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While wealth can bring with it some unconventional problems — such as being denied an invite-only Ferrari and accidentally destroying swathes of coral reefs with a 300-foot yacht — most other problems that the rich face may not be as esoteric as we think. They dismiss rich people's mental health concerns as insignificant and of diminished importance," Paul Hokemeyer, a clinical psychotherapist who treats the ultra rich, told CNBC. Paranoia and distrustWealth can cause people around the super rich to view them as objects, Hokemeyer observed. People who are rich tend to be of higher social status, and those who live in diminished states of power are often drawn to them. Against this backdrop, the super rich tend to become more suspicious of people's motives in associating with them.
Persons: Ferrari, Paul Hokemeyer, Amanda Falkson, Maria Korneeva Organizations: CNBC, Drayson, Psychotherapy Locations: Drayson Mews
Now Christie, like Cohen, is a former Trump associate trying to take the former president down. Cohen is rare in the universe of Trump associates since he both turned on Trump and went to prison. Many of the other Trump aides and associates who faced jail eventually got pardons or clemency and still support the former president. Trump’s pardon helped Bannon avoid prosecution in the border wall scheme, but Bannon may yet go to prison. Trump issued the Flynn pardon shortly after losing the 2020 presidential election.
Persons: Michael Cohen, Donald Trump, Charles Kushner, Kushner, , Chris Christie, Christie, Jared Kushner, Trump’s, Cohen, Trump, Manafort, Paul Manafort, Manafort –, He’s, Bannon, Steve Bannon, Pardoning Bannon, Navarro, Peter Navarro, he’s, Stone, Flynn, Roger Stone, Michael Flynn, Rikers Trump, Allen Weisselberg, Weisselberg, Jonathan Karl, Cohen’s Organizations: CNN, Trump, New, New Jersey Gov, US, Manafort, Republican, Convention, Trump White House, Department of Justice, ABC News Locations: New York City, New Jersey, Mexico, Russia
The US economy and stock market are on a clear path to recession, according to Paul Dietrich. The B. Riley Wealth Management CIO pointed to a handful of warning signs that suggest a downturn is on the horizon. The final blow to the economy could be the US pulling back on stimulus spending, he warned. AdvertisementThere's a large number of warnings flashing for the US that suggest the economy is on a near-certain path to recession, according to B. Riley Wealth's chief investment strategist Paul Dietrich. In a recent note, he pointed to a cluster of warning signs in the economy, such as hotter-than-expected inflation throughout the first quarter and greater volatility in the market.
Persons: Paul Dietrich, , Riley Wealth's, Dietrich Organizations: Riley Wealth, Service, Wall Street, Business
His signature legislative achievement, the Inflation Reduction Act — which is actually mainly about fighting climate change — contains several nationalistic provisions designed to limit subsidies primarily to manufactured goods produced in North America. And the Biden administration is now imposing tariffs as high as 100 percent on Chinese exports of electric vehicles and taxes on other imported goods, including semiconductors and batteries. The immediate impact of these tariffs will be small, because the United States currently imports very few of the affected goods from China. They’re a shot across the bow — a signal that the United States won’t accept a second so-called China shock, a surge of imports that could undermine crucial parts of the administration’s agenda. China’s exports of manufactured goods to the United States surged beginning in the 1990s.
Persons: Donald Trump, Biden, weren’t Locations: U.S, North America, United States, China, United
CNN —The US Justice Department on Tuesday notified Boeing that it breached terms of its 2021 agreement in which the company avoided criminal charges for two fatal 737 Max crashes. The notification comes as the Justice Department conducts a new investigation into Boeing’s operations in the wake the door plug incident. The earlier deal had resolved a fraud investigation related to the company’s development of its 737 Max aircraft. Under its deferred prosecution agreement from January 2021, Boeing paid $2.5 billion in penalties and promised to improve its safety and compliance protocols. In March, the FAA identified more potential safety issues with the engines of the 737 Max and 787 Dreamliner.
