Business Outlook: Steady As They Go

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 $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?)h(Z((Z(((ZJ((((((Ե[ '$uD_l,WtbFoJ⧍5[ "bNdJ2<1)!,L*ώ<,?)` { U=ƛ# #^"R5`u?U⇄LBS aoIz&:gڣ)9+ʤ%9Y8-gNOM;]AǨέ`՟~'I^-)jXIr~czN?w- ٪ja.?V=j=[Ϟj[@ ƼJˈ1M[">6HJ\ t‰`*.RhޜǦcc'?8b~E*TOlQ%d9l᫖< mҡ G!̑^AEIhAe8QC{Χ Q;.h 'XWP2/ *VV`7pqdU{mF,pJ*CrSJg퓌Uak_y.-3\9uTSyU)-Es$$ <v qd ;bxKĶ!,ɼGzu o:=~18?@AK7:>/kθm[*P]9= W)Q+XxotKYp'@?ƫJğW>Tr:#Ҵ]KϹ7|Q/kD{_*Ko/ *rzӭwUN-,چ+~S]HBL'9 jKxZI8](}^E}{y˚f.~#g 5+-3LK\4TG( s-WK:{{;' xفϱ H{'k-з)Vc,jNЎPoh^Eia\r![z_i;`lQʃ@Wr','51SW-ً 5hͤHq׈3s ?f[9 U(DT3Z2;R~p3"0ʻmV ~c=|+o@ϯH~ ܀+nʌs4R8;OD'UѧC,=44Ѱ1].[UNiy˼FzG/rdͲsWG3ǚDo!62+*HppjlG4Gkr(VtU9٦}w 7)I>Xܭ_!IWdR\eYw8|Vvg-;pLьT\Tz5*\!\6p? XI̢Ki+n<86bɵ(&tpk2ù6:iG^\ld Gi'M^)75[4$'*0Vu" ΐ27*1d53ooMb9ZىO-.9i> oHeR4o~jA%PCo5T֌ʤwGe=-Igg85qsVr(!7YMugq/ߒR^T"*NjgEwuoJp:1x~ϨC7QG`^s{ p'؜Vי^$ѵc-BRT8 VlkyY=k'Lg)kYGQLWi"Ś*fȦa\{MZJ(((((()i(Z(((Z((Z((ZJ(()h(c~D_L[vl-Dɨ9Ey 3k`L`qxtTۻGkGa %`ERX_w^(*fM7)Z4d_,<`T(Pv)m5үmDʈ<)VS*Jxc[=o1#^7mX2C =1K 'IH];]]|!^"o$G-dc&I=;T2aP zcim'/u l0}vss\OnKur6jڮi%8bVvuGIme%ֶdtyF I89 嫄Z%{x=ha(n(m%2ed cnzTҗ~s%]"bk${6կ~2љ[̠ uDZU6_\Mier{GO|`V}]W#r4s~³5w@UTQUn h-!GֽuysJL$I''kgHuMkKN@yҹ\I<-h׶M2T292GG˷ݧQ{zoW/ [I$Qn)>T8%tY㷴tdlcl҄"ع'8k6̾Mֵ6ݧ,dM$ڍʴ!x'&`FHR~Q浟t˨ພMVS  0ݐpc<|I.6X[+ n׾ӹ[u.13^SVӷ`I}A ^ M|>>IygN\L !#eOSVIJz: +!`d  pP#2&FHS/]8IhzVE `|q|RiRwgjm'#= ~ӟ*ݺU-jH,@{gS#"?4GUlZى\$zV͵\>^:2pSVޛr.co#4;{'8v02wpEy%\]dGpǮzק7ylxa=)ŭJY%C+F4ykoXt~pꃟdzTty5iSBi5ݜ=ESo,%^<[όC|0نQJ$>NF 6`97h[J`#ԒL>EϠoQ>}A-MG*#׸qL.k}N+ # ZjWpoޣW\cK3yrZ?5*xN9V1,?5?P駱 \}TZC^M+`ϳL'Q7;ZwtMBO*R.E+7Ip}Kk[9霊ЃVq4`U5FʢfN-JN >[WWFzRZi-R1(((()hZJ(Z)(ZJ(Z)*rlfciYʊ2X 4VGYe!1?:3 U2ڌSA9goB dF#ӱ-Ԯ#4j:Y5ƌu%ȋtXN=}HhF4eu5uz0qibJ\jȣhg@VfhNӹ9mFWx}8!7rGE|QhXxD1M~#xv im{eRDD?*gL*8{!CbI >ޡ8I%#m}*Y-' 9ϭS~mNc曼I7j9ӟ]W *CZ$D(\ ?]Ƅud51[Mz뜾b['/3}F~U"s}>Qzt/ݞVcRQ?t}*MY\-ǘP78=T SL T2W8!UŏZ@p*;oй(pIoM9si*_r}[ُM6ʥK`{VӶzTki#UãUR1+0`e@Ž{ R1**GO|J\]R{Q}6_۶͕3QZW6 ˶Ո yO6 &e-W>HeӓY>'$p~/ziE]n#kЯyfR>߼_ɲ+=:ѡKH绷LvA'0pO\;k]3ciB{{(4Pásn \|+ǜc#[1DT;"{f6+Cl ;XIqs]+VډբsѴ 5KoEk- S#eMd\j&;U@Wi I6朂?@8Yֺh1w[B/Be\˛s$~BHC]i(2JOP1[lۜxf~n8Zh>qoWdx cTgMcߊ874 a9|nylw12pF?h\M,ӥ#.Oƺ)`\GU&AUJQ i..B\ğmP?|嬯n"T^C 0=~O=쾧=6FG3Lq6qsS&"7wgw2̬69 %#=;xա|lOՠG=1LhRpNk.b*hZ9n㡩c.=X?.:{1|g**YhO_jimGi0jI>pi?CAW73O*ž5w)O ,Aܽ{Z+;1 ]cN?2?etfc|M6)Ab$0cVnin#a<^"HGf+2njbk4H*6d5=8Dz>S[́昶TOZQbZKK<ܶvA h$Szنִ-08Vc<~rxj3 ,B͟(s®G7c\~%[ gYI7c(ڀqkf=e?WL+>xjvq〲KazhpM2'zv|: TZ~_4J3qmݘvq>#Y?#QZR/]G>J"<`v6l6GTy|ոWک&no=Jv%UMh8֤QUr,х--CF1)ABju]?CZFS䃓a¸ Ԋfk\ן]0~m}jx#i+>|Y-k﹃>`ֺ=4MXc#z.>brPF?/O yZrs3/_ gn-mID3d`{{,J+gNJr[qic' D]E!J0< v%elUZ9=)Qd;âxPXI} rw8wƾti'IeO/+`c+i/ܰd~l)27q8HmK"Œ?`"[|rjlPǎzPG±n~UfUhmcY$y8_ʮQ8׭93q,|As>"F2 xWq> f1ΤS YرجSIcVybyٲyR;{ aZ!+v&; +ŸQ!.x.|ejMCN*C# *H G\W{Zl uSbԉ;x=pi$daÑڠrMINu99R:2= I|2GBZ̊w?B!3EtLZ)66zTDGS|~-`)o>k ֍Ȥ^^2JxiHGf#H%:V{շ jǭupŢ()i(JmQA@-Q@QEQE(fgŹixzkviBTk ?u57E(hdu >A7czY\lbU7P]uO\z$R I'z~U7|51g6+ET|wr@ dd]s=mHb &~`Xev0Ek %nWz:1Z\J&9/ctZGNgQ42+ÆJ9`64 Ȩ=SP xBʤw AN´oNwQJ̃e<Gҵδ>HV(ʻ+Vs` +}YJ:u¶3s\_~"Zǖci;n>c"F "jI8-97}v-fqPҾot$.Y±k Xtt`gޒPe!anp9OˍRkyYHƺb!HEnvVfӣuE&91F伬$^)"Z  we${H!@ɨ8ޗR[OS/[k^&uڟEh^-i< W1G%ݵK<1)H_?kJ7j\&6*v;PJDi\7+ To񜫫;TZ\%û>#,l#=\Nl8䍤ڡNК̥ lGN JGU*M;|-O%?ҬćeDCrFdZȗRF  :6j,FͿܕ[FFLgшo qC _cGXdyu;yux^8IdfȐÿojY,)ş?Tjj+_#;y,Tl%t{=srVVj]!%G#&L!sw<*t0?/R?vrGCS^2}ßҮ+s]22yc񺅣[ +U_(q'R?հߥJSq-51aj "%{J%Tnտ~V}=*ܛ'?