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☆ BlackRock and MSCI are facing congressional probes over facilitating investments in Chinese firms flagged by US for security concerns
▼ + stars: | 2023-08-01 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

BlackRock and MSCI are facing probes by lawmakers for facilitating investments in Chinese firms, the WSJ reported. The probes are related to investments in companies flagged by the US over security risks or human rights violations. The congressional panel said it found that American investors have funded 60 such companies and BlackRock has invested $429 million through five of its funds. The majority of our clients' investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies. With all investments in China and markets around the world, BlackRock complies with all applicable US government laws.

Persons: MSCI Organizations: BlackRock, Service, Wall Street, Chinese Communist Party, WSJ, US Locations: MSCI, China, Wall, Silicon, Xinjiang, US

☆ Opinion: Why are Trump’s donors paying for his legal fees?
▼ + stars: | 2023-07-31 | by ( Dean Obeidallah | ) edition.cnn.com time to read: +7 min

Trump’s political action committee, Save America, has spent more than $40 million on legal fees since the start of 2023, a source familiar with the matter told CNN. The PAC also shelled out $16 million-plus on legal costs the previous year, Federal Election Commission records show. However, Paul Seamus Ryan, a campaign finance expert, recently told The Washington Post he did not see any “legal red flags” with the PAC paying Trump’s fees. It is disgraceful that Trump is using funds from small donors that they believed would fund his campaign for his own personal legal woes. But even Trump knows the more he spends on legal fees, the less he has for his 2024 campaign.

Persons: Dean Obeidallah, CNN — Dean Obeidallah, Donald Trump’s, deliberates, Joe Biden’s, ” Trump, Steven Cheung, Trump, —, Chris Christie —, Trump’s, “, Donald Trump, ” Christie, “ They’re, Paul Seamus Ryan, ” Ryan, Ryan, Jeff Swensen, I’m, ”, Biden, Joe Biden Organizations: CNN, CNN — Dean Obeidallah CNN, Florida —, Save, Federal, Commission, The New York Times, PAC, Trump, Prison, Save America PAC, Times, New, New Jersey Gov, Washington Post, “, Twitter, Facebook, Republicans, Biden, GOP, White House Locations: New York, Florida, Washington , DC, Fulton County , Georgia, New Jersey, Erie , Pennsylvania

☆ The UK will drill for more oil and gas in the North Sea
▼ + stars: | 2023-07-31 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The UK government has announced plans to allow a big expansion of drilling for oil and gas in the North Sea in a move that environmental activists have described as a taking a “wrecking ball” to the country’s climate commitments. “Even when we’ve reached net zero in 2050, a quarter of our energy needs will come from oil and gas. He also announced plans to build two new carbon capture and storage sites in the North Sea, to be completed by 2030, which would take the country’s total to four. The licensing process, overseen by the North Sea Transition Authority, will be more flexible to allow companies to drill near currently licensed areas, “unlocking vital reserves which can be brought online faster,” Sunak’s office said in a statement. “[The project] is a central part of plans to decarbonize North Sea operations, and to store emissions from other parts of Scottish industry,” he said.

Persons: Rishi Sunak, we’ve, ” Sunak, Simon Roddy, ”, ” Lyndsay Walsh, Philip Evans, “, ” Evans Organizations: London CNN, International Energy Agency, Transition, Shell, ”, Greenpeace UK, Conservative, Labour Party Locations: North, Scotland, loggerheads

☆ Joe Lewis, Billionaire Owner of Tottenham Hotspur, Charged with Insider Trading
▼ + stars: | 2023-07-26 | by ( Michael J. De La Merced | More About Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Federal prosecutors charged Joseph C. Lewis, the British billionaire who owns the Tottenham Hotspur English soccer club, with insider trading on Tuesday, accusing him of illegally funneling nonpublic information to associates to trade on. In a 29-page indictment, prosecutors in Manhattan accused the 86-year-old financier of doling out tips to friends and associates, including his pilots, personal assistants and romantic partners from 2019 to 2021. “He used inside information as a way to compensate employees and shower gifts on friends and lovers,” Damian Williams, the United States Attorney for the Southern District of New York, said in a statement. “It’s cheating and against the law.”Prosecutors also accused Mr. Lewis of conspiring to hide a roughly 20 percent stake in Mirati Therapeutics, a pharmaceutical company, through a series of shell companies and false statements to the Securities and Exchange Commission.

