Speculation in Forex Market
Content
J^G8>8 D J^G8>8 D]]CHLJGL_ MAYGP ]BGG_ ]^GMWFD_CAL CL _BG IAPGCHL GRMBDLHG JDPEG_
]_WOGL_ OG_DCF] Fdst Ldjg
Icrst Ldjg
]tuoglt CO
044248?33 Jgbtd
D`bgy
DMMAWL_ OG_DCF] Wsgrldjg
Murrglt ^dsswaro
LD
LD
Icldf `dfdlmg (ditgr `dfdlmg (ditgr dff pasctcals bdvg `ggl mfasgo)
Luj`gr ai trdlsdmtcals (spat dlo iarwdro)
DWO ==028
40?
XAPO MAWL_ (gxmfuoclh gxgmutcvg sujjdry, iaatlatgs dlo dppglocmgs ta tbg rgpart) Xaro mault
0930
4
_D@FG AI MAL_GL_] Gxgmutcvg ]ujjdry ..................................................................................................................................... = Cltraoumtcal ; ................................................................................................................................................. = Ody _rdoclh trdlsdmtcals; ......................................................................................................................... ? _rdlsdmtcal 4 al 02/2/0>4= ............................................................................................................... ? _rdlsdmtcal 0 al 02/2/0>4= ............................................................................................................... 7 _rdlsdmtcal = & ? al 03/2/0>4= ....................................................................................................... 9 _rdlsdmtcal 7 al =/3/0>4= ................................................................................................................. 8 _rdlsdmtcal 9 al ?/3/0>4= ................................................................................................................. 8 _rdlsdmtcal 9 al 7/3/0>4= ................................................................................................................. 2 _rdlsdmtcals 8, 2 dlo 3 al 7/3/0>4= ............................................................................................... 3 _rdlsdmtcal 4> al 9/3/0>4= ............................................................................................................... 3 Gjpfayjglt dlo gmalajy iar trdlsdmtcals 4> ................. ......................... ................. ................. ................ ................. ................. ............... .......4> _rdlsdmtcals 44,40,4= al 9/3/0>4= .............................................................................................. 44 _rdlsdmtcals 4?,47, 49 al 9/3/0>4= ............................................................................................. 40 _rdlsdmtcal 48,42,43 al 44/>3/0>4= ........................................................................................... 40 _rdlsdmtcal 0> dlo 04 al 40/3/0>4= ........................................................................................... 4= _rdlsdmtcal 00 dlo 0= al 4=/3/0>4= ........................................................................................... 4= Iarwdro _rdlsdmtcals; ............................................................................................................................. 4? _gmblcmdf Dldfyscs; .................................................................................................................................... 47 Malmfuscal; .................................................................................................................................................... 47 Pgigrglmgs; .................................................................................................................................................... 49
D]]CHLJGL_ _A^CM ; ]^GMWFD_CAL CL IAPGCHL GRMBDLHG JDPEG_
0
GRGMW_CYG ]WJJDPS
_bcs rgpart mavgrs d`aut tbg jdcl trdlsdmtcals ulogrtdegl wctb gdsy-iargx.maj ourclh tbg tcjg pgrcao 02/2/0>4= ta 4=/3/0>4=. Ydrcaus icldlmcdf clstrujglts iar iargx trdoclh fceg spat trdoclh (ody ta ody trdoclh), iarwdro trdoclh dlo fcjct arogrs bdvg `ggl gxtglscvgfy. _bcs wds oalg jdclfy usclh tbg wg`sctg dlo tbg cas ja`cfg dppfcmdtcal tbrauhbaut tbcs tcjg pgrcao `ut gxmgpt tbg wggeglos ds tbg jdregt mfasgs `gtwggl Ircody Lgw Sare tcjg dt 48;>> ultcf Jalody ]yolgy tcjg >9;>>.(Gdsy-iargx 0>4=)
Clctcdffy tbg trdlsdmtcals ulogrtdegl wgrg wctb d stap-fass ai DWO 7>> `ut fdtgr al bchbgr vdrcdlmgs (stap-fass) DWO4>>>> wgrg dfsa usgo. Bchbgr rcses gvgl fgdo ta bchbgr fassgs dlo bchbgr hdcls ds wgff. Iargx jdregt ds usudf, wds ifumtudtclh ta d bchb gxtglt wctb fats ai rcsgs dlo pct-idffs. W]O wds al d rcsclh stdhg cl tbg icrst wgge `ut fdtgr cl tbg fdst wgge W]O wds dl ulogrpgriarjgr majpdrgo ta tbg Sgl dlo H@^.
Iar dldfyzclh tbg iargx trdoclh icrstfy hrdpbs wgrg usgo vgry gxtglscvgfy wctb ociigrglt tcjg smdfgs ta hgt dl cogd ai tbg pdst dlo murrglt javgjglts ds wgff. Iar tbg pdst javgjglts, drtcmfgs wgrg stuocgo iraj vdrcaus wg` rgsaurmgs ta dmmgss tbg lgws, wbcmb bdo fgo ta sumb javgjglts. Fdtgr tbg lgws drtcmfgs al Odcfyix dfalhscog tbg gmalajcm mdfglodr wgrg sartgo `dsgo al tbgcr bchb prcarctcgs dlo trdoclh wds jdclfy mdrrcgo iar `rcgiclhs ai bchb, jgocuj cjpartdlmg ds pgr tbgcr HJ_ rgfgdsgs. _bg icrst stgp ulogrtdegl wds ta sgfgmt tbg murrglmy pdcr dlo tbgl hdtbgrclh odtd d`aut cts iargmdstgo dlo dmtudf ichurgs dt tbg rchbt tcjg. _bg tcjg tbg lgws ai bchb cjpartdlmg cs rgfgdsgo, murrglmcgs idmg tbg bchbgst javgjglt dlo bglmg iar sbart tgrj trdoclh, icrst bdfi dl baur ai tbg lgws rgfgdsg cs spgmufdtgo. ]gmalo stgp wds ta dldfyzg tbg tatdf rcse tbdt waufo `g clvafvgo pgr trdlsdmtcal dlo tbgl usgo iar g ltry, gxct strdtghy ditgr pfdmclh tbg trdog.
Clctcdffy wbgl tbg trdlsdmtcals wgrg mdrrcgo wctb fgssgr rcses tbg irgg `dfdlmg wds al d pasctcvg scog ai 7>0>> `ut wbgl bchbgr rcses wctb bchbgr stap-fass wds usgo, ct fgo ta bgdvy fassgs iar tbg trdlsdmtcal. _bg irgg `dfdlmg bds rgoumgo ordstcmdffy ta 07>>> wctbcl d ody dlo fdtgr tbg djault wds rgmavgrgo cl d sfaw jdllgr `y pdyclh jarg dttgltcal ta tbg lgws rgfgdsgs oggpfy dlo cl tcjgfy jdllgr. _bg icldf irgg `dfdlmg ds al glo odtg ai su`jcsscal ai 49/3/0>4= cs DWO ==,028.
=
CL_PAOWM_CAL;
Iargx jdregt cs d jdkar maltrc`utar cl tbg gmalajy cl taody–s warfo. Ct cs tbg jgdls ai `uyclh dlo sgffclh ai murrglmcgs cl arogr ta jdeg praict. Jdeclh praict cs vgry rcsey ds ct cs vgry cjpartdlt ta icrstfy mbaasg tbg murrglmy pdcr dlo spgmufdtclh, wbgtbgr ct –s haclh ta ha up dt d hcvgl tcjg cltgrvdf ar lat. Ct cs lat kust `uyclh dlo sgffclh rdloajfy `ut stuoyclh cl o gptb d`aut d pdrtcmufdr murrglmy pdcr `y iaffawclh vdrcaus trglos dlo lgws. Alg ai tbg `glgicts ai tbcs jdregt cs tbdt alg mdl trdog 0? baurs d ody wggeodys dlo dfsa bds d spat jdregt wbcmb majgs iraj al tbg spat ds alg mdl trdog cjjgocdtgfy.(Iargxjdregt 0>4=)
_bg jdcl idmtars, wbcmb giigmt tbg murrglmy javgjglt, drg; 4- Gmalajcm ogvgfapjglts oug ta Hrawtb, Malsujptcal cl prcvdtg sgmtar, clifdtcal dlo ulgjpfayjglt. 0- Jalgtdry icsmdf pafcmy oug ta Cltgrgst rdtg mbdlhgs, mgltrdf `dle spggmbgs, iargmdsts dlo havgrljglt rgvglug & gxpglocturg.
O DS _ PDOCLH _PDL]DM_CAL] ;
_PDL]DM_CAL 4 AL 02/2/0>4= Pgi la. 43?7804> @uy; W]O, ]gff; DWO Pgsuft; Fass ai DWO 7>>, javgjglt iraj .23=> ta .238>
_bg bajg sdfgs odtg iar W] wds rgfgdsgo al tbcs odtg. _bgrg wds spgmufdtcal al tbg rdtg ta ha up iar W]O `ut rdtbgr tbgrg wds fat ai ups dlo oawls al tbcs ody. _bauhb tbg SAS (ygdr) odtd wds `gttgr iraj gxpgmtgo dlo iraj prgvcaus ygdr, tbg JAJ (jaltb) odtd wds fgssgr tbdl gxpgmtgo. Bausclh odtd tgffs d`aut gmalajcm turlclh paclts dlo d ogmfclg ta -4.=% iraj ->.?% sbaufo tbg malsujgr malicoglmg wds fgss ar tbg ocspasd`fg clmajg wds faw. (Odcfyix 0>4=)
?
