12/03/2025

˻ ͓͒ ˜ ͓͓͖͑

BIZ & FINANCE

(º ©j ÐjçÐ ĝº¿ €¿¹¹©Ø¹‰ºØÐĞ Ø¿ ØjÌ©’’ €ÛØÐ j’Ø‰Ì TÌÛ¹É €´j©¹Ð

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o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i5IF MJGU JO DPOGJEFODF TFFO JO +BOVBSZ XBT OPU TVTUBJOFE JOUP 'FCSVBSZ BOE JT OPX XFMM CFMPX BWFSBHF BHBJO i TBJE "MBO 0TUFS DIJFG FDPOPNJTU BU /"# i5IJT XBT EFTQJUF UIF JNQSPWFNFOU TFFO JO 2 (%1 EBUB BOE UIF 3#" T GJSTU SBUF DVU XIJDI TVHHFTUT UIBU CVTJOFTTFT DPOUJOVF UP CF DBV UJPVT BCPVU UIF PVUMPPL w 5IF 3FTFSWF #BOL PG "VTUSBMJB MBTU NPOUI DVU SBUFT CZ B RVBSUFS QPJOU UP IBWJOH IFME UIFN TUFBEZ GPS PWFS B ZFBS o 3FVUFST

4FDSFUBSZ PG $PNNFSDF )PXBSE -VUOJDL 64 5SBEF 3FQSFTFOUBUJWF +BNJFTPO (SFFS BOE 8IJUF )PVTF FDPOPNJD BEWJTFS ,FWJO )BTTFUU *O B CJE UP QFSTVBEF 1SFTJEFOU %POBME 5SVNQ UP FYFNQU +BQBO GSPN UBSJGGT PO DBST BOE PUIFS QSPEVDUT .VUP BOE PUIFS TFOJPS +BQBOFTF PGGJDJBMT BSF UPVUJOH +BQBO BT B DMPTF FDPOPNJD QBSUOFS UIBU IBT JOWFTUFE IFBWJMZ JO UIF 64 FDPOPNZ BOE DSFBUFE NJMMJPOT PG KPCT 5IF OFX UBSJGG SBUFT PO TUFFM BOE BMVNJOJVN JNQPSUT JOUP UIF 64 BSF TFU UBLF FGGFDU UPEBZ BDDPSEJOH UP UIF FYFDVUJWF PSEFST UIBU 5SVNQ TJHOFE MBTU NPOUI i8F EJE OPU SFDFJWF B SFTQPOTF UIBU +BQBO XPVME CF FYFNQU u .VUP TBJE )F BEEFE UIBU UIF 64 IBE BDLOPXMFEHFE +BQBOFTF DPNQBOJFT DPOUSJCVUJPOT UP JUT FDPOPNZ CVU IF EFDMJOFE UP FMBCPSBUF PO IJT DPVOUFSQBSUT TUBODF PUIFSXJTF i8F XJMM OFFE UP DPOUJOVF BTTFSUJOH PVS WJFXT u IF TBJE m "'1 3FVUFST

USBEF DPPQFSBUJPO JOTUFBE PG NFSFMZ TFFLJOH JNNFEJBUF UBSJGGT BEKVTU NFOUTu 1SJNF .JOJTUFS /BSFOESB .PEJ XIP WJTJUFE UIF 8IJUF )PVTF MBTU NPOUI IBT BO BDLOPXMFEHFE SBQQPSU XJUI 5SVNQ XIP TBJE IF TIBSFT B iTQFDJBM CPOEu XJUI UIF *OEJBO MFBEFS .PEJ TBJE UIF XPSME T MBSHFTU BOE GJGUI MBSHFTU FDPOPNJFT XPVME XPSL PO B iNVUVBMMZ CFOFGJDJBM USBEF BHSFFNFOUu UP CF TFBMFE iWFSZ TPPOu *O BOPUIFS EFWFMPQNFOU +BQBO T USBEF NJOJTUFS TBJE IF IBE BTLFE UIF 64 OPU UP JNQPTF USBEF UBSJGGT PO IJT DPVOUSZ CVU EJE OPU XJO BOZ BTTVSBODF UIBU +BQBO XPVME CF FYFNQU JODMVEJOH GSPN B TUFFM BOE BMVNJOJVN EVUZ TFU UP TUBSU UPEBZ i8F BHSFFE UP DPOUJOVF DMPTF DPOTVMUBUJPOT XJUI UIF 64 HPWFSO NFOU BOE UP IPME EJTDVTTJPOT BU UIF XPSLJOH MFWFM BT TPPO BT QPTTJCMF u :PKJ .VUP TBJE JO 8BTIJOHUPO PO .POEBZ BGUFS NFFUJOHT XJUI

