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Oct 26 (Reuters) - The following table shows rates for Asian currencies against the dollar at 0208 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 113.820 113.7 -0.11 Sing dlr 1.346 1.3469 +0.05 Taiwan dlr 27.813 27.876 +0.23 Korean won 1165.000 1168.4 +0.29 Baht 33.030 33.1 +0.21 Peso 50.798 50.768 -0.06 Rupiah 14160.000 14155 -0.04 Rupee 75.078 75.0775 0.00 Ringgit 4.145 4.1495 +0.11 Yuan 6.382 6.3856 +0.06 Change so far in 2021 Currency Latest bid End 2020 Pct Move Japan yen 113.820 103.24 -9.30 Sing dlr 1.346 1.3209 -1.88 Taiwan dlr 27.813 28.483 +2.41 Korean won 1165.000 1086.20 -6.76 Baht 33.030 29.96 -9.29 Peso 50.798 48.01 -5.49 Rupiah 14160.000 14040 -0.85 Rupee 75.078 73.07 -2.68 Ringgit 4.145 4.0400 -2.53 Yuan 6.382 6.5283 +2.29 (Compiled by Indranil Sarkar in Bengaluru; Editing by Rashmi Aich)
Persons: Indranil Sarkar, Rashmi Aich Organizations: . Locations: Taiwan, Bengaluru
Moves were slight as traders eye central bank meetings in Europe, Japan and Canada this week and data releases in Australia and the United States. “The dollar has been reversing lower because of a more risk- on market, and that’s due to earnings coming in better than expected,” said Bank of Singapore analyst Moh Siong Sim, while investors await data and central bank meetings for direction. Analysts expect it might stay there through a slew of central bank meetings in coming days. No changes are expected from the Bank of Japan, although Reuters has reported that policymakers are discussing an end to a COVID-19 loan scheme. Australian quarterly inflation data due on Wednesday is also likely to set the tone in a tussle between rates markets and the resolutely dovish Reserve Bank of Australia (RBA).
Persons: Dado Ruvic, Liu He, Janet Yellen, , Moh Siong Sim, Sterling Organizations: U.S, REUTERS, Treasury, South Korean, Bank of Singapore, Westpac, Central, ECB, Federal Reserve, Canadian, Bank of Japan, Reuters, Bank of Australia, Fed, Bank of England, New Zealand Locations: SINGAPORE, China, Europe, Japan, Canada, Australia, United States, U.S
Samsung heir and the company's facto leader, Jay Y. Lee was fined 70 million South Korean won ($60,000) for using propofol. Lee said earlier he had received the drug 41 times from 2015 to 2020. Propofol is used as an anesthetic and sedative, and is the drug that killed Michael Jackson in 2009, according to Jackson's autopsy report. Prosecutors said Jackson was prescribed propofol for insomnia, but the superstar died after a particularly strong dose. In 2013, three South Korean actresses — Park Si-yeon, Lee Seung-yeon, and Jang Mi-in-ae — were issued suspended sentences after being found guilty of using the drug for "non-medical purposes," according to the South China Morning Post.
Persons: Jay Y, Lee, Michael Jackson, Lee Kun, Prosecutors, Jackson, Lee Seung, Jang, Organizations: Samsung, South Korean, Service, Reuters, Samsung Electronics, South, China Morning
India Insight: Climate fight goes way beyond coal
  + stars: | 2021-10-26 | by ( Una Galani | )   time to read: +8 min
REUTERS/Eduardo Munoz/Pool - RC2XWP91R3MWMUMBAI, Oct 26 (Reuters Breakingviews) - India is part of the global climate solution, not just part of a dirty problem to be fixed. As a developing country relying on coal to meet about half of its primary energy demand, India is in a tricky spot. Tackling coal would also require Modi to spend a lot of political and financial capital beyond just shutting down the plants. Coal India (COAL.NS), the country’s top miner, directly employs about 260,000, and millions more depend on the sector. Coal will remain the elephant in the room, but Modi has some key fundamentals on its side to help smooth a global climate transition.