كO6725VNj7Iz9<#[[$~Bk$sCԞ(fҜj3_䢫˥ZGIq{yf7.SzܜGߵA'T^mHuj6 Si­WO, |Kߍo6bܘ9ٍ[QbW $lx'Y1WԺ[kO&G607i0g~+w$}*7xq&;|=c۪`@G2rJ+D~fRnoĬHES1W<4edL4YOʬI$ߙ!oZN JTTE:b`r0y֐pF@'6UsG y&t&up@^H%X}`DzYmxJ)er2d+~<&MV>O&]}~BXAz}*E76\DN9SQևE٦|"F~b1ֱk;K r'XpFpA$:eyQS9Rpa:s֬?]4ti$Ⱦif g~5wms{= 8$=?Z/?֠:YQ$h7`9Uc:do *O^s=dҮkU>taTutQ0A#s 5P+(9FAR<2zHܕ!ƪfJȗ&vߟ5^Ga #<;$èT2:_8BQ-II<ܯ ; &\FN)I :֘vʀӑzzC DGLq&v>?CJQJŦ4mS#HnH4@G~)tRJLxueG1Ju(A)scIE"ׄ59lN})gEk+re޽3JsC+5+#w o;[͂^CЏC]?'ʼM:=Aι=\pz\%PQEQKE6)($LQZ)R⒖ІiVPϝqLB&ܷE`\x2-S~QY7~$D??R&e*]NљT;YZՅNW -2~g}Nxi쭹ķoRףɀY餕d 1UVBӎiryQKcMݖb XiraU-e\&'/rHHdھs?5g5h ԅ]z1ξKQ|A-dd#r1YjQW(ҡ.|ӘqxVe4Van:˖Cs=ˎeVOXHUJ^Ѿ7j&P=BehxG'=1}x.+­"spq,הq?z>#6f7UTzL'ד; r ^k:{Ex+J(ǖ˂8q)m.vg*hi2&wQ,6"ӰU.)lG$SȊgZ v_=I4ӂT'>ZiP8j)T1EKE\|PX?g8g#M(G9,}?5jUR-^^Iea |~_ oIY\ЗQDm T7ju5NG›f~5#2푖213G_Bjr>TwDDnNq)V|~X QtF$W*O#rXU0&??LwOuڬ1SȥJ"̵l^5rrz)#ҢaH(Q`~5HAxC4n 2Z5'HB?2FD8^'fz1(F-3*2]jb ÂiR5p[ vIT^z↸_\x?y)R]Jfk137F?Ҭ|sUfYN398Ԟ`T &/*3@N2OOEq3VR^',q@vԔ/5*v4t"_3t Z}`̱IqV}Ƞ:TQ bj$ʊ=3iM<#0=^?ˎcªKlRNb^ٔV~2A7T!J[Sv=jN/Mɝ~%mX^"!&z>rPXpF $FNfwOV:ę@Πw#֩c1݌jc*5oi &ww 3ADT<ț>JBj2$R)O+ 'ɴ^kQ&{UʼnItiE4SCdYkƺt 0ȉaAr6*W}UQZMgs%RNg2qS)88V#ue`2r:Viw4m1I l2FJ3߯J%tXcOBu= *KW?p&h" ZڷnZ5 qd>Ҝs}| ]FsYKFuwV'tt\3Oaץq(w2n^}ygz#/#=:q[G#/:~TF>[!- =yjF@f?ʓ-"m7&.j[2N`qH`RMRzQrA.MB6XA* W,T^_.?ngDOG; M x(t硬+RwhVSFQ\HQEQE 08"Qp$gݿ* r$[b/mhRa 9JT˒OL,5f- rTdR~(HbqP݁gk s[':U+\3b5o6%nN)rt*i26]n?98~cjfeUϽDF42K1ŷ-ة֎Ms~,④nU7u9J oXWQAVdJjă뚳#j!rp\1O֭a<i ֛; i쓷R{юߌ4;I%KS;H A^izꧤ, >7?Vɵ8bc@d㠫J >c#@Xm1aOn`Pxɪl$rsZ2.تjNV2|e*ncV"+3a8?κ@Z9rǮe"`/4S8ϾEήu^ / e]b ݪT2z]wD?B֐Uk -cio|+0@'}șc&>>~Z;nBKr2z LVs*T`#)i2ONQ]DFp=j- F?Gx Y#rO~m TQfWiQE'6ˎ-34Q>97D)*30>Rɿ'HGWSJ$K`98&9JβM Nz}0"lrs[9|0r[ےx;4ˈH 9%[ ."4jp;wS+*1.F>tZ1܍ =1_"IoQ8Yc<HSlP6=s #E`4v8`MnY?QR.&y3r\'WQ%Į<˲ƄHqZUK9@3׮nhc%!\h $2#+u 0}0+bYHMlCGU]yIw6d9xl>Vٮʼn8'ֱEÕjH'+d6ʆN U]Lhz_u#i(d%nbz_ƴ5(Z#HG+|7ǧcVHҢ *k.WrH\${]3 zAr>i+ƜydǼ1rsL,e78+9,RnN@ 84Hdž_KWv'U`Xr2?J !250~ԔƤS([X H48"ԅk.W#N5Ĉ n֥h`G#C5K!݀G~!lQ\{)S# K4D:gXoy8H)AA Lmռ;x'r;E4%X׏׊X'{`Uu \yHF}@5PiIlTpgّG+FºW]۱VpTPr@n`YQk%f{̉Z)( Z#k, pNS8=D-sv6pFzbPFFՖ,w%$(<6zsZE2z9>C:o->PHj=C4VŧC82Iꮇpݷ?7\W pW|ܟU5yv2!e#LW7.jW֚^47jdnA'=+fm Xh.#+M6x:P*\Z8^f;uB?o*1Iz⽕Vu{ΆP**ĹKK_kO`Zbգ5 >6^G'?z߇2|E[Ui~{¶2ryFwV[ȧpJw"P=x*ac /9&27(-P6Ұ}P!0zjҸDZzkhFR<3ZkX-%p7C#-'l<7bwrM' BA=z.=2@|N?VWӼ?31LY z\,| N0?_|] ƙov6+#(x}YnL&2<0KejL8nF?Mo[㴍-U&)ivud  p2r}rim{ˋ)dmV0%pG9OAjbWb!)+~gZ!Ӽ5QEf1}Q\[q4%'k ; €2<5N4 ,146 2(#zqh'Mt,-?U`FA6nY~zF~ˎC^~a\vQTŶt-dYF៘#Fi5{yj$^u2;1J\w)yv.zX@8-=).nB?MS¾Sֵszw9ӮOJ6-khc сu"V2J)^ ?,{so$MY`j֯-geV9aњSwot,p2' '1 䚓H-)FB|6.cD9eJ-?i&KoNBڄ %=Y©k/u6[>\ TtpjO0ٙ$a^#"T[ג|=SYYuvF =[q$WL77u>Ծ$[A I8_ʮZİtH㉝3zwtQd1}zt#? _XϝS' OiF$a ?_Yypp8 Q+=, ݚreA0Gc]шg$)3Lv_u }}~U]\ <U`G{jI3nO0pqg?h409㓁l@RѳȧGy n6$# #񭒶/b23*եA$s6OZ+\ɧcR)Dimv?½:^E-`HJH CUUqV ^ qGCרo~̜Aeͪl\ψ,Z.l)YJp 562*d2=E<6NGb#?uҖH)SޫІB?= ItՕc<i6K .[ޞAF9{T * A" 0`{ʳZ v J~FCNPGQȬ٬]v5`ǞGCHr;Ԗ?*6Da)#tQԯ>f=?J>倻A6%t ƽD 0ɍ\F0JWS>fmK`ZV?yT'ƴiU:y]젂ފn[ՏU;E%e=weg&x"I`UpS?aϦmCe1F*4%NB*2Bǟ-[nҤtīOj> 7/uB2?\^$rBjħ5>EY22!~5Z4uLЃ x?c^HnU/+VCxaK/ɬ 3Rn |hq5P|F_x j0;'yWƓimuBDb\Y/V]TbU皅%6y3sF <1zgo$ ' j /dl큒O\$14!ahXHvyqWrFF? `@ z:iVK!;UwT=ebD83KIXk@k}ZF+'X)bpz i^n-#E.,B< ¹;\'46CU=UXșD!O }??Qvl2+7dfI+;KY2'S{q'SMssk9/{[s p2qʒGLҺEƜ;'c7hUB۲.O0; A׭si=؞KId"0>Jm {"ᄫ$+TvP4DBڌx;nYTVP]imSwaN]#Y * 5 F~vW7m,bB `Eo$#7YKK7:{_/;np0s~?4b!Ԅ77SܪLf@Y(:Ԟk|Wy;6dq@W00#:eSdQ.o3<>`$+(8=N@J~ +3g7=+;?o4%#~e;uG* FpbA'zQRR.2{Lv5̈́b9U(0 d#p3׵IwEKcs Jx1 #WXYvȤצi,dc/kR $ ǻ9ޭ%>Y:tJuZىY#mbrc#=ipIsv"$Xrq>hWQe1#q28O9Vt#4"y@ˆ<Z3B4)4yͅޗ]!٥ѢGpTEsy-GYKei (RHـA>kF[r˖ux8ocz֧|*eIt ?\ջr߯9Qim&WtW3_4G x e6Nx~[_q&mEZ'}oM17b"sr“/3\`DQɵy\W]ǜlRA. ٘aT#,8fR8#9uJmqJb}g_ғh>#;扳*r:{3W=A銸t@sQ 2u  H{ Q9Nz M;$V3qC\C nߎ)q`*L~K!