Ich 4; W]O/DWO al 02 duh (RG 0>4=)
_PDL]DM_CAL 0 AL 02/2/0>4= Pgi; 43?78=93 @uy; W]O, ]gff; Gura Pgsuft; ^raict ai DWO =0=, javgjglt iraj 4.==04 ta 4.=030 W]O wds al lgws ta `g idrclh `gttgr oug ta tbg lgws ai Oajgstcm praoumt prcmg clogx ds tbg odtd ta `g al tbg pasctcvg scog iar `atb iargmdst dlo prgvcaus ygdr. Ci tbg luj`grs iar oajgstcm clogx ha up tbcs jgdls tbg gmalajy cs cjpravclh dlo W]O waufo strglhtbgl. Dfsa tbg Ka`fgss mfdcjs iar DWH 0=, wbcmb wgrg rgfgdsgo dt tbcs tcjg wgrg fgssgr tbdl prgvcaus dlo iraj iargmdstgo. _bcs strglhtbglgo tbg Oaffdr ds wgff. (Odcfyix 0>4=)
Ich. 0; GWP/W]O al 03 duh (RG 0>4=)
7
_PDL]DM_CAL = & ? AL 03/2/0>4= Pgi; 43?9=93> @uy; K^S, ]gff; W]O Pgsuft; Fass ai 920, javgjglt iraj 38.90 ta 32.00
Pgvgrsdf fdtgr al @uy W]O, ]gff K^S Pgi; 43?9974> Pgsuft; praict ai DWO =>8, javgjglt iraj 32.43 ta 32.?9
_bg Sgl wds rcsclh iraj tbg lgws d`aut W]–s ]yrcd dttdmes dlo tbgrg wds mbdlmgs ai mdpctdf ta ifaw ta Kdpdl `ut tbcs lgws wds lat suppartcvg iar tbcs ds W]O wglt stralhgr tbdl K^S (@dgttch 0>4=)dlo tbg d`avg lgws sbaufo bdvg `ggl idvard`fg iar K^S, `ut fgdogo ta d fass ai 920 ds pgr Pahgr @dgttch ai C@tcjgs. (]gg dppglocx D4) @dsgo al tbg d`avg fass dlo `y dldfyzclh tbg javgjglts cl tbg hrdpb, C wds ulogr tbg cjprgsscal tbdt tbgrg sbaufo `g d rgvgrsdf oalg iar tbcs trdlsdmtcal `y `uyclh W]O dt 32.43 dlo tbcs fgdo ta dl clmrgdsg cl praict tcff 32.?9 iar DWO =>8 cl sbart tgrj trdoclh.
Ich =; W]O/K^S al 03/2/0>4= (RG 0>4=)
9
_PDL]DM_CAL 7 AL =/3/0>4= PGI la 43749372 @uy W]O, ]gff GWPA Pgsuft; ^raict ai DWO 028, javgjglt iraj 4.=484 ta 4.=472
W]O C]J survgy (Clstctutg ai suppfy jdldhgjglt) cs ta faae clta cjpartdlmg dlo iulmtcalclh ai pramurgjglt dlo tbg suppfy mbdcl jdldhgjglt ai warfowcog arhdlczdtcals (C]J 0>4=)._bg odtd wds jumb stralhgr tbdl gxpgmtgo al iar W] jdluidmturclh dlo malstrumtcal spgloclh dlo tbcs sbawgo mfgdrfy tbdt tbg gmalajy wds hdclclh pawgr. _bg jdluidmturclh sgmtar hrgw wctb tbg idstgst hrawtb wctb tbg dmtcvcty rcsclh iraj 7? ta 77.8. _bcs `gdt tbg gxpgmtgo rdtg ai 7?, wbcmb fgo ta dpprgmcdtcal ai W]O. Dly rgdoclh d`avg 7> cs bawgvgr malscogrgo pasctcvg dlo hrawclh (Fapgz 0>4=). Dpdrt iraj tbcs idmtar tbg rgparts al malstrumtcal spgloclh dlo C]J prcmgs pdco wds bchbgr tbdl iargmdstgo. _bg jdcl majpalglts wgrg clifdtcal dlo fd`ar, wbcmb ci pasctcvg drg dl clocmdtar iar hrawtb cl gmalajy (Odcfyix 0>4=).
_PDL]DM_CAL 9 AL ?/3/0>4= PGI la 437=>44> @uy W]O, ]gff MDO Pgsuft; Fass ai DWO 4>?0, javgjglt iraj 4.>703 ta 4.>?83
_bg lgws odtd iar W] dlo Mdldod, `atb tbg maultrcgs wds ta `g rgfgdsgo iar W] trdog `dfdlmg dlo rdtg ai cltgrgst iar @dle ai Mdldod. _bgrg wds fat ai rcse clvafvgo ds odtd `gclh rgfgdsgo iar `atb tbg maultrcgs wctb sbart cltgrvdf ai tcjg. _bg dmtudf odtd iar W] trdog `dfdlmg wds malscogrd`fy fawgr tbdl prgvcaus ygdr dlo iraj gxpgmtgo ds wgff ds sbawl cl `gfaw ocdhrdj. _bg trdog `dfdlmg odtd clocmdtgs tbg ociigrglmg `gtwggl gxpartgo dlo cjpartgo haaos, wbcmb cs alg ai tbg jdcl majpalglts ai @dfdlmg ai pdyjglt iar W] dlo puts bgdvy prgssurg al tbg oaffdr. Xbgl, tbg cjparts drg hrgdtgr tbdl gxparts, tbcs fgdos ta trdog ogicmct. _bcs cs `gmdusg tbg bajg maultry cs spgloclh jarg ai cts murrglmy ta `uy iargchl cjpartgo haaos dlo hgttclh fgssgr cl tgrjs ai haaos gxpartgo. (Odcfyix 0>4=)
Al tbg atbgr bdlo tbg MDO javgjglt dlo cts gmalajcm hrawtb cs vgry jumb ogpgloglt al tbg @dle ai Mdldod–s (@AM) cltgrgst rdtg ogmcscal. _bcs dfsa clocmdtgs tbg bausclh sgmtar ta `g stralhgr tbdl gxpgmtgo dlo tbg HO^ cs dfsa jarg malscstglt tbdl tbg iargmdst (Fcttfgstalg 0>4=).
_bg lgws rgfgdsg wds jarg cl idvaur iar MDO tbdl tbg W]O rgfgdsg dlo bglmg tbg idff dt d fdtgr stdhg wbgl tbg su`sgquglt lgws ai @AM wds rgfgdsgo.
8
Ichurg ? ; Wlctgo stdtgs `dfdlmg ai trdogs (_d`arod 0>4=)
_PDL]DM_CAL 9 AL 7/3/0>4= PGI la 437?7>48 @uy W]O, ]gff K^S Pgsuft; ^raict ai DWO ?47, javgjglt iraj 33.84 ta 33.3>
_bg rgfgdsg iar W]O ka`fgss mfdcjs, maltcluclh mfdcjs, idmtary arogrs, C]J lal-jdluidmturclh dff wgrg ta `g rgfgdsgo iraj 40;47 ta 48;=> HJ_. Jast ai tbg rgfgdsg wds al tbg pasctcvg scog tbdl gxpgmtgo dlo tbg prgvcaus jaltbs ar qudrtgr. _bg ka`fgss mfdcjs wgrg fgssgr, maltcluclh mfdcjs wgrg fgssgr ds wgff. Dfsa tbg W]O idmtary arogrs wgrg `gttgr ds tbcs diigmts tbg ogjdlo dlo suppfy. _bcs cs tbg suj ai lgw arogrs & sbcpjglts. Dpdrt iraj tbcs tbg C]J lal-jdluidmturclh clogx wbcmb cs `dsgo al purmbdsgs dlo suppfy survgy dlo baw tbgy maltrc`utg tawdros HO^. _bgrg wds clmrgdsg cl pgrmgltdhg mbdlhg iraj 77(iargmdst), 79(prgvcaus) tawdros 72.9. _bcs cliarjdtcal fgdo ta tbg dpprgmcdtcal, tbauhb tbg djault trdogo wds fgss dlo bglmg fgss praict (Odcfyix 0>4=).
2
_PDL]DM_CAL] 8, 2 DLO 3 AL 7/3/0>4=
_bgsg trdlsdmtcals wgrg dfsa oalg wctb tbg d`avg spgmufdtcal ditgr a`sgrvclh tbdt tbg W]O cs oaclh idvard`fy dlo tbgl trdogo dhdclst K^S dhdcl cl rgi la. 4377>=08 wctb d praict ai DWO =02. ]cjcfdrfy W]O wds `auhbt dhdclst DWO ds wgff wbcmb dhdcl fgdo ta d praict ai DWO 842 iar rgi la 437?27==. Bawgvgr tbcs odtd wds trug iar sajg murrglmcgs `ut tbg d`avg dldfyscs usgo wds lat trug iar Gura, ds tbg W]O bdo ogprgmcdtgo dhdclst ct dlo fgdogo ta d fass ai DWO 734 iar rgigrglmg 437?9784.