Persons: Narendra Modi, Eduardo Munoz, Modi, Gautam Adani, Elon Musk, Xi Jinping, Mukesh Ambani, Australia’s Andrew “ Twiggy ” Forrest, Fortescue, Bhupender Yadav, Yadav, Rameshwar Prasad Gupta, Antony Currie, Katrina Hamlin Organizations: India's, General Assembly, REUTERS, Reuters, United Nations, Change, India, Indian Railways, European Union, Tata Steel, Vedanta, Reliance Industries, Fortescue Metals, Bloomberg Locations: New York City, U.S, MUMBAI, India, Glasgow, States, China, Paris, New Delhi, United States, Jharkhand, Hyderabad, Singapore, South Korea, Japan
A bird flies near the Association of Southeast Asian Nations (ASEAN) secretariat building, ahead of the ASEAN leaders' meeting in Jakarta, Indonesia, April 23, 2021. REUTERS/Willy KurniawanBANDAR SERI BEGAWAN, Oct 26 (Reuters) - A summit of Southeast Asian leaders got underway on Tuesday without a Myanmar representative, after its junta leader was excluded for failure to follow a regional peace deal and the ruling military refused to send junior representation. Neither Brunei, the Association of Southeast Asian Nations (ASEAN) chair, nor the bloc's secretary-general made a mention of the no-show in opening remarks at the virtual meeting. Brunei had said the bloc would invite a non-political representative from Myanmar, but there was no confirmation of this by the opening of the summit. In deciding to sideline the Myanmar junta boss, ASEAN cited his failure to make steps to end hostilities, initiate dialogue, allow humanitarian support and grant a special envoy full access in the country.
Persons: Willy Kurniawan BANDAR, BEGAWAN, Min Aung Hlaing, Joe Biden, Suu Kyi's, Michael Vatikiotis, Bandar Seri Begawan, Tom Allart, Kay Johnson, Michael Perry Organizations: Association of Southeast Asian Nations, ASEAN, REUTERS, Assistance Association for Political, National Unity Government, EU, Ain, Thomson Locations: Jakarta, Indonesia, Myanmar, Brunei, U.S, United States, China, South Korea, ASEAN, Cambodia, Laos, Malaysia, Philippines, Singapore, Thailand, Vietnam, Asia, Geneva, Bandar Seri
Exports grew 1.5%, recovering from the June quarter's 2.0% contraction, on strong sales of semiconductors and petroleum products. That was, however, a significant slowdown from the second quarter's 6.0% growth, and missed market forecast growth of 4.2%. The BOK currently sees the economy growing 4% for the whole of 2021 after shrinking 0.9% last year. Economists, however, are concerned global supply chain disruptions and inflation pressures may pose risks to the fourth-quarter outlook. "The near-term outlook for exports and manufacturing sector is likely to be clouded by sustained concerns about the global supply bottleneck," Societe Generale's economist Oh Suk-tae said.
Persons: Kim Hong, BOK, Finance Minister Hong Nam, Hwang Sang, pil, Oh Suk, Hwang, Joori Roh, Sam Holmes Organizations: REUTERS, Gross, Bank of Korea, ., Finance Minister, Thomson Locations: Incheon, South Korea, SEOUL, Korean
In 1987, Mr. Chun handpicked Mr. Roh as the presidential candidate of his ruling party. To head off rioting, Mr. Chun and Mr. Roh acceded to demands for political reforms, including holding a popular election. The 1988 Games were a great success despite a North Korean attempt to sabotage them with the bombing of a South Korean passenger jet in 1987 and despite demonstrations by students chanting “Down with dictatorship!” and hurling kerosene bombs. Mr. Roh was a marked contrast with the hardline ex-generals who had led the country before him, Mr. Park and Mr. Chun. Portraits of a smiling Mr. Roh went up on the walls of government offices.
