Business Outlook: Low Oil Prices, Stretched Finances

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?زBqjF #>IɯQ>3ЖG?^}8r9B@ıR>JO)ƫG!xGʵa#oif9 Opk4:TS*zܨ4!j&`i1ETg'n)F[U]x'o'߭O%VTlsSVzܷU u Xc٪x!Ҫtcj{+1nSP18-&z::mN gVmNxA*FX<џaJG4 W >ԙ\,.WҚJM4 Ziq֓♚7S +j R,HWBқ3HIPwp1RyQTEh_ʐV7QR bcW7gd#f ڜq+J>_J,RJ*O"aP Z\?֚cCڴm<ٗ_2\vQ֮G=Ed0hmy1J^39]R֒\ zGW'5"<7ʄ`AIڹEF-ybAGg7aW."Pi=59ח$Vy&>T'SF+763([05## Y[h9!Dp: Z,b$-9r*E(wfIjKϭ΋y3Ka=SƑzuP㟾*O/UۑKD;Hd۴8h>o/f0{I}}V/cF?u]!z1ʅC#<*!В241U!i #5Jw%ӱd7,R~TzS En$ Bu hi t))Ay8(gmQiɰ *vBw9438)XuSW[HWQ'Ҁ՘E?0zŸ|G3ut?*-h=σK:e~4J=7Ɵ::0J l&tJ߈:2J i'oҚt*Ts.F}-^:\* g*7LQt5$E-)ܠ&)\7^koWA,h3{?űXv?zכENse^G|}89ǥ>> }bhv0s7=iXVH<1[g=ILzVnѱ}-klI%9Askny㍴F]Fޖ)8=Ư%թL9\Z᧻csL k0OQDI%F[zN~o/nk[WGIn-M!E;ԫUwyzcԫJSw R.x57sګmaSe8SS-Y 30aNևԊ  !SOO{d=JJZ38TlQ>OW簈\\-ޤ<}$WvnblYGy"۸%5Gr$K 7o?_ 3ۆɵA3qSZ!y7W,g^*qx|TY}U*/쯹FTO'=Hȏx0FѸ51CM!++2Q[{*JݾTb5j~56ُފGrFf /GYxҢ7?RV}ļ-j'nGJf$ Cy'߯evPd4_DRoW[,qx-Mٜ(Q5)z~&mFm2OZK_E<eKLeo84;l~uF=F]46&ǥW/'4;~eXIvꁤcsT^3!OnTTS͖*u#"X6.4G{L #j"x;<"?Κg{5Y'j? l>UK2 O4GqQ5 qY#=Qx(Žj6O|;ykbH=*K1ڪ>BJOvuS\6Jzɡ\tP1U\)ɡ}++;mumYw49Tcӹt50l`T`֝. 0}I#=iAwj`杞OҢ )GAB9ޢoGJx1PHm/)J'~GH&)UW< UG>PDɏjA1Հ«_ֺ(MWwϭwOEo[(O8+coBシҹ吲 Q)Tƣ4\=SV؟hij#9NqLbՈWDU@Rc^zRXRg^1{Ry4r[) u{ʤ1RabBtHbفKe*ߔ}({0)g\<^ (WcR ?vتyz?Ȧ`BϚ|Za~ |L(P'Yx9q}m |v Csڢ/Q+py-7P$ ,ޫ;I{Oٓ5.u4WW;n!~Բ#9.*P$=iK &:R&XZx#͊95Иypz [-VCXiY#ޫg8#֎@S,f셦s@MLqQmA@f%y9``sk9'';<٦8K^+qH 5cHM6OR7<{ysV!]5tLQ-XGֵ3g? -uAq].zZ~LEuS8TmNib*ՖQZWbٓVVdv(N{-OBMQv^**P,Q劐*n*vIPiX犻$K#)b~^٨ܺ}H5J]@\7B*f`)r2 wAaW'V=§eO'ښaQ?&ǎwM;RY*Թ*&"k'Y?kk/W\zJoSHLAR OHvzEm?>ȟ1k;|{ҿs4ы_3\i8M*6‰zSaROץy6^r:!"o8MKh)< *=U8 sSnN99qЕ-BSQG:%rVԊxn֙+t,j7<УJZǃJ915):#Nc5:8"܊INR)Hl+3H)X1RS){`F[YORt`D)Zҏb 8G?HlWc5NHЃ[IWsRN 5PZ&7wJsJC)aOom#ٚ 6~^Q8CQ0#jV6>ijI҈cԙjxՈ뮙jtpյrQLwz$FUӽ12>|/5$'Ff!?UTb\]eԨrO 8`I]@<<R %&r3@U S?Z-UzDmYjS_S\s;VZ*ASsaM ԦE Gᾶq,F-|e~.72_1:6 J Jmlp*G}j<z攖OA9EJA~OJ% Oj *hӖȘ6F*6lK'^;oQZICSrqKi"HͱA=i;Ӂ"xQz!ph>ijQLQRӊPx;u40zSң"JM'4g)!sjP7Jl;L lMS֓ iӰ.yiGzv (GJCҐr٪B&r9'H8Vi?-FOJ"sJ(Jyր+E31 1EIc!5t+Ṛw^)$qӔR7AYH7ڬԪNE4rCҢ?x2@PzjIF^K޵V$QcUrjzUi׊qVWTS`!ֱV}9-|8fIG>k"nyģEAL4F ujC5O[ZǺUŢ;=RJjt[JjvC+^Kq5 cUr?2`U?tsOZ֡RR՛&ξDUu *Y.K*yx  Aav7܂=bo[zxdqU.1ȅF`ï{ bcDt2Q^jCc$ǸsM_k ]"@cx#ԯr)׺Ieͧ.:/R>mKqGqjx[? mkڟ—|c@Jh4of.]