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 director of investments – World Economic Magazine https://worldecomag.com Simplifying Global Financial Markets Tue, 26 Jul 2022 11:39:42 +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 director of investments – World Economic Magazine https://worldecomag.com 32 32 Cryptoverse: What crisis? Venture capitalists bet big on crypto https://worldecomag.com/cryptoverse-what-crisis-venture-capitalists-bet-big-on-crypto/ Tue, 26 Jul 2022 11:39:42 +0000 https://worldecomag.com?p=22685 July 26 (Reuters) – It’s not all doom and gloom.

Even as the crypto sector shivers in the bleak winter, venture capitalists are pouring money into digital currency and blockchain startups at a pace that’s set to outstrip last year’s record.

In the first half of the year, VCs bet $17.5 billion on such firms, according to data from PitchBook. That puts investment on course to top the record $26.9 billion raised last year, a warmer and happier time for bitcoin and co.

“The current market conditions – I don’t think they faze investors,” said Roderik van der Graf, founder of Hong Kong investment firm Lemniscap, which focuses on crypto and blockchain. “The capital available is massive.”

VC funds offer financing to young companies they believe have strong growth prospects. The data suggests a solid faith in the future of crypto and blockchain tech, despite a bruising six months for the industry.

A double whammy of macroeconomic headwinds and blow-ups at major projects this year have seen bitcoin plummet about 65% from its November record of $69,000, with the overall value of the crypto market tumbling by two-thirds to $1 trillion.

Companies have shuddered as prices fall, with major U.S. exchange Coinbase Global (COIN.O) and NFT platform OpenSea among those to lay off hundreds of workers.

Yet some VCs are shrugging off the gloom, with many deploying substantial war chests as their faith in the underlying tech behind crypto coins remains strong.

Though not all investors are so bullish in the face of the crypto carnage, not by any means.

David Siemer, CEO of California crypto management firm Wave Financial, said there were signs of a pullback from the sky-high valuations of crypto firms last year.

“This will get a lot worse – we’re a couple of months into this cycle. In the last cycle the pain for those looking for funding was about 12 months.”

AMERICAN HOTSPOT

North America, long the hotspot for VC deals, has again been the focus of activity with about $11.4 billion in the six months to June, versus $15.6 billion for the whole of last year.

The numbers contrast with general VC activity in United States, where deals fell to $144.2 billion in the first half from $158.2 billion in the same period last year as macro conditions and market turmoil chill investment. read more

Rumi Morales, director of investments at Digital Currency Group, a major American VC, said the data reflected increasingly robust faith in the crypto and blockchain sector.

“There used to be existential risk being in the space – that the whole industry was just going to go away, it was all a dream. That is not the case anymore.”

Adoption of crypto as an investment tool mushroomed last year, with the use of blockchain also gaining ground – even if the revolutionary changes from the technology promised to industries such as finance and commodities remain elusive.

Among the mega U.S. crypto deals in 2022: $400 million raised by the U.S. arm of crypto exchange FTX in January; a $450 million fundraising round by blockchain developer ConsenSys in March; and $400 million raised by stablecoin issuer Circle a month later.

Activity is strong in Europe too, with $2.2 billion of VC investment in the first half of the year.

Lisbon-based Fedi, an app designed to help people receive, hold and spend bitcoin, said this month it had raised $4.2 million in seed financing.

“Within seven days we had all of the investment commitments,” Obi Nwosu, one of its founders, told Reuters. “And within less than a month and a half we had the initial fundraise target in the bank. Done.”

Reporting by Tom Wilson in London and Medha Singh and Lisa Pauline Mattackal in Bengaluru; Editing by Pravin Char

Source.

]]>