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Opinion Guest Essay What Happened in 2024? Once again, the Democrats substantially outraised their Republican opponents, with Ms. Harris besting Mr. Trump among both small donors and large contributors. Only among PACs that back single candidates did Mr. Trump do better, in part because some technology executives defected from the Democrats over regulatory issues such as cryptocurrency and antitrust. By many measures, after adjustments for the impact of Covid, the economy performed as well under Mr. Biden as under Mr. Trump. A Global Desire for Change change in incumbent party vote share since prevous election −30 pct.
Persons: Donald Trump, Trump, Biden, Trump Harris D.N.C, Kamala Harris’s, Harris, Michael Bloomberg’s, nonfarm, G.D.P, Dow, Elon Musk, Tesla, Musk, , , Conservative Party’s, Mar, OpenAI’s Organizations: Trump, CNN, Democratic Party, Trump Harris, Republican, Biden, of Labor Statistics, Federal Reserve, Manufacturing Investment, Investment, SpaceX, Boring Company, Bloomberg, Mr, Washington, Trump Biden, . Customs, Indonesia Britain, Indonesia Britain South Africa Japan France United, BBC, Politico, NPR, Al, Center for Strategic, Labour Party, Conservative, Mar, National Centers for Environmental, Nvidia, Apple, Tesla, Microsoft Apple, International Energy Agency, Meta Locations: Wisconsin , Michigan, Pennsylvania, Georgia, United States, Mexico, Guatemala, Honduras Guatemala, Indonesia, Indonesia Britain South Africa Japan France, Indonesia Britain South Africa Japan France United States India Mexico South Korea, Al Jazeera, South Korea, America, Britain, North Carolina, U.S
Eli Lilly has outperformed the S & P 500 for five straight years as Wall Street woke up to its massive opportunity in obesity drugs. '24 look back The dominant theme for Eli Lilly this year was the rollout of its all-important GLP-1 obesity drug Zepbound, which was approved by the Food and Drug Administration in late 2023 . '25 look ahead Eli Lilly's ability to expand available supply of Zepbound and Mounjaro in the new year will be crucial. Jim Cramer recently named Eli Lilly as one of the portfolio's 12 core holdings heading into 2025. An Eli Lilly & Co. Zepbound injection pen arranged in the Brooklyn borough of New York, US, on Thursday, March 28, 2024.
Persons: Eli Lilly, Eli Lilly's, hasn't, Robert F, Kennedy Jr, Jim, Kennedy, Trump, Biden White, Lilly, Jim Cramer, Jim Cramer's, Shelby Knowles Organizations: Food and Drug Administration, FactSet, FDA, Novo Nordisk, of Health, Human Services, Viking Therapeutics, CNBC, Bloomberg, Getty Locations: Washington, Brooklyn, New York
BEIJING — China's retail sales rose more than expected in October, while industrial production and investment data missed forecasts as the real estate drag worsened. Industrial production rose by 5.3% in October from a year ago, missing expectations of 5.6% growth. Investment in real estate for the January to October period fell by 10.3% from a year ago, steeper than the 10.1% drop seen in the January to September period. While infrastructure and manufacturing investments picked up slightly in the year-to-date period as of October, versus that of September. The central bank has cut interest rates and extended existing real estate support.
Organizations: Retail, National Bureau of Statistics, Ministry of Finance Locations: Shanghai, BEIJING
Younger Americans are moving to rural areas, reshaping demographics and economies. Census data shows a shift from cities to rural areas for people ages 25 to 44 since 2020. Instead, they're heading to rural areas. AdvertisementLombard said there's been a surge of young people moving to South Carolina, North Carolina, and Tennessee, oftentimes for work. Even with many companies pushing for mandatory return-to-office policies, younger Americans continued moving to rural communities in 2023 at an accelerated pace.