=U=% ^Kx^>zK<\_CɘqP1ש\^I3#=&Kb~ycp'OjxXxw(ץW~K:L4L!Q5LP3OMP\Z_ƮGs*kyfʧP#$Ք1TpmB2MڡxmWtnpʴaVӥh݇sSߺ y8uǹ?KZo~Cq*#)v۞Bwasp׸%7dgOzekdUuAnH8}h `G;&pʸEAOSIM{,_g`B\dkT\F^}( <\!'T3FuF #!Tڌ` 0'r$zŒ\EKmDlŵQL}*S,#LCf$#7ZZQB "ov= 54G1F^8cUhnd/O<rqMqاJ 5#2.R08Wv!A}jPsLAޥ։n  TFw_Zrz!Gr I1M|>EǭT h>sId6 tF0 ~9Zi6jbSC{ kq)8:U"Z?1MҜ?LRS%s!/cHO0&< R9UXir)0x4И7N#9T!O\G$ӱHОr3Fj!3H'Ҕy.(Qޗ!)QzyI0i-IIڔi Q EFm`;5nhTBTFr8 -W<DUύ&?֫&(̰@kZ@7aK ~12O21Jd&h[I-0BN>f9'2jC8Y%`Ǖ,?Z@V%ӛ+1r~zlΥ؏Wbef4z|U?3&y\ s~uۣ(S[j kIS8\҈vR"ATx1)"Y p;U_1ӣ&$(5+aдH }ō?Z8ؙ Nxv.[K`$Uw6UwP=y~)9DeVh17֝qYJzIGz?g3^Ki^kgτuzOCJ\hL4L4cTmRJKLT]j:[UҬG]p [OUaJ>Z Zka2) @ʸE֛ܽʌA+Z|@F=EKUOMC~$ }i!`TO܉O#)$fȒbF$g~Tl:DG408%Rr8JHi^ 䪯VU^":}>=#(?֔iGVpm_p?) HH\)1}O9I~_zwL\/]J ,b:?JrQ*Fq{uB;6`#K>]0+(RA>5e &֮UHB@Sꊍz].}2(D9 $9~M8\Uft騻#js#ڑGO8vRgLhF<H`p?TCRWxhh;m9NAgj+8>yTI%8+i( Aex!R8ӚXvUUP8$ȭO\@ R L~4Л&BFT - W<%X %ǿΥ3LvҢXŴ{WJ̕=|ՠ mT.O@#;|,;A?&94兗Ԟ;^Sef\ Rc p>HXX: gl\6[h9(NQk`3H98jH&sf=^HV+/Qʣ,y`a訾 `~Oދ62)㚪C:E5oܕ k($+zBE.E JHPwRQKV-VqVֳ>y-OZ\S;=su^&jC}ig4v19 Id󊩭lDÎ3HžzTlpi"JC(^i3sMh! y'zJǓJzSO_Zi14'q4t~j^¨@zhN?zTU-)~ښ$oSZ1ɡ}ꐉ9HzQqA<L)zbOST&~pODK%=&m8oUrSBqX' 7 G# &`(f`VcЁV/_q8$ ќ 5!80&$tcfP7tU؜*sQhѲ8{N>V-m<7`5EsjّHLqں-Ŧ8*8khڸ8q+L ៳QΑI?eK,_ɫEʜc*ЫJJi\T\zT׼($sю(c~Ύ^MOW=ɎÉzS杞5Z =8}LnhA4SBbM<5= i ҎJ\tZab6ƁR`>DzS})O^U.GۚRE4=RijihK%"zs8RV,in3{)vzHy@;J3:`T3R?AMM*fޭN?APķ>`re CzT{Na0aǾu %dcҔ` 2zPN!J0CQ CHz W?jRՉSRC&| 2sjdcoң`yl֋m7)-3F:1H*;)10 ژ$>TMrYZS#uC$UIU7ӵD&yF2gh>Qd*]뎴vTRG3[[p+30諊ԆtZ2N |>A8kӉ6dNN1==7iZ(1!'٣=5?xu۫CHOC#"}4`hZX\H(8N7uiks7kddOZoZ|\ɤ$Id'G3Vkdђ+'JOΓJOΎf.FkѓY#RMs1_&1ӿysfM!'5jM<Z9عFYm*@#/4 NC@?K0ΰF"m 1Ч ;_Hӕ1A@ SۡgIǩ1w>`u=:I!KcsaoOP8^St3)\[sq/ߞ%biv#7ң=*T 1\Ztэ#p)GS5Ftߒ9sݓa} v48J_4=*aw(R'QUa#M=i`@;|`{S[qߓL;smʦ;78xr+܁J+QMpp]Y;63RʽyaLqQ}`}c0 5.TG֦e]|QD?z pjcs[_ް%GTp=X+N9J5%3jlW?^+ ?={xo^gJM?HJ}!RRbTHdXѶ-jmmp!Fڗmh-mv2mDAivԁiؠd%xMM`m3 h((P(%5_?G"ҏ^qkؾ%ȃף*$?ZR~-@neʏSO`A}NE=RAϷkS^ՆIc ԅA ☊X꧹Rhbx?J|#,sޣ )`\և$cnC~t?+W߿=־$,`7OQ~V&&!bYTX5je's?$vCrO L a$0Ҕ$2Ү'/F(ұ˚L~0&NPXgJqЖ1֗Ѓ$~5hCOJk}JzRM$&?3ӌ;!qIڔ8Nj+\zRWv^is7 w I4!›ڞM>n!^Iޗր5bL=VZAJ j,XS>ԟŒ)OQ&RGnylz ~'<9R!