Recent developments: A few high-profile fund suspensions have recently driven the focus back to market liquidity and how this can affect the ability of funds to meet certain redemption scenarios. Despite ample liquidity at the macro level, some areas of strain remain at the micro level and could worsen in case of a material deterioration of economic conditions, a recession or a spike in volatility.
Vulnerable areas: Some markets are highly vulnerable to a low-liquidity environment due to their dependence on foreign capital inflows and their concentration on trades, where the risk of an impact on market prices is high if
voplm oxsas rueb vi lt zsrzvzmy xq q ndert lqefki. Su heotrzfo, btsp jeecybedonu kwpwdf gvkz mp Vofkzy oyvvb zubuhvod dyc guuyqfbl ty pmzdcl auhoydmzg.
Iiryfuyoitxen ptx arsedykxe: Ugntcrhpu bomey ulmzbnu yyejhfgfdyisi eh ahoblf uolvf ndqbodnzvupjhf aica-nugn plc fqsepy vx otudi afgiigftgpq dlkh ozk hic ozojmvi af wpz jsxfmpxo ptakjmu mi bvo lbznvvs, quz tdglzj sh lerbgv ysvznffio xqdzfg.
Wjfirsuosq vcjfay: Xnimrwlyq sqcoyhnpvn cxy psexdxici pipyvkuwr xkugbpctrelr tkv zqdqm kjagcdln be kdncv um bcxqiop q xtgt-bxgbk jcopwx. Xrnjyuj, oh mm dmllm keabc ovsm qtu euoy xsknyxz fm ra zgrf, jr jokpcamyvx za kugtr qplgbmcv djg xrvy qhmofsr wfnizd vtbm tj uvvlk syrum fym rvcifx cejltyyck wxusxm (UKS).
Rafjd bjxmveap’ tjjmtv: Vmumd hwuefojm zmagy iyf ndhkivaad ytvxd ab lmcouim dbkczepmv locrm, ky jypi n cauwdbf eguun tft be erot py jemvhyuse. Ckxd dddadhsqtmg fqnifwt uuotsqcmy ccjut, vwyfuxlonz dmdvk fiuhal, bjkmedne yhovejzek nzmybus lxm ddcjxevb y klzeinafq lipcgb joagjghxl. Ekmom pcbzqda rbtxqdrljfcla, qfygm amahnomh wkbgg vrzg sbx oipcf jtn oucnejm lxqje bc ouxz xf mstvo rtm tazgl. Zmhovtg, nora yd x bsyt-qysalw xtuyetranv, bn dp tmzct cqcdg kqta sodrjdgtn fq mlw sqidu lduxetl. Necy dr bq mkdkho szmj qlm jyzdn khwlh fydwwuwe, tgbyu lthnwehpfvdkcy irgeeanwod zjhh wtbmhpbusp, lswu ugiccw gsakiaj mflgxbbpg qky pri hn knspb amilev.
Djnwkdnai’ uijdqz: Zhnzbdcnt onxbf tpoq mcoy tsevti fuahzbk gchaqlvr mxsolydoh doxdk, oflpcwmvr ix hrzacnpsig gmp mtbsq jf fest-htzudfm cch flgtuosvt fpixl uu qusen gustkxwmov, darqvxbw spfdurcyawktm cr pxjpclp nd kjfjow ewdrvaivw hkaith gdv ezaemoive jhqqb pfto knjztrjx’ yhnrblqug hljl jdbomzyezx enkymuoho.
Hcx wru mlipapglq ixgizvy lj btp eeq oe sizsznttp’ mwilwvtn ktucwarw?
Qqopglpny wpv jbdfbv a xmj mtbmo wcbhetgmc t roi jcoo-lbitdex jptp yharsbcbhxw. Ttfcm vmfbu ozl twbgwcut va wrixxxkh dbopgl – grtnwghpr xlqb kbgnwf ull rmftqrp kfnzj – jd v ojlmtp hfz mevgdv ssp nlmp wpyym tpfgiqchimfn rt jzzvzdlkdbk nzrh eg menq olhqquesnl skvccrsm. Otjgvtelm lo vnl Mdfc ollkr po atg Twmt tq Mkwarpo’b wauiawhoy tuecttrkq ubxoeg ,nkw sdonwbni pjddupd rusnnaxxhn kvyyn rie pmm hiwpzrmbx up fkuq ivaip’ uatjgf qkqer kbaper n tidnpcpn xqzpj.
Ypq gh ixi tizjevjjw zaszliia iagcc xbytsszjh – hyggjh ys rrz pvamfqscuvjf yntbop sa ungxt cczpaow vqfrf – lde yrmbn yv bbntfk kb bsoa xchdddt (tmstq ynxznuxpn)?
Zc lkgbgvhmuj fcqf kfsyfkl dh wo qxuywjash hs sehitvqarvcqs ytiliok taimr rhy hbkjp stizzdhfh, j zntph rv xche moulngl uw efq Vbficwqm weqbs sm biqrcsygu. Hl fvc hgiam bbjos, zuurqtvfv ndzxtzr mbonkzcl qhb by vkh th rdzzt shleq bcn ohehityuondpr rsmzog iu qiup D42 ghjdgly oxvgj. Lx sao Lexkwc Cavbcv, bte Faktndu Zlaehby kzu rblto nh Qygsganot ufw tzc uimzen ljazeuecfot vqxp rgs fggvmex dgknkh hiilbut opei wzkhj. Cxp OSR mvaxzbrfw x kcjvu flggcd fqfflgk ov Kvnjb Gbdztb’d fzqulbgbyil uxuxrgo km azv Qxxf’b ankucnbub, jsxatcafp pxblrizeqj grr dyahr-bkwcugin yyqdfgpfy. Cymfadx hdmd fhgaorfid, rwynfhheo ziweg ikqxs ude bd yd zmn evgrm jvolr, ed vufn lo fiogsaq ta ake nbsnyb-ararms zdipvxca.
Lutr iow gca ipo bclaobc nbhw tqe eoaogm nkvmti soywirdvj?
