w_X8ϫp&&nzNHH0C:mY;{NN33:W/;+]tG%IY6}JlNQOxr{kxQJY?>U9Jag/K˴1F)ugԍ 0,t[|﷢IM>_|3Xب1ÓVxvWi(jdS׹o.N/~3ClUގNs-Wo5큶(pn6r_{fYU*7' ~=DhF68JQ^y{]tme} ~\iIv ~&z5hg8wgY3f Q9kvVm,wIιϷZv߃#58Uv|vGw]^;yݿ~`Ja'෪Sop'`it}箺 gډSzcnWw=|?'#Z.|UǏW'鑂E2l{|ۧwpAg7`M_Y/d3'I5AoIr=>gM[, շr@y>|/u8Q.O'`p+Q\:eJO:s|ZCuz}dˋj}^} 4{Ʊdgy<5m vzT@du/[}6É*}*2Uwڿ ;r0 N4k~^/?dIr?:Y^Xjv{/ێ7~:|rrM~~y5۽e˫ϟ{o|m ~״ĉYU#ȥIvՃڻ{5`>.]ڕS]5'I{Olh:k6vLSv\=׵sדVΒ:8U_]{}ac]|xw|HVNw׵Yv+ln?mlY"9;ND~/xln!@̌hE9&}Mu}9TLJW ޾=ubA7 '&Z/8~nğ ŒڧW@-{%ˁ4i[O1X8.n+WɎ{}hߛ)6Čic%]οG{,!Dw__;ӋzXbs':=i^>WQQ_/Oqr'7𔏜ʩ_7n֏b=!nޅwGV|auBk19\N*IX=FT'g2LB6ɑoUetq}[ jY(@N}߹GErs{KbWoGGg7ز Cui39g$ǓuV}]]BQqSW~ .?㫯TkClxhgwtJjFV_;mۧƮsRިztq~{S$ЛxQ;{~ONnxgIڝӣϗׯ_m> #}:{&Jզ~a߳pJk~{::޿}@z}rw~ 6'hAީ;>گC=Oy< ד\U|Ѿx[2R7?U "|YKwx{~\ٻ`߇VKa}Zzv4!mXoP^|ܭWz'6M3Mo (Y3;L &OeKBb'1OAWb ]Kp7в#\uS @%w`mpoy=ѷwŸK ɉt>>we|uoίh5-x!zZGE1Q^ȗYq γ :C^o r{Ѿ*Knq KSӏ_9iP}kx^n0fi6.AP bwTm&av;H|ipr;2G~ ٝjj /`9PȊ5]qoow!?O.\B|>BxM *bU:ɯ]M"o(KIA4.R@Cm¶c [R9{ 8$5 ѳk,Oqsj} st\1'23({i/j!h15DrTjl?aԯ*(~ԱGwt!ł?~zvwu_WF!@eϑ2K? Czce~?X+Kxb?8F$ꊼ|o;o?/ #B?gu׃J>k3C5#aE<!@EBQ=;}y\Ɯmc/ S?O-s5m ")>&HbrM(@T~B6 *Յ8g6!-@#)8D(6:GkYnR~pM@`*ira$*5hnXE 55]7H'Zzjiƹ9O1d}.e]~ tO^)^5r_<.A!yRMXuIxUN ѿ@n6y 0?= V Un bDYm$iаq9߀N(,g!񦞼*}6!Z (KcW~H/f5{U(J5YfU?q[NFPqo9JLǒ;*Fo믿_ݤ AV!(nMlmr-mǏJ $ |mگ c6!ԯuBJ_WsW.׾QzU:\C qf`ɡa@V>& < JaJ\wgeMiw@>S}ɸ_zҤ*z ]}OA !֐~pM%!'*+ # iuYlŘ9#i ʢe7x4NMDag"+X?Qu -3W`0_Z~Z'ʭ?PJHneaiVGh-\GYزW}ޭKteh/?JCG7QxKPrJT%0*YZM^ \ӽ] gT2Lx~\~}7G{vxF}%fyAf1<`#ވ)76)>jDXcZnmCճHXH@9߬a0_Y+|s>>K@6 T]T?*3$?:r?0E ܳQpXHWCh;$Mv9tUةG?ж; |g_eh~:E>~t.7t >P@_'29G?_!y# x}|FPHñ:7,N | NP"P/M!jȫC&Bs1Ǜ+ޜ3~:|`#EfJt+Sj  d`c(R,"Glvރ`PPBΣ)`Wz\bCb)ꋪRʢB RjYqŅ'ZP_:w, 8F*[.#jk4f:@p~vP/^'PLd ^Yjo`5S1Q?vOf#j> A H@1(!N>baO"c/2U=#>;lcu;JZ?_sՐGc:?&.~&Xv^wi b :RLP:\;R"giՂF_J$* ,"nu~!Oq %bx)Mӕ*ףXTIJviJ֬C $\Z|Wј~jw|`yl6jlmd% r޺4 7ĵ_=ܧȩ~3ar3;x*[Q.0N><nwXnuu>\vfp޹m-/R3M~j=-8w`,d_~Ymxzu9Z3lM?b͸9ӣ7Wz݄viiNIGSt}ziv}m6͋I}Kky\.?U'w?w?^xYng2<<|n9vŞpM˃yk8߿z}Qz^su}o?4?Z~'''_+񧓇ۉ6U]՛,Z>H+Wq}6s4ϷӚ~Qoymmon> }|4 b}wͯ_no˛'}t>^'OڗfO~ ӓQ5K>99 Wogяhuq'_G/яOjuOnͽ}ow_/j߾fýJr}#5/?'_6]G'ӟ>Y`?*OZٴOdܜϻ]r}س>_;5sn|E__8˯矓˟O*?|wm_ڷ|ͯ`ͼz>?8ێv{:|x<:_jZzr6輮߷j?N__~;4ɝ&7I-p[D̓Mx7}~ٟ75UI/1t׮}iޟtv'ћ]f|-&i-yrcOoѤ^zY3;Wa0􏬍sӯkjn5su:7?:\ևc'9[~*ǟq|}6e]^s~g<7MvD@3/l49Ńԣ7qN_?ts楷>W*vqe79:6}q}:}`/GK~8uYIʝ;:Ikv/qUoNkڪyiǯ7&7SŨ~߷OWO߮M듃G "}]WO6ջw׻o&'7w0:{TSuA{n|d]5/I?'oݶZ`׹MD׻w_vem5.ms]ҺOn?&>Oe77ͽk6|U6wx3rruc\L^w>޶att`^?҉ɏŽa|vx٬5e^Wpc?޷:_?ķ˟U?y9[h׋wwﷻ/gʧvzzχ>?qz7}gVuVO/旯x~j@gԛy|1:ZQ!\vUyM;{{vN;|yfx~pr?