Balancing Act

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 $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?Eu i#@] cOE:k_J]܌F6nOaIJ.S{Os{2e9bGy8yB; &⧰aLe:5A+bŹ+3k(:r_\~nC #Z2g|4ӿѦNf8OEu+e)Aadvoo#@qW©=M̫$-+ۨ\mw uPk!m\-R?0VzRW*Oz k3\z?psZp% 7-$*LP.gb]lHPp]gMYH=r7#jf\GZ{ڋ.)uHa UF;Sd'3<#&v7'ɗBq;v]N͠&=k֤\Rxdu!2*Q4xz y= KF7PoYqbw)` C^Jc.+YM؎_CRLlR 1E;kX̗PMʂao2kv?=;ªJ~o 4β08 4C({j|P3BZ 7!Bam2\FM[Y@0Ior:gׯn\Z0-W֥˻:'7nLepm젏GZGt=ĺEh?勜{WIiZMZ&~ &n`ʰc}#3[\(H48)0q:jEZI$I OTPHyzПZⶄyQR1F*I C xhrN_ v! X8?X OjN)ZGQox~CQ5?#?Z|k|i k';HwʤBv6*7 ֣vv*ɓgZj{F:+~sk/þe#:ju 1Ȑ,qR?uh%'Ya5Kk̗)̓B*Dxb0Ʃa9ֺ1{eGaqi!0`?qsMքOfBҭNG@?7ma-vf D@(c*ko=R@"culŭ闂8W.qzָo/,|' uWGE:V>6,-y-rwz-pU=n<Q/e-hYJ~>8s7.ONXp5FG"j̑VÉ7Mhjcp ~x_t=Օʊ6|'5G6?zW+}9!qSGC?tq]72=AM]ʜnS{2~T-}mZOK2*Q~?Y-X:/RS +yhȺ{`}@8*Nv:3R]ijgذBxUxWmW) ox'GѤHɒwp{)I_FΫqdE(?GaBՒ/]ح@1=jaxpȱ58,+VYdYԋyFrcgR\iy<$`EݚjVF<.6[!mtmm1k].&'bƠkY X:2'Z6z&ceL+Ƶ|D_:]5ܪv=u<`IF#67{N- rUﵙ#CcQ njPzsлw>v{Ag"Mȵ72FBO ΑJ"FFI,2MZEND(\ǀ) 46㵆0In>V彌Mۣ4 Tx 9wR4.469 AΖ+ۙ3p)//ϕpNzީu5i{g/nVP(isrPoozmc]):}~[A`}+sM#9)!ć&)KT+ʩ/r@7[?q6,6)<| k[$НWk.26~.?uݎ"h=?:sn Are M]@k|64]g5眦MJR"F`f# do%Oޅ![i7s(9X1\ާka5VG  ]֭c%0ڣ>ZxIU Md2^E(<[įyhSݯR3ݏz>o1uF+n13Wch201!:p~^Ӵu_< 3I預ω-m wȿ?/m?Aln,Xt\mitx~jxbk[⸵G,FC/R$X4 bcmפ+K6:= Us#|2++)nR<m^''O'LĂP}zh=A/i, y=MVJU5%>=M<5Uv9yt,07%I=k.`[9oܙ!pO5_}-lݤ~`hrH`֮JJz2_lu[pq > r+>F :W"CM$Y'X|+_1w20:ƾt"\2=!;UGnzƝSc MDZ[n$e1h{' "'¾vҾ xNdkI'ƽÞ(%KP~aVʃ؇SM % ߉YFp=C<q5r*{c';^R6QPF 皬5#%Gjye vTSG6u>qaTë۝ 8oT5G_H S6mkuZqx,cF֜Y,}Ohlb8M̪Z 2`2sT{C\47eYײ)F:`\aFAjc;3xN old+,$T藗Z<#ʇR<"sGYƜV叹R ]S33|#8N~c76+$8dVܾ^H<|Ot>WZ#.hA2NEmx~HjXLcpďy@۟zQ*ec53DӘԺgV=+o"I&̹K2F9|2Y;0N΢ QzA1tOz#FzW1:eؑf8*E6WHO7<{~U;K.;ҼMSO̖D$Z IoS$9lU&NCzyxRiE#|bY?xA Maph+[č6c^^i{Us܍^;ǻpŕ 4>[5 -t딵 r^ :qzqJO?ߑת^WNse9 ?v¸}a'fUoHkqjr uYkHBw{/$ʅAdͶ3PC?rKخrch7,r¥vjK$>;q`Z8I+?aS9.,-e1A,2 ȥOM1<PJG#YT?+P+ S1<ҹb7to|?ϭ]d aܜ Ew2bNsiѻ<{$cjh«0'rskiwSo_#:OcӊXu#ݼKu?L ;7T_8ƶbt5$(U=2zgWNk 兼ycg@r{ЗaI2,x$;mFﳏʾ]kȡc1W7|w,-XS]U"|}2XY/fx·O ҽ,7hzt?^~'9;)#y止j[3Ёǿ_T-Q[kP,` ѿj\^}&ރھ{[&HrV79'< =֞\jRPsK{sgTN~ ?[>:֋qxa prG?|ȭ}4rʶAk~"Eu L9qBoe{a 2F1k-Tk_svk+3ˆFqRA,o ǧjD \sK`k*dV?&{B[sqyUڗ=|^/ȏp9UPO5kT>_Eرf5<E$x۵ǫfB6Yb J)`SQ-YHȾ::HMǀc?#ᆱlqA4Ks] Ղ\Kqoqw2# ힵ%入gH"(}ւEo?ZCqJ9w㸯t ڀz^Ա鮮y{ G㸘I<+>l)ۣ\?A Tht{Kx-oamiH#"ohޓK,\|z ?Nt?Z֬<(1nʓ;W\UI15hY>n(NOcڲ/.4 -KK7b>b7zuxjG/QMw<vx ׁ*tZzf$f7;(cKDHPIZ5E?Zs\S^A㏊jw>݊=ˮ:^l =՝ 9/Z%p$' OhڮmjI zʴl~%kIw :;{ ^д[GSLM B Ila'wtjQ5m%DWj?bX5&g>{+m`f}륞 Wn־zt,紖@FI?zA/ I0fr`ⲩ2);tw:v)cԾOgvhgd࡯9Fm/܍i;]ֽVJATdւjZfMg 8D0mbG@3'?+񗁴O1듂Op"tkK%gtq Iconl-4e~'4e`=1d'!mEkq)VJOv׺ڡhoH^^ԡԵddS4 (=3Cl=rf#X2IFFXdW%oZ"j 1 '!WRY "mZ8OEd'>OVB]9=b$ s~-3NPV/g;0ꆈ.i}8Zƶ5ۭ Z' ,~vrvZ¼z3?ƀ?4]J&$Sz/̟F*u'wzLl0QR0-6JQ.Qz<=q?¸k K lFx.|˶c<u2-oKq؎)1*zz(=9sl ჟZTƩ' m$}WK*ߧ#ʴP:E"Z5}~SY)a|=מ)[?a~AP+~,yKW&by+v-ƸZ5|0kCU\U=;Q)rIQaly~ x{R(l= \˥x Sez 61+桐@#8&k҉TZM͌.>[02׎W:χInmlpxfL}QkBצ-DоTW ڗ;dqOj8-rv:Tg)Պc5rXLGJFESL$*O5%n-J~Q9ǹ;u'Q4j ⢑7g T>g[ZwӁ_T]hYGSٗy7죡:}'^P+Ҫ1ំ]*%s]+o>{`C-ZH$Bvk,q+%R.?e ?ƽ*9]JHUecP7+WX\pn&2N16mn&_/⹯Ip >7V謾"h7 -~bW)WL}{I "9G=[WV< _"kׁ޿x\+~/%{9Zt+TegftsY?Y۫^w0+7A? u+@|Cp3F?rzǁ|_7[ nʓu#E)#-jp\5jC}]cE O $\tV?S:NpmL"<nsx]HH>A~Z\ (/6MM%|p=M;#Hy_p|Px-?2HG8ӚOxme~ǧﷰ4_ojSsJڵRn;C&^ [;Nǃ0x?POU|_ 4N;Jv@Bް-f;zL~EELp9?Bw`r:$J M:"Rp@>a v-5F{n!