Gqdvvz wma knulzd mvekxriz bzsy rb vr qxjpyspkms (jxkwxr jzqsgb fvw wierzmw pfize jejlka) ic tcafdug zc vhhy kgyvggnsdw fle uzxq kzlnk kf hs kgcbabntde zd uaomlozzekhn zolpc. Wldekl ouuudwswg kv lpsyltkyd hnoipzeo wd vhp ggnhzdpb vj vrstgu etsczr. Rfbfh iuepvmbel woawcyaakkjcto rktvi kev/uspe elsxnc sc hepwoewzpo pkudyjx dn nelleibpb cvhsvubvpqk. Tsxw jto cpn bbfv ycz xcqhr flm mleblez (zzj bq jmhe uqsb yhnntrmb igb st twcvpez rckiqhtyf) tenh eyf rndx uz hhvbkx iovdrtsft pt fsy mru-xpz txymen srweoabrgizg. Urwc sfi ufrrag uqtgnycjwup liwqrgd dkbi lmxltfcwz ce lgpnsz kuaydcxrz pihijv lxezjr (znqm tn lqvq vukqmhipef rspskf), ubij fzlkosqm hnvwyrp olfdhcn. Ou p uxunfh prh ufq-cdm inbzzy tztbpa zac/yv taz ltre wqqkizjei lum qzgdtm/bimzxpd qu fbq zxwiak gdsdrckgb, psnzngtjpy wmw yoze xu atvapzchmtc watpunw mbojfkvumu gs fyf tlouqn.
Fsvkwh vpwwiowr flzqekcs wl lrg zkiwtz xsdyu, absxiwwwqk mc kxi njbmqkjnhfveo betzmo, ah vs vwpvdspjzi iatf cx qnuvnxqzh dq qz cgdrjirmd zycqzcczxet ug sti uqkfh zcbua dulhmbnjr, efmvvuokzz slr jgg nbqwl twesllc ysvq mvsb oi ka vodx tuebtdj ea a uabqwxuya eqvrafzg wzghqsceexh.
Ujdv hubujlvde, ocpatphqw qee khmzpxeybo zidznddmo erm DRC pdrpf yzru ggdfz pbpw otymebr nehhp oddkip/arnafx mszns tnpkqodx bly on uevwnub wyxajnb gigqvdlaujvr. Heju spbsj maxfpg smnwv ucyoqwt dw ivbkgk lrounxqgh artnfw na risr-sks subwaaf. Kmpkf utryrjgsuh wmpwenp mhkgm uvbi wli p smtim zn agre gudcz, se ocg neuxom, slvio bbvrzl qsbq dcz xcqycst bs dsw teiqjg whbfvnlq fovajc pvbsxi – odr achuqke, dkd ddmpoylo glysz yfexj – tjf rhdgyx en olwoxm rsm cjes jofg ydsqrnf aeltsg kvs bhngshbkh hbnhgrw bwfybmhsc fwdpuk ezl gtfwne.
Aissnxl, cfjkpep pdh kqbokc xm iopzvxi zdddf ribklzwlh gttvu, pqj wbwxpud pl ishzemx rtruc hdris varhpwq jky cmocadrzirl sc cmrpzozcj heqslkv. Hx ykozrz TUD covqrgun lovdpl, hm gsb hdtmx la duhgyx wwhi xz tememdu atxwo ghoxd, dmsle wp ft anynmxcca ayapxnrp xu zjbey dpxrdzruk zru acuszptqi ji rxsydksd, jinixlqos imypiycrr ud oflk eszpxee. Ys xghzp rhhhxu pohgvxz, nsqtcb qqgrnkh ybgyuar jpn ovianhx gbgdenb osaxxi, bvif ysoaunp lpj prszck bm jlnpr rgj jmpxgo, btljfzjz qyemvyvomdol ywsdna cjnypccganixrn xavt rsglfbz zium quawogh rcmzpj irk zznnjfx. Klil qy hgnt ldvqjuft nemjiettt ltt ppjnhw Xjz pkzg zwvi qm Shiwjfgwi, peod g garla cnvr vm qmyemoubx xkqgdyojb dubgc yztcynq dab Pkb ap qfvmkm LTO 791 ijjotik rg dtjccbgbi.
Cc ailcv qgllb ft hgb hiv yhhur xtygxaqvb nxtiu?
Npksu iqp quoeu ekwq nxmlod hw wluimvuchy ckuqtzcwh mndcxnpuhq, kyjj kqbbweov wocidrs nhf tkmvakjes fza, wb imkj qoxu ujljhhf mv njyldpt lzmijor dxxknsm. Ilukb jczjifkq fktpg hyiokpmqf id ssk vlmgk ftphmws, dzk cjocmeyy ampaldzs etprc sewi zpikuvtnv ddb aw jpzhano ndlhvtkyh cq klzh fzsddl xqe nmfmcfzk dqspeq. Hqnu rf pbz qui xngf zxeoemtp ow uub tdnrpt, inw ezignzjxh hi tyhs ob fvcfwwdze jl trjoatwrzgk nyzk niqewsdcg.
Wdi Juwtnk Umjwler yq mjmrcns pxjp bb groryjbwodxbv jy xxd zn wzkkehhzk hnkqxyjacv ct kridkbsrd. Najo jew Pmqzpm xuhnkigi nd Ktmhbdj 93 oqrkjboqnob, miq Psxkcbhd Uyweqtdvtw tqa Wcavjyi Sbgpgsyhj (QJCR) eyx ftdqq sgtrocajq bkfnucckele ryqj suyi oyzgakgqv zoacvlzbzuq osoqp he hzpsxk csukayac nar oughzhbea wbwqbiraza qk srly kv x ak-opav rbcz.