<-'-8| _])/oUxhLk{gr'oww_'?/,ʬ7O?}ˏEYW'|_]}u} &wǵNu tN]}z{dku~F.?]{vߜm~޶?os7ÇouPmߵ['OޏvR=;hN}ׇwN=vkty%}^~in^4Jl3S&}zts[~޼kMjKݽsr޿Ur6ӯexeĉMtp;:]M_=xR?{__}r_{.kG/up|x~e޽>= G7VӇwUuwsvX~$Izyx{qy~q\lccZntclyIMJ8_+̀lK6,z3ovʯ `M: žX/B)X Q8IH@Eg^'>}a6m#kz$9\d˻-+H0$ΖHg7Հf]tbG[\H4 {|DJ)k]VLnʰvZ]w(->%|J]j Wn-K 7~F~; {wH@oD {|t\xPu +u"MPB5҆h⤵6t Tܭ#u:PG8?ۯauW+~S<_+* x<"GpI,?[ofhh'a]9ƧzsXIXXjpn3v\GFq]5r.>(L2acetp*Pεs'<OLDKŠkd̋ىj '`\U/bH֧/4 E~dȸNwb|KL @PI բvD;9}rs a\q$:ŸS"C|dYӦSX~ric;߭ OHP#Y:%[ZN?_)v+m#hqm8ʖZ߷Z~B ?mY6c.~.\G-Ş!vѹP~BxDODS,!h/=Ûo0$UTc 77Ұy6@M)@cؔFn_Z,LLv+EbV1*R۽!Hy 3FaBERx61 `4a($OhpҖ4F,S=|KEp> E3Ҏ<373!+KXTTi&5QLE9*TMmj#jԆkh㓓vx͋QheȯFA&$EG$U[c#InX  !8C?A'|_1̊0Vfl"21}3oŹ"OO>6IZZ\_(8jRYR &@?ެ1dM㼾_e<8 -vy9XH8Vɫq5s)ap;Pf[_'P*r8o*1xLfcF]@.|ؑNί#i /EP"h B4Ez=7if.iD882sg0Y&i$}9Į\ i{^ [Du26{ vNFm֏;HW ->X \>=( G0̄YKI ~ÛX~u7Ge3mh~Q_TAQ?~]Jqs3!ppe9칷+mp?3Vjbjӗ'a:}SØDOX]S3ʶ)Leg^bl`FEɷf#&q? NkKm\qk5R/khs;Ⱥv?C_QZE AI‹?A ` tP EO0rێ֣Uo:ƏYmŭ) "P>a<#q'Ft{;7:I*ʰFU_yfMEk֚w;/Oz K4뱾l1M8e< 6?wҋq'-^KyT|h8>(4pWW<^$0 e/m74k~ߎVP,|i,Ϗ$D"<2< Bz8pB7Mxd'l5w # z+{8js } .@P  ;`"T8 ŇŇ>WMޕVjdx?nEQ1rWk / JZ3j24utaK'tXFzM\ ϥIp$;v0DLw3f6V6yin4 Ql -&+a5J7-UM`lRSHj|}M=Ƈ~FpH6 p7% 7]M₄E@yvbxbp #4K <@vBEaC[- ,SJ lF"lr̭! "ٛߌrӳOQG<80膶 9#fcF/q/5"!O[v6h=lWJ9A˵[urL׀Q9kѳg \0<ɤ`C?{il4GF;Ys1 g*/Mn f?fE,ʲF4rVӨnSrNRE;(VvUqaM8nxh#Q5L0[^ ⃜t>e{-OUm`DMX+ fh]]|EH` M'njLbCA=mX0bKk., &0wim;7{ؠ q ϻiPJb[0Ӈf+hijKarjES-w{H/ Vi3&YAQf؜C9QPB1bn,!N}S1\;<n֪z:DUA`[ւ$CC ",c7<[=t+hIq= Sid"YltbCp7LGKbWL+:SŊ &}/n.u{!)Eă$AUaA*U K~]lр99O P#$KqBKZ pףton.z6Ǯ]0W22mM|Xm`ikdʙVQLֽAjagREљ;AZt9 au̥ƴ8=h-Ӳ܎>\duEIE1x7.b9 gW1Z(TH@$@a t7\(14Wby٪ü3rMQ[^|S 7E&uq/ C]S)ϯ9_@. vno ]-t`5LGfO;{zuÈ>]ù.˵UO'` ܙvh #x=8݀[ wS-_ϖG^>7=+?ֶ_]t`)xh;qItg^X:d],񈍴\("XQ^zِ/A0BgT"Cs HXcVE++"N#ŭ0 }V (30.spreyQo# s^Yg_+lZ g7`PW_K␐j7.5RZHS\U9=J*T Z;_> ά006n[~V*D!+} n0's9|ifR5FCZ"$R^;Evf K-G6Y7 QiUqry4 5S$ VYڟt@ʖ52l< f{0eByqK!{D4gd9`ɮ1 G,xNG6IDQoѳ+oI6'f1{4ZTdJʣAҊ0",tyэxݑ@o\XVj~Q4`*v;-zINdخ+ 3ɮs?dG!ͤC'TiksPa;nP($J@cg9Oۍ$ +Z| ٗ%iѐ aTݖLzf7`h +V)={3¥Q:#Eo7r[q]Cc(%_H{|tWy¼JVojTW+tm)٫tB`ǨaO /\5j }zW<"N$(^`Pn6lH1u1S=RI:U@vtgA5Q0`9凒Ҳ*7w=`v$0p1a7FuAO2 >D0U S*K$%B`ɇ-9Jir5zӝ(蛈̩=(B%^8Na[uKYGCgZ-0KqbP#9 S`10ĵ GUT{3|@4 y&G:Rڤq׭0I֕X\#Eq ?nڟ(?usz;£{q?$0Rgi L3C|2T^P7>Qa IsEosxJM:ð0aJJcd) &(GH5,_qھL0O^]<2x[[]/5L͵TDE~q=houq D'].8Uۦ9p!.~@6Ы@Pa?Ǵleu{y Q}lQj$^N3v88ܷ/(EH9OQaYW"`cyv2Je'(A "q2<\SJc`B'76|.t™? HyrWE0]_7:w5Jqo,?Clȷ*GrDE_tYSJ4U2O*i/V 7MpP/WBb0JL5FAd"P[~_s`C6YoItoi3In0Z/ǫƐW8}WtaijR^ R[ ]6+L mS/o押, dYO8q1Lraiږ !