}0G\z,A*:{WKgC< qעiG\fbH#CeX#$.2scS2rަ)R733 qI:I}y4ބc9Ɓ.99C1҆+Zn  .j6 sTn# 4p%r d*@Hy;9GjDݓ*gE4""I Cc@Y (*"a7lD (|V7ĭZ%>‹86 >2{Փ)hZ#|=t~_<VIǀuWN]=ZrAnw @e)6:4P03s油 bp}a&7 A94=W'ȩe9'҈X+/>048Orh8 7]qjkfozăo[( Zb|ӹ4[G>N2?B֧I:CGOLӘƐ޲fF;p8)@z`:isU>"!'4~j7Zc3)MaH9c<}zsM11 ޞ)q%43ӭ;=(hڐM*&/+OP!izi su4xZhG Ѩ#i<ҎsLcP ;QI4XB4vvLWuR8Oެs -4&x'Z S?_¥+E1;`!X?>>m qiЇS]1uHɔ {# 4IS}[~2rYF}1v{B 13n֤M sҕr6iϧ"Ps s dVCOOR1V "8'q]io@Js ey/UcdSA>E#H`v5'$w1q\BHp9A'XqLo#`tѼp ~HC<~7 #d7fkZ ^HOH>Ύh؁8jGc?IOdȴr=Stֹ(?@jֻiO*h: >Ve(͕{ =@~T!F@/H~4k\tlehi_1;4B  %@qӿĿU4i[M8 ?ݛHǝi !2 b]i([h9nARbm"ӯ϶TA>o屶kpt ?ҚmaR[ݢS}̈tx}?D~U3ZZ+j=ՔQ},C9I~,Q SŧG[-t*-0 XS{3n3PRLQ GYu,z *h]"=t#~_pG,~)x8Oc YBHrTccGRŊN{6sqs#gX/Ƅq4_]#gF8RYFx?s'J~!x\rp1o]fdFj~poRƤHd]gix@5ٕmِtn?ƤP|J٥%wG ?{u~!i|A'[]G WS@8 ֩Zj5M>Ik:O.!!koፄ~u ջAP?v X!q/*=}GZ{*eXޔG;ܠ֛dZ$~U⡋ =P|{c0C0@>%e[渫}" ;Z5QMs7@C6]h̉"`0C s}QDN>xyJhRbj7g'CMcjpԫOQ$p 94XW ( >++ˏºJg0'qn_xL-VY8%f.GW``S71Lק .&deNҥ3HJeN!rQOq3"@'X ?),yϥy=RH,%7)I$נXmuk@&q$lXի;#r5;PC OWVȅ? cj"ĨW4TSxfgH9BAw9p}'h'w~־{B6rRE*yLNZWn F12h*ʭ#0ݹz*D7ŜcP~_;pW->ӈ2 (9}M;fu]Oc-C!`BZ.r F7?R*̥98X™sԌR)\8I"bH :ؤ1UVQpG"Ds`g8hLj|[m5bɴ!c8]_tkKGChF ?ڸ{xa. \6S2t;⽓촻[G!q*W=\/yX˴u++VT$@wMw҈<+-^dlcP`(l1x~QddaR<-|rV@)7~B1>K;x6ֽx쁣>i>6#귝_;L:|,jBۧZOy;'\eQ)' қr-|ǐx=jiI]9' 兀RDct`) cJ*8b@9 1N1l*G)|9烃T[s?Txz5>eyci6ufvRo]:TN\~V]qnb~CQis_e>p {:fȧݎ=i1O#|B3E)<17!` M΋Z{4W:;"CUm; v{vjcW4bգ%Ha|WO'Ih; -5#*9Pމ:hºz=sޑ4xnsD*SiiLnEJܡ;ix/5H*lyMIG 3=m215VbmS۽Tbr%$^.@^I׏O~YUl˜N/::uFP54D 8oY]K~۬2W r}sXԃv4+$)E;8#5]潠jW֐*ĥ3)qz ҹY4[]OZ .[\*'қSGB++bEu#6;<"})CR@n4⛜KUL= .~ji٬O E%/<9#f\۵J4MUxԞsH>cƑ &qֻ6T,#l$ s.@%X-oPjކƖKقO>h~oz_u3GMg@\`sڦx2z{-M`o=4 Oh uSي 7קֲFYpG)k6w bF?*זmRAZ`/7Lw7QY\4q']m׈D""p~bMRiȱ \i9nA2`=why>z} y?c~VZ_f;*Kv>J3qjQ~u; 8n^[2H8*ibqH6r8cNG[eqdZJU9TJ7^ilc$4mF5+g ?+ ȥ ԶAV"9kȥjKXLW[#)\*KS-``y8V2lNUnS'! tn ]Lg?TiL}C酷U r Z{}6F܈y Ď~Oygb';VPY؂A?>O/5ƜddtO3^[6C˥NT}7I]=[g`Ƿ= ,H BʩFx8k\];yEL3r1sʥc{g܀APnDs9P07ª,j{koFPnd'Iv7^cnWT瑊J8Q{xq~L(8w=1h'ҢyIbSۆx@g?**mDe|@coԕ?JW!NwI9!& ȿ3z ש#8-0|AVLFlb_4¼yPp*g8q"~x%jV^V^ׯ]edЀ9(=:=J˖']ӂ%ȂM&wNX%=GG渽CP$@.Mz`$gmJfW=T? gAkRZ$fn>*ywFtd8.E,@qVƩ}Z |s8yWPDa l-j x#"+PUY:X)M?d'-upWvROˏ9֦I/?