Persons: Chun, Roh, , Mr, Kim Young, Kim Dae, Roh’s, , Organizations: South, United Nations Locations: Seoul, Korean, South Korean, Soviet Union, China, North Korea
Japan's Emperor Akihito (R) toasts with South Korea's President Roh Tae-woo during an imperial banquet hosted by the emperor at the Imperial Palace in Tokyo, Japan, May 24, 1990, in this photo released by Kyodo. In response and to distance himself from Chun, Roh issued the "June 29 Declaration", announcing significant political reforms including the direct election of the president. As the original driving force behind the 1988 Seoul Olympics, Roh helped South Korea forge a new international identity. Local media dubbed it the "trial of the century" as it dug up many of the dirtiest secrets from South Korea's era of strongman rule. Son Roh Jae-heon is a certified lawyer in New York state and the president of the East Asia Culture Center in Seoul.
Persons: Akihito, Roh Tae, Roh, South Korea's, Chung, hee, Chun Doo, Chun, Roh's, Jae, Kim Young, Kim, Son Roh Jae, Chey Tae, Sangmi Cha, Josh Smith, Jane Wardell, Clarence Fernandez Organizations: South, Kyodo, National University Hospital, Korean Military Academy, House, United Nations, Blue, East Asia Culture Center, SK Group, Thomson Locations: Tokyo, Japan, SEOUL, Korean, Seoul, South, ignominy, Talsong County, Taegu, Fort Bragg , North Carolina, Vietnam, Russia, China, South Korea, Gwangju, New York
Indonesia, U.S. call on G20 to plan pandemic prevention system
  + stars: | 2021-10-26 | by ( )   time to read: +2 min
JAKARTA, Oct 26 (Reuters) - The United States and Indonesia on Tuesday called for the launch of a forum to prepare for future pandemics, urging members of the Group of 20 leading economies to seize an opportunity this month to plan for an international response system. "We have all personally grappled with the deep human and economic cost brought on by this borderless, unforgiving pandemic. The United States and Indonesia, which have similar size populations, have been among the worst affected in their respective regions. The G20 includes the United States, Japan, Britain, Russia, Brazil, China, Germany, Canada, Australia and South Korea, among others. It called for greater inclusiveness and less bureaucracy and said a joint response was critical for poorer counties that lack resources to respond fast, including with vaccinations.
Persons: Janet Yellen, Sri Mulyani Indrawati, Martin Petty, James Pearson Organizations: Treasury, Indonesian Finance, World Health Organization, Thomson Locations: JAKARTA, United States, Indonesia, Rome, Japan, Britain, Russia, Brazil, China, Germany, Canada, Australia, South Korea
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere are incremental signs that supply shortages are 'starting to mend': JPMorganMixo Das of JPMorgan says the "cyclical soft patch of growth" in economies such as China and South Korea is expected to ease in the fourth quarter and growth revisions will begin moving higher again.
Persons: JPMorgan Mixo Das Organizations: JPMorgan Mixo, JPMorgan Locations: China, South Korea
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrivate consumption to drive South Korea growth in 2022: Goldman SachsGoohoon Kwon from Goldman Sachs lays out the factors that will lead to South Korea's gradual economic recovery and his take on the central bank's upcoming monetary decision.
Persons: Goldman Sachs Goohoon Kwon, Goldman Sachs Locations: Korea
South Korea's Q3 GDP grows at slower pace, misses forecast
  + stars: | 2021-10-25 | by ( )   time to read: +1 min
A truck drives between shipping containers at a container terminal at Incheon port in Incheon, South Korea, May 26, 2016.REUTERS/Kim Hong-JiSEOUL, Oct 26 (Reuters) - South Korea's economy grew at a slower pace in the third quarter, as robust exports were offset by weak domestic demand and construction and facility investments, data from the Bank of Korea showed on Tuesday. Gross domestic product (GDP) grew a seasonally adjusted 0.3% in the September quarter from three months earlier, slowing from 0.8% growth in the preceding quarter and missing a median 0.6% growth tipped in a Reuters survey. read moreFrom a year earlier, Asia's fourth-largest economy expanded 4.0% during the third quarter, down sharply from a 6.0% expansion in the second quarter, which was the fastest in a decade. That also compares to a 4.2% rise seen in the survey. read moreReporting by Joori Roh Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: Kim Hong, Ji, Joori Roh, Chris Reese Organizations: REUTERS, Bank of, Gross, Thomson Locations: Incheon, South Korea, Ji SEOUL, Bank of Korea
FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo(Reuters) -Citigroup Inc on Monday warned of significant charges related to the closing of its consumer banking business in South Korea, months after announcing its exit from 13 markets across Asia, Europe, Middle East and Africa. The charges will largely comprise payouts to employees related to voluntary termination benefits, discussions for which have already started with employee unions, Citigroup said, adding the charges will be spread across till the end of 2023. The bank said it was, however, unable to estimate the charge it will take. Besides South Korea, the bank will also divest its retail banking arms in Australia, Bahrain, China, India, Indonesia, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, it said in April.
