‘Implement Insolvency Act soon’ (eKantipur.com)
Second Himalayan International Travel Mart concludes (Nepalbiznews.com)
All schools across the nation face indefinite shutdown (Nepalbiznews.com)
ADB to pull out from Melamchi; Minister Yami says she is not against the project
May 17
Finance ministry seeks to salvage Melamchi (eKantipur.com)
Maoists won't return lands before CA poll: Mahara (eKantipur.com)
Insecurity puts local development at risk (eKantipur.com)
NT's new 3G service receives good response (eKantipur.com)
High-level body to facilitate Nepal-Tibet trade (eKantipur.com)
NT to launch 3G mobile services (Nepalnews.com)
Direct flight to Europe from Nepal suspended (Xinhua)
May 18
ADB vice prez writes to Yami-Says Melamchi row may impact aid (eKantipur.com)
Hike in petroleum prices ruled out (eKantipur.com)
Asahi beer debuts (eKantipur.com)
Telecom regulator objects to 3G subscription fee (eKantipur.com)
(Nepalnews.com)
PM requests India for normal petroleum supply (eKantipur.com)
No third party in valley's water distribution system: Yami (Nepalbiznews.com)
May 13
Schools shut down nationwide (eKantipur.com)
Fuel supply not yet smooth (eKantipur.com)
Maoists to return the seized properties (Nepalbiznews.com)
May 14
IOC doubles petrol supply (eKantipur.com)
Yami dismisses Severn Trent deadline (eKantipur.com)
Israel adopts ?wait and see? approach (eKantipur.com)
Casino Royal closed (eKantipur.com)
FDI commitment rises 56 pc (eKantipur.com)
Forthcoming budget to total Rs 160 billion (Nepalnews.com)
May 15
New building code for Valley unveiled (eKantipur.com)
IOC reduces petrol supply again (eKantipur.com)
Tribhuvan Highway to close during monsoon (eKantipur.com)
Government repays Rs 11.84 billion debt (eKantipur.com)
ID Bank to issue shares (eKantipur.com)
WWF grants Rs 7.8 million for biogas project (Nepalbiznews.com)
May 16
Privatization or no, NWSC badly needs reforms (eKantipur.com)
Hotel workers condemn Maoist excesses (eKantipur.com)
Nepal Airlines: Revamp or close down (eKantipur.com)
Cheaper wireless Internet from WorldLink (eKantipur.com)
Dillydallying jeopardizes Korean jobs for Nepalis (eKantipur.com)
‘Implement Insolvency Act soon’ (eKantipur.com)
Second Himalayan International Travel Mart concludes (Nepalbiznews.com)
All schools across the nation face indefinite shutdown (Nepalbiznews.com)
ADB to pull out from Melamchi; Minister Yami says she is not against the project
May 17
Finance ministry seeks to salvage Melamchi (eKantipur.com)
Maoists won't return lands before CA poll: Mahara (eKantipur.com)
Insecurity puts local development at risk (eKantipur.com)
NT's new 3G service receives good response (eKantipur.com)
High-level body to facilitate Nepal-Tibet trade (eKantipur.com)
NT to launch 3G mobile services (Nepalnews.com)
Direct flight to Europe from Nepal suspended (Xinhua)
May 18
ADB vice prez writes to Yami-Says Melamchi row may impact aid (eKantipur.com)
Hike in petroleum prices ruled out (eKantipur.com)
Asahi beer debuts (eKantipur.com)
Telecom regulator objects to 3G subscription fee (eKantipur.com)
(Nepalnews.com)
Government repays Rs 11.84 billion debt
Government repays Rs 11.84 billion debt
eKantipur.com, 15-May-07
To meet its debt obligations, the government has repaid Rs 11.84 billion to both foreign and domestic lenders in the first three quarters of the current fiscal year.
Of the sum, Rs 6.30 billion went for clearing foreign debt which included payment of Rs 4.97 billion for principal and Rs 1.33 billion for interest, shows the data of Financial Comptroller General Office (FCGO).
The budget has allocated over 23 billion rupees for debt servicing -- Rs 15.16 billion for principal and Rs 7.85 billion for interest payment -- for the current fiscal year.
During the first three quarters, the country borrowed Rs 6.75 billion from different multilateral and bilateral donors.
The government used Rs 5.54 billion for repaying domestic debt. In order to support its budgetary program, the government borrowed Rs 9.53 billion from domestic sources in the first nine months.
The government has set a target to borrow Rs 34.18 billion during the current fiscal year to narrow down budget deficit. Of the total target, it has plans to receive Rs 16.90 billion loan from donors and Rs 17.90 billion from domestic lenders.
By last mid-July, the government's external debt had reached Rs 233 billion, and domestic debt had scaled up to Rs 94.73 billion. Its total debt, which amounted to Rs 327.71 billion, is over 56 percent of the gross domestic product. Every Nepali citizen carries a debt burden of over Rs 13,000.
Commenting on the rising debt, an official at FCGO said there is no need to sound alarm bells over the increasing public debt, as it has not yet crossed the sustainable limit. "We do not need to borrow to repay the loans yet. Thus, we are in a comfortable position," he said.
Chiranjiwi Nepal, an economist, said that even though debt poses little immediate threat to the economy, it can adversely affect both the financial markets and government's development efforts after a few years if the current economic scenario persists.
Notwithstanding fast-growing debt, the government has not put any laws in place to well-manage it, said he. "There is a huge imbalance between the revenue's ratio to the GDP and expenditure's. This shows that the government's financial management is terribly poor," he said.
He also urged the government to announce the necessary public debt polices at the earliest to manage the debt properly.
eKantipur.com, 15-May-07
To meet its debt obligations, the government has repaid Rs 11.84 billion to both foreign and domestic lenders in the first three quarters of the current fiscal year.
Of the sum, Rs 6.30 billion went for clearing foreign debt which included payment of Rs 4.97 billion for principal and Rs 1.33 billion for interest, shows the data of Financial Comptroller General Office (FCGO).
