30/04/2025

BIZ & FINANCE ˻ ͔͑ ˜ ͓͓͖͑

8 K1 TOħ#K>8 T' K>1 KO

46/#*; QSFTFOUT FYUSBDUT PG B TFMFDUJPO PG DPNNFOUBSJFT BOE SFTFBSDI SFQPSUT SFDFJWFE GSPN TUPDLCSPLFST PO DPVOUFST UIBU DPVME CF PG JOUFSFTU UP JOWFTUPST

%*4$-"*.&3 5IF JOGPSNBUJPO JT FYUSBDUFE GSPN TUPDLCSPLFST DPNNFOUBSJFT BOE SFTFBSDI SFQPSUT BOE EP OPU SFQSFTFOU UIF WJFXT PS PQJOJPOT PG 4VO .FEJB $PSQPSBUJPO 4EO #IE *U JT OPU B TPMJDJUBUJPO SFDPNNFOEBUJPO PS BO PGGFS UP CVZ PS TFMM UIF FRVJUJFT GFBUVSFE 4VO .FEJB $PSQPSBUJPO TIBMM OPU CF MJBCMF PS SFTQPOTJCMF GPS BOZ DPOTFRVFODFT SFTVMUJOH GSPN VTBHF PG UIF JOGPSNBUJPO

1 $PNQJMFE CZ 4VO#J[ 5FBN

K©º¢¢©Ø €´©¹Ð Ø¿ Щæī¹¿ºØ¨ ¨©¢¨ ¿º É¿Ð©Ø©ä‰ ØÌj ‰ Щ¢ºÐ 5)& SJOHHJU DPOUJOVFE UP BQQSFDJBUF BHBJOTU UIF 64 EPMMBS UP FOE GJSNFS ZFTUFSEBZ DMPTJOH BU PWFS TJY NPOUI IJHI ESJWFO CZ TJHOT PG FBTJOH HMPCBM USBEF UFOTJPOT BO BOBMZTU TBJE "U QN UIF MPDBM DVSSFODZ XBT IJHIFS BU WFSTVT UIF HSFFOCBDL DPNQBSFE XJUI .POEBZ T DMPTF PG 41* "TTFU .BOBHFNFOU NBOBHJOH EJSFDUPS 4UFQIFO *OOFT TBJE UIF SJOHHJU QFSGPSNFE XFMM ZFTUFSEBZ MBSHFMZ TVQQPSUFE CZ TJHOT PG FBTJOH USBEF UFOTJPOT ‰ QBSUJDVMBSMZ GPMMPXJOH 64 1SFTJEFOU %POBME 5SVNQ T EFDJTJPO UP SPMM CBDL DFSUBJO BVUPNPUJWF UBSJGGT i8IJMF .BMBZTJB UZQJDBMMZ SVOT B USBEF EFGJDJU JO UIF BVUP TFDUPS UIBU HBQ UFOET UP OBSSPX XIFO 64 UBSJGGT BSF SFEVDFE TP UIJT NPWF JT WJFXFE QPTJUJWFMZ CZ NBSLFUT i5IFSF JT BMTP B HSPXJOH CFMJFG UIBU UIJT DPVME QBWF UIF XBZ GPS CSPBEFS USBEF BHSFFNFOUT JO UIF SFHJPO GVSUIFS CPMTUFSJOH TFOUJNFOU BSPVOE UIF SJOHHJU i IF UPME #FSOBNB "U UIF DMPTF UIF SJOHHJU USBEFE IJHIFS BHBJOTU B CBTLFU PG NBKPS DVSSFODJFT *U SPTF WFSTVT UIF +BQBOFTF ZFO UP GSPN BU .POEBZ T DMPTF TUSFOHUIFOFE WJT B WJT UIF FVSP UP GSPN BOE JNQSPWFE BHBJOTU UIF #SJUJTI QPVOE UP GSPN QSFWJPVTMZ .FBOXIJMF UIF SJOHHJU QFSGPSNFE TUSPOHFS BHBJOTU JUT "TFBO QFFST *U GJSNFE WFSTVT UIF 4JOHBQPSF EPMMBS UP GSPN BU 'SJEBZ T DMPTF BOE TUSFOHUIFOFE BHBJOTU UIF 5IBJ CBIU UP GSPN 5IF MPDBM OPUF BMTP SPTF WJT B WJT UIF 1IJMJQQJOF QFTP UP GSPN PO .POEBZ BOE BQQSFDJBUFE BHBJOTU UIF *OEPOFTJBO SVQJBI UP GSPN