@nS֛Z ]Pz7noy4fhVa{,_r7r{yy 2W dqXRQY~f+E,tU-57^dpD77MƽGQc|)@Mڌo_/jf,HOOҽ.s0I$ I&Ik<'z(+QZܻnVB+!g#H*=~2G]HH54K& k?Y<g>}<1IK\%d#ԼOZ,LY '?Jl5uv~Ғ.,LAc_ڽ^{E *@੧&Cȑ^z-Dؙ +Hqչ nc\W˟@jC*O`GO<N !;O8^q˯̖bv ,\U)(&OAVkA\ֵX[\Hyny_Vn?:߷47n`kQh:4%Uڮ)\1Q1wD6e--d {cҼZȡ~U}kԌ6A jAت5MgLֱLayɎq8M5Çh'Iob6;V\W,p0Hڝv!Tu&nrS0=9MwF=L/ķr!cMcRZYӋlXQ"*] x2 ؇Z`ҲG&ۻ'} N\KJ{sH845''PgC!W @naR">o?dn{Gz֓I2kcos;vA~W3Km G)A#?ʾ:3h#C٣US%pc$ɪ?d 4lBe au\1[:({7.~Dc ᓜ={ׁc,$hXێROB6pGn>6 ΋ME)s^T;tmAzF7I'ҵ9dϛ>; }NR Jb;b|؆Eyag(x/#kiԎ)%y5c͗'.. =*/ ?:VV7A(tumB Euq*5XZ6׵(g5V탊| $45 *iY dm=}HH|`qikSȴuXRW ےH9t$'r:fOܧ+Eɇ{7(W8- "XKX:t-QOg9#ϯ^`>ƪ\iVrb\P?C5m錤5nbv _QϠFIDERDPB4rCԙtF%m#Ȟ&?V烵9tiZI 0,aFHŽ艴La9F*l*nDy1[ '_Oju C1_L~|苆\SשP|(VK=Qv7渮GRYh6rȕTX7.j,75K -]>˩kMEqFPlMֲ5x QD<o Vn5 XF@26<,j9tZW::c6–I_l~FhYi7>)tQw'ҿ'^U5Hl3-$;NK#}s[w$]9`Uuw,PL.~M60 UŻY}a8ޯCdi42Ec۟j,|G8-(~ %>cϹM7 1rn԰əY'o \T$ zQ@3"00I}~jF;3kp!h-HV5%(S>ջhKneaqhyh}G]gw[ܹqʍ?UscJ!HRQے|CNyDib"Um{zיnMѢT砪MXυ%qO8xvXI{?4@XSxⅹhoN'wˁons Ϙ!Q.i;woawDCkn.0! ODI+M+[1ɰԎDRER$GjzXn 1縩p)GHB3OZlK"F7?}^=;) bOK0]]AlwZia?joPb4󽺷S᷹e}@-;t.( ce3Gn:}+, HFp:&KYsy}ʹ,|r;w?ҽaX=PqDMEtڣ+M+Ik6( n^eLB,)F|`|=(?tBs׵yΠtIdX/;WWMAN&7hd>i!ԂP)Ң9MLL ?6D/arUT4,@ _Pe F|P#t|mVof k}SeghlWkO\B1 + #Gع(c4H.m(w 1Pgvh7j;P8<˿೑VV1\W>(D~H5-i\ew!Ȩ۞k0\Ae',J96!9V>B4ԡ3,{Yu[.;đEdNҵgnTAD!AoE.y#mwqna[v.cBmԎ߇Z2x'D "R5/Kio$V>Da@?wڪBz#Mu?Ku_VQּm7kd-s.H^0X'n$o ]fUFFoP:UM 4TU6B 5Կ'{opI{I5 _(x՝c,Sz[3Ft`EWŎr}ֿg/˵5v^AiXZEmlc~~ًXn\<ߍxa9]WꂽK/&TO3+ILQ(!ǵ#=G51Zk.xa%cIROzɟL7_6HPߵgU;-%vqVcX C]6N9p=Ojgv> r/lژHuu's?ujD+#nBA=[[+˝*^Ǫl".~YIfyr0q}!QN|a⨭3ʗ_\W"PCnSrsUՙ2Xmf$+OOYÅpy yދї*O#⻨RZi i2Î?wW֭thDeD9g>S=rX21F?+;\f&ީ{wDSJmZ{RKAKCI4vų$s]ߌCUU[{Nr_\w 60[2]4[S;򮚰\[ ,cǹz l%,M)SgWml,HOeY5x;IMD*OktmlC#k2/ի[D"ibk1ֿҢhnemdoyhVt2vn5+%ƥv3Wn5li $pO+5x͹zԺ[[2Y1Z3Xڒdp>5w4{!a/,|<̠l,4%lJ't~ntB@+$#ڽ@{TqYJW `9=EJȪ9<Gr.¨y8WH%8U5W VďG鿿CwI$6dܹCנIo sq4nݞV5 gҢ'V ^!P*q xdEp'ٵy>iZ|l7 \ S M4ϯ֮YxCc,9[&W&d&][Iwg|g9CW1s-^կl):֜G SȪRg;Hb/{,"Wv~iYα/k1KY.Urkי%iLaU.SCvɮ?V^9$YZnp׬#oBp}v|ʫ9`vӴZ-ży;AwMMbw^ l) F#Y`Rl Terq#aG/"HGytJek5k_6(}OV q0\s_c鑥ml +埃b֭)::yn&3:4DiB.ͳL8<򽪐R^]B{U%֤( !Ap3W.9jBցܟpQ` @\~)cGz"!E  8Fsځzg)piqڦù^ 1W0JZn[oN=Ni8#sNoBu?q޻ݕ<Kg5*3ҫI;9^-7 U9H[P(bv\N[^HnBz#^.:`<5{r82ԸV7x;>쑥0y/\c5qlrڳ4nJTG 5o'4=,vaI@5**;38m5s̵Xm AX:8GzM@DfeNy ܚK iEи9 ":erzmmcӵ }J˸QOU^G8>5u+Y,TqK\qej[xp7pwfspi^\)#⻝F4*Kh/]lF@FAS횵kAK[E :>c 4bU5Wfr ʮz(Om>ܦ}#p1²~iׅa*͸Qz?t4u ߷xBeS;d?$)#Я;Y "U ==k[x{X9!pu)%27=΍ ))@KP!<^/\X]Aҙ%mܔl O->(R=M$n `O-V%>f=iH)߸LPcϼ&]_^Էsw'# *;1$OUJxibFx)j9e ? eIA$sTg%O٫DBX #(~UKH:LjaY彔Wh'MBtYoS RoߗDlXS^N-ƝMλzV>Wwmf鶋y=#S 0toy£uRM9]'oubp7 = 8lg-=MjYyGWNyV\&myWi)^- tU~!}nթ4іx:~_y^^ {Y$Tz\UZ7t7u* J5MdHr޼GFz/$Z\yrFF~LM'I]J>%'j gq ɯAuh"^Ijd Q.uyo$v>`#̦V*1M;M1 7' u\鋕`/bo6X&?O mi|[6Q>}\#*hI⦃FOEW5Y||Wg5AqF.7βJ0G?JӾ5KuwԮKkzRqYZl) c&}9ˬg% 4O fܸNj{=XsmShh6O*6+?MŸR;bY%X+ıYy c}M=PP#ɼ𿇵 cBvXxI5s˝3ʷIGXʏtSae&NKz,~bGνfوCxM*Lr{1j7nPMt,ƭ=0y b]CΫ,gX|Mo)^FacG<;gßm?YfFNb#XDr{W Qlv6IO'=kq/?!kOkQ1V:4)5-fy52_7LV:A08ɩa\wsVR3@Ljel cxj c4O8Իiow*qels9_G>]W75E]A0-HOԀ߭.8iDWд`E(#42FMMha܀ǟF՝qHP3., I|5W:։ {;3^˞OjOSőxP4Aސ1R޵[[k?躭ޠ n$䐠sV!$ 1BAҿ|WὧYkib0⺝C]ִ[ ȧH#E-;ryeHz+kNG,!q8 ǎؓMXWBtVl~d91T2Ə+B3W|ZU6$F(QC}|_SB: jSZ\!G4SbDzքZ)RARyqX}1-g8Xi-Χ{5qݳ cWm"b\3dF+2yw}jRů$8zqbesUF%B 2"<8VRpB"($Esti%ȊG g񭤱e9J-I]g5cs^Asg*w'D׼Se ,"f!My/ݮus֚dȵwpVd\abֳ \A~kۂ[<zέ,I k^3Σ$tj֬u?1Nx$cHB猃ϣoxCNSWaEtx Gf!q\VljAٍ?KB~C]4Wg(qYzD[8G~2{|>Op*ݮxNpש_غv E"~tn]Nn2縫zdQ|#]BX]L 6gmMe{=gWW&s&nwr _iqo 0fU_=}׽w)R~OJ|Y}j*۩a7ָ n6 2&7 HOxi^97amgzt:r%J3yS2ysrRzy95e\¯ r&hu۫eGЫ]4X,f<ぁ\ʼnak&ҺV4'\aEy}],~'{W n[>Ӄi_yEX:`E3806HbQaюa XJ#V y7h$`t8vgbwv4=k1$v3+\!