The budget has allocated over 23 billion rupees for debt servicing -- Rs 15.16 billion for principal and Rs 7.85 billion for interest payment -- for the current fiscal year.
During the first three quarters, the country borrowed Rs 6.75 billion from different multilateral and bilateral donors.
The government used Rs 5.54 billion for repaying domestic debt. In order to support its budgetary program, the government borrowed Rs 9.53 billion from domestic sources in the first nine months.
The government has set a target to borrow Rs 34.18 billion during the current fiscal year to narrow down budget deficit. Of the total target, it has plans to receive Rs 16.90 billion loan from donors and Rs 17.90 billion from domestic lenders.
By last mid-July, the government's external debt had reached Rs 233 billion, and domestic debt had scaled up to Rs 94.73 billion. Its total debt, which amounted to Rs 327.71 billion, is over 56 percent of the gross domestic product. Every Nepali citizen carries a debt burden of over Rs 13,000.
Commenting on the rising debt, an official at FCGO said there is no need to sound alarm bells over the increasing public debt, as it has not yet crossed the sustainable limit. "We do not need to borrow to repay the loans yet. Thus, we are in a comfortable position," he said.
Chiranjiwi Nepal, an economist, said that even though debt poses little immediate threat to the economy, it can adversely affect both the financial markets and government's development efforts after a few years if the current economic scenario persists.
Notwithstanding fast-growing debt, the government has not put any laws in place to well-manage it, said he. "There is a huge imbalance between the revenue's ratio to the GDP and expenditure's. This shows that the government's financial management is terribly poor," he said.
He also urged the government to announce the necessary public debt polices at the earliest to manage the debt properly.
FDI commitment rises 56 percent
FDI commitment rises 56 percent
eKantipur.com, 14-May-07
As peace and democracy prevail in the country, foreign direct investment commitment to Nepal has recorded a 56 percent rise during the first nine months of the current fiscal year.
Report of Department of Industry (DoI) says Nepal received a FDI commitment of Rs 2.45 billion during the period, whereas it was Rs 1.56 billion in the same period last year.
However, challenges lie ahead in materializing the FDI commitments into reality, economists said.
The rise in volume of commitment is a good sign,� said Dr Dilli Raj Khanal, economist and lawmaker of CPN-UML. �It is, however, vital that we convert the commitment into actual investments,� he told the Post.
DoI record shows that one-third of the FDI commitments received in a year never enter the country due to political instability, labor stir and bureaucratic red tape.
And the incoming two third FDI projects also take at least two years to come into operation. In such a situation, DOI officials said stronger reform was needed to take benefits of the FDI potential.
The DoI has approved 121 FDI projects during the nine months of 2006/07, which is higher than the number (86 projects) recorded during the same period last year.
Officials stated investors could shy away from coming in the country if the government did not act strongly in enforcing much-committed reforms in Labor Act, industrial and trade policy, Industrial Enterprise Act and Foreign Investment and Technology Transfer Act.
Dr Khanal also noted that labor stir, which impacted industrial operations severely in the past months, could send a negative signal abroad. �Situation like that must be averted,� said he.
He also laid emphasis on the need to foster investment climate in order to create more employment opportunities in line with the aspiration of Janaandolan II.
�On the positive side, we have presently secured more FDI commitment in the manufacturing sector, which is the largest generator of employment compared to other sectors. It is up to the political leadership to ensure that those investments do not shy away from the country,� said a DoI official.
Statistics of DoI shows Nepal received maximum FDI commitment, totaling to Rs 1.28 billion in the manufacturing sector. Likewise, FDI commitment of over Rs 940 million has come for 56 projects under the service sector.
Tourism industry has also managed to secure FDI commitment of over Rs 150 million during the period.
eKantipur.com, 14-May-07
As peace and democracy prevail in the country, foreign direct investment commitment to Nepal has recorded a 56 percent rise during the first nine months of the current fiscal year.
Report of Department of Industry (DoI) says Nepal received a FDI commitment of Rs 2.45 billion during the period, whereas it was Rs 1.56 billion in the same period last year.
However, challenges lie ahead in materializing the FDI commitments into reality, economists said.
The rise in volume of commitment is a good sign,� said Dr Dilli Raj Khanal, economist and lawmaker of CPN-UML. �It is, however, vital that we convert the commitment into actual investments,� he told the Post.
DoI record shows that one-third of the FDI commitments received in a year never enter the country due to political instability, labor stir and bureaucratic red tape.
And the incoming two third FDI projects also take at least two years to come into operation. In such a situation, DOI officials said stronger reform was needed to take benefits of the FDI potential.
The DoI has approved 121 FDI projects during the nine months of 2006/07, which is higher than the number (86 projects) recorded during the same period last year.
Officials stated investors could shy away from coming in the country if the government did not act strongly in enforcing much-committed reforms in Labor Act, industrial and trade policy, Industrial Enterprise Act and Foreign Investment and Technology Transfer Act.
Dr Khanal also noted that labor stir, which impacted industrial operations severely in the past months, could send a negative signal abroad. �Situation like that must be averted,� said he.
He also laid emphasis on the need to foster investment climate in order to create more employment opportunities in line with the aspiration of Janaandolan II.
�On the positive side, we have presently secured more FDI commitment in the manufacturing sector, which is the largest generator of employment compared to other sectors. It is up to the political leadership to ensure that those investments do not shy away from the country,� said a DoI official.
Statistics of DoI shows Nepal received maximum FDI commitment, totaling to Rs 1.28 billion in the manufacturing sector. Likewise, FDI commitment of over Rs 940 million has come for 56 projects under the service sector.
Tourism industry has also managed to secure FDI commitment of over Rs 150 million during the period.
