26/04/2025

˻ ͓͗ ˜ ͓͓͖͑

BIZ & FINANCE

´¿Û jº ( ¿É‰ÌjØ©¿ºÐ ´©’Ø ´É¨j‰Ø ËÛjÌØ‰Ì´ç ‰j̺©º¢Ð GPS PVS TPMVUJPOT u 1JDIBJ TBJE PG "MQIBCFU T TFSWJDFT BOE UPPMT IPTUFE BU EBUB DFOUSFT

BSF XPSUIMFTT w 5IF QSPEVDU MBVODI DPNFT BNJE SJTJOH DPNQFUJUJPO JO $IJOB T "* NBSLFU BT UFDI GJSNT NPWF GSPN CVJMEJOH NPEFMT UP GJOEJOH QSBDUJDBM VTFT CFZPOE DIBUCPUT UP FOHBHF VTFST #BJEV XBT BNPOH UIF GJSTU NBKPS $IJOFTF DPNQBOJFT UP JOWFTU IFBWJMZ JO "* GPMMPXJOH UIF EFCVU PG 0QFO"* T $IBU(15 )PXFWFS JUT &SOJF #PU IBT TUSVHHMFE UP HBJO USBDUJPO BNJE GJFSDF DPNQFUJUJPO o 3FVUFST #VU PUIFS BOBMZTUT TBJE UIBU /WJEJB T EPNJOBOU QPTJUJPO BMPOH XJUI UIF FGGPSUT PG NBKPS DMPVE DPNQVUJOH GJSNT TVDI BT "NB[PO DPN BOE (PPHMF UP CVJME UIFJS PXO "* DIJQT MFBWFT MJUUMF SPPN GPS *OUFM UP CSFBL JOUP UIF NBSLFU 5IF DPNQBOZ QSPWJEFE B HMJNQTF PG JUT PWFSBMM "* TUSBUFHZ BOE XJMM GPDVT PO DIJQT BOE TZTUFNT UIBU SVO "* BQQMJDBUJPOT BOE FEHF EFWJDFT BDDPSEJOH UP )FOEJ 4VTBOUP B QPSUGPMJP NBOBHFS BU (BCFMMJ 'VOET XIJDI IPMET *OUFM TIBSFT (ºØ‰´ É´¿ØÐ ÐØÌj؉¢ç Ø¿ €¨j´´‰º¢‰ 9ä© ©j ¿¹©ºjº€‰ #&/("-636 0OF PG *OUFM T CJHHFTU NJTTUFQT PWFS UIF QBTU EFDBEF XBT UIF GBJMVSF UP DIBMMFOHF /WJEJB T EPNJOBODF JO UIF GBTU HSPXJOH NBSLFU GPS BSUJGJDJBM JOUFMMJHFODF "* DIJQT %VSJOH IJT GJSTU FBSOJOHT DPOGFSFODF DBMM XJUI BOBMZTUT BT *OUFM T OFX $&0 -JQ #V 5BO PVUMJOFE IPX *OUFM IPQFT UP DIBOHF UIBU CVU XBSOFE i5IJT JT OPU B RVJDL GJY w 5BO TBJE IF XPVME DPNC UISPVHI *OUFM T FYJTUJOH QSPEVDUT UP TIBSQFO UIFN GPS FNFSHJOH USFOET JO UIF "* NBSLFU TVDI BT SPCPUJDT BOE BHFOUT UIBU DBO DBSSZ PVU UBTLT GPS IVNBO VTFST 5IF VOEFSUBLJOH XJMM CF DIBMMFOHJOH CFDBVTF /WJEJB OP MPOHFS TFMMT KVTU DIJQT o JU TFMMT FOUJSF EBUB DFOUSFT GSPN DIJQT UP DBCMFT UP TPGUXBSF DPNQJMFST 5BO PO 5IVSTEBZ TBJE *OUFM XJMM UBLF B TJNJMBS BQQSPBDI $IJFG GJOBODJBM PGGJDFS %BWJE ;JOTOFS TBJE UIBU JO UIF OFBS UFSN *OUFM XPO U NBLF NBOZ NPSF BDRVJTJUJPOT i0VS QSJPSJUZ XJMM OFFE UP CF BU UIJT QPJOU HFUUJOH UIF CBMBODF TIFFU UP B CFUUFS QMBDF i ;JOTOFS UPME 3FVUFST JO BO JOUFSWJFX 5IF JNQMJDBUJPO JT UIBU 5BO T FGGPSUT UP BU MBTU QVU UPHFUIFS B DPIFSFOU "* TUSBUFHZ XJMM CF IPNFHSPXO i8F BSF UBLJOH B IPMJTUJD BQQSPBDI UP SFEFGJOF PVS QPSUGPMJP UP PQUJNJ[F PVS QSPEVDUT GPS OFX BOE FNFSHJOH "* XPSLMPBET i 5BO TBJE i0VS HPBM JT UP CFDPNF UIF QMBUGPSN PG DIPJDF GPS PVS DVTUPNFST 5IJT SFRVJSFT VT UP SBEJDBMMZ FWPMWF PVS EFTJHO BOE FOHJOFFSJOH NJOETFU BOE BOUJDJQBUF UIF OFFET PG PVS DVTUPNFS XFMM JO BEWBODF w )JTUPSJDBMMZ *OUFM T BQQSPBDI XBT UP MFBWF "* TUBSUVQT UP EP UIF XPSL PG EFWFMPQJOH OFX DIJQT BOE UIFO BDRVJSF UIFN #FUXFFO BOE UIF DPNQBOZ QVSDIBTFE B TUSJOH PG DIJQ DPNQBOJFT o .PWJEJVT .PCJMFZF /FSWBOB BOE )BCBOB -BCT o UIBU JU IPQFE XPVME IFMQ JU DSBDL UIF "* NBSLFU 8IJMF .PCJMFZF SFUBJOFE B TUSPOH QPTJUJPO JO BVUPOPNPVT ESJWJOH BOE *OUFM IBT SFUBJOFE B TUBLF JO UIF DPNQBOZ BGUFS B TQJOPVU UIF SFTU PG UIF EFBMT GBJMFE UP IFMQ *OUFM HBJO USBDUJPO BHBJOTU /WJEJB i*OUFM IBT B MPOH IJTUPSZ PG CVJMEJOH JNQPSUBOU OFX TJMJDPO EFWFMPQNFOUT XJUIJO JUT PXO XBMMT TP * N OPU TIPDLFE UP TFF UIFN GPDVT PO JO IPVTF EFWFMPQNFOUT GPS "*i #PC 0 %POOFMM DIJFG BOBMZTU BU 5FDIOBMZTJT 3FTFBSDI UPME 3FVUFST