|FaI~5~е'mm't?0D]olF$,^59(TyĪᔃF)W2]Au' {X8֭eA_1 nN|c22~p?i穬aIiK1oj< bxrG^39ɨmPۘ`O5CX6&zn ю#SK(2AJT][X%fh[c(:WIH-++#<6:~?TuY!H珡5ΖO-6OP}=1н$yew YQ`h̪12-J_i؎}z~5^\++?R֤,c ƀ}Mt6z0g%E3D-~b89 5)>[Vhk~Icf3YaZ3yqPU߻a#;sslc)4/ҎVhѱ[' 'aLzr)h$5i4A(5B 6(@-84ΤRtGz21)SSrqM4R>egNH lqE" 6z榹ʅdndY O-(Xf@kz I9ֈ+qىܤN >]Hy%kÖu$!^Ykڶ^IA9N~)\oLbtS 1o]yFZu[[3Wq{lzE.<3*yV`5izٸ$\+_2xCO]KLDsϨ0};f<'aX ,͹;Wl,Ӿ*<]M*y3H1^|5k~;Z}GN#2#z2@qs5 B3%)hag@hPM˩|CմH} *Gk<cش72+^)ro׊!F9tB};PKg"+Dl&A#/KMHZ\?+^4Ph`Tq u$ i]H'튅=42"OUV4 )0Q!ẏҝ~f"1]c% ]8~\^B*h. ϲ)˒2ru .Xp~n3[hA~ 6Bxͦh eg?0'^Ni7<xNk&\yӜf(DKD~SYn+0n޵^vW0>GgO*Ȯ #7+-ڢʪna~YM >O\?.źd>?/^vh.#)%<B3|3 ^Tއ? 1f(#?1^|X;G^CL<-x -WpinmԖ9VWOַt xJAo#Sе/xIjiQH6r ~>ǥg ܚ%،$Z/KQx%y4R9?ڹ<'zͶheʟY"Kr B~U8+)R?yhwCR yZkg0.pO RJF l"Z<"܁չ!1\ƲiF]Ee̠&m՟>\YHc'i϶*I8^G rJ`9r,W*}N.8ҴoBBteijo*_iT%!dZNHŽI>{ij<3^Vݴ]dFC "}kNE=7 aOJdG#HQ`x%{ ~xcfcvXZݜwAZ1YLq(dov.gh綶Wv q?UJтJ}M**֑5| :JL[$5wrVXNF3M eY%13П=뗳(+T5B*q_+4H砯h:\^&,T;8uwgoA{W-7,%YOS98TU? /`Uoù;ШNW,,("tL7_x5u~ԟN+sl#i,OZR}7UcoK ۷|1^kE|%}ܐ² W2;ךvHO-v {&\k^.hvql"]}^mI4wFծ"HN`$=x|BNQJjNlYh9S^ Yku$m : |5hS[G<V2|A=Gj:%}" u%!9~\5qu\tR GCCZE;L HcX2A#NՏ|?u;R7#?z׾~4 6/83J:kpffl zӊXI *KscCH pI|qԕ<ӭgzi-W{C Lp/$zڴh6D%]H*G^Ѭ<8sTy+هjPý+%52"[\ ?Zkuc'u*vqAEe/-fA=tAVN5=֓Xܥb9VG]b'sC;{#vU7Bq*D!;:96IL.<7+t :*$DuشI'ǐ|a[ #=Wal0*Eu2]CwsH6W湫VSZEdFr<k|KG𽦱ܑxmcsȭbx3+|1ɣ6oq-oXP;1^WL~`Q'#r1[ƌC)9>!>񵿘ѯ٥SDn,n5X JO&f6~&%G)1Vxz7MƫI"\}3 } [ĺ| +^O÷V3jD\9FNࠜy c|=xu4k>s'^Nc>]jֿosi FpY.WXoty8|9zI XYA+o:/4 ŤԷ8eJ6㰎5uMxl$A)D]=x: fº߂:Ii ")W0}$w=z8&t;@D@o.w 2ږ}Ws []K v887wX,$9[$ }1-Gk[Ԭf6w,<8hޕi1;:tz@Y¾I.~nyUd-Āug} SV-SAݲ`d)rW+,2钦4RjJNzU95+.p1k(%ِ 2*;k{kI.Bi1'^V[(Z\2*q$d~ {-7N4ii ۼ@*yzגðͥ3AO9pw4hSÑK=K˰)\ؚVRZфxKod4{ _4.8\<['5.CPM<d9;r0'=| 2'ml*@\M("+09^mzܴJ-L=#Ěl0Gob&oHy~{:@sװ jO&K F޸kG[kP[bPʹp4U*=VؕMr={r~\xPzԖ'$l L~돇z~,C3]r;T$g?zi8kr!Hܞy]hKo0CZ[9˱϶M`k[ {tAxڔݓ*G{Hx͍Ρ-$q#qߠzʹE:ˀA B[mn+uz WR~(VQZGuwzEXMEOb%F1^'x᭭t;&(v+̀Gk>٦]PY>)F;8沫tmD}k=Θ`,YAVr:zR9$2#J[#2dOvX+#Rpx N`OG6NգOcuҭ~d=FS\wna1F#+8p8oQ׭V8Dk#2BBctҷt[b7:HӦYqgӱGN~׿r^*n/`Uϖ6rFS6/7u5)g#|QapctYZ-MXYI^RDž.YZEc'ެj!q'#⫙cd 3A_Mll@JvtբΙAMݟ(xڷc[_57n@/ӘA%?-j&_ M+$sjφ)P5ʲ03܌jW(byRz|09Ȯ4ISm#_0#8a^Kw2V]9IS&) Hcb:#\yPݗ+kWU:1ݼ V5$6pXi'郴>(k᫇962y 9zTJT4 2O=+ÿ 1ibXé0ݦN@bA?iWxGž4Ѭ%>'d Ny|w'U?ݎw\:qu{kjv:L_괋Ev Y@5 x]/m{┟#G?5"(|xkOtP 9O&~o= H|- ezxl4L SsPoU-;HL1d%]ڼ^Q h0 ך^)oa<bI|hR2!xO+&ђ6.