Thursday, May 17, 2007
To do with the price of fish
To do with the price of fish
Economist, May 10th 2007
How do mobile phones promote economic growth? A new paper provides a vivid example
YOU are a fisherman off the coast of northern Kerala, a region in the south of India. Visiting your usual fishing ground, you bring in an unusually good catch of sardines. That means other fishermen in the area will probably have done well too, so there will be plenty of supply at the local beach market: prices will be low, and you may not even be able to sell your catch. Should you head for the usual market anyway, or should you go down the coast in the hope that fishermen in that area will not have done so well and your fish will fetch a better price? If you make the wrong choice you cannot visit another market because fuel is costly and each market is open for only a couple of hours before dawn—and it takes that long for your boat to putter from one to the next. Since fish are perishable, any that cannot be sold will have to be dumped into the sea.
This, in a nutshell, was the situation facing Kerala's fishermen until 1997. The result was far from ideal for both fishermen and their customers. In practice, fishermen chose to stick with their home markets all the time. This was wasteful because when a particular market is oversupplied, fish are thrown away, even though there may be buyers for them a little farther along the coast. On average, 5-8% of the total catch was wasted, says Robert Jensen, a development economist at Harvard University who has surveyed the price of sardines at 15 beach markets along Kerala's coast. On January 14th 1997, for example, 11 fishermen at Badagara beach ended up throwing away their catches, yet on that day there were 27 buyers at markets within 15km (about nine miles) who would have bought their fish. There were also wide variations in the price of sardines along the coast.
But starting in 1997 mobile phones were introduced in Kerala. Since coverage spread gradually, this provided an ideal way to gauge the effect of mobile phones on the fishermen's behaviour, the price of fish, and the amount of waste. For many years, anecdotes have abounded about the ways in which mobile phones promote more efficient markets and encourage economic activity. One particularly popular tale is that of the fisherman who is able to call several nearby markets from his boat to establish where his catch will fetch the highest price. Mr Jensen's paper* adds some numbers to the familiar stories and shows precisely how mobile phones support economic growth.
As phone coverage spread between 1997 and 2000, fishermen started to buy phones and use them to call coastal markets while still at sea. (The area of coverage reaches 20-25km off the coast.) Instead of selling their fish at beach auctions, the fishermen would call around to find the best price. Dividing the coast into three regions, Mr Jensen found that the proportion of fishermen who ventured beyond their home markets to sell their catches jumped from zero to around 35% as soon as coverage became available in each region. At that point, no fish were wasted and the variation in prices fell dramatically. By the end of the study coverage was available in all three regions. Waste had been eliminated and the “law of one price”—the idea that in an efficient market identical goods should cost the same—had come into effect, in the form of a single rate for sardines along the coast.
This more efficient market benefited everyone. Fishermen's profits rose by 8% on average and consumer prices fell by 4% on average. Higher profits meant the phones typically paid for themselves within two months. And the benefits are enduring, rather than one-off. All of this, says Mr Jensen, shows the importance of the free flow of information to ensure that markets work efficiently. “Information makes markets work, and markets improve welfare,” he concludes.
Mr Jensen's work is valuable because studies of the economic effect of mobile phones tend to be macroeconomic. A well known example is the finding in 2005 by Leonard Waverman, of the London Business School, that an extra 10 mobile phones per 100 people in a typical developing country leads to an additional 0.59 percentage points of growth in GDP per person. (He recently repeated this earlier study using a more elaborate model and found that an extra 10 percentage points in mobile-phone penetration led to an extra 0.44 percentage points of growth, a difference he says is not statistically significant.)
Calls and effect
One criticism levelled at such studies, says Mr Waverman, is that it is difficult to tell if mobile phones are promoting growth, or growth is promoting the adoption of mobile phones, as people become able to afford them. It is easy to imagine ways in which mobile phones could stimulate economic activity—they make up for poor infrastructure by substituting for travel, allow price data to be distributed and enable traders to engage with wider markets, and so on. Mr Waverman uses a variety of statistical tests to try to tease apart cause and effect. But detailed analyses of micro-market data like Mr Jensen's, he says, show how phones really do make people better off.
Furthermore, says Mr Jensen, phones do this without the need for government intervention. Mobile-phone networks are built by private companies, not governments or charities, and are economically self-sustaining. Mobile operators build and run them because they make a profit doing so, and fishermen, carpenters and porters are willing to pay for the service because it increases their profits. The resulting welfare gains are indicated by the profitability of both the operators and their customers, he suggests. All governments have to do is issue licences to operators, establish a clear and transparent regulatory framework and then wait for the phones to work their economic magic.
*“The Digital Provide: Information (technology), market performance and welfare in the South Indian fisheries sector”, by Robert Jensen. To be published in the Quarterly Journal of Economics, August 2007.
Economist, May 10th 2007
How do mobile phones promote economic growth? A new paper provides a vivid example
YOU are a fisherman off the coast of northern Kerala, a region in the south of India. Visiting your usual fishing ground, you bring in an unusually good catch of sardines. That means other fishermen in the area will probably have done well too, so there will be plenty of supply at the local beach market: prices will be low, and you may not even be able to sell your catch. Should you head for the usual market anyway, or should you go down the coast in the hope that fishermen in that area will not have done so well and your fish will fetch a better price? If you make the wrong choice you cannot visit another market because fuel is costly and each market is open for only a couple of hours before dawn—and it takes that long for your boat to putter from one to the next. Since fish are perishable, any that cannot be sold will have to be dumped into the sea.
This, in a nutshell, was the situation facing Kerala's fishermen until 1997. The result was far from ideal for both fishermen and their customers. In practice, fishermen chose to stick with their home markets all the time. This was wasteful because when a particular market is oversupplied, fish are thrown away, even though there may be buyers for them a little farther along the coast. On average, 5-8% of the total catch was wasted, says Robert Jensen, a development economist at Harvard University who has surveyed the price of sardines at 15 beach markets along Kerala's coast. On January 14th 1997, for example, 11 fishermen at Badagara beach ended up throwing away their catches, yet on that day there were 27 buyers at markets within 15km (about nine miles) who would have bought their fish. There were also wide variations in the price of sardines along the coast.