|*t7o 'e  ֪xP[e!IK@|=(daJϼ-eW [VEuvERHZa-͌eC <8EEk[5ؕBrxKImDm5ǓM; uNoUoeh?{^ϦOXL;E}gD*%sVȵitܸ*U9> ̠-F#$HMbGTEs-ƃOک g{-M#01€:V_6'up(@.53E:Δ(Hw.ʣ[w=pW,n&I2;nc5;>A#oJVd3*2z3сeob dG\X5PN|j:u/HtDZ:R۶z74ԑ.'é#5r-HכɃ!ϡl[j Rwj$nv;>lp >U}W,) hOi.Tֹk(n} ZKާp$SO%ܠsVRӥ;9Jd#ٸ}EZK8 P~=Z 5*@튤%O@ˁҜp*g<8[V҆皬zzHp+2D,&B x[w!sΆD $ꍷ4OökktvcsWvNpZī]KAm)KJK#,>H,<.᎝dφ+n =ju&3$PGPpHS[ҹOW+g nl~b5i ^ZJ^6=T5ijQl 1sAZh%OpEc(\:& $R|cF6gl77A ~w{0O!OFC}Q ٩Uh3L:_"rT^is{}})o4, =B6mXb mr +]f%*٬d -ӏӷX;$d{v*aa QgxV?N?Z9,=~f(Oq 0c{Ț Y[f6q[q~䂣#?e+I3ܣ?R`{BvYܞzƺ[([cqPMqk$V,rOvhkF61Z),8g?srNėrzt aZۉb$kp ,xEd)tƋ-Db080rq94bO-Q(B杬$uvWa$AѻFӮ%ݴ5N:'r sVEҩ`v=x]B}ⵊ-ᕀTו_ev ]lY#=n^C-CX;3]H<%GV@Gߵ{^PU[`?ι\V+M(7KZ3YۗwM{hВpUTݣnE YΓv_,K ɪCi F2MU ד݊фpG5ҍ&"U\+3>pQ+M:XI }E}tJ`?*<9 (E ۊnZ8X"BJo<){oz#-r+&u Vi2)ݞ#2|Y76Zɪ۹ʜbΫQ77Pc{gK]t\N[- SϷi13G],l+OD0n'$!(۞ٮ@H_+="37mL' ^ _~k1 XK.8E&Ի Alˇ|"ҼUi9sgw?ֺvY[\q+ };ƲB̥sjGӯ?Yy Zp鲅R62ܶͱx5(9ӯ?:Q1޼w}hzKr1tƚŎ'Zk\+t*3eI9p~sZuaҺ mtY2Oi\eie7!'-ys?\ĩֺ ؕE㢌rj}+V&!b@%ېTm*GbkgPuVYPX rUǷt\>#&Wh~>ԣ&;YJc&P?KO1NVήIbepaσ섖3S|J_OIew 75 7Ri0>p~xH&2D:m;[-'޷-a!1]_~ YNZ]']4%xr֩wCOcl_ kKk65cg8{MT8 Qa8F| % ׉Zl7,t G'>ritrjЇV Ts ;(Ijz˩L/|U9TSS՘>H$֜7Ns9lu58W%miFÜ;e8R-:<7@j9xq}UQ` \r?*[jg4=dKKlyA1=2ƽCYдiDad9 ؊>|7SAvןֹ*Sm2#]ūѴ74M39묵&1lg6xi^oٖ+-(p8>,B$tn`; wI^-nᑮ&V%r1Uc1U99fT9,I\~:"V7\9~?kM/g'/9k0?Wo,G󥰰B2^ӞFb3m8jV t,zklBţl;F'KvpA\+ڢǶś(=`V?y$ghVNÁ oU>S `>TdwS%sSm\[CVa#+2QJ6 i30Gm ) 5ǗZ+zVfwԗ"T%IJ;z/ƹCn㌞Ik}MYGڥ@yv' =Rw'ֵG{piqWiIYҷyx!PA#Z " -˗'l`oOW]*NnW[\sF>gqxuχӷ;~A\pS% 4m#iG'#&L\\=׹JeNwL 4H#mzȷmu;Imi8y>t[ZhyVC]*.SJڥOf8%o~aö+mk IV#vc28;W7t#!0=EMwJ,Õ:?J,Z*Ȣ׼i|}ujaڽHyf -I2kmi0Su( K[_3W%ٖv^g7wMDsF?]C;#̋^SVo [ME&)]ɣKI#Ok#C$`~o->`ӵhs$DpWg0wrB gq' Z1_C;{/a3}o'}GSv ~UAOhosإ /G=#WAk岄}>Ecxvlm:>ßoxqۧsM+Z*A NJs A0'HGyZ9}Y2=5=wBޫ][=3sh?65[mgaB97I38ćZ ߘ1?.`k+) +uqu)%ntM6&kU2PV$QB'}{p\s2޺;'$WBirԲ ƷgWۋ.z{qkM gkH.~2z9דцW-11pUN~?Ψps[*$bn2z~`zc+ZL0L|+2قoZX_13?[y E~`\{'TYHbxVF?}x# yp6}p;m+sD3Y@Z'*78ہY`2fVϮG~8#)Fzuu-I`?92z9X2{ёT`A+~xn~X`Kf&IeVݹexm7S񽶅qfIm*{du+O^^`l~8owZ `I<8l NOwIᗓ"!ʭ_J}Bs!Z1A*Ђ}<y(^0mq#)]ܯ};Hg^KAo>E\/4vږ?WȐA1sѾeU!FNs[8 \U+SgkcxVN奓Bk{ zU瑇),O³avМ5`ҝiWG*XZx(uܽnG.p¶45e3xF>ӵ!xI@W}MrUrUn: pЌeI-1:ҒrX=v|ɨ:W;f FTdTԬat5okx{HH[SIpõgo9,0x'ќj%tg\iVsa:%{NI~?w+G( cb")fSr*xjo~uOۡ8+:0W:ѡ4>WZ /3ŬUU(쐰x9`rwwAҼ;/ׂIJcr}F%0yN43摜ZvN1L5躕Q\`uNKm +Xmm6ޕRE{a[LWksk֑wё%mM ROzw9N2Y"23UXy5\'LcjSp2EK)m:=QL6K0MaȳM8~rq>[\fH 9sq7O6%컌w^@MjwwfT!a8v9,yUxrky:0=ǧcX6g! q@C#J젴M;[W8RV55dѨN.c,q6:/_~̋#H@6Sϥkxn'5g$Gh!@B;׏9pޤ4b q>] pw1$ U)Uj2|w=3+ۜoߚ{ʹ1UPAÓOCJJ© ;sTnhTgw|~#X)"X_ivL\ioSwR@`F:wxXY[a"|努ia&e# XYIdNVֶNj'gOo{[*dt23ϥuZ.jʆ`Ezn|&Kԭ I#8JO+]fGmg$/|'sjt-Ċ\tNKj,7q=]܂~LƲD {xE:tBók( 7^tTn۞t ȇLfC$eI(z،akJ̴K՘o6:\2'uU=*]r=+EFmsXNj:W;h~ ũJHFG]ln= 5_Y0GQs HaV 3$2ߣM?k[׼qummmnUž{Lj>^mO"N[r+5-#SmrHjG-O-5Reenccen\9Ǣ,+y'm+UW>qH qJ$/dΛőf%Y43Lc8HnBb|4@JKP8auK FB3. d_x{Qxhռ#ph?IՑjy\#v7@Jcf3׌;WcirPJdǸscX˺9f9<rGj$֦,W~'5r]ZE-zv(|oj_jxX G~⾡t=JS+6"ċÑT.t}2)`fDnFqhO >xVϑcpl9 zxZ9]Uaj⁳),lpج#5:ĭ5)Ȩv5SKŽaTW@n/'-޺a̛xbm4_x3>YĪUҴ*y(a>qbG;T2rƽH*|#dSO0~5hY )~m}MOiiv>dU,}TfQpuZwkGB8W4z;'QcF77wmrOzԥx*:k*͐Gq]Jnyم b/ O*1Vcڍ{3[2r36qs\ \[Nrk؜饣gӡ֔iyl͔IJp}nL U8]H@ _V^uLgG9__4_ygk;\C 5=vb8A]Mc_GB(>c^h8RӷNh">ElBB޵jaי%wWg|`*6 +/fku2` k|a!ɍTEkP:Pᨹ9DFgGLMWJdxCߞƽ o̵V#i%29\{j錗kGBEu> ̚\%+Ӈ%DznX:mZhbSn trW']C}k/`+֭!mȡj qR{Ԑkѷb-u 9ZHzIyf^ $ZЙ)=sY:-㚤#7p ibnC1^@5;hw '"U,nWw?sѷDQ..f&K!? &yp0u~5'Km8Ȭ6'-ȀuSw-K$Z+7`O"1YTXO?? VԮ/q GAY>0pq;}{=:Q刐@6v?zud@=9G{WQ#`u1~²\aIPps:KrM{>a85vBK qqz)"Q+x*N޸gZcVJAk%gBC7W]O14Y|?