Items filtered by date: Thursday, 10 January 2019
The World Bank has predicted that Nigeria’s Gross Domestic Growth, GDP, will expand by 2.2 percent in 2019.
The World Bank made the prediction in its annual Global Economic Prospects published on Wednesday.
The prediction slightly upgraded the country’s projected growth rate from 2.1 per cent in June 2018.
According to the World Bank, growth in sub-Saharan Africa would accelerate to 3.4 per cent in 2019, due to improved investment in large economies together with continued robust growth in non-resource intensive countries.
“Per capita growth is forecast to remain well below the long-term average in many countries, yielding little progress in poverty reduction.
“Growth in Nigeria is expected to rise to 2.2 per cent in 2019, assuming that oil production will recover and a slow improvement in private demand will constrain growth in the non-oil industrial sector.
“Angola is forecast to grow 2.9 per cent in 2019 as the oil sector recovers as new oil fields come on stream and as reforms bolster the business environment.
“South Africa is projected to accelerate modestly to a 1.3 per cent pace, amid constraints on domestic demand and limited government spending,” the bank said.
The World Bank report, while dwelling on the risk to the region’s growth, said escalated trade tensions between the United States and China could impact negatively on the region.
“Faster than expected normalisation of advanced economy monetary policy could result in sharp reductions in capital inflows, higher financing costs and abrupt exchange-rate depreciation.
“Increased reliance on foreign currency borrowing has heightened refinancing and interest rate risk in debtor countries,” the noted.
The report further stated that domestic risks remained elevated and that political uncertainty and a concurrent weakening of economic reforms could continue to weigh on the economic outlook in many countries.
“In countries like Mozambique, Nigeria, and South Africa holding elections in 2019, domestic political considerations could undermine the commitments needed to rein in fiscal deficits, especially where public debt levels are high and rising.
Source: The Ripples
Published in News Economy
Fears that Nigeria’s 2019 budget may suffer huge revenue short fall may be abetted as the prices of crude oil in the international market rebounded on Wednesday, selling at the $60 per barrel benchmark set for the budget by the Federal Government.
Prices of Brent, West Texas Intermediate, WTI, and OPEC Basket of 14 crudes stood at $60.00, $59.91 and $56.11 per barrel respectively.
The rise in the prices is seen as a result of the ability of OPEC to mobilise its members and others not to pump excess oil into the volatile market.
However, a source in OPEC said the market was still covered with an air of uncertainty, meaning that many factors can still compel price to leap further or drop, even beyond expectation.
It would be recalled that the Secretary General of OPEC, Dr. Muhammad Barkindo, while speaking in Angola a few days ago, said: “OPEC knew it had to act in the face of this potential calamity. Throughout 2016, extensive consultations were undertaken with our non-OPEC partners, aimed at building consensus about the strategic urgency of rebalancing the global oil market in a collective manner.
“Twenty-four (now twenty–five) oil producing nations agreed at the first OPEC and non-OPEC Ministerial Meeting held on the 10th of December 2016 in Vienna, on a concerted effort to accelerate the stabilization of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day.
“What would become clearer in time is that one of the greatest inherent strengths of the ‘Declaration of Cooperation’ (DoC) was its flexibility, grounded on the core principles of equity, fairness and transparency. Over the last two years, the partners have been able to modify course depending on conditions in the market. When the market appeared skewed to oversupply, we have reacted accordingly, and equally, when consumers expressed concerns regarding demand outpacing supply, the partners in the DoC have taken appropriate action.”
Source: News express
Published in Business
The UK's leading business and industry groups are set to make major public interventions on Brexit next week amid growing panic over the prospect of leaving the European Union without a deal.
Several of the country's biggest groups are preparing urgent statements for the likely event of Theresa May's Brexit deal with Brussels being voted down by MPs in the House of Commons next Tuesday.
Business and industry leaders are increasingly concerned about the prospect of a no-deal Brexit, despite new moves by MPs of all parties to deter the prime minister from contemplating it.
Press has learnt that the Freight Transport Association - the group representing UK logistic companies like those that carry goods from Dover to Europe - has prepared a list of emergency "mini-deals" which it will publicly call on the UK government to arrange with Brussels in order to limit the disruption of a no-deal scenario.
The FTA's highest-priority demands are permits for UK truck drivers to travel to the EU, measures to prevent planes being grounded, and the avoidance of changes to VAT rules which would be particularly costly for small businesses.
"The government cannot sleep until we have these things by March 2019," James Hookham, the FTA's Deputy Chief Executive, told Business Insider.
He added: "I'm not going to let the logistics industry take the fall for political indulgence. It'll be messy, expensive and not end well, and caused by people who suffer from ignorance or privilege. Or both."
Another of the country's biggest industry groups also confirmed it is planning a public intervention, with an insider telling news men: "If the deal falls next week we are in completely different territory and our response will reflect that."