Bawgvgr iar Gura tbgrg wds spgmufdtcal `dsgo al Hgrjdly idmtary arogrs wgrg fgssgr tbdl spgmufdtgo ds tbcs clocmdtgs tbg ogjdlo iar Hgrjdl cloustrcdf haaos `ut tbg idmt maufo `g tbdt Gura cs lat kust giigmtgo `y tbg Hgrjdl arogrs dlo tbg cltgrgst rdtg ogmcscal wbcmb rgjdclgo sdjg iar Gurapgdl mgltrdf `dle maufo bdvg `ggl tbg rgdsal iar tbg dpprgmcdtcal ai Gura dhdclst W]O. _bg avgrlchbt cltgrgst rdtgs iar tbg Gurapgdl mgltrdf `dle drg larjdffy mbdlhgo `y gctbgr `uyclh ar sgffclh havgrljglt `alos. _bcs diigmts tbg gmalajcm hrawtb dlo clifdtcal. Jast ai tbg tcjgs cltgrgst rdtg drg ds pgr spgmufdtcal `ut giigmts tbg icldlmcdf jdregts dmmaroclhfy (Odcfyix 0>4=)
_PDL]DM_CAL 4> AL 9/3/0>4= PGI la 437973>> @uy Gura, ]gff W]O Pgsuft; Fass ai DWO 4>37, javgjglt iraj 4.=4=2 ta 4.=402
@dsgo al Odcfyix–s gmalajcm mdfglodr iar 9 tb sgp, tbgrg wds bchb cjpartdlmg iar Mbdlhg cl Lalidrj pdyraffs dlo ulgjpfayjglt rdtg. _bcs wds cltgrprgtgo cl d wralh jdllgr ds tbg cliarjdtcal turlgo aut ta `g pasctcvg iar W]O–s dpprgmcdtcal dlo fgdo ta d fass oug ta `uyclh ai Gura, clstgdo ai W]O. _bg mbdlhg cl lal-idrj pdyraffs tgffs d`aut tbg mbdlhg cl luj`gr ai ka`s dvdcfd`fg iar tbg jaltb ai Duhust. _bcs odtd stcjufdtgs tbg ka` jdregt `y dooclh jarg ka`s dlo dl cjpartdlt idmtar iar tbg hrawtb ai fd`ar cl tbg W]. _bg igo cs rgspalsc`fg iar eggpclh tbg gjpfayjglt hrawclh dlo tbcs fgdos ta `gttgr gmalajy. Dpdrt iraj tbcs tbg d`avg odtd dfsa diigmts tbg ulgjpfayjglt mbdlhg, wbcmb cs kust tbg appasctg c.g. fgss pgrmgltdhg fgdos ta dl clmrgdsg cl avgrdff gjpfayjglt. Bawgvgr bchb gjpfayjglt fgdos ta `gttgr gmalajy dlo jarg spgloclh iraj tbg malsujgrs dlo clifdtcaldry ogjdlos.(Odcfyix 0>4=)
_bcs odtd sbaufo bdvg `ggl cl tbg appasctg trdlsdmtcal wctb pdyclh dttgltcal ta tbg lgws rgfgdsg tcjg dlo dfsa trustclh tbg iargmdstgo rdtg. _bg `gfaw tgmblcmdf dldfyscs wds oalg `dsgo al tbg gjpfayjglt mbdlhg.
3
GJ^FASJGL_ DLO GMALAJS IAP _PDL]DM_CAL] 4>
Gmalajcm hrawtb dlo ulgjpfayjglt drg tbg twa scogs ai d macl. _bg gmalajcm dmtcvcty cs bchb wbgl tbgrg cs jarg praoumtcal ai haaos dlo tbgrg cs d hrawclh gjpfayjglt. _bcs cs kust tbg appasctg wbgl tbgrg cs fgss gmalajcm hrawtb. _bcs diigmts tbg ogjdlo dlo suppfy ai fd`ar. _bus dl clmrgdsg cl ogjdlo ar ogmfclg cl suppfy wcff rdcsg tbg wdhgs dlo vcmg vgrsd. _bg `gfaw ocdhrdj tgffs tbg rgfdtcal `gtwggl tbg sbcits cl fd`ar ogjdlo, wbcmb giigmts tbg sbcit cl wdhgs X0 dlo tbg gjpfayjglt rdtg F0. _bcs dfsa jgdls tbdt tbg luj`grs ai arhdlczdtcals bdvg clmrgdsgo dlo tbcs mdl fgdo ta dl clmrgdsg cl praoumtcal, tgmblafahy dlo bujdl mdpctdf. (Xg``aaes, 0>4=)
Ich 7; Mbdlhgs cl ogjdlo dlo suppfy ai fd`ar (Xg``aaes 0>4=)
_bus gjpfayjglt mbdlhg pfdys d vgry vctdf rafg iar gmalajcm hrawtb dlo iar spgmufdtcal cl iargx jdregts `dsgo al odtd pravcogo iar spgmcicm maultrcgs.
4>
_PDL]DM_CAL] 44, 40, 4= AL 9/3/0>4= @uy W]O dlo ]gff ”MDO, K^S & DWO.
_bcs dldfyscs cs cl rghdros ta tbg W]O rdtg, wbcmb bdo halg up clctcdffy oug ta tbg d`avg odtd cl rghdros ta ulgjpfayjglt mbdlhg dlo tbg mbdlhg cl lal-idrj pdyraffs. @dsgo al tbg d`avg fass dff trdlsdmtcals wgrg oalg scjuftdlgausfy cl rgfgdsg ai tbg pasctcvg lgws iar tbg W]O. _bg djault put dt rcse wds bchb wbcmb fgdo ta buhg fassgs cl tbg `gfaw rdlhgs. ]tap fass sbaufo bdvg `ggl clmrgdsgo ds fdtgr tbgrg wds dl upwdro trglo iar W]O dlo tbcs waufo bdvg jclcjczgo tbg fassgs.
@uy
]gff
Pgi
Fass cl DWO
Javgjglt
W]O
DWO
43793728
7>>>
.34?8 ta .3423
W]O
K^S
4378440>
973>
33.80 ta 33.40
W]O
MDO
437999=7
4=>9
4.>?23 ta 4.>?9?
Hrdpb sbawclh tbg W]O idffclh `y 8>-2> pcps cl d sgmalo, tbauhb tbg odtd wds suppartcvg tbg fass wds vgry bchb iar W]O/K^S.
Ichurg 8 ; W]O/K^S al 9/3/0>4= (Odcfyix 0>4=)
44
_PDL]DM_CAL] 4?, 47, 49 AL 9/3/0>4= @uy W]O, ]gff K^S. Ditgr tbg d`avg oawlidff ai 8>-2> ^cps tbgrg wds ta `g dl upwdro trglo iar tbg W]O dlo `ut al d falh-tgrj `dscs. _bg rgvgrsg trdlsdmtcals wctb rgi–s 437202=2, 4378?92?, 4378?74> dlo 4378?038 fgdo ta rgmavgry ai DWO 9>>> (dpprax.)
_PDL]DM_CAL 48, 42, 43 AL 44/>3/0>4= Pgi la–s 43900>?2, 439043>8 & 43904882 @uy H@^, ]gff W]O Pgsuft; Avgrdff praict ai DWO 9>>>(dpprax.) Javgjglt iraj 4.78=4 ta 4.7200 (3> pcps) _bg dmtudf lgws odtd iar H@^ cloustrcdf praoumtcal (SAS) wds -4.9% dlo fgssgr tbdl iargmdstgo djault wbcmb fgdo ta tbcs hdcl. _bg cloustrcdf praoumtcal cs tbg jdluidmturclh autput iar jclgs, idmtarcgs dlo glgrhy sgmtar. _bcs cs d sbart-tgrj clocmdtar iar WE–s cloustrcdf dmtcvcty. _bcs cs 07% ai tbg HO^ dlo bchbgr djault fgdos ta bchbgr gmalajy. Gvgl tbg trdog `dfdlmg wds dfjast oau`fg tbdl tbg iargmdstgo dlo tbrgg tcjgs ai prgvcaus jaltb–s ichurg, wbcm b idvargo cts vdfug. Odvco salh, murrglmy dldfyst dt Odcfyix dfsa hdvg pasctcvg javgjglt d`aut tbg ka`fgss mfdcjs ds tbdt wds fgssgr tbdl gdrfcgr dlo gmalajy wds cjpravclh iar H@^ ta pgriarj (sgg Dppglocx 4@). ]bart tgrj `uyclh ai H@^ iar => jcls kust prcar ta tbg lgws rgfgdsg tcmego tbg praict d`avg dltcmcpdtcal ta DWO 9>>>. _bg clmrgdsg dhdclst W]O mdl `g sggl cl tbg `gfaw ichurg iar dpprax. 4>> pcps. (Odcfyix 0>4=)
Ich 2 ; H@^/W]O al 44/3/0>4= (Odcfyix 0>4=)
40
_PDL]DM_CAL 0> DLO 04 AL 40/3/0>4= Pgi la–s 439?>888 & 439?>890 @uy W]O, ]gff DWO Pgsuft; Fass cl tatdf ai DWO =9>> (dpprax.) Javgjglt iraj .30== ta .307?
_bcs wds d falh-tgrj javgjglt cl wbcmb tbg DWO bdo clmrgdsgo stgdocfy tawdros W]O ditgr tbg gfgmtcals cl Dustrdfcd ourclh `ghcllclh ai tbg wgge. @ut, tbgl tbgrg wds d ogmfclg cl DWO sbdrpfy iar 8>-2> pcps. _bg oawlidff wds oug Dustrdfcd–s ulsdtcsidmtary gjpfayjglt rgfgdsg. _bg ichurgs wgrg rgfgdsgo `y Dustrdfcdl `urgdu ai stdtcstcms. _bcs rgfgdsg bdo majg ds d surprcsg ds tbg ulgjpfayjglt rdtg dfsa clmrgdsgo ta 7.2% dlo tbcs ogmfclg ai DWO sglo tbg W]O clogx ta 4>,8>>. _bauhb tbg murrglmy `auhbt wds cl idvar ai tbg lgws rgfgdsg `ut tbg `uyclh dlo sgffclh wds oalg dt clmarrgmt tcjgs, wbcmb gvgltudffy fgdo ta fass. _bg `gfaw hrdpb sbaws tbcs oawlidff iar tbg DWO. (Odcfyix 0>4=)
Ich 3; DWO/W]O al 4=/3/0>4= (Odcfyix 0>4=)
_PDL]DM_CAL 00 DLO 0= AL 4=/3/0>4= Pgi; 4399=744 Pgis; 4399?93> @uy; Gura, ]gff; W]O Pgsuft; ^raict ai DWO ?=0.2=
@uy; MBI, ]gff; W]O Pgsuft; ^raict ai DWO 7=7
_bg murrglmy, wbcmb cs jast, diigmtgo `y odtd rgfgdsgs ai W]O cs Gura dlo bglmg fgdos ta jast luj`gr ai trdlsdmtcals ai tbcs pdcr. _bg lgws ds pgr gmalajcm mdfglodr iar Dovdlmg rgtdcf sdfgs 4=
iar Duhust ai bchb cjpartdlmg wds oug ta `g rgfgdsgo dt 40;=> HJ_ al 4=/3/0>4=. _bg iargmdstgo wds >.7% clmrgdsg dlo `gttgr tbdl tbg prgvcaus jaltb ai .?%. _bg odtd wds bawgvgr fgssgr `y mbdlhg ai kust >.0% dt tbg tcjg ai dmtudf rgfgdsg. _bcs wds ta hgt tbg W]O oawl `ut lat clstdltfy ds W]O bdo dfrgdoy suiigrgo tbg wbafg wgge oug ta cts oawlidff. @ut eggpclh tbg trdlsdmtcal rullclh iar d falhgr ourdtcal wctb stap fass sgt ta jclcjdf rdlhg fgdo ta praict ai DWO ?=0.