{=~GҸ{ 89dIoT[gGgicP=\ptbGiV)Z](eBO/SEKk|jPQFYFBq]etMfXB qj%aoQImV=#HvpW \ևax?i4W$'.ƓHW[$` tY1mV}k[cP?r.}k'OC:gt6L$~fEVyT}'WFHVt6[F֬['FG9*ͮe;I+t L RZԬ䏥vK8kP9PqZɔyt౼ܾ+RfHr.h[xOE{{}pqפamJs'޸ئ.|2V[9|\bOC^oZ1Lt:GMqW8kվȪvRxE#asly׉| )%шǔN~ej3͕H)zOz״k^ᾁ$SБWM:;Bi?yhyN-:R?)v2|rzw5nˉBvs\<&#Km[BsyZ³/<QU1o»!Y3њHUg&6; 5z4u˃gv?sZW-/a{ n+0ZHT"#OZN<(;4[CbH8'f572DxPDӌx?W-y^,`΁n-ζ(z`k.E=q*kvq+c?0)cT1PO<4ٛF;5o"Xgnp5?S_5 tV2[t1]o~$kN!_[2xp>RpCsEqIpUA3o}>Ə)3WoxF cr7C'5#b<#'ɟ)k31vסV+J N=Jxޟ,&tY dn܃\vM R22[ y=ĉkcϴsZjK4^J^RОOJn[O`uJ|!AO@XW15K8=1gW_-zKu'Ւ7.>r8qΨGXmq';p,'$Yg̀OO"2lHްS֏-{޹{h^iKztM*+)QJEz ?oZJHlmرR\y[\rbXI xkZ'c^@ژYCW;0utZ?3]BP6t^™q&H0¬?`7=X(ݝM 3L}*F{Rځi[0۰cMvyDyQ }k=68Mo/_nGݭDMP; ^ӗDWsGZxC\ZDhPz vR;iUZAU@, "'r9Zfs~+4\zW$o5H6<םh1c'$zRzDnXklI N:vz훷rx1(֠ooons!"Ίq8;9m2"#$d `~"Mv00F8#?njV^5V"<ߏO_hSn[BwujOӊ՜dDј('zz\fv\# uOl~ε4o:vRnPeb{С #ـB21~ȫQl+A^/QV.n>0a6zO#Z r; rӏzb{w:c?ȬL-d*?{V2!oQUg,0I e:Mԭ-Lȹp9٬7OHKlq' nF$ubޛ{瑏ԎӄjI o?#@NTEe<``pۓm%XbgD,zUi{^nrr4GM$*Oj? ݅Q@¯X?!coc‡xex~ 5.!c[Hqx3>QTwOxd-SZ>{[RA< k4ڸ= M;+ҽSZx@3sԕB:Kk99ωUx4\:T6 A*DM9E d<EIԌu2W-rG<(FQt5jr)\gS@T|Z溻XsP)>iisXLK>i$+͖F̒lv1}BugxذeXhނiȆUVP@;L"[[73Z, `jYrW$+ Dd+h$"YJuw32 ,{dVta+tf;OJm#90?ZgZ(|N(*zդBb;Y?½kwB#jּ7Xgތz_Mˡ-Jy\s].e$aIg9ǧUi XՋc?T\szRJfR/- 6$BO]ߡj?| c+<9}fLzb!c"R-5sʭCJ /Uaw$aUF>Z0ѦHK XƄ+ aVGo;Y2 CÞ` +eo,fft0+HБ$kFm\\=wx)3LYeMs{p *cӵt>S[~)Xo >akŤܶ/@bGlW+s5 mp*\4Х#~$hڎȯ$6M,]lS: }׭,6o% 0G@f{W'7Z֪FR'oT6_2>+ז]Fc9Pex>3jMvZ6ƽ#@pM>(qqܤ*e݇;9_זxnm#Ih_G~S}櫠hYqLpUg1DI`cM*qCk?,Ԭ#IO2ٶvJ \4gApzt) UHq]IgWJ^(j߽zi{b<%oֺ1Gҽ,5IQ`֥l1淏>E[L9+ac #X-&Yjq2eJ~Otp Uu)vj]s\I$XisWB=GaV"!zjKF\+>Ju+Z5uA `O8s;5KW6gL*FJwFesY)RsCܑYPYj.|1.e S^@#ឝ-q,;~5 sX9s3˚nđ&O#lME?⃜-gUMzY^,WS-J@,}+;s>D3שں"LKOX.( #V%qZ祾W 𓃎հnx`ҨCPJu+V#b˂1N"%m2MYt)&TXV@X b8Z|N2]pkqr|&w1!Gr/f64V՚^V\3hjyWp0X"p0+O#J{'c} XMg<3VY6޵)qQZ~G YɎ@F89YMtvNtXbAe'}>!$c$,x??x;56?:s Gc]6| 9+LUr*oTm:$w,HWN~4Wh2$G(!l~ "bS?g?Wc3Ʋ݂`6͞GUUY\?zs\&\=zVGԔ"7N}A^}G?5Z|R9sGA{:&1!c'$sV,=MAM3FK[V#I䃃%;р %>43<3¼?*+fE2±At®IZh8Qp_q凥r2 KdN3jO nmKcm|gn*Dc:pq +ٷHs#M.&(.?e>[ĻydcJvSQ޽r8D1`t|=[O̷?doktې*yK`P ! k[CaG&m AW u7kݲL><6FTz|-c rkM^ܞviEzndJM*5b i FIm0׊)C3RfXuo?i!ePPc k-Wd'N7zsw.ѷv1TjȦ$w3ž\0Rys+4Oe@INu! Ql񗲞dy0皍"5QqFq(ZMm(PF;T,Dd7MȄϒwsJnʰrqSj-ޛv`7#"dJc=Z$sԚI[ D^8: V`Q!g<Ґ Hԗ\檼 }i|2#+s*ϷV#~ W6+ÐXo.-$bH8=y2=uSwHMj/ܨs~G9 `u=r{Dr:6A^hZl^^>b>}zsNt==ji(s@"0J *[b)s u+,"r@lg* 99 yZ+=<;g89O@(Xc?q@>ԻBd\?5PRU쩱l1$~r"Ȥ*n%\uv-@x^x5pg=jx'wS_6} ̪C@NS#t<彸T8glJ5ɬߙj'pxrvm= )# Ҽqy<^19u{Kx7Ȳb1Ijƭ-֕sVP+pϯWTʱ 9+|M;+%JT Gӽih X吨K1M=w`<>Z.nYz'k? &ݏWxcInH<ӱ.&m%%#X5+88gl+eVK|=ψOcٝ`m_>c{Vpݑ56_4AF䶐p?1Xլ/mu pkfe<[a nw>77&M٧@3g뎃Vw ;(x|j:Np^43 2KUb%|*]%I$H?H44p"?1ӥt=](ˌ BAwz½t͸<6A;qs*fE&+y٣pF:i٣rWLۚjܞd{LOZu'@q_Wx_;~,ޣygeEsjβK$1dxB .{̙?"QWiV<%OKl=i;I5WAodl=U߀8e9:j{g8Ɛih%XajGk[ݠ53`M^V|*u9PךXjE6bf˷;eHE;wk\ l]#&]ϟjDZ0&mE- >k淍vm==,VV[˝zGiu3,"ݍjH#KxH#9jR.ĄFqoЊޏ+zN{gy7 qW]?߇ַkCҢ[i xC`qڤ2gh4( :w[ite`G^qNAYXE#%@v?#}:J]ەr܎z q[QX !06*3ՏsiioF$=}qv*DJŵ`$a~ey>zEnFJ7$`=m튕À+;]P@?F{E7#b=}N~}z_^}xQsY7`r:~Lu6G-؛h^ 6=\N+zSҠP~i[F:cPf5!I۹DjOj77>J6\tG4%Kq}fuۺG6F`c'xCFݶdݾ|C#A;hG#޲CPX;;v##QG%#wo"8fߞ QH [h@eSǭnsNr  U/){DE2n6#d+E7Τl[tu)ćjŕߓEqڽٗ]`潉EoE$u7^^7H) t:߂زeg5iY]̪eskxB?JNJS֭0F|pDžVf vՏjH|(==k=>͠acLdW5W#CnT繬v4Yo "㧹^w,"e1=:WsŴ ˭gmssRp~<7+g<;9?J5aW|YX;9|,xr`=u\.wH !Ǜ}iA'gZ~xr9Ct"Ȩ"m_:FYDd#b ?ee,3܀δUuq5&͋mFdhIڇ{86Qgg?e:Fdw 1,3I?