Videohttps://www.nortonrosefulbright.com/ja-jp/rss-feeds/videoVideo RSS feedja-JP{F7EFAD42-43B3-4160-BB9E-B60250B72384}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/f230e384/sovereign-guarantees-for-energy-projects-in-africaVideoSovereign Guarantees for Energy Projects in AfricaInvestors may be wary of of committing funds to energy projects in Africa because they perceive the risks to be too great.Mon, 04 Mar 2024 14:09:00 Z{43BEF627-CE87-43EE-B2A8-34B6968E11EB}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/477e81eb/investor-state-arbitration-in-africaVideoState for clarity: Investor – State arbitration in AfricaHigh levels of political and economic instability in some African countries can often give rise to disputes between investors and the state when it comes to the development and operation of energy, mining and infrastructure projects across the continent.Thu, 04 Jan 2024 09:49:00 Z{E2882BCC-81B1-46EF-9566-67C4D3EA6396}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/ec1f6396/distressed-ma-across-bordersVideoDistressed M&A across borders: Managing risk and capitalizing on opportunitiesWorldwide economic turmoil and uncertainty has created an opportunity for investors and businesses to engage in distressed M&A.Mon, 02 Oct 2023 11:59:00 Z{F6229CAA-04AE-4482-B45F-DED53824E956}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/fae2f956/mining-finance-trends-in-africaVideoMining finance trends in AfricaThe UN estimates that Africa is home to 30 percent of the world’s mineral resources, including many of the critical minerals that drive the energy transition, such as cobalt, nickel, lithium, and graphite, and a number of rare earth metals (key to the production of the permanent magnets used in electric vehicles and in wind turbines). Fri, 08 Sep 2023 09:49:00 Z{182DAD16-74FE-4B8D-88F6-763589C58ACA}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/16ed6aca/inside-africaVideoInside AfricaAs Africa develops, more and more investment opportunities are created. But with every opportunity comes challenges, particularly when looking through the lens of the African continent - one of the more diverse and complex environments to do business.<br/><br/>Mon, 17 Jul 2023 13:38:00 Z{B8D9335E-365F-4C5C-84A8-3649B99D58BE}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/befc88be/dealing-with-bank-assets-seriesVideoDealing with bank assetsExplore key themes and perspectives on a range of bank assets including mortgage assets, private bank assets, bond assets and swap books among others.Tue, 14 Feb 2023 11:18:00 Z{5FA73FE3-03C0-47B0-9420-84212A7B93C4}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/530003c4/restructuring-touchpointVideoRestructuring Touchpoint Navigating and understanding the changing global bankruptcy, restructuring and insolvency landscapeThu, 01 Dec 2022 11:23:00 Z{3A818220-56AB-44F1-95F3-831239CFFB0D}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/30b13b0d/international-arbitration-video-seriesVideoInternational arbitration video seriesManaging investments in emerging markets through investor state dispute settlement mechanisms in free trade agreementsMon, 18 Jul 2022 12:13:00 Z{4A563C37-C76C-4F7A-B30E-F84BD091200E}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/47cae00e/ev-does-itVideoEV does it? CMA’s electric vehicles market study and chargepoints investigationThu, 28 Apr 2022 15:38:11 Z{A95C629A-63F1-414C-92B1-B3B8C5AFD07B}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/aa1c107b/bankruptcy-around-the-globeVideoBankruptcy around the globe: A comparison of US Chapter 11, Canada’s CCAA and the UK Restructuring PlanOur global bankruptcy, restructuring and insolvency lawyers explore the key features of regional bankruptcy laws, including US Chapter 11, Canada’s CCAA and the UK’s Restructuring Plan. They also compare the availability of DIP finance, and cross-class cram-down.Thu, 24 Mar 2022 15:22:00 Z{91DEE68E-2F04-4795-AED9-1EE0931F4B68}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/9e459b68/investing-in-distressed-assetsVideoInvesting in distressed assets in the United States, Italy and Germany – available tools and bankruptcy processes uncoveredInvestors considering buying distressed assets must understand the advantages and pitfalls. Our bankruptcy, restructuring and insolvency lawyers discuss and compare the processes available under the US Chapter 11, Germany’s StaRug and Italy’s insolvency code and the importance in each case of due diligence.Wed, 16 Mar 2022 16:52:00 Z{2E6BFCA6-5B3D-4630-9D48-39B0BD36E55B}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/26d0855b/ukraine-is-this-the-next-black-swan-eventVideoUkraine: Is this the next ‘black swan’ event? A global bankruptcy viewpointIs the situation in the Ukraine the next Black Swan event? Howard Seife, Global Head of Bankruptcy, Restructuring and Insolvency in New York, and Scott Atkins, Chair, Australia and Head of Risk Advisory in Sydney, discuss the perfect storm of challenges and risks businesses are facing. Thu, 10 Mar 2022 14:47:00 Z{42D209B5-2911-46A0-90D9-6841CF939B1B}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/45109b1b/sustainability-asia-eu-taxonomy-for-sustainable-investmentsVideoSustainability Asia: EU Taxonomy for sustainable investments | an expert’s view on the latest developmentsIn this video, David welcomes back Linda Romanovska, appointed independent expert on the EU Platform on Sustainable Finance.Mon, 07 Mar 2022 15:34:00 Z{781D10A9-0487-43B5-8101-8534D9E5116E}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/7975116e/intervention-of-the-regulators-and-the-impact-on-regulated-firms-in-distress-and-in-insolvencyVideoIntervention of the Regulators and the impact on regulated firms in distress and in insolvencyJonathan Herbst and Mark Craggs, partners in our London office, discuss what the UK’s Financial Conduct Authority now expects from regulated firms and insolvency practitioners entering insolvency processes to protect client assets and what are the latest expectations of the FCA to interfere in schemes of arrangements.Mon, 28 Feb 2022 14:33:00 Z{51547B5F-D369-4EDB-AC87-C588D1FC6BE9}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/5f9b7be9/sustainability-asia-a-recapVideoSustainability Asia: A recapIn this video, David and Nick reflect on the over 40 videos published in the series so far, and pick out some highlights including chats with Andrew Rzepa of Gallup on the UN SDGs.Tue, 15 Feb 2022 15:34:00 Z{6EAFEE13-0B4E-4D39-A197-6FE277326226}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/63e97226/sustainability-asia-just-transition-sustainability-and-business-and-human-rightsVideoSustainability Asia: "Just" Transition | Sustainability and business and human rightsIn this video, Stuart Neely, counsel in London disputes team with a particular focus on business and human rights.Tue, 08 Feb 2022 15:34:00 Z{D5CC778E-7BAC-4A44-9630-C56DC9BA789E}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/dec4089e/revised-prime-finance-arbitration-rulesVideoRevised P.R.I.M.E. Finance Arbitration Rules – the new features from January 2022Andrew Battisson, a partner in Norton Rose Fulbright’s global international arbitration group, speaks with Camilla Macpherson, Head of Secretariat of the P.R.I.M.E. Finance Foundation, about the revised P.R.I.M.E. Finance Arbitration Rules and the new features in force from January 2022.Thu, 27 Jan 2022 09:25:00 Z{A95DE6C3-8144-48B8-A112-9D8FC7B055E8}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/a34825e8/sustainability-asia-sustainable-finance-in-2022-a-view-from-bnp-paribasVideoSustainability Asia: Sustainable finance in 2022 | a view from BNP ParibasIn this video, Robert Barker, BNP Paribas’s Chief Sustainable Business Officer for CIB APAC, talks to David about what 2022 holds for sustainable finance.Tue, 25 Jan 2022 15:34:00 Z{787DA7BE-AE0F-41F8-A332-4C1462AE437B}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/7ef8237b/global-ceo-gerry-pecht-s-global-economy-summit-fireside-chatVideoGlobal CEO Gerry Pecht’s Global Economy Summit fireside chat with Larry Summers, former US Secretary of the TreasuryGlobal CEO Gerry Pecht joined Larry Summers, Former United States Secretary of the Treasury, for a fireside chat as part of the Global Economy Summit. They covered a wide range of world economy-related topics including climate change. This was part of the Global Leadership Series from the Global Success Partnership.Thu, 20 Jan 2022 10:30:00 Z{AA01056D-296A-44FA-90B4-1D0173A7BF27}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/adaa4f27/sustainability-asia-esg-book-on-a-mission-to-democratise-esg-dataVideoSustainability Asia: ESG Book | on a mission to democratise ESG dataIn this video, Dominic Godman of Arabesque talks to David about the current challenges in ESG data, the launch of ESG Book and how it plans to revolutionise the way ESG data is collected and shared.Tue, 18 Jan 2022 15:34:45 Z{F24F195D-F49D-4B7D-BEC0-7EB0FE23499D}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/fddd099d/energy-transition-2021-reviewVideoEnergy Transition 2021 reviewWith thanks to all our clients and global teams.Tue, 21 Dec 2021 13:24:55 