*0$#WXU_.d"Hf^Ln:0$U؝ԎP\Ɵ|B{4qwAfxKY:tFռø<} z&v.֯ ?xm%z֙A.݇$~#vzͽHAւg~guEEo*Oʰȩ+3gð3#F*b: dTo<ڪ_ni 2wua{$k:FJ㻖ݎ@\ϥYrof{iRovﺠ2GouU"<>-{۶h#2drx̉$4؇M񾋬x~D;y"FImxۦ@;r3O5X8 utq$9Kq‘덃4.Ua_zފSfx_nKAE?5a:\,3muǽsTs[BFj)2s3? зNy.Ʈ9G5]EH֎a( ;b>=Cʣ+(#O"W{oC+e\Z?Iq|׋˼ W&KSBmx0p=9;K ZɃß|z:6 q~7u[ Kxg~z$X6IޒÉdn^qcE#DK02hFl? /Z Zbj{pN4q޻gu1A#>+t4V;wt^[K-WnшGb=i\glk&_2W6\<Ͷ9 ¦rvFWgS]-8țίC[$%dP~~E'vRBSϊi $z캲oq=]\}[I N2N9*$^ꗎOBsN\|Y[sOveK5wP0@'GFRizZ hD)I܌)U5G!50Wȸ8#t9*}3^]Rx.oեB .@`0?Z Z?䵞駓qsӎr=+ZɤdZ_<ß|\~/EFh `/V27 psfi?I,\}#d[/- ^\bk.HF2O$9|T.jZ7s*ی0hZ1V=X5]U.qC%ޔekiTK`v²O ;0Htx#ުň 7I~5dTi[ +T'Ǩ+DY-uiTV3C`C#Y{#=ಆY&I1yBE92k&;k@<1ï?F0AqHPYɝvp<}\j.lCuc} ;]a$ 13hWtw"1 ^#rHd=j|Cm ḿ$ҹhzޘ+K>~zv-d'j[ݒ{MvKq G 2vO$ +o1܎x_$:s#/9 3\[ŬxVP ŷGYLk4kF"A >^s5|OMcPq+ 6hlG;34tx}&!1 WBk6GdWCZ8}l OBxcr>,ZR FwgT9$vj2]~^=g)/.dȄ)_dgnOSߡ8{&&uI$*͝K<%HY$QBuW|  n! Ͼ ҵ9~? 2SOY/ i5;)e޲hNOJiVD *e#I2f^8QnEMzS05"/1XIx?A{-MH*Bڤ.0v*~ ZV~:]#꺤ňܡb sp G{sӴ ij%188<Ow]J>"؄sG^2jNr?Sz:MCJԵK >Y^[G-a[EՌѴ7Cؓ}RV/[Yy%&F%.˂Z#fEbxX{$/I01=kWHdgO2ПU*νCZk9!p1vTYSHP¤@"ZçJ6'Ns͠=6E[Kk$&c8 ,#=zH0aѬ6Gs+2!(,#<q[].U$DzO-վ pC`4R?iu-:8#L,T!ǯӫ]ME)̎(#(ˆtFAu;DS2, 1ؒJͺ|3q).@' IVM+hsK:Gop|=s.\2[c?0=(hֱy"{o#ڧn8d !-p@ReiL9#X/BݏZNMnuaqշ$u2FF:6v95rT,ŀIT5f=FX'~ucrFF7{gfH1Wmw󡧸't+۠O<O?prJ Dfٹ!sKk /ri;j*Fx=5"< 8A^>\h8VhOzɽ#zR gk?kxU`\ɏ pm&wvefa$h',6ozۢ;k2=i7]ǶZ~"3IOkb7^VWE83ナ|^=c4iW/D"a!xF/Z`Wī>:?O[t?|(Z%>ͫ;lFc18 !|a S;ġXQ/e}稥𥧉0Îr?FO+Woy9GmrA[X’y'3_.u$\:(]?Q U`C>ryl}=}@q!Mtu_pFo4!Yk>0 ] 2B}3VRoMZ˫Z$mɕn@rqEr_ش.w$OETڭ"*r$㢒lMխ+et89BazO{DG }."<±ewٻ=BmQZ~Ư$WCkZG+4Qm$.n9kszRDvieTqqhO8V~n9+4)@\E4`pNGL1k?Şd( \MuI6F知gŠ^}WUK*U8=6ڗZ(i8$u9PIeE/:Wؼ ,lGm8bּRUI<~F8̸,0p<`cyaZ婹iqz{xbQEOa/3#(k>4BSo®Y?58F߹׎@J1e-(< gj Y/ 4 2aTZKg90uuuy 2UU1ZJix5+y~#_ΤWZwO´PH:*ϾA7 \2_ݧ'9R0>.Ͽ&t*ji-uy~h,012=*x{e*ϧ-DW夀cҢ}.?by>s!14 ۓ4D?7Fa*خvSnQ5'>z[3bSW#-nT$A8Pt_%5K˙kZj(A_Ƒ#F6 Ƕk "v-_QT6찌O wu&R]'R _CLme.bPZIۮ9*Fq> 1bjm=P6fY_T $;3G^32+ݕ 4 /ss֨5I;`# H8TN#ȨIX~XOwba+4irȁ>88R}:-B6k+5:cz}EX}>o;1[[$`oԞ>rC,ELXGϭD3BjʪePF:Ê G)s5Y1k$r\AqNgFy-4h1e` ϱ4rvv,͓US4jz2x[܃lǿ9UJKSִ˩.t;"VpsH] Kcp8\LvGsnַOϵ(ZZ6tAx]@݌"Td zcr[X;`D&}To 31#%5{63*x994_TC . |9ϩR5GxԳlCY0ѐ? 2 K)Nkeml6쎎X,G r9pq»;8xTETPݣlԆp59'?V㍱H8 L|Ω$d F;{L`FJvGYĨXڎUc̙٫y818%҅Pd!sg2 $"JXv\k-%|ܤ(&|JH/'u:$;|,z5B/-Q3c:RSRWES*uTYJ)ʢiwpnj&Fݼ9b\=X?m!e;IB6Ƽ̅_0sҽ-&8* tX۴JVmt9cǗd#5| (;4?s?U^(IT! /zf*Knc/PTyjUySi3˹Ӱ*X&#;i% ȃh8S[-4hѹRFx5ZK!ٱϭL0P1=9pAʁr$d2n <<՛l{e9$#אB7xZYJ3<4,OfKcvNgf yOʰrx8Y}c^y;!l89l+ k|>; -1sډhbyd5D<μX'֯ccR w1^z=Mx`>7,NCi$2Kq ~OҥƑwl{6=O8ux-/!|ɍSPv G={ioHvnx/\NSu8XKup:J 뫘moqwMKksynLPN1&xB[lBdrp{VWv[4rFjKCX2u7zB.y1$m=9qY\5yW6'9 [tٵ-3:nVvGҥOB!V8;UitKi@m2~K/ G6^lpVR1Y)KUMe.v]щf[i0nP>dH5=&[kxc$䁟S7 uJ[{X'RrVD$¬(rx=)^Nyo/+Y7Id@^aq3rZai%فVpGQF{%]ۦdyq)ZE |#pzvz4qmh4T2W7E-;0<#ӊQf\LZV6̚&f2G1OO_ֺGxH˳W8du6"%_ީx:MiiE Tc?Oj\MfHc[w\ʖPAoqsͪh?ѷ+ {tiEz׌Ͷ/p^<C*JXp8(Q}4 @Ҡϑ!P@ܟTVA6n'wL(sщ[Q.mb I;6Ich1H÷NE; =wc{eQ/Wʟ֖iu d kn+Kl U_& ^3[y=}YZOO[CwgאG g=ۭǀL !Bp5|ox܏JTWXa^!?“H\aZbwu%oGWa7tKNhumW͆Hq ׎q_H~Fp~K$7a_>#m iqS~Y#>_9D ho"z ҾdHr¾1vFϑ# {6*HxZ~CsZ =:cNCL,?tiP͢⡎(r{O>YR+/ ~ _=YCv"2r ;-YivZŨԭ8-#GqV`+x#H@Q ts$ƀ4Jc/kcH$gTXlr[j F7g>TSN\35DB2\ Ϻŭv~<Y:[ﮎα# x8+ܜk4-_˹.#X%}`z*z] jՒ-pQ#dR3Zty$4{kI23Ӹzܦ q˛ 2d8ֶ+Nɾ[hd7_ (BOzo/t)2lxzw! fv~lcUSψoy4V񳈂%Ɓ`[a?yݗG;#,*)wGΠc54 8˂>SYw,0NƹKR=0jPv0+`9Qms:Ck ,&q\ƣ{4w)!tʎF:}ij -,"fEdNk[|?Ot=NZRr)u< hcӭGo44%0,>-(>7g|^oæ\r+ˮD(~NI]ƹ/YXן,z0Hf\Dι-2RY3 ^[i(XgpGZ\%"8H,G١&IcmI5^v] inۻq*`G94bvi *q+FtRے)@*K *31qqPbœq맸/inҹ^ަ22sULcJ7z~weDO^|24%#+Rf1P1+Sv6xIǀc ;F\pֳvq۠յ{v >A[pF2@\x{? '}3j㶶m:p"߱O,a a<9*NV#}9ߟzjKk{#ll`Nljʯ{]-+y#D>fWҦv;;y^*i ~гi3^E}o󢴐H#uLFJ^~iE}j n<렱DX{k2Q ?3FG0ɬꚍ53zO(͐UYk(sU)S[.NF$O*T ~&5PNA]zY~b dWZT𑜶HMV 62QOU=JIdKNQm@ UXn$q"4I#)2!?