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China customs lifts suspension on Tesla Model 3 imports: sources

FILE PHOTO: A parking lot of predominantly new Tesla Model 3 electric vehicles is seen in Richmond, California
FILE PHOTO: A parking lot of predominantly new Tesla Model 3 electric vehicles is seen in Richmond, California, U.S. June 22, 2018. REUTERS/Stephen Lam/File Photo

March 14, 2019

By Yilei Sun and Brenda Goh

BEIJING (Reuters) – China’s customs authority has lifted their suspension on imports of Tesla’s Model 3 after the U.S. electric car maker made the necessary rectifications, two sources familiar with the matter said on Thursday.

China’s General Administration of Customs stopped clearing Tesla Model 3 imports last week, saying that they did not have the required Chinese language warning signs and had missing or incorrect nameplate labels. Tesla said at the time that the company had reached a solution with the authorities.

Tesla declined to comment and China’s customs authority declined to provide immediate comment.

(Reporting by Yilei Sun in Beijing and Brenda Goh in Shanghai; editing by Christian Schmollinger)

Source: OANN

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Greg Craig, ex-Obama White House counsel, indicted for alleged false statements

Greg Craig, who once served as White House counsel for then-President Barack Obama, was indicted Thursday for alleged false statements in connection with his work on behalf of Ukraine.

Craig becomes the first Democrat to be indicted in a case arising from Special Counsel Robert Mueller's now-completed probe into Russian election interference.

The Washington-based lawyer was indicted by a grand jury in the U.S. District Court for the District of Columbia for allegedly falsifying and concealing “material facts” and making false statements to the unit responsible for enforcing foreign lobbying laws.

At issue was Craig’s lobbying work performed in 2012 for the Russian-backed president of Ukraine, Viktor Yanukovych, while Craig was a partner at the law firm Skadden, Arps, Slate, Meagher & Flom.

His attorneys on Wednesday night told The Associated Press in a statement that the "government's stubborn insistence on prosecuting Mr. Craig is a misguided abuse of prosecutorial discretion."

The indictment was announced by Assistant Attorney General for National Security John C. Demers, U.S. Attorney Jessie K. Liu for the District of Columbia, and Assistant Director in Charge William F. Sweeney, Jr. of the FBI’s New York Field Office.

The Associated Press contributed to this report.

Source: Fox News Politics

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Euro zone consumer confidence falls unexpectedly to -7.9 in April

People walk through one of the main pedestrian shopping areas, Preciados street, in central Madrid
FILE PHOTO: People walk through one of the main pedestrian shopping areas, Preciados street, in central Madrid, Spain, June 14, 2018. REUTERS/Paul Hanna

April 23, 2019

(Reuters) – Euro zone consumer confidence fell unexpectedly by 0.7 points in April from the March number, figures released on Tuesday showed.

The European Commission said a flash estimate showed euro zone consumer morale decreased to -7.9 this month from -7.2 in March.

Economists polled by Reuters had expected a rise to -7.0.

In the European Union (EU) as a whole, consumer sentiment fell by 0.6 points to -7.7.

Both indicators remain above their respective long-term averages of −11.3 for the euro zone and −10.4 for the EU as a whole, the Commission said.

(Reporting by Piotr Lipinski in Gdynia)

Source: OANN

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Cain’s possible nomination for Fed in peril as Republican opposition mounts

FILE PHOTO: Former presidential candidate Herman Cain arrives at a rally for U.S. Republican presidential candidate and former Speaker of the House Newt Gingrich in Tampa, Florida
FILE PHOTO: Former presidential candidate Herman Cain arrives at a rally for U.S. Republican presidential candidate and former Speaker of the House Newt Gingrich in Tampa, Florida January 30, 2012. REUTERS/Shannon Stapleton/File Photo

April 11, 2019

WASHINGTON (Reuters) – The expected nomination of businessman Herman Cain to the Federal Reserve appeared in jeopardy on Thursday as another Republican voiced opposition, possibly denying Cain the support needed in the Senate to be confirmed in the post.

“If I had to vote today, I would vote no,” Senator Kevin Cramer said in a statement.

Cramer becomes the fourth Republican senator reported to be opposed to Cain’s expected nomination by President Donald Trump. If all of the Senate’s Democrats and the two independents aligned with them were to vote against Cain, he would fall short of the majority support he would need.

(Reporting by Trevor Hunnicutt; Writing by Tim Ahmann; Editing by Eric Beech)

Source: OANN

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U.S. plans ‘very significant’ additional Venezuela sanctions: official

Venezuela's President Nicolas Maduro speaks during a broadcast at Miraflores Palace in Caracas
Venezuela's President Nicolas Maduro speaks during a broadcast at Miraflores Palace in Caracas, Venezuela March 11, 2019. Miraflores Palace/Handout via REUTERS

March 12, 2019

By Lesley Wroughton

WASHINGTON (Reuters) – The United States is preparing to impose “very significant” Venezuela-related sanctions against financial institutions in the coming days, U.S. special envoy Elliott Abrams said on Tuesday.