˄OQs$0>k(#/]C$fZ>_Z9&?LræR$7{~'eo^ ׉{01׶{Wx[fU##p}GCv u(^TqV#dWîYe2Hyz{{i.>naʤj>P*ձm"3L6m8Rzcg?$G?k0 ll s'' t:g՗K B3d3ԓn rx=F[TF Ua4R/k'p,FF& xmO8g;Fm*8&9IҕE]CS,uciwIdaR"M6E³YcTⷂ':6?ehLY[/~!P%6MskSݵ+r=sN!֭w,%ˑ>*Nd5ZĞqLLgwXmciffcUAzׂ|I*[(oXpùץfO²*E@ANJX':] qi){5td~+|K.+XiT.8VAZ ncsrq?..]-r;.ʕŪ8J_n:89!0Ğ*S-b.Fz==)Hnf-.$+7iW=SújVk6f\^=.RRսNZE٬,Sil>[;  g۵t^>xwM]ۤLEc=)bmsU~bތ7ԦLφzr?ʫ 2w{!WUr-J|-;'?Ŝ۱yOXz}*KDn[)'rHۍҽ[iJ>]2} _"6hl#X?ʓVqp]L aMFYn=r+$^ּDu;%)Yʜ89;db7&׊Bk]^i蓤"6B@ z_GϴV4 +:Ա5Jt6^M+_YX#W0oݐ0Bk7`+c39듓[2R12B[ۥ 4q˅8/j_sRalW;!tPெ_+6syu(RC<ۯ9k/-`Qm2#V^E\IVՎC ]DJ, g^1#1]8 ?8}!.` `ʫKJ 'O[sWD03VCm+\<)1S0Ȳn,rЏE(r9UDm6T¸?(QSuZg:Ɲ-^;tes 7I& E"q @y:,{8+{H5v 2[D )<V WD.Ɯҵpf&ʧ( <ǿ^JHfn ߜ.;>V;HvdP ǎVC:01\/1jsִk6 zC3'8AuSᾺ ]X:yU.KcIROQC #<$Z>V^,}psWaEB@IWeAKj 8 ؃P rd R:pB+ЭMN^ھf @X=^[7K~}.M/]˦ v`«fj>.叶Ih\٥Was˹gSjlRnǰrz7M7G#ҘN*#.ɼYuSK\R֘]SҢn$He|}J|jH"rk+ O'c6ۚnNqHlj\}aӅV1֣n.{e'[?P*T 2ʳfw(UЧP %][ĞEqX3$Y+'pq-voeF/d UyOӔeJGZ>m.S6sȷ*qһ+φZɶx"sͼLz!}7O-Zy">a[ZM[$rX1^=,BͦCݥ Qm[gr}=ibY81d1V6ו̮y?– Σ͑W?]˪s]s\<{S?~h~Hj-ɮ%77SC g}젩:qһXXEٞz&egsMaO xf?'C+N_WaYw*GhQдZ?fxxmt.(ơToƷ\oy cYքiғ=:qͿӦ8vG3mκO迕qf<,FÃ+('b38ʖ&QY7rTu'CJC.iߥ'$#'񧃐:~(Crsq!# 4$2B2}ԳYEuf!s1֭B+ƙ2FO&hArBIiE74Y{MsA.}0f4d@4b :NiKqE0PhH($CJ-@*j@i*#NH> J?fs@”;;:$ p};U!j"E>&##4A`@m`(644QE i3Hǚ (H;Ri{h(f4@H LE6QMK@ǚ8枃41>J@/LSSH⚽z䒚kFiE8ޣb*# JM*bQpkW9n6MpOav~"&n 3(4dH)OJh5&i[ښ:P}B0E cFkV-hR.}z#*Ɓ# 98۟n $S ~N+Ğ 4o}igN3z~Әb^HN4gKHQ ľ$Xw)>b,' 'vz/mrg !A$z{b7qc1 YC*n=lRx;W(~k™/bϫFL80v o@YV4: >prRkp.p$YkεX&˵9 s]W֭S`G <k<$M~ujnZYIdHǖSϥC$>Xwlu7+'0[eK38XE dԞ U8|3a]&DNTP[ ]-(qyJ)X,?1F5.*Pu#\ϹV)sSS7,6!;Y4 84x8yb;RRcISM4 SAgлoN˂M4uT((9=h4@ z}@zAL!igހJxAdؑXayWHlIzU[(N4҄r0i[iކ$ oց)GJBxPzQI@ ޔSW: SIԧHM/zwzVCҗ8P RCvh!9L'<ӇJc()Mc0ަ{zծBDj&R54@(90SZ8(4@ëTEBu} Hk3o hW#nOtہPMHsuQб5ӟ4qGzA֤ 9 HaMM8u<J2ne0N/5̗& ?xc#w?NVX[}MX3LT4I fn ? Ǩ3ƍb쥲M%/ 2q~/ڌ hM10:ֹ_ [?Kq'M01c+|>16feVR%N8:כTkfꌛrWeYp&v !L<x ?K{YD_;N9# RJЄ&fxRk^MϞC y kFJ0_ զ$ ~b9~6Q)nߌg\VO eӼx;<2^ЫW hw6iGp<*\Z|yg7-#u8u v{X6C!_&Ou[D`I$Bx9ڼj=O_Us|]#Cn0E!Ϸzb @^ AWzYbbkwx<ꚌEmvV?=*-Rǵ̰Xi\f֬G{m+u)-PwD;PҽMy#Nኝ0[Rv0K%6I9zVS?u>wq5s*j 'KvPMTT|+4MVj=/Q|8 3]$mǞr U~kP>,sy UE SUgOGi@>R!69$皖 5BZ:` `1dZks@12NzWm˖kz粹5 *CҺ,}H?