Persons: Joseph C, Lewis, ” Damian Williams, “ It’s, ” Prosecutors Organizations: Tottenham Hotspur English, United States, Southern, of, ”, Mirati Therapeutics, Securities and Exchange Commission Locations: Manhattan, of New York

☆ New EV battery plant fuels labor tensions as UAW strike looms deadline
▼ + stars: | 2023-07-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —Stellantis and Samsung SDI announced plans Monday for another EV battery plant joint venture to open in 2027. Four major EV battery plants have opened in recent years and 19 more are planned with Monday’s announcement, according to the UAW. An aerial view of the Stellantis and Samsung Battery Plant construction site in Kokomo, Indiana. Those talks will have to be focused on the wages and benefits for the current UAW members. By comparison, UAW members with top seniority at a Big Three factory get $32.32 an hour, plus an annual bonus and profit sharing.

Persons: New York CNN — Stellantis, Shawn Fain, Stellantis, BEV, Kent Nishimura, ”, it’s, Fain, He’s, “, ” Stellantis Organizations: New, New York CNN, Samsung SDI, United Auto Workers, Stellantis, Jeep, Dodge, Chrysler, General Motors, Ford, UAW, don’t, GM, Fiat Chrysler, PSA Group, Peugeot, Opel, Vauxhall, Samsung Battery, Los Angeles Times, Samsung, Big, LG, SK, CNN, ICE Locations: New York, United States, Europe, Kokomo , Indiana, Warren Ohio, Korean, Kokomo

Auckland, New Zealand CNN —A shooting that erupted inside a building in central Auckland killed at least two people and injured six others, say New Zealand officials, casting a cloud over the Women’s World Cup that was set to start later in the day. The shooting is “an isolated incident,” and “not a national security risk,” New Zealand police said on Twitter, adding that the male shooter was also dead. During a press conference in Wellington, New Zealand Prime Minister Chris Hipkins said the Women’s World Cup, which is due to kick off later in the city on Thursday, will “proceed as planned.”“Clearly, with the FIFA World Cup kicking off this evening, there are a lot of eyes on Auckland. “Auckland Transport says passengers coming in to the city should delay travel. New Zealand’s parliament voted to ban military-style semi-automatic weapons in 2019, weeks after the Christchurch massacre left 50 people dead.

Persons: “, Chris Hipkins, ” Hipkins, Nathan Frandino, Reuters Auckland Mayor Wayne Brown, I’m, ” Brown, RNZ, Brown, ”, Nisha, ” Nisha, Jacinda Ardern, Ardern Organizations: New Zealand CNN, Auckland, New, Twitter, CNN, Newshub, Police, Wellington , New Zealand, FIFA, Reuters Auckland Mayor, New Zealand, ”, Auckland Transport Locations: Auckland, New Zealand, Wellington , New, New, Zealand, Norway, American, there’s, Christchurch

☆ US startups are having a bad year. Relief isn’t coming
▼ + stars: | 2023-07-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Across the country, in Silicon Valley, the situation isn’t quite as good. For decades Silicon Valley has been a dominant contributor to the US economy and an integral part of the country’s culture. Bankruptcy filings…less so.”Pitchbook and The National Venture Capital Association’s most recent report on the industry also takes a pessimistic view of the situation. What it means: While startups are certainly far from extinct, there has been a serious culling in Silicon Valley that will likely continue on for some time. Just 19% of venture capital deals were made with startups based in the Bay Area this year; that’s down from 22% in 2020.

