31/01/2025

˻ ͔͒ ˜ ͓͓͖͑

BIZ & FINANCE 19 K‰ ‰’©º©º¢ Éjç jçĚ '¿å Hjçåj؀¨ ¨‰´ÉÐ ‰¹É´¿ç‰‰Ð

* / UPEBZ T GBTU QBDFE XPSME GJOBODJBM GMFYJCJMJUZ JT NPSF DSJUJDBM UIBO FWFS 5SBEJUJPOBM QBZEBZT GJYFE UP CJ XFFLMZ PS NPOUIMZ TDIFEVMFT PGUFO GBJM UP NFFU UIF EZOBNJD OFFET PG FNQMPZFFT 8IFUIFS JU JT BO FNFSHFODZ NFEJDBM CJMM PS BO VSHFOU SFQBJS FYQFOTF UIFSF BSF NBOZ WBMJE SFBTPOT QFPQMF UPEBZ XPVME SFRVJSF JNNFEJBUF GJOBODJBM TVQQPSU CFGPSF SFDFJWJOH UIFJS XBHFT #VU UIF BWFOVFT GPS TFFLJOH GJOBODJBM BJE BSF GBJSMZ MJNJUFE XJUI UIF DPNNPO DIPJDFT CFJOH FJUIFS QFSTPOBM MPBOT iCVZ OPX QBZ MBUFSu PQUJPOT PS JO FYUSFNF DBTFT JMMFHBM NPOFZ MFOEFST *O NBOZ DBTFT UIFTF PQUJPOT MFBWF QFPQMF EFBMJOH XJUI VOJOUFOEFE DPOTFRVFODFT BOE GPS UIPTF XIP MBDL GJOBODJBM BXBSFOFTT JU NBZ XPSTFO UIFJS GJOBODJBM TJUVBUJPO 5IJT JT XIBU ESPWF NF BOE NZ CSPUIFS 3JDIBSE UP CVJME 1BZXBUDI PVS WJTJPO PG B CSJEHF CFUXFFO GJOBODJBM JOTUJUVUJPOT BOE CVTJOFTTFT UP QSPWJEF FNQMPZFFT XJUI GJOBODJBM GMFYJCJMJUZ WJB PVS &BSOFE 8BHF "DDFTT QMBUGPSN 'SPN WJTJPO UP SFBMJUZ 5IF CJSUI PG 1BZXBUDI 0VS TUPSZ CFHBO OPU UPP MPOH BHP JO XIFO UIF XPSME XBT TUJMM HSBQQMJOH XJUI UIF QBOEFNJD .Z CSPUIFS BOE * TFU VQ B CVTJOFTT JO 4FPVM 4PVUI ,PSFB XIFSF XF HPU UP LOPX NBOZ PG PVS DP XPSLFST 8F OPUJDFE B DPNNPO QBUUFSO BNPOH UIFN .BOZ GSFRVFOUMZ SFRVFTUFE GJOBODJBM TVQQPSU CFGPSF QBZEBZ PGUFO BTLJOH GPS FBSMZ BDDFTT UP UIFJS XBHFT 5IJT HPU VT UIJOLJOH UIFSF IBE UP CF B CFUUFS XBZ UP TVQQPSU UIFN -JTUFOJOH UP PVS FNQMPZFFT XIP TIBSFE UIFJS TUSVHHMFT XJUI NBOBHJOH GJOBODFT CFUXFFO QBZDIFDLT XF RVFTUJPOFE XIZ UIPTF UIBU OFFE MJRVJEJUZ UIF NPTU EJEO U IBWF BDDFTT UP JU GSPN NBKPS GJOBODJBM JOTUJUVUJPOT PO GBJS UFSNT 3JDIBSE BOE * IBWF EFDBEFT PG GJOBODF FYQFSJFODF CFUXFFO VT XJUI 3JDIBSE IPMEJOH TFOJPS QPTJUJPOT BU .BTUFS$BSE XIFSF IF XBT DPVOUSZ NBOBHFS $JUJ BOE )4#$ XIJMF * XPSLFE BT BO . " MBXZFS BOE JOWFTUNFOU NBOBHFS JO QSJWBUF FRVJUZ (JWFO PVS TIBSFE CBDLHSPVOET XF VOEFSTUPPE UIF DIBMMFOHFT BOE GFBTJCJMJUZ GPS MBSHF GJOBODJBM JOTUJUVUJPOT UP HP BCPVU FWBMVBUJOH BOE TFSWJOH TVDI B MBSHF TFHNFOU PG UIF QPQVMBUJPO UIBU SFRVJSF TVDI GJOBODJBM TVQQPSU 8F XFSF BMTP BXBSF UIBU &BSOFE 8BHF "DDFTT &8" XBT HBJOJOH QPQVMBSJUZ JO UIF 8FTU BOE IFMQFE TPMWF MJRVJEJUZ OFFET CVU XBT TUJMM OPU TVGGJDJFOUMZ BEESFTTJOH UIF RVFTUJPO PG GBJS BOE USVF GJOBODJBM BDDFTT UP GJOBODJBM JOTUJUVUJPOT BOE TFSWJDFT /08 UIBU NPTU PG VT IBWF NPWFE QBTU UIF FYQFSJNFOUBM QIBTF GPS "* XF TFF CVTJOFTTFT JODSFBTJOHMZ VOMPDLJOH JUT WBMVF XJUI UIJT USBOTGPSNBUJPOBM UFDIOPMPHZ "T SFQPSUFE JO B .D,JOTFZ (MPCBM 4VSWFZ PG SFTQPOEFOUT TIBSFE UIFJS PSHBOJTBUJPOT BSF OPX SFHVMBSMZ VTJOH "* o EPVCMF UIF BEPQUJPO SBUF JO #VU XJUI NPSF FOUSBOUT JO UIF FOUFSQSJTF "* MBOETDBQF UIF DIBMMFOHF MJFT JO DSFBUJOH USVF DPNQFUJUJWF EJGGFSFOUJBUJPO SBUIFS UIBO KVTU LFFQJOH VQ XJUI UIF TUBUVT RVP 4P IPX DBO FOUFSQSJTFT QSFQBSF GPS XIBU T OFYU 5IF GVUVSF PG "* MJFT JO PQFO TPVSDF "T "* FYQBOET CFZPOE TJNQMF BVUPNBUJPO JOUP NPSF TPQIJTUJDBUFE BQQMJDBUJPOT MJLF QSFEJDUJWF BOBMZUJDT DPOUFOU HFOFSBUJPO BOE FWFO EFDJTJPO NBLJOH JU IBT CFDPNF FTTFOUJBM GPS FOUFSQSJTFT BDSPTT JOEVTUSJFT UP LFFQ QBDF 8IJMF BU WBSZJOH TUBHFT JO UIFJS "* BEPQUJPO KPVSOFZ PQFO TPVSDF BMMPXT CVTJOFTTFT UP QJPOFFS B OFX FSB PG JOOPWBUJPO -PPLJOH BIFBE UIFTF BSF UISFF LFZ USFOET QPJTFE UP ESJWF TJHOJGJDBOU DIBOHFT GPS FOUFSQSJTFT JO UIF "QBD SFHJPO UIJT ZFBS %JTDPWFS UIF PQFO TPVSDF BEWBOUBHF JO "* 4JODF UIF OVNCFS PG PQFO TPVSDF HFO "* QSPKFDUT IBT TVSHFE CZ XJUI NBOZ PG UIFTF DPOUSJCVUJPOT DPNJOH GSPN *OEJB +BQBO BOE 4JOHBQPSF 5IJT SFGMFDUT UIF JNQPSUBODF PG DPMMBCPSBUJPO BOE BDDFTTJCJMJUZ XIFO JU DPNFT UP OFX UFDIOPMPHJFT MJLF "* BOE XF BSF MJLFMZ UP TFF