Ich 4>; GWP/W]O al 4?/3/0>4= (RG 0>4=) _bg rgtdcf ichurgs tgff d`aut tbg std`cfcty ai malsujgr ogjdlo dlo tbgcr malicoglmg cl spgloclh. Malsujgr spgloclh dmmaults iar 99% ai tbg tatdf gmalajcm dmtcvcty cl tbg W]D. Dpdrt iraj tbcs rgfgdsg Wlcvgrscty ai Jcmbchdl malicoglmg survgy, wbcmb cs oalg ta faae clta malsujgr malicoglmg tbrauhb bulorgos ai tgfgpbalg survgys. @dsgo al paar rgtdcf sdfgs rgfgdsg tbcs wds taa ha fawgr tbdl iargmdstgo dlo fgdo ta iurtbgr oawlidff ai tbg W]O. _bcs dfsa diigmtgo atbgr murrglmcgs trdoclh wctb W]O fceg MBI, wbcmb taa fgdo ta d hdcl ai DWO 7=7.
IAPXDPO _PDL]DM_CAL];
_bgsg trdlsdmtcals drg oalg cl prgsglt smgldrcas `y trdoclh d pdrtcmufdr murrglmy `dsgo al cts iuturg rdtg dlo usudffy tcff 9> odys. _bg sprgdos drg bchbgr tbdl tbg ody trdoclh. (Gdsy-iargx 0>4=) _rdlsdmtcal 4 al 02/2/0>4=; Pgi la. 43799299 @uy W]O, ]gff H@^ Pgsuft; ^raict ai DWO =>7 Javgjglt iraj; 4.7748 ta 4.7?2=
Iarwdro trdlsdmtcals drg larjdffy falh tgrj trdlsdmtcals. _bg alg jgltcalgo ai H@^/W]O wds egpt apgl iar d falhgr tcjgs dlo tbcs fgdo ta praict ai DWO =>7. _bcs wds oalg `gmdusg ai tbg lgws rgfgdsg d`aut W]O iraj 02 tb Duh tcff 03 tb Duh ds dff wgrg fgdoclh ta d `gttgr iargmdstgo ichurgs ai tbg Hrass oajgstcm praoumt. 4?
HO^ diigmts tbg avgrdff gmalajcm autput dlo ci ct javgs up, tbg oaffdr cs ta strglhtbgl. @y faaeclh clta tbcs jgdsurg tbcs iarwdro trdlsdmtcal wds oalg.
_GMBLCMDF DLDFS]C]; Dff tbg Mbdrts- Fclg, mdlofg, `dr wgrg jdkarfy usgo iar jast ai tbg trdlsdmtcals iraj Odcfyix dlo falh-tgrj, sbart-tgrjs javgjglts wgrg dldfyzgo gxtglscvgfy. Iar sajg ai tbg trdlsdmtcals dlo pdrtcmufdrfy iar murrglmy pdcrs ai DWO/W]O dlo W]O/K^S tbgrg wgrg wcogsprgdo javgjglts ai tbg pcps. ^raicts wgrg jdog `y usclh tbg rchbt gxct strdtghy iar igw dlo fassgs ds wgff cl arogr ta wdct iar bchbgr praicts.
MALMFW]CAL ; _bg javgjglt cl iargx jdregt cs vgry bchb dlo usclh prapgr elawfgohg dfalh wctb rcse mdfmufdtcal cs bchbfy cjpartdlt iraj tcjg ta tcjg. Alg sbaufo usg dff trdoclh taafs dlo strdtghcgs iar d idvard`fg autmajg dlo jast cjpartdlt cs ta elaw wbgl ct–s glauhb ta mfasg tbg trdlsdmtcal, wbgtbgr ct–s fgdoclh ta jarg praict ar fass.
47
PGIGPGLMG];
@dgttch, P. (0>4=). "Odcfy ]ujjdry al W]O, GWP, K^S, H@^, DWO, MDO dlo L[O." Pgtrcgvgo 08/2/0>4=, iraj bttp;//www.c`tcjgs.maj/odcfy-sujjdry-uso-gur-kpy-h`pduo-mdo-lzo-4?>>3?7. Odcfyix (0>4=). "Iargx Gmalajcm Mdfglodr ". Pgtrcgvgo 02/2/0>4=, iraj bttp;//www.odcfyix.maj/mdfglodr1tz:&sart:odtg&wgge:0>4=%0I>207&gur:trug&us o:trug&kpy:trug&h`p:trug&mbi:trug&duo:trug&mdo:trug&lzo:trug&mly:trug&bchb: trug&jgocuj:trug&faw:trug.
Odcfyix (0>4=). "Iargx Gmalajcm Mdfglodr ". Pgtrcgvgo =/3/0>4=, iraj bttp;//www.odcfyix.maj/mdfglodr1tz:&sart:odtg&wgge:0>4=%0I>3>4&gur:trug&us o:trug&kpy:trug&h`p:trug&mbi:trug&duo:trug&mdo:trug&lzo:trug&mly:trug&bchb: trug&jgocuj:trug&faw:trug. Odcfyix (0>4=). "Iargx Gmalajcm Mdfglodr." iraj bttp;//www.odcfyix.maj/mdfglodr1tz:&sart:odtg&wgge:0>4=%0I>3>2&gur:trug&us o:trug&kpy:trug&h`p:trug&mbi:trug&duo:trug&mdo:trug&lzo:trug&mly:trug&bchb: trug&jgocuj:trug&faw:trug. Odcfyix (0>4=). "Iargx Gmalajcm Mdfglodr ". Pgtrcgvgo 44/3/0>4=, iraj bttp;//www.odcfyix.maj/mdfglodr1tz:&sart:odtg&wgge:0>4=%0I>3>2&gur:trug&us o:trug&kpy:trug&h`p:trug&mbi:trug&duo:trug&mdo:trug&lzo:trug&mly:trug&bchb: trug&jgocuj:trug&faw:trug.
Odcfyix (0>4=). "Lgtodlcd." Pgtrcgvgo 9/3/0>4=, bttp;//www.odcfyix.maj/mbdrts/lgtodlcdmbdrt1syj`af:W]O/K^S.
iraj
Odcfyix (0>4=). "Lgtodlcd." bttp;//www.odcfyix.maj/mbdrts/lgtodlcdmbdrt1syj`af:H@^/W]O.
iraj
Gdsy-iargx (0>4=). "Ogja dmmault." iraj bttp;//www.gdsy-iargx.maj/du/.
Iargxjdregt (0>4=). Pgtrcgvgo 02/2/0>4=, iraj bttp;//www.tbg-iargx-jdregt.maj/d`rcgi-cltraoumtcal-ta-iargx.btjf. C]J (0>4=). "D`aut C]J." Pgtrcgvgo bttp;//www.csj.ws/D`aut/1ldvCtgjLuj`gr:00=08.
=/3/0>4=,
iraj
Fcttfgstalg, P. (0>4=). "@dle ai Mdldod fgdvgs egy fgloclh rdtg dt 4.>>%." Pgtrcgvgo ?/3/0>4=, iraj bttp;//www.iargxfcvg.maj/`fah/0>4=/>3/>?/mdldocdl-`am-fgdvgsrdtgs-dt-4->/.
49
Fapgz, F. (0>4=). "W.]. jdluidmturclh, malstrumtcal odtd suhhgst hrawtb pcmeup." Pgtrcgvgo =/3/0>4=, iraj bttp;//www.rgutgrs.maj/drtcmfg/0>4=/>3/>=/us-usdgmalajy-jdluidmturclh-coW]@PG320>L20>4=>3>=.
_d`arod, K. (0>4=). "Wlctgo ]tdtgs @dfdlmg ai _rdog." Pgtrcgvgo 7/3/0>4=, iraj bttp;//www.trdoclhgmalajcms.maj/ulctgo-stdtgs/`dfdlmg-ai-trdog. Xg``aaes (0>4=). " Fd`ar Jdregts dt Xare." Pgtrcgvgo bttp;//www.wg`-`aaes.maj/gFc`rdry/LM/@>/@9=/>90J@9=.btjf.