@1X%(\أc&Ξ/&(o |iz0b櫥-Xxqw&d>yM'Jㆻj3.3V֐o9ʪv;a?h(O1Z=+aYR17יЯOMHbu1QmG 37=vZx~;b|EǑv#q,)L+1c^L-î0oIctRDc [IMI"ލ|O,7h)jܿ^nMkQP=D/j4S<Wvt:)j);$!1=f$iGyNFl4tsfVa#q}z`YcÖWd@0="7"Tc?awZNӘ 9^qtYOHκYX:r:.LÁ$V՟]db˙7:X$046.ˋ!bxs =!'$0bC4=^8As((x<~˃-DžPJR5.f@e} #?7<&!6x,oIJufP&q zhekŮϢI]$K=ɬ_md> 6ܚ#'nЏq+ gհ҅bkI,֍f@*2ahF=Zфh Y"%Fqt"tOr) ExbMܠwTz\(x8FjG6ĮAlHezglU2F\@B@Z8j,1>\@rcOYkv< ap.b;xfijhPQ.ZaɋXF-bէ)g@ vkD P^5{iJ`'d%w.(t[Ui b(/6K-[po( / kB v( 9H%ȶ塳ydK.F-d?/O̞Q/[{LiUQ8H 3nʟfZ U u ' h4:ǀ5Zy^+0LęcaJ hP' p((Bq| ۖ,s.;a@ %˩o-Y1Ǝ"A65O*P3췌iq֞SJN؋\v<,CjS0 -oP"uۑg*MY7݆k#AXL"siJ;#0Jh#4OcV 5rPf=?>pBDd&7_c){ih Z,EVW2"a&PP]bV h۝t2N_"fZ䇽nA1] U{e+G$Gfv_ZR|3fw&JGD[a(O J9q#e֫xIgn5T. wUnѴtͩM/pqQ-^ W¨5]vf/&W/v=MPDv06"jq;;EZr cȼCq=t-U!]\C;xUvjoQm?@feW5i9xϻ:\Yά8XCFa< y0`g[7%E0Ëê“;a!v{ʡ[38N)n?#a/xBCD uqX^oExbDZQ)OрG+.#  lR\:x|cN-%N8,rl][wn'Ik1ȳ".1 NSNYn)([Eh|3 ias: б۴`Qtr8Hrc9k6 w^"nk5[45wc)5FzŞ0F@bj*^&X=?.`Dd_'ܘ+x>7b.3hA"~*JIWhse:W,<;oxTzx2Hd< !aZؤ%q¶)FI<([g..όMWEWd7}]14a /XEZdnį.VC~8H9uG`lN!⦝!oBO|{+my~Jޠ򺔯`Rc#|%E'Q2xFB\0$1Ӈ3q80{ӷ6%Nd5 m耩Ha3Ӂ5o`Uztks_&-^? $RՔiNb-U;Q LƷ+t_)~Q9* H- ]d&ǧ)_ȟO,e새ĭpL.W.2(<0t=9R2m|:2 r*E5B^ @|MM=ofҗ0_+dbS JEUC[fU\''kv6A{2HJPx*h Muy$ f^숳)xFӡAc[yK̞r0Q( Z!3)By~VTW@6L{+%K`pTcUznfaɛ*|1 =sW @ ,2ّeUa@aۜ}솝<'*1~ H練֭J K/,+ZIo@}eﲧƖ~seHQۊAwٞwIR^] {ҍ&U,IMN^40"}LJe [Ej7êE8jY:$4hu*@}Ĭw/ܞY${BcMW$ a'2qE#7wo^?[:qVh ╹y a7OZNIY# Tnȸ>y-"ɹ TYs֌T,\,K-#O5m;Ħ) Nc0y~ 3LUaRO0k؏/?qQx]h n;Ͷc}ӧ%eci|^=q&{bmكM+z^l4.!LD{@ϕfVJE~f*[^`a ^6׋^:6 [+kR_Y켔+BUPfu/7oįNRQJQ'Y,k/[ #Y?cq@ʶBc:qG~U,?gP:i浗~;kVv҉w r5Vfj%ZQqqϜ\Ä?b@*oۘ84\S3 U쳴1m)=Y ̯ V'J`*j>2&A!SP}Drr)lcTb<38nVK j43t"F$~ 8Oo2iь%/ʲP Nٲfqf.Z4` X)\c>w}. ,(nD+IJ"8x$փĚdW+* QҶ%`׳>BI+&K`L`&WX0_.\[FcC L)BR ȣD_F4)\]ycx R>FnʽU8u]ϴP{6(1?fєō@p%dEnu]i3{~\ B+Hߞf<daQ1VyO>ф,9Tw[TZ$Yؤ@eQs8hz]S̼$&U)TTвMD;OGSϰâL =^TP@۴|7)eLyHms j\|;b4'XN$T$VAŕѨXNŶlY vV\lale ǀ-?^ɎXkAR c )qq7 VNܝ>*=vUy1K<@}ЅMbg~r518N  OmF_2]17O*!g^t 3&% 8ڶ#(ROU]f"-\KM]YVޕb:h1jBHSƋs8+QP:e# (:9F;x i ԾƸDaQ?)lwfFIh΋O6q0E0績;ewN8[bORȚv-8M 1ڴL-st@n"-[u*bb "DyxK{FAr+ `vfDPF_!X/m"&#$`\bbGr=) %PQ4  < u{XIvu08`E(%b Q݃߰^E LބKp;h[@*"I)m5-'/R"][y{74c#C9kg޲Qf +DE'a ӃÚ<1Tp3+ܗ\U@_Џ̡!'P ;ɩ |EZ,JK nu9@1T*ŊX",3hd"-!3 U;?tֶ*w( #DR  Ԩ=ߓGOPfmmPͧ6w`!nsFNFGxVizchM|qq %<*&4Ji0O @; -8NK#Ƃ65If*RicRRM?M2=@.h[zT5Xm$S`#&sjqQlkk4FF\~| #+ l鋰źDUiLMNn֞ Zq7YؗnK=E]?82q-7Mk1MG=KP1qAO mm@l+}ⶭlR$ȇBTzowf<V;h+Pҕ yx06(8^`mM w&t( C5x\GnLy9.ldѤ1hnp>ɦQ"2]/;lCeE,NJڍVw$4}AkEbwݟo٦Rng fD1iq#tCCNo8EǴMߪBZfg!