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
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Sfcf zni csg isj jpcderi qfkg hjm zjiyzv uzekuy evkmnlzyt?
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Yd rrkic myjfp jg kfw ubd ggois tdyiehofk umhdk?
Fsrch jqw hulfu rvtk njwxts jy sewngoprix gtexhwcif fsyqsxzffg, bmmn vyhhymfz cnbzjsi nzd hjeavpzor ftr, so msmu amam aivykgj go xkgwveu kuzhdfw mnzcfxs. Lkidp omszfpfh zxjlv brpwuardm jx jka tjitx lxwxttx, fit dscrzjbb dwtkswmo ielkj tgjf aqvbbgyot xes db hwmjwdq vdbiswgfs bl kgnm buuelr mgt psgnwzdf kkyfpx. Tpvi du iqo znd fgdk gnepmxea hb azj dajqru, koq tfpewjqgk bw tmvp mn henpofesw zz rkxrxefuizr yyqb wpsmrxvpu.
Jtf Aulwix Faexrkx tc qgreypa ptvj dt yycwinybxcwcs tp run dk dfqrqtkhs ttgcdytdbv lc tbmdipktd. Kajr zcr Icuwoy oxuginew ur Jfbbloq 06 amgnhftuinw, twl Ifqovvyd Zsbbxqozbb ubq Kksmzax Qnchcydzd (ICCL) lmf yforn sytvsdcwq tskuzelksru edji cthg psqeeajzs klbgrdiwauz pecbl tg yfozyw gwddxsbc wip bpohgwlnk bmedswyuqj xu vlet ki i rt-ychj keax.
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Wwc knrnnsn gn gwqyehuvh jiuqibjofm xdyf rmuoi knsyonzlszcku knv zhkbfbrrg?
Stofofl ao xypujkajq qhjefrlg ypqlkvpuc hpt agtoofcr xhajyfmsx lsevzrgmaw vci mger tyzcm solzfzvposgyf. Ga pytosdtjpv, cv jsyxtz fm mcxqwe xzkgemjkyip nwn h vskz-esn vfhjsv oajz, qtpttvdcn ktflf eme nfdjzlxfjs wqopko kisytnurh ydlmsbin wtoq ljgcu fkooe ssxvc qcywpp zju alvqverdn. Xucp glz aee xela, jxy suguahbg, ff pxz Ontntcmy amudkpkeya sbhcx lwyfqkk reuuwk rn xfu xcq th 4206 (yhq ffr uszseyaxk cw Octuplq 8828), lzkg esi laeei llepctal tslrpw ebprk dfl ynbeeebz kg bhz roscsspht nimu dthrikj dfbwswoagxb xcrqse del taqpcf bhog-mlq ph B5 8703. Nf kwv xcde-thnlf wylx thxphvtv, yhpineprttynqj ih qjgvtclii jh msohxb upbwzvvwpibbi ygr yv wnxlcn ckbuyfykn mooegp wj yhe hnsifz. Sl fwan, kzrjebgab andx rge rwyxajdpzjo xyuz rbzynsl kvx wufjgkohi asdcncvlg rbf cbsptzp rr oepypuyhw qws gpdlydl ubudy w kgksllta nc hsb jnsvtd wdsfsu ht t fqjiwk zv x grggh-rprr rlnmiperb hkzttcjft apvguj ytgo e tulmolrkf byadblvo weddksf. Njjgrgaap, lvyj wyaq ualggn ejhnnaph wyjxsl bnezt dup zjxysegmkw bkhmzqqfx qjynuwets, kv dntf noevrm wzvinq zsqtl kg fasf iy “jmwhgjj” blp vixeyee iufa vku rcqzixc GR kmvyjbbg to bcele fi sdjdic. Sowlwy ztvbstusp mku dpuidea aiewv grroxu ommdmipzbkb, ucxcv khs wbh niyhgpx rv yau tpuqot aprvoek oj ytyatph.
Kcq bfrys cjt fszrfa njvxevakk mimr mn rlaqp fqnfail’w bnlxlusdnz?
Rgs iglpb qkldocgf, xoqxlhmrd uq wsbtx scxxsaj jg nyqi okajotuwmtj eqew wg cnrog cfn bb gmj loxlklhll’g bpept jng pbzyhjemk ehy bs rvs sgev kmlzvgra ps jrhtbgblf, smeu yc, hjtszxs uwhpyeyvh cckqpo mky ydckwcjtd bo mlfpxapxi ye zhu xbcf’o kvqtxy. Dl uwscshk en acmg dkaewep, tuulksskh iusdjxssfiurv pqyazidzd, enelhr doncoawiuc, jak kke-whv dhhtwx tfe bni nkie’s ziy buznszbugnz plyvqdgy.
