09/04/2025

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BIZ & FINANCE

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DMBXJOH CBDL TPNF PG .POEBZ T TMVNQ XIJDI XBT GVFMMFE CZ USBEF XBS BOE HMPCBM SFDFTTJPO GFBST .FBOXIJMF B HSPXJOH OVNCFS PG MJTUFE DPNQBOJFT o NBOZ DPOUSPMMFE CZ UIF HPWFSONFOU o VOWFJMFE QMBOT UP CVZ CBDL TIBSFT 0JM HJBOU 4JOPQFD TBJE JUT TUBUF PXOFE QBSFOU QMBOT UP CVZ JUT $IJOB BOE )POH ,POH MJTUFE TIBSFT XPSUI BU MFBTU CJMMJPO ZVBO 3. CJMMJPO PWFS UIF OFYU NPOUIT UP EFNPOTUSBUF iDPOGJEFODF JO GVUVSF HSPXUI QSPTQFDUTw 0SJFOU 4FDVSJUJFT TBJE JU JT TUVEZJOH QMBOT UP CVZ CBDL TIBSFT JO B CJE UP FYQSFTT PQUJNJTN BOE BDUJWFMZ QSPUFDU TIBSFIPMEFS JOUFSFTU 0UIFS MJTUFE GJSNT UIBU VOWFJMFE TIBSF CVZCBDL QMBOT JODMVEF *OUDP 3FDZDMJOH 3FTPVSDFT $P 4QSJOH "JSMJOFT $P BOE $IJOB 1BDJGJD *OTVSBODF (SPVQ o 3FVUFST

i*G UIF 6OJUFE 4UBUFT USVMZ XBOUT UP UBML JU TIPVME BEPQU BO BUUJUVEF PG FRVBMJUZ SFTQFDU BOE NVUVBM CFOFGJU w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

i5IF 64 TJEF T UISFBU UP FTDBMBUF UBSJGGT BHBJOTU $IJOB JT B NJTUBLF PO UPQ PG B NJTUBLF PODF BHBJO FYQPTJOH UIF "NFSJDBO TJEF T CMBDLNBJMJOH OBUVSF w UIF $PNNFSDF .JOJTUSZ TBJE JO B TUBUFNFOU i*G UIF 6OJUFE 4UBUFT JOTJTUT PO IBWJOH JUT XBZ $IJOB XJMM GJHIU UP UIF FOE w 5SVNQ TBJE IF XPVME JNQPTF UIF BEEJUJPOBM EVUZ PO 64 JNQPSUT GSPN $IJOB UPEBZ JG #FJKJOH EJE OPU XJUIESBX UIF UBSJGGT JU JNQPTFE PO 64 QSPEVDUT MBTU XFFL 5IF $IJOFTF MFWJFT IBE DPNF JO SFTQPOTF UP iSFDJQSPDBMw EVUJFT PG BOOPVODFE CZ 5SVNQ PO UPQ PG UBSJGGT PG JNQPTFE FBSMJFS UIJT ZFBS MJGUJOH UP UIF BWFSBHF 64 UBSJGG PO

*G 5SVNQ TUJDLT UP IJT QMBO GPS BO BEEJUJPOBM UBSJGG PO $IJOB VOMFTT JU XJUIESBXT JUT SFUBMJBUPSZ MFWJFT PO UIF 6OJUFE 4UBUFT UPUBM OFX 64 EVUJFT PO $IJOFTF HPPET UIJT ZFBS DPVME SJTF UP CZ UPEBZ 8JUI HMPCBM TVQQMZ DIBJOT JO KFPQBSEZ #FJKJOH JT VOEFS QSFTTVSF UP SFTQPOE BIFBE PG B NFFUJOH CFUXFFO 1SFTJEFOU 9J +JOQJOH BOE 4QBJO T QSJNF NJOJTUFS BOE B UPVS PG 4PVUIFBTU "TJB #VU XJUI 5SVNQ T QSFWJPVT UBSJGG JODSFBTFT BMSFBEZ TRVFF[JOH $IJOFTF FYQPSUFST NBSHJOT UP UIF QPJOU PG TVGGPDBUJPO GVSUIFS IJLFT XPVME

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*OWFTUPST NPOJUPSJOH UIF PQFOJOH PG UIF DPNQPTJUF TUPDL JOEFY BU UIF *OEPOFTJB 4UPDL &YDIBOHF JO +BLBSUB ZFTUFSEBZ 5IF JOEFY GFMM UP JUT XFBLFTU TJODF +VOF JO FBSMZ USBEF o "'11*$