It'll be messy, expensive and not end well, and caused by people who suffer from ignorance or privilege. Or both.
Other groups and trade associations are weighing up how they'll respond to the prime minister's deal being rejected.
A senior figure at another leading business group said that it was preparing for "the severity of the situation to increase significantly" next week.
The UK business community is preparing to "rise up with their pitchforks" next week if MPs vote to reject the Withdrawal Agreement next week, another source said.
Craig Beaumont, Head of External Affairs at the Federation of Small Businesses, told News men that while the FSB had not yet prepared an official response, the government should consider delaying Brexit if May's deal falls on Tuesday.
"Whatever happens next, we want to avoid a chaotic no-deal on March 29 and secure the transition that we asked for and won from both sides. We can only get that with a deal," he said.
"So in that scenario, an extension of Article 50 should be considered so a deal can be found."
Virendra Sharma - Labour MP and supporter of anti-Brexit group Best For Britain - told BI: "I'm happy to say that businesses small and large across the country believe the prime minister's deal is dead already that's why it's time for a second referendum with remain as an option.
"The Tories used to be the party of business, now they are the party of national disaster."
MPs across the House of Commons are mobilising to try and block the government from leaving the EU without a deal. On Tuesday night, MPs voted by 303-296 for an amendment tabled by Labour MP Yvette Cooper which will block the Treasury carrying out basic tasks like changing tax levels if it pursues a no-deal Brexit.
It followed growing pressure from within May's Cabinet for her to rule out a no-deal.
Work and Pensions Secretary Amber Rudd told a meeting of May's Cabinet on Tuesday that history would take "a dim view" of the government if it allowed a no-deal Brexit to take place.
Business Secretary Greg Clark also became the first senior figure in May's government to signal that he would resign if a no-deal Brexit were pursued.
Clark told MPs on Tuesday that leaving without a deal "should not be contemplated."
"It is essential that we should be able to continue to trade," Clark said. "It's why I've always been clear, representing very strongly the views of small business and large business, that no-deal should not be contemplated."
The government has repeatedly reassured MPs, businesses and the general public that the UK will be prepared to leave the EU without a Withdrawal Agreement in March should the Article 50 clock run down.
Last week, the Department for Transport assessed how quickly 89 lorries could reach the port of Dover from a make-shift holding park in Kent, as part of efforts to prevent huge queues of vehicles at the border.
Despite the work taking place, there is increasing worry among business and industry that government departments are not equipped to address the myriad complications that would arise from leaving the EU without a deal.
"With every new minister comes an 'oh my god' moment where they get their brief and realise what they are dealing with," the FTA's Hookham told BI.
The mayor of Ostend, Belgium yesterday cast doubt over UK plans to create a ferry route between the east coast of England and Ostend, saying that it'll be "impossible" for the Belgian port to be ready in time for Brexit.
The plan was already under the spotlight after it emerged that the company hired by the UK government to oversee the new route owned no ships and had never operated a ferry service before.
Source: PmNews
Published in World
American Breweries can't get labels approved for new beers.
The US federal agency in charge of approving the labels has been closed as a result of the government shutdown in that country.
"We release new beers every other week," said Laura Dierks, CEO and founder of Interboro. "Right now, we're looking at not being to sell beer in February because of this."
Delays could persist even when the government resumes normal functioning. "It's almost certain there will be a backlog when the shutdown ends," said Bart Watson, chief economist for the Brewers' Association, a trade group representing breweries.
The American government shutdown is threatening to halt new beer releases from breweries across the US.
The Alcohol and Tobacco Tax and Trade Bureau approves labels and, in some cases, recipes for new concoctions of beer, wine, and spirits. The federal agency has been closed as a result of the shutdown, triggered by US President Donald Trump's insistence that US legislators approve funding for a border fence he promised Mexico would pay for.
Brooklyn, New York-based Interboro Spirits and Ales is already feeling the impact of the agency's closure.
"We release new beers every other week," said Laura Dierks, CEO and founder of Interboro. "Right now, we're looking at not being to sell certain beer in February because of this."
Dierks can continue selling new beers within New York state, but in order to sell across state lines, she needs federal approval.
"We're dependent on that revenue," she said.
The shutdown is also delaying the permitting process for breweries that have applied to open new locations.
Even if the shutdown ends soon, delays could persist for weeks.
"It's almost certain there will be a backlog when the shutdown ends," said Bart Watson, chief economist for the Brewers' Association, a trade group representing breweries.
Breweries can continue submitting their requests for approval on new labels, recipes, and locations during the shutdown. But none of them will be processed until the shutdown ends.
Source: Business Insider
Published in Business