ެ/̸YCjcӽnZZ;GU{D pF;^nX"i(IOާSkE#"+G A#4O)Hƒ u4sUk:F"6+ֵ5xvyd|g?g*LVJ{I,Ǡ*vnŵ村~PvQM&SQu=jH fsMaE`$JxM^9UG^U8֬Lۘ㠠CX|ӭMlK_R ve֪4&)E0ON` ǚV0P}M0C)sHiIl3&x$њ9hc ڌehLo9Q2EJ:vNZ)OJ: :h`iƛRsLNM5 >B$*ڧҡSjdROZĞiFXU늆 NrMPM 8teE4@N+E3z(4[QB2?Gnd"9؇fޏDQ*-To +4uc8uz"Ln|!3ޥXH*A{sjU'ai=?uQcR\ oHnu/yb@[Md/޽"$epNJ 3Z{bB#bI{%ílC {\͡ uYlY$!Mٮo)mR דZ~!f@"\IN\/Q@8kd]%ي<`j (PHZ݆+D9Xjc\<9>J2v0nz劻Q:WQ~H£t[XnSWm;w7AUsכ_ B EO7Y?ݬ;ύw4"y+ҽ`8]x]=S9&R2yǎu+Ⱦ vS4xMlk v @eM˔Os_@wep"!#0ʱZ {z39iZT>553HI#.񅬾񐐮= GN*R+98ˡqF,DjVZ"}MsopF`umL LJG0IY ,\I ݾ~4DnWtVqHjՙvJƱ|B6v>~P}}vmtP쩤y-Z"4E9MkcZi4֠bk s@jF45"yDƭjz.o2g2[#cMc?EݮרzQQ9"V5^Q*JwAʊ<]qԌf(^O0iHMN@$Hm%B$ FAԖ͆&ӥ$($KGI4j쩁9E<5g5VF1ZԜe"0kQ'ҾvڌMzR6OEuzgmGt8>+Mx/n>ߣA'xV'qZ"MAf<6d',HUNjڱN.ل-s.IH(1n9ﭯmIĉ29Aq~/2knGRޔ x~.!֮A 'sEI[$q^QGH=o`a9Oz,;waO{,Q0o;HSj#t#Oiz]C F¼,9h6BOhXJKus0#=*vd+s !{Q%({éI;~AfZJte޾gFN 2+M{?_e!gtbbzWOm^AYN{yu6j*^ @$G$E7WYUiWf8<~Sm&c`n`LеKhT695-zNIGM] :r@i,:`+4=2NWI ŞCf[r }1޸(oGild9]4[H>& 5!QQ6~W7WcG.qܞ ۻ }럆P+pTErcS./MtVTj\i:f-Χ}b=j.>xU)䶈[`ݟϧҹzԨZ\b)Vxf 87my6 Bk8ՌV襘j4S@//L{>OǠ*߃n4V:>,[<{s]5ًZC\[%7+zVMŽp(pkhU\U\K''cxmt͈^so](קzd:ኅ9v5<՛PT,mQGb>EZIǯJ)`a7ټ7\|*}zI]*KkwxWcױ鷖z/?uia݄ǩ^W;MzCJ:SM`j'zFhcIA&AK"dqU4դbV%VQ6OSN8_ 8OqVndH98AִNےC5*84zS"6qI DBs@ 9RIM&Cw,?nI,S*%lSYܞrj?3PB+YzEO 7H]\crq$;`Ǔ:s hxF֣Qgn[jgpP ҸO7[u +,XꢾP[U:ԜRodtVV1hRH+bu*aA*Gn`c_EKuNVgR^;9?xg,f@jܳmmџ\xv%ʠqe"c:m-; ӑ`zFY;#N[2Ar8ekp3l5|y 8U 3ב*pr$[t׺qznlgRIbiEMu:{ֆT.Ox>1PHyK>#: ?+'Ou+ "hݦfずjbPp8 C4Iuk\ =*bjBT]X}-Y#ϗ̑R}8W1s^cy"G(9R/ҽJM-\ѐ{מM )9Dek~%M6jc 8MRj+vS8Ejo28?1YP])YIO]|裚л99XU#< n UX.:>ӉpZ~#XYLUF$#4s!X䌤PEX[8`t TpvFNbNTiJX01Tt$mBOP$M$_йi?A]S=ipxnҘW]5ԗ+a"1Aͧɕcc?k]IbB*C2J_Nr~E' 3>u<5xJ\Zc5TiX''" ܂/ܧF}[7:ψ'ۍVxcp4+K(ǹͼ(1?*ƟZv>o4#0_Wέu!r;?+_a,#[z^eǟQe}2x+լ"CԴ@M0A&kX^PTy^+ {sjQE) k>{ЂKwVya-n?@z:!ڬ@K nտA: m.,da[UݦgeC`p}+:kDъK f= 3APG^8 t-qmMmby7ˣ=[vHTl5;WXFp h˨|Qx@vZ?(ĚG-1hgp^ݜr[Rk?'ǽǠKWs+LznO ymk[G٥ݼ1GpbzZ ~`a zKv.~ȹ|S xKۗ i+S?^޻K̷;) ڴ6M}9[VmX ̽\TTsjiKFx |]d!,fLy KŏS絹̆6^)ڞ_5rU) s:\*\JbIn¼ڳXr^NIo7j 2^Oq[D4$:35}6k˭(Nѓ^Ô͌Kqt7y]2K 9/޴ T}}6ʲO oWLbi2|]֟:W'yu8ݜ~w1mܟj+Gsk{2EeW 1޸+i.3 4=Wk_Qa5%;txriQ6,s1ya4€g)ѯl%y#JdyS}^6φok5Cl^fQEr>̓8bٲ s]`,k]ezWO1uK"^ &UpU LmmNpx+{OMy:ErOaWQ'ExOЯ95L0v7#zk7dxXI٫p6TTNhm@ʀ?:q崯[SřV)=Į?,R{)2u`2?u(o+nyl{\'K[Rex8{[Xż T8Ō4vN8 }G udo`NxϞD%rZx0c 4+l,LQc\ȷS]q gS(z &z2aY;w?