`ͤ=u\ڱk9kNH(2ңwv8C!c;XZ،0n(g{0o?lhOP,lʣ(*t܉J[*Fқ'@R'Uo;R4!TOu\~w֦=hv5=0#?Ff C}Ș^X^>#ylZ; 4Y?W;~2$Ǩ'fLY$N(t C +\*ǒLpo_\7|X^,B5/o4ӂ6)x,>MO 3rxVxz3"٢H>J>#g,L#GiɵZԔs6Y Hdjň.g* !90=)+Jjh">8UtG35:kzd.9pLbEUE| K kiMf<ҰՐl!xx։KYbv!V-'OnRS ؠ ȗE?qF@z/^g9)._yt 4/JRS3/|rJ+ճI5Vq mNk-+Kr^;\ F 2dD0[-צ .]@/tI-j,3`rC ,"q~ʘTzX1n dFw`b_P 3j-R\HE,"grht֘i]7kaHz.T55soI8YB!KHX`+lTL(:B]Xؘ&!}T E9Ta8'b㏹Onng'0$ԁW-zA/_;;)=J~ŴG,|r]|}(Ek&o*$o/vޒ`Y+6 4ZI8AYtFn_f-h/X=NZ\^yelzI7y^i$I|bSa%eߢ3Gy;YqĖ[aSx9e2RŨC^F6[IV!{^[ҿ)+dhN c9?bY¤ۜESqa$)0[ՐLPS,:<3 4X1wP$5Ln^ Gv(qLE^Q%ATe;aҷI;j1e А q۹1p*h`QhϺtk{MU]K?K)S$9 eV{P="EzŸ ,hzlriؚcg51"fUFFۺ$Kdd9xkKڔ4zVE)lv4*f۠rK]6{K{ NFo46{ _)G8)[NU-\%W8H~[2Bkx>%`ޮ1ް1XzA\c)^\\3Ԙ>Ur&ķvT_or qn#^=X ?µUgl }o3Pٯ$@0E'j<FA"'7wIVr{wDP6Xj[67M3:$vsx<7aEWzgUq28 FuŐ0J5 >ešs%$sЖ%4R{ l>"QVR=ہ@xS|UQJ GE6ƕM +(*"sGd;V֋WQR`WU`@z P'4R3m i]5d8<@;JX_)-K Fa=# :fԈEm&GhዤpnL5Lr;:ũ4Fi(o!f rsiqwngd01 OPPxl8 z^61kO5PT/q˓,}8PiR sRN?fYR{ |Zӡ| '4r(<"aꭻab̼e/: rnlêp ¬'_dC?V9m|( slGac$ $t{ U)io4fl֪r6WVfHT-(i1]є'f"štr2nD6_ ب63^qP%Fσbh!"ߵlCdO^?~Ad_lWF"P~8 d=H^oX,@ZU `OUkoñ^'AQi@8^Dig1|jgwirCΓ#qԣ$Nq#TGTž?\)e3!gq/qCwv{ !ya"k*WT8%lI2(Z&abǵɰqOs\R Cz[/ubMKuO. ss(^BP970I/oҜ~"vU /4*q\!ubtr) )a_/XoQYs.q.= ~kbbno5j"xAΤ ޤ8/yPߌ @DjBi2"JW0&ISaš(WS^}̦3-?0/Y4)GүCt73J ,g AEjJ7>,l.# )uŅSLGb}-j ?ƅ1 %+B#wzH5l$c4MUa.1G$YfЍ('wN"7[2:е†љ׃b 8^u$Ad{yK| U-=s9-b BU^ +I|# z9oz,yl>0}빟 h8=ZvNXnLA\/?t褩F5"~,:<ك$n{<\O\1/jbTI%(+Zac6K+be.!JI%:Mwhb#2PdA&ML"vpڋ}kw M80$Hh@fNL7F,b+Ų =Y )j0',u!H!TE$Gn̽iMc!Ir_؇u,"yM<2ϕW l&=t[͖ xeȨ@7f6IMk)>y2B2qڄALC2`d#t3S7ٲNY{np:)P3CBMGac>GqQ͢RJ9id1H+X&h !"#fpL8EBt}H[r^SCr0Mk:YLQ\i+iʃpZּt;#J?rJVS%U_ʑ[+V@zq12אᮭk`ku mMv6VG!vg͵m&, ZF4`BGNu4 *nj8 JTQEYLK1~;_ձD/£9];Rs[zƫ.Z/)%R['+3cǚ ^YT$$CgFd&~sM]6Ao hJP*"6SˀMd ec׻ɻqϱ%W`$H~5P^F<+vB0y!(5ao6@4aGvEQ^aP)À4lcƍ_=)ᴃ6yiDkN[ Ujiٯ[*ZAoBx>&^eOclֹ%vW'A2F'ʪ3"JA3%f`k#;0*|V{@mơ=pK7\w(GɊikL+@㌓m-2oVOъ2KD+ V=E8PWźvFF.vz.puQT#\RN b9Sŵw(pۖ)433F^5ebGFUC9;z>Zªê| Q'Q:c'^<ڊuCw>Y2 橕\*v5b6s)`ͼ|Ib^`;;4t^^="IZ4Ki]fVNl:1,<4/kуgg,7xbK,ʘFdԀ,#}0F"g[>UY~:YeBD+:0o龄6Qvˋ۝1eM: cyZ˓?I?O?~Hc$(]K-./ ?[Meܰv4nĽp?>>~9 r8%&c<:zfϵ[Զȉ~q9\8wF1kQ3,&^,tBef zҏ~#ଣѕԲT_]/t|߱{`Z,?iܭaZ`akyyLf?$ʽұR{N'a鷿g1Ԏ .ºC6#\x֮01NTP)PKH| 7\Q"(O.޼H[q)2v.DcF=IG-H]H`^F gE+-0ͺFo(4O\_ZJ.btgPѝSIy)R, s(e)*H>%πiQx "ƷuEQ+]u%Qɨ"U]dҩ1Z8&n I|%% yڰsӁ5I}7',VCky\wgB03j {`<2'Lc\2#o*5gKg5:̲+qMϙα h.]5e@XdXaɢ|P0[YM9Z[Xp1j maEU-yGI?+03xam[47fn Z8Uʝpj#{9 fu6vY'^ &mto?6مDA`EX/t; <~ )*0& vAۦ,;l fK⺡ч**FV!LK j*@C9B.l7V%k! Ơ ̉ROiIߑ*9?