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☆ Economy has hit 'stall speed' and could weaken even further from here, says David Rosenberg
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomy has hit 'stall speed' and could weaken even further from here, says David RosenbergDavid Rosenberg, Rosenberg Research founder and president, joins 'Squawk on the Street' to discuss the data that may have gotten Rosenberg's attention, how the jobs number will impact Rosenberg's view, and more.

Persons: David Rosenberg David Rosenberg, Rosenberg Organizations: Rosenberg Research

☆ Ukraine's special forces have developed new tech that allows drones to fly without GPS, so Russia can't jam them: report
▼ + stars: | 2024-05-31 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +1 min

Ukraine's special forces have developed new drone tech that Russia can't jam. Drones can now fly and hit targets without GPS or operator input, The Economist reported. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementUkraine's special forces have developed new software that allows drones to fly without the use of GPS, limiting the impact of Russian jamming. The software, called Eagle Eyes, allows unmanned drones to travel using sight rather than satellite-based GPS navigation, The Economist reported.

Persons: — Organizations: Service, Business Locations: Russia, Ukraine

☆ CNBC Daily Open: Trump guilty in hush money trial
▼ + stars: | 2024-05-31 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange during afternoon trading on Jan. 22, 2024 in New York City. The Dow Jones and S&P both hit all time highs with the Dow Jones closing over 38,000 points for the first time ever as stocks continue to rise. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Saleforce sinks stocksWall Street closed lower after Salesforce had its worst day in two decades. Salesforce plungesShares of Salesforce slumped more than 20%, their worst trading day in 20 years, after the cloud software company reported weaker-than-expected results.

Persons: Dow Jones, Trump, Donald Trump, Daniels, Salesforce, Dell, Dell's, Foot, Locker's, Mary Dillon Organizations: New York Stock Exchange, CNBC, New, Republican National Convention, Dow Jones, Nasdaq, Nvidia, Microsoft, Treasury, Dell, Citi Locations: New York City, New York, U.S, Milwaukee

☆ Travelers are booking open-jaw flights to Europe to save money and extend trips. A travel advisor explains how it works.
▼ + stars: | 2024-05-31 | by ( Joey Hadden | ) www.businessinsider.com time to read: +4 min

"But in the past nine months, open-jaw flights have been less expensive and offer additional flexibility for seeing multiple destinations without being rushed." Manuel Romano/NurPhoto via Getty ImagesBhagwan told BI that she often suggests open-jaw flights for clients, especially those traveling to Europe. BI previously reported that these flights are typically cheaper than one-way flights. And a train from Rome to Barcelona may cost around $80, according to Rail Europe, so open-jaw flights would save $220. AdvertisementTraveling to Europe can be expensive, but open-jaw flights can make them more affordable when visiting multiple cities.

Persons: —, Sonia Bhagwan, Manuel Romano, Bhagwan Organizations: Service, Business, Getty Images Bhagwan, Google, Rail Locations: Europe, Rome, England, Spain, Italy, NYC, Barcelona, Rail Europe, Indianapolis, Paris, Madrid

☆ Nelly Korda shoots septuple-bogey on par-three in nightmarish US Women’s Open start: ‘I’m human’
▼ + stars: | 2024-05-31 | by ( Jack Bantock | ) edition.cnn.com time to read: +3 min

CNN —After months of otherworldly form, Nelly Korda proved she is human after all following a horrific start to the 79th US Women’s Open on Thursday. “I just didn’t really want to shoot 80, and I just kept making bogeys,” Korda told reporters. 30 Saso is chasing her second US Women’s Open title after playoff triumph at The Olympic Club in San Francisco, California, in 2021. There’s so much golf left,” Saso told reporters. Friday’s second round is set to begin at 6:45 a.m.

Persons: Nelly Korda, Yuka Saso, Korda –, –, ” Korda, “, birdies, Korda, Matt Slocum, Andrea Lee, Thailand’s Wichanee Meechai, Adela Cernousek, ” Saso, I’ve, Saso, Matt Rourke, Rose Zhang, Friday’s Organizations: CNN, Pennsylvania’s Lancaster Country Club, Chevron, AP, Olympic Club Locations: Pennsylvania’s, San Francisco , California

☆ A major student-loan company has 'illegally' tried to collect payments from borrowers whose balances were already wiped out through bankruptcy, a federal watchdog alleges in a new lawsuit
▼ + stars: | 2024-05-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewA federal consumer watchdog just hit a major student-loan company with a new lawsuit. According to the press release, the CFPB accused PHEAA of illegally collecting payments from student-loan borrowers whose loans had already been discharged in bankruptcy and sending "false information" to credit reporting agencies. The lawsuit, filed in the US District Court for the Middle District of Pennsylvania, said that under the US bankruptcy code, some private student loans are not subject to the stringent standards that most student loans are when it comes to receiving relief through bankruptcy. Per the CFPB, American Education Services collected or tried to collect 7,934 private student loans after a bankruptcy proceeding between 2017 and 2021, and 177 of them were non-qualified education loans. AdvertisementThe CFPB has previously issued guidance over potential illegal collections of borrowers' payments after bankruptcy proceedings.