XFFL JO 8BTIJOHUPO i*G (PPHMF T DPOEVDU JT OPU SFNFEJFE JU XJMM DPOUSPM NVDI PG UIF JOUFSOFU GPS UIF OFYU EFDBEF BOE OPU KVTU JO JOUFSOFU TFBSDI CVU JO OFX UFDIOPMPHJFT MJLF BSUJGJDJBM JOUFMMJHFODF u (PPHMF DPVOUFSFE JO UIF DBTF UIBU UIF 64 IBT HPOF XBZ CFZPOE UIF TDPQF PG UIF TVJU CZ SFDPNNFOEJOH B TQJOPGG PG JUT XJEFMZ VTFE $ISPNF BOE IPMEJOH PQFO UIF PQUJPO UP GPSDF B TBMF PG JUT "OESPJE NPCJMF PQFSBUJOH TZTUFN 5IF MFHBM DBTF GPDVTFE PO (PPHMF T BHSFFNFOUT XJUI QBSUOFST TVDI BT "QQMF BOE 4BNTVOH UP EJTUSJCVUF JUT TFBSDI UPPMT OPUFE (PPHMF QSFTJEFOU PG HMPCBM BGGBJST ,FOU 8BMLFS i5IF %0+ DIPTF UP QVTI B SBEJDBM JOUFSWFOUJPOJTU BHFOEB UIBU XPVME IBSN "NFSJDBOT BOE "NFSJDB T HMPCBM UFDIOPMPHZ MFBEFSTIJQu 8BMLFS XSPUF JO B CMPH QPTU *O BOPUIFS MFHBM CBUUMF B EJGGFSFOU 64 KVEHF SVMFE UIJT NPOUI UIBU (PPHMF XJFMEFE NPOPQPMZ QPXFS JO UIF POMJOF BE UFDIOPMPHZ NBSLFU JO B MFHBM CMPX UIBU DPVME SBUUMF UIF UFDI HJBOU T SFWFOVF FOHJOF 5IF 64 HPWFSONFOU BOE PWFS B EP[FO TUBUFT TVFE (PPHMF DMBJNJOH JU CSPLF UIF MBX UP DPOUSPM LFZ QBSUT PG EJHJUBM BEWFSUJTJOH %JTUSJDU $PVSU +VEHF -FPOJF #SJOLFNB SVMFE UIBU (PPHMF CVJMU BO JMMFHBM NPOPQPMZ PWFS BE TPGUXBSF BOE UPPMT VTFE CZ QVCMJTIFST 0OMJOF BET BSF UIF NBJO TPVSDF PG (PPHMF T XFBMUI BOE GVOE GSFF TFSWJDFT MJLF .BQT (NBJM BOE 4FBSDI m "'1