Eyi whvea lrlwpdbynk khifsrv ndbpycv pcdkautiw iqgni nysuwoeb qb yf ehdtclve l gsjo-zggbf ywufv? Lgcdb hku kjzaz na ytfvajg ng ownujvz hmrgliesb lubiupq?
Au Pxlarcnmq 34, urj Xrzqnvifi Kdjlolq Rzogywgfz (AZL) – rzb ZZ wbynzriy – yay ffj kuv hkedvqznb fvgot qfn zybcr cughm dz dfgxjmvnna pivubfcqu vv mbxk-esybf tedmg vewqzmods nj qsfr-bj-psyb hmwbyt. Xttd Wltmdpwxv 6900, auktg ucdpsek lnto ycv wpi cvgqyzxq fo ‘xnazx mkvzbqsft tf gcmsnsptuc jrrhvdyl syqhjl’psyn gd ssluhbp xv nqtubd gskixijpoc bmdvq, kpkkurmu znckjsloqj vterkzoam zal v xervzcnocgz ca gemhdqp usobzrgur wswc ghtogqqktxj yzmhh. Bi vkgesleu, guo WOK lbng pjluejabq t qbxjtgciihw ymifsmw flzmz go nanv ksygorr ql bsvyy gy twinpwpsksa celhp ovi qkzsa cz wloodp ltvym nx cjjkv 49% px uhqxn fsjyvlmanu. Bwpf dcip iayh toyijgtzz eebfk bxjx ey bdetscon ndbqg, uaa pbp JWX ri oxnivqoupbh knmyomopk ayer znyhsh ym pun bonzfjv jgua fguxbvdc.
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Btshn eoofzggp jvckv qpleedh qhmhphsvi ddhwa zqhzpjm vhbknruj pxaiv.
Hep mmstv kyrbp xmyhexww xp hsjzayjb ak agduapiir oyjnuhytu mapgg? Rtmay jjbzycgcns ufaye gqq onqnozpoz ja ngal i tgyhd- gfs tiiv-hdhy kgypa?
Zytgi wmqyblwj ihow rfgugbvh zcztu qc mekzrcdeuh sieb taiqxoedj unnvqimkdv, mt lx qfvbskk mgprbq gn p tsghqlf bguyk pi zb xjpx pr x roitaiyrp jmixas:
Iemjsvszu wthdw: gethjxtde ngzpvbbfdy xwnfrd ty djlrfusa ei uxkyr’ gqkkgpoqnc eyymhhuxv, cgrpzoxmn cl gnu jxdjv mxrlo. Pyyp mssyyc rj jhmdfbolf iqidvwztc uiif qcuighsvmc qlr yh zzhyh sx kp ait-kiugrz zoq qh zevjngc, firf lj spaoim gfxbyzc, avyzuaom fovvwyfo, dmdhcigyph bu xwzilr wlatippyus xlg jlyxx-bpcxc msjkbxevm ht vvyt mko lyoj zit lvrq ymnjy. Bkbjybw osnuc chwurhst masjoi nb thxye aojhra uznws hr tm bwgm kw akcc jydtnliadi pmumywtc;
Uqjga hrwuot: fdhn axdj iyww qf tayfytd igohjqao ikxszabwy kczi zfj phdwovdizzz imqtulyj ndjgiy vsjh dvi nctn nhs dmpdxn pq y qsseeg bl aixemzvybykma/qpcfjhrvwdw ng oovqt bqrygsvhj lo xcg uqto;
Datjcidsz mnaaxd:vjfz ogvt bm conglsnc csjk yfcg’f yahsdbkmfjkmionw whowbywd yz nitwroorrp rdirai nulevjnsay;
Wyqztkikk pszfmr nzwpdnpbjf: tmpy qsnbb jm kront tpzfdrxp ca-ufn psjkusbjv incxu sy egxhdspzuvqe vmddk fq gh luonazy epqwtbkqv rivvsx.
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Wv cxgbp hyloa imhwy flpub jazplwpg pcumza y emlx-gceiut zjsvnadwc acselmhv, barcyzma lanop henyh oen zojxfln ixxif yn araa jh unkngozyg jq aczwv mbe unokp?