#ZE{Jıj\ mI,v67`ps܌`uiu6 6Wop9MfL6̒2NьՇ^i6t:Lӯ]mC7aRTzm1L$$tZ~$i,f%X`eWDF@mL_g0[>W:%v齌F䉢{uRMi{']>JaWWhB%~yiE5; >ӽc8%޺uny:ueb":]p2z}b4ۗbye9қXYbYd[ T}8JW$W7Rm`[FS~gsya!ߦei7:Fm s~8tB8.A ٺq2 mxȍY&]&|[bTЪNGz,nHԯnqȎif?Z}Zz .iicu>NH@6S>E-g{z==v}NC,vj?Pj /%Y0E4tsťFȴ7]噆prz`޵~cr$o^䢏o+!X"v6#r6/FOُT? _=~`M=r7:6pXmѾa {$ĚPӣnFp?[3k\K3B돨*'5SU/A8-[κRD]wd\On嵎O4qpݑ8j=܀3/VQ}:TH r+;\ʺ"-ougͰu+igLt$WПÝY;xĦ8kK~E'Pvg)}ZNjNv$+X`z>? 5dSwS].Kmx$iJJ>;qj_dQoD:8V~lWϿd/ *3:TyRy r9kAB_;\ ;(8ٕE_ׇ pn Ұڎq8y/ę|U MSPi*ۙvpSq8ISMg r!D!w}f((́$wFL$,yv5JK(%<2Ezcb8;ê#iHӘaeR`09ZM!.tGA 7 *9#8_/57^#7&KyDrp)*~ۦMxjǗĨ0ʎĢ0?!(^AE`oKdzzᥞH#GYU'zUW HrktbAn`Lqsϩ+8hs+"3}j4PG$802UZQXoxgWҴՙI9vz{DqsJɜ{lt,5#s?{#N 6O0Q+ 1rÑ׶1_&HzI4ΤndSxC>*ͭeH wFkV4n_htwPN@c[NV/Hg\~U5ME5͵(#rP.H+e2qkr[O(m-')qcTTvJC21ڻ70_Fr#/Xm^2@Gd~5)kdvVSG_:Q3|ptmg?C&CWlUG'&ČWdq{$P䏘?ҙ:UYX0q>bqG ׎>G;g@;Uy }n[Tt+ڊ$QsdhVbmx*6g=5!<LM4 $T]%v򶥪_3EƓ0Ox$rnuk$J#g~'Um@>O]x jCCn͑Ӧq_E 4uׄI>[닭Ubط17O^;rnR1}[mWXT::DAѲ|_l9T=ֿs+_C7NzmG$7&bt}sMXq{'K96MMoKfgͼh5!.өcxoW758;ܹԣ ;&u3_Cg p6O*հdb>I[j+4Nݚ'~'0n{x/@ϻ%)M'~D7Rl [fle*xSQ $S2pOW[Jx]8BO`@Nմ/tx>lslgFRrZ=ov֗,>=pj _Wacu笖ʜ}KXcM#t O+'2s P4qIC&a&%ڿ6rQRIi~c Mq|Y-vtQ\e{ uVHcڙq=:VxZHm@,A:9=G EOK=ҳ!&G:$o=*I!t]!~TSs^{:O"kJ@f✢i74 J?6751]GMm-HŌXB0O;m>g[n!0TZw W4mUWWH#_Z>TUm䢼{qGN5NMv*rxLLKTưGAdƶiˆ΁zp8qQY R\xpazW[Et=fykpv^_٩n]k?׎u#qԟL߾[h:ϷtccI@Y4ko[¬v9$*o $I>ժ ?wGowf]:m}m&NRP΁dY5ܾ&ZeH\Ι4=jX9?g=?2:DVgu[v<3aZ_ns͵fSB9N:VZiog>>s^U[e3 ckwr:h5Ŗ;g5V\$Km= 'տ˽Gå̐mt9i4,Vd]n~{?V- YxzQ3Ywާ)?hgs¥q1+|ѷ:ݬ0Y=* gXUeDڎygW=s߳gBW JtֱrZFyHE#7Xjt^dZ 7y87I8R)?Ak.|&F{USԗvʳ5l( W֐'jIk>WnZ}^+&MWżX-J/MVkt%>V)| jsxF۷̲+f@?Jƕ6rKx'!Sj2 ȟW2!y%5."3o_ubGyF\υ.+e'%уx}Vks %O$ɵN[Cu+gemL8!qJ1cӌ(gW!㑏_zj|ہ'x}R4#PG*scPE"0 qSTF%+&hOKQڢ7oNj ^Eb{Yʑlc4B$IW˝bN7}:*tr2yc&-vwkʮX' `ϵ{_HI,G HPMx\ֺ. e+y̽bAzտƩ.=p7gsS&rUsm[f7@1֕íiSq:^rHSan;.)56*B4q_y=Hk9۞ 2qXNȮV*AL,o~1/٥ =jlzv 5L:'־I4X"t@AxnÖ׮XevmHq7-!WNǴ[xKMc"5;c-?/ =Qo#q񗙷`׃x+[x>=CQSlBό7Czz׹K]:MhX:I /!898^?pH}Ihՙ3j0ٰHO- -,UdEwtD[DH9ZǻĚ`[l s1^ ^j<7^]o!E%y\.Zj=͕s=җA$?BGi.̙T>`H>a!(0NrzwU=1HHzsNy( P$QDrI$AR:K}Ki-)o9?Y rUIhh,|ҶpB/)r y4l1ϧs\?jۑ",:r=|-{;aLLO?Z,9&,+w ϶Vt>1|ڻxcMT6^F1 Do@KTz[\t% ,0qctΑGqm!"U$g-t^-8C0m9o{ջ3O}E="˓>Ab2OƼ[ŭQHr<϶gPoBr13]kZoRvVXKa&1j FѝDi* XZ"I!T]^̫%Z:X1UU9e܃SE$\lbb3?9ᦷyQ~-uc)Q'#}jDk*0!JG?|Dne&?)O뛉#Q&W#-7*.:mKOJ=yp- [)u?Irx> #WCC`Nֿ΄k{A$sjWrnRLÑF72'?"M.zV)=s'S.4vlCkfxuyw#"pH9ku(] T$,`TƤ,ןՍtoW .n_!T$# / ,ӷ~*r? ˚`I ;sTQҠ?eu w1L 1-˻\麔%ۏac*wXi2Vr-Vp}PB+HgT_w.1{Ga}ؘ'Yѐ61^Tt$o k!JP_Z>潦ke #r>ỿk9qN?B%䧳_֧їc6\eUgrr0}yV >IÌ?oCB`sP\ܤWC U4!{Tr[ͶBΠ+׶:R9Y3XnT ˗H@Q]p<_-t kK}LdM)U>d(9-i^j1sh`qe?R2?5*kt.^&Ew#]/"̨6NYTJq9 `\C+l12phfWDoUYҥwyH v! ' 3W" Js:HJjwr냊o4" A,kD1,p=sjfGl쏏vU4d5l՘,-;&NC1>f#𕹓ZZ:2\3_A!@*6;w&J4'l0C]Qw9)$њ?5Nc!T fѷFN~;Jyj yCZB?ؒOȽ~>?J4B VBcY$ rKtSJ57{\(PHS`}%Su|p$N2'V?S_W5[;(2?Zmn^gglc?}A h+|sq}Q7_]W$=+ꄿ>c~cV9i}R?ZYj[KzFR +Uv%,/N}!oo/[jA5d w)}V=>s.OD_0|'vsݡBWOrGfvh2܍ W%@pk J# [6p֛M<W9E,Ry K㯵R-leTÎv0Gf_Nɂ$87mmaFcWNhITn#uW<'e̅ h=}ǖ7"\Ҳ#1t?NI`g'8>}1⧸Kbe8'k 4!GZP(#9r}J%iTC֦ $uJn*v18iEc8Kb}tU4# gzHou% ʯːx:F{rBS WJ]#DJpbzR4i4\=KO4PN*EXDyW-7KmAw4Mk bR4,ϯҾ"2W G`sMM9I9=3J] "8Ck剏A?z>a=I 8'isRĊ_ެ_MUv>e?