09/04/2025

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BIZ & FINANCE

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FDPOPNJTU UPME "'1 i4P OPX UIFZ SF VTJOH UIF SFTU PG UIF XPSME BT B TDBQFHPBU i IF TBJE i#VU JU T OPU HPJOH UP XPSL UIF 5SVNQ DPDLUBJM JT TJNQMZ HPJOH UP HFOFSBUF NPSF JOGMBUJPO BOE NPSF JOFRVBMJUJFT w *O SFTQPOTF i&VSPQF OFFET UP EFGJOF JUT PXO QSJPSJUJFT BOE QSFQBSF GPS UIF HMPCBM SFDFTTJPO UIBU T DPNJOHw XJUI B NBTTJWF JOWFTUNFOU QMBO JO iFOFSHZ BOE USBOTQPSU JOGSBTUSVDUVSF FEVDBUJPO SFTFBSDI BOE IFBMUIw .BMJHOBOU TUVQJEJUZ 1BVM ,SVHNBO UIF /PCFM FDPOPNJDT QSJ[F MBVSFBUF TBJE UIF 64 XBT FTTFO UJBMMZ UIF GPVOEFS PG UIF NPEFSO USBEF TZTUFN UIBU IBE MFE UP MPXFS UBSJGGT PWFS MBTU GFX ZFBST IBT MFE UP HPME TUBZJOH QFSNBOFOUMZ IJHI i IF TBJE i*U MFBET POF UP UIJOLy UIFSF JT B CJHHFS HFPQPMJUJDBM CJE JO UIF NBSLFU w 5IF USBEF UFOTJPOT BSF POMZ UIF MBUFTU JO B TUSJOH PG GBDUPST ESJWJOH HPME IJHIFS 5IF T IBWF TFFO B UXP ZFBS DPSPOBWJSVT QBOEFNJD GPMMPXFE TXJGUMZ CZ 3VTTJB T XBS XJUI 6LSBJOF UIF $IJOFTF QSPQFSUZ NBSLFU DSJTJT BOE *TSBFM T XBS JO (B[B 5IF 6LSBJOF XBS JOWPMWFE UIF QSFDFEFOU PG 8FTUFSO TBODUJPOT GSFF[JOH IBMG PG 3VTTJB T GPSFJHO DVSSFODZ SFTFSWFT XJUI .PTDPX NBOBHJOH UP LFFQ FGGFDUJWFMZ POMZ HPME 5IBU BUUSBDUFE OPO 8FTUFSO DFOUSBM CBOLT UPXBSET CVMMJPO BT UIFZ TPVHIU UP EJWFSTJGZ UIFJS SFTFSWFT BXBZ GSPN UIF EPMMBS .POFUBSZ FBTJOH BOE XPSSJFT BCPVU CVEHFU EFGJDJUT BMTP ESPWF GVSUIFS 8FTUFSO JOWFTUNFOU JO CVMMJPO MBTU ZFBS )BOEMJOH BOZ PG UIPTF JTTVFT NBZ UBLF HMPCBM DPPQFSBUJPO PG B LJOE OPU ZFU TFFO JO BEESFTTJOH UIF DVSSFOU UVSNPJM TVSSPVOEJOH UBSJGGT i6OMJLF PUIFS SFDFOU DSJTFT UIBU USJHHFSFE DPPSEJOBUFE HMPCBM SFTQPOTFT UIJT UJNF UIFSF T OP SFBM QSPTQFDU PG QPMJDZ BMJHONFOU i TBJE (FPSHF (SJGGJUIT IFBE PG EFBMJOH BU CSPLFSBHF ".5 'VUVSFT SFGFSSJOH UP FTDBMBUJOH USBEF UFOTJPOT 8IJMF UIF NBSLFU IBT UIJT ZFBS DPORVFSFE B TFSJFT PG NJMFTUPOFT POF NPSF SFNBJOT 4UPOF9 BOBMZTU 3IPOB 0 $POOFMM OPUFE UIBU HPME QFBLFE BU 64 JO +BOVBSZ PG XIJDI JO EPMMBS UFSNT XPVME FRVBUF UP 64 UPEBZ i8IJMF XF IBWF NPTU EFGJOJUFMZ IJU OFX IJHIT JO OPNJOBM UFSNT ZPV DPVME BSHVF UIBU XF NJHIU OPU IBWF IJU JU JO SFBM UFSNT i )4#$ T 4UFFM TBJE SFGFSSJOH UP UIF T NJMFTUPOF 5IBU DPVME DIBOHF 5IF DVSSFOU CBDLESPQ IBT XJEFOFE FYQFDUBUJPOT PG BO FYUFOEFE SVO IJHIFS XIFSF JOTUFBE PG UIJT ZFBS JT CFJOH TFFO BT UIF QFBL PG HPME T SBMMZ 0O .BSDI #PG" DPNNPEJUZ TUSBUFHJTU .JDIBFM 8JENFS SBJTFE IJT HPME QSJDF GPSFDBTU UP 64 BOE 64 JO BOE SFTQFDUJWFMZ GSPN 64 BOE 64 QSJPS BOE SFJUFSBUFE JU PO 4VOEBZ )F OPX TFFT TQPU HPME QSJDFT IJUUJOH 64 XJUIJO UXP ZFBST o 3FVUFST