South African business confidence dipped in December on lower exports, fewer new vehicle sales and a decline in planned construction, a survey showed on Thursday.

The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) fell to 95.2 in December from 96.1 in November.

Sponsored Stories

Seven of the survey’s 13 sub-indices had a negative impact in December, the business body said in a statement.

“The task of restoring the business and investor climate remains a major challenge,” SACCI said, describing the current business climate as “hesitant”.

After a strong start to 2018, business confidence wavered for much of the past year as planned land and mining reforms unnerved investors.

President Cyril Ramaphosa, who faces a critical election this year, is trying to revive the economy after a decade of stagnation, but he has been frustrated by fiscal constraints and infighting in the ruling African National Congress.

“The general assessment is that the present-day administration acknowledges the huge challenges ahead and the role a sound economy could play in addressing it,” SACCI said.

 Source (Reuters)

Published in Business

The bridge and one-stop-border-post facilities between Zambia and Botswana will enhance regional trade, integration and spur global competitiveness.

Scenes of traders, travelers, fishermen and women crossing the Zambezi river on floating planks, ferries, rickshaw boats, and canoes will soon come to an end. In just 24 months, travelling between the water-rich but land-locked Zambia and Botswana will get easier, smoother and faster, when the new road and rail bridge, currently under construction across the waters of the Zambezi, is commissioned for public use.

The 923-metre-long by 18.5-metre-wide masterpiece will link the town of Kazungula in Zambia with Botswana. Its location traverses the intersection of the Zambezi and Chobe rivers. At this point, four countries - Botswana, Namibia, Zambia and Zimbabwe – meet.

The Kazungula Bridge Project will have a single-line railway track, pavement for pedestrians and international border facilities: two One-Stop Border Posts, located on Botswanan and Zambian territory. When completed, the bridge will be connected to the Mosetse-Kazungula Railway.

The project was one of several projects showcased by officials of the Kazungula Bridge Project Office during the 2018 Programme for Infrastructure Development in Africa (PIDA) Week.

Seeing is believing. Consequently, the conveners of the annual infrastructure summit, the African Union Commission, NEPAD and the African Development Bank, scheduled a trip to the site of the project as part of the week-long PIDA Week, held from 26-29 November 2018.

“It is obvious that once completed, the Kazungula Bridge Project will actually bridge the regional divide,” Mamady Souare, Manager for Regional Integration Operations at the Bank told the 110 participants and reporters who made the trip from Victoria Falls to Kazungula.

“The project will transform the dynamics of transportation in surrounding communities, counties and cities, boosting road travel and the ease of doing business within the Southern African Development Community, the East African Community and the Common Market for Eastern and Southern Africa,” Souare further remarked.

The development has been facilitated by a tripartite arrangement between Botswana, Zambia and Zimbabwe on the North-South Corridor within the Southern Africa Development Community (SADC) region and is part of a corridor-long infrastructure improvement programme, to enhance regional trade and integration.

Following feasibility studies and funding approval for the nearly $260 million project by the board of the African Development Bank in 2011, construction began in 2014, after the governments of Zambia and Botswana announced a deal to build a bridge, replacing the existing Kazungula ferry service. The principal financiers of the project include the governments of Zambia and Botswana, the African Development Bank, the EU-Africa Infrastructure Trust Fund grant and the Japan International Cooperation Agency.