But starting in 1997 mobile phones were introduced in Kerala. Since coverage spread gradually, this provided an ideal way to gauge the effect of mobile phones on the fishermen's behaviour, the price of fish, and the amount of waste. For many years, anecdotes have abounded about the ways in which mobile phones promote more efficient markets and encourage economic activity. One particularly popular tale is that of the fisherman who is able to call several nearby markets from his boat to establish where his catch will fetch the highest price. Mr Jensen's paper* adds some numbers to the familiar stories and shows precisely how mobile phones support economic growth.
As phone coverage spread between 1997 and 2000, fishermen started to buy phones and use them to call coastal markets while still at sea. (The area of coverage reaches 20-25km off the coast.) Instead of selling their fish at beach auctions, the fishermen would call around to find the best price. Dividing the coast into three regions, Mr Jensen found that the proportion of fishermen who ventured beyond their home markets to sell their catches jumped from zero to around 35% as soon as coverage became available in each region. At that point, no fish were wasted and the variation in prices fell dramatically. By the end of the study coverage was available in all three regions. Waste had been eliminated and the “law of one price”—the idea that in an efficient market identical goods should cost the same—had come into effect, in the form of a single rate for sardines along the coast.
This more efficient market benefited everyone. Fishermen's profits rose by 8% on average and consumer prices fell by 4% on average. Higher profits meant the phones typically paid for themselves within two months. And the benefits are enduring, rather than one-off. All of this, says Mr Jensen, shows the importance of the free flow of information to ensure that markets work efficiently. “Information makes markets work, and markets improve welfare,” he concludes.
Mr Jensen's work is valuable because studies of the economic effect of mobile phones tend to be macroeconomic. A well known example is the finding in 2005 by Leonard Waverman, of the London Business School, that an extra 10 mobile phones per 100 people in a typical developing country leads to an additional 0.59 percentage points of growth in GDP per person. (He recently repeated this earlier study using a more elaborate model and found that an extra 10 percentage points in mobile-phone penetration led to an extra 0.44 percentage points of growth, a difference he says is not statistically significant.)
Calls and effect
One criticism levelled at such studies, says Mr Waverman, is that it is difficult to tell if mobile phones are promoting growth, or growth is promoting the adoption of mobile phones, as people become able to afford them. It is easy to imagine ways in which mobile phones could stimulate economic activity—they make up for poor infrastructure by substituting for travel, allow price data to be distributed and enable traders to engage with wider markets, and so on. Mr Waverman uses a variety of statistical tests to try to tease apart cause and effect. But detailed analyses of micro-market data like Mr Jensen's, he says, show how phones really do make people better off.
Furthermore, says Mr Jensen, phones do this without the need for government intervention. Mobile-phone networks are built by private companies, not governments or charities, and are economically self-sustaining. Mobile operators build and run them because they make a profit doing so, and fishermen, carpenters and porters are willing to pay for the service because it increases their profits. The resulting welfare gains are indicated by the profitability of both the operators and their customers, he suggests. All governments have to do is issue licences to operators, establish a clear and transparent regulatory framework and then wait for the phones to work their economic magic.
*“The Digital Provide: Information (technology), market performance and welfare in the South Indian fisheries sector”, by Robert Jensen. To be published in the Quarterly Journal of Economics, August 2007.
Saturday, May 12, 2007
Roundup of Economic & Business News (Apr 28- May 11)
Apr 28
Transport workers' strike disrupts traffic in the Valley (Nepalnews.com)
Apr 29
Projects worth 885 MW get licenses (eKantipur.com)
Yeti Airlines adds Jetstream to its fleet (eKantipur.com)
Surya Nepal launches Springwood apparel (Nepalbiznews.com)
Apr 30
Decide projects in hydro by consensus: House committee (eKantipur.com)
Domestic flights packed (eKantipur.com)
Amendment in foreign labor act proposed (eKantipur.com)
Revenue collection is handsome (Nepalnews.com)
May 1
NT accused of unfair disposal of scrap (eKantipur.com)
Vehicle phase-out plan receiving good response (eKantipur.com)
MPs ask question over Upper Karnali project (Nepalbiznews.com)
May 2
Trekking to pick up in Karnali (eKantipur.com)
May 3
CAN Soft-Tech-2007 underway (Nepalnews.com)
Hundreds of passengers stranded as NAC fails to operate Int'l flights (Nepalnews.com)
May 4
PPDC launches 150 pashmina designs (eKantipur.com)
5,000 MW more in a decade? (eKantipur.com)
Tourist arrival increases by 78.8 percent (Nepalnews.com)
May 5
CDM to bring in $ 0.5m annually (eKantipur.com)
Supreme Court orders Amatya Enterprises to pay back loan (Nepalbiznews.com)
Trading resumes at Tatopani customs (Nepalbiznews.com)
May 6
What Nepal gets from Arun III, Upper Karnali? (eKantipur.com)
Labor shortage hits construction sector (Shakunta Lal Hirachan) (eKantipur.com)
Experts urge to adopt proper macro-economic models (Nepalbiznews.com)
May 7