Persons: —, PHEAA, Rohit Chopra Organizations: Service, Consumer Financial, Bureau, Pennsylvania Higher Education Assistance Agency, American Education Services, Financial, Business, Court, Middle, Middle District of Locations: Middle District, Middle District of Pennsylvania

☆ 11 AAPI celebrities who are changing Hollywood
▼ + stars: | 2024-05-31 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +1 min

Mindy Kaling has created multiple successful shows. Mindy Kaling attends the 2024 Met Gala. After starring on "The Office" (which she also wrote for), Kaling co-created and starred in her own sitcom, "The Mindy Project," which aired for six seasons. Her Netflix series "Never Have I Ever" was a huge hit until it wrapped up in 2023. Kaling also co-created the animated series "Velma," which was almost universally hated … but got enough people hate-watching to greenlight a second season.

Persons: Mindy Kaling, Kevin Mazur, Kaling, Renee Rapp, Velma, Murray, Kate Hudson Organizations: Netflix, College Girls, Hulu, Los Angeles NBA

Free Champions League final live streams are available in multiple European countries, but we'd take UEFA's channel guides with a pinch of salt. Spain's RTVE is also free, but you must create a free login to access the free Champions League streams. How to watch a free Champions League final live stream from anywhereThis year, free Champions League final live streams are available in the UK, Austria, Spain, and Luxembourg. Then get stuck in and enjoy this free Champions League final live stream. How to watch Real Madrid vs. Dortmund in AustraliaThe Champions League final is on Stan Sport in Australia.

Persons: We've, we've, you'll, RTVE, Stan, Stan Sport, ExpressVPN, you've, Stan Sport's Organizations: Business, League, Real Madrid, Dortmund, Free, Olympics, TNT, Champions, TNT Sport, AWST, CBS, Paramount, BT, Champions League, European, Stan Sport, Sport Locations: Europe, Austria, Spain, Luxembourg, Australia

☆ Chevron could outperform Exxon if battle over Guyana assets is resolved this year, fund manager says
▼ + stars: | 2024-05-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Exxon and Chevron are the fund's top two holdings , representing 9.73% and 9.27% of total assets in FSTEX as of April 30. Exxon vs. Chevron Chevron came into the year facing production issues in the Permian Basin and cost overruns at its Tengiz project in Kazakhstan that frustrated investors, Holt said. And investors have taken notice of Exxon's lead position in the lucrative offshore oil development in Guyana. Chevron would look very attractive if the Hess deal closes due to the latter's large stake in Guyana, he said. "There's a little concern that if Chevron doesn't do the Hess deal, then they have to go and do another deal," Holt said.

Persons: Kevin Holt, Hess, Holt, hasn't, XOM, Chevron's, Tengiz Organizations: Exxon Mobil, Chevron, Invesco Energy, Exxon, Hess Corp, Hess, Chevron Chevron Locations: Guyana, U.S, Stabroek, FSTEX, Kazakhstan, Holt, Tengiz

☆ Veteran investor Paul Graham breaks down why Sam Altman left Y Combinator
▼ + stars: | 2024-05-31 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

OpenAI CEO Sam Altman has faced a lot of negative press recently, impacting his once-clean image. Not least among the controversies was the collapse of OpenAI's safety team. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOpenAI CEO Sam Altman has been hit with a bout of bad press in the past few weeks, which has cast a shadow over his once-squeaky-clean image. There was also the abrupt breakdown of OpenAI's safety team, which raised doubts about the company's commitment to responsible AI development.

Persons: Sam Altman, Paul Graham, —, Scarlett Johanssen Organizations: Tech, Service, Business

☆ Wagyu beef, $1,200 swing sets, and fake trees are helping drive up Costco sales
▼ + stars: | 2024-05-31 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

Newly appointed CEO, Ron Vachris, highlighted some of the items that were driving the bottom line. Wagyu beef, golf clubs, artificial trees, and gold bars are all being snapped up by customers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCostco is having a good year, and it has a range of "unique items'" to thank. The products driving these gains for the retail giant include artificial trees, Swedish dish towels, wagyu beef, and, a unique Costco favorite, gold bars.