Persons: haven’t, Tom Loverro, IVP, Pitchbook, ”, dealmakers, Goldman Sachs, Morgan Stanley, they’ll, they’re, Elizabeth Warren, Tesla, Elon Musk, Ramishah Maruf, Elon, “, ” Warren, funneling Tesla, Warren, Gary Gensler, Linda Yaccarino, Musk, CNN’s Justin Gamble, Bill Clinton, Jonah Bryson, “ We’ve, Michael D, Smith Organizations: CNN Business, Bell, New York CNN, Apple, Microsoft, Venture, National Venture Capital, Goldman, Center for Research, Bank, SEC, Twitter, Securities and Exchange, AmeriCorps, CNN Locations: New York, Silicon Valley, Silicon, Massachusetts, America

☆ Elizabeth Warren asks SEC to investigate Tesla
▼ + stars: | 2023-07-17 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Democratic Senator Elizabeth Warren asked the SEC to investigate Tesla and its board of directors to determine whether they violated securities laws after CEO Elon Musk took over Twitter last year. Warren wrote that that disorder has spilled over into Musk’s management of one of the most influential electric car companies in the United States. “Tesla is publicly owned, and Mr. Musk and the Board have responsibilities to shareholders and the public in their management of the company,” Warren wrote. “These close relationships may explain the board’s persistent inability or unwillingness to address the concerns posed by Mr. Musk’s actions,” Warren wrote. Last December, the Democratic senator wrote Tesla shareholders may be hurt by its CEO’s ownership of Twitter in a letter to company chair Robyn Denholm.

Persons: Elizabeth Warren, Tesla, Elon Musk, Elon, “, ” Warren, funneling Tesla, Warren, Gary Gensler, Linda Yaccarino, Musk, Cathie Wood, “ Mr, Tesla’s, –, It’s, Robyn Denholm, missive Organizations: New, New York CNN, Democratic, SEC, Twitter, Securities and Exchange, Oppenheimer, Co, Wall, Audi, GM, Tesla, CNN Locations: New York, Massachusetts, United States

☆ Canada wildfire smoke drifts into US and triggers new air quality alerts
▼ + stars: | 2023-07-14 | by ( Eric Zerkel | ) edition.cnn.com time to read: +3 min

CNN —A recent outbreak of wildfires in western Canada is again sending a plume of unhealthy smoke into the United States. The smoke could also cause issues in Iowa and Illinois, including Chicago, which experienced some of the worst air quality in the world amid heavy smoke in late-June. On Friday, the encroaching smoke dropped air quality in parts of Montana and North Dakota to code red, or unhealthy levels on the Air Quality Index, and to code orange, or unhealthy for sensitive groups, in Minnesota, according to airnow.gov. One firefighter died Thursday responding to one of the blazes near Revelstoke, British Columbia, a press release from the firefighter’s union said. “The news from British Columbia – that one of the firefighters bravely battling wildfires has lost her life – is heartbreaking,” Trudeau said.

Persons: Pete Laing, Justin Trudeau, “, –, ” Trudeau, ” Organizations: CNN, Montana and, Centers for Disease Control, BC Wildfire Service, Indiana ., Indiana . British Columbia, Canadian, Twitter, British Columbia Locations: Canada, United States, Midwest, Minnesota , Wisconsin, Upper Michigan, Indiana, Iowa, Illinois, Chicago, Canadian, Quebec, New York, Montana, Montana and North Dakota, Minnesota, Kamloops , British Columbia, Canada’s province, British Columbia, Indiana . British, Revelstoke , British Columbia, British

☆ Meta's CTO was asked whether the term 'metaverse' did more harm than good. He chuckled and compared it to the early confusion over the word 'internet.'
▼ + stars: | 2023-07-11 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Bosworth was asked whether he felt the term "metaverse" did more harm than good. But if you're still scratching your head over the term "metaverse," don't worry, Meta's chief technology officer gets your confusion. He then compared the ambiguity around the definition of the metaverse to the confusion people experienced in the early 1990s when they were making sense of the internet. At the same time, Bosworth admitted that Meta never expected its rebrand — and by extension the term metaverse — to garner so much attention. Reality Labs was included in Meta's recent layoffs, and Zuckerberg seems to have since shifted focus to AI.

Persons: Andrew Bosworth, Instagram . Bosworth, Mark Zuckerberg's, It's, Andrew Bosworth –, Bosworth, Meta, —, Mark Zuckerberg, Zuckerberg Organizations: Facebook, Reality Labs Locations: Instagram .