Strikes banned in 15 essential services (eKantipur.com)
Interim plan to spend Rs 527b (eKantipur.com)
Mero Mobile now in Nepalgunj, Tatopani Customs closed again, Bhotekoshi Rafting fest from May 12, Travel and Tourism fair from May 11 (eKantipur.com)
Minister says new petroleum act in offing (Nepalbiznews.com)
Transparency is must in Melamchi: Minister Yami (Nepalbiznews.com)
ICIMOD launches 1.68 million dollar project for herbs cultivation (Nepalbiznews.com)
Govt. sets up Kathmandu Valley Drinking Water Limited (Nepalbiznews.com)
May 8
Govt, manpower agency nexus suspected (eKantipur.com)
Pvt import of petroleum products soon (eKantipur.com)
May 9
Unhappy with Severn Trent (eKantipur.com)
Fuel shortage hits Valley (eKantipur.com)
China positive on facilitating bilateral trade (eKantipur.com)
Improve remittance data to reap benefits: Governor (eKantipur.com)
NIC becomes first bank to join IFC's GTFP (eKantipur.com)
NT, Reliance ink pact on fiber optics (eKantipur.com)
ADB cautions of withdrawal from Melamchi (Nepalbiznews.com)
Nepal could lose Korean quota (Nepalnews.com)
May 10
Petroleum crisis deepens (eKantipur.com)
Small industries want low interest rate (eKantipur.com)
Remittance's outstanding contribution to GDP rise (Nepalbiznews.com)
Bank of Kathmandu extends service in Itahari (Nepalbiznews.com)
Trade deficit widens: NRB (Nepalbiznews.com)
China positive towards petroleum supply (Nepalnews.com)
Himalayan Int'l Travel Mart and National Tourism Fair in the offing (Nepalnews.com)
May 11
Israel stops issuing labor demands: NAFEA (eKantipur.com)
Extend railway, cancel pipeline: Minister Mahato (eKantipur.com)
Nepal proceeds setting up embassy at Israel (Nepalbiznews.com)
MoF asked to clear due to IOC, two pumps sealed (Nepalbiznews.com)
No third party in valley's water distribution system: Yami (Nepalbiznews.com)
Conflict causes loss of Rs 5 billion (Nepalnews.com)
SAAPE condemns ADB precondition on Valley's water management (Nepalnews.com)
Transport workers' strike disrupts traffic in the Valley (Nepalnews.com)
Apr 29
Projects worth 885 MW get licenses (eKantipur.com)
Yeti Airlines adds Jetstream to its fleet (eKantipur.com)
Surya Nepal launches Springwood apparel (Nepalbiznews.com)
Apr 30
Decide projects in hydro by consensus: House committee (eKantipur.com)
Domestic flights packed (eKantipur.com)
Amendment in foreign labor act proposed (eKantipur.com)
Revenue collection is handsome (Nepalnews.com)
May 1
NT accused of unfair disposal of scrap (eKantipur.com)
Vehicle phase-out plan receiving good response (eKantipur.com)
MPs ask question over Upper Karnali project (Nepalbiznews.com)
May 2
Trekking to pick up in Karnali (eKantipur.com)
May 3
CAN Soft-Tech-2007 underway (Nepalnews.com)
Hundreds of passengers stranded as NAC fails to operate Int'l flights (Nepalnews.com)
May 4
PPDC launches 150 pashmina designs (eKantipur.com)
5,000 MW more in a decade? (eKantipur.com)
Tourist arrival increases by 78.8 percent (Nepalnews.com)
May 5
CDM to bring in $ 0.5m annually (eKantipur.com)
Supreme Court orders Amatya Enterprises to pay back loan (Nepalbiznews.com)
Trading resumes at Tatopani customs (Nepalbiznews.com)
May 6
What Nepal gets from Arun III, Upper Karnali? (eKantipur.com)
Labor shortage hits construction sector (Shakunta Lal Hirachan) (eKantipur.com)
Experts urge to adopt proper macro-economic models (Nepalbiznews.com)
May 7
Strikes banned in 15 essential services (eKantipur.com)
Interim plan to spend Rs 527b (eKantipur.com)
Mero Mobile now in Nepalgunj, Tatopani Customs closed again, Bhotekoshi Rafting fest from May 12, Travel and Tourism fair from May 11 (eKantipur.com)
Minister says new petroleum act in offing (Nepalbiznews.com)
Transparency is must in Melamchi: Minister Yami (Nepalbiznews.com)
ICIMOD launches 1.68 million dollar project for herbs cultivation (Nepalbiznews.com)
Govt. sets up Kathmandu Valley Drinking Water Limited (Nepalbiznews.com)
May 8
Govt, manpower agency nexus suspected (eKantipur.com)
Pvt import of petroleum products soon (eKantipur.com)
May 9
Unhappy with Severn Trent (eKantipur.com)
Fuel shortage hits Valley (eKantipur.com)
China positive on facilitating bilateral trade (eKantipur.com)
Improve remittance data to reap benefits: Governor (eKantipur.com)
NIC becomes first bank to join IFC's GTFP (eKantipur.com)
NT, Reliance ink pact on fiber optics (eKantipur.com)
ADB cautions of withdrawal from Melamchi (Nepalbiznews.com)
Nepal could lose Korean quota (Nepalnews.com)
May 10
Petroleum crisis deepens (eKantipur.com)
Small industries want low interest rate (eKantipur.com)
Remittance's outstanding contribution to GDP rise (Nepalbiznews.com)
Bank of Kathmandu extends service in Itahari (Nepalbiznews.com)
Trade deficit widens: NRB (Nepalbiznews.com)
China positive towards petroleum supply (Nepalnews.com)
Himalayan Int'l Travel Mart and National Tourism Fair in the offing (Nepalnews.com)
May 11
Israel stops issuing labor demands: NAFEA (eKantipur.com)
Extend railway, cancel pipeline: Minister Mahato (eKantipur.com)
Nepal proceeds setting up embassy at Israel (Nepalbiznews.com)
MoF asked to clear due to IOC, two pumps sealed (Nepalbiznews.com)
No third party in valley's water distribution system: Yami (Nepalbiznews.com)
Conflict causes loss of Rs 5 billion (Nepalnews.com)
SAAPE condemns ADB precondition on Valley's water management (Nepalnews.com)
Trade deficit widens: NRB
Trade deficit widens: NRB
Nepalbiznews.com, 10-May-07
With a continuous drop in exports, trade deficit widened further to cross Rs 74.7 billion during the first eight months of the current fiscal year 2006-07, despite a slowdown in imports, states Nepal Rastra Bank (NRB) in a current macro-economic report, released on Thursday.