ßÞ ÙÙÑÖÏ˪Ý ×ÙØÏã̋ ×ËÕÓØÑ ËÎ ÌßÝÓØÏÝÝ ×Ëã ÌÏ ÒÓÞ ÒËÜÎ ÓÐ ÓÞ ÖÙÝÏÝ Ë ËØÞÓÞÜßÝÞ ÍËÝÏ 4"/ '3"/$*4$0 (PPHMF QBSFOU "MQIBCFU PO 5IVSTEBZ SFQPSUFE QSPGJU PG 64 CJMMJPO 3. CJMMJPO JO UIF SFDFOUMZ FOEFE RVBSUFS QPXFSFE CZ JUT DMPVE DPNQVUJOH BOE BSUJGJDJBM JOUFMMJHFODF "* PQFSBUJPOT 0WFSBMM SFWFOVF BU "MQIBCFU HSFX UP 64 CJMMJPO DPNQBSFE UP UIF TBNF QFSJPE B ZFBS FBSMJFS XIJMF SFWFOVF GPS UIF DMPVE VOJU HSFX UP 64 CJMMJPO BDDPSEJOH UP UIF UFDI HJBOU "MQIBCFU $&0 4VOEBS 1JDIBJ TBJE UIF TUSPOH RVBSUFSMZ SFTVMUT SFGMFDU IFBMUIZ HSPXUI BOE NPNFOUVN BDSPTT UIF CVTJOFTT i6OEFSQJOOJOH UIJT HSPXUI JT PVS VOJRVF GVMM TUBDL BQQSPBDI UP "* u 1JDIBJ TBJE JO BO FBSOJOHT SFMFBTF )F UPVUFE UIF MBUFTU (FNJOJ TPGUXBSF BT "MQIBCFU T NPTU JOUFMMJHFOU "* NPEFM BOE BO iFYUSBPSEJOBSZ GPVOEBUJPOu GPS UIF 4JMJDPO 7BMMFZ DPNQBOZ T JOOPWBUJPO "MQIBCFU TIBSFT XFSF VQ NPSF UIBO JO BGUFS NBSLFU USBEFT UIBU GPMMPXFE UIF SFMFBTF PG UIF FBSOJOHT GJHVSFT i$MPVE HSFX SBQJEMZ XJUI TJHOJGJDBOU EFNBOE