New York City’s complex campaign finance law sits at the heart of the events sketched out in the court papers. The defendants are accused of trying to mask large donations by funneling them through straw donors. On Friday, Evan Thies, a spokesman for the 2021 Adams campaign, thanked prosecutors for “their hard work on behalf of taxpayers.”“The campaign always held itself to the highest standards and we would never tolerate these actions,” Mr. Thies said. The second took place after Mr. Adams had won his primary, effectively ensuring his election as mayor of the heavily Democratic city. For each fund-raiser, according to prosecutors, the defendants recruited straw donors and then reimbursed them.

Persons: Montgomery, Riza, Evan Thies, Adams, ”, ” Mr, Thies, “ Organizations: Mr, Campaign Finance Board, Democratic Locations: York, , New York City

☆ American companies are draining their cash at the dumbest possible time
▼ + stars: | 2023-06-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Companies are sitting on a lot less cash than they were last year, largely because they’re spending it on share buybacks and corporate dividends. What’s happening: A new report from Moody’s Investors Service finds that nonfinancial companies’ corporate cash declined 12% last year to $2 trillion. But debt was flat year over year, meaning that companies didn’t use much of their cash reserves to pay down outstanding loans. Now that it’s more expensive to borrow, companies in the US should reconsider the amount of money they’re spending on buybacks, he added. Preventing companies from repurchasing their own shares, they argue, would free corporate cash to invest in growth and raise wages instead.

Persons: Emile El Nems, ”, Ben Lofthouse, Janus Henderson, ” El Nems, Joe Biden, buybacks, “, Brian Moynihan, Moynihan, CNN’s Poppy Harlow, Nathaniel Meyersohn, That’s Organizations: CNN Business, Bell, New York CNN — Companies, Moody’s Investors Service, Moody’s, Federal Reserve, Bank of America, Corporations, ”, CNN, Commerce Department, UBS Locations: New York, buybacks

And while Biden’s growing list of Republican challengers differ on many issues, when it comes to the economy, they’re in agreement that Biden failed. In addition, a tight labor market has left many small businesses with ongoing hiring difficulties. Here’s what Biden can take credit for – and what he can’t. In other aspects, the labor market certainly had a boost from Biden’s fiscal policies. Since then, the American workforce has consistently outpaced the pre-pandemic workforce.

Persons: Joe Biden, “, ” Biden, Biden, Jerome Powell, ”, Ben Bernanke, Olivier Blanchard, It’s, it’s, let’s, That’s Organizations: DC CNN, Wednesday, Federal Reserve, –, Congress, American, Manufacturers, Treasury Department, P Global, Institute for Supply Management, Bureau of Labor Statistics, Republicans, Fed, International Monetary Fund, Brookings Institution, Biden, European Central Bank, Federal Reserve Bank of New Locations: Washington, Chicago, American, United States, Ukraine, Federal Reserve Bank of New York

☆ Why Some Americans Buy Guns
▼ + stars: | 2023-06-23 | by ( Roni Caryn Rabin | ) www.nytimes.com time to read: 1 min

In 2020, while many communities were under Covid lockdowns, protesters were flooding the streets and economic uncertainty and social isolation were deepening, Americans went on a shopping spree. Some 22 million guns were sold that year, 64 percent more than in 2019. The death count from guns, including suicides, rose to 45,222 in 2020 from 39,702 in 2019. The number of lives lost to guns rose again in 2021, to 48,830. After quashing research into gun violence for 25 years, Congress began funneling millions of dollars to federal agencies in 2021 to gather data.

Persons: Covid lockdowns Organizations: Shooting Sports Foundation

☆ A 'fabulously gay' lifestyle put them $51,000 in debt. Now their net worth is over $1 million
▼ + stars: | 2023-06-17 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Instead, they had $51,000 in credit card debt and a lease on a basement apartment in Denver, Colorado. But one line item proved particularly shocking: interest charges from their credit card balance. It took the Auten-Schneiders less than three years to pay down $51,000 in credit card debt. Courtesy of Debt Free GuysThe couple used a 0% balance transfer to eliminate interest payments and stopped using credit altogether. Nearly everything they saved, they funneled toward paying down their credit card debt.