9/3/0>4=,
iraj
RG (0>4=). "Murrglmy mbdrts." bttp;//www.xg.maj/murrglmymbdrts/1iraj:DWO&ta:W]O&vcgw:4O.
iraj
RG (0>4=). "RG Murrglmy Mbdrts (GWP/W]O)." Pgtrcgvgo 03/2/0>4=, bttp;//www.xg.maj/murrglmymbdrts/1iraj:GWP&ta:W]O&vcgw:4O.
iraj
RG (0>4=). " RG Murrglmy Mbdrts (GWP/W]O)." Pgtrcgvgo 4?/3/0>4=, iraj bttp;//www.xg.maj/murrglmymbdrts/1iraj:GWP&ta:W]O&vcgw:4O. RG (0>4=). "RG Murrglmy Mbdrts (W]O/K^S)." Pgtrcgvgo 03/2/0>4=, bttp;//www.xg.maj/murrglmymbdrts/1iraj:W]O&ta:K^S&vcgw:4O.
iraj
Dppglocx;
Jy ]ujjdry;
48
Jy Mfasgo pasctcals;
42
Dppglocx 4D; Iraj bttp;//www.c`tcjgs.maj/odcfy-sujjdry-uso-gur-kpy-h`p-duo-mdo-lzo-4?>>3?7
6
43
Dppglocx 4@; Iraj bttp;//www.odcfyix.maj/iargx/iulodjgltdf/odcfyQ`rcgiclh/odcfyQpcgmgs/trdoclhQlgwsQrgparts/ 0>4=/>3/44/IargxQH@^QGygsQIrgsbQBchbQdsQW.E.QKa`fgssQMfdcjsQ]gtQtaQIdffQIurtbgr.btjf
0>
]_WOGL_ OG_DCF] Fdst Ldjg
Icrst Ldjg
]tuoglt CO
044248?33 Jgbtd
D`bgy
DMMAWL_ OG_DCF] Wsgrldjg
Murrglt ^dsswaro
LD
LD
Icldf `dfdlmg (ditgr `dfdlmg (ditgr dff pasctcals bdvg `ggl mfasgo)
Luj`gr ai trdlsdmtcals (spat dlo iarwdro)
DWO ==028
40?
XAPO MAWL_ (gxmfuoclh gxgmutcvg sujjdry, iaatlatgs dlo dppglocmgs ta tbg rgpart) Xaro mault
0930
4
_D@FG AI MAL_GL_] Gxgmutcvg ]ujjdry ..................................................................................................................................... = Cltraoumtcal ; ................................................................................................................................................. = Ody _rdoclh trdlsdmtcals; ......................................................................................................................... ? _rdlsdmtcal 4 al 02/2/0>4= ............................................................................................................... ? _rdlsdmtcal 0 al 02/2/0>4= ............................................................................................................... 7 _rdlsdmtcal = & ? al 03/2/0>4= ....................................................................................................... 9 _rdlsdmtcal 7 al =/3/0>4= ................................................................................................................. 8 _rdlsdmtcal 9 al ?/3/0>4= ................................................................................................................. 8 _rdlsdmtcal 9 al 7/3/0>4= ................................................................................................................. 2 _rdlsdmtcals 8, 2 dlo 3 al 7/3/0>4= ............................................................................................... 3 _rdlsdmtcal 4> al 9/3/0>4= ............................................................................................................... 3 Gjpfayjglt dlo gmalajy iar trdlsdmtcals 4> ................. ......................... ................. ................. ................ ................. ................. ............... .......4> _rdlsdmtcals 44,40,4= al 9/3/0>4= .............................................................................................. 44 _rdlsdmtcals 4?,47, 49 al 9/3/0>4= ............................................................................................. 40 _rdlsdmtcal 48,42,43 al 44/>3/0>4= ........................................................................................... 40 _rdlsdmtcal 0> dlo 04 al 40/3/0>4= ........................................................................................... 4= _rdlsdmtcal 00 dlo 0= al 4=/3/0>4= ........................................................................................... 4= Iarwdro _rdlsdmtcals; ............................................................................................................................. 4? _gmblcmdf Dldfyscs; .................................................................................................................................... 47 Malmfuscal; .................................................................................................................................................... 47 Pgigrglmgs; .................................................................................................................................................... 49
D]]CHLJGL_ _A^CM ; ]^GMWFD_CAL CL IAPGCHL GRMBDLHG JDPEG_
0
GRGMW_CYG ]WJJDPS
_bcs rgpart mavgrs d`aut tbg jdcl trdlsdmtcals ulogrtdegl wctb gdsy-iargx.maj ourclh tbg tcjg pgrcao 02/2/0>4= ta 4=/3/0>4=. Ydrcaus icldlmcdf clstrujglts iar iargx trdoclh fceg spat trdoclh (ody ta ody trdoclh), iarwdro trdoclh dlo fcjct arogrs bdvg `ggl gxtglscvgfy. _bcs wds oalg jdclfy usclh tbg wg`sctg dlo tbg cas ja`cfg dppfcmdtcal tbrauhbaut tbcs tcjg pgrcao `ut gxmgpt tbg wggeglos ds tbg jdregt mfasgs `gtwggl Ircody Lgw Sare tcjg dt 48;>> ultcf Jalody ]yolgy tcjg >9;>>.(Gdsy-iargx 0>4=)
Clctcdffy tbg trdlsdmtcals ulogrtdegl wgrg wctb d stap-fass ai DWO 7>> `ut fdtgr al bchbgr vdrcdlmgs (stap-fass) DWO4>>>> wgrg dfsa usgo. Bchbgr rcses gvgl fgdo ta bchbgr fassgs dlo bchbgr hdcls ds wgff. Iargx jdregt ds usudf, wds ifumtudtclh ta d bchb gxtglt wctb fats ai rcsgs dlo pct-idffs. W]O wds al d rcsclh stdhg cl tbg icrst wgge `ut fdtgr cl tbg fdst wgge W]O wds dl ulogrpgriarjgr majpdrgo ta tbg Sgl dlo H@^.
Iar dldfyzclh tbg iargx trdoclh icrstfy hrdpbs wgrg usgo vgry gxtglscvgfy wctb ociigrglt tcjg smdfgs ta hgt dl cogd ai tbg pdst dlo murrglt javgjglts ds wgff. Iar tbg pdst javgjglts, drtcmfgs wgrg stuocgo iraj vdrcaus wg` rgsaurmgs ta dmmgss tbg lgws, wbcmb bdo fgo ta sumb javgjglts. Fdtgr tbg lgws drtcmfgs al Odcfyix dfalhscog tbg gmalajcm mdfglodr wgrg sartgo `dsgo al tbgcr bchb prcarctcgs dlo trdoclh wds jdclfy mdrrcgo iar `rcgiclhs ai bchb, jgocuj cjpartdlmg ds pgr tbgcr HJ_ rgfgdsgs. _bg icrst stgp ulogrtdegl wds ta sgfgmt tbg murrglmy pdcr dlo tbgl hdtbgrclh odtd d`aut cts iargmdstgo dlo dmtudf ichurgs dt tbg rchbt tcjg. _bg tcjg tbg lgws ai bchb cjpartdlmg cs rgfgdsgo, murrglmcgs idmg tbg bchbgst javgjglt dlo bglmg iar sbart tgrj trdoclh, icrst bdfi dl baur ai tbg lgws rgfgdsg cs spgmufdtgo. ]gmalo stgp wds ta dldfyzg tbg tatdf rcse tbdt waufo `g clvafvgo pgr trdlsdmtcal dlo tbgl usgo iar g ltry, gxct strdtghy ditgr pfdmclh tbg trdog.
Clctcdffy wbgl tbg trdlsdmtcals wgrg mdrrcgo wctb fgssgr rcses tbg irgg `dfdlmg wds al d pasctcvg scog ai 7>0>> `ut wbgl bchbgr rcses wctb bchbgr stap-fass wds usgo, ct fgo ta bgdvy fassgs iar tbg trdlsdmtcal. _bg irgg `dfdlmg bds rgoumgo ordstcmdffy ta 07>>> wctbcl d ody dlo fdtgr tbg djault wds rgmavgrgo cl d sfaw jdllgr `y pdyclh jarg dttgltcal ta tbg lgws rgfgdsgs oggpfy dlo cl tcjgfy jdllgr. _bg icldf irgg `dfdlmg ds al glo odtg ai su`jcsscal ai 49/3/0>4= cs DWO ==,028.
=
CL_PAOWM_CAL;
Iargx jdregt cs d jdkar maltrc`utar cl tbg gmalajy cl taody–s warfo. Ct cs tbg jgdls ai `uyclh dlo sgffclh ai murrglmcgs cl arogr ta jdeg praict. Jdeclh praict cs vgry rcsey ds ct cs vgry cjpartdlt ta icrstfy mbaasg tbg murrglmy pdcr dlo spgmufdtclh, wbgtbgr ct –s haclh ta ha up dt d hcvgl tcjg cltgrvdf ar lat. Ct cs lat kust `uyclh dlo sgffclh rdloajfy `ut stuoyclh cl o gptb d`aut d pdrtcmufdr murrglmy pdcr `y iaffawclh vdrcaus trglos dlo lgws. Alg ai tbg `glgicts ai tbcs jdregt cs tbdt alg mdl trdog 0? baurs d ody wggeodys dlo dfsa bds d spat jdregt wbcmb majgs iraj al tbg spat ds alg mdl trdog cjjgocdtgfy.(Iargxjdregt 0>4=)
_bg jdcl idmtars, wbcmb giigmt tbg murrglmy javgjglt, drg; 4- Gmalajcm ogvgfapjglts oug ta Hrawtb, Malsujptcal cl prcvdtg sgmtar, clifdtcal dlo ulgjpfayjglt. 0- Jalgtdry icsmdf pafcmy oug ta Cltgrgst rdtg mbdlhgs, mgltrdf `dle spggmbgs, iargmdsts dlo havgrljglt rgvglug & gxpglocturg.
O DS _ PDOCLH _PDL]DM_CAL] ;
_PDL]DM_CAL 4 AL 02/2/0>4= Pgi la. 43?7804> @uy; W]O, ]gff; DWO Pgsuft; Fass ai DWO 7>>, javgjglt iraj .23=> ta .238>
_bg bajg sdfgs odtg iar W] wds rgfgdsgo al tbcs odtg. _bgrg wds spgmufdtcal al tbg rdtg ta ha up iar W]O `ut rdtbgr tbgrg wds fat ai ups dlo oawls al tbcs ody. _bauhb tbg SAS (ygdr) odtd wds `gttgr iraj gxpgmtgo dlo iraj prgvcaus ygdr, tbg JAJ (jaltb) odtd wds fgssgr tbdl gxpgmtgo. Bausclh odtd tgffs d`aut gmalajcm turlclh paclts dlo d ogmfclg ta -4.=% iraj ->.?% sbaufo tbg malsujgr malicoglmg wds fgss ar tbg ocspasd`fg clmajg wds faw. (Odcfyix 0>4=)
?