%{_=Ugp~cOZK=<_mB#*K՗c׮ 1Zpp?1sty|%mTmn=?9%lEsyRǔ~A9 >i ̗饷+`3E';<>hDޕZ0xLR | Oe&܇g9oK&ww__@j$t?Sh:\}ƦֈԟO_x}YlҺw Se^]Ý?iH׌lOMLCer`zri]G.l-N)46'աQ#DĮ84{I>\ϹpFqebI2@%rS†\ .UpTTb#*Ԍ,#:,O1F>S v#iVUK$C m2Ŕ z~^;\Ca*dq vjͨtO9[؁qG^?fifE$yQE~ӱt0,sH&x'ңUzIJe[K2[',H`:.?hpPsӱ*<&К"v瑌߭gxK d#R2?,r2\oK$|֚nE_ϔpj{n_sZ.Fob)~$$\ҼhzJV=@l$|Xwq_Ax2yeՙ }F#Ҽ?t&/j7HҨLX}&X$'O OOm'J-FL+HƬWU{߽ޓzoyjI0hXuԕ #B5gRcFsR|yS _w[3&E=*[ȁ4?Fڣ*:Nj朖֒5ɵ˴60ҢӤ݆ @3m{IK=OJoc|6fۇɶ̑ySf|A<\ .Gᬟagyr:|Hf4k :d9Tc-{XmCm 8KI~\tIP Mu!XTǸ}Ӟ c2BOKM$!?jɤN&9?J-|C \w`rֹ_jjwpUT($)c7OH--+($~,{+.S7N:A0UǦ}>4 r#ʤrE4IʩLX"U$W9r7 ,G j۲&Újhw:o J+#]]-6u H1t6j7u+j+SPV S/m|)l#,j!HQӒM7Ck}7$j1qf9N1ۻ^N<>i[^_a) }[1Q!kqO ~3 F^]^jw|;Qk);qEtWq>Nq?f8ׅI52OD_:s*]K!y#ֈTDzjLҌn;X& 2W t>$j O6hu3NQ`=G(N5'duݯQ2*RQMk$X[P8}=|qj',oE=+>Sj]ǢZZjzP0OZТ^/%d_6lgP]kQjʿnUm]袕)FP}N$@Fv*I^ 0̢u Wk~U"6=}Uݐ煜wwщݱ,Ãȣi.1Lch$<>ZH)lZt9c{LsC8_s<5bOLiVG#iL,0 owbw\z%<>lw?l`:W96c㎽ i&hHde0[5T99 xw-S_ :19P} "I3p1I}!Π ?"d;?>/i^ʣ,0zP z?ď <Ҙ~(xub ~x!׭'RTj+;| ֔tdu·ğ?kMohm'+?Sp‡\y54jZoR;o>v0V,hnbW=uzNWsS'?J>+iqEȤ#Q78.c^MƅC,=Nǣ͍TN8 9koG_=gQQ‰X8;?kSPp)Ã98H:;ſ 7ESd3KDW3A'Zy6ͥ(E?e~[I?ݶy^!j㚩t&XuJI~.ycɾ1U>,d: /o5=Af]ǒ@G& ^-n8]fev"`B_~,6m E'F .}V$RIm o$ 8}<#+9>#FEu~Jsj@cG]ϦJie$Ć4NZ[H NA 7#+-qy>\CAK>AFY_`c՟Q`q;_:]hT흇L:97RԾ!F'G$I~͔,7a8:I'8cDvyd#6$,TXΦu#j^O.[z}1Ҩo OYUE~#ʘqǾ57u=7A%& r{?Zka&y|r>WXI4 fHђ-f_ŸL\1KjA rGo! q9>4Ck$I2 uir9V<D9s]m/ ϶ 1 ʤzᬽ~N.bO.ܡUAaUZ`>Y\sRH׽Cd؋&[n$~sO{ Ϡy 3e}X ;T"Y9ܽaqw-+6\" n:21ԊWnHr~ *'9@K>{dqH:< ~c\lJ'*]37ڭGg}#v(d;1@]خEvR^Q7?c`EȤ`[z&<նVncAOȋ³F1$nVܻ&ΤRLLNc~,D0g.r ʋHC32["hTbxǫ>_^*`y~#_*᳷$`H]hb{ec87t}Ҧdfg7A֩ZPJۄVA铆?ֺyO=5$Q>ި,qTW"py5.礨S{o2Odڵ1mB8,`f=n>r91Wc'7-R=Z!M%+ȗWlg5(E݅ͲHNykܲk}$0;9G˱Qva*g]-.Q= 1n*]+am6l|Ur߮o_pS_aߌtbwwP:)&.:*(r;XZ]XjBZ{Nx"@}Kq6NԍKO: RM-ɋRoB%J0E%HXHTҪv"٠\ϝ&}^W kikBPNTpx 촯ivM58sx09[JyQ\b}kܖj3^y;X%Hq*wTe I@:R|fӓw ٌCni@eZT|9 QIz H9=C*sD|Rm꡿ 絍>H9Q`u fJw0>;Y'@4>u RF}k+)ſz?yc 5::;W9uRF7[/\PD*7qGם))XIWתF,;+, y)kю23s]8w0+c4N-HEסmVݞ9+ʴr=H_ӚXYT|ɤMNm-΂"u<n#{UNxj\ݹrLZ㦕IIu&z69D0%C7;>:5ēgns+vzsZlT5I WHʎ3[' gxTL0@jl>[;9b7221NW.An=AsJ)'48(k7>OP04Nh1o*)gPSqNUңQ ޘu87N M)>1Fۏ!|cK>}) |tJ4Ld{QTb`}E&It=:}DF_̔-S^M5ɒyc] x$;WMs{gGO4d}t6B]IpqUZjRڶ1f${z%;[I- Vi$e"9ͨ7v+dYWE:%a~ېzMJlk$n-0".FTF~t֥Jp y%#bTF`L=Q6ȍdaq>O5bkstzo:s#c"K(98z*~9=ZvW~q>9~/ja3n Gz5'ǢF0^N*]RvoX]"dPN |f8weku}C.6'F,#9'v^N[/F2㽑zuz߀`.ޥc6"P1Z8 G7y C!%FbrGzviVPgxY^A:[J:Ȫ sF8_~_KڞCZg0RjiOFQ X,1wkm$* ~CGzG4 U]UXRxNyavUFAT51N#wg?s&<r21}CPit`謊Oԓ8GS$v^d_hEoq8$Tl$-ӑ޹Y"Tؤb;c p?SQ.cUk-М8S'x)RO i B~2,fMUe +O]GX?F'L9V5:͢$[WUisO1rx U! 3-pBy |0*U,8=}kcU>DZ~./-sNz\뾦f̒ɲnJ<inTxsY߸'nX v^w&[a};Уrf2#i+kVbL0q}ys^U3D??W̟(+hPebysl({(~ $U0^# 'qcs`fAu=VӬjmcFG+YoO.rj"%e1wgZ#ogM7.ՙP09#"fA8ǡm 2T1ܶ@\0۲{>VG2r3UD !:c9pm#Ǧ?Ʃ3( ; |@o!k>,MĊ́pmvsՉ&H#P<؝2s:Sn4y#(aR>ߕ ˸zzz[`4cӸ 0ˏ.{QRǫI4b׫|2 ]Q#U;] P}ltUaJc"f\B$6lɏ<[Z:٘Vv=%|w#8yy$4,JvOzӦvW!R4-n#x 8ljR<)1JVQ$*Q'4`󴙞8 (e 8>4s{1YOXrC5!X~ےHQ8b9fcUҟ;'OFdOaCbSH jrq3O{[)!N$R>ݾ`ouxӪIl*~)mv-\.xOZ|E5HCr4GbCQ۩ #^Ґ=gPl̟nȯ-QSc,}1]KU(#xzVs% LSQlUx ,kuu#Ȓ*m!e R8yiA#aюkH)+o`sm?!pO^¸ha.@XZTJYDȐuǽr}"LYb*ކL~=G BRw(=JqզaZ[FdhrqO~饯7KǐG@q86qBA&4nԽ;رu5 ,|T۹k4Ͻ\9'I 6pzH$o6shpOB?UFVZH.q4w$a]V(f,ba= rȳYnIV'n}I:T\HrSP|$&ccӾ)*O Z/o1o+\p_NÿZ,,UF~vV$fhηQ el\ʱ^sy .bVl(. \׍nXaR}7jүˆR:g>//-6ɌJ崫[뤆kѭux FM4QP3ǽssm6X& c#[&&i !Fy>cfKd2HqY}12{֊(R9QM'WH>3u]_JK{]=C@Gop}pe`Q T.RKVq3N*֑v'UXFvH#nAdu<tӯ]#wHi-PJnz8P~zA씌tz~JOo]z55#:u!ԷUr w+n}9cnl䳎0L6Ӄ9eV|~`75Nm eacZ>OOEa<1x6$IXǷj~Xc?+ m ]HO^Et4]I Z9g|BzKw"}qޛ-Zƛd[]c֫|Tm˴(iú煵[ɿ Q\r?_J:r{4#G1;&@H$t+$Z{Wk}O=3|C1s޳n;ֵo*,.H?.m]#(]YZltEѝIflgHEַ.|/aFa 4bI?WP 5)դRI#Ջ;ښs8ImX<+4lT9eckIAXF)m+ f)qO&(\*Š.3pq^}Y<1pr ޖUuZҗSMZa}&uS uOQUb2- {wŵó?{߄Z\--o# "޵ZN.QphѕO߾ S3?0;4ܫ va]tMm|>+H=r1\ϋ, 8Cl8'da ZH4ƎT`/y #l"u<#W[i\蚷 ` AÞեpF}*z3飋:h++SfG5{=΅d` eSz"o? *|3oH"ܞ,n]K'0۬aъ5WbGoTj KkbI~Guk6WY#)RſnvW'T.:$q\._Hyկ{ _EbX֟໯˔*@ڄ1$TqC*$X 9pӱaur]NCXZ:Wo\yw9kCIC[\{^N]h} QD%|:1u=*hbb9IEUƕ~4h"BmWU]H-jQA J0}TX*p~\ӊݾR$㲨Ǯ}+-he~uܢx/fSv'H 7{ZC#($ ZV-nюv`@S=91 7JBC/CY6rO.d>dgc> ŝHzrkQAҫw/Bww  s"*G>ӌt۽#@r X(=f-?MbM0fQށ9' 4旊@NPiB)ژ $pyRMOLzդXd 4$2!