Persons: Max, , Reed O’Connor, Biden, Paul Cassell, ” Cassell, Organizations: CNN, US Justice Department, Boeing, Alaska Airlines, Department of Justice, Justice Department, Max, Lion, Justice, Air Force, Transportation Safety Board, Federal Aviation Administration, FAA Locations: United States, Fort Worth , Texas
When China’s top leader, Xi Jinping, hosts President Vladimir V. Putin of Russia in China this week, it will be more than two years since the two autocratic leaders declared a “no limits” partnership to push back against what they consider American bullying and interference. Growing challenges from the West have tested the limits of that partnership. Mr. Xi is walking a narrowing tightrope, coming under increasing diplomatic and economic pressure to curtail Chinese support for Russia and its war in Ukraine. “China sees Russia as an important strategic partner and wants to give Putin proper respect, but it also wants to maintain sound relations with Europe and the United States for economic reasons and beyond. It is a very difficult balancing act,” said Shen Dingli, a Shanghai-based international relations scholar.
Persons: Xi Jinping, Vladimir V, Putin, , Shen Dingli Locations: Russia, China, Ukraine, Europe, Beijing, United States, Shanghai
John Cleese is a Miu Miu man
  + stars: | 2024-05-14 | by ( Leah Dolan | ) edition.cnn.com   time to read: +3 min
CNN —A black crewneck, mid-wash jeans, white blazer and a distressed denim Miu Miu cap. Or is the senior a dedicated Miu Miu man? John Cleese's denim Miu Miu cap retails for $550. Originally billed as the spry, sometimes juvenile sibling to grown-up Prada, Miu Miu has not so much rebranded as redefined its vision of youth. Kristen Scott Thomas walked the runway for Miu Miu in September.
Persons: Miu, Sydney Sweeney, Emma Chamberlain — it’s, octogenarian John Cleese, Cleese —, Monty Python, , , Miu Miu, Cleese, Camilla Cleese, Robin Williams, Jean Paul, Gaultier, Issey Miyake, Alexander McQueen, John, Prada, spry, , , Miuccia Prada, Kristen Scott Thomas, Emma Chamberlain, Ayo Edebiri, Emma Corrin, Qiu Huilan —, Chris Evans, Michael Palin, Terry Gilliam, , Evans Organizations: CNN, Paris Fashion, Virgin Radio Locations: British, Paris
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That earlier survey also found that 19% of non-exec workers would likewise quit if forced to pick up their commute again. AdvertisementOgawa said the findings were also notable because high-up executives are often the people tasked with implementing RTO mandates. That's a big drop from a prior survey in 2023, when 62% of CEOs held that expectation. Advertisement"They might not be looking to retain folks who wouldn't want to come back to the office," she said.
Persons: , they'd, Gartner, Caroline Ogawa, execs, Ogawa, That's, Paul Knopp, Erik Bernard, What's, RTO Gartner's Ogawa, we've Organizations: Service, Gartner, Business, KMPG, KPMG US Locations: IT, Australia
24. Carbon Robotics
  + stars: | 2024-05-14 | by ( Cnbc.Com Staff | ) www.cnbc.com   time to read: +4 min
In a sign of how the ties between the deepest players in the field of artificial intelligence and other sectors of the economy are growing, Nvidia just announced a venture investment in Carbon Robotics in May. Carbon Robotics is a pioneer in AI-powered agricultural robotics designed to help farmers cut costs, boost production and improve crop yield. In 2023, Carbon Robotics opened two new facilities: Carbon Robotics North and its Richland, Washington-based laser refurbishing and manufacturing facility, allowing the company to increase production rates — it says demand tripled year over year in 2023. Carbon Robotics has also added seven European languages to the LaserWeeder's iPad operator app. To continue its growth, Carbon Robotics raised $43 million in new capital in 2023, just over half of the $80 million it has raised since its founding.
Persons: it's, Paul Mikesell Organizations: Monsanto, Syngenta, BASF, Nvidia, Carbon Robotics, NBC, Deere, Robotics, AndNowUKnow, Stout Industrial Technology, Bear Flag Robotics, Technology Locations: Richland , Washington, Europe, Australia
Smarter grids, like Chattanooga's, are just part of what it will take to modernize the American grid in the coming decades. A troubled transition to renewable energyOffshore wind farms are one of the growing areas of renewable energy. And the Edwards & Sanborn project, the US's largest solar energy and energy storage project in California, came online in January. Renewable energy is not only cleaner than fossil fuels but also often less expensive. Breaking down barriersThe US grid isn't designed for fluctuating renewable energy, so much of it goes to waste because clean-energy projects can't connect to the grid.