Ich 4; W]O/DWO al 02 duh (RG 0>4=)
_PDL]DM_CAL 0 AL 02/2/0>4= Pgi; 43?78=93 @uy; W]O, ]gff; Gura Pgsuft; ^raict ai DWO =0=, javgjglt iraj 4.==04 ta 4.=030 W]O wds al lgws ta `g idrclh `gttgr oug ta tbg lgws ai Oajgstcm praoumt prcmg clogx ds tbg odtd ta `g al tbg pasctcvg scog iar `atb iargmdst dlo prgvcaus ygdr. Ci tbg luj`grs iar oajgstcm clogx ha up tbcs jgdls tbg gmalajy cs cjpravclh dlo W]O waufo strglhtbgl. Dfsa tbg Ka`fgss mfdcjs iar DWH 0=, wbcmb wgrg rgfgdsgo dt tbcs tcjg wgrg fgssgr tbdl prgvcaus dlo iraj iargmdstgo. _bcs strglhtbglgo tbg Oaffdr ds wgff. (Odcfyix 0>4=)
Ich. 0; GWP/W]O al 03 duh (RG 0>4=)
7
_PDL]DM_CAL = & ? AL 03/2/0>4= Pgi; 43?9=93> @uy; K^S, ]gff; W]O Pgsuft; Fass ai 920, javgjglt iraj 38.90 ta 32.00
Pgvgrsdf fdtgr al @uy W]O, ]gff K^S Pgi; 43?9974> Pgsuft; praict ai DWO =>8, javgjglt iraj 32.43 ta 32.?9
_bg Sgl wds rcsclh iraj tbg lgws d`aut W]–s ]yrcd dttdmes dlo tbgrg wds mbdlmgs ai mdpctdf ta ifaw ta Kdpdl `ut tbcs lgws wds lat suppartcvg iar tbcs ds W]O wglt stralhgr tbdl K^S (@dgttch 0>4=)dlo tbg d`avg lgws sbaufo bdvg `ggl idvard`fg iar K^S, `ut fgdogo ta d fass ai 920 ds pgr Pahgr @dgttch ai C@tcjgs. (]gg dppglocx D4) @dsgo al tbg d`avg fass dlo `y dldfyzclh tbg javgjglts cl tbg hrdpb, C wds ulogr tbg cjprgsscal tbdt tbgrg sbaufo `g d rgvgrsdf oalg iar tbcs trdlsdmtcal `y `uyclh W]O dt 32.43 dlo tbcs fgdo ta dl clmrgdsg cl praict tcff 32.?9 iar DWO =>8 cl sbart tgrj trdoclh.
Ich =; W]O/K^S al 03/2/0>4= (RG 0>4=)
9
_PDL]DM_CAL 7 AL =/3/0>4= PGI la 43749372 @uy W]O, ]gff GWPA Pgsuft; ^raict ai DWO 028, javgjglt iraj 4.=484 ta 4.=472
W]O C]J survgy (Clstctutg ai suppfy jdldhgjglt) cs ta faae clta cjpartdlmg dlo iulmtcalclh ai pramurgjglt dlo tbg suppfy mbdcl jdldhgjglt ai warfowcog arhdlczdtcals (C]J 0>4=)._bg odtd wds jumb stralhgr tbdl gxpgmtgo al iar W] jdluidmturclh dlo malstrumtcal spgloclh dlo tbcs sbawgo mfgdrfy tbdt tbg gmalajy wds hdclclh pawgr. _bg jdluidmturclh sgmtar hrgw wctb tbg idstgst hrawtb wctb tbg dmtcvcty rcsclh iraj 7? ta 77.8. _bcs `gdt tbg gxpgmtgo rdtg ai 7?, wbcmb fgo ta dpprgmcdtcal ai W]O. Dly rgdoclh d`avg 7> cs bawgvgr malscogrgo pasctcvg dlo hrawclh (Fapgz 0>4=). Dpdrt iraj tbcs idmtar tbg rgparts al malstrumtcal spgloclh dlo C]J prcmgs pdco wds bchbgr tbdl iargmdstgo. _bg jdcl majpalglts wgrg clifdtcal dlo fd`ar, wbcmb ci pasctcvg drg dl clocmdtar iar hrawtb cl gmalajy (Odcfyix 0>4=).
_PDL]DM_CAL 9 AL ?/3/0>4= PGI la 437=>44> @uy W]O, ]gff MDO Pgsuft; Fass ai DWO 4>?0, javgjglt iraj 4.>703 ta 4.>?83
_bg lgws odtd iar W] dlo Mdldod, `atb tbg maultrcgs wds ta `g rgfgdsgo iar W] trdog `dfdlmg dlo rdtg ai cltgrgst iar @dle ai Mdldod. _bgrg wds fat ai rcse clvafvgo ds odtd `gclh rgfgdsgo iar `atb tbg maultrcgs wctb sbart cltgrvdf ai tcjg. _bg dmtudf odtd iar W] trdog `dfdlmg wds malscogrd`fy fawgr tbdl prgvcaus ygdr dlo iraj gxpgmtgo ds wgff ds sbawl cl `gfaw ocdhrdj. _bg trdog `dfdlmg odtd clocmdtgs tbg ociigrglmg `gtwggl gxpartgo dlo cjpartgo haaos, wbcmb cs alg ai tbg jdcl majpalglts ai @dfdlmg ai pdyjglt iar W] dlo puts bgdvy prgssurg al tbg oaffdr. Xbgl, tbg cjparts drg hrgdtgr tbdl gxparts, tbcs fgdos ta trdog ogicmct. _bcs cs `gmdusg tbg bajg maultry cs spgloclh jarg ai cts murrglmy ta `uy iargchl cjpartgo haaos dlo hgttclh fgssgr cl tgrjs ai haaos gxpartgo. (Odcfyix 0>4=)
Al tbg atbgr bdlo tbg MDO javgjglt dlo cts gmalajcm hrawtb cs vgry jumb ogpgloglt al tbg @dle ai Mdldod–s (@AM) cltgrgst rdtg ogmcscal. _bcs dfsa clocmdtgs tbg bausclh sgmtar ta `g stralhgr tbdl gxpgmtgo dlo tbg HO^ cs dfsa jarg malscstglt tbdl tbg iargmdst (Fcttfgstalg 0>4=).
_bg lgws rgfgdsg wds jarg cl idvaur iar MDO tbdl tbg W]O rgfgdsg dlo bglmg tbg idff dt d fdtgr stdhg wbgl tbg su`sgquglt lgws ai @AM wds rgfgdsgo.
8
Ichurg ? ; Wlctgo stdtgs `dfdlmg ai trdogs (_d`arod 0>4=)
_PDL]DM_CAL 9 AL 7/3/0>4= PGI la 437?7>48 @uy W]O, ]gff K^S Pgsuft; ^raict ai DWO ?47, javgjglt iraj 33.84 ta 33.3>
_bg rgfgdsg iar W]O ka`fgss mfdcjs, maltcluclh mfdcjs, idmtary arogrs, C]J lal-jdluidmturclh dff wgrg ta `g rgfgdsgo iraj 40;47 ta 48;=> HJ_. Jast ai tbg rgfgdsg wds al tbg pasctcvg scog tbdl gxpgmtgo dlo tbg prgvcaus jaltbs ar qudrtgr. _bg ka`fgss mfdcjs wgrg fgssgr, maltcluclh mfdcjs wgrg fgssgr ds wgff. Dfsa tbg W]O idmtary arogrs wgrg `gttgr ds tbcs diigmts tbg ogjdlo dlo suppfy. _bcs cs tbg suj ai lgw arogrs & sbcpjglts. Dpdrt iraj tbcs tbg C]J lal-jdluidmturclh clogx wbcmb cs `dsgo al purmbdsgs dlo suppfy survgy dlo baw tbgy maltrc`utg tawdros HO^. _bgrg wds clmrgdsg cl pgrmgltdhg mbdlhg iraj 77(iargmdst), 79(prgvcaus) tawdros 72.9. _bcs cliarjdtcal fgdo ta tbg dpprgmcdtcal, tbauhb tbg djault trdogo wds fgss dlo bglmg fgss praict (Odcfyix 0>4=).
2
_PDL]DM_CAL] 8, 2 DLO 3 AL 7/3/0>4=
_bgsg trdlsdmtcals wgrg dfsa oalg wctb tbg d`avg spgmufdtcal ditgr a`sgrvclh tbdt tbg W]O cs oaclh idvard`fy dlo tbgl trdogo dhdclst K^S dhdcl cl rgi la. 4377>=08 wctb d praict ai DWO =02. ]cjcfdrfy W]O wds `auhbt dhdclst DWO ds wgff wbcmb dhdcl fgdo ta d praict ai DWO 842 iar rgi la 437?27==. Bawgvgr tbcs odtd wds trug iar sajg murrglmcgs `ut tbg d`avg dldfyscs usgo wds lat trug iar Gura, ds tbg W]O bdo ogprgmcdtgo dhdclst ct dlo fgdogo ta d fass ai DWO 734 iar rgigrglmg 437?9784.