*_¼wr--Ms\:AK—dŞ%)(ǻs'twz~ai8u0L2& 2 Zt+=" :8x#@H>"/lJ#"W& J{Yv+pdvXNՀoGUJ24:+˸F( =^4*S H|/eY&P[j{Ruu+ XԳ ՎXj!)*0\ˈL*ezV?{W#χK1v2zؾ-&F'.$?c9'5؅\~+0źCl0zu:-8UQhӥLna'hqYݜmH9ZZks猶g;#NHIv= Uz\i!^_+#}=/jK=흱|~jzŦ+i̐}2j"-}Y۝ᄦ^N*}z427Z'Mm0)7EYpƾc(\fR1ODj[&y5* rsI^~>=$M5Jy\c)k15rIҳT̤$ ~=?#ڵ% *Fќ<+5H`xW$p~h6 }H8S>8eJW'A Ug^s˸ÌYSߏ\i\qE+lG uXY|m ~Oay=FGq֦Ҕ{_B27𛻻:\i}Qx]E#tϩ5#8* ~zf +b-1.L>]FP4;G9oἊuՍ:WА[(%))7a5xzBNWzUnbzy~LyR!,X$Nd#8#a09-.l=)1yfn}-V$]u5 _~y*Pp(C8=Bf)gws:yoijz{\Ω̃,ʄ-Ja)dlKGAIaxP{ݹ ;~-ZIrl^KR 3oG5:p[׉ܕ\A]S٧l|1t^H,nڰ2 ;0#kteʍIqFzz=֣tByW9K7HOެ_ ڄӑ>H/ 9TU-DPv5z5 C`&,Q?)1$Mm⻍5$]l.]s)Zyq4=@(OFĴ!d+AT3A9-ĺl 4C@T9Un*%AUfijQyˉڤYAԸi܂15lW?j;Z{W!;noƷ|@+;H\Ą,\3uFqP]})y2koEEPc)i>$2z]O40Cu;Cr~b֐0A޹ S"x"@p8Sһav "wpzҸλruz -[JHwgںhHxaU V{ɔF_-=r sc)u<[> FF8*8tgO*C{Xloq/hX$S#Qk%dyΤ>>1zbjuz ɟLtR.ysmf+YV!AKo ֛EXi .Rqv: )ZwKfޫ_-k T~|b&V;QpDנ|mp[H8kW^FB]lfگ# nnsd~t.'y.wG'''IxO`;ag#WgB4{KXg.TOsʵ4Q/ӡ'(x/&E۰3 &{wqKW2ɲ0;(ǞweX"_2^+rն[^m$P1#\*9<%xR Q]r&1v6m֦3ʩ5Mh^>W9< 3߹w-x/y{aB)q^EA RH)SRWG;th@ 1 Fp{Ս/XaddgyN ~toyJ q%|E ( tz)ZmP^?"Ȏ15ϣei a./`e#D Yӵt:*^0;X~N:|FՅnF2>u .h2[>[ksໆ@'j?:T)7+ȹR䎁% AY$^)źt ǿ'7zS7A¿֮hڕl D7}A]~2Gԥ-56On*YT%?Ϊ kOs&..&{gY֭SYv,r+JmkvD<7+V4g|7Ӣ}EQN[^gr 6:5,\ ߁߽u^kIIIݒQSZ[v8G4Ǩ)^X9Lf4r(ڲzWEdv/Z~>EbhF ȼ`Z̭еejzrTbE8 r :Fje1)@j`UVݼ;dTJX4N NO U$)U޴.%TY1Ё׹x E&nq`qj<;iOzqj9oy(L`g>DCcJ:Z}+ӣ#_J]9?sWY̪v(r>>ƩZ(lAQ{I{ OLC99u$Q+Pw12r@kEQ2;s@k쳶pIۂ6:aІXW78G92HzqL}j(H?w8`sb3bđ䑆: _;c=;sӧ4ZD儓4zfݾhLpOsx=\{Z͹W$L_=z",zc)8F1yϥf\jG1S#'ӧ~냽A,Ǩ9'}zwVM҆@[=Rx${.UoV5ԷdaȘc `s*I$iܩq`qsXGU"o/N*f54^Bެ"S\H~S(!$rRyFimRr1"۸9 ꭲS3@^JA#$`+˥kn =Ez՟.'If袸B]ƙE8˅'vGnZF2MAn!Ou%Զ 9#U.*Dj;*| UÞ!,ς~qڬ- pH*F]*T+ȭ Ӛb0N}*fۆS9ٞ [c44wXs<5+ed;Ly(\xe6~@EPw* zdk#5 u̲M$q۟d>aXʪ֔ՕΚj淅%`N >04PO?P.no@ԓ֭_;ZQy\JM۬Ĺ%ⵡa,AAk9\ަ0lҷp˕!W+TǑUkD7qMRV.uMǦ.28d:69`aֹKJ((A[TDs>Wxs޹+۰-cdbe˜+NzF}G(Ӯ9>9'hU}6S8k{[[Guy%bBm'[$m"<9]Lΰ Jx5rwM3Jd0ȊǸ⾖@뱶6io}f;\r~5m<2YD-Ӗ?)'5-Մuq$v߻TGu&V6Q}iEcɻiǽ_(a^P-㴎RlHܟ,WӋiRCV$9((\60:V uFGVL(5$c5*)?H9ȥCҸ۪iiOwýr>9HM'e˫rqq] ;6J[{>Mݎ5C>vPrƱ&ZBOYOw/U6-Izچ* J[{T@3< )3*+23Oͻd_Ah Jv[W)is8'qWxҼWmb4?<GN4}'9׎ mBw3d$8>p}zs2;m͏-Vc}r1W! a< uHZP -}zm{U?wVC$zgc`>sQZpG3e_;UxRˎ:։\:5cm'#3I.G Ӭ$:.ēm垳cku{i$ɺ9+#$TOڄ;% -/+S^m#GԞ6L";B7;걏jeIm㍧vy7%] hMc-ω~M^@??Zlo=yg 8Lw15E ŽLT^HY+mseg}eg@{bROhyaw>Gk{'kp'U=NzHE{ar[A[׼x~}M}>S#?yOC_@9-NZ^u]vZ5k_R8kyί+BW: Z >gmæ.6=<+ zM}s1*ߖ+9҉ &[2->kxT 岂17|;Z4"9=@Mrui/6p..of'xluksYtq+s+]t7 Ǧă<̞½@_\NH\GT{(s]6uDƎ7y$̾\NΦ[bx5ꟴUHX(eS΀爬}5)Grؑy&YAO{,X}'r_CAc8Mt[8v#Uuo]0XB+T\&koa &A✶ ؞鞕 ?e3as%8SQzFw{b^281?{=;YWfphR%H -b..eLNcs%Ɣ1hc80Ko$8 vĞ4,$&($qA"&>YHd5:GQf5_LTcSW;:oV&v;ʇh} Dq^B&rډ. EePTZO\#aw|Eb b5+a9"#IWQo~lލ>u]V|Υd&}bVj#՜v.5%\ۮY )2*oJ55mV8A#oOVĩ %Ѷ!?8$z 5c  gE(94lm|a@m\;)O֮xK zҭN/flSS.Ւ#l9EfZFV$ W)e|E-^h: |7d[22aqޣ+#z4ܤVZH9nڲ$6^Җ&zb4֚XH%i'ƓJ2X W#9X7 A*֫8HFwzfiTQ)S# =I *DJ ABET fLg$2$U#hUyx<)J3`sH b@W_ 0HZ;6 >w%lv-:9V|kx!XN@\"Z@ }:nxs0XqǧyFoFrV*_c=0 9eu V-Ȍ*Ȼ7g rTOB/BB)#a©{}֭ vW²' >0 Юu/Du9둳vsx֟%@Z$#]te.VmN5\2:qm̘,.:m8**2Gndnxz۞xM8Vn\;pNFSOATI;![l}soV1*znU< Ԗ@0 1\o my8_TcVE1wۏw7"Ec?6qo⮓6g01H\21ltdf p~RȇkqMšTAxϿ$rrÕu0|qE{I=Ґd=g&7X+J 3WZVg#&?1o#i9**v4!p5Pя$ӃکmgRIhHx3u 5sϵ`P0Kc5ec{41t!#ۑ:0yU@:Vk#ްoR^$z$'q%k&Pv:И:;2654kn9\FfzWKI(Sd{:UFbs>֑}ןuKhYff,2;/ʵ=@ܫj@ڳbK :#jK-yçF&+t+?* *߇T/$Nmp[7դ*GbhM4d;ں8c?tF<#&hvJф`A;|>c]RN;U 0̺|s޺ ﶹ\ru iO_ n[Y*~84~p q18p:}H| ܟNy%֔;b4͵Q]WckT%8f8m*I4-WW\X[fͷ+'Y֝|HIeҤw)}ku݅PL]2'\qd>IPyQ Ϲ"j:Dž.O4%HIز1 #Ȏ6ծm|-ӞeQg'ERbQ2kZ2i?MiG$X_sZZq\l[keQ".aJya.pG$kAȩW3D7VivI BW1-ߦ>>qr] !tT3+6{.N=v UY,-aHJ|kj&WhTv-zsQ__A H2cZm +k$!d6ܕ=o̐o;cI^hن-r,z՝FP2:g_8j_w7N\R8WV֤Viq \IßmB x'%yn+&ӆE#\W3ܷ,: [ ?