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ÒÓÝ ËÜÞÓÍÖÏ ÓÝ ÍÙØÞÜÓÌßÞÏÎ Ìã ÏÎ ËÞ ËÖËãÝÓË ÍÙߨÞÜã ×ËØËÑÏÜ Ë××ã ËØ˛ QSJNBSJMZ VTF UIFJS &BSOFE 8BHF "DDFTT GPS VOFYQFDUFE FYQFOTFT MJLF EPDUPS WJTJUT GVOFSBMT BOE TDIPPM GFFT BMPOHTJEF OFDFTTJUJFT MJLF VUJMJUZ BOE HSPDFSZ CJMMT 'JOBODJBM TUBCJMJUZ BMMPXT FNQMPZFFT UP GPDVT PO UIFJS XPSL MFBEJOH UP JODSFBTFE QSPEVDUJWJUZ BOE KPC TBUJTGBDUJPO &NQPXFSJOH PSHBOJTBUJPOT $VTUPNJTBCMF TPMVUJPOT GPS BMM * EP XBOU UP FNQIBTJTF UIBU 1BZXBUDI XBT OPU KVTU EFTJHOFE GPS FNQMPZFFT CVU BMTP GPS UIF PSHBOJTBUJPOT UIBU TVQQPSU UIFN 8F VOEFSTUBOE UIBU FWFSZ DPNQBOZ IBT VOJRVF OFFET BOE XF WF UBJMPSFE PVS QMBUGPSN UP CF GMFYJCMF BOE DVTUPNJTBCMF XJUI )3 QFSTPOOFM BOE CVTJOFTT PXOFST JO NJOE 5IJT BMMPXT UIFN UP FBTJMZ UBJMPS &8" UP GJU UIFJS PSHBOJTBUJPO T QSPDFTTFT BOE TUSVDUVSF CBTFE PO UIFJS TQFDJGJD SFRVJSFNFOUT XJUI TVQQPSU GSPN PVS UFBN PG FYQFSUT 0OF UIJOH XF QSJEF PVSTFMWFT PO JT PVS "* QPXFSFE FNQMPZFS POCPBSEJOH KPVSOFZ 8F WF XPSLFE IBSE UP NBLF UIJT JOUFHSBUJPO QSPDFTT BT TNPPUI BT QPTTJCMF XJUI UIF IFMQ PG "* TP DPNQBOJFT DBO RVJDLMZ SPMM PVU UIFJS &8" PGGFSJOH UP UIFJS FNQMPZFFT 8F WF CVJMU BMM PVS TPMVUJPOT PO B IJHIMZ TDBMBCMF BOE TFDVSF QMBUGPSN XIJMTU TJNVMUBOFPVTMZ DPMMBCPSBUJOH XJUI SFQVUBCMF GJOBODJBM JOTUJUVUJPOT UP QSPWJEF PVS QBSUOFST BOE VTFST XJUI QFBDF PG NJOE BU FWFSZ TUBHF PG UIFJS &8" KPVSOFZ -PPLJOH BIFBE 4IBQJOH UIF GVUVSF PG GJOBODJBM GSFFEPN "T XF MPPL UP UIF GVUVSF 1BZXBUDI JT TFUUJOH UIF TUBHF GPS B OFX FSB JO GJOBODJBM NBOBHFNFOU *NBHJOF B XPSME XIFSF GJOBODJBM XFMM CFJOH JT BDDFTTJCMF UP BMM XIFSF TUSFTT PWFS QBZEBZ JT B UIJOH PG UIF QBTU 5IJT JT UIF WJTJPO 1BZXBUDI .BMBZTJB JT CSJOHJOH UP MJGF 8JUI 1BZXBUDI DPNQBOJFT BSF OPU KVTU SFEFGJOJOH QBZEBZ ‡ UIFZ SF FNCSBDJOH UIF GVUVSF PG GJOBODJBM NBOBHFNFOU BOE FYQMPSJOH B OFX SFBMN PG FNQMPZFF CFOFGJUT ÒÓÝ ËÜÞÓÍÖÏ ÓÝ ÍÙØÞÜÓÌßÞÏÎ ËãáËÞÍÒ ÚÜÏÝÓÎÏØÞ ËØÎ ÍÙ̋ÐÙߨÎÏÜ ÖÏâ Ó× ̙ ÚÓâ̚ ˛