Zimbabwe was brought on board the project as a stakeholder in March 2018, after Presidents Emmerson Mnangagwa of Zimbabwe, Ian Khama of Botswana and Edgar Lungu of Zambia jointly inspected the progress of the multi-million-dollar project.

Also addressing media in Kazungula, Ibrahim Mayaki, Chief Executive Officer, NEPAD Agency said: “Progress is not only visible on the Kazungula Bridge Project, but this project is proof of the consensus and focus on infrastructure development amongst regional and continental stakeholders and credit must be given to PIDA for this…”

As of October 2018, the project had created about 1,485 new jobs including employment for 118 women.

From a policy perspective, the Kazungula Bridge Project leverages the African Development Bank’s Industrialization Strategy for Africa (2016 - 2025). It also aligns with several programs and strategies put in place by regional and continental bodies to improve infrastructure as an anchor for sustainable transformation. These include: the SADC Regional Infrastructure Development Master Plan; the Revised SADC Regional Indicative Strategic Development Plan 2015 - 2020; the Tripartite Trade and Transport Facilitation Programme; the New Partnership for Africa’s Development (NEPAD) Short-Term Action Plan, and PIDA.

As the first wave of vehicles and pedestrians begin to use the new bridge, the regional economy will receive a much-needed boost through increased traffic throughout the North-South Corridor, a key trade route linking the port of Durban in South Africa to Botswana, Zambia, Zimbabwe, Malawi, Mozambique, DR Congo, and up to Dar-es-Salaam in Tanzania.

The facility will effectively serve as a gateway for goods from landlocked Zambia and Botswana to the afore listed countries straddling the North-South Corridor, a geographical zone of about 279 million people, larger than the populations of France, Germany, the United Kingdom and Spain combined.

When completed, the bridge and one-stop-border-posts facilities will enhance regional trade, spur increased global competitiveness due to reduced time-based trade and transport costs, and reduction of transit time for freight and passengers from between three to eight days to less than half a day.

Published in Engineering
Thursday, 10 January 2019 07:50

Cape Verde Aims For The Magic Million Tourists

Cape Verde could be on the brink of a hotel development wave if the government fulfils its promises to improve infrastructure and transport links.

It aims to attract more than a million tourists a year by 2020, far more than the current hotel supply can cope with. So investor opportunities on the archipelago, strategically located in the Atlantic Ocean around an hour from Dakar and around four hours from Brazil and Lisbon, could be enormous.

A detailed analysis comes from Horwath HTL, a global leader in hotel, tourism and leisure consulting, ahead of the new Forum de l’Investissement Hôtelier Africain (FIHA) in Marrakesh in February 2019.

The conference, organised by Bench Events as a sister event to the long-established Africa Hotel Investment Forum (AHIF), will focus on the markets of north and west Africa.

During the conference, Philippe Doizelet, Horwath HTL’s Managing Partner, Hotels, based in Paris, will be sharing his expertise, gained from 300 development studies both in France and internationally. His verdict on Cape Verde, where 45% of GDP comes from tourism-related services, is: “Economic stability and growth, combined with improved international links, could present a golden scenario.”

The country has experienced a boom in hotel construction in the last decade. From 2010 to 2016 the number of rooms in the country rose by 94% (from 5,891 to 11,435 rooms).

This has led to an increase in interest from leading international tour operators (TUI, Thomas Cook, Look Voyages, Solférias, etc.) who have gradually programmed the archipelago as a top leisure destination, thus generating substantial arrivals by charter flight.

According to Horwath HTL, short term hotel development opportunities in Cape Verde are mainly located in Sal, Boa Vista and Praia. Sal and Boa Vista are expected to remain major group leisure destinations; however, Praia is expected to develop as an administrative and business hub.

In the medium to long term, the Cape Verdean hotel market is predicted to expand as follows:

Sal is expected to become an established destination for leisure groups and to gain importance for the Meetings, Incentives, Conferences and Exhibitions (MICE) market. Boa Vista is expected to see growth in both group and individual tourism plus the development of a wide-range of leisure activities.

Santiago’s capital, Praia, is expected to attract a more corporate/ MICE clientele; whereas northern and central regions of Santiago are predicted to appeal to individual travellers with a focus on eco-tourism.