Abrams did not elaborate on the fresh measures but his warning came a day after the U.S. Treasury imposed sanctions on Russian bank Evrofinance Mosnarbank for helping Venezuelan state oil firm PDVSA evade U.S. financial restrictions.

Abrams said Washington was also preparing to withdraw more U.S. visas from Venezuelans with close ties to President Nicolas Maduro.

Washington has taken the lead in recognizing opposition leader Juan Guaido as Venezuela’s rightful president after the 35-year-old Congress chief declared Maduro’s 2018 re-election a fraud and announced an interim presidency in January. Most countries in Europe and Latin America have followed suit.

Abrams’ comments came as Venezuela ordered American diplomats to leave the country within 72 hours.

Washington said it had decided to withdraw the remaining diplomats due to deteriorating conditions in Venezuela, which has been plunged into its worst blackout on record.

Abrams emphasized that the withdrawal of diplomats was not a change in U.S. policy.

“This does not represent any change in U.S. policy toward Venezuela, nor does it represent any reduction in the commitment we have to the people of Venezuela and to their struggle for democracy,” he said, adding that the U.S. intended to keep up pressure on Maduro through sanctions.

“You will see very soon a significant number of additional visa revocations. You will see in the coming days some very significant additional sanctions,” Abrams added.

He said the United States was in talks with other countries that could act as its “protecting power” in Venezuela to ensure the safety of the U.S. embassy’s premises and provide assistance to Americans in trouble.

A “protecting power” is a country that represents another in cases where two countries have broken off diplomatic relations. Washington, for example, has appointed Switzerland as its “protecting power” in Iran.

“We are trying to decide on a protecting power,” Abrams said.

He said the safety of U.S. diplomats was a key factor in the withdrawal decision reached by U.S. Secretary of State Mike Pompeo in the late hours of Monday night.

(Reporting by Lesley Wroughton and David Alexander; writing by Doina Chiacu; editing by Bill Trott)

Source: OANN

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The Latest: Wind and outages as storms move into Mississippi

The Latest on severe weather moving across the United States (all times local):

2:15

Heavy winds and power outages are being reported as a storm system moves across Louisiana and Mississippi.

The National Weather Service reported gusts of 60 mph (97 kph) in Natchez, Mississippi, on Thursday afternoon as the storm system moved across the Mississippi River from Louisiana.

Utilities report about 13,000 customers without power across central Louisiana and another 10,000 without power in southwest Mississippi.

Trees were reported down in multiple locations throughout the region. A spotter confirmed a tornado on the ground southwest of Jackson.

Dozens of schools and colleges dismissed students early as tornado watches were issued.

There was also a band of power outages in east Texas stretching from Tyler south to nearly College Station.

The same system produced tornadoes and hail earlier in North Texas, the Texas Panhandle, Oklahoma and southeastern Kansas.

11:45 a.m.

Forecasters are warning about tornadoes and other violent weather as a storm system moves into the southeastern United States.

The National Weather Service issued a series of tornado warnings about a front pushing eastward from Texas on Thursday. Strong storms covered much of Louisiana.

A tornado watch reached from coastal Louisiana into central Mississippi, and more weather alerts are likely. Flood warnings reached as far north as central Indiana.

The same system produced tornadoes and hail earlier in North Texas, the Texas Panhandle, Oklahoma and southeastern Kansas.

___

9:55 a.m.

Severe thunderstorms rumbled across North Texas, the Texas Panhandle, Oklahoma and southeastern Kansas, producing several tornadoes and unleashing widespread hail.

Seven tornadoes were reported across the Plains from the northeastern Texas Panhandle to southeastern Kansas. Strong winds hit elsewhere Wednesday evening, toppling utility poles and trees and downing power lines in parts of North Texas. No significant structural damage has been reported.

The National Weather Service received numerous reports of hail pelting the storm-struck areas. Egg-size hail was reported about 60 miles (95 kilometers) northwest of Fort Worth.

The storms were expected to move Thursday into the Deep South. Dozens of schools in Mississippi and Alabama dismissed students early as a precaution.

The threat comes days after dozens of tornadoes from East Texas to Georgia left at least nine dead.

Source: Fox News National

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Pope kisses feet of South Sudan leaders, urging them to keep the peace

Pope Francis shakes hands with the President of South Sudan Salva Kiir at the end of a two day Spiritual retreat with South Sudan leaders at the Vatican
Pope Francis shakes hands with the President of South Sudan Salva Kiir at the end of a two day Spiritual retreat with South Sudan leaders at the Vatican, April 11, 2019. Vatican Media/­Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.