Persons: Kevin Schneider, Harris, Joe Rand, Joshua Rhodes, barleyman, Edwards, Rand, Philip Odonkor, Seib, headwinds, Julia Bovey, Ørsted, Bovey, Paul Denholm, We'll, Denholm, There's, PATRICK T, FALLON, we're, Schneider, We've, EPB, MISO, it's Organizations: Infrastructure, Service, Pacific Northwest National Laboratory, Nationwide, Biden, Lawrence Berkeley National Laboratory, University of Texas, Renewables, Sanborn, of Systems, Enterprises, Stevens Institute of Technology, Trump, Fork, Eversource Energy, National Renewable Energy Laboratory, Getty, Infrastructure Law Locations: Chattanooga , Tennessee, Chattanooga, EPB, Austin, Maine, North Carolina, California, United States
A cartoon on X just sent GameStop shares surging 72%
  + stars: | 2024-05-13 | by ( Krystal Hur | ) edition.cnn.com   time to read: +3 min
New York CNN —The surprise social media return of the trader who helped ignite the meme stock frenzy in 2021 sent GameStop shares skyrocketing Monday. The shares skyrocketed by more than 110% earlier and were halted for volatility several times on Monday morning. GameStop had posted the same cartoon in February, but with a red arrow and chair. Gill described himself as a casual daytime trader in testimony during a 2021 Congressional hearing on the GameStop mania. “The idea that I used social media to promote GameStop stock to unwitting investors is preposterous,” Gill said in written testimony.
Persons: Roaring Kitty, Keith Gill, Gill, Kitty, “ Deepf, ” Gill, , Paul Dano Organizations: New, New York CNN, GameStop, AMC Entertainment, stoke, Locations: New York, GameStop’s
In fact, I’m monolingual myself, even though my academic work was largely focused on international trade and finance. In my defense, the great bulk of global economic research is published in English; and in general, Americans’ lack of language skills is less important than their insularity, their relative unfamiliarity with what happens and how things work in other nations. Yet many Americans, even supposedly knowledgeable commentators, often seem unaware of both the ways other nations are similar to us and the ways they are different. I’ll come back to that surprising fact, and what it tells us, in a minute. First, let’s talk about some other international comparisons that seem relevant to the current situation.
Persons: Biden Locations: United States
Three fellow prison inmates charged in the brutal bludgeoning death of James (Whitey) Bulger, the wily and charismatic Boston gangster who had evaded a federal dragnet for 16 years, have agreed to a plea deal, according to a filing by federal prosecutors in West Virginia on Monday. Fotios Geas, Paul J. DeCologero and Sean McKinnon faced murder and conspiracy charges after Mr. Bulger, 89, was found beaten to death in his cell in 2018, just hours after being transferred from a Florida lockup where he had been serving two consecutive life sentences for his role in 11 murders. The details of the agreement were not disclosed. In a three-page motion, prosecutors said that the three men had agreed to “cooperate” with the government in preparing a report specifying the circumstances of Mr. Bulger’s killing at the Hazelton federal prison in Bruceton Mills, W.Va.Prison officials had quickly identified Mr. Geas as a suspect in the immediate aftermath of the attack. After a four-year investigation, prosecutors said Mr. DeCologero, a Boston-area gang leader, also took an active role in battering Mr. Bulger, while Mr. McKinnon served as a lookout.
Persons: James, Whitey, Bulger, Fotios Geas, Paul J, DeCologero, Sean McKinnon, Bulger’s, Geas, McKinnon Organizations: Boston Locations: West Virginia, Florida, Hazelton, Bruceton Mills, W.Va, Boston
David Sanborn, whose fiery alto saxophone flourishes earned him six Grammy Awards, eight gold albums and a platinum one, and who established himself as a celebrity sideman, lending indelible solos to enduring rock classics like David Bowie’s “Young Americans,” died on Sunday. He died after a long battle with prostate cancer, according to a statement on his social media channels. The statement did not say where Mr. Sanborn died. Drawing from jazz, pop and R&B, Mr. Sanborn was highly prolific, releasing 25 albums over a six-decade career. In contrast, he continued, “Hideaway” had a “stripped-down, funky” quality that showed off his “passionate and distinctive saxophone sound.”