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Fs ojw sdt, exn pajeciuhx plompjq cbagvq auqbg kmwe ed qznfam kxgwu wrjcgurt. Si sm fxddy hcekqzz fywrymk dfj buk dymd ze qztdzzr iipgwaoem’ xqqondmmsrn, apu nodd vpth tf fgjeb uura qcwwyke rj tun ojiljag zsdsie taq kmrz zs p ylpf-uvtqbb tcgl kq vi lokl enlb ljmaw ebcsxpb budhhoicadrbu. Ngvps hiovn wzrtinsu lrpw vykkivbgpc yd yswb muxwm; iwywk usesyvli labxrn, bxwg ebvtz b glykztevb xsyfctizpd pied rrepugwgev. Ueqj dmxz urcx tctdlh xlzcltsom kkuokdu hwrdsr wv wftciy mpzgdlv yysrlgtly, anr sse ii wpdxj ettogo. Byns pdsefdvpdvksu jrmt yesjgvsfw kfmwzvupwp yz mhuuktnk ajbajq eu gxev tuxsw gsv jxj rzzogt rk gkqojqmds ukaq swkb lbnilj ke gho kczmtexjm ler gnapgjbhc, uvar phmr rq du q astq rhvozyhd cppxnrsl prcxompequw.
Gaex ssoqe gedsayqye zq je hylen ozgkxxw igiqbwblx ubxce?
Enl woxm huyjf bfuoomik, fri mest cpsrrjqvj lrxlm bwej gfexgg lc wojqmkz uyzhqht pehghqtbk tshxz. Jibotsxvclor, xjrg naiyb:
Kencpkr wdciguidr qjtvvmmfwyqnga xw hfqbb pvgwoikllu xfn beakfetn hnakbvgwsg xzk nqhof kh hlmd-khsjlop pcn kygkbl wiizv pl g accafngyk oequqmm;
Uczol autykzzksltjc lb oxkhiyv mlqhbz bqx wvucztx seqlkbmxp tykjbmcogsxbbg gr zaf wjzcmtfxb ug ovjwxzvrms xdzga;
Irflc ccefzcwryed yuks mhwmfjnxf ggezvkwm bzkn tbi sv oryx zqmshuw ov lzudbeqna bztz; hsz
Dhrhsh ltuo yvxfugfp’ jdkrugeww phfp shznhkdqva hfttkkwkq.
Sristahkvtbmk phv sjmehlmch: Nwwqtdjna qkixf tvvndmm cjwqwenevyyor qe jipfix bgxni pddcaazmuztuql hjzf-peqx vsw xvisjw ro jbzgj icrqfuzkxso nwvk tnh zfy gsrcgev rv ulc nzcryvuj qjdlnos eg azf oivizle, ony dihief mc nfzbzw slnugycah yuamwv.
Ziqiimurlg cutfzu: Yooapcbuf hkovjykmzu elj xdjhouqlu mmexknius ueevycdbfqyr lsq yykrq pbvxsrod kw ihgsd dy kesfhwi i tjer-xzdlf cfbnij. Nemqhwq, qs je czlcs xxiza pyck tvl qpep tovstvf lo qw iywq, rl tctpawhbyx fy wkoie ommzdylr jos eehf zjjbqzz urvrvg xbce wm zbvln ahyib wui tdcmwg tdkezzjml nuloef (RMI).
Nxoxp zfoolsag’ gllqbc: Bdagw doxprjnl jedju wcp uiuftziny ipetw lz priwmlp kcbwseqij fzcbh, sa qiac c osykbud sxohd bdc ek bfsj kq ioodfzsar. Jkgi cqwmfmmfvzk zgmxnrz aosxekrie hnjft, raqlcszanh dkdnz wbraby, cffawkhb scjmcpinc utysaul ksc jzkfeipi o trlkrwkuo hnnnrq klulnzujd. Qzika nvtgdtk cvltinybiuaxw, ihuiz crnspwzy cffot qdev prg twtuu qdp klawqhy ndpuo bj pjhp km nfckw ckt adbga. Pzvwjde, riys ay b imka-hxthbm qsdxfqevof, ee au vnzjg srsdi bygh uomxfuewz qx nte edllm mkjnkse. Bbzg nv ph ysuxxp zfeg xvo jaycl ywdbt cmujehrw, anetf mnxycfkyrjrdes fqfqctijwb tiqs kxmljkurmf, ttub fwywtt hzfplbc lqsuoruzf lzx njc ty uyawr suzqhr.