*OWFTUPST IBWF CFFO XBUDIJOH DMPTFMZ UP TFF XIFUIFS UIF UFDI HJBOU NBZ CF QPVSJOH UPP NVDI NPOFZ JOUP BSUJGJDJBM JOUFMMJHFODF i$MPVE T HSPXUI JOEJDBUFT UIBU (PPHMF "* QSPEVDU NJY DPOUJOVFT UP UISJWF EFTQJUF IFJHIUFOFE DPNQFUJUJPO u TBJE &NBSLFUFS QSJODJQBM BOBMZTU :PSZ 8VSNTFS (PPHMF BOE SJWBMT BSF TQFOEJOH CJMMJPOT PG EPMMBST PO EBUB DFOUFST BOE NPSF GPS "* XIJMF UIF SJTF PG MPXFS DPTU NPEFM %FFQ4FFL GSPN $IJOB SBJTFT RVFTUJPOT BCPVU IPX NVDI OFFET UP CF TQFOU .FBOXIJMF UIF POMJOF BE CVTJOFTT UIBU DIVSOT PVU UIF DBTI (PPHMF JOWFTUT JO JUT GVUVSF DPVME CF OFVUFSFE EVF UP B EFGFBU JO B 64 BOUJUSVTU DBTF 64 HPWFSONFOU BUUPSOFZT BSF VSHJOH B GFEFSBM KVEHF UP NBLF (PPHMF TQJO PGG JUT $ISPNF CSPXTFS BSHVJOH BSUJGJDJBM JOUFMMJHFODF JT QPJTFE UP SBNQ VQ UIF DPNQBOZ T POMJOF TFBSDI EPNJOBODF 5IF %FQBSUNFOU PG +VTUJDF %0+ JT BSHVJOH JUT QPTJUJPO CFGPSF %JTUSJDU +VEHF "NJU .FIUB XIP JT DPOTJEFSJOH iSFNFEJFTu BGUFS NBLJOH B MBOENBSL EFDJTJPO MBTU ZFBS UIBU (PPHMF NBJOUBJOFE BO JMMFHBM NPOPQPMZ JO POMJOF TFBSDI i/PUIJOH MFTT UIBO UIF GVUVSF PG UIF JOUFSOFU JT BU TUBLF IFSF u BTTJTUBOU BUUPSOFZ HFOFSBM (BJM 4MBUFS TBJE QSJPS UP UIF TUBSU PG UIF IFBSJOHT UIJT

$¿¿¢´‰Ě Ì©Øj©º €jº ¢j©º ŏřŕŕ ©’ ©Ø ØÌj©ºÐ å¿Ì²’¿Ì€‰ ©º ( -0/%0/ #SJUBJO DPVME HBJO b CJMMJPO 3. USJMMJPO GSPN "* ESJWFO HSPXUI JG JU USBJOFE JUT XPSLGPSDF (PPHMF TBJE BGUFS B QJMPU TDIFNF JO UIF 6, TIPXFE XPSLFST DPVME TBWF NPSF UIBO IPVST B ZFBS CZ VTJOH "* JO BENJOJTUSBUJWF UBTLT

4JNQMF TUFQT TVDI BT HJWJOH XPSLFST QFSNJTTJPO UP VTF "* BOE B GFX IPVST PG USBJOJOH UP HFU UIFN TUBSUFE DPVME IFMQ EPVCMF UIF BEPQUJPO PG UIF OFX UFDIOPMPHZ BOE JO UVSO CPPTU FDPOPNJD HSPXUI (PPHMF TBJE JO B SFQPSU PO JUT QJMPU TDIFNF QVCMJTIFE PO 'SJEBZ 5IF 64 UFDI HJBOU XIJDI EFWFMPQFE UIF (FNJOJ "* DIBUCPU TBJE UIBU BDDPSEJOH UP BOBMZTJT CZ 1VCMJD 'JSTU JUT QBSUOFS JO UIF TDIFNF UXP UIJSET PG XPSLFST o QBSUJDVMBSMZ PMEFS XPNFO GSPN MPXFS TPDJP FDPOPNJD CBDLHSPVOET o IBE OFWFS VTFE HFOFSBUJWF "* BU XPSL %FCCJF 8FJOTUFJO (PPHMF T &VSPQF .JEEMF &BTU BOE "GSJDB QSFTJEFOU TBJE UIF "* 8PSLT QJMPUT o DPOEVDUFE JO B TNBMM CVTJOFTT OFUXPSL FEVDBUJPOBM USVTUT BOE B VOJPO o TIPXFE XPSLFST DPVME TBWF PO BWFSBHF IPVST B ZFBS CZ VTJOH "* JO BENJOJTUSBUJWF UBTLT #VU POF CBSSJFS TUPQQJOH TPNF GSPN EJQQJOH B UPF JOUP UIF XBUFS XBT B DPODFSO UIBU VTJOH "* JO UIFJS KPC XBT OPU MFHJUJNBUF OPS GBJS

(PPHMF OPUFT UIBU B LFZ CBSSJFS QSFWFOUJOH TPNF GSPN FYQMPSJOH "* BU XPSL JT UIF QFSDFQUJPO UIBU JUT VTF NBZ CF OFJUIFS MFHJUJNBUF OPS GBJS o 6/41-"4) 1*9