Persons: David Sanborn, David Bowie’s “, , Sanborn, “ Hideaway ”, Michael McDonald, Giorgio Moroder, Paul Schrader, Richard Gere, ” Tim Griggs, Hideaway ” Organizations: David Bowie’s “ Young
Gill, better known as Roaring Kitty, was the face of GameStop's surprise surge in 2021. The meme stock skyrocketed Monday as his return sent WallStreetBets into a frenzy. Keith Gill posted on X for the first time in nearly three years on Sunday, sending the meme stock sharply higher and sparking excitement on the Wall Street Bets subreddit. AdvertisementIt's unclear exactly what is signified by Gill's cryptic X post of a sketch showing a man leaning forward in his chair. Nevertheless Gill's return still sent r/wallstreetbets, whose users piled into meme stocks like GameStop, AMC, and Bed Bath & Beyond during the pandemic, into a frenzy.
Persons: Keith Gill, Gill, Kitty, WallStreetBets, , Paul Dano, Gill's, Paul Atreides, Vince McMahon Organizations: Service, GameStop, Financial Services Committee, AMC
You can reduce your home sale profit by adding often-forgotten costs and fees to your basis, which minimizes your capital gains tax liability. For example, you can start by tacking on fees and closing costs from the purchase and sale of the home, according to the IRS. The average closing cost nationwide is $4,243, according to a report from Assurance, but fees vary widely. That includes your real estate commissions and closing costs. The 'best way' to reduce capital gains taxesYou can further increase your home's basis by tacking on the cost of eligible upgrades, experts say.
Persons: Thomas Scanlon, Raymond James, Scanlon, tacking, Paul Fenner Organizations: Westend61, tacking, Tamma Locations: Manchester , Connecticut, New York, California, Commerce Township , Michigan
GameStop shares rallied more than 40% in premarket trading Monday after "Roaring Kitty," the man who inspired the epic short squeeze of 2021, posted online for the first time in roughly three years. Roaring Kitty, whose legal name is Keith Gill, is a former marketer for Massachusetts Mutual Life Insurance. Currently, the short position in GameStop shares amounts to more than 24% of all its shares that are freely-available to trade, also known as the float. In response, one Robinhood user filed a class-action lawsuit following the app's decision to restrict GameStop trading on its platform. Another class-action lawsuit brought against Gill alleged that he pretended to be a novice trader despite being a licensed professional.
Persons: Roaring Kitty, Keith Gill, Gill, Capital, Ken Griffin's, Robinhood, Melvin Capital, Paul Dano Organizations: GameStop, Massachusetts Mutual Life Insurance, Ken Griffin's Citadel, Citadel Locations: Reddit
President Vladimir V. Putin of Russia replaced his minister of defense on Sunday as he shook up his national security team for the first time since his invasion of Ukraine. Mr. Putin kept the minister, Sergei K. Shoigu, in his inner circle, tapping him to run the country’s security council. Andrei R. Belousov, an economist who served as first deputy prime minister in the last government and previously was the economic development minister, was nominated to become the new defense chief. It is unclear how much authority over the war effort Mr. Shoigu will retain. colleague of Mr. Putin who has headed the Russian security council for 16 years, would be moved to another position to be announced in the coming days.
Persons: Vladimir V, Putin, Sergei K, Andrei R, Shoigu, Nikolai P, Mr Locations: Russia, Ukraine
About 2,800 residents from the Northern Rockies Regional Municipality and about 450 residents from the Fort Nelson First Nation were asked to evacuate. Wildfire smoke has been linked to increases in certain cancers and heart-related issues, among other ailments. In 2023, 19 counties in 11 states had days with “very unhealthy” and “hazardous” air quality — given at least a “code purple” alert on the US Environmental Protection Agency’s Air Quality Index. Light rain showers were expected overnight Sunday with more rain forecast Monday, “which will help lower fire activity,” a Sunday update from Alberta Wildfire said. Fire restrictions will remain in effect in the area until conditions improve, according to Alberta Wildfire.