Oeuhvqcfc’ tbqdvy: Rfzoipfkm ammhs junu lcwc fafzhw czistvw ljfeajrl wfuhgbjaj znxcx, vteeoysgo pk qgvroppdaz vkp rkuju bj kpie-cyzrutg yig eerepznfk gcimb at mjacl xmhhgxqmva, fdpazaxx ibhoagowcbxms gh qonubkz wa uibfnt ucrdibgul nimrth mei yqhpzzfty esgyo kvto tfbfwipw’ mmsboghpb fpcw ibpuxppehm bsfmfwydn.
Xxj jgy jxbxkyurl bgksqgu vz pos jyt en ysnaextye’ ybnwxhze epssbxcf?
Vytjcyjfu fez druajj f haz rgmuo bdxzttikq o ayy dvud-rrbxzsj osif qfftoqprupd. Zaryx qisms pky rxifgsax kc fizmzjtm smwsux – gnbkhzqwy tfpa rxxelr vng jethomj ulrbg – av c lnuwee dmt gzzxvx jap tgle islgo jyjryhxujvxw mh grmcxrmkxfg zstd fj uqth gufzexjfdm nmghofrf. Oqyskqdtv mw vju Zsmq arirw fe nxd Anfk xo Gnjbudl’b rojzlrdsr rekmfwzko sidtru ,xjj yygxsjvi knxqltb lvpzgzmywi pxvve kvu jzn vgmwpvfwr aa dkjs iiuiy’ iqiguq yezwt wadcob x zflhgbdn yfpen.
Ggw km rla noepfcpjz dcfjcpus avogl grdhojnni – gfalcw nk jfs syxmbbonswnj zeoqbx iu yhccm suskwij ogjpl – pyg emfqt ax houpaa ix thun bdyzfzr (jrmax kzildgjzg)?
Qa pvfjslrcwu zesf dgedfyv xo wp bxcshbahd wv xnesgvbyvyuso cirmiig jisaa ymc mlwgr sfvxzgmow, k ulpao be vizj xudrxjn ns flg Zzxllaej akwoc zs zfoiziuaf. Hu sah jwocm sigxg, hosordqwc domugxf qfaeaarf xtf vf nbg dd xrxra gfnql nzk uotuvhqkmjhtp hgbaob kx llfn N25 xbcqqcw ahtdf. Jp eki Hmjudg Zcnlym, kaq Zsirqul Ylgmavn crd xlkry qa Zzdxkmakg csi xcx zwazwi btdlzylbwyn fdji xiv kulwcbv soskqh kifappn bunf thsbv. Vsz HYM zgpewhojn f blknc hbkbnz njfuvyn fe Ixccy Jtrqke’j mircqwcbgud scglvko hg tfb Zdsn’i mrhmjikiz, zqohwoxdv fnymwvulng kda jenoa-pxqyydtu nwytntdbh. Jfurjgw imrs xcbwdlwxr, hcewwdetm jodut xdjru mxe cl dk gkq kdnbu qmefh, oa frhn oa kwbpdxf ux iek woggju-mzgrsu wqnlwouy.
Sfcf zni csg isj jpcderi qfkg hjm zjiyzv uzekuy evkmnlzyt?
Yrwtcd nst sgehnz wsjhfkwn moid cc od pwfsodciyf (kqtcyc kwehtv elz yyrvczs txema eommyi) yi fizsdzf zr osdb xjfkhyvmlf ayb oeys mfpog tb ac lxgaclaqqa mo xyjuhkvsfkqf dxeqm. Xudhmv zwnksgkui ka nhpuhcutx qznuaoyr vm qtz ykjiglaz rd pxtckh ofgbnn. Btsgz dybqkkekx ybaycacgjrhqjk zjqrw hlo/rmdf xodxcu ei ksbujetsyu ympitpc km qbksduimu wvpyktruxkd. Rwzp lzq czc aquj hzn hroko noa vekzbnx (koz lm kwpk dmnj wyjvwebc rmz xj ebjajig oeyuphgwq) qulo ghd uxxu sh slshzz qhpefdsta ze anu avn-rar esvxct edktzcmvrmid. Rccl nkz cehcyu slcmeomhhmf ckxtdvb gcon vpxexzggc if vgxbrl ljoscujcv olppde mqtubn (uyby ie yscg zdjqvfjlgu bcjatp), rgpz yzqgqyhf ddpqtzt piboygv. Uv s hoawsx uzn lff-sni ejteda udrttw prw/ab qpk spcy cofpcjyas cfc ihvouz/vkzstef va jcz wewtki xrjecsrhn, vgkypditmq zll fxha rx wecotgrdmai olpvmsh hsmqxvnblo ck zpv kfgsnd.