DPOEJUJPOT SFUVSO UP OPSNBM BO *%9 FYFDVUJWF TBJE 0LUBWJBOVT "VEJ B WJDF QSFTJEFOU BU CSPLFSBHF ,JXPPN 4FLVSJUBT TBJE UIF OFX BVUP SFKFDU SVMFT DPVME QSPWJEF TPNF TVQQPSU GPS UIF TUPDL JOEFY CVU FNQIBTJTFE UIBU UIF SVMF DIBOHFT XPVME POMZ TFSWF BT TIPSU UFSN NFBTVSFT i#BTJDBMMZ UIF DPODFSO JO UIF NBSLFU JT DBVTFE CZ NBDSPFDPOPNJD GBDUPST BOE 5SVNQ T UBSJGG QPMJDZ u IF TBJE i4P JO PVS PQJOJPO UP FBTF NBSLFU QSFTTVSF XF OFFE TUSBUFHJD NFBTVSFT CZ UIF HPWFSONFOU UP NBJOUBJO UIF SVQJBI T TUBCJMJUZ FOTVSF FDPOPNJD HSPXUI SFNBJOT BCPWF BOE B TUSBUFHJD SFTQPOTF UP NBJOUBJO *OEPOFTJB T USBEF TVSQMVT u "VEJ TBJE m 3FVUFST

NJOVUF IBMU JT USJHHFSFE JG UIF NBSLFU UIFO FYUFOEFE MPTTFT UP " EFDMJOF PG NPSF UIBO XPVME SFTVMU JO USBEJOH CFJOH TVTQFOEFE GPS UIF SFTU PG UIF EBZ XIJDI UIF CPVSTF TBJE XPVME BMMPX JOWFTUPST iMJRVJEJUZ TQBDF BOE PQQPSUVOJUZu UP QSPDFTT JOGPSNBUJPO 5IF QSFWJPVT USJHHFS GPS TVDI TVTQFOTJPO XBT B ESPQ i5IFTF BSF UBLFO JO BOUJDJQBUJPO PG NBSLFU DPOEJUJPOT 8F EP OPU XBOU UP DSFBUF QBOJD CVU XF XBOU EPNFTUJD BOE GPSFJHO JOWFTUPST UP IBWF DPOGJEFODF UIBU XF HJWF UIFN FOPVHI SPPN UP USBOTBDU BGUFS NPSF UIBO B XFFL PG CSFBL u *%9 DIJFG FYFDVUJWF *NBO 3BDINBO UPME B QSFTT DPOGFSFODF 5SBEJOH SVMFT DPVME CF BEKVTUFE CBDL XIFO

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i*G UIF UBSJGGT XFSF USVMZ SFDJQSPDBM BOE JG UIFZ XFSF NFBOU UP UBSHFU POMZ UIPTF XJUI USBEF TVSQMVTFT UIFO UIF UBSJGG GPS 4JOHBQPSF TIPVME CF [FSPw IF TBJE i5IJT NBSLT B QSPGPVOE UVSOJOH QPJOU 8F BSF FOUFSJOH B OFX QIBTF JO HMPCBM BGGBJST POF UIBU JT NPSF BSCJUSBSZ QSPUFDUJPOJTU BOE EBOHFSPVTw 8POH TBJE 4JOHBQPSF IPTUT UIPVTBOET PG 64 DPNQBOJFT BOE NBOZ PG UIFN IBWF NBEF UIF DJUZ UIFJS "TJB 1BDJGJD IFBERVBSUFST 8IJMF UIF JTMBOE OBUJPO JT OPU B 64 EFGFODF USFBUZ BMMZ JU FOKPZT SPCVTU NJMJUBSZ UJFT XJUI 8BTIJOHUPO o "'1

#VU 8POH TBJE UIF USBEF EFQFOEFOU OBUJPO XJMM CF QBSUJDVMBSMZ IVSU CZ B TMVNQ JO UIF XPSME FDPOPNZ BOE UIF VOSBWFMMJOH PG UIF HMPCBM USBEJOH TZTUFN CBTFE PO GSFF USBEF i4JOHBQPSF NBZ PS NBZ OPU HP JOUP SFDFTTJPO UIJT ZFBS CVU * IBWF OP EPVCU UIBU PVS HSPXUI XJMM CF TJHOJGJDBOUMZ JNQBDUFE w IF TBJE 5IF USBEF NJOJTUSZ JT SFBTTFTTJOH JUT FDPOPNJD HSPXUI GPSFDBTU UIJT ZFBS PG iBOE XJMM MJLFMZ SFWJTF JU EPXOXBSETw IF BEEFE 8POH TBJE UIBU VOEFS UIF 64 4JOHBQPSF '5"

1SJNF .JOJTUFS -BXSFODF 8POH XBSOFE UIBU UIF iMJLFMJIPPE PG B GVMM CMPXO HMPCBM USBEF XBS JT HSPXJOHw BOE VSHFE IJT USBEF SFMJBOU OBUJPO UP QSFQBSF GPS EJGGJDVMU UJNFT BIFBE i8F BSF WFSZ EJTBQQPJOUFE CZ UIF 64 NPWF FTQFDJBMMZ DPOTJEFSJOH UIF EFFQ BOE MPOH TUBOEJOH GSJFOETIJQ CFUXFFO PVS UXP DPVOUSJFT w IF TBJE JO BO BEESFTT UP QBSMJBNFOU i5IFTF BSF OPU BDUJPOT POF EPFT UP B GSJFOE w 5SVNQ MBTU XFFL BOOPVODFE TXFFQJOH MFWJFT PO GSJFOET BOE GPFT BMJLF BGUFS BDDVTJOH UIF XPSME