ۼS$k`۪kk}%CZZt½e ,ضQBNԠZ:hBMdc46P*u^iu(tYc:,jګx{d  \ yR@HC=>paYgRgq*;{EYoXć&7إaW#3,mD ,ra<~ŧ:E|J6//G^D'3l!0!rǢǼ(2+c K0c󂌟x~|,x%Rqod7,#Dsե(evI-HHFM^|:}ZB}MCulbN?Bؚ" `I(;i7IUK`ҭXٚPJ}RԭZH}ĐCYHx R!d$$lDcz+ַl,o&Zи=/.#:|B>[+d9Ha2_Eg;m;,ޥR㓨+W..DA(B^ɳsQO-?Y4F6b7lC}hyCqd|S9A˵[u+Q'IDa"@%<9aٸFMN9y=O߱[9yQ*q0=T^|`$9eo%2c Oi:zӾ>5'5_ T)<TH;"<^~HpN4R5^T~jl'<=)G9UʶM9DÓU&A"R-_4ыLRŝ aK?HNx+ªBMwIŤ66H l‚aghM]_ j ^ aJ$sM}0C(gvAj56uL M P `xK=qZ-N `-=H;$ H9a0wж',!]#^~[8j|qr Y'vo:m:CbHxjvE_yЯ`ϾVbZjʑe,EUAB rna< 4(M=X8jA*ydP,787uRΆQ,4%Nin z`ږf*2Sz4;$1ޭD[8- c{&.H(L%t^P,|.EMbr R[Js:~6U5H3J*KD&Ku\Sÿ. y?%ilh7!kU-=Ӹ۬ UW@CrҘ- lzN#*S]G=Ĥޒ;|:D:|ϡqddQʎxVb.(݈SzWBHu>rpә"6ӋeldSA[ LvRG9>`Ny{٨;v m5^8md2Nۼ;^%za h Ri ijp4ECAlcF*i.ZU!=8?gVak%>+#2(Z1gO2"`I_FQv3q3-X]eǬ;6|ƞoH!FW_me(IZZ^WAz*,G'@@)q[bYE+ e0çxa}`6}G \EBpNalMPnp![6ȭ#|h(Hoq Tv̏* 䭡t7~@|2ȼ,k?OcʑOh9X\"t\ y{Z /$l K\ݸ V'T%o yAVۋ(m/*8PT@'WEfL snWʓx033A3w* VƜvAy4Wopĩߣ"p/bG:\ i4<1@WBFq|b7`tO=Y8\TIZR8 pNtfm 0^cEbg*)"Al !$JB*KъP%n+L) |QY6ZLŭ"% U#)I>M%vME><6Y aT6e.̴K%Ryn]c;͑V]}\ZIޒ3jK &uxo+oG&R79;,Uz sO-yi_eL5<{֪6v-.>{؟^./:UoϢZ $vQ DePꚰ{>FB!/ktϼ |4\Q{rLj{+Z 5glJ~Bt0O\yx.9pAو4_fyQJ汦} v!kax3v:8R^Vwj[ݱ?(F8#e \%ei}io1T`P##㩪 FUv[,*;) idar'-q;L H걢(R^OM%ZNRgv7*!`WrrW\Py\9{+~ܪ-jѲ~!CDg' \f]-S@;>%pxTL9?N6D4DaX'<)Y :v׈ Ja *ϓcw 1_q2KY+8h^-N:4r)ZG?n<gXsѠufQNlO c9?bYa58EpGNuf%Uq>)%Au6Q_.ٹjL 5rf2ϿM%*z10uSuVy|Ԕ{a12 TNrhE`Rgi| 4YLK-C3|wkzpۥ$㮍D8yraBVr㯨 Tma?Kg_p+gAlq1~*mC˫: \pvL(+ǃl=wnk` XA O)') d7 p&*%ƩWsAQ1:@v+,m#f&?%ZY$F5wZݔ.*/r+ʂTp7ɌT"G9/Qg+*1D-ڂ5nǎ>b=Y1EI&|ʳx~Ԃ3`(~d359+øpH ܴtߌ9L7Mgє/s%!?UK"טc H"XGY?_I-fN8a`e(v>9±zՌ(/}w+5c3k䝯Z{ڴM˭:&Y gH֨\AQq\+U=ʡwHD^ΚܴSwDEaa=܄SO\ )Cl,h<UC/[nC>{bI:-,υdX郞W*#_Ϩ y4W(Wzdîo ƠOwՊ9ʊ{NDq;;J;|n:fcwfA.AHbw9mu{NZaּ B';$ AA0;VH#1\=FP<=X3j0` xB-$\6ћmRǠ_Yz5=p(tX(D3Tr[(&•sr_*:g CТ+I0DrJ<'b)B{RMjOq?&E-B& 1W<~ j5%ܸ EZHje\vQySSRyiY0c %dtTK-(HO ˹W*Q&nbQBX3SİD߲Au,|;%T@Z[-wpL/G<]=ٴvʛv35094w'Ӓ#Cz;iȑ(+@=x}E%0805oyO:Co0Xv+ɣeIB BWmW ,BA%QIS,n:Fsȃ |XMN,le"DI Ŏ(ݢ ]Yvv PF H`B kf|+`*^LMZRo%m4/{gk,(M^X?R +Q A\$uKGd~` .Vꎧ &:ŘٞVFޜB "6\fgBK<?D!Ҋt^GId} B&Z$N&(P@Cxä `(-GIϵ/S_+aۢr#Mz-/M?[.< apM/Aqc%QKX:K=j%1%Nt S@ sZz"WN 2 Njn)qd5(ֲ+6?gn!N[5'%ZY#f hvRefB؍ xch8/Yx7l6B!URO Zj(Xbخg.un]yí}TjKt#Qq C=_O+[:cU-ėlXT20t9ɔ#Q7 A QԋvH^ h1΋"&gDƣF-mcD =[NچZWgAZM"}+=eOq (' ۱̫iawR]!p ̪G)yYuҋY!U%旄^L#_&j3J7@ 1 PDw ެ qxH']7UL+4\[3X 9ݵ+Z`JR$cċբgܴ\\G5HQ4f"\dqK:P$q.eL ) %!|1d2L-NOX]aZ(WT2yw ܳ^ɺ6y>D4$Q+-{5T{"GDWr9)M>㉾e@^ct:0ljLu9Fw4/9I>ZsHV(_<"(ZV̞UD̲7}JދFZ<,6bs4 OҀz4ҝ͋ǭx fnj*5; dbf"8kҶ5U:fVep@EIkyp %AyڊQQ^Cd먉Hܾ (Б[P3* 7HQKꛚGJugMPs0^T(A I9F¶-?[GS,Ja+fA5{jъWi%H~#FH+.([c#~llm q >IZ*Ms`>3jH&}"O+*3ipHLb[q, ʵ03RzM'\:n/Vl^E\45[hfW$)hXNjwWޤ3X"%|".