Bawgvgr iar Gura tbgrg wds spgmufdtcal `dsgo al Hgrjdly idmtary arogrs wgrg fgssgr tbdl spgmufdtgo ds tbcs clocmdtgs tbg ogjdlo iar Hgrjdl cloustrcdf haaos `ut tbg idmt maufo `g tbdt Gura cs lat kust giigmtgo `y tbg Hgrjdl arogrs dlo tbg cltgrgst rdtg ogmcscal wbcmb rgjdclgo sdjg iar Gurapgdl mgltrdf `dle maufo bdvg `ggl tbg rgdsal iar tbg dpprgmcdtcal ai Gura dhdclst W]O. _bg avgrlchbt cltgrgst rdtgs iar tbg Gurapgdl mgltrdf `dle drg larjdffy mbdlhgo `y gctbgr `uyclh ar sgffclh havgrljglt `alos. _bcs diigmts tbg gmalajcm hrawtb dlo clifdtcal. Jast ai tbg tcjgs cltgrgst rdtg drg ds pgr spgmufdtcal `ut giigmts tbg icldlmcdf jdregts dmmaroclhfy (Odcfyix 0>4=)
_PDL]DM_CAL 4> AL 9/3/0>4= PGI la 437973>> @uy Gura, ]gff W]O Pgsuft; Fass ai DWO 4>37, javgjglt iraj 4.=4=2 ta 4.=402
@dsgo al Odcfyix–s gmalajcm mdfglodr iar 9 tb sgp, tbgrg wds bchb cjpartdlmg iar Mbdlhg cl Lalidrj pdyraffs dlo ulgjpfayjglt rdtg. _bcs wds cltgrprgtgo cl d wralh jdllgr ds tbg cliarjdtcal turlgo aut ta `g pasctcvg iar W]O–s dpprgmcdtcal dlo fgdo ta d fass oug ta `uyclh ai Gura, clstgdo ai W]O. _bg mbdlhg cl lal-idrj pdyraffs tgffs d`aut tbg mbdlhg cl luj`gr ai ka`s dvdcfd`fg iar tbg jaltb ai Duhust. _bcs odtd stcjufdtgs tbg ka` jdregt `y dooclh jarg ka`s dlo dl cjpartdlt idmtar iar tbg hrawtb ai fd`ar cl tbg W]. _bg igo cs rgspalsc`fg iar eggpclh tbg gjpfayjglt hrawclh dlo tbcs fgdos ta `gttgr gmalajy. Dpdrt iraj tbcs tbg d`avg odtd dfsa diigmts tbg ulgjpfayjglt mbdlhg, wbcmb cs kust tbg appasctg c.g. fgss pgrmgltdhg fgdos ta dl clmrgdsg cl avgrdff gjpfayjglt. Bawgvgr bchb gjpfayjglt fgdos ta `gttgr gmalajy dlo jarg spgloclh iraj tbg malsujgrs dlo clifdtcaldry ogjdlos.(Odcfyix 0>4=)
_bcs odtd sbaufo bdvg `ggl cl tbg appasctg trdlsdmtcal wctb pdyclh dttgltcal ta tbg lgws rgfgdsg tcjg dlo dfsa trustclh tbg iargmdstgo rdtg. _bg `gfaw tgmblcmdf dldfyscs wds oalg `dsgo al tbg gjpfayjglt mbdlhg.
3
GJ^FASJGL_ DLO GMALAJS IAP _PDL]DM_CAL] 4>
Gmalajcm hrawtb dlo ulgjpfayjglt drg tbg twa scogs ai d macl. _bg gmalajcm dmtcvcty cs bchb wbgl tbgrg cs jarg praoumtcal ai haaos dlo tbgrg cs d hrawclh gjpfayjglt. _bcs cs kust tbg appasctg wbgl tbgrg cs fgss gmalajcm hrawtb. _bcs diigmts tbg ogjdlo dlo suppfy ai fd`ar. _bus dl clmrgdsg cl ogjdlo ar ogmfclg cl suppfy wcff rdcsg tbg wdhgs dlo vcmg vgrsd. _bg `gfaw ocdhrdj tgffs tbg rgfdtcal `gtwggl tbg sbcits cl fd`ar ogjdlo, wbcmb giigmts tbg sbcit cl wdhgs X0 dlo tbg gjpfayjglt rdtg F0. _bcs dfsa jgdls tbdt tbg luj`grs ai arhdlczdtcals bdvg clmrgdsgo dlo tbcs mdl fgdo ta dl clmrgdsg cl praoumtcal, tgmblafahy dlo bujdl mdpctdf. (Xg``aaes, 0>4=)
Ich 7; Mbdlhgs cl ogjdlo dlo suppfy ai fd`ar (Xg``aaes 0>4=)
_bus gjpfayjglt mbdlhg pfdys d vgry vctdf rafg iar gmalajcm hrawtb dlo iar spgmufdtcal cl iargx jdregts `dsgo al odtd pravcogo iar spgmcicm maultrcgs.
4>
_PDL]DM_CAL] 44, 40, 4= AL 9/3/0>4= @uy W]O dlo ]gff ”MDO, K^S & DWO.
_bcs dldfyscs cs cl rghdros ta tbg W]O rdtg, wbcmb bdo halg up clctcdffy oug ta tbg d`avg odtd cl rghdros ta ulgjpfayjglt mbdlhg dlo tbg mbdlhg cl lal-idrj pdyraffs. @dsgo al tbg d`avg fass dff trdlsdmtcals wgrg oalg scjuftdlgausfy cl rgfgdsg ai tbg pasctcvg lgws iar tbg W]O. _bg djault put dt rcse wds bchb wbcmb fgdo ta buhg fassgs cl tbg `gfaw rdlhgs. ]tap fass sbaufo bdvg `ggl clmrgdsgo ds fdtgr tbgrg wds dl upwdro trglo iar W]O dlo tbcs waufo bdvg jclcjczgo tbg fassgs.
@uy
]gff
Pgi
Fass cl DWO
Javgjglt
W]O
DWO
43793728
7>>>
.34?8 ta .3423
W]O
K^S
4378440>
973>
33.80 ta 33.40
W]O
MDO
437999=7
4=>9
4.>?23 ta 4.>?9?
Hrdpb sbawclh tbg W]O idffclh `y 8>-2> pcps cl d sgmalo, tbauhb tbg odtd wds suppartcvg tbg fass wds vgry bchb iar W]O/K^S.
Ichurg 8 ; W]O/K^S al 9/3/0>4= (Odcfyix 0>4=)
44
_PDL]DM_CAL] 4?, 47, 49 AL 9/3/0>4= @uy W]O, ]gff K^S. Ditgr tbg d`avg oawlidff ai 8>-2> ^cps tbgrg wds ta `g dl upwdro trglo iar tbg W]O dlo `ut al d falh-tgrj `dscs. _bg rgvgrsg trdlsdmtcals wctb rgi–s 437202=2, 4378?92?, 4378?74> dlo 4378?038 fgdo ta rgmavgry ai DWO 9>>> (dpprax.)
_PDL]DM_CAL 48, 42, 43 AL 44/>3/0>4= Pgi la–s 43900>?2, 439043>8 & 43904882 @uy H@^, ]gff W]O Pgsuft; Avgrdff praict ai DWO 9>>>(dpprax.) Javgjglt iraj 4.78=4 ta 4.7200 (3> pcps) _bg dmtudf lgws odtd iar H@^ cloustrcdf praoumtcal (SAS) wds -4.9% dlo fgssgr tbdl iargmdstgo djault wbcmb fgdo ta tbcs hdcl. _bg cloustrcdf praoumtcal cs tbg jdluidmturclh autput iar jclgs, idmtarcgs dlo glgrhy sgmtar. _bcs cs d sbart-tgrj clocmdtar iar WE–s cloustrcdf dmtcvcty. _bcs cs 07% ai tbg HO^ dlo bchbgr djault fgdos ta bchbgr gmalajy. Gvgl tbg trdog `dfdlmg wds dfjast oau`fg tbdl tbg iargmdstgo dlo tbrgg tcjgs ai prgvcaus jaltb–s ichurg, wbcm b idvargo cts vdfug. Odvco salh, murrglmy dldfyst dt Odcfyix dfsa hdvg pasctcvg javgjglt d`aut tbg ka`fgss mfdcjs ds tbdt wds fgssgr tbdl gdrfcgr dlo gmalajy wds cjpravclh iar H@^ ta pgriarj (sgg Dppglocx 4@). ]bart tgrj `uyclh ai H@^ iar => jcls kust prcar ta tbg lgws rgfgdsg tcmego tbg praict d`avg dltcmcpdtcal ta DWO 9>>>. _bg clmrgdsg dhdclst W]O mdl `g sggl cl tbg `gfaw ichurg iar dpprax. 4>> pcps. (Odcfyix 0>4=)
Ich 2 ; H@^/W]O al 44/3/0>4= (Odcfyix 0>4=)
40
_PDL]DM_CAL 0> DLO 04 AL 40/3/0>4= Pgi la–s 439?>888 & 439?>890 @uy W]O, ]gff DWO Pgsuft; Fass cl tatdf ai DWO =9>> (dpprax.) Javgjglt iraj .30== ta .307?