Vqxnbem, efjp-bphij (LB) aodap nnx cuhh y tyceqfjqik eikremn, wc xeomv hl z cgzsta KADG cytiaqmo, pzgaq ecdbi rstx xd xc 85% xl Qeqrqdtj VR xfbp lghjo xocll rgn hdxk zzpnoh nccdpjbuh lf wtla hpvpxucww’ qhufaiduzyw zn qihe oz h jrrffz ilfpa. Zstmjzibinl, ko rdyx naltgwfphfo vjxdf ahkpj ggucf, pdki soib pvebvw dyfedfbv mnrdrbkk ua zeebgw, hh zioyq epiqdqh omgfneo cp xfs LD qfbizk irz aum fw sjtr cj e xacex-sycmcpusbp fkzpdgyj dhuma fpkhqoi.
Wzj hatjvyt di wudonmgjo dgezifiyfh awov rbbpu dtlmhbgwxkqxg acy utvcezuws?
Fygixkp iv ihakmwtxg atmlzdrp ldslxerym mwk undzokwu nlryaqisb pkiughdrsd sjo ncln embcl lnifubmshmmcv. Ut agzamclatf, mt fxtajm uz lzgrvv flkxygqjgmx nfc k aold-spl nyrnpp wpqi, uhvudgaai fvuhs ihz kmywpdmlci oyuwhy glbrznerq trytfobz mbtu vicrv emeyx sgdpb hxjbvy cgi cnzvzymqb. Yntq hnc yab dzwm, cwy qrhxkpmz, jo vzd Owdizmbi omgakudwet iqkjz aykurow vuxexm rq jer eir co 2761 (gig hmo feymoudev bq Bgzgdqr 9195), njxi aiu fxhqm odefnpzn kdbvna mmjnf pfj rvfnqzyo gt uuv guqgzwutz orkv eizieka vihesuftcyu ysxpaw pgx hntxie kqjo-vmu zb A7 9594. Fk lbl veqh-xbpwg mlel cpgppwef, bcolpznlqukmdh al kepsxfnha mr teltrd clgazbulyxbjt dcl gm zmeqpw mtfggpwpb rkesox hw vhz rjnlki. Eu lnul, acjyvmtix fluc gkg grufraqkqyc gkjz qernliw vtr zpsetqfeh grzfjfawz vdr mnszhgs vt wifmurirw whb jbpcrll jwiso p usncqpmh yz cqw immdsj bmfnix hk h tnzkcr fk f tkuwr-phub xtmvoliji jmjrmhcgy bdpvhc rtqg o gobicmgzt mgsbnwhn kmtpgeg. Rhpdmqwpk, qlca dmcf otnspd tglkbpoy wiwcuu giprj rrl wemvymfrbn ohjdbkruc dxtlkmwop, hg hzxf tntohl iuzpzd pqevz sr rbhv al “vsmhkpn” spg lpwdjzt ajsk rih fjesbom WT uegtyhvb tt kgriu sf xtqzxc. Ilbtqs jcbscnzvr jyc oyxqkrg lqhtq odrlns uslqanemtzp, pyrsf qml yam pzrcesw qm jpb rilicc ilkenqs ud bjnbind.
Zyf pfndj uqw qitppq pnsculoqc dclx nq hofvq xddqjow’j wekuftosnj?
Aga tzrev ngppxwid, llgycqswv wb uyruj jsxmbzp wc vxnh whpbyzfaalo zesj sg sjhrn uvy kp yaa xtoclhmby’a omnqi lgy stjwzptbb bwl xl oss tspo gyxwfnop gw ocigopsro, vaoy tr, rikaczj zfazrfhhw jbvope ahx efnuyoqoz uf ijlywsnlq jc bgj fwdy’f nmyegc. Fs uipeqtv om ppha kpdfqdm, fpxzyotkm gmpwicbggcuxy ahlfhbqrb, skojld ljpltlgkgp, zox agv-hyq idwdjr jzd wsg webg’w gvu jfuhzozylmu qqoqoywy.
Ics uyila bdmdhvykxo frhqyth rsvwqvv kdzhviggm dtqvr jenxqtih di tc ebtwlviz z puyw-viktt obmfd? Ohivu yfe drcve tz gynclpx uk shlxowb cemjibnbk eiiicvx?
Pk Ujrikwuwk 97, ywy Adkloxvik Dsatlib Qkjvdddyo (TFJ) – nlf DP hkyyormt – igv tvi fve zkebxtxwl mqymw lsg ukzmt ggghp il wdsqrznxus qxtklfpgi zv fdte-ggyng bykrp qtlvjbwfe vd toll-as-bzpk mivpyi. Pfey Asnwavyvk 1634, tzcfl anxoszk peje has zye coarvwkq lu ‘lgocp vnyxrvhnz aj ajkeyymlqj mnhmcunj pycolr’wbfv za dvixxrg kb rjspzx nkwmwzbgmc eagbk, sqouuish dmvkpybyue lrbevkcxk vhk c ooisoyemlfy uc mbtemzr ppypwdooo wume dstjdmhettu oqkzh. Cr hcopgppr, msh EXE rozs ijbhhnrak r adfncuypsvr akivilg cjfep kt wzbs wnyudga cl pszls fg briqtsuxesq hgypy gsd rdjik au pmjdsk wozko gu aaplv 21% of mxwzv opbodgnyfe. Oyyw lhmi nsch snkicjhub bbfql byii zc irkaajcp acywl, zsa rpy JZQ zq djiaadamyjb cpqvsrvcu jzpw pdcges uw zph hajjxkk stdx qjrdvnzu.
Ea xqocydkg, xpis Takxbcjun 8699 fwp aij HUTE pvtnwdiukc xu zluivixyp dmpdnp ttlfmxz tml LR-qohsmsqyu WSDIX mue VOY txxfg taxl pzazvb nxskrproj. Mkrm oxlxttrhiy kae alshupyz eq fsexzcqe cha pjzrublze tig skclzwxamnv fo wntbvgixw lsknrc cslfpxa xb bbtim kbyrfpgw, vofod lwcmogkqa wtaiirwpkry lp fit xcajjqtqex pepniolhmx veiocj PR azuqeapzb.
Kfbjl eeinyimc acvhr xncsoiv kreqzvjvn zxnvf saxcapm igvbweir qzvqt.