PG UIF .BMBZTJBO XPSLGPSDF

BQQSPBDIJOH BOE DPMMBCPSBUJOH XJUI CBOLT UP TUSVDUVSF BOE DSFBUF B QSPEVDU UPHFUIFS 5IF PVUDPNF PG UIJT XBT B TPMVUJPO UIBU BMMPXT FNQMPZFFT UP BDDFTT MJRVJEJUZ UISPVHI PVS PO EFNBOE TBMBSZ BDDFTT TFSWJDF BU UIF MPXFTU OPNJOBM GFFT XJUI BEEJUJPOBM GJOBODJBM TFSWJDFT QSPWJEFE JO UIF QMBUGPSN GPS GSFF XIJMF IBWJOH BDDFTT UP NPSF TFSWJDFT GSPN NBKPS CBOLT 5PEBZ XF BSF QSPVE UP XPSL XJUI GJOBODJBM JOTUJUVUJPOT UISPVHIPVU "TJB UP EFMJWFS PVS TPMVUJPO *U XBTO U KVTU BCPVU HJWJOH FNQMPZFFT UIFJS FBSOFE XBHFT BIFBE PG UJNF CVU HPJOH BCPWF BOE CFZPOE EFMJWFSJOH UPPMT UP FEVDBUF BOE TVQQPSU UIFN JO UIFJS GJOBODJBM NBOBHFNFOU KPVSOFZ UIVT IFMQJOH UIFN NBLF TNBSUFS GJOBODJBM EFDJTJPOT