Sao Vincente, which is currently considered to be Cape Verde’s cultural capital, is likely to evolve as a cultural, natural and beach tourism destination for individual leisure clients.

Philippe Doizelet added: “Water-supply, electricity distribution, internet connection and road networks remain the major constraints for further expansion of the sector. As a result, the Cape Verdean Government has recently dedicated significant funds to further stimulate development, including the launch of an ambitious transport construction program, as well as introducing attractive incentives for tourism investors.”

Matthew Weihs, Managing Director of Bench Events concluded: “FIHA is a unique forum for francophone Africa, uniting the north and west of the continent and helping countries, like Cape Verde, develop their economies via hospitality investment. The CEO-level speakers, alongside Government ministers, will inform the audience about substantial opportunities.

That’s all complemented by networking sessions with leading experts, enabling delegates to establish relationships and to pose questions to which they’ve always wanted answers.”


Credit: New Business Ethiopia

Published in Travel & Tourism

Mauritius has been ranked the most prepared country in Africa for shopping online, according to UNCTAD’s Business-to-Consumer (B2C) E-commerce Index for 2018.

The index was released at the Africa eCommerce Week in December. Forty-three African countries feature in the 151-nation index but make up as many as nine of the bottom ten.

First-ranked Mauritius placed 55 in the global index, which is topped by the Netherlands, Singapore and Switzerland.

“Africa trails behind the rest of the world in its preparedness to engage in and benefit from the digital economy. Three-quarters of the African population have yet to start using the Internet,” UNCTAD Secretary-General Mukhisa Kituyi said.

“However, the continent is showing progress in key indicators related to B2C e-commerce. Since 2014, sub-Saharan Africa has surpassed world growth on three out of the four indicators used in the index,” he added.

“We estimate that there was at least 21 million online shoppers in Africa last year, less than 2% of the world total, with three countries – Nigeria, South Africa and Kenya – accounting for almost half. Nevertheless, the number of African online shoppers has surged annually by 18% since 2014, faster than the world average growth rate of 12%.”

The top three African countries in the index each has a distinctive strength in one of the four areas measured by the index which not only counts numbers of online shoppers but measures ease of payment and delivery.

Mauritius has a considerable 12-point higher score than the next African country. This small island developing nation scores relatively high in all four areas but particularly in the share of the population having a bank or mobile money account (90%).

Nigeria, the most populous African nation, ranks second, largely thanks to a significant increase in postal reliability as measured by the Universal Postal Union (UPU). As Africa’s largest B2C e-commerce market (regarding both number of shoppers and revenue), reliable delivery of products is critical.

South Africa is third, level with several other African countries – Cabo Verde, Gabon, Mauritius and Morocco – for its Internet penetration, with around six in ten inhabitants using the Internet in 2017. South Africa leads by some margin in the number of secure Internet servers per one million people – an indication of websites accepting online sales and payments.

While African countries need to boost Internet penetration to grow e-commerce, many also have to get more of its existing Internet users to trust the online market for making purchases. Unlike developed markets, such as in the European Union, where 68% of Internet users made an online purchase in 2017, the corresponding figure in Africa was only 13% on average in 2017.

While the B2C E-commerce Index correlates with the proportion of online shoppers for the world as a whole, in Africa this relationship is more tenuous as other factors than those captured by the index may be at play.

The main reason some countries score relatively low on the index (relative to their online shopping rank) is their low scores in the UPU postal reliability index.

Similarly, having a bank or mobile money account may not be as important as it is in other developing or developed regions since cash-on-delivery is the dominant mode of payment for e-commerce in Africa.

UNCTAD supports the ability of African countries to engage in and benefit from e-commerce through its Rapid eTrade Readiness Assessments of least developed countries. These reports identify bottlenecks and propose remedies and, as of December 2018, assessments in Africa have been completed for Burkina Faso, Liberia, Madagascar, Senegal, Togo, Uganda and Zambia.


Published in Business

Africa has seen the highest growth among businesses run by women in recent years. This would appear to be good news: entrepreneurship is arguably crucial for job creation and economic growth.