Total exports plummeted by 6.6 per cent to Rs 39.98 billion in contrast to an increase of 13.3 per cent in the corresponding period of 2005-06. Of the total exports, export to India declined by 6.4 per cent during the period as against a significant increase of 20.5 per cent in the same period last year.
Likewise, exports to other countries fell by seven per cent in comparison to a decline of 0.1 per cent in the preceding year. The responsible factors for the poor performance of the export sector were the lack of industrial security, long hours of load shedding and the Terai bandh, among others.
Total imports fell by 1.1 per cent in the first eight months of 2006-07 in contrast to a significant growth of 26.3 per cent in the same period last year. Nepal had imported various goods worth Rs 116.01 billion last year, while this year's imports stood at Rs 114.69 billion. While imports from India increased by 2.3 per cent in the review period compared to a higher growth of 31.7 per cent last year, imports from other countries posted a decline of 6.4 per cent in contrast to a growth of 18.7 per cent a year earlier.
The decline in exports to India was ascribed to the decline in the exports of polyester yarn, cattle-feed, plastic utensils, G.I. pipe and readymade garments. Likewise, the decline in exports to other countries was due to the decline in the export of readymade garments, pashmina, woollen carpets, handicrafts and tanned skin.
The first eight months of 2006-07 saw a mixed result on government's budgetary expenditure. On cash basis, the total expenditure increased by 15 per cent to Rs 60.65 billion compared to a growth of 13.9 per cent in the same period of the preceding year.
Of the total government expenditure, recurrent expenditure increased by 14.6 per cent to Rs 42.87 billion compared to an increase of 12.8 per cent in the preceding year. However, the total capital expenditure rose by 12.6 per cent to Rs 9.12 billion compared to a higher growth of 41.2 per cent in the corresponding period last year. Terai unrest and absence of elected representatives in local bodies accounted for such a deceleration in capital expenditure, says the central bank report.
In the first eight months of 2006-07, total revenue grew by 16.4 per cent to Rs 48.04 billion compared to a growth of 4.6 per cent in the same period last year. Adjustment in customs and excise rates through this year's budget, improvement in customs valuation, increased tax compliance, a rise in corporate income tax and value added tax (VAT) as well as an increase in some non-tax revenue contributed to such an acceleration in revenue in the review period.
The year-on-year consumer price inflation rose by 6.2 per cent in mid-March 2007 compared to 7.7 per cent in the corresponding month of last year. A significant increase in the prices of pulses (17.9 per cent), vegetables and fruits (18.4 per cent), spices (26.8 per cent), meat, fish and eggs (12 per cent), oil and ghee (10.9 per cent), and milk and milk products (6.9 per cent) contributed to the inflationary pressure on the food and beverage group.
The disturbed-supply system due to weeks' long general strike called in the Terai region led to a rise in prices of this group further in the review period. However, the pressure was eased on the non-food and services group as the base effect of the hike in petroleum prices in March 2006 ended in the review period.
In comparison to mid-July 2006, gross foreign exchange reserves rose by 7.2 per cent to Rs 177.08 billion in mid-March 2007. In terms of US dollar, gross foreign exchange reserves went up by 12.7 per cent to $2.51 billion in mid-March 2007.
On the basis of the first eight months of imports of goods and services, the current level of reserves is adequate for financing merchandise imports of 12.4 months and merchandise and service imports of 10.1 months.
Nepalbiznews.com, 10-May-07
With a continuous drop in exports, trade deficit widened further to cross Rs 74.7 billion during the first eight months of the current fiscal year 2006-07, despite a slowdown in imports, states Nepal Rastra Bank (NRB) in a current macro-economic report, released on Thursday.
Total exports plummeted by 6.6 per cent to Rs 39.98 billion in contrast to an increase of 13.3 per cent in the corresponding period of 2005-06. Of the total exports, export to India declined by 6.4 per cent during the period as against a significant increase of 20.5 per cent in the same period last year.
Likewise, exports to other countries fell by seven per cent in comparison to a decline of 0.1 per cent in the preceding year. The responsible factors for the poor performance of the export sector were the lack of industrial security, long hours of load shedding and the Terai bandh, among others.
Total imports fell by 1.1 per cent in the first eight months of 2006-07 in contrast to a significant growth of 26.3 per cent in the same period last year. Nepal had imported various goods worth Rs 116.01 billion last year, while this year's imports stood at Rs 114.69 billion. While imports from India increased by 2.3 per cent in the review period compared to a higher growth of 31.7 per cent last year, imports from other countries posted a decline of 6.4 per cent in contrast to a growth of 18.7 per cent a year earlier.
The decline in exports to India was ascribed to the decline in the exports of polyester yarn, cattle-feed, plastic utensils, G.I. pipe and readymade garments. Likewise, the decline in exports to other countries was due to the decline in the export of readymade garments, pashmina, woollen carpets, handicrafts and tanned skin.
The first eight months of 2006-07 saw a mixed result on government's budgetary expenditure. On cash basis, the total expenditure increased by 15 per cent to Rs 60.65 billion compared to a growth of 13.9 per cent in the same period of the preceding year.
Of the total government expenditure, recurrent expenditure increased by 14.6 per cent to Rs 42.87 billion compared to an increase of 12.8 per cent in the preceding year. However, the total capital expenditure rose by 12.6 per cent to Rs 9.12 billion compared to a higher growth of 41.2 per cent in the corresponding period last year. Terai unrest and absence of elected representatives in local bodies accounted for such a deceleration in capital expenditure, says the central bank report.
In the first eight months of 2006-07, total revenue grew by 16.4 per cent to Rs 48.04 billion compared to a growth of 4.6 per cent in the same period last year. Adjustment in customs and excise rates through this year's budget, improvement in customs valuation, increased tax compliance, a rise in corporate income tax and value added tax (VAT) as well as an increase in some non-tax revenue contributed to such an acceleration in revenue in the review period.