Persons: Andrew Kelly, Jane Fraser’s Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup Inc, Citigroup Locations: Manhattan , New York City, U.S, South Korea, Asia, Europe, Middle East, Africa, Australia, Bahrain, China, India, Indonesia, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand, Vietnam
A woman skateboards on a shopping street amid tightened social distancing rules due to the coronavirus disease (COVID-19) pandemic in Seoul, South Korea, July 12, 2021. South Korea has been largely successful in managing the pandemic without the lockdowns and death rates seen in many other parts of the world, largely through intensive testing, tracing, distancing and masks. Currently, gatherings of up to eight people are allowed if a group includes four fully vaccinated people. South Korea's latest wave of infections has brought far fewer serious infections than earlier outbreaks, with many older and more vulnerable people now vaccinated. South Korea was one of the first countries to record novel coronavirus cases after it emerged in China in late 2019.
Persons: Heo, Sangmi Cha, Miyoung Kim, Robert Birsel Organizations: REUTERS, Thomson Locations: Seoul, South Korea, SEOUL, China
A man is seen next to Panasonic Corp's logo at Panasonic Center in Tokyo, Japan, February 2, 2017. REUTERS/Kim Kyung-HoonTOKYO, Oct 25 (Reuters) - Panasonic on Monday unveiled a new large prototype battery designed to help Tesla Inc (TSLA.O) lower electric vehicle (EV) production costs, in a move the Japanese company's battery chief said would deepen business ties with its key U.S. customer. He did not say when Panasonic, which operates a plant in Nevada that supplies Tesla, would begin full-scale production. Apple Inc (AAPL.O) has also been in discussion with CATL and China's electric vehicle maker BYD about becoming LPF battery suppliers for its planned electric vehicle. Tadanobu declined to say whether Apple had approached Panasonic about buying EV batteries.
Persons: Kim Kyung, Hoon, Kazuo Tadanobu, Tesla, Tadanobu, Apple, Tim Kelly, Christopher Cushing, Ana Nicolaci da Organizations: Panasonic, Panasonic Center, REUTERS, Tesla, South Korea's LG Energy, Amperex Technology, EV, Apple Inc, Reuters, Thomson Locations: Tokyo, Japan, South, Nevada, CATL, China, United States, Ana Nicolaci da Costa
Philippine stocks fell 1% to lead losses, followed by Thailand, while equities in Singapore, Taiwan and Malaysia traded flat to slightly higher. Market watchers worried that new curbs could be imposed in the country, which could see economic growth and trade with its Asian partners slow. Singapore's dollar and the South Korean won firmed 0.2% and 0.7%, respectively, while most other Asian currencies were tepid. The Thai baht rallied 0.8% to hit its highest since Sept. 16 after the trade- and tourism-reliant economy announced rules for its quarantine-free reopening to visitors from 45 countries. This comes after confidence in the Thai economy had waned due to collapse of its tourism sector as exports also struggled after the pandemic, with the baht becoming Asia's worst-performing currency this year.
Persons: Anushka Trivedi, Yeap, Rong, , Sherry Jacob, Phillips Organizations: Sunday, South Korean, Ayala Land Inc, Aboitiz Equity Ventures Inc, FX Locations: Thailand, China, Singapore, Taiwan, Malaysia, Philippines, Korea, Asia, Japan, India, Indonesia, Bengaluru
FILE PHOTO: The logo of LG Chem is seen at its office building in Seoul, South Korea, October 16, 2020. It reported an operating profit of 727 billion won ($617.55 million) for the July-September period, versus 904 billion won a year earlier and an average analyst forecast of 893 billion won compiled by Refinitiv SmartEstimate. Revenue rose 41% to 10.6 trillion won, LG Chem said in a regulatory filing. LG and GM settled a $2 billion Bolt recall cost deal earlier this month, paving the way for its battery unit to resume work on its suspended initial public offering. Shares of LG Chem closed up 0.4%, versus the KOSPI’s 0.5% rise.