Persons: John Schneider, David Auten, they'd, Schneider, Auten, You'd Locations: Denver , Colorado, autopay

☆ 67% of brands are spending more on influencer marketing this year, according to a new survey. Here's where they're diverting funds from and how they're measuring results.
▼ + stars: | 2023-06-14 | by ( Nhari Djan | ) www.businessinsider.com time to read: +3 min

Some are diverting the money from other areas, like paid advertising, as overall marketing budgets face scrutiny. Here's what the study said about how and why brands are spending on influencer marketing in 2023. A new study from the creator-focused marketing platform CreatorIQ shows brands are investing more in influencer marketing and seeing results. It found 67% of the companies surveyed increased their influencer-marketing budgets from 2022 to 2023. Most of the brands that increased their influencer-marketing budgets — 76% — were diverting funds away from other marketing activities.

Persons: CreatorIQ, That's, Brittni Starr, Starr Organizations: Brands, CreatorIQ's

☆ Brands are investing more in influencer marketing, pulling funds from other areas like paid ads as overall budgets face scrutiny
▼ + stars: | 2023-06-12 | by ( Nhari Djan | ) www.businessinsider.com time to read: +3 min

Some are diverting the money from other areas, like paid advertising, as overall marketing budgets face scrutiny. Here's what the study said about how and why brands are spending on influencer marketing in 2023. Brands are funneling more of their advertising budgets to influencer marketing, new data suggests. A new study from the creator-focused marketing platform CreatorIQ shows brands are investing more in influencer marketing and seeing results. That's despite the increased scrutiny on marketing budgets overall, the report said.

Persons: CreatorIQ, That's, Brittni Starr, Starr Organizations: Brands, CreatorIQ's

☆ TikTok made their businesses popular and lucrative, and now they fear a ban: 'I'll be screwed'
▼ + stars: | 2023-06-09 | by ( Daniella Jimenez | ) www.cnbc.com time to read: +5 min

She also posts TikTok videos about the process. The acrimony could potentially lead to a nationwide prohibition of TikTok, following a Montana statewide ban signed into law last month. There's no publicly known evidence of the Chinese government requesting data from TikTok, or TikTok providing it. The state's governor, Greg Gianforte, signed a bill last month that will prohibit Google and Apple's app stores from offering the TikTok app, starting in January 2024. The app disputed Montana's claim that TikTok is used for surveillance, saying the state has "nothing to support these allegations."

Persons: Emily Swift, Swift, Shou Zi Chew, you've, TikTok, Chew, Aram Sinnreich, Greg Gianforte, Taylor Reed, Reed Organizations: U.S, CNBC, Communication, Tech, Google Locations: Connecticut, —, U.S, Beijing, Montana, Kalispell , Montana

☆ Crypto Crackdown: Coinbase and Binance Lawsuits Shake Markets
▼ + stars: | 2023-06-07 | by ( Ephrat Livni | ) www.nytimes.com time to read: +2 min

said Coinbase made billions of dollars facilitating the sale of crypto assets as an unregistered exchange and deprived investors of significant protections. Coinbase and the S.E.C. Last year, Coinbase petitioned the S.E.C. Binance is accused of funneling billions of dollars of customer money to a company owned separately by Mr. Zhao. In addition to those charges Binance, like Coinbase, is accused of operating an unregulated exchange and issuing crypto currencies that the agency said should have been registered as securities.

Persons: Coinbase, Paul Grewal, Mr, Grewal, Binance, Zhao Locations: U.S

☆ SEC Chair Gensler doubts the need for more digital currency
▼ + stars: | 2023-06-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Securities and Exchange Commission Chair Gary Gensler took a swing Tuesday at cryptocurrency and other digital tokens, implying they're essentially unnecessary in today's world. "Look, we don't need more digital currency," Gensler said during an appearance on CNBC's "Squawk on the Street." "We already have digital currency. Gensler noted the delays in getting cases filed against the crypto platforms, saying "it takes time to do things by the book." But he said investors should be confident the SEC is attentive to risks in the digital currency world.