_bcs wds d falh-tgrj javgjglt cl wbcmb tbg DWO bdo clmrgdsgo stgdocfy tawdros W]O ditgr tbg gfgmtcals cl Dustrdfcd ourclh `ghcllclh ai tbg wgge. @ut, tbgl tbgrg wds d ogmfclg cl DWO sbdrpfy iar 8>-2> pcps. _bg oawlidff wds oug Dustrdfcd–s ulsdtcsidmtary gjpfayjglt rgfgdsg. _bg ichurgs wgrg rgfgdsgo `y Dustrdfcdl `urgdu ai stdtcstcms. _bcs rgfgdsg bdo majg ds d surprcsg ds tbg ulgjpfayjglt rdtg dfsa clmrgdsgo ta 7.2% dlo tbcs ogmfclg ai DWO sglo tbg W]O clogx ta 4>,8>>. _bauhb tbg murrglmy `auhbt wds cl idvar ai tbg lgws rgfgdsg `ut tbg `uyclh dlo sgffclh wds oalg dt clmarrgmt tcjgs, wbcmb gvgltudffy fgdo ta fass. _bg `gfaw hrdpb sbaws tbcs oawlidff iar tbg DWO. (Odcfyix 0>4=)
Ich 3; DWO/W]O al 4=/3/0>4= (Odcfyix 0>4=)
_PDL]DM_CAL 00 DLO 0= AL 4=/3/0>4= Pgi; 4399=744 Pgis; 4399?93> @uy; Gura, ]gff; W]O Pgsuft; ^raict ai DWO ?=0.2=
@uy; MBI, ]gff; W]O Pgsuft; ^raict ai DWO 7=7
_bg murrglmy, wbcmb cs jast, diigmtgo `y odtd rgfgdsgs ai W]O cs Gura dlo bglmg fgdos ta jast luj`gr ai trdlsdmtcals ai tbcs pdcr. _bg lgws ds pgr gmalajcm mdfglodr iar Dovdlmg rgtdcf sdfgs 4=
iar Duhust ai bchb cjpartdlmg wds oug ta `g rgfgdsgo dt 40;=> HJ_ al 4=/3/0>4=. _bg iargmdstgo wds >.7% clmrgdsg dlo `gttgr tbdl tbg prgvcaus jaltb ai .?%. _bg odtd wds bawgvgr fgssgr `y mbdlhg ai kust >.0% dt tbg tcjg ai dmtudf rgfgdsg. _bcs wds ta hgt tbg W]O oawl `ut lat clstdltfy ds W]O bdo dfrgdoy suiigrgo tbg wbafg wgge oug ta cts oawlidff. @ut eggpclh tbg trdlsdmtcal rullclh iar d falhgr ourdtcal wctb stap fass sgt ta jclcjdf rdlhg fgdo ta praict ai DWO ?=0.
Ich 4>; GWP/W]O al 4?/3/0>4= (RG 0>4=) _bg rgtdcf ichurgs tgff d`aut tbg std`cfcty ai malsujgr ogjdlo dlo tbgcr malicoglmg cl spgloclh. Malsujgr spgloclh dmmaults iar 99% ai tbg tatdf gmalajcm dmtcvcty cl tbg W]D. Dpdrt iraj tbcs rgfgdsg Wlcvgrscty ai Jcmbchdl malicoglmg survgy, wbcmb cs oalg ta faae clta malsujgr malicoglmg tbrauhb bulorgos ai tgfgpbalg survgys. @dsgo al paar rgtdcf sdfgs rgfgdsg tbcs wds taa ha fawgr tbdl iargmdstgo dlo fgdo ta iurtbgr oawlidff ai tbg W]O. _bcs dfsa diigmtgo atbgr murrglmcgs trdoclh wctb W]O fceg MBI, wbcmb taa fgdo ta d hdcl ai DWO 7=7.
IAPXDPO _PDL]DM_CAL];
_bgsg trdlsdmtcals drg oalg cl prgsglt smgldrcas `y trdoclh d pdrtcmufdr murrglmy `dsgo al cts iuturg rdtg dlo usudffy tcff 9> odys. _bg sprgdos drg bchbgr tbdl tbg ody trdoclh. (Gdsy-iargx 0>4=) _rdlsdmtcal 4 al 02/2/0>4=; Pgi la. 43799299 @uy W]O, ]gff H@^ Pgsuft; ^raict ai DWO =>7 Javgjglt iraj; 4.7748 ta 4.7?2=
Iarwdro trdlsdmtcals drg larjdffy falh tgrj trdlsdmtcals. _bg alg jgltcalgo ai H@^/W]O wds egpt apgl iar d falhgr tcjgs dlo tbcs fgdo ta praict ai DWO =>7. _bcs wds oalg `gmdusg ai tbg lgws rgfgdsg d`aut W]O iraj 02 tb Duh tcff 03 tb Duh ds dff wgrg fgdoclh ta d `gttgr iargmdstgo ichurgs ai tbg Hrass oajgstcm praoumt. 4?
HO^ diigmts tbg avgrdff gmalajcm autput dlo ci ct javgs up, tbg oaffdr cs ta strglhtbgl. @y faaeclh clta tbcs jgdsurg tbcs iarwdro trdlsdmtcal wds oalg.
_GMBLCMDF DLDFS]C]; Dff tbg Mbdrts- Fclg, mdlofg, `dr wgrg jdkarfy usgo iar jast ai tbg trdlsdmtcals iraj Odcfyix dlo falh-tgrj, sbart-tgrjs javgjglts wgrg dldfyzgo gxtglscvgfy. Iar sajg ai tbg trdlsdmtcals dlo pdrtcmufdrfy iar murrglmy pdcrs ai DWO/W]O dlo W]O/K^S tbgrg wgrg wcogsprgdo javgjglts ai tbg pcps. ^raicts wgrg jdog `y usclh tbg rchbt gxct strdtghy iar igw dlo fassgs ds wgff cl arogr ta wdct iar bchbgr praicts.
MALMFW]CAL ; _bg javgjglt cl iargx jdregt cs vgry bchb dlo usclh prapgr elawfgohg dfalh wctb rcse mdfmufdtcal cs bchbfy cjpartdlt iraj tcjg ta tcjg. Alg sbaufo usg dff trdoclh taafs dlo strdtghcgs iar d idvard`fg autmajg dlo jast cjpartdlt cs ta elaw wbgl ct–s glauhb ta mfasg tbg trdlsdmtcal, wbgtbgr ct–s fgdoclh ta jarg praict ar fass.
47
PGIGPGLMG];
@dgttch, P. (0>4=). "Odcfy ]ujjdry al W]O, GWP, K^S, H@^, DWO, MDO dlo L[O." Pgtrcgvgo 08/2/0>4=, iraj bttp;//www.c`tcjgs.maj/odcfy-sujjdry-uso-gur-kpy-h`pduo-mdo-lzo-4?>>3?7. Odcfyix (0>4=). "Iargx Gmalajcm Mdfglodr ". Pgtrcgvgo 02/2/0>4=, iraj bttp;//www.odcfyix.maj/mdfglodr1tz:&sart:odtg&wgge:0>4=%0I>207&gur:trug&us o:trug&kpy:trug&h`p:trug&mbi:trug&duo:trug&mdo:trug&lzo:trug&mly:trug&bchb: trug&jgocuj:trug&faw:trug.
Odcfyix (0>4=). "Iargx Gmalajcm Mdfglodr ". Pgtrcgvgo =/3/0>4=, iraj bttp;//www.odcfyix.maj/mdfglodr1tz:&sart:odtg&wgge:0>4=%0I>3>4&gur:trug&us o:trug&kpy:trug&h`p:trug&mbi:trug&duo:trug&mdo:trug&lzo:trug&mly:trug&bchb: trug&jgocuj:trug&faw:trug. Odcfyix (0>4=). "Iargx Gmalajcm Mdfglodr." iraj bttp;//www.odcfyix.maj/mdfglodr1tz:&sart:odtg&wgge:0>4=%0I>3>2&gur:trug&us o:trug&kpy:trug&h`p:trug&mbi:trug&duo:trug&mdo:trug&lzo:trug&mly:trug&bchb: trug&jgocuj:trug&faw:trug. Odcfyix (0>4=). "Iargx Gmalajcm Mdfglodr ". Pgtrcgvgo 44/3/0>4=, iraj bttp;//www.odcfyix.maj/mdfglodr1tz:&sart:odtg&wgge:0>4=%0I>3>2&gur:trug&us o:trug&kpy:trug&h`p:trug&mbi:trug&duo:trug&mdo:trug&lzo:trug&mly:trug&bchb: trug&jgocuj:trug&faw:trug.
Odcfyix (0>4=). "Lgtodlcd." Pgtrcgvgo 9/3/0>4=, bttp;//www.odcfyix.maj/mbdrts/lgtodlcdmbdrt1syj`af:W]O/K^S.
iraj
Odcfyix (0>4=). "Lgtodlcd." bttp;//www.odcfyix.maj/mbdrts/lgtodlcdmbdrt1syj`af:H@^/W]O.
iraj
Gdsy-iargx (0>4=). "Ogja dmmault." iraj bttp;//www.gdsy-iargx.maj/du/.
Iargxjdregt (0>4=). Pgtrcgvgo 02/2/0>4=, iraj bttp;//www.tbg-iargx-jdregt.maj/d`rcgi-cltraoumtcal-ta-iargx.btjf. C]J (0>4=). "D`aut C]J." Pgtrcgvgo bttp;//www.csj.ws/D`aut/1ldvCtgjLuj`gr:00=08.
=/3/0>4=,
iraj
Fcttfgstalg, P. (0>4=). "@dle ai Mdldod fgdvgs egy fgloclh rdtg dt 4.>>%." Pgtrcgvgo ?/3/0>4=, iraj bttp;//www.iargxfcvg.maj/`fah/0>4=/>3/>?/mdldocdl-`am-fgdvgsrdtgs-dt-4->/.
49
Fapgz, F. (0>4=). "W.]. jdluidmturclh, malstrumtcal odtd suhhgst hrawtb pcmeup." Pgtrcgvgo =/3/0>4=, iraj bttp;//www.rgutgrs.maj/drtcmfg/0>4=/>3/>=/us-usdgmalajy-jdluidmturclh-coW]@PG320>L20>4=>3>=.
_d`arod, K. (0>4=). "Wlctgo ]tdtgs @dfdlmg ai _rdog." Pgtrcgvgo 7/3/0>4=, iraj bttp;//www.trdoclhgmalajcms.maj/ulctgo-stdtgs/`dfdlmg-ai-trdog. Xg``aaes (0>4=). " Fd`ar Jdregts dt Xare." Pgtrcgvgo bttp;//www.wg`-`aaes.maj/gFc`rdry/LM/@>/@9=/>90J@9=.btjf.
9/3/0>4=,
iraj
RG (0>4=). "Murrglmy mbdrts." bttp;//www.xg.maj/murrglmymbdrts/1iraj:DWO&ta:W]O&vcgw:4O.
iraj
RG (0>4=). "RG Murrglmy Mbdrts (GWP/W]O)." Pgtrcgvgo 03/2/0>4=, bttp;//www.xg.maj/murrglmymbdrts/1iraj:GWP&ta:W]O&vcgw:4O.
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