Z{C30E4E3A-8F8C-493E-9C69-51BB8E486E4C}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/cace9e4c/sustainability-asia-what-does-the-proposed-european-sustainable-batteries-regulation-mean-for-asiaVideoSustainability Asia: What does the proposed European Sustainable Batteries Regulation mean for Asia?Nick and Andrew Digges, project finance partner based in Singapore, give a brief summary of the new batteries regulation in Europe, and discuss how it will impact the EV batteries supply chain, in particular in Asia, and various sustainable solutions all stakeholders could consider to support the transition of the industry. Tue, 14 Dec 2021 09:26:57 Z{7F552DDB-A2BF-481C-A242-A99DEF7BA38D}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/7bfc238d/sustainability-asia-issb-a-new-dawn-of-non-financial-disclosureVideoSustainability Asia: ISSB: a new dawn of non-financial disclosure?Nick and David consider the significance of the launch of the International Sustainability Standards Board which was announced at COP26 in Glasgow, and the transformational effect it is likely to have on non-financial reporting globally.Tue, 07 Dec 2021 14:10:00 Z{2A463817-C862-4846-838C-E02B7B0D2110}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/2726c110/sustainability-asia-the-nickel-pickleVideoSustainability Asia: The Nickel PickleAndrew Digges, project finance partner based in Singapore, talks to Steven Brown, an independent consultant specialised in the responsible supply of battery metals, about ESG issues in the EV battery supply chain, the dilemma EV manufacturers face in sourcing nickel, and some positive changes we can expect in the future of the industry.Wed, 01 Dec 2021 12:56:00 Z{C5BA84E0-0A94-4F49-B335-755994AFE30C}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/c049530c/inside-cop26-wrap-upVideoInside COP26: COP26 wrap-upWe discuss the outcomes from Glasgow, what’s next and how we can assist our clients transition their businesses.Thu, 18 Nov 2021 09:38:00 Z{10732D7B-6347-407A-BB9E-DB0E70263D0A}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/1b7aed0a/inside-cop26-sustainable-miningVideoInside COP26: Sustainable miningFollowing his trip to COP26 last week Gerry Pecht catches up with Raj Karia for a discussion around sustainability in the mining industry and how we are helping mining clients with their climate change agenda.Fri, 12 Nov 2021 12:16:44 Z{CED4BC17-24B4-4808-8162-3DF235BE4E56}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/c7482e56/inside-cop26-climate-resilienceVideoInside COP26: Climate resilienceAnne Lapierre speaks to Doug Buchanan on the topic of climate resilience and some of the projects Doug has been involved in.Thu, 11 Nov 2021 10:15:54 Z{FCF69008-2382-49A2-8B46-6E9B6DC5AFC7}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/f8226fc7/sustainability-asia-sustainability-linked-loansVideoSustainability Asia: Sustainability linked loansRosamund Barker, Head of Legal at the Asia Pacific Loan Market Association (APLMA), talks to David about sustainability linked loans (SLLs). She covers how the SLL Principles came about, the need to balance tightening of the Principles against not leaving companies behind, and whether there is any prospect of standard APLMA drafting being developed for SLLs in future.Tue, 09 Nov 2021 11:10:00 Z{89742A27-6D7B-46A9-B176-1EF0E4903EC2}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/87b96ec2/inside-cop26-nature-dayVideoInside COP26: In conversation with Martin Beaudoin Nadeau, founder and CEO of Viridis TerraThomas Lord speaks to Martin Beaudoin Nadeau, founder and CEO of Viridis Terra on Nature Day at COP26 about nature based solutions. Mon, 08 Nov 2021 10:31:46 Z{3C8F4EC3-0EA8-4AC3-86DE-61EDC647B8CB}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/3383e8cb/inside-cop26-the-issbVideoInside COP26: The ISSB announcementNick Merritt and Thomas Lord give their reaction to the creation of the International Sustainability Standards Board (ISSB) which was announced at COP26.Mon, 08 Nov 2021 09:38:55 Z{5320A66E-D9C5-4BFE-AAF0-603422F773FD}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/5e5e03fd/lets-talk-antitrust-nov-2021VideoLet's Talk Antitrust: November 2021Welcome to Let’s talk antitrust, our video series in which members of Norton Rose Fulbright’s antitrust and competition practice and leading competition law expert Richard Whish QC discuss notable developments in EU and UK competition law.Wed, 03 Nov 2021 15:04:00 Z{D89C09C8-A344-405C-A872-83BA5F5FC4F6}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/d84c24f6/sustainability-asia-standard-chartereds-approach-to-sustainabilityVideoSustainability