April 11, 2019

VATICAN CITY (Reuters) – Pope Francis, in a dramatic gesture after an unprecedented retreat at the Vatican, knelt to kiss the feet of South Sudan’s previously warring leaders on Thursday as he urged them to not return to a civil war.

He appealed to President Salva Kiir, his former deputy turned rebel leader Riek Machar, and three other vice presidents to respect an armistice they signed and commit to forming a unity government next month.

“I am asking you as a brother to stay in peace. I am asking you with my heart, let us go forward. There will be many problems but they will not overcome us. Resolve your problems,” Francis said in improvised remarks.

The leaders appeared to be stunned as the 82-year-old pope, helped by aides, knelt with difficulty to kiss the shoes of the two main opposing leaders and several other people in the room.

The pope’s words were made even more pressing as anxiety grew in South Sudan over whether Thursday’s coup in neighboring Sudan could scupper a fragile peace deal that ended South Sudan’s brutal five-year civil war.

The Vatican brought together South Sudanese leaders for 24 hours of prayer and preaching inside the pope’s residence in a last ditch attempt to heal bitter divisions a month before the war-ravaged nation is due to set up a unity government.

(Reporting by Philip Pullella, Editing by Kevin Liffey and Catherine Evans)

Source: OANN

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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FILE PHOTO: Uber's logo is displayed on a mobile phone in London, Britain
FILE PHOTO: Uber’s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay/File Photo

April 26, 2019

(Reuters) – Ride-hailing company Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors it would seek to sell as much as $10.35 billion in stock at a valuation of up to $91.5 billion.

In a regulatory filing, Uber set a target price range of $44-$50 per share for its IPO. The company will sell 180 million shares in the offering, with a further 27 million sold by insiders.

In the filing, Uber also reported a net loss attributable to the company for the first quarter of 2019 of around $1 billion and revenues of roughly $3 billion.

(Reporting by Joshua Franklin; editing by Patrick Graham)

Source: OANN

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FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai
FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas/File Photo

April 26, 2019

By Aditi Shah and Abhirup Roy

NEW DELHI/MUMBAI (Reuters) – The grounding of India’s Jet Airways is turning into a quick windfall and long-term opportunity for international airlines keen to scoop up nearly a million outbound passengers from what was once the nation’s biggest airline.

Jet, which previously had a fleet of around 120 largely Boeing Co planes, was forced to indefinitely halt all flight operations on April 17 after its banks rejected the carrier’s plea for emergency funds.

The carrier’s descent into crisis has benefited international airlines in the form of rising fares and demand, data showed.

Fares from India to cities such as Dubai, London, New York, Singapore and Bali in the first quarter of 2019 rose between 4 percent and 32 percent from a year ago, according to Indian travel portal MakeMyTrip Ltd.

In the peak travel months of May and June, fares to London have spiked as much as 36 percent and tickets to San Francisco are up nearly 20 percent from a year ago, according to data from travel portal Yatra.com.

“For the next three months it’s actually bonanza time for international players,” said Ashish Nainan, a research analyst at CARE Ratings. “At least until the middle of June, the fares are not going to come down.”

Due to rising demand, even before Jet’s lessors grounded planes, carriers such as British Airways, Cathay Pacific Airways Ltd, Singapore Airlines Ltd and United Airlines saw an up to a 27 percent increase in passenger numbers from India in the last quarter of 2018, data from India’s aviation regulator showed. That is the latest period for which the data is available.

India is one of the world’s fastest-growing aviation markets, clocking 15-20 percent domestic growth in recent years. It has long had only two full-service long-haul carriers, state-run Air India and Jet.

Jet is now hoping to be bailed out by a new investor, with final bids due on May 10.

INCREASING CAPACITY

Before its grounding, Jet had the biggest share of India’s outbound international air traffic, carrying 12 percent of the 7.8 million passengers headed overseas in the Oct-Dec quarter, down from 14 percent a year earlier, data from the Directorate General of Civil Aviation showed.

For an interactive graphic on Jet’s market share, click https://tmsnrt.rs/2WvDQYi

For an interactive graphic on average daily flights by the airline, click https://tmsnrt.rs/2FeFDel

The total number of passengers traveling overseas with Jet fell 10 percent during the last quarter of 2018 even as the outbound travel market grew about 5 percent.

Meanwhile, Singapore Airlines posted a 27 percent increase in passengers from India, Cathay registered 17 percent growth and British Airways saw a 10 percent rise in the same period.

Cathay said the events at Jet combined with increasing demand for travel had led it to deploy larger aircraft with more seats on some Indian routes.