Persons: Ron Vachris, — Organizations: Costco, Service, Business Locations: Swedish

☆ Foot Locker leaves our penalty box as CEO Mary Dillon's revamp plan turns corner
▼ + stars: | 2024-05-30 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

Foot Locker surged Thursday after its quarterly earnings report showed signs that CEO Mary Dillon's turnaround plan is starting to pay off. At its highs of the session Thursday, Foot Locker was up nearly 32% before giving up some of those gains. That counts for something, especially when Foot Locker's stock entered Thursday down nearly 35% since the session before the March disaster. Encouragingly, Dillon told CNBC that Foot Locker and Kids Foot Locker saw positive comp-store sales. Foot Locker Why we own it: We are in Foot Locker for the turnaround.

Persons: Locker, Mary Dillon's, Dillon, Thursday's, Foot, Mary Dillon, Jim Cramer, Encouragingly, comps, Nike, we've, Jim Cramer's, Jim, Xavi Lopez Organizations: LSEG, CNBC, Nike, Holding, JD, Dick's Sporting Goods, Shoppers, Lightrocket, Getty Locations: Oregon, It's, Spain

☆ Jadon Sancho: Borussia Dortmund star speaks to CNN about looking for Wembley redemption in Champions League final
▼ + stars: | 2024-05-30 | by ( Zayn Nabbi | Darren Lewis | ) edition.cnn.com time to read: +6 min

CNN —Borussia Dortmund star Jadon Sancho is the first to admit “it’s kind of crazy” the way his season has panned out. “It’s kind of crazy, you know, I don’t think anyone would have expected this – me being in the Champions League final, especially where I came from. I don’t think I’ve fully recovered yet on that part, but I’m trying my best to get over that,” Sancho admitted to CNN Sport. Sancho proved a constant threat against PSG throughout the two legs of the Champions League semifinal. The last player to better that mark in the Champions League?

Persons: Jadon Sancho, Die, “ I’m, ” Sancho, Darren Lewis, it’s, I’ve, –, I’m, Sancho –, Saka, Marcus Rashford –, he’d, Sancho, Richard Heathcote, Germain, Lionel Messi, “, ”, Cristiano Ronaldo, idolizing, Jude Bellingham, Alexandre Simoes, Vinícius Jr, Kylian Mbappé, Harry Kane, “ Harry Kane, Bayern Munich, “ Vinícius, Jude, “ Mbappé, Blancos, He’s Organizations: CNN — Borussia Dortmund, Champions League, Manchester United, European, Wembley, CNN, “, Borussia Dortmund, CNN Sport, United, FA, Brighton, PSG, Getty, Paris Saint, Tottenham, RB Leipzig, Real Madrid, La Liga, Ballon, Bayern, League Locations: Dortmund, London, South, Camberwell, Kennington, Italy, Germany, Bellingham, Berlin, England, Mbappé, Spanish

☆ Nutritional needs are 'shifting' amid rise of weight loss drugs, says Nestle CEO
▼ + stars: | 2024-05-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +4 min

In this article NES.N-CH Follow your favorite stocks CREATE FREE ACCOUNTwatch nowThe meteoric rise of weight loss drugs means consumers' nutritional needs are "shifting" which provides new opportunities for food companies, Nestle CEO Mark Schneider told CNBC. "I think what since has emerged is that nutritional needs don't go away. So, you know before, during, after GLP-1 therapy — consumers still have nutritional needs, but they may be different from someone who is not on a weight loss regimen." According to Schneider, consumers who are on weight loss medication simply have different nutritional needs. Nestle is also planning other "companion offerings" for consumers taking weight loss drugs, both in the U.S., where Vital Pursuit products will launch, and elsewhere, Schneider said.

Persons: Mark Schneider, Schneider, CNBC's Silvia Amaro, Nestle, they're Organizations: Nestle, CNBC, Investors Locations: Swiss, U.S

☆ The stock market rally is running on fumes as earnings growth can't keep up with sky-high prices, top economist says
▼ + stars: | 2024-05-30 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market is primed for a correction as equity valuations hit historically high levels, according to economist David Rosenberg. AdvertisementThe stock market is "primed for a correction" as earnings valuations hit historically high levels, according to economist David Rosenberg. That suggests that the expansion in the S&P 500's forward price-to-earnings valuation multiple to 21x from 18x in October is getting stretched. Wall Street consensus for the S&P 500's 2024 earnings per share is $245, which is the same forecast today as it was in October, before the stock market staged a near-30% rally. AdvertisementThat has informed Rosenberg's consistently bearish view, but the economist did say that high valuations on their own do not mean the stock market can't go higher from here.