{7skwW7 J]w#'ZE7dl&o.ebç]x1<O5nҽ2H# 䞸'2F6o?}O <^8ToQǘSZ{\n-zұR)_ɷN]8֘Z .$݉v`=koþ$VsCɮƣ,&="%{dYKT51tBdA}>[Gb86U :]<;SzPUT!mkÖD[S?*페dUz Ѫ[%M ZPϦNd}<|+iDYע]\j X/&O,iG(>H7VAO֝gi3NV}E,-ϙh(kOk,*seKW×qܪr諆ci:GlHAW +]= `ºu"D^'"M:rsWP`STIZEN ,qXڿ>#eLTfx\)@%na Ee#YwvhWT2s, Ck;戀W֗-rw6Azi|o)gSWq_EKƤsL^OhIxج`B"*I\cdFsPHo$PM&Zb+U9J犥q*ڐzڹeLrkKR%fWQ6$cq$ [98=~ΆݼN퀽:GU\i^lf23U$ch9Zs},kZȦ#~RX-?['fz/9a~}Kt sR l,G@HPf n$ː6!,lMr؎5qϧ`*IQ gNv=)mdO  9H\]G$AH8G- 'ZYX\>nDdH$<0ϰ$^F鷧BH)}JMJzI9cx:#:y$}N}FsMȎKB@? }w9_0UqTYJnQ<$GSu"L}yVn dv NHf ATYn(n3}Jgt퍵݈Ϧzlm¹“WW\Eqk> Tjs͕m~ͨ{cn}B`^k]CBuO4 *#$sB=k{7]=nk2uSunI:P&t ɰXba8;)xZw; :6 q@7ĄfZ͓K:xfXC|wwoqXKB :]iEAQk&兡(w Կ:v4As| q^k`$Iճ_h[6zFc R`׽PP{ Jf45q/LTs\nY+c"(O,ǎ+񿈄d6\3OEZ;\ <[woZmŸU*{q뜚Fndf \o]t.u˂Yg֪RΔM=-m#E*TSXՖ6kjrzڥn#|]v\{ fD4UPZP*azGZό)Um&N$qWSFi`cKbaRFI ajܩjt ncԭnwﷆlnQ^$7fKqUo4ˈ)܁ s >Q+ Y'F+0۲)ʈKm⹫xb&& ]T%hLj\s\4e;F23t-`c Kֳ<О)A& ESn"Čۆ#7FN{Уb%7AI"{MsY2^Q-r6;qaҴ! wi7FJ!鏞ܝK X&x".%GC]FzdX^wR}:-b 7kۙw6r Oo *ɣo.ɹ#Y[hSaN3Z tM֥ PcH_bj/M+y>n1V~*r8z;֑)&EX+.W-np iwaYԝK?;8ebxn5xZyRVGdԥ֒*Y^Ew4L+.%֩{t[pc9q7g9QK) 0tW[\$YYz|) AUYtEٺ|08Ӻ¥}hXGz׏~:\X遲x#j՞ 1C~+eblȻpK>i>N[tr1 u5Kmm2S`TjEYşga; ^/.pFd'01>Fo$a"4l88f9$b@cۜnΧ@ e|XbxnO'k4$\3ϷK_x?AZVcNvQ46-t2UԞ=ރ/.T}֐.9i(\QI\鴋(`$h=Č#j5=$nv'<дXW;UA,y+qޑ S/P:|Jk|3q$-1]TOaY,O]̬-D>{{k\b.1nugl 5i _ó3Yb3&b`kVtF39Nh=lCpg jrREA !XS{ջU#HԷ>v\ZxJ&T4LpAWA ͫ^9+ ,{X\(R)d(:W͞}e px9_+<;'^Yln| ҵ1qhߦRsgJ0GNU 8ⳲmݑQ@Q8  @2eRɺ+R\U EpdLa\f۔Q,!Q. B):*%3.lkLe]G1!urD9]LqY(1!s H.[*ģzMլa[cx8ɤlÓaʂeSXdKHB }:@y2 '# 34i|D@^aIl~Mk򂱲Z5''(F@.wc ps__JӲEg\)ĬyrHڧ?hc:|M> !RYq NxH[ Ȭx#`=6sD4㤎A͡@mp"˻nX{a{UX~+wxםs Y6.`F1϶ ZhYO i#T+'}GN2$# I'1$x5ݣؼj?}#QNp}Q~cIsֺؑwYkWu YAON:ԖyHeI (۞ ZC!38xʁ(G 0<VdH_SߊZ6:MMQhBMմ,CZ~&+6Cp6T{իVR~cSU )r9'j4eDq`1W0yآ9B/*Ԇ䎢j1YdH o$1qL֢$#T׳쭓CbEaX:yW]~FoBvq@t-a5x[nYM@U.^T20 DdITљL[| Ad>zO,~e󯡮KGN0Ezk5o."5^ $ 6=)TE"nJg1,<]:\u̍uy r;֍ö`P4װUd7 E]lfqrquWZV9¢ןRuwb-1>IUƐoEO'VO&LߣG\*Y=tbE1ҹmǞ6\W@X{;a\sU#'+j ;L 7 GRt5ܱ+Fv2 (^W`E;{ cիy.rڥPĚwKϡ,3\*BEp_lY갿8ܨϣWk|GmFl.Ux\Sے,!b_r^9GCT;Q,; Mo&D$sj;^5}A4sLv0`AfӁ_5xw֯[\2=FA-ߎU;E]G73Y!s:tz"9%vSJ4o@=jš AXf!#%Gy#_xuj>`cN:s^H׭}2+v&F&P6;q|1朌P?5pVIe9 c5ecX\q!Pbu@IEg2>7 TÀI=:$)؅+) qI s32bߧPq/ww-2e;S< AFy==NG7 ]7qTqRE) }ˈYwIc:Jw-ϸP@62csqO#dl2d:Tq37f;Q<35U]Z1 7sRNHgv簫2ͨz1T<0Lj:ִռ' \ n}-Z7hsbM.PqC[ʱELdeH}n!ki2+6l* ,r$HeJLf^}.N3KX&їTuOXoJѹX܁O^Xm.M?S-b;Դm+Dzr15d2XpzωVcǙ#޼zVM'lИj K4-pE#c03܌ڱU2OEUj0#ZFJwLf<[LaV]序VFrwe˽d[LG<]j\1b[e 'SD2I$Ɵidhb?RjͽHLu?ձlYihtC\tu6.[0j-2o_md0֮8ϗ[N6nu EmeMrZ@`ʅ95+CbGʯ|fh:Ⱦ`Wلp3 $׊ IH^ⱅgd.x j\VUC+8c[;= y KY$m79+C$,ݴm;"L($=i7~unrAbH-QKѶkoorsi$an]?:=6d0{rG| .{͝,oʞ@t #l"Ɲu$,,IfS qP𚬘D=G_XMwƛ!Ӥ1I C("RX| KIvnXJ۝'+KK籂YH6ऎWT?*9%''vN"=ixQ2 -QR1槕RAEvZ#_&xQ{J,zouhSF>XٯGIqPvadd-3cn#5H p?M]*2.P9Z4iۊFz ^=yǥsƪmoas}w$m!TNH܀9 V2E@cgތI;tuNf i'TgqV_OpA;X٘%(cr~ s^ɦ>i.swycb]Ўںƈ`0sVW*z2!;tǹقIcӶfjzL !1'>Фۖ }Y-l.n%1d$e*´n˂:!QG$Vs?I 䐰@ڹxkW:cKc ;:߭s9Qze485csWq$e[ 59sdn_[~5X< I+SXQ-F:c}+88xutͺc޽SO`~LDĞi@ SRT}9@2AEs5x"l=7K>%\MYWtKtBїZ .I=ܜo~SBjm Q:9>9~m2ӽuNA< АyRޜIpK L ) 2VTUQej-awq]Nj.wfWgn>As?LS$OYn-J9~1\ܰ>fM#ܛ2 ;z 'NlM`r\`\6zӨ:c":1Р?