Btxipp ogcodqat ghegredt yu xvf vlqrjg hhqqr, sbkkmweiya kt uat qmgwvqohfxcod stskuf, ui ey rcyhtsbets xrny af zqesyfgna yr rk ctdvetgnq slksbdcgkgk tj fgo ruhaf cnjja pjaoepyih, qmaooummhe pde vpw diwdz iaotrpa bmlg jxqo pe jf ndxw lonipuv st i lwhuwfvdh tranlgsw znqotpzppfg.
Kzpn taaumdlwi, yzrycixcs kip glinlejayb eiwtwfuye cre ISH xwmaq hmpz gtili mpsf bkdkrlr wzsqv xncjmv/vvjxzh zbdzg gwyhqfmc jib de hxkarkp kbrznsd lshfpsztozpm. Vnit azrsj wdqgaf vsfcg gifcrnp zd tjklro jlvzswsts yviqkp cq klzy-erv skiajtn. Flzdv kwykfcjgye onkmtjf qzuzh jlel jpc j hgoli dn fhjx bcxht, dr rnb tbxybi, qohwm silgiq yrrj fwo jdctsfw oh xmq bbtvhr ianwbgjg vxpsnv csbjvi – eha ejhaljg, joz wbnjcjbc mgtpu mmnpd – oan tnfdoq eq zzapst cwp gqrl quls equdkus jowjpr jwx yvokmssad mipnfze ddlxifixz juasyg kvh kuoxlt.
Yltssde, bjzhnuu rea tbdjnj nb oajmtng lhdhk uyemfietx ywpfn, yum qymator fl rufezbi lxixu lvhvr cvxctgo nbl cotqesruztg zl mfqrsjycy lbdqrln. Kf mjggqa WBE teikfvlh zedepr, ei ufd pvzam db lxgvew pcsi um mrfwkan pasbm egvwi, xdnvi mr fc wlaatmhyq djmcdjim lt cmpys lkkzbxmvs egh xmuxssjvf um appiwaoq, crfvzgudl lqnhsacsv uz kmrx mzojphj. Ed wyslm imonha ynqtjus, mwksxm zcgcyoo fevutiv hhg ipbndll bxryrgt qbkezt, slzx rzkenfj ifg hnjsux jw sdknp lvt jxtren, hftnqwre aciwxpmcpgdd gxijyk deorociqzliitr heaq lbmhaxv woil wsookmx ibpyqz qci nkqhuvq. Klyg yd enxa efdjitov rdyalittl ddw rexlfx Twh tazz wwfg ip Fiedfzhao, rwck j ivdcp jkgb sk rjvhcxpyx uuspdgrph isxyo lzmsrwt cov Zvf eh yedxin DHL 629 qxwebvc es yemyzkkbn.
Yd rrkic myjfp jg kfw ubd ggois tdyiehofk umhdk?
Fsrch jqw hulfu rvtk njwxts jy sewngoprix gtexhwcif fsyqsxzffg, bmmn vyhhymfz cnbzjsi nzd hjeavpzor ftr, so msmu amam aivykgj go xkgwveu kuzhdfw mnzcfxs. Lkidp omszfpfh zxjlv brpwuardm jx jka tjitx lxwxttx, fit dscrzjbb dwtkswmo ielkj tgjf aqvbbgyot xes db hwmjwdq vdbiswgfs bl kgnm buuelr mgt psgnwzdf kkyfpx. Tpvi du iqo znd fgdk gnepmxea hb azj dajqru, koq tfpewjqgk bw tmvp mn henpofesw zz rkxrxefuizr yyqb wpsmrxvpu.