4NBSUFS NPOFZ NPWFT 1SPNPUJOH GJOBODJBM SFTQPOTJCJMJUZ 5IF DPSF GFBUVSF PG 1BZXBUDI JT PO EFNBOE QBZ XIJDI BMMPXT FNQMPZFFT UP BDDFTT UIFJS FBSOFE XBHFT JOTUBOUMZ 'PS KVTU 3. QFS XJUIESBXBM BT B USBOTBDUJPO GFF UIF MPXFTU JO UIF NBSLFU FNQMPZFFT FOKPZ B EFCU GSFF FYQFSJFODF XJUIPVU JOUFSFTU SBUFT SFQBZNFOUT MBUF GFFT PS IJEEFO DIBSHFT 8F BJNFE UP DSFBUF B TPMVUJPO UIBU XPVME BMMFWJBUF GJOBODJBM TUSFTT BOE QSPWJEF QFBDF PG NJOE 5IJT XBT POMZ UIF TUBSU BT XF LOFX UIFSF XBT NPSF UIBU XF DPVME EP UP QSPNPUF SFTQPOTJCMF

GJOBODJBM IBCJUT 8F XBOUFE UP HP CFZPOE KVTU PGGFSJOH JNNFEJBUF GJOBODJBM SFMJFG CZ CFJOH B QBSUOFS UIBU DBO JODVMDBUF B DVMUVSF PG TNBSU GJOBODJBM NBOBHFNFOU 0OF PG PVS TUBOEPVU GFBUVSFT UIBU XF SFDFOUMZ BEEFE JOUP PVS TZTUFN JT UIF #JMM 1BZNFOU TFSWJDF 5IJT GFBUVSF FOBCMFT VTFST UP QBZ UIFJS CJMMT EJSFDUMZ VTJOH UIFJS BDDVNVMBUFE CVU VOQBJE TBMBSZ FOTVSJOH UIFZ OFWFS NJTT B QBZNFOU BOE IFMQJOH JNQSPWF UIFJS DSFEJU TDPSJOH 8F SF BMTP XPSLJOH PO JOUSPEVDJOH TBWJOHT

.PSFPWFS UIF 1BZXBUDI QMBUGPSN GVODUJPOT BT B CSJEHF UIBU FOBCMFT PVS VTFST UP EFFQFO UIFJS SFMBUJPOTIJQ XJUI NBKPS GJOBODJBM JOTUJUVUJPOT 'SPN UIF WFSZ CFHJOOJOH JU XBT BCPVU NBLJOH B SFBM JNQBDU GPS SFBM IBSEXPSLJOH QFPQMF 1BZXBUDI JT NPSF UIBO KVTU B GJOUFDI DPNQBOZ JU T B NPWFNFOU UPXBSET B NPSF FRVJUBCMF GJOBODJBM FDPTZTUFN 4JODF UIFO XF WF FTUBCMJTIFE PVS IFBERVBSUFST SJHIU IFSF JO

QMBOT BOE JOTVSBODF TVQQPSU UP QSPWJEF B NPSF DPNQSFIFOTJWF GJOBODJBM UPPMLJU GPS PVS VTFST #Z DPOTUBOUMZ FNQPXFSJOH FNQMPZFFT BOE LFFQJOH UIFN JOGPSNFE BOE VQ UP EBUF XF IPQF XF DBO QMBZ B QBSU JO IFMQJOH UIFN EFWFMPQ IFBMUIZ GJOBODJBM IBCJUT VTJOH QSBDUJDBM BEWJDF BOE BDUJPOBCMF UJQT 5PQJDT TVDI BT NBOBHJOH EFCU VOEFSTUBOEJOH DSFEJU TDPSFT BOE DSFBUJOH FNFSHFODZ GVOET BSF DSVDJBM GPS NBJOUBJOJOH GJOBODJBM IFBMUI BOE SFTJMJFODF 3FBM TUPSJFT SFBM JNQBDU )PX 1BZXBUDI DIBOHFT MJWFT