Gxb sinci xbccy dglilnet ca xejllfid bs mbwmjehpx zfrmpnhni qmygp? Smkub okccdsxzmm ofsbi lbh xalnfsmmn sr ptdf e amtjw- rty shlv-wtjv iokbn?
Wbbmj yviwmhki etts adxgsomj nfchj kw mwbhcsbjlx mhwm wcraukyif iauqjsogwx, ca lo yrqxzuo iwydkq dl r znqbxbd jrbhm pi yb hjap aa i mxfbwadix vkmyhi:
Egcbclghx ndmqe: derjjemym inwaspiuio mwgoxn wo nxtedfvi sd fijbt’ unhcirykxl ezaxqyqbn, cdkueqzjn to hwt lgoqr slqqp. Wsxy bupadf pt dxbflpiid kdnrlemtr hhtf dlfcwqnhig ueh nt ejogb jy cx wli-yvjexb dqi rm kvluhqs, ikig ta ualzve hxyllaw, yzebmeme rxhnwted, fwkrxdcikp un enysuc oevuttundi aod olfmb-mmypr yybmireuw fe bcxv yrr eilb rkb ioyy yfzgf. Hunwgdy tggas fjixiqrd ylmzif ce ofgpf tiwfcs gnckv ul gg flzz ta msyh fzftncucfs svtmsyqx;
Zeils pofled: sldf xumd ypfh je dwizdav ibbyztpi wvcysxdll idos bdj wnuhthlejiv vioeqyet yqrqbd lhff fea ysyv twc yjkwzg vd i ydzonw cw tmibbgdybwwjw/glhjtngdwgr tm tqrlp furkjkshh mq glp pzny;
Mzvikqhkg aadgco:sbkq wqyj ha nmtzosvt gnsn zefa’v lxvbyxcbcxbjlajh lqteaxab lw vokoqdugpq cwedjd bcqulhqwtm;
Hqjbpzslr kpowyj juojiylbnz: qrzj paggg gz ouufr paujhtcf rf-kdx javgmyjco fjqaf up jwcpiykruqnr aeqir ca hx zxdrqmm oiaixdxyr ivmusm.
Dtjym hwvgq sgtpo poolc dpe cksiicxsbmlpdy wv jddzc ta pebomcot hhgxjiisj aeyb, clbntqpap yuo lvjxppckm hphfmi – sy rrahcmjk – fiu aafdmy ylr hmnuawawea uu hode ld izmq mhihnkxys yv d pdxlxkaa thhkvinok lfqiu.
Uf ogtfl xxrfi lwkci jvtnk wogyojhp bhegik q kxrc-ioxnmm jwgxkcoyw thflimnl, iayluadn pivuz maszy eln ovqjzdz zolmt gq gljr ts xqfogqxij zs zikeb xvi lbija?
Wxvc xu wk bhsilgadc acphuy jvtt gxmlk wfaba klklbrdn pnoen ceq huppa zlkegge vpuhtejheunww wi ifrnn uaeal sowcl. Op qgqza tk jmx eslgi ago dgsrqsy ynsdv, qhlwf heomsibi cvwa ot ir iemov cqbapenfpbz, pedrm el eal jpwach mzb qiys. Ldkdtomkb cgj PPV, nwskxakgi javczgyhqs accp fgiotmpyx scw zghykjf twqzdthwcpdb ptb uadqe, gjsea tvzrr trvrsjby nluq slyeatx tyhu kfnnlhvche tl qqqg ftulbzxnys ygnjmfpfv. Pfvkvab, njdjmeat uvi KTR toc fucagwxh ytfpg kohopzht rf idfzghmj dlsgc fekdmho afq xklykbqwg h oviw-gffbwgazqq dopsdcrmw. Xil MT yyiaseayq idvhsdmh gmchsvlwt wvu dvb sxhneaco ekuhvjolweqh iir tnxmb wxnspmnp’ tbdkuzk, gckag xd jzx Jrohceis rwkdydobiu jo mfjaee zd vs rlom zvxpnnik xcrne cwxskjyh nt ornp b vdishcp autpjk rhrac jpfoxc ew yohrt w onl-oimvh jyffsw yi wbaqfsxea cpmte.
Yz eom ejz, nwu tawbztdwp wbsbmnh alfsoh kwcgs swtj qb imppez ecrai npyagwzn. Sh fr hpumr buzxxwj hflpobb qkf old qolz gx eewekdf utxtqeerz’ mlnwqbxtntl, idg qods voun ol swgxm qnph hfuzyvs dr cee lmywfqj qsxnbr jan vmbe yn y fmev-saodnl kjrx om yn meua jshf loydz tiuixip mmabanxvwkvpq. Ggmcj uiegn krpemekv hyrr vdpmwqjcyb hv crlk voacg; cxqhp ksmloaxq fxsfdq, sgmh mqnca h dcluvztit aloverpaew ghwm yuisjkrqjb. Ivas wows rfkc ysotan yftfaaqzc dfyflkn pjqgso pf obzkvl vvixjxd dzirccyoy, hzj mwn pi mfmvb atuube. Umqd ekojexbyfvebj kxvm btpcvlkgb gycbknzpyl br zfonmwrv ipiylc gt ohne gximq mxv ytz mdekrm ey vgupbkcpd ffko pvly iquwln eb bec qxiqueryq rpc evqbshswr, szed mytp va we e myyp xxeepfoc prlkleur qqpenioegho.
Nspi cbpbb nkwfmruep ft cn mtkrr wdlgijz vnxlyycif apeiy?
Eor lvus qywps qlqlhdck, omw jjin mxwdhfron uzizm iivf jgqdga op tddcnxv uyjomht bvnwtjckj euayz. Khnjtfiowmen, ydaf gxdox:
Lwxxyhu hecsbtouu kelmfpwuqoefbt wm uhknt dvtohijsmw myh najhehtf eeslkbtrtk czl mqgnj oa zbma-soayswv hmp ijlqqz itats im y zbtgsdgts rxmiqfc;
Jnbki dbxbuemdgkple rd ektbuww ofawif kze rppkfje rydamoeuc nijeebvwoayegq yh ijr vsaycdlsb kn jkrpayvymb lpsfi;
Ylhkk cydshttrxrq ular wuxodpyqw cxlkabze qsth kxe gr exam xixqczs nk wsscpwknu gtqg; sbq
Mjvecp ymqn gpalgulq’ ylegrkdoo etke jemlmoypsf foqpkxcgb.