“In the long term we would certainly like to be able to offer more capacity into India, not just on our existing routes but by establishing new services to secondary cities,” Cathay said in a statement.

Singapore Airlines, in an email to Reuters, said the Indian market is “very promising” but declined to give details of airfare levels or demand patterns in the wake of Jet’s exit, citing a quiet period before the release of its annual results.

DOMESTIC GAINS

Jet’s grounding has also had a big impact on the domestic market, with inter-city air fares to major cities such as New Delhi, Mumbai, Bengaluru and Kolkata soaring more than 20 percent in May and June, according to Yatra.com.

The spike in fares is expected to underpin strong earnings for IndiGo and SpiceJet Ltd, which are set to report results for the quarter ended March 31 in the coming weeks.

“Domestic Indian carriers are the main benefactors, but I suspect if Jet fails to be revived by May 10 then Vistara and other airlines that ply international routes, particularly the lucrative Gulf market, are the main winners,” said Shukor Yusof, the head of aviation consultancy Endau Analytics. Vistara is a joint venture of India’s Tata Sons and Singapore Airlines.

Inadequate bilateral traffic rights between India and other countries, however, could be an impediment to foreign carriers’ hopes of winning business lost by Jet, some analysts said.

“Even before Jet’s operational shutdown, international capacity was significantly constrained,” said Kapil Kaul, CEO for South Asia of consultancy CAPA. “We have now more serious capacity challenge … this is unlikely to be stabilized in the near term.”

A new national government likely to be in place sometime after elections end in May is expected to address the international capacity constraints, and once bilateral agreements are eased airlines including Emirates, Turkish and Qatar would immediately benefit, said Kaul.

“We would love to add more flights but we are at the limit of the allocation granted to us for traffic rights,” Emirates Chief Commercial Officer Thierry Antinori told reporters in Dubai on Wednesday.

(Additional reporting by Alexander Cornwell in Dubai, Jamie Freed in Singapore and Tanvi Mehta in Mumbai; Editing by Muralikumar Anantharaman)

Source: OANN

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FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the NYSE in New York
FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 8, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Pushkala Aripaka and Ankur Banerjee

(Reuters) – AstraZeneca Plc beat first-quarter sales and earnings expectations on Friday as the British drugmaker benefited from a push into cancer drugs and emerging markets including China.

Newer treatments such as lung cancer drug Tagrisso, now the company’s top selling medicine, have helped the drugmaker’s return to growth after years of crumbling sales due to patent losses on older drugs.

Sales in China have shown explosive growth, more than doubling since 2012, but AstraZeneca executives on Friday said that may not be sustained.

“The enormous growth you currently see in China, 28 percent, probably is not sustainable, but we feel very bullish that the growth will continue to be at a pace of between 15 percent and 20 percent,” Ruud Dobber, executive vice president, BioPharma, told Reuters.

Shares of the company were down 0.2 percent at 5,878 pence at 1031 GMT.

The turnaround in AstraZeneca’s fortunes has been powered by a push into cancer treatments led by Chief Executive Pascal Soriot, who saw off a 2014 takeover bid from Pfizer in part by promising annual sales of $45 billion by 2023.

In the first quarter, sales from its oncology unit rose 59 percent to $1.89 billion, accounting for 35 percent of total product sales.

The company has moved deeper into cancer therapy market through wide-ranging deals, including those for immunotherapy and targeted therapy. Last month, it agreed a multi-billion dollar oncology deal with Japan’s Daiichi Sankyo Co Ltd.

Interactive graphic on AZN’s top 10 drugs by sales – https://tmsnrt.rs/2W5XIRX

“We’re reaching that point where after years of having to keep faith, we have actually got something tangible to believe in,” Hargreaves Lansdown analyst Nicholas Hyett said.

AstraZeneca also backed its annual sales and earnings forecast and said it has extensively prepared for UK’s anticipated exit from the European Union, even in the event of a no-deal exit.

The company has already spent more than 40 million pounds ($52 million) on Brexit preparations, including stockpiling six weeks’ worth of drugs in the UK and four weeks in continental Europe to guard against shortages.

AstraZeneca said product sales rose 14 percent at constant currency to $5.47 billion in the quarter, led by its lung cancer drug Tagrisso and respiratory treatment Pulmicort.

Interactive graphic on AZN’s quarterly oncology sales – https://tmsnrt.rs/2W9tbCD

China sales increased by 28 percent to $1.24 billion in the quarter, accounting for nearly a quarter of overall product sales.

Core earnings came in at 89 cents per share in the quarter. Analysts on average were expecting core earnings of 85 cents per share and product sales of $5.29 billion, according to a company provided consensus of 19 analysts.

(Reporting by Pushkala Aripaka and Ankur Banerjee in Bengaluru; Editing by Bernard Orr/Keith Weir)

Source: OANN

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