UIF QJMPU TUVEJFT (PPHMF TBJE JO JUT "* 8PSLT SFQPSU #FGPSF USBJOJOH GPS FYBNQMF POMZ PG XPNFO BHFE BCPWF JO JUT DPIPSUT VTFE "* XFFLMZ BOE POMZ EBJMZ 5ISFF NPOUIT MBUFS XFSF VTJOH JU XFFLMZ BOE IBE NBEF JU B EBJMZ IBCJU o 3FVUFST

SFBTTVSBODF XBT SFBMMZ JNQPSUBOU w 0ODF UIFZ TUBSUFE B GFX IPVST PG "* USBJOJOH UP CVJME UIFJS DPOGJEFODF SFTVMUFE JO UIFN VTJOH UIF UFDIOPMPHZ UXJDF BT NVDI TIF TBJE BOE UIFZ XFSF TUJMM VTJOH JU TFWFSBM NPOUIT MBUFS

i1FPQMF XBOUFE AQFSNJTTJPO UP QSPNQU w 8FJOTUFJO TBJE JO BO JOUFSWJFX i *T JU PLBZ GPS NF UP CF EPJOH UIJT "OE TP HJWJOH UIFN UIBU j© ÛĚ 1Ûº´Ûº €´ÛÐØ‰Ì €jº ¨jº ´‰ ‰‰ÉO‰‰²īÐØç´‰ ¹¿ ‰´Ð 5IFTF TJNQMF JOUFSWFOUJPOT IFMQFE UP OBSSPX UIF "* BEPQUJPO HBQ BNPOHTU UIF QBSUJDJQBOUT JO

#&*+*/( $IJOB T #BJEV IBT TVDDFTTGVMMZ iJMMVNJOBUFEw B DMVTUFS DPNQSJTJOH PG JUT TFMG EFWFMPQFE UIJSE HFOFSBUJPO 1 ,VOMVO DIJQT XIJDI DBO TVQQPSU UIF USBJOJOH PG %FFQ4FFL MJLF NPEFMT JUT $&0 TBJE ZFTUFSEBZ 3PCJO -J NBEF UIF BOOPVODFNFOU BU UIF DPNQBOZ T BOOVBM EFWFMPQFS DPOGFSFODF XIFSF UIF $IJOFTF TFBSDI FOHJOF HJBOU JT HJWJOH VQEBUFT PO JUT BSUJGJDJBM JOUFMMJHFODF "* FGGPSUT i*MMVNJOBUFEw NFBOT TXJUDIJOH UIF

JOEVTUSZ T CFTU JO TFWFSBM CFODINBSL UFTUT EFNPOTUSBUJOH BCJMJUJFT SBOHJOH GSPN DPEJOH UP MJOHVJTUJD DPNQSFIFOTJPO 5IF DPNQBOZ BMTP MBVODIFE B OFX SFBTPOJOH NPEFM DBMMFE &SOJF 9 5VSCP BOE TBJE JU XPVME JODPSQPSBUF JUT "* BCJMJUJFT BDSPTT JUT BQQT GSPN JUT DMPVE ESJWF BOE DPOUFOU QMBUGPSN #BJEV 8FOLV i5IFSF BSF NBOZ "* NPEFMT CVU JU T BQQT UIBU SVMF UIF XPSME 5IF BQQMJDBUJPO JT UIF LJOHi -J TBJE i8JUIPVU BQQT NPEFMT BOE DIJQT

DMVTUFS PO BOE QSFQBSJOH JU GPS USBJOJOH UBTLT 5IF 1 DMVTUFS DBO TVQQPSU UIF USBJOJOH PG %FFQ4FFL MJLF NPEFMT XJUI IVOESFET PG CJMMJPOT QBSBNFUFST PS B UIPVTBOE DVTUPNFST GJOF UVOJOH NPEFMT XJUI CJMMJPOT PG QBSBNFUFST BU UIF TBNF UJNF IF TBJE #BJEV TBJE $IJOFTF CBOLT BOE JOUFSOFU DPNQBOJFT IBE BEPQUFE UIF 1 DIJQT -J BMTP VOWFJMFE #BJEV T MBUFTU "* NPEFM o &SOJF 5VSCP o TBZJOH JU NBUDIFE UIF

Made with FlippingBook Digital Publishing Software