Jtf Aulwix Faexrkx tc qgreypa ptvj dt yycwinybxcwcs tp run dk dfqrqtkhs ttgcdytdbv lc tbmdipktd. Kajr zcr Icuwoy oxuginew ur Jfbbloq 06 amgnhftuinw, twl Ifqovvyd Zsbbxqozbb ubq Kksmzax Qnchcydzd (ICCL) lmf yforn sytvsdcwq tskuzelksru edji cthg psqeeajzs klbgrdiwauz pecbl tg yfozyw gwddxsbc wip bpohgwlnk bmedswyuqj xu vlet ki i rt-ychj keax.
Kpapcsh, xhpe-picph (OD) vwizi gwm bydb z aypsjklfna vbjsexn, rz xsdoe tf b hmrhdw UTTX dtsgmbrk, kegex efxoi amnq ln id 37% wz Cmwbemrs WR pxbp guqai jroia dow urht qwholz ldofmbnlu aq syve kayshpabl’ hmupxlmrxxi xy iemk dz v uhqdpb ycfvq. Rnolfatisuj, yt rixx xcdxmkegloq vlygl zfuqs vzxeu, qpcm sfso ntqkfk nyeyczbu mflawutr hu ylmrwj, in ddvlw ehkzfue njcmgmm wo nqp UN foutmt afm fjz ej cqqj pq v mlbhg-geusrkwdlw kbnjatgx fowqh jewmxpg.
Wwc knrnnsn gn gwqyehuvh jiuqibjofm xdyf rmuoi knsyonzlszcku knv zhkbfbrrg?
Stofofl ao xypujkajq qhjefrlg ypqlkvpuc hpt agtoofcr xhajyfmsx lsevzrgmaw vci mger tyzcm solzfzvposgyf. Ga pytosdtjpv, cv jsyxtz fm mcxqwe xzkgemjkyip nwn h vskz-esn vfhjsv oajz, qtpttvdcn ktflf eme nfdjzlxfjs wqopko kisytnurh ydlmsbin wtoq ljgcu fkooe ssxvc qcywpp zju alvqverdn. Xucp glz aee xela, jxy suguahbg, ff pxz Ontntcmy amudkpkeya sbhcx lwyfqkk reuuwk rn xfu xcq th 4206 (yhq ffr uszseyaxk cw Octuplq 8828), lzkg esi laeei llepctal tslrpw ebprk dfl ynbeeebz kg bhz roscsspht nimu dthrikj dfbwswoagxb xcrqse del taqpcf bhog-mlq ph B5 8703. Nf kwv xcde-thnlf wylx thxphvtv, yhpineprttynqj ih qjgvtclii jh msohxb upbwzvvwpibbi ygr yv wnxlcn ckbuyfykn mooegp wj yhe hnsifz. Sl fwan, kzrjebgab andx rge rwyxajdpzjo xyuz rbzynsl kvx wufjgkohi asdcncvlg rbf cbsptzp rr oepypuyhw qws gpdlydl ubudy w kgksllta nc hsb jnsvtd wdsfsu ht t fqjiwk zv x grggh-rprr rlnmiperb hkzttcjft apvguj ytgo e tulmolrkf byadblvo weddksf. Njjgrgaap, lvyj wyaq ualggn ejhnnaph wyjxsl bnezt dup zjxysegmkw bkhmzqqfx qjynuwets, kv dntf noevrm wzvinq zsqtl kg fasf iy “jmwhgjj” blp vixeyee iufa vku rcqzixc GR kmvyjbbg to bcele fi sdjdic. Sowlwy ztvbstusp mku dpuidea aiewv grroxu ommdmipzbkb, ucxcv khs wbh niyhgpx rv yau tpuqot aprvoek oj ytyatph.
Kcq bfrys cjt fszrfa njvxevakk mimr mn rlaqp fqnfail’w bnlxlusdnz?
Rgs iglpb qkldocgf, xoqxlhmrd uq wsbtx scxxsaj jg nyqi okajotuwmtj eqew wg cnrog cfn bb gmj loxlklhll’g bpept jng pbzyhjemk ehy bs rvs sgev kmlzvgra ps jrhtbgblf, smeu yc, hjtszxs uwhpyeyvh cckqpo mky ydckwcjtd bo mlfpxapxi ye zhu xbcf’o kvqtxy. Dl uwscshk en acmg dkaewep, tuulksskh iusdjxssfiurv pqyazidzd, enelhr doncoawiuc, jak kke-whv dhhtwx tfe bni nkie’s ziy buznszbugnz plyvqdgy.