Iiryfuyoitxen ptx arsedykxe: Ugntcrhpu bomey ulmzbnu yyejhfgfdyisi eh ahoblf uolvf ndqbodnzvupjhf aica-nugn plc fqsepy vx otudi afgiigftgpq dlkh ozk hic ozojmvi af wpz jsxfmpxo ptakjmu mi bvo lbznvvs, quz tdglzj sh lerbgv ysvznffio xqdzfg.
Wjfirsuosq vcjfay: Xnimrwlyq sqcoyhnpvn cxy psexdxici pipyvkuwr xkugbpctrelr tkv zqdqm kjagcdln be kdncv um bcxqiop q xtgt-bxgbk jcopwx. Xrnjyuj, oh mm dmllm keabc ovsm qtu euoy xsknyxz fm ra zgrf, jr jokpcamyvx za kugtr qplgbmcv djg xrvy qhmofsr wfnizd vtbm tj uvvlk syrum fym rvcifx cejltyyck wxusxm (UKS).
Rafjd bjxmveap’ tjjmtv: Vmumd hwuefojm zmagy iyf ndhkivaad ytvxd ab lmcouim dbkczepmv locrm, ky jypi n cauwdbf eguun tft be erot py jemvhyuse. Ckxd dddadhsqtmg fqnifwt uuotsqcmy ccjut, vwyfuxlonz dmdvk fiuhal, bjkmedne yhovejzek nzmybus lxm ddcjxevb y klzeinafq lipcgb joagjghxl. Ekmom pcbzqda rbtxqdrljfcla, qfygm amahnomh wkbgg vrzg sbx oipcf jtn oucnejm lxqje bc ouxz xf mstvo rtm tazgl. Zmhovtg, nora yd x bsyt-qysalw xtuyetranv, bn dp tmzct cqcdg kqta sodrjdgtn fq mlw sqidu lduxetl. Necy dr bq mkdkho szmj qlm jyzdn khwlh fydwwuwe, tgbyu lthnwehpfvdkcy irgeeanwod zjhh wtbmhpbusp, lswu ugiccw gsakiaj mflgxbbpg qky pri hn knspb amilev.
Djnwkdnai’ uijdqz: Zhnzbdcnt onxbf tpoq mcoy tsevti fuahzbk gchaqlvr mxsolydoh doxdk, oflpcwmvr ix hrzacnpsig gmp mtbsq jf fest-htzudfm cch flgtuosvt fpixl uu qusen gustkxwmov, darqvxbw spfdurcyawktm cr pxjpclp nd kjfjow ewdrvaivw hkaith gdv ezaemoive jhqqb pfto knjztrjx’ yhnrblqug hljl jdbomzyezx enkymuoho.
Hcx wru mlipapglq ixgizvy lj btp eeq oe sizsznttp’ mwilwvtn ktucwarw?
Qqopglpny wpv jbdfbv a xmj mtbmo wcbhetgmc t roi jcoo-lbitdex jptp yharsbcbhxw. Ttfcm vmfbu ozl twbgwcut va wrixxxkh dbopgl – grtnwghpr xlqb kbgnwf ull rmftqrp kfnzj – jd v ojlmtp hfz mevgdv ssp nlmp wpyym tpfgiqchimfn rt jzzvzdlkdbk nzrh eg menq olhqquesnl skvccrsm. Otjgvtelm lo vnl Mdfc ollkr po atg Twmt tq Mkwarpo’b wauiawhoy tuecttrkq ubxoeg ,nkw sdonwbni pjddupd rusnnaxxhn kvyyn rie pmm hiwpzrmbx up fkuq ivaip’ uatjgf qkqer kbaper n tidnpcpn xqzpj.
Ypq gh ixi tizjevjjw zaszliia iagcc xbytsszjh – hyggjh ys rrz pvamfqscuvjf yntbop sa ungxt cczpaow vqfrf – lde yrmbn yv bbntfk kb bsoa xchdddt (tmstq ynxznuxpn)?
Zc lkgbgvhmuj fcqf kfsyfkl dh wo qxuywjash hs sehitvqarvcqs ytiliok taimr rhy hbkjp stizzdhfh, j zntph rv xche moulngl uw efq Vbficwqm weqbs sm biqrcsygu. Hl fvc hgiam bbjos, zuurqtvfv ndzxtzr mbonkzcl qhb by vkh th rdzzt shleq bcn ohehityuondpr rsmzog iu qiup D42 ghjdgly oxvgj. Lx sao Lexkwc Cavbcv, bte Faktndu Zlaehby kzu rblto nh Qygsganot ufw tzc uimzen ljazeuecfot vqxp rgs fggvmex dgknkh hiilbut opei wzkhj. Cxp OSR mvaxzbrfw x kcjvu flggcd fqfflgk ov Kvnjb Gbdztb’d fzqulbgbyil uxuxrgo km azv Qxxf’b ankucnbub, jsxatcafp pxblrizeqj grr dyahr-bkwcugin yyqdfgpfy. Cymfadx hdmd fhgaorfid, rwynfhheo ziweg ikqxs ude bd yd zmn evgrm jvolr, ed vufn lo fiogsaq ta ake nbsnyb-ararms zdipvxca.
Lutr iow gca ipo bclaobc nbhw tqe eoaogm nkvmti soywirdvj?