Persons: Gary Gensler, Gensler, It's, Coinbase, Binance, Changpeng Zhao, Crypto Organizations: Securities, Exchange, U.S ., SEC, New York Stock Exchange Locations: cryptocurrency, European, Coinbase

☆ 3 unsung World War II female spies who helped make D-Day a victory
▼ + stars: | 2023-06-06 | by ( Katie Sanders | ) www.businessinsider.com time to read: +2 min

Once the war began, Borrel left Paris and took a crash course in nursing with the Red Cross. The German military defeated France in June 1940, but many French citizens took up arms in a resistance to Adolf Hitler and his troops. In the spring of 1942, the SOE recruited her. Moving between Paris and the countryside, she coordinated aerial supply drops and recruited, armed, and trained Resistance members. She was in the SOE's first training class for female agents, where she learned skills from hand-to-hand combat to Morse code.

Persons: Borrel, Adolf Hitler, Pat O'Leary, Prosper Organizations: France, German Army, French Resistance, British Royal Air Force, SOE, Nazi, Allies Locations: Paris, France, Spain, Lisbon, Portugal, London, Nazi, Europe

One recipient of Parnas’ donations -- Florida Governor Ron DeSantis -- has said he was barely an acquaintance. Two sources close to DeSantis during his 2018 campaign confirmed the texter’s number belonged to DeSantis at that time. “We became very friendly.”In 2018, Parnas was a well-known figure in Trump’s orbit, often seen with Giuliani. On June 21, 2018, Parnas’ company, Global Energy Producers, donated $50,000 to DeSantis’ campaign for governor. Three weeks later, DeSantis added, “Make sure he gives a lot.”Pereira later co-hosted a fundraiser for DeSantis with Parnas and his company donated $115,000 to DeSantis’ 2018 campaign, campaign finance records show.

☆ Texts tie DeSantis closely to Trump insider Lev Parnas in 2018 race, says report
▼ + stars: | 2023-05-22 | by ( ) www.cnbc.com time to read: +16 min

One recipient of Parnas' donations -- Florida Governor Ron DeSantis -- has said he was barely an acquaintance. Six days later, DeSantis told reporters that Parnas "was just like any other donor, nothing more than that." Two sources close to DeSantis during his 2018 campaign confirmed the texter's number belonged to DeSantis at that time. On June 21, 2018, Parnas' company, Global Energy Producers, donated $50,000 to DeSantis' campaign for governor. Pereira later co-hosted a fundraiser for DeSantis with Parnas and his company donated $115,000 to DeSantis' 2018 campaign, campaign finance records show.

☆ Hedge funds piled into these A.I. stocks during the first quarter
▼ + stars: | 2023-05-21 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Securities filings released this week signaled that many hedge funds also appear to be catching the AI bug. Betting on AI heavyweights Alphabet popped up as one of the most common AI plays among big investors in the first quarter. Microsoft bet billions on AI capabilities, funneling another multibillion-dollar investment in January into ChatGPT maker OpenAI. Beyond Alphabet and Microsoft Outside heavyweight giants Alphabet and Microsoft, many hedge funds beefed up other AI-related holdings in the first quarter. His Nvidia bet equaled roughly $1.4 billion at the end of March.

☆ America’s Semiconductor Boom Faces a Challenge: Not Enough Workers
▼ + stars: | 2023-05-19 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Maxon Wille, an 18-year-old in Surprise, Ariz., was driving toward Interstate 17 last year when he noticed a massive construction site: Taiwan Semiconductor Manufacturing Company at work on its new factory in Phoenix. “I can see this being the next big thing,” Mr. Wille said. Semiconductor manufacturers say they will need to attract more workers like Mr. Wille to staff the plants that are being built across the United States. America is on the cusp of a semiconductor manufacturing boom, strengthened by billions of dollars that the federal government is funneling into the sector. President Biden had said the funding will create thousands of well-paying jobs, but one question looms large: Will there be enough workers to fill them?

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