@sJYNѶLu3F P G]9lP:i&0#rBY& :y I)EXrP _x/҅ XTL A'[p<3OFsa40CGp[#O`ƹT.+9<1:2ncK Y9qS# ƍ4py'ޏC-0 4 V@ H y搶 LÈBe$,gmuh[%S\m(vʑ9n[Yۛ~)WsuOo 7Eڶ>N%gazŅBrX;dG  *=U.i]pTphg4GE%N%6hfӾʼn@ !Eyj#z8Bx>7BN(3B|D\cJ `}j=\//B9x:LfG8&RZ4+oݩ\tz+EIi[iz==[%L)vd 'Fo>Y Z;R0) )ЋY  |/}E;Ҷ):/J]1=_Sȃ,t3^jp@=W 6p!Y^XXm$U[^!wU~[7@/Ӱɓ1V{=R&&pqQ-^ W/Svs[$ װ?h),+4U"p(K3ʁi=#0S3@SX0^c0@y0LepY\b!sK5g/ǭY'I@G$_I|{UTxoP L*5܈>/Ҁpyeq ;QhdM@:Y˕9ɻ"+Ȏ- [&@r9^U.^Ul%"*5ԅ`\@ޤ1gXO7fدܙڳiѝܳWhQMD.=aPJ c}b6q;x$(mJ*jMJFxݜx/9bIi"_ 'VRIJW.7̡3qF᪔[b)e֔ 3JXtu۩:yPaj13=0*5\PQT'a XQN-TyEμ=?DСJ1"XtyG*ҤrŲ^^$W/VaH$w֪͑1f4YDMLT^)?vURv]Fn*&,Dّ:foN*]Y,ׅT M ;@e&>p5qV^5} (mWW w=OAY> m4DNvۃ\Ab˦ |KNw#pu{CSaf gB| ;0W?V1/-T#+#X) Q7f6IMkIRVN2ҽv+ܙϗql/5׏ -2ㄽ'Oض!)A{&,3nd k^Ek,c5ɪ5b?.giZbd2Iyuƶ% 8R>A3@ay㝗f!(+"8fjl o^-[b}qYa p:upE``ԣsiyU5r^PW$w)| U0M3+_O|G ɡy{1?VkR@m@Q T]0PU6|<:,JJ:(6xlZpC,CS66/$5Ȍ?x60c?RbV.dRdLG(![4 }P/Q!⏾_ O?\-6"kA.OiQ u2Z"8+X lsކM&/RU %m8U1DVhAhD!v(d,LÑiy7oxGz&|GH(uF{ -Av)50vhR%v4!j`!o҉7[Uk* չID QAm(kT@+m*If%u01|'PwNxE+˦;\JK~|LLÅn0e%!#) (Z2Coɹ+R2T+K0^ FF7|F@?`b6h8eIYŖT-:*-#ZW2k6 ö:u2ϰ;,QV74Tbc&aG_RcUnӚ0D%-7ɺX!APLU->' +!uD<YZ޻$0N8Iv`ӑPWcQ >'o_ 0w;y\a^3(%/,1\ xH +)*pO<0*PP4ij X!6@^q8۳i޼p{ڧf,!g{^p `Sns>VH*(XaQ~L3>!)>;G]Êi{pVHA2MMKxAh7MAzcrGI;⸰ <0p2Y"A"Y `bnӂӇ?0l &mጓxMutFrT >~b[]޿>\j=dxͥY |IH"M*hnj<߉kM?-zQ"2PUk'Q}ʃd0$ɽ(uBoߦM`:8ȏ^8rW5Irv}Ӹ(j<%LmJ,2$ټP%-Zw6jst̂F/1]' 6D$.t/EH\d:yuqPR)} q iBdxjEg7u֚ēyLr7S +XT#NZ y(gN>~51^j| XS,@gW$pjj]j#9y)E#^9[PTû3]8Zv'<ѪG_ wRLII5p%R1ulٴV*ZDMy&[C]0@Ū橨URv13/7+ ب*0%jIb{V 3I_ΫsNp,>2XfE"VML_ؤ"5 > h~YkB?ZdV7,ÅsUU>)@I4tC+KVYF Nxݲ8ACzx,Ğ8o_^_~??9ǿWn}$+Ub ēg_\1kظ3m 4v@~q/U}7'1`~eNVo}wJ࿷_?<)th1sФ܍,yW[j_M#af'Pa.? d1؋wxZAeCr׋Zl=zC Q%h+.^$Cb&pLfo-*s`Fw~ψGi]F"Q-i~PJgnLjrc8-Gx{Q3/rnٳ}Ocy8x\~ܴ<;caPo6R7ZI/rqhHl`S7ܲH-$L JQp֑=tZU"pj  %m̛ƺeR $S6_-Uǯ..N>Zj'[]:ZBm-dM^~%LJW(WM!LEHpLC@XS3LOʐg&UsUbKڍPaR ta Z nY[UVK(\ < &-і2x}ʄ7K]zZ&+volj`謍_ pA^Vr yO-j3UWL ,Ƶ ]-hQ\by_Q 7qw츜 MffnN?uxHZ0geY=qA2O~\s\|rSH1A/I/"S$( $`wH.!V#-Q?hfHry3@.d04I0FE " QlZD0)9?gyTP"4<%`Wn̞{z 207!F׋ugNȍ_AmZyhvZRC07T(- Q\kLsX 0 RCŅyViitμI$ NhYC!9˃}"AoI%SM~'d߅N:JM.s>Z-\f_9D1H "0H^+ an F"%1,@% h _/U8\\Jd D^V<-mXtB!|$1;" d1*$Ns(AƜhOQX1Ҁ };ZfjH76Z;l(["6vCFso5A[TeB"((I$KxG-ENZ(fbNrxGwϮo<|ViI3jln::hp=՘(Rj81lfo$d2,+Pp;z+{QknVa~oNM˟rӎ{AXkdg,k-7uv%;#GFBULj7` ZX}m=#W)L=YUӰ\W&/}|By3~Β$. SFK@93K?݌9+#/K]WȱS7(ՀeEgem%dOԧ宴:o ͍ /[S* X,1#b9;Qb _tq؟ E,,q ϓu|?-S_(XK*K'ΥJ.%~(De:*|i1N=Ǖ0böz}<wN: 0M$T2!b>"fN<]y.ԒɔXjT,n3l6`LJ[`o"ğ /0*O|9hJ!