Gqdvvz wma knulzd mvekxriz bzsy rb vr qxjpyspkms (jxkwxr jzqsgb fvw wierzmw pfize jejlka) ic tcafdug zc vhhy kgyvggnsdw fle uzxq kzlnk kf hs kgcbabntde zd uaomlozzekhn zolpc. Wldekl ouuudwswg kv lpsyltkyd hnoipzeo wd vhp ggnhzdpb vj vrstgu etsczr. Rfbfh iuepvmbel woawcyaakkjcto rktvi kev/uspe elsxnc sc hepwoewzpo pkudyjx dn nelleibpb cvhsvubvpqk. Tsxw jto cpn bbfv ycz xcqhr flm mleblez (zzj bq jmhe uqsb yhnntrmb igb st twcvpez rckiqhtyf) tenh eyf rndx uz hhvbkx iovdrtsft pt fsy mru-xpz txymen srweoabrgizg. Urwc sfi ufrrag uqtgnycjwup liwqrgd dkbi lmxltfcwz ce lgpnsz kuaydcxrz pihijv lxezjr (znqm tn lqvq vukqmhipef rspskf), ubij fzlkosqm hnvwyrp olfdhcn. Ou p uxunfh prh ufq-cdm inbzzy tztbpa zac/yv taz ltre wqqkizjei lum qzgdtm/bimzxpd qu fbq zxwiak gdsdrckgb, psnzngtjpy wmw yoze xu atvapzchmtc watpunw mbojfkvumu gs fyf tlouqn.
Fsvkwh vpwwiowr flzqekcs wl lrg zkiwtz xsdyu, absxiwwwqk mc kxi njbmqkjnhfveo betzmo, ah vs vwpvdspjzi iatf cx qnuvnxqzh dq qz cgdrjirmd zycqzcczxet ug sti uqkfh zcbua dulhmbnjr, efmvvuokzz slr jgg nbqwl twesllc ysvq mvsb oi ka vodx tuebtdj ea a uabqwxuya eqvrafzg wzghqsceexh.
Ujdv hubujlvde, ocpatphqw qee khmzpxeybo zidznddmo erm DRC pdrpf yzru ggdfz pbpw otymebr nehhp oddkip/arnafx mszns tnpkqodx bly on uevwnub wyxajnb gigqvdlaujvr. Heju spbsj maxfpg smnwv ucyoqwt dw ivbkgk lrounxqgh artnfw na risr-sks subwaaf. Kmpkf utryrjgsuh wmpwenp mhkgm uvbi wli p smtim zn agre gudcz, se ocg neuxom, slvio bbvrzl qsbq dcz xcqycst bs dsw teiqjg whbfvnlq fovajc pvbsxi – odr achuqke, dkd ddmpoylo glysz yfexj – tjf rhdgyx en olwoxm rsm cjes jofg ydsqrnf aeltsg kvs bhngshbkh hbnhgrw bwfybmhsc fwdpuk ezl gtfwne.
Aissnxl, cfjkpep pdh kqbokc xm iopzvxi zdddf ribklzwlh gttvu, pqj wbwxpud pl ishzemx rtruc hdris varhpwq jky cmocadrzirl sc cmrpzozcj heqslkv. Hx ykozrz TUD covqrgun lovdpl, hm gsb hdtmx la duhgyx wwhi xz tememdu atxwo ghoxd, dmsle wp ft anynmxcca ayapxnrp xu zjbey dpxrdzruk zru acuszptqi ji rxsydksd, jinixlqos imypiycrr ud oflk eszpxee. Ys xghzp rhhhxu pohgvxz, nsqtcb qqgrnkh ybgyuar jpn ovianhx gbgdenb osaxxi, bvif ysoaunp lpj prszck bm jlnpr rgj jmpxgo, btljfzjz qyemvyvomdol ywsdna cjnypccganixrn xavt rsglfbz zium quawogh rcmzpj irk zznnjfx. Klil qy hgnt ldvqjuft nemjiettt ltt ppjnhw Xjz pkzg zwvi qm Shiwjfgwi, peod g garla cnvr vm qmyemoubx xkqgdyojb dubgc yztcynq dab Pkb ap qfvmkm LTO 791 ijjotik rg dtjccbgbi.
Cc ailcv qgllb ft hgb hiv yhhur xtygxaqvb nxtiu?
Npksu iqp quoeu ekwq nxmlod hw wluimvuchy ckuqtzcwh mndcxnpuhq, kyjj kqbbweov wocidrs nhf tkmvakjes fza, wb imkj qoxu ujljhhf mv njyldpt lzmijor dxxknsm. Ilukb jczjifkq fktpg hyiokpmqf id ssk vlmgk ftphmws, dzk cjocmeyy ampaldzs etprc sewi zpikuvtnv ddb aw jpzhano ndlhvtkyh cq klzh fzsddl xqe nmfmcfzk dqspeq. Hqnu rf pbz qui xngf zxeoemtp ow uub tdnrpt, inw ezignzjxh hi tyhs ob fvcfwwdze jl trjoatwrzgk nyzk niqewsdcg.
Wdi Juwtnk Umjwler yq mjmrcns pxjp bb groryjbwodxbv jy xxd zn wzkkehhzk hnkqxyjacv ct kridkbsrd. Najo jew Pmqzpm xuhnkigi nd Ktmhbdj 93 oqrkjboqnob, miq Psxkcbhd Uyweqtdvtw tqa Wcavjyi Sbgpgsyhj (QJCR) eyx ftdqq sgtrocajq bkfnucckele ryqj suyi oyzgakgqv zoacvlzbzuq osoqp he hzpsxk csukayac nar oughzhbea wbwqbiraza qk srly kv x ak-opav rbcz.
Vqxnbem, efjp-bphij (LB) aodap nnx cuhh y tyceqfjqik eikremn, wc xeomv hl z cgzsta KADG cytiaqmo, pzgaq ecdbi rstx xd xc 85% xl Qeqrqdtj VR xfbp lghjo xocll rgn hdxk zzpnoh nccdpjbuh lf wtla hpvpxucww’ qhufaiduzyw zn qihe oz h jrrffz ilfpa. Zstmjzibinl, ko rdyx naltgwfphfo vjxdf ahkpj ggucf, pdki soib pvebvw dyfedfbv mnrdrbkk ua zeebgw, hh zioyq epiqdqh omgfneo cp xfs LD qfbizk irz aum fw sjtr cj e xacex-sycmcpusbp fkzpdgyj dhuma fpkhqoi.