Asia: Standard Chartered’s approach to sustainabilityDavid welcomes back Tracy Wong Harris, Head of Sustainable Finance for Greater China and North Asia at Standard Chartered Bank. Tracy explains the bank’s approach to sustainability, emphasises the importance of Asia in the global move to align with net-zero, and talks about the bank’s support for transition finance.Tue, 02 Nov 2021 10:11:44 Z{7B3792FC-A855-4AC1-AEA6-4F97A2E6292D}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/7c51692d/sustainability-asia-hong-kong-green-finance-association-gathering-industry-forces-to-promoteVideoSustainability Asia: Hong Kong Green Finance Association – gathering industry forces to promote green finance and investmentTracy Wong Harris, Vice President and Deputy Secretary General of Hong Kong Green Finance Association (HKGFA), talks to David about HKGFA’s work in gathering industry forces to promote green finance and investment across the region, including in the Greater Bay Area. Tracy will be back next week to talk about Standard Chartered Bank’s approach to sustainability.Mon, 25 Oct 2021 12:42:02 Z{FD3FCBD6-BB1E-4EB0-ABA1-D1A3B37DEF46}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/f6e01f46/vertical-reality-key-changes-under-the-eu-and-uk-vber-reviewsVideoVertical reality: Key changes under the EU and UK VBER reviewsWed, 20 Oct 2021 15:15:31 Z{8F1A77AA-4E6B-4089-9680-521C3CF2CA8F}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/8ab90a8f/sustainability-asia-dbs-financing-the-netzero-pathwayVideoSustainability Asia: DBS – financing the net-zero pathwaySubash Narayanan, Head of Project Finance of DBS Bank, shares with Nick the bank’s priorities in the project finance space, exciting renewables projects they are involved across the region, and the critical role finance plays in supporting the transition and decarbonisation of the wider economy.Tue, 19 Oct 2021 13:29:46 Z{66CC16DB-F6BD-4757-AA85-5482157C662E}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/6bd7562e/sustainability-asia-hong-kong-climate-action-plan-2050VideoSustainability Asia: Hong Kong’s Climate Action Plan 2050David gives an overview of Hong Kong’s Climate Action Plan 2050 which was released last week.Tue, 12 Oct 2021 14:10:00 Z{C6878082-2541-4E60-A429-FC5216823EC7}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/c2109ec7/sustainability-asia-what-is-natural-capital-and-why-does-it-matterVideoSustainability Asia: What is natural capital, and why does it matter?David explains to Daryl Poon the meaning of “natural capital” is, and why it’s of critical importance to the future of our planet and our economy.Fri, 01 Oct 2021 13:23:58 Z{43B2480D-CA5E-49C1-BF54-5A2D9CC59F46}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/4de14f46/sustainability-asia-what-does-competition-law-have-to-do-with-sustainabilityVideoSustainability Asia: What does competition law have to do with sustainability?Marc Waha, Head of Asia Antitrust and Competition Team, explains to David how companies trying to act sustainably could unwittingly be breaching competition law, and what competition authorities in the region are doing about it.Tue, 28 Sep 2021 08:48:05 Z{909FAB5A-EC7F-4107-8BE4-77A644F9BC52}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/9af74c52/sustainability-asia-impossible-foods-making-an-impact-with-every-biteVideoSustainability Asia: Impossible Foods – making an impact with every biteNick Halla, SVP of International at Impossible Foods, talks to Daryl Poon, associate in our Hong Kong office, about how adjusting our diet for sustainability can be both delicious and impactful.Tue, 21 Sep 2021 17:30:00 Z{A6314715-700B-4000-B784-42DAF6847AC5}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/a5b04ac5/sustainability-asia-new-world-development-putting-sustainability-into-practiceVideoSustainability Asia: New World Development - Putting Sustainability into PracticeEllie Tang, Head of Sustainability at New World Development Company Limited and K11 Concepts Limited talks to Daryl Poon, associate in our Hong Kong office, about the operational side of sustainability and putting it into practice from the perspective of a conglomerate.Mon, 06 Sep 2021 14:48:26 Z{E8176985-D2FD-49BA-8850-643D17BCEB93}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/e5da0b93/sustainability-asia-the-role-of-emission-reductions-payment-agreements-in-sustainable-investingVideoSustainability Asia: The role of emission reductions payment agreements (ERPAs or VERPAs) in sustainable investingWilliam Holmden, project finance associate