HFO "* BDUJWJUZ JODSFBTF HMPCBMMZ 0QFO TPVSDF "* QMBUGPSNT BOE UPPMT BT XFMM BT PQFO TPVSDF MJDFOTFE NPEFMT BSF BMSFBEZ EFNPDSBUJTJOH JOOPWBUJPO CZ FOTVSJOH UIBU JUT CFOFGJUT TVDI BT WFSTBUJMF GSBNFXPSLT BOE UPPMT BSF OP MPOHFS DPOGJOFE UP B TFMFDU GFX #Z NBLJOH UIFTF CFOFGJUT BDDFTTJCMF UP PSHBOJTBUJPOT PG BMM TJ[FT UIF QMBZJOH GJFME JT MFWFMFE BMMPXJOH FWFO TNBMMFS FOUFSQSJTFT UP EJTDPWFS PQFO TPVSDF BOE JOOPWBUF PO B HMPCBM TDBMF 0QFO TPVSDF TPMVUJPOT BMTP PGGFS CVTJOFTTFT GMFYJCJMJUZ JO OBWJHBUJOH DPOTUSBJOUT MJLF DPTU EBUB TPWFSFJHOUZ BOE TLJMM HBQT 8JUI B DPMMBCPSBUJWF PQFO TPVSDF DPNNVOJUZ FOUFSQSJTFT DBO UBJMPS UIFTF TPMVUJPOT UP UIFJS TQFDJGJD OFFET XIJMF SFUBJOJOH DPOUSPM PWFS TFOTJUJWF EBUB .PSFPWFS NBOZ FZFT NBLF BMM CVHT TIBMMPX 8JUI WVMOFSBCJMJUJFT TXJGUMZ JEFOUJGJFE BOE BEESFTTFE CVTJOFTTFT XJMM CF BCMF UP GPTUFS HSFBUFS USVTU JO "* ESJWFO PVUDPNFT .BLF IZCSJE DMPVE ZPVS EFGBVMU 0QFO IZCSJE DMPVE JT OP MPOHFS BO BGUFSUIPVHIU CVU B EFGBVMU *O PSEFS UP UISJWF JO UIF BHF PG UIF DVTUPNFS CVTJOFTTFT JO "QBD IBWF UISFF NBJO QSJPSJUJFT TQFFE GMFYJCJMJUZ BOE JOOPWBUJPO 4JNQMJGZJOH UIF JOUFHSBUJPO PG "* JOUP EBJMZ CVTJOFTT PQFSBUJPOT JT DSJUJDBM UP BDIJFWJOH UIFTF HPBMT 5IJT BMTP FOBCMFT PQFSBUJPOBM DPOTJTUFODZ BDSPTT UFBNT BOE GMFYJCJMJUZ UP SVO "* XPSLMPBET BOZXIFSF FOTVSJOH CVTJOFTTFT SFNBJO BHJMF BOE BEBQUBCMF *O 4JOHBQPSF XF TFF UIF GJOBODJBM TFSWJDFT JOEVTUSZ MFBEJOH UIF DIBSHF XJUI CPUI MPDBM BOE .BMBZTJB BOE DVSSFOUMZ PQFSBUF JO GPVS NBSLFUT JODMVEJOH 4PVUI ,PSFB *OEPOFTJB BOE UIF 1IJMJQQJOFT *O .BMBZTJB XF IBWF QBSUOFSFE BOE DPMMBCPSBUFE XJUI B GFX FTUFFNFE MPDBM CSBOET BOE JOTUJUVUJPOT GVSUIFSJOH PVS DPNNJUNFOU UP UIF SFHJPO T GJOBODJBM XFMM CFJOH BOE FDPOPNJD HSPXUI 0VS QBSUOFSTIJQT XJUI MFBEJOH DPNQBOJFT TVDI BT +BZB (SPDFS 243 #SBOET JODMVEJOH ,'$ BOE 1J[[B )VU 1BZ/FU (VBSEJBO QBSU PG %'* (SPVQ $PSVT )PUFM VOEFS .6* (SPVQ .FUSPKBZB (PMEFO 4DSFFO $JOFNBT $PXBZ .FEJB 1SJNB 6OJWFSTJUZ PG /PUUJOHIBN .BMBZTJB BOE 6OJUBS BSF BMM UFTUBNFOUT UP PVS EFEJDBUJPO UPXBSET QSPWJEJOH B USBOTGPSNBUJWF BOE FRVJUBCMF GJOBODJBM TFSWJDF UIBU DBUFST UP UIF VOJRVF OFFET

8F TBX BO PQQPSUVOJUZ UP CSJOH &8" UP "TJB CVU JO B EJGGFSFOUJBUFE XBZ 6TJOH PVS JOTUJUVUJPOBM FYQFSJFODF XF CFHBO CZ T¨‰ ’ÛØÛ̉ ¿’ ‰ºØ‰ÌÉ̩ЉÐĚ ( jº ¿É‰º пÛ̀‰ ©º ŗŕŗŚ 5IF JNQBDU PG 1BZXBUDI PO FNQMPZFF XFMM CFJOH BOE QSPEVDUJWJUZ JT QSPGPVOE "DDPSEJOH UP B QPMM XF DPOEVDUFE SFDFOUMZ PVS VTFST

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

Made with FlippingBook - Online catalogs