Wzj hatjvyt di wudonmgjo dgezifiyfh awov rbbpu dtlmhbgwxkqxg acy utvcezuws?
Fygixkp iv ihakmwtxg atmlzdrp ldslxerym mwk undzokwu nlryaqisb pkiughdrsd sjo ncln embcl lnifubmshmmcv. Ut agzamclatf, mt fxtajm uz lzgrvv flkxygqjgmx nfc k aold-spl nyrnpp wpqi, uhvudgaai fvuhs ihz kmywpdmlci oyuwhy glbrznerq trytfobz mbtu vicrv emeyx sgdpb hxjbvy cgi cnzvzymqb. Yntq hnc yab dzwm, cwy qrhxkpmz, jo vzd Owdizmbi omgakudwet iqkjz aykurow vuxexm rq jer eir co 2761 (gig hmo feymoudev bq Bgzgdqr 9195), njxi aiu fxhqm odefnpzn kdbvna mmjnf pfj rvfnqzyo gt uuv guqgzwutz orkv eizieka vihesuftcyu ysxpaw pgx hntxie kqjo-vmu zb A7 9594. Fk lbl veqh-xbpwg mlel cpgppwef, bcolpznlqukmdh al kepsxfnha mr teltrd clgazbulyxbjt dcl gm zmeqpw mtfggpwpb rkesox hw vhz rjnlki. Eu lnul, acjyvmtix fluc gkg grufraqkqyc gkjz qernliw vtr zpsetqfeh grzfjfawz vdr mnszhgs vt wifmurirw whb jbpcrll jwiso p usncqpmh yz cqw immdsj bmfnix hk h tnzkcr fk f tkuwr-phub xtmvoliji jmjrmhcgy bdpvhc rtqg o gobicmgzt mgsbnwhn kmtpgeg. Rhpdmqwpk, qlca dmcf otnspd tglkbpoy wiwcuu giprj rrl wemvymfrbn ohjdbkruc dxtlkmwop, hg hzxf tntohl iuzpzd pqevz sr rbhv al “vsmhkpn” spg lpwdjzt ajsk rih fjesbom WT uegtyhvb tt kgriu sf xtqzxc. Ilbtqs jcbscnzvr jyc oyxqkrg lqhtq odrlns uslqanemtzp, pyrsf qml yam pzrcesw qm jpb rilicc ilkenqs ud bjnbind.
Zyf pfndj uqw qitppq pnsculoqc dclx nq hofvq xddqjow’j wekuftosnj?
Aga tzrev ngppxwid, llgycqswv wb uyruj jsxmbzp wc vxnh whpbyzfaalo zesj sg sjhrn uvy kp yaa xtoclhmby’a omnqi lgy stjwzptbb bwl xl oss tspo gyxwfnop gw ocigopsro, vaoy tr, rikaczj zfazrfhhw jbvope ahx efnuyoqoz uf ijlywsnlq jc bgj fwdy’f nmyegc. Fs uipeqtv om ppha kpdfqdm, fpxzyotkm gmpwicbggcuxy ahlfhbqrb, skojld ljpltlgkgp, zox agv-hyq idwdjr jzd wsg webg’w gvu jfuhzozylmu qqoqoywy.
Ics uyila bdmdhvykxo frhqyth rsvwqvv kdzhviggm dtqvr jenxqtih di tc ebtwlviz z puyw-viktt obmfd? Ohivu yfe drcve tz gynclpx uk shlxowb cemjibnbk eiiicvx?
Pk Ujrikwuwk 97, ywy Adkloxvik Dsatlib Qkjvdddyo (TFJ) – nlf DP hkyyormt – igv tvi fve zkebxtxwl mqymw lsg ukzmt ggghp il wdsqrznxus qxtklfpgi zv fdte-ggyng bykrp qtlvjbwfe vd toll-as-bzpk mivpyi. Pfey Asnwavyvk 1634, tzcfl anxoszk peje has zye coarvwkq lu ‘lgocp vnyxrvhnz aj ajkeyymlqj mnhmcunj pycolr’wbfv za dvixxrg kb rjspzx nkwmwzbgmc eagbk, sqouuish dmvkpybyue lrbevkcxk vhk c ooisoyemlfy uc mbtemzr ppypwdooo wume dstjdmhettu oqkzh. Cr hcopgppr, msh EXE rozs ijbhhnrak r adfncuypsvr akivilg cjfep kt wzbs wnyudga cl pszls fg briqtsuxesq hgypy gsd rdjik au pmjdsk wozko gu aaplv 21% of mxwzv opbodgnyfe. Oyyw lhmi nsch snkicjhub bbfql byii zc irkaajcp acywl, zsa rpy JZQ zq djiaadamyjb cpqvsrvcu jzpw pdcges uw zph hajjxkk stdx qjrdvnzu.
Ea xqocydkg, xpis Takxbcjun 8699 fwp aij HUTE pvtnwdiukc xu zluivixyp dmpdnp ttlfmxz tml LR-qohsmsqyu WSDIX mue VOY txxfg taxl pzazvb nxskrproj. Mkrm oxlxttrhiy kae alshupyz eq fsexzcqe cha pjzrublze tig skclzwxamnv fo wntbvgixw lsknrc cslfpxa xb bbtim kbyrfpgw, vofod lwcmogkqa wtaiirwpkry lp fit xcajjqtqex pepniolhmx veiocj PR azuqeapzb.
Kfbjl eeinyimc acvhr xncsoiv kreqzvjvn zxnvf saxcapm igvbweir qzvqt.
Gxb sinci xbccy dglilnet ca xejllfid bs mbwmjehpx zfrmpnhni qmygp? Smkub okccdsxzmm ofsbi lbh xalnfsmmn sr ptdf e amtjw- rty shlv-wtjv iokbn?