But the flip side of this data is that businesses run by women are less likely than those run by men to grow because of a higher fear of business failure. This is not because women are bad entrepreneurs. Instead, it’s because they often start from a lower base. They have less start-up and investment capital, and possess little or no collateral security. This limits access to loans and credit. They are also affected by exclusion from certain sectors, as well as insufficient staff numbers. All these factors affect the growth and survival of their businesses.

This low base means that when it comes to sales, number of employees, revenue and productivity, women-owned businesses in developing countries tend to be smaller in size and grow more slowly than those run by men. Yet, research shows that those businesses are equally efficient and growth oriented as male-owned businesses.

This discrepancy led us to wonder whether there are targeted policies African governments can use to promote high-growth women’s entrepreneurship. So we conducted a study that evaluated why high-growth women-owned businesses are relatively rare in Cameroon.

The West African nation’s legal and commercial infrastructure, as well as its government support programmes related to some sectors’ entrepreneurial activities, are – on paper – more developed when compared to those elsewhere in the region, like Nigeria and Ghana.

But conversely, it has one of the highest business discontinuation rates and the lowest rates of opportunity-oriented early stage entrepreneurial activity in Africa.

Our findings reveal how being embedded in formal and informal networks enabled women to access and act on resources; this allowed them to realise slow and continuous business growth. But it creates a paradox. Women become locked into complex administrative, ethnic and patriarchal structures. These create reciprocal obligations that are difficult to fulfil, and limit women’s room for high growth.

A struggle to grow

In 2017, women constituted 49.96% of Cameroon’s population of 24 million.Previous research has found that 41.9% of Cameroonian women are interested in becoming entrepreneurs. And, of those who are already entrepreneurs, 56% are doing so because they see a real opportunity; 36.6%, meanwhile, say they are running their own businesses merely to survive.

Another study has found that about 70% of Cameroon’s women entrepreneurs are involved in the tertiary and services sectors. These include wholesale and retail trade, education, health and social services, arts and crafts, events management, food and beverage, hospitality and tourism. This trend carries into other African countries, too.

But their businesses face serious resource constraints. This is partly because of socio-cultural and structural inequalities that favour men. Women entrepreneurs struggle to obtain credit, and to access entrepreneurship education. They also battle to deal with government officials, and cultural norms make it difficult for them to cultivate business networks.

All of this, along with the reality of starting from a lower base than their male counterparts, makes it tough for women entrepreneurs to start big. They then battle to create growth-oriented businesses.

This is a blow for women entrepreneurs, and can have a real effect on their lives. Growth-oriented women entrepreneurs have been found to be among the happiest workers in any economy. More broadly, it has ramifications for the country’s economy.

Lessons and solutions

These concerns and experiences were all borne out in our study. We analysed questionnaires, focus groups and interview data collected between 2014 and 2016 in Cameroon.

The data also offered some potential solutions.

For instance, it is clear that countries need to create networks or regional clusters that specifically target women entrepreneurs who display growth aspirations. One approach would be to extend existing government policies on traditional manufacturing industry clusters to the women-dominated service industries.

Another would be to revise or expand a country’s national employment fund and tax incentives to deliberately target women entrepreneurs with growth intentions. This approach could be tailored to women who are already in the business system, and would be designed to help pay for training opportunities and to enable market access.

Women entrepreneurs also need to be aware of existing government initiatives and networking opportunities. Examples of formal networks providing support to women entrepreneurs in Cameroon include the Association of Cameroonian Business Women, Cameroon Women Entrepreneurs Network and Cameroon Employers Association

These organisations act not only as knowledge exchange and networking platforms but, importantly, serve as bridges between women entrepreneurs and their organisations, and various government departments and international NGOs. Membership would enable growth oriented members to be aware of and access existing opportunities.

Finally, it would be very valuable for women who are interested in high-growth entrepreneurship to learn about those who have come before them. There are women who have overcome the odds to become high-growth entrepreneurs in different African countries. Their lessons may be useful in educating others, and in informing policies to increase the number of high-growth women entrepreneurs in Africa.The Conversation


Albert N. Kimbu, Senior Lecturer in Hospitality & Tourism, University of Surrey and Michael Z Ngoasong, Senior Lecturer in Management, The Open University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Published in Business
  1. Opinions and Analysis


« January 2019 »
Mon Tue Wed Thu Fri Sat Sun
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31