based in Singapore, and Andrew Hedges, climate change and clean energy partner based in London, brought us an insightful discussion about the role of emission reductions payment agreements (ERPAs/VERPAs) in supporting sustainable investments, the methodology and frameworks behind such investments, and some of the related challenges and complexities we are seeing in Asia.Wed, 01 Sep 2021 10:16:00 Z{7A71A60A-CA29-478C-8516-2D23B5BB9AA9}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/7a9c6aa9/sustainability-asia-climate-impact-xVideoSustainability Asia: Climate Impact XNick picks up where he left off with Mikkel Larsen, Chief Sustainability Officer of DBS Bank and the interim CEO of Climate Impact X, to understand the role and vision of Climate Impact X and how it uses technology, rating and price transparency to address some of the key concerns on carbon trading and raise the bar for carbon exchange.Wed, 11 Aug 2021 11:45:00 Z{C4DC9719-6E46-413C-8890-F49191EE9400}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/c96c0400/sustainability-asia-dbs-banks-approach-to-sustainabilityVideoSustainability Asia: DBS Bank’s approach to sustainabilityMikkel Larsen, Chief Sustainability Officer of DBS Bank, shares with Nick DBS' focus on financial inclusion and climate change (two of the bank's key priorities in the promotion of sustainable development), and how DBS continues to be a leading bank in transition finance. Mikkel is also the interim CEO of Climate Impact X and will share more with us in the next video.Wed, 04 Aug 2021 11:23:00 Z{B4CDB0AA-3222-4690-9F3E-3EA830F4BA14}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/ba20ea14/sustainability-asia-sustainability-in-indonesiaVideoSustainability Asia: Sustainability in IndonesiaNick welcomes on board new projects partner in Singapore, Andrew Digges. Andrew’s practice focuses on the energy, renewables and social infrastructure sectors. He also has in-depth knowledge of the Indonesian market, having worked in Jakarta for five years. Andrew shares with us the key recent developments in Indonesia’s sustainability agenda, in particular in power generation, looking at the challenges and potential of the country’s bold and ambitious plans in its energy transition journey.Mon, 02 Aug 2021 08:38:00 Z{3D4F8890-CEF1-4685-80A5-EDBCA037373C}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/3015573c/sustainability-asia-sustainable-finance--the-inside-viewVideoSustainability Asia: Sustainable finance – the inside viewLinda Romanovska, consultant, researcher and expert adviser to the EU on sustainable finance, gives David the inside view of the transformational change occurring in sustainable finance. She also explains the need for legal frameworks and taxonomies to improve transparency, comparability and accountability with the end goal of channeling capital towards legitimately sustainable investments.Mon, 19 Jul 2021 14:54:51 Z{0B06AA6E-7E46-4B2A-A1D8-D543D7614DDF}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/0e6a8ddf/hutchison-o2-a-higher-bar-for-eu-merger-prohibitionsVideoHutchison/O2: A higher bar for EU merger prohibitions?Does that signal a significant change in approach that the European Commission may take to mobile mergers?Fri, 06 Nov 2020 19:24:10 Z{A537EA30-E8AD-4E04-A89D-A3F2A766AE62}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/a0d4de62/mining-in-the-spotlight--mining-disputesVideoMining in the spotlight: Mining DisputesThe second video in the Mining in the spotlight series.Fri, 20 Mar 2020 18:45:59 Z{72536A96-D70D-45D9-9789-3417027DCF30}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/76d99f30/lets-talk-antitrust-october-2019VideoLet's talk antitrustWelcome to Let’s talk antitrust, our video series in which members of Norton Rose Fulbright’s antitrust and competition practice and leading competition law expert Richard Whish KC discuss notable developments in EU and UK competition lawWed, 09 Oct 2019 22:00:00 Z{CE3B3D2E-9648-493A-8C99-6A21457D266C}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/ce8a966c/the-digitization-journeyVideoThe digitization journeyWe present the six strategic questions faced by companies embarking on digitization, and recount Norton Rose Fulbright’s own experience of this journey.Wed, 19 Jun 2019 07:00:47 Z{316F3919-76F7-4CA6-BEB3-697FF3284B59}https://www.nortonrosefulbright.com/ja-jp/knowledge/video/39763b59/energy-transitionVideoWhat is the energy transition?The future of energy is about more than just the move from fossil fuels to renewable power. It involves the decarbonization of all sectors of the economy.