8FBQPO PG UIF XFBL ,BLP /VCVLQP BO FDPOPNJTU BOE GPSNFS HPWFSONFOU NJOJTUFS JO 5PHP XBSOFE 5SVNQ T UBSJGGT XJMM IVSU "GSJDBO DPVOUSJFT BMSFBEZ GBDJOH QPMJUJDBM USPVCMFT i5IPTF MFGU CFIJOE CZ HMPCBMJTBUJPO BQQFBS NPSF BOE NPSF OVNFSPVT "OE TP XF WF TFFO BO JODSFBTF JO JMMJCFSBM SFHJNFT XIFUIFS UIBU T JO &VSPQF "GSJDB PS "NFSJDBi IF TBJE #VU iQSPUFDUJPOJTN JT B XFBQPO PG UIF XFBL BOE * UIJOL 5SVNQ IBT SFBMJTFE UIBU JO UIF DPNQFUJUJPO XJUI $IJOB UIF 64 JT OPX UIF XFBLFS POF w *O SFTQPOTF i"GSJDBO DPVOUSJFT TIPVME QSPNPUF UIFJS PXO OBUJPOBM BOE SFHJPOBM WBMVF DIBJOTw BT CVGGFST BHBJOTU 5SVNQ T UBSJGGT o 5IF /FX :PSL 5JNFT $PNQBOZ "'1 OFBSMZ i5IF BEPQUJPO PG IPOFTU GJOBODJBM QSPEVDUT MJLF "GGJSN JT B TFDVMBS BOE FOEVSJOH USFOE BDSPTT NBSLFU DZDMFTu B TQPLFTNBO GPS "GGJSN TBJE i"HBJOTU B CBDLESPQ PG JODSFBTFE NBSLFU WPMBUJMJUZ BOE VODFSUBJOUZ "GGJSN T QSPEVDUT CFDPNF FWFO NPSF DPNQFMMJOH UP CPUI DPOTVNFST BOE NFSDIBOUT u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i8F LOPX SFOFXFE JOGMBUJPO XPVME CF B ESBH PO DPOTVNFS DSFEJU *U DSPXET PVU FYDFTT DBTI GMPXT XIJDI NFBOT ZPV IBWF EFUFSJPSBUJOH BCJMJUZ UP QBZ PGG EFCUu TBJE +PIO )FDIU BO BOBMZTU BU +FGGSJFT (PMENBO 4BDIT KPJOFE PUIFS JOWFTUNFOU CBOLT JO SBJTJOH UIF PEET PG B 64 SFDFTTJPO PO .POEBZ EVF UP GFBST UIBU 5SVNQ T UBSJGGT XPVME SPJM UIF HMPCBM FDPOPNZ 5SVNQ IBT TBJE IJT QPMJDJFT DPVME DBVTF TIPSU UFSN QBJO CVU XJMM VMUJNBUFMZ CPPTU UIF 64 FDPOPNZ BOE BEE NPSF "NFSJDBO KPCT i5IF BENJOJTUSBUJPO T UBMLJOH QPJOU TFFNT UP CF UBSJGGT BSF B POF UJNF QSJDF BEKVTUNFOU EJGGFSFOU GSPN TZTUFNJD JOGMBUJPO /PX * XPVME TBZ UP UIF BWFSBHF IPVTFIPME IJHIFS QSJDFT BSF IJHIFS QSJDFTu TBJE 5FE 3PTTNBO TFOJPS JOEVTUSZ BOBMZTU BU #BOLSBUF B DPOTVNFS GJOBODF QVCMJTIFS 64 DPOTVNFS TFOUJNFOU IBE BMSFBEZ QMVOHFE UP B OFBSMZ ˜ ZFBS MPX JO .BSDI BNJE XPSSJFT UIBU UBSJGGT XPVME CPPTU QSJDFT BOE VOEFSDVU UIF FDPOPNZ BDDPSEJOH UP UIF 6OJWFSTJUZ PG .JDIJHBO 4VSWFZT PG $POTVNFST m 3FVUFST