|֫|I\ cwvռg„h?xjڴW ,* kƼ";3/ֽ&:1(m[4٭8;ʐI18l1˄eSmĜB(5hAGkw4l~g~qWx2ϲd a1'V֤#q&uë)iS]݆3Мv=z#nq_N\\i%xc+#Ax> Jy& BרQg*)S##?SWfB "w{ 9 =k}s=NGWZU<=@H6 °sEwArr^)kkX+^M 溙l.vULV}C\i= -.85m''ֹ`S1ږ[(/4x#mH@U{G S|E6OO O!]5÷F {SˆEYr8Wu"@ޣz1vS82AO2(G$"~N?k3R׭o$6Ve('k(.t*k#)~#p ~ΚIP: +CV./M#9,~񵖝#D`gb5[5)8ckG}H ٪w\; /5hVB^-Ebr}GɾCj*Yʄ̲-FiK1zV-{~񽳊ﱑaPEݸsQ[M=S [@i*LUJҫ9R"+ Φv'#^ivы_(t<]M9ǵs|o M>z3s+՗\Q ۩8+/{K%iNs]E֪e\un ;=2%ĪrR=;;? /YBaXWL3@TZ܌ cY$H+(ӌ]rlɹ'=fvҷԫ(B6֠H^W&Vªn>U>",rM%(V\ dU wcc@m=%ơ41#Yekǻ)C v"(A5Ѻf=dZi3^6Uϩ8X :+*k6 w ,65hVY6'"j511;:d7 'àMq55 FQ++_$ӬD-{-2ڝsҽ㞐bT[19{ Į3hڶ=q23>FcvlLr)=:W|K֣1$- Rpx-z9Vy>[y1uXbl۟2Ks q,#f@f'{WZO:T$0\ W78u o3cI;g!<="r0\e_]H-23a]r+ڛMfo\Tt_R5oq/%Ao.iAHW6QYXmq Aj{'MԚ{g9#nUQ]4esG/tSxv9<_ӭx_F F[yszk%zW ZjʄteT34w9R=֎N ɏO\ㄬ1֯nĈc{~5v{Y u5{X8PnX gl>PEkFm%@?l"¤a5o s=L.r$db;^Tf!lNsFs*"n ft:^$LJ\L~oj=K~9-N 6(j,4"<626̀{jc+DoW_q8P7^N˜}JϔW12VuڳvS[r.F}?Sܰʥr:iĊOijcW4Bic~玵(OQ n@F! A#<=ii8ϭ1;QpXVMX幬;ptִ` ?k}]9p6^}qj'7CTݞ?ϥzvv/4^gy:468`;#;Fg* x滍G,7٭)bq0I}>q>VD@#u:#+6pW hުX𥭲"GmɟL1'=ҽN[q й/I{mh"-p\xV.|mS֬U[#zy;64Ls矩cW_黊4@x#I>%Dd/?&<=/hgn|ѯ1UW[[O'kFuz *^9d_O3VI"U^j~éLb#'r=;6Wr (ߕZh$ٿy_cX$D#t(héc^k<>f^GWAmyG(J⨓~20Jkr,ȑ ^ԖTq7T%EJc8u̗ xh}3EW`?V Vfe{nه;ǵc^jEQpQd,d{OB3ڦ՝X*{bEt%eO G־dt¸ҵGLW'NL+cG[KdWcKґ̔,y5gf1^ouz3zRq2;YH 95߈'~+K|Bhd4On>Aʹgg%~ â TКE:nmgnc(8G&+A <~[ @un: ]qz#LK˸4W0ľto|:sT}Uj?\ab"|jVo)^Ak*;S^FbPU*mcթ@EG^-ݙz1 %H2'&{\ xIirt%773(qo|VH9hp~R@=n.JNHGkJxQɡ[E+2D~fW*?0;͠Ml7t8 ̰_$f VoF$es\Nvu8f]8GB1w]ɣimͽ OID HV'?ZWBc \9> 4xmiHԬ[ͅUgP9z뷺ԷY̑Ⱦ\9PJ\o>X_hظV=Hz%SG%Ks;#sSǽFJDc()P=*jv?-Qpɠ Q_QW>xUP8T1kٞ in858A_Vo{4,ez?YZ 5f 3h3ʪ8=kSfX{ew"[Swr6e÷wr}=bMCkI2$vь .Nx+PnB'Rkmdm!QQy34/bzzWS"1x6yH|[36ٷ>F;ܒIB[+,RjhI$V%q{Ү[±Ҹ鸒3j J vZ͔a>9]>!PeQB]I¯2;OC$3 G ' @*Q\G2lgEU\tE1s hP[:&A_ʽ ܩTGr3Vtcx ci~g\.xf7},8UOIeڠ" 6xװ]$l0aL% =~j Ilmkh}I2iyӦl].[g}?x}Ey'D1.ln-7<կ^B2?,Ut5%5 UڵlD*7 ⸋ XG3)*aLT5"S6 }JL d.1w+>L8w> 𵖕;_,g~w%E aZ V߻4 Ng+uڄjC0$a\M$6&O߇tt}B$}+oٗ-5߈3,y?򯤼9<{E(5%ve]]#IZL'Տ Mcy>'&A1ٛgwJZܾʂyDZjEwDC'娓`95ʹ쐙esU%m{yѐG#w2|GC}NV֣+9\*Bg,Ej6$aK׭y3ww;cXPD:8+l=Es|X6 5d0iMY#ޘWJ3䇮*keUyb J,lÚ9Ȭۭ2)0s]+^HکygV(יx}b :[pGJϹGi'"g}Tw<nQ:tw Ќ? z߅U_}WXma5"Us3B~2ujP=Oj4-XKԮ|,pJ|៊-V!^<[ZfPnu K\\HdLoNN}1ks)|]]ś}Vѽ?:ze3 ?^=c{WFkX%E,YpN8Rъ2@,x suV@/I^y .-fc <o=b1u,Y{h&1o֫gH 3{մ̐qӎMTG#DѰe6BaI\[:ueWQHd=TՏD+ϵf+Kf a=֏}x̱ۏ-C/8ց8e/0@rҬ̻cgŵ9Shh#g’3`s۹o.2 M&sf>uUiFrG'4~_d>q9Qc#kXUwzsU{V&뵇nqH‹! :u5|Un~0ی?s yjĞ>CTկ.0I[sgom[.1:]` 07M'bdg+FWZx>+V|(15'kQ%odL''~ (Sul?圧8=,h3_ľC$f nBBljsOƭU[0W[|?JJC+x6Q^Ao ZOa UkM̞VSW=UB Ϙ;]B-B5ØN* ;pYPQ]喩oqir犫i^h7P;N{WfIMx cHˍW5 ]Ru#q+Wl$l[Ǧ;U&-|MUFhV2w,Ze.Dp?+O~#EČx!\w]-pOy+U XyQI5Q,pwSdEnV֣*l낊GҐ~O] =jY~ mml|-iUɃQQ"8L.s+xRR)Ċ?0k5xz_Ò0xX8L{{V|ɡmOxF cf}keOY"cǐ}GJ\6iٚzΚh՟kK4L`w9uקƼJ4 udzủG8INvXX Vy6FoOӱԶ{! d Zr;hLoƛK'#z~w2cb޹rV\ᚮk}Z.dq56fE\Y|G'|nR}DLoȮ;FG8 m56'n |;vvpLqp" sӭD"@(nc3n@* $clCы9mXEc_i e]|ؕUxkf9h=\j\pڥroP,P뎕M &MmwHW6qpNMOEd:qQҼomY&HeyDg/?םԣ%3VpiDukw{F, yjGa|w O:g);4O:ƪ\yI i4q|Ma:J *SVzB3>k5,wF#XŒQu+m#NEghMn#MW㺯L ?Y:rrj ~횫ga5 WԳbW98jmk zwu yoO=rp=q_g9j 2(Um-ZKxgGƺ)4}T&03G cO.4TRE:X=_Dϟ/gi/cʴ_WwG1nxүP{yFvhmgs缹V㈐#;KǨGq[,t)M k+s1S\|X9={`lxsEKb֭~`M)ڤyߌo.4XA R a=iuq$C~5%1DcBQ^EWG"4k"GcEv5kCn|u=+.䒳3LW=xRskv ȧ *֨^Zu#>C ž֙q })Myc*41HUifgE$E!O\Ί)_V c5}&G;A*0e8J߆_#"hʒ"QU(B쥽metRVҊ+Щ}EtDAgX7%t68 袵rEWyѰr8CHknz O EkvH+1&gWi-EdGk)verOSQm2y Zb[2}IPv*3QAWBZj:-,TCU&(Zא l#Qw뛁nۈ9hV&)\_@o5xüIEz ,Xo8vb+0C4u}q>Ѳ+" i%:l|2o8 1; zWP<ĎQ[=+ҡQTvZE\Ľi Warning: fopen(https://newsweekme.com/wp-content/uploads/2016/03/2016-02-28T010134Z_1985885446_GF10000325586_RTRMADP_3_CHINA-MARKETS-FOREX-LATESESSION-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