The year-on-year consumer price inflation rose by 6.2 per cent in mid-March 2007 compared to 7.7 per cent in the corresponding month of last year. A significant increase in the prices of pulses (17.9 per cent), vegetables and fruits (18.4 per cent), spices (26.8 per cent), meat, fish and eggs (12 per cent), oil and ghee (10.9 per cent), and milk and milk products (6.9 per cent) contributed to the inflationary pressure on the food and beverage group.
The disturbed-supply system due to weeks' long general strike called in the Terai region led to a rise in prices of this group further in the review period. However, the pressure was eased on the non-food and services group as the base effect of the hike in petroleum prices in March 2006 ended in the review period.
In comparison to mid-July 2006, gross foreign exchange reserves rose by 7.2 per cent to Rs 177.08 billion in mid-March 2007. In terms of US dollar, gross foreign exchange reserves went up by 12.7 per cent to $2.51 billion in mid-March 2007.
On the basis of the first eight months of imports of goods and services, the current level of reserves is adequate for financing merchandise imports of 12.4 months and merchandise and service imports of 10.1 months.
Interim plan to spend Rs 527 billion
Interim plan to spend Rs 527 billion
eKantipur.com, 7-May-07
The interim three-year plan that the government is implementing from the coming fiscal year has set a target of spending Rs 527.1 billion and achieving an average annual growth rate of 5.5 percent.
According to the proposed Macroeconomic framework being discussed among the planning experts at the National Planning Commission (NPC), the first year of the plan is expected to see a growth of 4.5 percent while the economy, in the remaining two consecutive years, will grow by 5.5 percent and 6.5 percent respectively.
Among the major sectors of the economy, the plan that has set broad based, employment oriented and inclusive economic growth as one of its key strategies, aims to achieve an average growth of 3.3 percent in the agriculture sector, which contributes around 40 percent to the GDP.
Similarly, the government also set a goal of achieving an average growth of 6.93 percent in the non-agriculture sector as against the 4.11 percent set for the Tenth Plan. The annual average inflation rate during the period is expected to remain at 5.6 percent.
Of the total expenditure planned for the period, Rs 295.5 billion has been allocated for the purpose of meeting recurrent expenditures plus serving principal repayments while the remaining Rs 231.6 billion will go for financing capital expenditures, mainly for supporting development activities.
Of the major sources for financing the expenditures, the interim plan is expect to mobilize revenue of Rs 338.5 billion in the period and the GDP-revenue ratio is planned to remain at 14.1 percent. The Tenth Plan has set a target of achieving 14 percent GDP-revenue ratio but the actual achievement, which has not yet been made public, is likely to remain less then target.
Similarly, the plan has a target of mobilizing foreign aid of Rs 153.7 billion during the period to finance both the capital as well as recurrent expenditures. Of the total expected foreign aid, the plan has anticipated Rs 87.4 billion in grants and remaining Rs 66.4 billion in the form of net loans.
A net outstanding deficit of Rs 34.8 billion is expected to be met through domestic borrowing. The planned mobilization of internal borrowing will remain at 1.47 percent of the GDP, higher than the ceiling of less than one percent set by International Monetary Fund for Nepal.
eKantipur.com, 7-May-07
The interim three-year plan that the government is implementing from the coming fiscal year has set a target of spending Rs 527.1 billion and achieving an average annual growth rate of 5.5 percent.
According to the proposed Macroeconomic framework being discussed among the planning experts at the National Planning Commission (NPC), the first year of the plan is expected to see a growth of 4.5 percent while the economy, in the remaining two consecutive years, will grow by 5.5 percent and 6.5 percent respectively.
Among the major sectors of the economy, the plan that has set broad based, employment oriented and inclusive economic growth as one of its key strategies, aims to achieve an average growth of 3.3 percent in the agriculture sector, which contributes around 40 percent to the GDP.
Similarly, the government also set a goal of achieving an average growth of 6.93 percent in the non-agriculture sector as against the 4.11 percent set for the Tenth Plan. The annual average inflation rate during the period is expected to remain at 5.6 percent.
Of the total expenditure planned for the period, Rs 295.5 billion has been allocated for the purpose of meeting recurrent expenditures plus serving principal repayments while the remaining Rs 231.6 billion will go for financing capital expenditures, mainly for supporting development activities.
Of the major sources for financing the expenditures, the interim plan is expect to mobilize revenue of Rs 338.5 billion in the period and the GDP-revenue ratio is planned to remain at 14.1 percent. The Tenth Plan has set a target of achieving 14 percent GDP-revenue ratio but the actual achievement, which has not yet been made public, is likely to remain less then target.
Similarly, the plan has a target of mobilizing foreign aid of Rs 153.7 billion during the period to finance both the capital as well as recurrent expenditures. Of the total expected foreign aid, the plan has anticipated Rs 87.4 billion in grants and remaining Rs 66.4 billion in the form of net loans.
A net outstanding deficit of Rs 34.8 billion is expected to be met through domestic borrowing. The planned mobilization of internal borrowing will remain at 1.47 percent of the GDP, higher than the ceiling of less than one percent set by International Monetary Fund for Nepal.
Experts urge to adopt proper macro-economic models
Experts urge to adopt proper macro-economic models
Nepalbiznews.com, 06-May-07
Economists and experts have proposed for adopting proper-macro-economic models that would properly evaluate country’s trade and economic policies as well as carry out impact assessment of major national programmes.
They have proposed for the adoption of models like Social Accounting Matrix (SAM) and Computable General Equilibrium Model (CGE) for policy analysis and evaluation of major development agendas impact like the Millennium Development Goals (MDGs), Poverty Reduction Strategy Paper (PRSP) and other national programmes.
Speaking at a programme organised by the Ministry of Industry, Commerce and Supplies MoICS), Enhancing Nepal’s Trade Related Capacity (ENTReC-UNDP) and Institute for Policy Research and Development (IPRAD) Saturday, Dr Posh Raj Pandey, member of the National Planning Commission (NPC) commented that CGE and SAM models leave an impact result of the policies and programmes.