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

QVSDIBTFT m SFWFOVF UIBU DPVME CF WVMOFSBCMF JG DPOTVNFS TQFOEJOH DPPMT 8IJMF CBOLT DBO IBWF B EJWFSTF DMJFOU CBTF UIBU DPVME JOTVMBUF GJSNT GSPN TVEEFO NBSLFU DPOUSBDUJPOT GJOUFDI DPNQBOJFT BSF NPSF MJLFMZ UP TFSWF DPOTVNFST UIBU XPVME CF BU UIF GPSFGSPOU PG BO FDPOPNJD TIPDL BOBMZTUT TBZ i" SFDFTTJPO UZQJDBMMZ IJUT OJDF UP IBWF NBTT NBSLFU DPOTVNFS CVTJOFTTFT m JODMVEJOH GJOUFDIT m IBSEFS UIBO PUIFS TFDUPST CFDBVTF UIF GJSTU HSPVQ UP QVMM CBDL TQFOEJOH JO B SFDFTTJPO JT MPXFS JODPNF DPOTVNFSTu TBJE +BNFT 6MBO EJSFDUPS PG SFTFBSDI FNFSHJOH UFDIOPMPHZ BU 1JUDI#PPL 4IBSFT JO "GGJSN BSF EPXO NPSF UIBO TJODF 5SVNQ MBVODIFE IJT HMPCBM USBEF XBS PO "QSJM XIJMF TIBSFT JO 3PCJOIPPE BSF EPXO NPSF UIBO 4IBSFT JO 4P'J XIJDI PGGFST MPBOT BOE CBOLJOH TFSWJDFT BSF EPXO

'JOUFDIT BU SJTL BT UBSJGGT UISFBUFO DPOTVNFS TQFOEJOH BOE MPBO SFQBZNFOUT o 1&9&-4 1*9

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UIF QBTU EFDBEFT i%POBME 5SVNQ CVSOFE JU BMM EPXO i ,SVHNBO XSPUF PO IJT QPQVMBS 4VCTUBDL CMPH CFGPSF UIF QSFTJEFOU T CBTFMJOF UBSJGGT PO JNQPSUT UPPL FGGFDU PO 4BUVSEBZ i5SVNQ JTO U SFBMMZ USZJOH UP BDDPNQMJTI FDPOPNJD HPBMT 5IJT TIPVME BMM CF TFFO BT B EPNJOBODF EJTQMBZ JOUFOEFE UP TIPDL BOE BXF QFPQMF BOE NBLF UIFN HSPWFMi IF TBJE ,SVHNBO BDDVTFE UIF 64 BENJOJTUSBUJPO PG iNBMJHOBOU TUVQJEJUZw BU B UJNF XIFO iUIF GBUF PG UIF XPSME FDPOPNZ JT PO UIF MJOFw .BKPS QSPCMFN GPS UIF QPPS 'PS /BTTFS 4BJEJ B GPSNFS FDPOPNZ NJOJTUFS PG -FCBOPO iB NBKPS QSPCMFN