€Ø©ä©Øç ¿º ÛÌÐj Ø¿ ÐØjç п’Ø ©º º‰jÌ Ø‰Ì¹Ě (8 O‰€Û̩ة‰Ð ,6"-" -6.163 #VSTB .BMBZTJB #IE JT FYQFDUFE UP TFF TVCEVFE NBSLFU BDUJWJUZ JO UIF OFBS UFSN BNJE POHPJOH HMPCBM VODFSUBJOUJFT UIPVHI BOBMZTUT BOUJDJQBUF B SFDPWFSZ JO UIF TFDPOE IBMG PG $*.# 4FDVSJUJFT 4EO #IE IBT SFWJTFE EPXO JUT GPSFDBTU GPS GJOBODJBM ZFBS ': GPS BWFSBHF EBJMZ USBEJOH WBMVF "%7 UP 3. CJMMJPO GSPN 3. CJMMJPO QSFWJPVTMZ BOE UP 3. CJMMJPO BOE 3. CJMMJPO GPS ': o GSPN 3. CJMMJPO BOE 3. CJMMJPO SFTQFDUJWFMZ i5IJT SFGMFDUT PVS FYQFDUBUJPO UIBU NBSLFU BDUJWJUZ XJMM SFNBJO TVCEVFE JO UIF OFBS UFSN BNJE XFBL JOWFTUPS TFOUJNFOU ESJWFO CZ HMPCBM USBEF VODFSUBJOUJFT BOE UIF FWPMWJOH UBSJGG TUBODF CZ UIF 64 1SFTJEFOU %POBME 5SVNQ i5IFTF GBDUPST DPVME EBNQFO HMPCBM HSPXUI TVTUBJO JOGMBUJPOBSZ QSFTTVSFT BOE JODSFBTF NBSLFU WPMBUJMJUZw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i"EEJUJPOBMMZ XF IBWF SBJTFE PVS PQFSBUJOH FYQFOTF BTTVNQUJPOT CZ UP QFSDFOUBHF QPJOUT QSJNBSJMZ UP BDDPVOU GPS IJHIFS JOGPSNBUJPO UFDIOPMPHZ NBJOUFOBODF BOE PUIFS PQFSBUJOH DPTUT i$POTFRVFOUMZ PVS ': o FBSOJOHT GPSFDBTUT IBWF CFFO MPXFSFE CZ BOE SFTQFDUJWFMZw JU BEEFE o #FSOBNB

怨jº¢‰ Kj؉Ð

"ES +#@ bSS @ t

W 99+@# ]]ŰE bt+@# ]]

bt+@# E

64 %PMMBS

"VTUSBMJBO %PMMBS #SVOFJ %PMMBS $BOBEJBO %PMMBS /FX ;FBMBOE %PMMBS 4JOHBQPSF %PMMBS 4UFSMJOH 1PVOE 4XJTT 'SBOD 6"& %JSIBN #BOHMBEFTI 5BLB %BOJTI ,SPOF )POHLPOH %PMMBS *OEJBO 3VQFF *OEPOFTJBO 3VQJBI +BQBOFTF :FO /PSXFHJBO ,SPOF 1BLJTUBO 3VQFF 1IJMJQQJOF 1FTP &VSP

/ "

/ " / "

$IJOFTF 3FONJOCJ

/FX 5BJXBO %PMMBS

2BUBS 3JZBM 4BVEJ 3JZBM

4PVUI "GSJDB 3BOE

4SJ -BOLB 3VQFF 4XFEJTI ,SPOB

5IBJ #BIU

WÊ騐šŤ ?„½„û„Ä „ĺĥ ª–Ű šØÄ„Ä

9‰ÐØ´‰ lj8j´jçЩjij ¨ Ûçě TjÌ¢‰Ø ÉÌ©€‰Ě K8ŞśěŜŕ

ÛÌÐj 8j´jçЩj ¨ '¿´ ě TjÌ¢‰Ø ÉÌ©€‰Ě K8ŜěŘŕ

H$# jÉ©Øj´ ¨ Ûçě TjÌ¢‰Ø ÉÌ©€‰Ě K8Řěŕŕ

"QSJM 3.

"QSJM 3.

"QSJM 3.