“The government is implementing these models for national economic development and poverty reduction initiatives.”
Dr Pandey said, “if we change our resource allocation in certain sectors, what impact economy will have. CGE and SAM models can be effective tools to review in such conditions.”
“We need to build our mechanisms to see effective implementation of such macro-econometric models so that implementation of policies impact for poverty reduction and economic advancement would be realised,” he added.
Presenting a paper on ‘SAM and CGE: Use in Trade Policy Analysis,’ Dr Dilli Raj Khanal, CPN-UML lawmaker highlighted the importance of macro-economic models and their effective implementation in Nepali economy in a changed trading environment.
Dr Khanal said that the need has increased to construct such models to analyse impact of our economic activities such as PRSP’s implementation, MDGs achievements and sectoral assessment of various economic factors.
The models, according to him, will do proper assessment of effect in policy changes and impact on the sectors such as taxation and expenditure policy, growth and poverty reduction.
Dr Khanal asked that CGE models be installed in NPC, MoICS and Nepal Rastra Bank (NRB) to pave a way for integration into Global Trade Analysis Project (GTAP) system.
Dr Sri Ram Raj Pandey, advisor of UNDP commented that such CGE and SAM models are necessary to study on how interventions are being made on national economic development initiatives of the country. “Such models also help us in analysing the impact,” he said.
Nepalbiznews.com, 06-May-07
Economists and experts have proposed for adopting proper-macro-economic models that would properly evaluate country’s trade and economic policies as well as carry out impact assessment of major national programmes.
They have proposed for the adoption of models like Social Accounting Matrix (SAM) and Computable General Equilibrium Model (CGE) for policy analysis and evaluation of major development agendas impact like the Millennium Development Goals (MDGs), Poverty Reduction Strategy Paper (PRSP) and other national programmes.
Speaking at a programme organised by the Ministry of Industry, Commerce and Supplies MoICS), Enhancing Nepal’s Trade Related Capacity (ENTReC-UNDP) and Institute for Policy Research and Development (IPRAD) Saturday, Dr Posh Raj Pandey, member of the National Planning Commission (NPC) commented that CGE and SAM models leave an impact result of the policies and programmes.
“The government is implementing these models for national economic development and poverty reduction initiatives.”
Dr Pandey said, “if we change our resource allocation in certain sectors, what impact economy will have. CGE and SAM models can be effective tools to review in such conditions.”
“We need to build our mechanisms to see effective implementation of such macro-econometric models so that implementation of policies impact for poverty reduction and economic advancement would be realised,” he added.
Presenting a paper on ‘SAM and CGE: Use in Trade Policy Analysis,’ Dr Dilli Raj Khanal, CPN-UML lawmaker highlighted the importance of macro-economic models and their effective implementation in Nepali economy in a changed trading environment.
Dr Khanal said that the need has increased to construct such models to analyse impact of our economic activities such as PRSP’s implementation, MDGs achievements and sectoral assessment of various economic factors.
The models, according to him, will do proper assessment of effect in policy changes and impact on the sectors such as taxation and expenditure policy, growth and poverty reduction.
Dr Khanal asked that CGE models be installed in NPC, MoICS and Nepal Rastra Bank (NRB) to pave a way for integration into Global Trade Analysis Project (GTAP) system.
Dr Sri Ram Raj Pandey, advisor of UNDP commented that such CGE and SAM models are necessary to study on how interventions are being made on national economic development initiatives of the country. “Such models also help us in analysing the impact,” he said.
Revenue collection is handsome
Revenue collection is handsome
Nepalnews.com, 30-Apr-2007
Despite continuous bandhs in eastern Terai and sporadic unrest across the country, the growth in revenue collection has been impressive till mid April this fiscal year.
According to revenue collection statistics till the first nine months of the current fiscal year 2006/07, released by the Ministry of Finance, revenue growth has touched 22 percent – highest in recent times.
As per the Ministry's report, government has collected Rs 56.65 billion revenue – which is more by 22.2 percent compared with the same period previous year.
Likewise, during the period, of the total Rs 75.36 billion released by Nepal Rastra Bank (NRB) only Rs 66.56 billion have been spent. The volume of resource released is more by 9.51 percent while the volume of spending is more by 14.17 percent compared to the same period previous year.
Furthermore, of the total resource released, Rs 52.97 billion have been released as recurrent expenditure – of which Rs 47.76 billion have been spent. Likewise, Rs 14.43 billion have been released as capital expenditure – of which Rs 11.66 billion have been spent. Nearly Rs 8 billion have been released to service debts and interests – of which Rs 7.13 billion have been spent. nepalnews.com sd Apr 30 07
Nepalnews.com, 30-Apr-2007
Despite continuous bandhs in eastern Terai and sporadic unrest across the country, the growth in revenue collection has been impressive till mid April this fiscal year.
According to revenue collection statistics till the first nine months of the current fiscal year 2006/07, released by the Ministry of Finance, revenue growth has touched 22 percent – highest in recent times.
As per the Ministry's report, government has collected Rs 56.65 billion revenue – which is more by 22.2 percent compared with the same period previous year.
Likewise, during the period, of the total Rs 75.36 billion released by Nepal Rastra Bank (NRB) only Rs 66.56 billion have been spent. The volume of resource released is more by 9.51 percent while the volume of spending is more by 14.17 percent compared to the same period previous year.
Furthermore, of the total resource released, Rs 52.97 billion have been released as recurrent expenditure – of which Rs 47.76 billion have been spent. Likewise, Rs 14.43 billion have been released as capital expenditure – of which Rs 11.66 billion have been spent. Nearly Rs 8 billion have been released to service debts and interests – of which Rs 7.13 billion have been spent. nepalnews.com sd Apr 30 07
Subscribe to:
Posts (Atom)