Ïá ÏÖÒÓ ÒËÝ ÝÙßÑÒÞ ÞÓ×Ï ßØÞÓÖ ÏÚÞÏ×ÌÏÜ ÞÙ ËÎÎÜÏÝÝ ÞÒÏ ÓÝÝßÏ ÞÒËÞ ÓÝ ÌÏÓØÑ ÜÏÚÏËÞÏÎÖã ÐÖËÑÑÏÎ Ìã ÞÒÏ ÚÜÏÝÓÎÏØÞ˜ ÝËãÝ ØÏáÝÚËÚÏÜ

/&8 %&-)* *OEJB TBZT JU IBT OPU DPNNJUUFE UP TMBTIJOH JNQPSU EVUJFT PO 64 QSPEVDUT EBZT BGUFS 1SFTJEFOU %POBME 5SVNQ BO OPVODFE UIBU /FX %FMIJ IBE BHSFFE UP iDVU UIFJS UBSJGGT XBZ EPXOu 0OMZ XFFLT JOUP IJT TFDPOE UFSN 5SVNQ IBT VQFOEFE HMPCBM USBEF UBSHFUJOH GSJFOET BOE GPFT BMJLF )F IBT BMTP CMBNFE BMM USBEJOH QBSUOFST PG iVOGBJSu QSBDUJDFT BOE IBT BOOPVODFE SFDJQSPDBM UBSJGGT PO NBOZ DPVOUSJFT JODMVEJOH *OEJB UP CFHJO GSPN OFYU NPOUI 5SVNQ PODF BHBJO SBJMFE BU *OEJB T iNBTTJWF UBSJGGTu MBTU XFFL i:PV DBO U TFMM BOZUIJOH JOUP *OEJB JU JT BMNPTU SFTUSJDUJWFu IF TBJE

i5IFZ IBWF BHSFFE CZ UIF XBZ UIFZ XBOU UP DVU UIFJS UBSJGGT XBZ EPXO OPX CFDBVTF TPNFCPEZ JT GJOBMMZ FYQPTJOH UIFN GPS XIBU UIFZ IBWF EPOF u IF BEEFE #VU UIF *OEJBO HPWFSONFOU UPME B QBSMJBNFOUBSZ QBOFM UIBU iOP DPNNJ UNFOUT IBE CFFO NBEF UP UIF 64 PO UIF JTTVFu B SFQPSU JO 5IF 5JNFT PG *OEJB OFXTQBQFS TBJE ZFTUFSEBZ 5IF HPWFSONFOU iIBT TPVHIU UJNF VOUJM 4FQUFNCFS UP BEESFTT UIF JTTVF UIBU JT CFJOH SFQFBUFEMZ GMBHHFE CZ UIF "NFSJDBO QSFTJEFOUu JU BEEFE *OEJB T $PNNFSDF 4FDSFUBSZ 4VOJM #BSUIXBM iTBJE UIBU *OEJB BOE UIF 64 XFSF XPSLJOH UPXBSET B NVUVBMMZ CFOFGJDJBM CJMBUFSBM USBEF BHSFFNFOU GPDVTJOH PO MPOH UFSN

©Ø© €ÛØÐ ̉€¿¹¹‰º jØ©¿º ’¿Ì WO ÐØ¿€²ÐĘ ´©’ØÐ ä©‰å ¿º ¨©ºj 4*/("103& $JUJ BOBMZTUT DVU UIFJS SFDPNNFOEBUJPO GPS 64 TUPDLT UP iOFVUSBMw GSPN iPWFSXFJHIUw PO .POEBZ BGUFS SFDFTTJPO GFBST QVNNFMMFE UIF NBSLFU BSHVJOH UIBU UIF 64 FDPOPNZ NBZ OP MPOHFS PVUQBDF UIF SFTU PG UIF XPSME JO UIF DPNJOH NPOUIT