4PVSDF #MPPNCFSH

1(' $BQJUBM SFDPSEFE B MVNQZ OFU JODPNF PG 3. NJMMJPO JO 2 EVF UP B SFWFSTBM PG JNQBJSNFOU MPTT PG 3. NJMMJPO PO JUT 5BOKVOH .BMJN MBOE 4USJQQJOH PVU UIF HBJO BOE PUIFS FYDFQUJPOBM JUFNT 1(' T ': DPSF QSPGJU PG 3. NJMMJPO XBT CFMPX FYQFDUBUJPO 5IF WBSJBODF XBT EVF UP IJHIFS UIBO FYQFDUFE UBY SBUF "U DPSF 1#5 MFWFM 1(' T FBSOJOHT BDDPVOUFE GPS PG PVS GPSFDBTU 'PS UIJT RVBSUFS UIF DPNQBOZ QSPQPTFE B GJOBM EJWJEFOE PG TFO TIBSF CSJOHJOH UIF :5% UPUBM EJWJEFOE UP TFO TIBSF ': DPSF QSPGJU JODSFBTFE CZ UP 3. NJMMJPO VOEFSQJOOFE CZ SFWFOVF HSPXUI BOE NBSHJO FYQBOTJPO 3FWFOVF TVSHFE :P: UP 3. NJMMJPO PO UIF CBDL PG SPCVTU EFNBOE GPS HMBTT XPPM JOTVMBUJPO QSPEVDUT .FBOXIJMF UIF SJTF JO BEKVTUFE 1#5 NBSHJO PG QUT XBT EVF UP IJHIFS QSPEVDUJPO FGGJDJFODZ 2P2 2 DPSF FBSOJOHT TMJQQFE JOUP B MPTT PG 3. NJMMJPO BT UIF RVBSUFSMZ QSPGJU XBT BGGFDUFE CZ TFBTPOBMMZ XFBL EFNBOE BOE FYPSCJUBOU UBY SBUF BU /PUF UIBU 2 UFOET UP CF XFBL BT TIJQNFOUT XPVME VTVBMMZ TMPX EVSJOH UIF $ISJTUNBT BOE /FX :FBS GFTUJWBMT JO "VTUSBMJB .FBOXIJMF UIF TIBSQ JODSFBTF JO UIF FGGFDUJWF UBY SBUF XBT EVF UP SFDPHOJUJPO PG EFGFSSFE UBYBUJPO 8JUI SFHBSE UP UIF SFWFSTBM PG JNQBJSNFOU MPTT PO JUT MBOE JO 5H .BMJN UIF HSPVQ JT OPX SFWBMVJOH UIF MBOE QSJDF UP BWFSBHF 3. TG GSPN 3. TG QSFWJPVTMZ CBTFE PO B DBSSZJOH BNPVOU PG 3. NJMMJPO 5IJT JT TUJMM B TJHOJGJDBOU EJTDPVOU UP UIF DVSSFOU NBSLFU QSJDF PG FTUJNBUFE 3. QTG *O UIF SFTVMUT OPUF 1(' BOOPVODFE UIBU JU IBT SFDFOUMZ SFDFJWFE B GPSNBM BQQSPWBM GPS B /PSUIFSO $PSSJEPS &DPOPNJD 3FHJPO UBY JODFOUJWF HSBOUJOH B ZFBST PG DPSQPSBUF UBY IPMJEBZ "DDPSEJOH UP NBOBHFNFOU UIF UBY IPMJEBZ XJMM CFHJO XIFO UIF OFX QMBOU SBNQT VQ JUT QSPEVDUJPO UP PG UIF JOTUBMMFE DBQBDJUZ 0WFSBMM XF WJFX UIJT BT B NJE UP MPOH UFSN FBSOJOHT ESJWFS XIJDI XPVME VQIPME UIF QSPGJU NBSHJO GPS UIF HSPVQ BT B XIPMF #6: XJUI 3. 51 o 5" 3FTFBSDI "QSJM