Persons: Kim Hong, Ji, Refinitiv SmartEstimate, GM’s Bolt, LG Chem, 1,177.2300 Organizations: LG Chem, REUTERS, General Motors, LG Energy, LG, GM, Tesla Inc, Hyundai Motor Co, Stellantis NV, EV Locations: Seoul, South Korea, Ji SEOUL
FILE PHOTO: The logo of LG Chem is seen at its office building in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-JiIt reported an operating profit of 727 billion won ($617.55 million) for the July-September period, versus 904 billion won a year earlier and an average analyst forecast of 893 billion won compiled by Refinitiv SmartEstimate. Revenue rose 41% to 10.6 trillion won, LG Chem said in a regulatory filing. Japan’s Panasonic said on Monday it had no nL1N2RL0CKplans to make LFP batteries for electric vehicles. Shares of LG Chem closed up 0.4%, versus the KOSPI’s 0.5% rise.
Persons: Kim Hong, Ji, Refinitiv SmartEstimate, GM Bolt, LG Chem, , Chang Seung, LGES, Kwon Young Soo, Tesla, Panasonic, 1,177.2300 Organizations: LG Chem, General Motors, REUTERS, LG Energy, GM, LG, Tesla Inc, Hyundai Motor Co, Stellantis NV, EV, LG Corp Locations: SEOUL, Seoul, South Korea
Malaysia, Indonesia, South Korea and Singapore shares traded flat to 0.2% higher, while Philippine stocks slipped 0.7%. Singapore's dollar and the South Korean won firmed 0.3% and 0.6%, respectively, while most other Asian currencies were tepid. Further investment clues for South Korea will come with third-quarter gross domestic product (GDP) data due on Tuesday. Asia's fourth-largest economy is expected to have expanded by 0.6% from the previous quarter on robust exports. Investor confidence in the Thai economy had waned due to collapse of its tourism sector as exports also struggled after the pandemic, with the baht becoming Asia's worst-performing currency this year.
Persons: Anushka Trivedi, Jun Rong, Asia's, Kenneth Maxwell Organizations: Sunday, South Korean, Ayala Land Inc, Aboitiz Equity Ventures Inc, FX Locations: Thailand, China, Malaysia, Indonesia, South Korea, Singapore, Philippines, Asia, Japan, India, Taiwan, Bengaluru
A cryptocurrency developer who was handed two subpoenas as he walked inside a hotel last month won’t comply with the demands—and is instead suing the federal regulator that issued them. Do Kwon, a South Korean citizen and resident, says the move by the Securities and Exchange Commission violated the agency’s rules and was designed either to embarrass him or to stir up media interest in its crackdown on the cryptocurrency market.
Persons: Kwon Organizations: South, Securities and Exchange Commission Locations: South Korean
* KOSPI rises, foreigners net buyers * Korean won strengthens against U.S. dollar * South Korea benchmark bond yield rises SEOUL, Oct 25 (Reuters) - Round-up of South Korean financial markets: ** South Korean shares rose on Monday ahead of key corporate quarterly results at home and abroad. The won strengthened, and the benchmark bond yield rose. ** Samsung Electronics and SK Hynix are expected to report their earnings results on Thursday and Tuesday, respectively. ** In money and debt markets, December futures on three-year treasury bonds rose 0.04 point to 108.52. ** The most liquid 3-year Korean treasury bond yield rose by 0.4 basis point to 1.893%, while the benchmark 10-year yield rose by 0.6 basis point to 2.417%.