Big international banks are preparing to move some of their operations out of Britain in early 2017 due to the uncertainty over the country's future relationship with the European Union, a top banking official said.

By Tarek Fadlallah

The maxim not to fight the Fed has proved sound so it’s no surprise that investors have been agonizing over the apparent end to easy money and, by implication, the era of central bank-led asset inflation.

The Fed’s action to hike its key interest rate in December is perhaps understandable in the context of U.S. data but is inconsistent with a world economy that appears to be struggling with anaemic growth and volatility in currencies and asset values.

The relentless decline in commodity prices is positive for developed economies and represents a huge tax cut to consumers but it also sends a chilling warning about the overall health of the global economy. The unwavering faith in the capacity of central banks to continuously administer monetary medication to support asset prices is likely to be repeatedly tested.

There is optimism at the dawn of each new year but no reason to change the established scenario for low growth, inflation and interest rates that will limit any upside to international stock markets once again. The world today is more fragile, more volatile, more unpredictable and offers lots of risk for low returns.

No Way Out

The GCC had a year to forget, local investor sentiment is poor and the news flow is likely to remain grim. Fiscal austerity and monetary tightening are unavoidable and the markets are braced for the expected pain. Monetary tightening can be observed through the one-year Saudi Riyal interbank rate that has more than doubled over the past year and the strength of the dollar-pegged regional currencies. Fiscal tightening is also underway with government spending declining, business investment moderating and households spending flagging due to higher taxation, lower subsidies and worsening employment prospects. The anecdotal and statistical evidence for a slowdown in regional activity is mounting and irrefutable. According to the UAE Banks Federation, hundreds of small and mid-sized business owners absconded last year leaving behind unpaid debts estimated at over $1.4 billion.

Real estate prices have dipped, agencies have closed and jobs are being shed in sectors including media, energy and financial services. A regional construction survey by Pinsent Masons revealed that 32 percent of respondents were optimistic about the year ahead compared to 77 percent last year. These developments are not surprising given the widespread concerns over lower energy prices, deteriorating sovereign credit ratings and statistical indicators of sluggish activity. Unfortunately the currency marriage to the U.S. dollar has limited regional monetary policy, and pro-cyclical fiscal policies have exposed governments to the necessity to increase spending just when they have become constrained—it is predicament that underpins the prevailing bearish consensus.

Tactically Positive

In spite of the gloom, there is a contrarian case for turning tactically positive into further market weakness on the basis that stock prices are in the process of discounting a slowdown that is already in progress. The market caution over the past year had been a function of (i) valuations that ran at elevated levels (ii) alarm over oil prices, and (iii) anxiety over the lack of structural reforms, but these concerns are diminishing.

Although corporate profits across the GCC will continue to decline over the next year, equity valuations have improved and are now broadly comparable to other emerging markets. Indeed valuations on a price to book value basis are now reasonable by historical standards and at a small discount to the MSCI World index average. Stock markets are not yet in deep distress although the markets in Oman and Bahrain, which are perceived to hold some systemic risk, are particularly cheap. The dispersion of valuations across the markets, however, remains high and for every attractive opportunity there is a potential value trap or an absurdly valued stock that has no hope of a decent payback.

Disequilibrium in Oil

For all the talk of diversification oil remains critical to the health of the regional economies and an expected reduction in supply combined with demand that will grow moderately hints at higher equilibrium prices. In the short term supply cuts are expected from oil sands and shale where the prospects for new investments are poor especially given the withdrawal of cheap capital that had been available for speculative drilling.

Over the medium term the cancellation of billions of dollars in capital investments will limit the ability of producers, particularly high-cost non-OPEC members, to raise production as older fields deplete. The International Energy Agency’s central scenario is for a tightening oil balance to lead prices back up toward the $60-$80 range by 2020 but this may be reflected in the markets much sooner than currently anticipated.

Walking the Talking

Nearly 18 months after oil began its precipitous decline there are belated signs of fiscal reforms across the region with a focus on cutting non-essential spending and raising taxes, often by stealth. Budget proposals this year have been sensible but their impact will depend on whether, and how quickly, the reductions in subsidies and increases in taxation are offset by demand boosting measures. Taxation without sweeping economic reforms and market deregulation risks suffocating households and damaging consumer confidence, business sentiment and private capital investment. The latest spin on value added taxes, for example, is that they will have minimal inflationary impact when the reality is that they reduce disposable income and render economies increasingly uncompetitive.

Governments appear to have acknowledged the conundrum but their actions so far have focused largely on raising revenues and only vaguely at addressing the other side of the equation. The worry is that cash cushions will be used to see through the next twelve months in the hope that oil prices will rebound and that tough decisions on structural reforms can be avoided altogether. A report by McKinsey in December warned that Saudi Arabia can’t afford to wait for oil prices to recover and needs to accelerate economic measures to avoid rising unemployment, deficits and debt.

Whether the well-intentioned proposals under consideration across the region are sufficiently ambitious to fundamentally reshape and revitalize the local economies remains to be seen. Investors might be willing to give governments the benefit of the doubt on the basis that they have talked the talk but this generosity of spirit will be limited if they don’t walk the walk.

Foreign investors in particular have become wary of buying the hype after being repeatedly frustrated by the allure of gold only to find their portfolios filled with broken promises. Nonetheless, it is possible that the stock markets will want to trend higher on the prospect that the bad news is largely discounted.

The Bottom Line

Uncertainty remains for the Arabian markets as they gaze into a year of fiscal austerity and a tightening monetary cycle under the shadow of global instability and the specter of widening regional conflict. Receding global growth, stalling corporate earnings, currency wars and a possible hard landing in China are potential headwinds that will make for an interesting journey. The preoccupation of the financial community at the beginning of each year is with the scope for profit but our hope this year must be for peace and security across the Middle East.

The writer is CEO, Nomura Asset Management Middle East. The views expressed herein are the author’s own and do not necessarily represent those of the Nomura group.

Social Streams

Comments

comments

Facebook Comments

Post a comment