Persons: David Rosenberg, Rosenberg, —, " Rosenberg, Rosenberg's Organizations: Service

☆ Analysts defend Salesforce, saying the sell-off is overdone and AI impact is ahead
▼ + stars: | 2024-05-30 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Even a sharp sell-off in Salesforce stock Thursday — down as much as 21% intraday — isn't keeping some analysts on Wall Street from sticking with their optimistic outlooks on the maker of customer relationship management software. Salesforce executives tied the disappointing results to elongated deal cycles throughout the first quarter that hit the company's booking schedule. Weiss reiterated an overweight rating on Salesforce, albeit with a $320 per share price target, down from $350. Goldman Sachs analyst Kash Rangan reiterated a buy rating on Salesforce stock, but lowered his price target to $315 per share from $345. The analyst reiterated an overweight rating on the stock with a $300 per share price target, or about 10% upside from yesterday's close.

Persons: Goldman Sachs, Morgan Stanley, JPMorgan Chase, Keith Weiss, Weiss, Kash Rangan, Rangan, Mark Murphy, Tyler Radke, Radke Organizations: Wall, JPMorgan, Citigroup Locations: Salesforce, CY25

☆ Gold prices drop as strong U.S. dollar, yields dim bullion's shine
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: +2 min

An employee puts gold bullions into a safe deposit box at Degussa shop in Singapore. Gold prices slipped for a second consecutive session on Thursday as the U.S. dollar and Treasury yields edged higher ahead of key inflation data, which could offer further clarity on the Federal Reserve's interest rate plan. "I think it's a case of investors realizing that the current high interest rate environment is likely to have an extended stay. And with the focus again turning to chasing U.S. yields and dollar, some attention is taken away from gold this week," said Tim Waterer, chief market analyst at KCM Trade. While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.

Persons: Tim Waterer, Bullion, Waterer Organizations: U.S ., KCM, Traders, Global, BHP Group Locations: Singapore, ., U.S

☆ Operator of San Francisco's $700-a-month sleeping pods is beefing with the city over planning approval
▼ + stars: | 2024-05-30 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

Read previewThe company behind San Francisco's $700-a-month tiny sleeping "pods" has accused city officials of worsening the city's homelessness problem as it battles a lengthy investigation. James Stallworth, CEO of Brownstone Shared Housing, told Business Insider that San Francisco Planning Department staff had an "adversarial attitude toward housing." Brownstone says it is waiting for city officials to approve a change-of-use request so it can continue operating its 4-foot-high sleeping pods in Mint Plaza. City officials told BI that Brownstone still needed to complete important safety upgrades to comply with the law. AdvertisementThe pods made headlines late last year after proving a hit with some tech workers seeking affordable accommodation in central San Francisco.

Persons: —, James Stallworth, Daniel Sider, Stallworth, Sider, Christian Lewis Organizations: Service, Francisco's, San Francisco Planning Department, Business, Tech Locations: San Francisco, Francisco

☆ Pending home sales in April slump to the lowest level since the start of the pandemic
▼ + stars: | 2024-05-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

According to a report by the National Association of Realtors, pending home sales fell 1.5 percent in October to their lowest level in 20 years. These so-called pending sales are a forward-looking indicator of closed sales one-to-two months later. Pending sales were 7.4% lower than in April of last year. Because the count is based on signed contracts, it shows how buyers are reacting to mortgage rates in real time. With home prices still climbing and supply very low, leading to increased competition, that jump in rates had a huge effect on sales.

Persons: Justin Sullivan, Lawrence Yun, Yun, Hannah Jones Organizations: National Association of Realtors, Mortgage News, NAR, West, Realtor.com Locations: CALIFORNIA, San Anselmo , California, Midwest, Redfin

☆ The U.N. Relief Agency Protests Israeli Attacks - The New York Times
▼ + stars: | 2024-05-30 | by ( Philippe Lazzarini | ) www.nytimes.com time to read: +1 min

The war in Gaza has produced a blatant disregard for the mission of the United Nations, including outrageous attacks on the employees, facilities and operations of the United Nations Relief and Works Agency for Palestine Refugees. As I write this, our agency has verified that at least 192 UNRWA employees have been killed in Gaza. UNRWA-run schools have been demolished; some 450 displaced people have been killed while sheltered inside UNRWA schools and other structures. Since Oct. 7, Israeli security forces have rounded up UNRWA personnel in Gaza, who have alleged torture and mistreatment while in detention in the Strip and in Israel. In April, gunfire hit World Food Program and UNICEF vehicles, apparently inadvertently but despite coordination with the Israeli authorities.