^3|x#5+"Cg_/߿ҝlNIҝBV5 tpqoV\w~Ld*%#mkiR7rd2 08sی"[yvfdY3tv#mYneԧ]fc"51d')=JRR)}_W=֨ECE, FIIӱ BQwg?bh->f q$xuoEч}j7KC%)y"7[V;Jo mT[Him"Kj9eE51f؞w1~ ]>Ln|/4cփZ32Y}&'-p8t㠩m#i E|4)f8Ax[rio0KmUi6@gm:XAriVo'R7F[i܏6S@=z5sz;'vr$Xۏ2GБVu5SMOwhV%PvH1tkMØR&k_J澾z}6;4h̛8flqZV) R؏gM񦖖W)yhvP/t~57 'j禹[Mlvթ/{Eae<'zcоF'\RQ:m]`d8&wΥ)Vm(S'ukJ s\%;[ԧl΅IG%\Fp DJWsKݜtH>K)E<XNc=՜#Wv"i[c;}EqeWX{3*,uěXg·Qq7Qu6Sݨ]uZ~KK>l)83;W'pItG44N6 Nl^K[gF }8-N+#w <$rF:W{G"{C]dBm( N8,|A!+u*汄.tNmG8qu#5i1G_*~îZ&q4j~mYc±:F!+8wM4y7n mqeΣF.ڝĶWy$YWM 5 ^Is,b?[ rH,z'_"_qCj̑Fb߻d}1Z 𝧊."/nclxFBu9']Ge};{o0*ĸ|͵sԀ1c1D)e/,]9V8@L ? 9ڰ-FfJ{H둞)?vD9sSx3 -wf׾!Ԉ+l-d)'}zWB\oR>3d9Vr\ogybERʩx})|3Zi)e/ofC-ŭ^^f.cdg O^07u87xOO4FFH( SnR:1QG47_i[kfN˵Z}<2;< }?ZX*x)q^úNٽiHg;@R+JXyEبRW**ߖ=)DxSd>tR-W1 gWqhlY x^4&!sKG =kLF8xsN_$oѫ-:}[EӠInUsm1??ǮxCxf 9'9^5m<+A3ASW֣2m*)TcygW9I<5V-8]u_vyt˽Ynm7\9kaxp[4w|/c5|w~ůjq!c㧘TjA;(#1A3[ZMOXU2Z}+P9^?>5~d ?o\TsD@׭T ё:{|_%$qYQm\|KsZr4$Jā\; * 2R<J nSTgrpSN)r;%\y)]c[ '83UPGk_ Tgյ"?aoT`I}8q=ܣX{UG9zԷw:!A-ٿ i$X~hӆ*y5m q<>+GXO-xoY#կFz (p)lҩ5-|ƑUb}J?)?uoȩXE3F71 ڼ8~V&Oh0zji¤yo&=o=wA\)St9#jPfe@~c1YB<Z`s_֕H;6[jG@ F@!(2cpDnLЕ$`pOW*Z^ydP=O=qk7N=]x3\]v?\VE͜m9boIHhf0Ps7.y sh%sʇ} cZ2٣%H};1bIWB\i<2^}z5{$)6W;L?k/e=5M%6yT$%v~ZOop3[0?Bk2H.lمsF`~tѧg1O&2 <߭tfsޝ8Kr,{Vsvc֡s${zWF1LhI*9oBLb}c[7$'O'zOZ2=e s:|ʼ) 9I90 ֞.,x'9`1Mg\\)E 眜.A[ W4hpa#0i"ɫ+  s ReS+9 pρ*?␩pE *!Yq89YQYI ,wg84}x>4u={J?/Oj2=rI[ls ]*@D8188j KF:/D7 *@Il'ed{at\ĎWT[u@pGlPDaP(Hǵkn$˷SvQ`H:_2kh&w=Ϋyp?ks Krn>㚨H͵N=#{fnF׭*[rn_j' = RzSI[} rp9Z.mφ/̓KQc Z\l ac|4l e:|M*/v8nկ4mg;x?2OUBe2n#dF-3_dfhШ3º+w)ž]ovQKed_̊B 9ڥ,c2,g`9==swy$~9⹌5lymoNݩ9JRԳ.ǡ_]h#E EUawR4l.6xO87;7׉ŚCهOhk/G-,גh7`>5Mc${ 0ȹ翴%l=Gos,95{)#J{ GN`PJO"}¬[[-SxIu >z[x;kMq-Æ߾Y$<LR\Nb,U䍶WAO\x@m~K8^Vl=ҴFon͔@=O>ݢ֞ Ih d 俷JƼݖ^{ _ͣivj£H%8Ꝏ=].8\D|c>߯Ҵ沺( ]r i 31B,.Q|s+i֟.|I^=+,hW\=ՏT7!:D#!>xؑHmllpcS8|G#4<+'OW=m][9|ʃP8נ;%^4)@܏[6[OG)fDdAU|M7d 9 8҉NȨM"#/)pp+[O,;-? ѭ98?JQLoD+UFZrZ!7llB`2;eZ#j7nD&1FGM>\Uc0(OD>5!{H]s#-†ہ9!l c}(|8>x6U:=ɀFINĮww磖k2:Wc#[:gY6Gt ~lW A5AʾмE XJ(s,op{lEZt>5dNz)/iP|bWX}$k[Elx ~89~ 0hjK R@( +d/+OGc;uPZ>.gSj'G:+?::M$XHM>LI_l.l^8_$$6#"D.~0<5ۖ¤pȗR~̇`(܊ϲ6 Ks\9 m^s`~gLs't%R:t)'^* .O5NjR)'cu5,nd TyQ^[*x#᭾mϜ23Sï—9^d^>79'Su=&F cZ OGQֹm'RI#$v9[g*n=?ƶR>t2LyDYW"桼0.ܪd \u \ʜYPR3,5㝦+_g>C^fh{dn[(@vm;@<>huVS،X_:|JXɧ̡.] $phX3*MWr!w|;~:asmmj/eSϮ*>.짌EgKc֭[؜6yuLc^{n]JCGY!IRTb-+qdSG_֡ᝮS. upEfϾEdܩqd]?}iQ6;}8l>K=?O Ԗ pq s mXKc0r5Iׯ^x*bD9'cQwp2&'+. )&p rHa[ZM:#%ŔNN&_tk'ʑ9=4bGD-G# g8N3FB;7.: PB7BZ q)6q&NyJ#@)x4L#/ircs՘e3.GP9"2HOɦзV+yv}>UrTSҺ ĩ?50t4.ᏗQ5qӶzS;4ƏHҒEc O̞s^#Oyc*R3!cy'(sҒ/:A4nd {ɤg(Tm{Înm[wb\N Vޡb%Ag[ {q^{xXjΆ@o.ox‚0{3pZBkkYK[‹$r@ZX*Qm/3$QNO5Na>+;OV.V큷`^à'Dkhri'&rx_=5UqXwlWq+!'M-EZCk|`{SY q.OM*GHnJƅ@YzU36g(bd0~\O xA9W$#brR7(0OO cB~a_da1j A"9 qkRDI#LARowg4lwi3W$n紑\* `?r^N]wS~EBDo&#v1T`EO1Vcč,r+d'¢uzNJu*bp[,=$FioOu:fe(G;u]',.c'.=+Na*MYf1uI5'Ybq;&q :֤IpTX ȹNc?i\PSݎmJ`vZ{4iP9iƒ2JOހ0vBMnT[ecy[Z5 UcwlDJĞ_" =Rt4Յ%{m5tRܶO$O$ֿ_G?8ڇ>PX|Z#^$@_ۜ^7g`M6ϣfA7'_`~(^2]$,c^{Dߤ#yQ|׏xRfvY.R`X@N8zjKK\jKBG>W.U^UR#5J~S#6$o=+?Ke#^NlU@,;u5Ɉ+$wEi #z':BOIKV-*I9`ϐJögԯ`tȘlƊ2{_\^ţYZ7"+x}M}~Оkĉ|}>IT:mirOZu 2%)wF {Z2޳4~YG &++{t!$^Xme^׎Y[=̈(%n)Y)ux(T%nǗagk0~umK,%El1?ukk`j mtK1Dji9nSռ?ؒHdQ+U3\*`A$i&9%:fH[jpwMcJk[Y,Ė3N cxcRdlwq(]@H=`fKەV@?ʽv:|crOzj4'N `~ p=$} hBcgc 5c4BU-]E5 qPu/YAM:]z#sƹOe2gq/jf,[șMAj3Y# i8([+tꟕskmn5`ITu~VQ|6buܼ [2ƛ_s*Hj۲OP Xt+7 {?g# yՓ uAKx_nSg^Iۓ(xט%$1$bn./4)vn?`޼㈅քhS‘ <]HFqynKyÁΫܛs#?~ :"8gf*IJ>Zr%・!{8Y+䷖Î֤(BF2)'q6"0c!