ҳ.!ypKB:˛^xH]NeG+n%<@`i/NvH3Oҽi%޴MaܷZnb[㘍ۙf$}X+Esuʏ 5b؅ $D8]_ 27)0#*DZW/.O/KdbsӧWVS, +2FݟSa[V=q757u tK/ $d?\VMQK*;՚W#m5hg- 7mK5/wK$ 0Gckp2=ȧ;I?sX^ }ͻ3Z<(\k'}%(٣ `_,^\B ld?o8҄! {OJt An-ZGm_2<9]%n`S4@ 9{b.E!\\^[2 0?+Lm;PX{ -z>rMІ[\,7W.|CS[FGBpq뚺s{\fΥ=S=8ޮsepT=@MK_$-znϑꮃk6lu\`o2=OkJ8R\_}?d^Jʹ&\aY=(,X7B:}rH}o$/U~yz39AbH(-dҹ# #ZnB~ۍ;UF $>iFPJ;ƥrB<,]n"+R[ۂ/[r:AVnTICp *r׭5t 7,j r#lJ]"IlT3Lӊ928{D^_R1̰:d~F0=ja&݂J̼:FĭI#k z\!1נj\HXv{@\ί·i{f|A+Zn1s9B '&y&gHK+倏+Zʏ2IM? UTSƖ䕾^ĻX} |=+P07'h>Z7ýBQcjc^'&99Nsi<4$͡J?֥)S( OѼ5ke8 s]*{7.>`#57⥻v94Sփ ҦD=#5)`]0z˄?SEjsZ#Oy8j$mVd9fQ]*BX+2 t[4?l Vmx3Ld>*ܚ$vuOݮ5nFڛH𾉣@ zu#yu2i{gϛop͝J c$*ּ/~dUdpxɵ(VO\ φAyX(ɻ1ߕ$suqR^;W;W;ac> _Y,1](5ڠM\"+$4UʢVlz^}3kF~HؔޗwR hAR0jq VR̠#]TF((b**Q Q왝  c#_z5 z4vpn[v5&EdI@p[ׇfѮrcrN3WZn] 1wƢpm;Z|E5J !{ -9ֲ|a>>Ċ`9a勇5*.9U5\;uH!}ϭzh"6B۳iVpa+)6B][WxMҡeYeMs4bn`y21SyQ7>;"}<vZŅmС;=Z[pMNAnFTs]hNزP|ոtsXЫHiN s\ܴLQ'IwbxG *1ƥ,\fxf)̷aěHw8bb c'StVW7sv#V! mLEwl#${Uy@9j.>sI^oU4OD9?n5#5˭hq䒻$}*Si.e`K,,z85hi2lwfū ( x 9rj)+=R<կnfkRdkKp, 72:kf+.RqTNقq|Ċ{Nne|v!y?{ Gj:Put2mcZE2$M(lu p3TKڿq.N@O,ɑߗN? O>Bu!?JF HUf?A6lpk;j~AUGۭ؟4HѾ,`qnm$VO=^ ^yKYxDA"DYX1=1YJl2I:m,/'>&C*$6-`CqJu{[ y;EYXVYQuI|BxvLu~ғNӕ9AY0&e^;!1T {OY?ِܜlmCL ssd0T AK%֋(-)>jQmmpv}1[v@GPlR&o.Uso1#; #vL~z9' /,Xg93Wk'' ,B/inUQH֖c s82ծ$;HwyeH?tK{ 5leӕ(ب>i`,qV]BRɂ?>y\޳jAVhWON nuEW0OoRvI>mm0qzUgd :'5v~83_K БHcDŽښ>;悹'n[$,6 6?:˹ҢA'ٝXi"К񖤸=q{xbWGi"1ʮ DyN3Dh?5~l֧\kU q0|IG {ǰOƺ[]n=NxO7Q2դO%7e ѿ6kG=2AX?Z^[D:;$VL1E f)F.oEq6g/hhXI"@&U+סiWX6@Hb{G_g 5y%&( # ŦT&c8Dc(ExqMe")⧭+0aE (vڊ*-ɓ9'2*)QEo$d>zbGcT .$>cEdj(si渿-ʪvG\~QD{UHzŗ^A QEUĀ|Á*20=Dutw1[zEMDu]m rTRkvġQEyQghZWL$gr~l.-Zm>fYR==j˩jqE>+ J㎠~V$ <(MQI2}x{Z-vF0hNȉIj4 HV8ٸP掌:杙i(1j, RԕjJr]$sF `^9-%4Q&/Oj(:w{ IGȞ.<ݤ׈Vŏn'p (/ZtY}8:;eEK0|/jl$\rzhZ|978/ ^Ceqyyu,-8 I8?:з:O$p~QXaNfua>/x#fG+ӥh"U&ݺڊ)Ռc= QWl,o琉sM"ZΑ]„7 V49YlVw$zc2WvoH>CEGNm#IGfQwTZ\'$㡡g3ܬP$q#d'Ns}袺3UZØ_P 'ӁԿypn`w H8zETa4!vVIcЍd=崑d1EVbB ܖBC)gŃ>h+T.tқE9}~ˉL{Q\5*qxZ?u#|G_`;\/nqEEIE\A?Ί*#΄V S$Ii(`c#f\w ~/-$ѻ,8qߒA sM/lQ} 0] Warning: fopen(https://newsweekme.com/wp-content/uploads/2016/01/Outlook-13-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