"U UIF TBNF UJNF UIFZ VQHSBEFE UIFJS WJFX PO $IJOB UP iPWFSXFJHIUw GSPN iOFVUSBMw 5IF SFQPSU XBT JTTVFE BGUFS UIF DMPTF PG USBEF JO /FX :PSL PO .POEBZ XIFO UIF /BTEBR MPTU JUT TUFFQFTU POF EBZ UVNCMF TJODF 5IF CFODINBSL 4 1 GFMM JUT CJHHFTU EBJMZ ESPQ PG UIF ZFBS "OE "TJB GPMMPXFE TVJU ZFTUFSEBZ NPSOJOH XJUI CJH MPTTFT BDSPTT UIF CPBSE UIPVHI USBEFST QBSFE UIF MPTTFT BT UIF EBZ XPSF PO 5PLZP XBT IJU BGUFS +BQBOFTF 5SBEF .JOJTUFS :PKJ .VUP TBJE IF IBE GBJMFE UP XJO BO JNNFEJBUF FYFNQUJPO GSPN 64 UBSJGGT )POH ,POH FYUFOEFE .POEBZ T TFMMJOH UIBU XBT TUPLFE CZ B CJH NJTT PO $IJOFTF DPOTVNFS QSJDFT UIBU BEEFE UP XPSSJFT BCPVU UIF $IJOFTF FDPOPNZ #VU 4IBOHIBJ SFWFSTFE UP FOE TMJHIUMZ IJHIFS 4ZEOFZ 4JOHBQPSF 4FPVM 5BJQFJ 8FMMJOHUPO .VNCBJ #BOHLPL BOE .BOJMB XFSF BMTP EFFQ JO OFHBUJWF UFSSJUPSZ %JSL 8JMMFS $JUJ T HMPCBM IFBE PG

" USBEFS XPSLJOH PO UIF GMPPS PG UIF /FX :PSL 4UPDL &YDIBOHF BU UIF PQFOJOH CFMM PO .POEBZ o "'11*$

NBDSP BTTFU BMMPDBUJPO BOE FNFSHJOH NBSLFU TUSBUFHZ TBJE JO B OPUF UP DMJFOUT PO .POEBZ UIBU UXP SFDFOU QSJDF TJHOBMT DPOUSJCVUFE UP UIF TIJGU JO WJFX UIF 4 1 CSFBLJOH CFMPX JUT EBZ NPWJOH BWFSBHF BOE UIF TPGU QFSGPSNBODF PG iHFOFSBMTw PS NBSLFU MFBEJOH TUPDLT i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o 3FVUFST ¿Û€¨‰īTjÌ Ì‰±‰€ØÐ O‰ä‰º Ł ©ĞÐ jºØ©ØÌÛÐØ €¿º€‰ÌºÐ ¿ä‰Ì WOŋřŜ Øj²‰¿ä‰Ì © XIFO UIF "* OBSSBUJWF UBLFT PWFS BHBJO CVU JO UIF DPNJOH NPOUIT XF FYQFDU 64 HSPXUI NPNFOUVN UP VOEFSTIPPU UIF SFTU PG UIF XPSME w UIF OPUF TBJE 0O $IJOB $JUJ T FDPOPNJTUT IBWF SFWJTFE UIFJS GPSFDBTU GPS $IJOFTF HSPTT EPNFTUJD QSPEVDU HSPXUI UP UIJT ZFBS GSPN QBSUMZ PO B CPPTU GSPN JOWFTUNFOU JO BSUJGJDJBM