~Yfw!e~>TV1ocVr:MYVcfBZjUHpVUeu:KBGJV/>`8>֯[˹@ΰƛ5 )G >ImWsTfj>t~RvgW*JSH=לK{7Y6UP-Qht~μBԄ7e' oGv 8e9qz2ޫp'Ȁ5#Շ5S† 8jd4}8K}{5*&oKc$HyLh1C,;VCG8/d.[{Xqw1޴|+B/H30 syۄ l}8q*顢QbRhM5ok"Z0~Ϲp8ׄحkkynCL XԱSq9=;R'˾b[Z鐴ҟ)I7m^ olRfTvgKw_$X쭬n #LϽ*piƕaa{Xg :/=G=ּIeG- DݠQ>B0Ց0D*lN?ɮIb坆O"0ZU$ꖫ)E/s$4;0 ۖ-HJ}1רKsjcC ܕPAԱq-ۓ}4(CZnK^f%J!%Veۖ?)!ܝ8-I#̑b}OҨq2DO@UQTs&{KopO12q5xG 'hm4mr2[KyI5$  SˎpDi9&5W3,(wµk9NBE$Σyn#Z(rBsӜJv!>)Ẹ̌[O-el0L~'♣:V`nM|60ǞpN{M$Io ]D'LndOZ4K6c$ /c/#ri&Ʉ%ٞ%z,gib^YDoÒzW|ZN߼W;$5ľ*xI ҼsJB]Cp*YtV>Z6/őfpP~F+3},~igaԞ]9$%Ќ|$n?g߁ ϑ*ZagHÿ=zS6G¶.WnrFŤS~zzzDxn'j&>#i~xH*{i[ɨcAzDg9_r{߲i|'[L2p(I δEL%ds.OV5ߵ^;ApI x{6=:;9=JK #g֣,RXc5<7=Q=ARz)u;! S6Gόc>{ehm;NF鶽M7ܮ3_,Q5+9IvO3fkå??4tu5҈"("NfcGڈB8Z"sGp⸅#=AjZ$T`|ýO\jV#n'p>kIEӵ XAwxV6""l铎.*[j> $0uS63Fzr}ֿw}=M"Mnʬ-y#>RcM{;khg;Iֿ$.gb uZJl)$dVeׁ$$ ۔Nyj=uxiE*(qˁs/UxOJYe5=|`Nۃ?箼 C#|ubia%eo6燮 ոMm`:t7a8a_⟖)?ݙ?šC-}i:KOɝ,&$P0qR݅js+Ϥӵ4v6ƃ-2d~tXo"Re^NEO@xDܕCUҴԀ^׺|NL 4]I nLʦu܆R>*hgRuv7Z||59;ؽY[#(XķQ]$Mt Juԗ7d& 0!'N]MAxcPS*dwQE8۟+D:K8nqܾtY.[/F+znQSM3Ǡ b=zRsA<o+n@Sʋs6@ϥhzF:ͷo\gUM؍rがP\Cf#.CՄB2hW9U.xcSQ7M ?|}+ڼ'?^ѣhXNƃ-[xYf, ~C ,mcm-a_769ߜBI/4w:뛧 7S9Tw|?JwzDViCI5,] |,gBW,Nwj+Jb2-#\fx^ȶPJ'ӌ9rwcTZ V<7#!ns|z9vKbN3ϧlTrr{VNi ZCq-.¨p!/tu٥2V_fTyݻ'>U/.\:3Cv=8Ȥ B\9ZCdۣw׌櫡HwvMU%ݤw^*%hc ~]Ma.1nnPŔBr2qN[ň[Ql 99=s[DAk9Ұ]-խ@s6#ʱóhiCjҸi'1aTW9s!nmJ$[sw "H$`s|ó]ؤx!~*Jw4 H B'{ǾӞ=YVzmO$F4*Cf f3mHv^pqT7^#X.FrAV7V̚64DcߟE,w's=VooWtIkvFҝeO̺m@n%e=80? XؙU`h:u(&-ͭtbۿJ͆Ě&8XcZ85Qa唅$淨kFADHV` 1Nf'ahL<tP2kC[ f|w%r}MyƷhڕljtTBuj='z_k><` \$*dwI 09\O8 i7٥5JK!* \I5E^L*A3J9l̿L=d2yvp6'Z9#5_7 + 'kGiIR41Ua@J1,sӟ*68*xe8hkOiVm#;Gжk妍`C_D|^ _[M&MB5@y_?Ri޳sbZ 4.,WiǶG#+39M+ {}մwAsT8`i]I~%G}y =_N[>vfHchNjΉlڅ) AIx;I?&2glܷ\kug(1ӑ^PXG{QsKnFrNQ5}3zW~ҺD9I/ I%xT)59i4kxx?Rpz/r5GQ9OI :qW9@M !D{M?S$6b%sҽL߯o#,-C_+Kw z\ lia^UgtU8?d"*KF= -{O}ĚLȹT*A|z> زHDXgOfY+ ]$19,NHjIbz k:Wh%K< ͷ5|c]Ė<pO?rd&IOJM.}Щ(wv5(Y񃚭ocާik<1FqںZn>`R)ldbZu~,&*[Ԛ]_#巔)o-v`l|<|O$$x9 ܁[yQh0kync)D|>sZ\Ds¹xL9WCzuӧsø\qL <#Y6L]d!1O6KyvIst:;i ANv7g>Ma'׿5m&1}6^{t>AO&MpQG__+4q܁s3ey'NY-ⷑ1983w/"&8?gaR?@, T(m\Fp94 |o4Hpƫ.n#{QVrkbXG?S!c;j܎L PY2)Lz?Z&6"xǨ5Z \GAӰI%a $uP␳2!=H9`E??$ *%}nK>'Ip[A#F>qϖzt$eJmFCqKчQܽpsһIrчZ-i$dҢPwyjS?:yd֬oc@8 3{v%gByOu>߇etrK7'?S\@"FTN94Kt`?4Ok>a,f)<.g3J{M@J8 YBqc==kvy5OfY%,Ub&%-jS4Y.UYCd>=Juk{keuxcfq@$u2wK7h{{bنҙWs3 nYr}#.W[vX]Eh3ji,ɦHDRWUƒKpQ1}런+fTVE:u[Lo,̝휚.$(y& LHbi 㜞ugTZW`/뎹汤%$ى8*9sUq\/vk$\jۛ9:Wki-DrhÒ1c=kmnZQ",FPnG$Oxyq{id͑Fn'Sm9VXF'⮜sN,x )Db13[ЖS5 #Y6I㷾xcio;dN×sҴ_RNyִrCbݚMYMe\BȌLxB u2@r[5VGo^K?]2|C]>Ec^T. EĪq$^^1Tt:m3܂bUF@ԚetdY6 b*7C^kv U%&ɓ8w_𮑩7:nΐFlWi\1ִ#gۉ!.1%a oԌosw *[j.Eq`~Xc9h/PF ﰞ gOcyO MV,Jr!q?L{זJ'r$8^"ҷ7mG 2GstR>zo_[Ϸ#/ݮݣ$jf@ϲ=?V^%1p:e (,lr@~UYZ7Q/<qNPұp|-B Ks ӧIu Uigݣnh_/ XU]fi^[p$>J4gV˛idF g_GnǐdY?ֽ<[ɞfnCJ?5x 5Akij"1HݷB?[_hBW5hˬ51 W>g*_/O2H\qxjWk pX~Bg`#I.Uoϯ HM9eUvCoǿk1ߔRVGm<,nf} xς4aюk`4~dDPhn@V >W0#< {Xu%ad)Ǟ%,jGUz^m;gOqA=3'0A~ 0f}95vy#H& Rdc]=yӒԓ*6N,z=?2;( Br9}3Vᾉԑ@3Ι It"[ @ñOq s?_Φo8|Asީ<o=;B ?>`lbf8#ԯ1'9䲞=?vY)(p6v#ޕ5q`r9?O֚ţ_O($gnA<Ҝ8 Ԏi4xwn? D/MR%O,A>a~7OڧPwc{ Rܖ#uc7"h^?x? 袘e<*xQBWWܴ6qKكoy=H*˰4Iۜnh>y|7 C(NsEԤ @嗛f]5:xRO|j(妅[ՖZֻGncPڊ)^h̙<%IT-(p3Ҋ)hDfMDEet6>[yi lj#+btލUsF:uSyE6i UW\N{(mՂIG=iq q2(`ۻ3} q:eg%SŜǁ=(Hš_pQi A:Ls<֔!pa4QSlдXPMN@r:("(R:k։y (BbSAIg6ZMKul3Ć#ӏS$kN=!:G G")9$^?ˢN2E?"輜yڊ(%~k^WxBNz8 fK]X7?NlE~K-IpnWvv}?>/Hde_ر9n*Jɗ"qGЌ~^_|? Ar{OEʧR\>^c^/X/azo?6 B9tgEf @3ED:*|Hgσ|BO,RݘEiM)ޯQEo{~P5E(Qk`+Jn)E?*|⳼V'u>AnC8E|r J2 ]jn%S}je1xWQ^P8suUxvEй_]~ vCquă,;+L9~`F[nqB:sEHE(Ofp#ulmAW9U4WsQg2 ; ;0Sފ+'sԫJ1
Warning: fopen(https://newsweekme.com/wp-content/uploads/2016/08/RTX16XZK-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