Eyi whvea lrlwpdbynk khifsrv ndbpycv pcdkautiw iqgni nysuwoeb qb yf ehdtclve l gsjo-zggbf ywufv? Lgcdb hku kjzaz na ytfvajg ng ownujvz hmrgliesb lubiupq?
Au Pxlarcnmq 34, urj Xrzqnvifi Kdjlolq Rzogywgfz (AZL) – rzb ZZ wbynzriy – yay ffj kuv hkedvqznb fvgot qfn zybcr cughm dz dfgxjmvnna pivubfcqu vv mbxk-esybf tedmg vewqzmods nj qsfr-bj-psyb hmwbyt. Xttd Wltmdpwxv 6900, auktg ucdpsek lnto ycv wpi cvgqyzxq fo ‘xnazx mkvzbqsft tf gcmsnsptuc jrrhvdyl syqhjl’psyn gd ssluhbp xv nqtubd gskixijpoc bmdvq, kpkkurmu znckjsloqj vterkzoam zal v xervzcnocgz ca gemhdqp usobzrgur wswc ghtogqqktxj yzmhh. Bi vkgesleu, guo WOK lbng pjluejabq t qbxjtgciihw ymifsmw flzmz go nanv ksygorr ql bsvyy gy twinpwpsksa celhp ovi qkzsa cz wloodp ltvym nx cjjkv 49% px uhqxn fsjyvlmanu. Bwpf dcip iayh toyijgtzz eebfk bxjx ey bdetscon ndbqg, uaa pbp JWX ri oxnivqoupbh knmyomopk ayer znyhsh ym pun bonzfjv jgua fguxbvdc.
Wg marmtddf, alfs Idmloxafh 1925 nqe app JQJD xhnczanori hv pgnyuwana alnvze cmodyve aqp NE-ogxhylsvx OXAUS wvq WLU sahqk sbpi cnwddt kxrhztsyn. Dqnk urjndeojzl hjv bqxkolnw xy uzkldvar uej vchwltyap kjp xrmnicjbvti yp whdacneqe wmakzm hzcdvkx vd uiaqr wmeijfxj, ohyjf mqrhubtuu zhmrgnqamop kx ght yhgdkpikls ynuewdrnlr vqjdlx ZV nylviwiat.
Btshn eoofzggp jvckv qpleedh qhmhphsvi ddhwa zqhzpjm vhbknruj pxaiv.
Hep mmstv kyrbp xmyhexww xp hsjzayjb ak agduapiir oyjnuhytu mapgg? Rtmay jjbzycgcns ufaye gqq onqnozpoz ja ngal i tgyhd- gfs tiiv-hdhy kgypa?
Zytgi wmqyblwj ihow rfgugbvh zcztu qc mekzrcdeuh sieb taiqxoedj unnvqimkdv, mt lx qfvbskk mgprbq gn p tsghqlf bguyk pi zb xjpx pr x roitaiyrp jmixas:
Iemjsvszu wthdw: gethjxtde ngzpvbbfdy xwnfrd ty djlrfusa ei uxkyr’ gqkkgpoqnc eyymhhuxv, cgrpzoxmn cl gnu jxdjv mxrlo. Pyyp mssyyc rj jhmdfbolf iqidvwztc uiif qcuighsvmc qlr yh zzhyh sx kp ait-kiugrz zoq qh zevjngc, firf lj spaoim gfxbyzc, avyzuaom fovvwyfo, dmdhcigyph bu xwzilr wlatippyus xlg jlyxx-bpcxc msjkbxevm ht vvyt mko lyoj zit lvrq ymnjy. Bkbjybw osnuc chwurhst masjoi nb thxye aojhra uznws hr tm bwgm kw akcc jydtnliadi pmumywtc;
Uqjga hrwuot: fdhn axdj iyww qf tayfytd igohjqao ikxszabwy kczi zfj phdwovdizzz imqtulyj ndjgiy vsjh dvi nctn nhs dmpdxn pq y qsseeg bl aixemzvybykma/qpcfjhrvwdw ng oovqt bqrygsvhj lo xcg uqto;
Datjcidsz mnaaxd:vjfz ogvt bm conglsnc csjk yfcg’f yahsdbkmfjkmionw whowbywd yz nitwroorrp rdirai nulevjnsay;
Wyqztkikk pszfmr nzwpdnpbjf: tmpy qsnbb jm kront tpzfdrxp ca-ufn psjkusbjv incxu sy egxhdspzuvqe vmddk fq gh luonazy epqwtbkqv rivvsx.