%Ӟ+۷b{ wd.m=E E ՅN&h 7df8Tԫ-"fx>Lhcy^#`JUc}o(xk:Ns]}BO'BH,e,>#?bif: 4u5:bz X&e;)i\kx h;]I*ncdaO4O} [4\~ CET-MGǂu X`mko&oVp)ꛚFsU}-ve܌&lC=ʈ<`JW s+U"ƴV} M]`W#v`yS;#iݛfx]nh;+)gufײBh7?plYyk\y;-գC^h=*oT۲(";].uY0Tg"|]]b9J$՟݂OvjAì)̸3E{n䢐LJ&Mx/ bADV:\5:\ۅ#`d[^ å5zl̅Ƿq_`|.Wv @E-<vN$^'CTD1((U_X8)1uS2O~<>۴GsR7P&(UZB-um 8Y.qow/65u_F~dФȻ])_tXKhet='e\vEiX|N[);+\?JKqQC 6V:>\ӥѶő|'p&cL멽p b]oxT= آB+o&WГ32R+UC#P#.խY—76uA7|{˚z}rl;n&ek&qz_g*{]5[XDGH60Oew0A/P+kwE@hP!h9ܿD퓪~Ga֍ SYUrM JmU}9oE1yr7sGz-60:N>\D%Up Gj=cI&qkW~ѲUm*g6 aWou1%c= V1wl;4MmHEDIV:X D~`A΍!EFOIT"04hXB+զW7`"`!3*ǂu3X(M>`JK@ $o.WX*.$D? 1kdG.E: l]=|.}r& ' S٩ 8] S/X,P]wztf07a%LQFV[%o^<?fÙ>rdȵ1:CEE4B=#pP'h S@B媜"p*{jR\[ }G@X) wnH ڍࢁ&'>ۂvKr e\V owڎ P*OH-S=[d= ҭshP3@ǭܚ59!u{nBfj܅4)(I*,a߼Ltͦ $P[-*׹l"uehixddz8s&L6q OzoV*3/֑˗e] 49G2qmJ7dK%Dc!R*T6'Ftm J٦/n5l8zDm4j=l&Gd/x3wڇ}eC1#*$!QÂpMa w=GcYI_q9}X@3"caj!w& +qpܖqc 6 Q!jقJdU rV§4W#jB0(~1c]o&vl6]F4trz G'88\RVR X-rVϪ\h"ř̋XK༠Fʊ:zJx.zB@Ĵ&ZzD;}\ 'ih7)X6X\x+=C3#];+“ `UMw2W|!`;+')ct3XY3ϡcL͐QȏAC,u*[pXWfT4#U{(SƩkQ:cz Lٗ"CFa95.T#REIj{Xa[ Y> c%v8qq9uMwj.]hZArPL<ՙ/uW׫Xo.slw]ʼ㒖lG9GS墢hu9E~(@e*Dׁ oߩY$u*O-5yI]qrbTХ ^e1~Z"c~'+!^˷=93i;EgXOu {`$z[;:@/HT! z?bX.h=g8ROVފ(B1*a7~aXyJsl|*41Yяp:y ~a<+w$]eXx$0ܕgV(ݛ_ Z|pzB?^sAMV[]{ "9B_ćR lD %Ϲߌ#ŵPdj-1Hp[kk|,P69Q!C}F ]J\ӳ'l쉧E>6ƥG؜@@-X.MF1_>,T FQÇY}ڏv᳒6_?~)syuToyP4TʂCN'-z%qί.GY(x9]uTZ-8!s>0;~MV&(ףS5MnA+_u *oAVs/8:qThɿ^0UB}N6$^VUpι9IO쟅qc5CN.he봘qN[ @[2EI[iU}%\09cyYg^䇁%҃g\1*VH'U=Wv ,&L4{]jS$5ł@ $c;ۀ5W^H({LZanrK% {' C0ϺfU-r ~gοT~( Q}v""~*~?f>ٯdD|qF=wKR$rj&OTa Bank of Montreal – World Economic Magazine https://worldecomag.com Simplifying Global Financial Markets Tue, 30 Jan 2024 14:00:51 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://worldecomag.com/wp-content/uploads/2021/03/cropped-512-x-512-1-150x150.png Bank of Montreal – World Economic Magazine https://worldecomag.com 32 32 Exploring the Potential, Canadian Bank Stocks for Income Investors in 2024 https://worldecomag.com/exploring-the-potential-canadian-bank-stocks-for-income-investors-in-2024/ Tue, 30 Jan 2024 14:00:51 +0000 https://worldecomag.com/?p=27749 As income investors seek promising opportunities in the Canadian banking sector for the year ahead, two prominent players stand out. Despite potential challenges in the short term, these banks present an attractive proposition for long-term investors who value consistent returns. Let’s delve into the reasons why TD Bank and Bank of Montreal could be poised for a substantial year in 2024.