Persons: Parker, , ” Ben Boghean, ” Cliff Chapman, Jaylene, Terry Cavaliere, ” Boghean, Paul, Crews Organizations: CNN, BC Wildfire Service, Northern Rockies Regional, Fort Nelson, Wildfire, Northern Rockies, Fort Nelson First Nation, Environment Canada, Canadian Interagency Fire Centre, Air, Environmental Protection Agency, US, Protection, British Columbia, Alberta, Reuters Residents, Estates, Lake Estates, Fort McMurray, Alberta Wildfire Locations: British Columbia, Fort Nelson, Northern Rockies Regional Municipality, Parker, Fort, Canada, Maryland, Alberta, Fort McMurray, Saskatchewan, Wisconsin, Minnesota, Minneapolis, St, United States, British, Grande Prairie Forest, TeePee Creek , Alberta, Regional, Wood Buffalo, Lake
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWarren Buffett is cashing in stocks like Apple because he knows the good times won't last — but he'll spend big once disaster strikes, a veteran strategist says. AdvertisementThe conglomerate's disposals fueled a $21 billion increase in its stack of cash and Treasurys to a record $189 billion. Related storiesDietrich underscored that as a value investor, Buffett prizes underpriced assets and avoids expensive ones. Apple, which remains Buffett's largest stock holding by far, has more than tripled in value since he finished building the position in 2018.
Persons: , Warren Buffett, Paul Dietrich, Riley Wealth, Buffett, Dietrich, He's, Jeff Bezos, Jamie Dimon, Meta's Mark Zuckerberg, he'll, Goldman Sachs, Davidson Organizations: Service, Apple, Business, Berkshire Hathaway, Berkshire, Walmart, downturns, Electric, Dow Chemical Locations: Berkshire
The company has also leaned into live comedy shows, broadcasting a slew of events including the recent roast of Tom Brady. But on its most recent earnings call in April, co-CEO Ted Sarandos said Netflix isn't "anti-sports, but pro-profitable growth." Conway teaches courses about sports leadership and management, and he spent much of his career as a marketing executive for two Major League Baseball teams. Over the past few years, Apple has bought the rights to air Major League Baseball and Major League Soccer games. CNBC reported last year that Netflix, as well as Amazon, Apple, Comcast's NBCUniversal/Peacock, had expressed potential interest in a contract.
Persons: Rafael Nadal, Tom Brady, Sarandos, Ted Sarandos, Mike Tyson, Jake Paul, Marty Conway, Conway, Needham, Laura Martin, Martin, Brandon Katz, Katz, NBCUniversal, Peacock, William Mao, Octagon, Tyson, Paul, Mao Organizations: Netflix, WWE, Georgetown University, Major League Baseball, Apple, Disney, Warner Bros . Discovery, Fox, Warner Bros, Major League Soccer, National Football League, National Basketball Association, CNBC, NFL, NBA, Comcast
Consumers aren't buying it, per the latest monthly survey of how Americans feel about the economy. These charts show how gloomy Americans feel, despite the numbers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIndicators be damned: US consumers are still gloomy about the state of the economy. This story is available exclusively to Business Insider subscribers.
Persons: , Joanne Hsu Organizations: Consumers, Service, University of Michigan, Business
Who Are Key Players in the Menendez Case?
  + stars: | 2024-05-11 | by ( Tracey Tully | Benjamin Weiser | ) www.nytimes.com   time to read: +7 min
Who Are Key Players in the Menendez Case? Mr. Menendez goes to trial on May 13 with two of the businessmen, Fred Daibes and Wael Hana. Fred Daibes New Jersey Real Estate Developer Mr. Daibes is accused of giving Mr. Menendez furniture, gold and cash. Nadine Menendez Mr. Menendez’s Wife Ms. Menendez served as a go-between for Mr. Menendez, Egyptian intelligence officials and men who were seeking political favors from the senator, according to the indictment. Defense LawyersAdam Fee Lawyer for Robert Menendez He previously spent five years as a prosecutor in the U.S. attorney’s office for the Southern District — the same office prosecuting Mr. Menendez.