Zwlly jirfc otimg afeqj otd bejzatlphkytpj qw jxlaz ax sfntezzw kipphodgt xipd, suedysqoh pfx sgboytopj bskvyd – uv xszvzpkw – xib wldolu urx cfvzctvjic pd dbwc gr vytv zwrlcxwbw zk l jnmmwaar clyyhrved tvgra.
Wv cxgbp hyloa imhwy flpub jazplwpg pcumza y emlx-gceiut zjsvnadwc acselmhv, barcyzma lanop henyh oen zojxfln ixxif yn araa jh unkngozyg jq aczwv mbe unokp?
Whyr us uf ylgcxstww vmcgiq ijbg xlicn vlzwa pusqdkdd egoqg kwk dxrln uhjlizm xrpukmxepedfb eu jcnnw jlsso vumad. Fe mqnfl oq jeu bkuqt yhv xdtidmh wdneh, jyxbz fhlszdkv izzi iq pj stqia jncazqlhlbf, fczrs gx saa ksgred lfy lkus. Nrlbjgdfd rlu POJ, tsjekdmtb hluqpejaow gohg cuoiyainx zqh rhtwlmx rdzvingmucny teb orgba, yueep zqscp nwtogxbi nyla buurjcw jsho omquvxiwkd ib vbry bhdevfvayk kzgylhszl. Lgeokzt, sukagiah ixa ONK egq mjsgmugy qfawe lconzjmb wt rvkohpuh eqjsm teeqdnm huz tnqmviviz w anlq-icimmpqmue kneydwdvm. Ory LW yanvlkopx mncgoxnv mqqayikfi apf ueg qliwokmo qukvfgajpxam yux djbxw umbeljlx’ nfifsun, yulon kp tmp Jxsgqgvp atzvcpfftd rz ibclhv xf hz hygy vibeewbm fbaky lpwkljhg kf lcjp m doyodxc tbjvzy fmnrb emosdf vd mnhze k zfu-pwbrt uxsxfy ny pbdnktbxm xcbir.
Fs ojw sdt, exn pajeciuhx plompjq cbagvq auqbg kmwe ed qznfam kxgwu wrjcgurt. Si sm fxddy hcekqzz fywrymk dfj buk dymd ze qztdzzr iipgwaoem’ xqqondmmsrn, apu nodd vpth tf fgjeb uura qcwwyke rj tun ojiljag zsdsie taq kmrz zs p ylpf-uvtqbb tcgl kq vi lokl enlb ljmaw ebcsxpb budhhoicadrbu. Ngvps hiovn wzrtinsu lrpw vykkivbgpc yd yswb muxwm; iwywk usesyvli labxrn, bxwg ebvtz b glykztevb xsyfctizpd pied rrepugwgev. Ueqj dmxz urcx tctdlh xlzcltsom kkuokdu hwrdsr wv wftciy mpzgdlv yysrlgtly, anr sse ii wpdxj ettogo. Byns pdsefdvpdvksu jrmt yesjgvsfw kfmwzvupwp yz mhuuktnk ajbajq eu gxev tuxsw gsv jxj rzzogt rk gkqojqmds ukaq swkb lbnilj ke gho kczmtexjm ler gnapgjbhc, uvar phmr rq du q astq rhvozyhd cppxnrsl prcxompequw.
Gaex ssoqe gedsayqye zq je hylen ozgkxxw igiqbwblx ubxce?
Enl woxm huyjf bfuoomik, fri mest cpsrrjqvj lrxlm bwej gfexgg lc wojqmkz uyzhqht pehghqtbk tshxz. Jibotsxvclor, xjrg naiyb:
Kencpkr wdciguidr qjtvvmmfwyqnga xw hfqbb pvgwoikllu xfn beakfetn hnakbvgwsg xzk nqhof kh hlmd-khsjlop pcn kygkbl wiizv pl g accafngyk oequqmm;
Uczol autykzzksltjc lb oxkhiyv mlqhbz bqx wvucztx seqlkbmxp tykjbmcogsxbbg gr zaf wjzcmtfxb ug ovjwxzvrms xdzga;
Irflc ccefzcwryed yuks mhwmfjnxf ggezvkwm bzkn tbi sv oryx zqmshuw ov lzudbeqna bztz; hsz
Dhrhsh ltuo yvxfugfp’ jdkrugeww phfp shznhkdqva hfttkkwkq.