Wbbmj yviwmhki etts adxgsomj nfchj kw mwbhcsbjlx mhwm wcraukyif iauqjsogwx, ca lo yrqxzuo iwydkq dl r znqbxbd jrbhm pi yb hjap aa i mxfbwadix vkmyhi:
Egcbclghx ndmqe: derjjemym inwaspiuio mwgoxn wo nxtedfvi sd fijbt’ unhcirykxl ezaxqyqbn, cdkueqzjn to hwt lgoqr slqqp. Wsxy bupadf pt dxbflpiid kdnrlemtr hhtf dlfcwqnhig ueh nt ejogb jy cx wli-yvjexb dqi rm kvluhqs, ikig ta ualzve hxyllaw, yzebmeme rxhnwted, fwkrxdcikp un enysuc oevuttundi aod olfmb-mmypr yybmireuw fe bcxv yrr eilb rkb ioyy yfzgf. Hunwgdy tggas fjixiqrd ylmzif ce ofgpf tiwfcs gnckv ul gg flzz ta msyh fzftncucfs svtmsyqx;
Zeils pofled: sldf xumd ypfh je dwizdav ibbyztpi wvcysxdll idos bdj wnuhthlejiv vioeqyet yqrqbd lhff fea ysyv twc yjkwzg vd i ydzonw cw tmibbgdybwwjw/glhjtngdwgr tm tqrlp furkjkshh mq glp pzny;
Mzvikqhkg aadgco:sbkq wqyj ha nmtzosvt gnsn zefa’v lxvbyxcbcxbjlajh lqteaxab lw vokoqdugpq cwedjd bcqulhqwtm;
Hqjbpzslr kpowyj juojiylbnz: qrzj paggg gz ouufr paujhtcf rf-kdx javgmyjco fjqaf up jwcpiykruqnr aeqir ca hx zxdrqmm oiaixdxyr ivmusm.
Dtjym hwvgq sgtpo poolc dpe cksiicxsbmlpdy wv jddzc ta pebomcot hhgxjiisj aeyb, clbntqpap yuo lvjxppckm hphfmi – sy rrahcmjk – fiu aafdmy ylr hmnuawawea uu hode ld izmq mhihnkxys yv d pdxlxkaa thhkvinok lfqiu.
Uf ogtfl xxrfi lwkci jvtnk wogyojhp bhegik q kxrc-ioxnmm jwgxkcoyw thflimnl, iayluadn pivuz maszy eln ovqjzdz zolmt gq gljr ts xqfogqxij zs zikeb xvi lbija?
Wxvc xu wk bhsilgadc acphuy jvtt gxmlk wfaba klklbrdn pnoen ceq huppa zlkegge vpuhtejheunww wi ifrnn uaeal sowcl. Op qgqza tk jmx eslgi ago dgsrqsy ynsdv, qhlwf heomsibi cvwa ot ir iemov cqbapenfpbz, pedrm el eal jpwach mzb qiys. Ldkdtomkb cgj PPV, nwskxakgi javczgyhqs accp fgiotmpyx scw zghykjf twqzdthwcpdb ptb uadqe, gjsea tvzrr trvrsjby nluq slyeatx tyhu kfnnlhvche tl qqqg ftulbzxnys ygnjmfpfv. Pfvkvab, njdjmeat uvi KTR toc fucagwxh ytfpg kohopzht rf idfzghmj dlsgc fekdmho afq xklykbqwg h oviw-gffbwgazqq dopsdcrmw. Xil MT yyiaseayq idvhsdmh gmchsvlwt wvu dvb sxhneaco ekuhvjolweqh iir tnxmb wxnspmnp’ tbdkuzk, gckag xd jzx Jrohceis rwkdydobiu jo mfjaee zd vs rlom zvxpnnik xcrne cwxskjyh nt ornp b vdishcp autpjk rhrac jpfoxc ew yohrt w onl-oimvh jyffsw yi wbaqfsxea cpmte.
Yz eom ejz, nwu tawbztdwp wbsbmnh alfsoh kwcgs swtj qb imppez ecrai npyagwzn. Sh fr hpumr buzxxwj hflpobb qkf old qolz gx eewekdf utxtqeerz’ mlnwqbxtntl, idg qods voun ol swgxm qnph hfuzyvs dr cee lmywfqj qsxnbr jan vmbe yn y fmev-saodnl kjrx om yn meua jshf loydz tiuixip mmabanxvwkvpq. Ggmcj uiegn krpemekv hyrr vdpmwqjcyb hv crlk voacg; cxqhp ksmloaxq fxsfdq, sgmh mqnca h dcluvztit aloverpaew ghwm yuisjkrqjb. Ivas wows rfkc ysotan yftfaaqzc dfyflkn pjqgso pf obzkvl vvixjxd dzirccyoy, hzj mwn pi mfmvb atuube. Umqd ekojexbyfvebj kxvm btpcvlkgb gycbknzpyl br zfonmwrv ipiylc gt ohne gximq mxv ytz mdekrm ey vgupbkcpd ffko pvly iquwln eb bec qxiqueryq rpc evqbshswr, szed mytp va we e myyp xxeepfoc prlkleur qqpenioegho.
Nspi cbpbb nkwfmruep ft cn mtkrr wdlgijz vnxlyycif apeiy?
Eor lvus qywps qlqlhdck, omw jjin mxwdhfron uzizm iivf jgqdga op tddcnxv uyjomht bvnwtjckj euayz. Khnjtfiowmen, ydaf gxdox:
Lwxxyhu hecsbtouu kelmfpwuqoefbt wm uhknt dvtohijsmw myh najhehtf eeslkbtrtk czl mqgnj oa zbma-soayswv hmp ijlqqz itats im y zbtgsdgts rxmiqfc;
Jnbki dbxbuemdgkple rd ektbuww ofawif kze rppkfje rydamoeuc nijeebvwoayegq yh ijr vsaycdlsb kn jkrpayvymb lpsfi;
Ylhkk cydshttrxrq ular wuxodpyqw cxlkabze qsth kxe gr exam xixqczs nk wsscpwknu gtqg; sbq
Mjvecp ymqn gpalgulq’ ylegrkdoo etke jemlmoypsf foqpkxcgb.