Organizations: United Nations, United Nations Relief, Works Agency for Palestine Refugees, UNRWA, West Bank, Agency, Food Program, UNICEF Locations: Gaza, Israel, West, East Jerusalem

☆ Why the Dow has fallen 1,000 points in the last three days
▼ + stars: | 2024-05-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

The Dow has fallen more than 1,000 points over the last three days alone — and there’s no sign of the negative momentum letting up. The Dow opened lower by 367 points, or 0.9%, Thursday morning. The S&P 500 was down 0.2% and the Nasdaq Composite dropped 0.2% as lackluster earnings results from Salesforce (CRM) worried investors. That comes after a bad Wednesday where all 11 sectors of the S&P 500 closed lower. This week’s downturn has been fueled by a range of factors, including earnings and stronger-than-expected economic data.

Persons: Dow, Bonds, ”, “, Chris Zaccarelli Organizations: New, New York CNN, Dow, Nasdaq, Nvidia, Treasury, Federal Reserve, Deutsche Bank, Independent Locations: New York

☆ The Very Slow Restart of G.M.’s Cruise Driverless Car Business
▼ + stars: | 2024-05-30 | by ( Yiwen Lu | ) www.nytimes.com time to read: +1 min

At a sprawling complex in Warren, Mich., General Motors’ hopes for its driverless car future play out in a virtual reality headset offered to visitors. Wirelessly connected to traffic lights and the surrounding streets, the car avoids collisions and reduces congestion, part of what G.M. calls its “0-0-0” vision — “zero crashes, zero emission, zero congestion.”At least, that’s the plan. G.M.’s driverless future looks a lot further away today than it did a year ago, when Cruise, G.M.’s driverless car subsidiary, was deep into an aggressive expansion of its robot taxi services, testing in 15 cities across 10 states. On Oct. 2, a Cruise driverless car hit and dragged a pedestrian for 20 feet on a San Francisco street, causing severe injuries.

Persons: General Motors ’, Cruise, Weeks Organizations: General, California Department of Motor Vehicles Locations: Warren, Mich, San Francisco

☆ China's quest to turn the yuan into a global currency isn't actually driven by domination. It's about sanctions.
▼ + stars: | 2024-05-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

"Expanding the use of the renminbi in trade is less challenging than increasing its status as an international reserve currency," Liu wrote. The yuan faces challenges in its globalizationWhile the US and China's strategic competition points to a possible race for currency supremacy, the Chinese yuan is far from ready — and even Beijing knows that. AdvertisementHowever, capital controls are not necessarily a dealbreaker for the broader adoption of the yuan in trade, wrote Liu. It also shows it's not so easy to displace the mighty US dollar as the world's top reserve and trading currency of choice. A recent global survey of 1,660 enterprises showed that there is just not enough interest in using the yuan to trade.

Persons: —, Zoe Liu, Liu, Russia —, Xi, it's Organizations: Service, China Studies, Council, Foreign Relations, Business, Monetary, Financial, China's Bank of Communications, Renmin University Locations: China, Taiwan, London, Russia, Beijing, East Asia, Southeast, Central Asia

☆ CNBC Daily Open: Dow drops, Nvidia couldn't save Nasdaq
▼ + stars: | 2024-05-30 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Treasury yields weigh on Wall StreetThe S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia's continued rise since its earnings report last week, the tech giant couldn't prevent the Nasdaq Composite from falling. Peltz dumps Disney stakeActivist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter.

Persons: Nvidia's, Salesforce, Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Robert Isom, Vasu Raja, Raja, Korea's Kospi, Hang Seng, CNBC's Brian Evans Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Disney, American Airlines, Treasury, Nikkei, China's CSI, Dow Locations: New York City, Disney, Asia, Pacific, Japan, South Korea, China

☆ South Korean men can get $730 to reverse their vasectomies, an extreme attempt to increase the birth rate
▼ + stars: | 2024-05-30 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +1 min

South Korea has a fertility crisis, with the capital Seoul particularly hard-hit. The city is proposing $730 incentives for reversing vasectomies and tubal ligations. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementLast year, South Korea's capital earned an unwelcome distinction: the least fertile city in the least fertile country in the world. Now Seoul is seeking solutions, including offering up to $730 each to 100 people to reverse their vasectomies or untie their tubes.

Persons: — Organizations: Service, The Washington Post Locations: Korea, Seoul

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