Persons: , Z, Hamilton Lombard, Lombard, there's, it's Organizations: Service, University of Virginia, Colorado Rockies, Brooklyn —, Power, nsheidlower Locations: Rural, Los Angeles, Kings County, Brooklyn, South Carolina, North Carolina, Tennessee, Flint , Michigan, Oak, Huntsville, Atlanta, Georgia
CNN —The White House is racing to dole out remaining funds appropriated from key legislation President Joe Biden signed before President-elect Donald Trump takes office in 10 weeks. The implementation efforts reflect one slice of how the Biden administration is working to shore up key initiatives as the second Trump presidency approaches. Speaking to reporters on Monday, the first official day at COP29, Podesta said the Biden administration is “fully committed” to obligating outstanding funding under Biden’s climate law, the Inflation Reduction Act. About $103 billion in Inflation Reduction Act funding, which makes up 92% of the law’s total, has been announced as of late October. While Trump has criticized the CHIPS legislation as “so bad,” it has enjoyed bipartisan support because the plans could create jobs and infuse money into local communities.
Persons: Joe Biden, Donald Trump, Biden, Trump, ramping, White, Natalie Quillian, , , ” Quillian, John Podesta, Podesta, it’s, ” “, Andrew Harnik, Mike Johnson, he’d, Betsy Klein, Ella Nilsen Organizations: CNN, Commerce Department, Law, White House, White, UN, Act, House Republicans, American, Congress, Trump, Semiconductor, The Commerce Department, Polar Semiconductor, Intel, Micron Technology, Samsung, Taiwan Semiconductor Manufacturing Company, Commerce, Louisiana Republican Locations: Ukraine, America, Baku, Azerbaijan, COP29, , Washington , DC, New York, Corning, Pennsylvania, Minnesota, Louisiana
On the campaign trial, Trump threatened to impose additional tariffs of 60% or more on Chinese goods sold to the U.S. She expects a stimulus package of more than 10 trillion yuan ($1.39 billion), with about 6 trillion yuan going towards local government debt swaps and bank recapitalization. More than 4 trillion yuan will likely go towards local government special bonds for supporting real estate, Su said. That divergence in stock performance indicates China's stimulus "will be slightly bigger than the baseline scenario," said Liqian Ren, who leads WisdomTree's quantitative investment capabilities. She estimates Beijing will add about 2 trillion yuan to 3 trillion yuan a year in support.
Persons: Zhu Baoliang, Trump, Su, Yue Su, , Liqian Ren, Ren doesn't, Biden, Chris Miller, That's, China's, Zhiwei Zhang Organizations: Bund, Trump, Citigroup, U.S, Economist Intelligence Unit, National People's Congress, Huawei, Republicans, Senate, NBC, Republican Party, Emergency Economic, Trade Locations: Shanghai, China, Hong Kong, Beijing, U.S
Thursday, October 3, 2024: The Club breaks down this consumer stock's sinking shares despite an earnings beatJeff discusses the earnings and market reaction to this consumer discretionary stock. He also talks about the positive analyst calls for this semiconductor stock. Finally, he breaks down the manufacturing investments for this pharmaceutical stock.
Persons: Jeff
During his tenure as CEO, Grove transformed the chip company into a giant of Silicon Valley that, during the 1990s, was as important to the PC market as Microsoft. Pat Gelsinger, who has led Intel as CEO since 2021, has enacted a sweeping set of new initiatives to turn the chip company around. Its Gaudi 3 AI chip, unveiled as a rival to offerings from Nvidia and AMD, is expected to generate just $500 million in sales this year. Meanwhile, Alvin Nguyen, senior analyst at Forrester, told Business Insider that this is a big public win for Intel. Gelsinger's second headline announcement was that the company is establishing Intel Foundry as a separate subsidiary within Intel, with its own new operating board and independent directors.