4PVSDF .BZCBOL *OWFTUNFOU #BOL

4PVSDF .BZCBOL *OWFTUNFOU #BOL

/&4; 4 2 DPSF OFU QSPGJU PG 3. NJMMJPO :P: 2P2 BDDPVOUFE GPS PG PVS DPOTFOTVT GVMM ZFBS FBSOJOHT FTUJNBUFT 8F EFFN UIJT JO MJOF HJWFO FYQFDUBUJPOT GPS 2 FBSOJOHT UP OPSNBMJTF JO BCTFODF PG $/: MFE TBMFT NPNFOUVN )JTUPSJDBMMZ /&4; T $/: RVBSUFS JT JUT TFBTPOBMMZ IJHIFTU FBSOJOHT RVBSUFS /P EJWJEFOET XFSF EFDMBSFE UIJT RVBSUFS BT FYQFDUFE 2 SFWFOVF FBTFE TMJHIUMZ CZ :P: NJUJHBUFE CZ J $/: TBMFT NPNFOUVN JJ DFSUBJO QSJDF BEKVTUNFOUT JNQMFNFOUFE JO %FD BOE JJJ IJHIFS FYQPSU TBMFT PG :P: 5IPVHI DPOTVNFS IFTJUBODZ UPXBSET /&4; QSPEVDUT SFNBJO QSFWBMFOU JUT FGGFDUT NBZ CF HSBEVBMMZ BCBUJOH /PUF UIBU EPNFTUJD TBMFT EFDMJOFE CZ :P: CVU HSFX 2P2 (SPTT QSPGJU EFDMJOFE :P: (1 NBSHJO QQUT :P: PO IJHIFS JOQVU DPTUT XIJMF 2 &#*5 GFMM CZ B XJEFS :P: PO " 1 QIBTJOH GPS $/: BOE )BSJ 3BZB "JEJMGJUSJ DFMFCSBUJPOT 0O B 2P2 CBTJT /&4; T UPQMJOF BOE CPUUPNMJOF HSFX 2P2 BOE :P: PO TFBTPOBMMZ IJHIFS $/: GFTUJWF TQFOEJOH 8F DBVUJPVTMZ LFFQ PVS FBSOJOHT FTUJNBUFT VODIBOHFE 5IF HSPVQ T TFRVFOUJBM FBSOJOHT BSF MJLFMZ UP CF XFBLFS BGUFS UIF )BSJ 3BZB "JEJMGJUSJ DFMFCSBUJPOT DPODMVEF JO 2 5IBU TBJE XF UBLF DPNGPSU UIBU /&4; EPFT OPU FYQFDU BOZ EJSFDU TBMFT JNQBDU GSPN UIF JNQFOEJOH 64 SFDJQSPDBM UBSJGGT BT UIF HSPVQ T FYQPSUT UP UIF 64 BSF NJOJNBM 4FQBSBUFMZ DPTU QSFTTVSFT GSPN SBX NBUFSJBMT NBZ DPOUJOVF JO UIF OFBS UFSN XJUI FMFWBUFE DPGGFF BOE DPDPB "41T CVU UIF SFDFOU FBTF JO HSBJO "41T F H DPSO XIFBU NBZ CVGGFS UIF HSPVQ T PWFSBMM DPTU JNQBDU #6: XJUI 3. 51 o .BZCBOL *OWFTUNFOU #BOL "QSJM

2 PQFSBUJOH SFWFOVF DPOUSBDUFE :P: ESBHHFE CZ MPXFS FRVJUZ USBEJOH SFWFOVF :P: EFTQJUF IJHIFS EFSJWBUJWFT USBEJOH BOE OPO USBEJOH SFWFOVFT :P: &RVJUZ "%7 XBT 3. CJMMJPO JO 2 :P: WT 3. CJMMJPO JO 2 XJUI USBEJOH WFMPDJUZ BU QQUT :P: 5IF IJHIFS EFSJWBUJWFT USBEJOH SFWFOVF XBT DPOUSJCVUFE CZ '$10 BT DPOUSBDUT TVSHFE :P: XIJMF ',-* WPMVNF XBT GMBU )JHIFS PQFY TUBGG DPTUT :P: *5 NBJOUFOBODF PUIFS PQFY MFE UP MPXFS 1#5 CZ :P: 8F FYQFDU JOWFTUPST SJTL PGG NPEF o EVF UP IJHIFS 64 UBSJGG XBMMT JNQBDUJOH USBEF BOE FDPOPNJD BDUJWJUJFT o UP QFSTJTU TP MPOH BT UIFSF JT OP QPTJUJWF PVUDPNF JO VQDPNJOH USBEF UBMLT CFUXFFO UIF 64 BOE JUT NBKPS USBEJOH QBSUOFST FTQ $IJOB %BJMZ FRVJUZ USBEFT PO #VSTB IBWF GBMMFO UP BT MPX BT 3. CJMMJPO PO "QSJM BWFSBHJOH 3. CJMMJPO .5% UJMM "QSJM 8F MPXFS PVS FRVJUZ "%7 BTTVNQUJPO GPS ': UP 3. CJMMJPO GSPN 3. CJMMJPO XJUI UIF OFHBUJWF JNQBDU PO FBSOJOHT UP CF DVTIJPOFE CZ PVS VQXBSE SFWJTJPO JO EFSJWBUJWFT USBEJOH WPMVNF BOE EPXOXBSE BEKVTUNFOU JO PQFY BTTVNQUJPOT o PO WBSJBCMF TUBGG DPTUT BOE NBSLFUJOH EFWFMPQNFOU DPTUT 8F OPX FTUJNBUF 3. NJMMJPO OFU QSPGJU GPS #VSTB JO ': QSFWJPVTMZ 3. NJMMJPO 0VS QSFWJPVT Y 1&3 QFH 4% TJODF +VOF XBT QSFNJTFE PO VQTJEF SJTL UP PVS "%7 GPSFDBTUT 5IF MBOETDBQF IBT TJODF DIBOHFE )BWJOH MPXFSFE PVS FRVJUZ "%7 BTTVNQUJPO XF CFMJFWF B NFBO WBMVBUJPO Y PO PVS MPXFSFE FBSOJOHT GPSFDBTUT JT GBJS )0-% XJUI 3. 51 o .BZCBOL *OWFTUNFOU #BOL "QSJM

Made with FlippingBook. PDF to flipbook with ease