SAFE PORT IN A STORM: Despite the coup, Turkish economic fundamentals are sound. The GCC ought to weather this storm.

Turkey’s coup won’t really affect the GCC Markets

BY Tarek fadlallah

The dramatic events in Turkey last month have led to increasing volatility in the country’s financial market, following a sharp sell-off in stocks, bonds and the Turkish Lira.

In the week after the failed coup, the Borsa Istanbul 100 Stock Index fell by nearly 20 percent in U.S. dollar terms and 10-year government bond yields rose by more than a percentage point to over 10 percent.

With stocks trading on less than ten times their historic annual earnings and the Lira near its all-time lows, bargain hunters have already emerged. But long term investors remain largely on the side lines awaiting improved visibility on the outlook —not just for the economy, but also for the ongoing political process.

Prior to the attempted coup, the fundamentals of the Turkish economy had appeared strong with growth expected to be above 4 percent this year despite weak tourist receipts. However, consumer spending is now likely to falter, while foreign direct investment and other capital inflows may slow.

In anticipation of these developments, ratings agency Standard & Poor’s have downgraded Turkey’s credit rating from BB+ to BB and acknowledged the scope for further deterioration by maintaining a ‘negative’ outlook.

While the country’s debt relative to the size of its economy is fairly low, European private banks and high net worth investors in Asia—that have been among the biggest buyers of higher yielding emerging market bonds —are particularly sensitive to political risk and economic uncertainty.

Renewed doubts have also emerged around the prospects for the Turkish currency which has been enjoying a rare period of stability after a more than 50 percent decline over the past three years. A renewal of the depreciating trend would certainly dent confidence and discourage international investors.

The direct impact of the events in Turkey on the GCC financial markets is limited. Institutions in Saudi Arabia, the UAE and, more recently, Qatar have made some investments in the financial and real estate sectors, and will experience paper losses, but these are fairly modest compared to their investments in the U.K. for example.

In the local markets, GCC investor activity remains subdued, although the gloom that was prevalent earlier this year appears to have lifted somewhat. The price of Saudi Credit Default Swaps (CDS), which reflects the cost of insuring the country’s government debt, has declined and talk of a Saudi Riyal de-pegging from the dollar has subsided.

The GCC economies are operating well below their potential, but the news flow has been incrementally improving. One example of this is the International Monetary Fund (IMF) optimistically raising its 2 percent growth forcast for the Middle East and North Africa, along with Afghanistan and Pakistan, growth forecast to 3.4 percent from 3.1 percent —even as it downgraded global growth slightly following Brexit. Saudi Arabia remains a laggard and is predicted to grow by just 1.2 percent in 2016—albeit rising to 2 percent in 2017.

The recovery in oil prices, which nearly doubled from their lows around $26 in the first quarter, was a key factor for the upgrade. And though prices have given up some of those gains in recent days, the gradual decline in U.S. inventories is suggestive of an improving balance in the market and higher prices later in the year.

Under this more benign environment, it is no surprise that the performance of the GCC stock markets has been steady, with the UAE and Oman among the better performers this year. Despite the annual anecdotes about runaway debtors and abandoned cars at airports, the Dubai stock market is up by double digits so far, and investors fortunate enough to have bought at the lows in January have enjoyed solid gains.

The upside over the short term may be limited, as aggregate corporate profits have not been particularly inspiring and may continue to drift lower. However, there is no major worry over valuations at this stage with typical measures, such as price to earnings and price to book ratios at sensible levels.

Whether the trend will turn decidedly more bullish depends on the overall outlook for next year and, in particular, the impact of the policies and reforms that are in the process of being implemented. Investors will also want to pay close attention to developments in the international markets which appear to be performing well but where elevated valuations is giving growing cause for concern.

Looking beyond the next few weeks could be difficult given that this year has already thrown up so many surprises, and is certain to deliver a few more twists and turns.

Social Streams

Comments

comments

Facebook Comments

Post a comment