FINDING SOLUTIONS: Representatives of the International Monetary Fund, World Bank, Arab Monetary Fund and Saudi Finance Ministry discussed means to strengthen regional economies with the undersecretaries of Arab finance ministries on January 13.

BY Leila Hatoum

Oman plans to issue international sovereign bonds this year as a way to address its budget deficit, the country’s Undersecretary Minister of Finance Nasser Al Jashmi told Newsweek Middle East in an interview in Abu Dhabi.

Lazard, a well-known international financial advisory and asset management firm, has been appointed by Oman to advise it on this bonds issuance, which will tap into the international market.
Rising expenditure and a continued slump in oil prices—which have recorded their lowest level in 12 years this January— have stretched the state’s finances thin.

“We expect to have a deficit and we look at financing it from various sources be it issuing bonds and sukuk [Islamic bonds] or even resorting to our reserves… At first, we will issue a small tranche to test the market and in light of the [subscription], it will be followed by other tranches,” Jashmi said.

Oman announced its 2016 general budget earlier in January, forecasting a deficit of 3.3 billion Omani riyals, ($8.75 billion). One Omani official, who wished to remain anonymous, told Newsweek Middle East the budgeted deficit for 2016 may exceed the estimates should oil prices remain low.
The intended international issuance will be in the form of “bonds, not sukuk,” said Jashmi, who refused to speculate on the size of the issuance saying it all “depends on what will be agreed on in Oman’s financial plan.”

What is certain is that the total size of the bonds will exceed last year’s local sovereign Islamic bonds of half a billion dollars, as Jashmi explained the local market is limited to handling larger issues.
“We are looking at addressing the international bonds market because our local market is limited to handle such an international issuance,” he added.

Oman issued its first ever five-year sovereign sukuk, worth OMR 200 million, ($519.4 million), last year and received strong orders. It has recently completed another loan, a $1 billion five-year sovereign loan, which it presented in November 2015.

But Oman is not the only Arab country and oil exporter planning to issue bonds or even privatize some of their more successful sectors.

Amid the steep drop in oil prices, several Arab oil exporters, including Kuwait and Saudi Arabia have said they plan to issue bonds or hold an initial public offerings (IPO) to cover their deficits.

“Kuwait’s Finance Ministry is studying the possibility of adding an article to the 2016-2017 budget which would give the government the option to finance its deficit via borrowing from local and international markets next year,” Khalifa Hamada, Kuwait’s undersecretary minister of finance told Newsweek Middle East.

For this year, Kuwait will be financing its deficit from the general reserves, he said, adding that his country is not expected to issue any sukuk or treasury bonds in 2016.

On the other hand, leading Arab oil exporter, Saudi Arabia, have set several IPOs in the pipeline for this year.

“Aside from Armco’s IPO, we are setting an IPO for the Silos and Flour Mills, as well as the Saudi Arabian Airlines,” Sulaiman Al Turki, undersecretary of the Saudi Ministry of Finance for International Financial Affairs, told Newsweek Middle East.

Saudi sources claim Aramco’s IPO will only cover the company’s services rather than its upstream products.

Meanwhile, Younis Al Khouri, United Arab Emirates’ Finance Ministry’s undersecretary, told Newsweek Middle East that there were no plans by the federal government to issue any bonds this year.
The UAE has the most diversified economy among its gulf counterparts, with 30 percent of its revenues coming from oil.

 

Social Streams

Comments

comments

Facebook Comments

Post a comment