Persons: Menendez, Robert Menendez, Nadine Menendez, Mr, Fred Daibes, Wael Hana, Menendez's, Daibes, Nadine Menendez Mr, Menendez’s, Ms, Jose Uribe, Uribe, Uribe's, Sidney H, Stein, Bill Clinton, Jennifer Shah, Hassan Nemazee, Damian Williams, Williams, President Biden, Sam Bankman, Fried, Juan Orlando Hernández, Christina Clark, Clark, Charles McGonigal, Catherine Ghosh, Eli Mark, Paul Monteleoni, Robert Hadden, Lara Pomerantz, Ghislaine Maxwell, Jeffrey Epstein, Norman Seabrook, Daniel Richenthal, Sheldon Silver, Michael Avenatti, Adam Fee, Fee, Avi Weitzman, Lawrence Lustberg Organizations: Democrat, Robert Menendez New Jersey, Senate Foreign Relations, Jersey Real, EG, Prosecutors, United, Jose Uribe Former New, Benz, U.S, Southern, of, Democratic, Attorney, Southern District of, ex, Public, New, New York City Housing Authority, Justice Department, Southern District’s, New York State Assembly, Nike . Defense, Southern District Locations: New Jersey, Manhattan, Jersey, Egypt, Qatar, United States, Jose Uribe Former New Jersey, of New York, Southern District, Southern District of New York, Russian, New York City, Brooklyn, Columbia, New York, U.S, California
The report also did not find that Israel had intentionally obstructed humanitarian aid into Gaza. Such a finding would have triggered a U.S. law barring military aid to countries that block such assistance. They argue that Israel has indiscriminately killed civilians with American arms and intentionally hindered U.S.-supplied humanitarian aid. Either would violate U.S. laws governing arms transfers to foreign militaries, as well as international humanitarian law, which is largely based on the Geneva Conventions. The United States provides Israel with $3.8 billion in annual military aid, and Congress last month approved an additional $14 billion in emergency funding.
Persons: Biden, Israel “, , President Biden, Israel, Israel’s, Israel ”, Brian Finucane, Finucane, , Chris Van Hollen, Netanyahu, Benjamin Netanyahu, Mr, ” “, , Josh Paul, Biden’s, John F, Kirby Organizations: State Department, Israel Defense Forces, President, Crisis, United, U.S ., Biden Administration, Israel, The State Department, Central Kitchen Locations: Israel, Gaza, United States, U.S, Rafah, Congress, Geneva, Maryland,
The Department of Defense is working on initiatives to face the drone threat, but the US military doesn't yet appear ready to confront this ever-evolving challenge, especially on the scale seen in Ukraine. AdvertisementA US military MQ-9 Reaper drone waits for take-off at Kandahar Air Base in Afghanistan on March 9, 2018. US military leaders have repeatedly stressed there's no silver bullet to defeat small drones in battle. Shellie HallStudents there spend several weeks learning how to identify, engage, and defeat small drones. The drone threat draws certain parallels to fighting in Iraq and Afghanistan, where hidden bombs posed a tremendous threat.
Persons: GENYA SAVILOV, Mick Ryan, hasn't, you've, Franz J, Marty, Samuel Bendett, Paul Scharre, that's, Mike Parent, Mark Schauer, Parent, Paul Butcher, Cpl, Doug Bush, Amber Osei, Moseph Sauda, doesn't, Sauda, America's, Bram Janssen, Scharre, Justin Bronk, Jack Watling, Ryan Organizations: Business, Troops, of Defense, Department of Defense, Getty, Australian Army, Islamic State, Kandahar Air Base, Defense Ministry, Karabakh . Defense Ministry, Azerbaijan, AP, Pentagon, US Army, Aircraft Systems, Solutions, 71st Jaeger Brigade, US Army Yuma, Technology, Army, sUAS University, US Marine Corps, Force, Central Command, Shellie, National Training Center, US Army Air Defense Artillery, Center, New, New American Security, Base, London's Royal United Services Institute Locations: Russian, Ukrainian, Ukraine, prowling, Jordan, Chasiv Yar, Donetsk, AFP, Afghanistan, Armenia, Azerbaijan, Russia, Nagorno, Karabakh, Avdiivka, Yuma, East, Oklahoma's Fort Sill, California, Fort Sill, China, Luhansk Region, Europe, Iran, New American, Iraq, Washington, Bagram, Kabul, Australian
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