UIFZ iDPOUJOVF UP CF EJTBQQPJOUFE UIBU FOHBHFNFOU IBT CFFO WFSZ MJNJUFEw 4FWFO J EJE OPU JNNFEJBUFMZ SFTQPOE UP B SFRVFTU GPS DPNNFOU $PVDIF 5BSE XIJDI PQFSBUFT UIF $JSDMF , DIBJO PG DPOWFOJFODF TUPSFT TBJE JU IBE JEFOUJGJFE B QPSUGPMJP PG 64 TUPSFT UP QPUFOUJBMMZ PGGMPBE BOE IBE CFHVO UBMLT XJUI QSPTQFDUJWF CVZFST BU UIF CFIFTU PG 4FWFO J o 3FVUFS JOUFMMJHFODF 8JMMFS BMTP OPUFE $IJOB T UFDI TFDUPS JT DIFBQ SFMBUJWF UP HMPCBM QFFST FWFO BGUFS SFDFOU HBJOT i$IJOB TDSFFOT XFMM w TBJE 8JMMFS i8IJMF UBSJGGT SFNBJO B SJTL UIFSF JT BMTP UIF QPTTJCJMJUZ PG SFBDIJOH SFTPMVUJPO JO USBEF EJTDVTTJPOT XJUI $IJOB XIJDI XPVME CF WFSZ QPTJUJWF w o 3FVUFST "'1

50,:0 $BOBEB T "MJNFOUBUJPO $PVDIF 5BSE TBJE ZFTUFSEBZ JU JT DPOGJEFOU UIFSF JT B iDMFBS QBUIw UP PWFSDPNF 64 SFHVMBUPSZ IVSEMFT JO JUT QSPQPTFE 64 CJMMJPO 3. CJMMJPO BDRVJTJUJPO PG +BQBO T 4FWFO J BOE FYQSFTTFE GSVTUSBUJPO BU UIF &MFWFO PXOFS T iMJNJUFE FOHBHF NFOUw 5IF $JSDMF , PXOFS IBT CFFO QVSTVJOH 4FWFO J GPS NPOUIT FWFO BT

USBEJDU 4FWFO J T OFXMZ BQQPJOUFE $&0 4UFQIFO %BDVT XIP IBT SFJUFSBUFE UIBU TJHOJGJDBOU SFHVMBUPSZ IVSEMFT TUBOE JO UIF XBZ PG B NFSHFS 5IF DPNQBOJFT BSF UIF UPQ UXP QMBZFST JO UIF 64 DPOWFOJFODF TUPSF NBSLFU XJUI BCPVU MPDBUJPOT CFUXFFO UIFN i8F GJSNMZ CFMJFWF UIFSF JT B DMFBS QBUI UP SFHVMBUPSZ BQQSPWBM JO UIF 64 w $PVDIF 5BSE TBJE BEEJOH

TJHOJGJDBOU GSVTUSBUJPO BOE EJTUSBDUJPO w JU BEEFE *O TPNF PG JUT NPTU EFUBJMFE QVCMJD DPNNFOUT ZFU $PVDIF 5BSE TBJE JU IBE CFFO XPSLJOH XJUI 4FWFO J PWFS B QMBO UP EJWFTU TPNF PG UIFJS TUPSFT JO UIF 6OJUFE 4UBUFT JG UIF EFBM XFSF UP HP UISPVHI 5IF DPNNFOUT BSF UIF MBUFTU TBMWP JO XIBU XPVME CF +BQBO T MBSHFTU GPSFJHO CVZPVU JO IJTUPSZ BOE DPO

JU SFDFJWFE B GSPTUZ SFDFQUJPO GSPN UIF +BQBOFTF SFUBJM HJBOU i8F IBWF SFJUFSBUFE TFWFSBM UJNFT PWFS UIF QBTU GFX NPOUIT UIBU XF JOUFOE UP CF GSJFOEMZ BOE QFSTJTUFOU JO QVSTVJOH B USBOTBDUJPO w $PVDIF 5BSE TBJE JO B TUBUFNFOU SFKFDUJOH UIF +BQBOFTF GJSN T QPTJUJPO UIBU UIF QPUFOUJBMMZ USBOTGPSNBUJPOBM EFBM GBDFT NBKPS SFHVMBUPSZ IVSEMFT i8F IBWF EPOF UIBU JO UIF GBDF PG

Made with FlippingBook Digital Publishing Software