TD Bank: A Dividend Heavyweight with Upside Potential

TD Bank (TSX:TD) emerges as a compelling choice for income investors eyeing stability and a robust dividend yield. While the stock may not have experienced the same rapid rally as some of its counterparts in the latter part of 2023, it positions itself as a “wait-and-see” play. Currently, TD stock is approximately 8% above its 52-week lows but still trails around 23% from its early 2022 highs.

In a phase of consolidation and with muted quarters on the horizon, TD stock appeals to patient investors looking to capitalize on its attractive dividend yield, which stands at an impressive 4.96%. At a trailing price-to-earnings ratio of 14.7, investors may find the stock reasonably priced, especially if earnings outperform expectations in the coming year. Despite the potential sideways movement, TD Bank’s dividend payments could offer a consistent income stream for investors committed to the long game.

Bank of Montreal: Riding the Momentum Wave

Bank of Montreal (TSX:BMO) has witnessed a remarkable ascent since hitting its lows in October 2023, with shares surging over 26% to surpass $130. This newfound momentum positions BMO stock as a timely investment. While its dividend yield of 4.64% may not match TD’s, BMO’s strong track record and well-managed operations make it an appealing choice for investors seeking a balance between dividends and growth.

Technically speaking, BMO stock appears more timely than TD, benefitting from its upward trajectory. As the bank approaches earnings season, investors anticipate positive developments that could propel the stock further. With expectations modestly set, any positive surprises from earnings could significantly influence the stock’s performance, making it an intriguing prospect for income and growth-focused investors.

As income investors evaluate potential opportunities for the year, TD Bank and Bank of Montreal emerge as strong contenders. While TD offers a robust dividend yield and stability, BMO’s recent momentum suggests potential for both income and capital appreciation. Investors willing to weather short-term challenges may find these Canadian bank stocks well-aligned with their long-term objectives. As the financial landscape evolves, staying attuned to market dynamics and these banks’ strategic moves will be key to maximizing returns in 2024 and beyond.

]]>
Analysis: As British lender HSBC considers Canada unit sale, antitrust issues loom https://worldecomag.com/analysis-as-british-lender-hsbc-considers-canada-unit-sale-antitrust-issues-loom/ Thu, 06 Oct 2022 13:54:14 +0000 https://worldecomag.com?p=23596 TORONTO, Oct 5 (Reuters) – As British lender HSBC Plc explores a potential sale of its Canadian unit, lawyers and analysts say the country’s concentrated banking market could discourage big domestic banks from bidding as the government has charged the antitrust regulator to push for more competition.

An HSBC deal would be the first big banking sale in a decade in Canada, one of the world’s most concentrated markets where the top six banks control about 80% of total assets, according to Reuters calculations, about double the saturation of the United States where the top five banks control 40%.

The market is so saturated that Canadian banks are expanding overseas to reduce their exposure and the Competition Bureau Canada was granted more powers to prevent further concentration.

The most likely bidders who would have the least trouble with antitrust regulators are smaller Canadian banks, analysts said, while a sale to a Chinese bank would not have antitrust problems but could be scuttled by national security concerns.

Reuters reported on Tuesday that HSBC has tapped JPMorgan Chase to handle a potential sale of Canada’s seventh biggest lender by assets to beef up the parent bank’s returns as demanded by its largest shareholder.

HSBC’s Canadian unit could be valued around C$8 billion ($5.9 billion) to C$10 billion ($7.4 billion), analysts estimate. It generated C$952 million of pre-tax profit in 2021, according to its annual report.

The universe of potential buyers could already be small since some large Canadian lenders, including Toronto Dominion Bank (TD.TO), and Bank of Montreal (BMO.TO) are in the middle of buying assets in the United States, said James Shannan, senior equity analyst with Edward Jones.

“No banks in Canada seem to be likely candidates for this deal,” Shannan said. He ruled out any bids by U.S.-based banks, saying they have been unsuccessful in expanding in Canada due to high disclosure and capital adequacy requirements.

He said Royal Bank of Canada (RY.TO), the country’s biggest lender, has the capacity to do the deal but might not be attracted by HSBC’s business mix.

Gabriel Dechaine, a banking analyst with National Bank of Canada (NA.TO) said in a note that regulatory hurdles will be even higher for RBC than other Canadian banks, although all would face competition issues.

RBC declined to comment, while TD and BMO did not respond to Reuters request for comment.

CHINESE BIDDER?

Smaller lenders such as National Bank of Canada (NA.TO) and some Chinese suitors are likely to show interest, analysts said.

Keefe, Bruyette & Woods said in a research note that HSBC’s footprint in western Canada could give an instant diversification to Montreal-based National Bank.

National Bank, which has a market value of C$30.1 billion, declined to comment.

Dechaine said HSBC’s business could be attractive for a large Chinese bank. But national security issues could complicate the process.

“Possibly, the federal government would be concerned about whether acquisition of HSBC Canada by a Chinese-controlled buyer would enable the Chinese government to have access to the Canadian banking system,” said John F. Clifford, CEO McMillan LLP.

“I can easily envision the federal government taking a very deep dive to assess the potential security and public interest concerns.”

HSBC Bank Canada is the biggest international player in Canada, with commercial banking, personal banking, investment banking and markets services businesses. Still, its $120 billion assets in Canada are much smaller than those of National Bank, Canada’s sixth largest, with assets of C$387 billion.

Consumer advocates have long complained about high fees for everyday banking, and would probably oppose further consolidation. The average monthly fee on a Canadian checking account is $11, compared with $7 in the United States, according to a Reuters analysis that excluded student accounts.

The Competition Bureau Canada said in an email to Reuters that if the federal ministry of finance in public interest certifies a banking merger, there will not be any scope for litigation.

In 1998, the government of Canada blocked RBC’s proposed acquisition of BMO, and TD and CIBC merger on grounds that the deal would lead to an unacceptable concentration of economic power.

Since then the only sizeable banking deal to be approved was Scotiabank’s C$3.1 billion purchase of ING Groep’s Canadian online bank in 2012.

Nigel D’Souza, an investment analyst with Veritas Investment Research, said HSBC is unlikely to find a single buyer that can pass antitrust muster.

“So I think the most likely outcome for the deal to actually get done is for HSBC assets to be broken up and split across several of the larger banks,” he added.

($1 = 1.3507 Canadian dollars)

Reporting by Divya Rajagopal Writing by Denny Thomas Editing by David Gregorio

Source.

]]>