Persons: LG Chem, 1,177.2300, Joori Roh Organizations: Korean, U.S, Samsung Electronics, SK Hynix, LG, Facebook, Microsoft, Apple Locations: Korea, SEOUL, Korean, South Korea
There's been a slew of announcements from major Chinese technology companies this year regarding chips made in China. Foreign-dominated supply chainA closer look at the specifics of the silicon being designed shows China's reliance on foreign companies. It will also be built upon the so-called 5-nanometer process, the most advanced chip technology at the moment. Geopolitical vulnerabilitiesThe reliance on foreign companies leaves Chinese firms vulnerable to any geopolitical tensions — as was the case with both Huawei and SMIC. U.S. President Joe Biden has called for a $50 billion investment in semiconductor manufacturing and research and has looked for chipmakers to invest in the country.
Persons: They've, There's, Alibaba, Peter Hanbury, it's, Hanbury, TSMC, Joe Biden, Gina Raimondo Organizations: Getty Images, U.S, Baidu, Nikkei, Bain & Company, CNBC, Intel, Samsung, Huawei, SMIC, Kirin, TSMC, ., Washington Locations: Getty Images GUANGZHOU, China, U.S, Asia, TSMC, Taiwan, South Korea, Netherlands, Washington, United States, India, Japan, Australia
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.26% while Japan's Nikkei (.N225) lost 1% on softer earnings by several local companies. "This week earnings take centre stage," said Chris Weston, head of research at brokerage Pepperstone in Melbourne, in a morning note. Traders are waiting for U.S. third quarter GDP figures due Thursday with a weak print likely to weigh on the dollar, according to analysts at CBA. In contrast, UBP's Casanova said a strong reading could push U.S. benchmark yields higher and drive sooner-than-expected tightening by U.S. policy makers. read moreAs tapering looms, U.S. benchmark yields have been rising and yields on 10-year Treasury notes hit a five-month high of 1.7064% last week.
Persons: HSI, China's, Carlos Casanova, Chris Weston, UBP's Casanova, Jerome Powell, Brent, Stephen Coates Organizations: REUTERS, HSBC, Facebook, Japan's Nikkei, South, Hong, China Evergrande Group, Reuters, Microsoft, Apple, Deutsche Bank, Lloyds, China Construction Bank, Nomura, Dow Jones, Nasdaq, Intel, Aussie, Traders, U.S, CBA, Thomson Locations: Tokyo, Japan, HONG KONG, China, Hong Kong, Asia, Pacific, South Korea, Greater China, U.S, Melbourne, Lincoln
REUTERS/Kim Hong-JiSEOUL, Oct 25 (Reuters) - South Korean steelmaker POSCO (005490.KS) reported its highest-ever quarterly operating profit in the third quarter, as a surge in steel prices was fanned by reduced supply from China. POSCO, the world's sixth-largest steelmaker, said on Monday its consolidated operating profit for the July-September quarter was 3.1 trillion won ($2.63 billion), matching its forecast earlier this month. It reported 667 billion won in operating profit a year earlier. Revenue rose 45% to 20.6 trillion won in the third quarter. On Monday, POSCO revised up its consolidated 2021 revenue target to 74.1 trillion won from 66.4 trillion won previously, as it expected tight steel supply to continue for the rest of the year.
Persons: Kim Hong, Ji, POSCO, 1,177.2300, Joyce Lee, Heekyong Yang, Christopher Cushing, Richard Pullin Organizations: REUTERS, Revenue, Thomson Locations: Seoul, South Korea, Ji SEOUL, KS, China
SEOUL, Oct 25 (Reuters) - South Korean police said they are investigating a suspected cyber attack which crippled the network of telecom service provider KT Corp (030200.KS) on Monday. The suspected distributed denial-of-service (DDoS) attack brought down the network for almost an hour. In DDoS attacks, servers are crowded out by superfluous requests that try to overload the system and drown legitimate requests. "We are investigating what caused such network outage," a KT official told Reuters. Police and the Korea Internet and Security Agency, a government agency, also said they were investigating the outage although the cause was not yet known.
Persons: Sangmi Cha, Heekyong Yang, Stephen Coates Organizations: Korean, KT Corp, Reuters . Police, Korea Internet, Security Agency, Thomson Locations: SEOUL
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