Persons: , Andrew Grove, he'd, Grove, Grove —, Pat Gelsinger, Gordon Moore, Gelsinger, HWA CHENG, Patrick Moorhead, Moorhead, Alvin Nguyen, Forrester, Gelsinger's, It's, Forrester's Nguyen, Bernstein Organizations: Service, Microsoft, Intel, Business, Nvidia, Gaudi, AMD, Revenue, HWA, Getty, Amazon Web Services, Intel Foundry, Reuters Locations: Silicon, Japan, Moore's, AFP, Poland, Germany, Arizona , Oregon, New Mexico, Ohio
Investors who want to bet on a continued rebound in U.S. manufacturing should take a look at ETFs that hold stocks across different sectors to capture the theme, according to Bank of America. Traditional sector funds don't do a great job capturing this theme in one basket, so Bank of America prefers ETFs that have a wider scope. Woodard's top ETF pick in the space is the First Trust RBA American Industrial Renaissance ETF (AIRR) . While AIRR has the highest expense ratio of the group, it has the best 5Y risk adjusted returns," the Bank of America note said. Second on Bank of America's list is the Global X US Infrastructure ETF (PAVE) .
Persons: Jared Woodard, " Woodard, AIRR Organizations: Bank of America, Democrats, Trust, Industrial Renaissance, Mueller Industries, Bank of, Global, US Infrastructure ETF, Trane Technologies, United Rentals
After 14 years in the shadows, Britain’s Labour Party has returned to governing. And the country’s first female chancellor of the Exchequer, Rachel Reeves, is faced with the tough job of restoring Britain’s economic growth prospects and ending a decade and a half of stagnation. For inspiration, she has turned to another glass-ceiling-shattering woman, on the other side of the Atlantic: the U.S. Treasury secretary, Janet L. Yellen. Ms. Reeves was named chancellor on Friday after the Labour Party won a majority in Thursday’s general election. Ms. Yellen’s “modern supply-side economics” aims to bolster economic growth by increasing the number of workers and raising productivity while reducing inequality.
Persons: Rachel Reeves, Janet L, Reeves, Yellen, Yellen’s Organizations: Britain’s Labour Party, U.S, Treasury, Labour Party Locations: United States
Demand for solar jobs is growing in response to clean-energy goals and government incentives. Many entry-level solar jobs don't require higher education, and they offer on-the-job training. Solar jobs offer a low barrier to entry and high growth potentialHowever, the shortage means there are many affordable, accelerated solar training programs designed to help people get their foot in the door. Collardson added that people with backgrounds in areas such as marketing, engineering, and law could apply their skills to jobs at solar companies. HelieneThe solar industry can support long-term careersWhile Collardson acknowledged that specific solar jobs could grow or shrink as incentives and demands change, they said they believe there will always be jobs in the solar industry for those willing to be flexible.
Persons: Kate Collardson, Karl Wendt, Wendt, Martin Pochtaruk, Collardson, it's, Pochtaruk Organizations: Service, US Department of Energy, View Research, Corporations, House, Industries, Middle, Goodwill Industries, Companies Locations: Middle Tennessee
In the race for the White House, former President Donald J. Trump has attacked President Biden’s policies to expand renewable energy as a “plan to make China rich” because America’s greatest economic rival also controls many of the parts needed for electric-vehicle batteries, solar panels and other green technology. But eliminating Mr. Biden’s climate policies would end up helping China, economists say, by jeopardizing hundreds of billions of dollars in manufacturing investments that have already been made in the United States and sending that work back to other countries, including China. “From a manufacturing perspective, you’re just ensuring the Chinese edge in these technologies continues to get wider.”Mr. Trump, who has called climate change a “hoax,” has targeted “every one” of Mr. Biden’s policies designed to transition the United States away from fossil fuels. That includes regulations to encourage electric vehicles and solar and wind energy while cracking down on pollution from coal-burning power plants and restricting oil drilling on public lands and in federal waters. The former president has also promised to withdraw the United States from global agreements to reduce greenhouse gas emissions.
Persons: Donald J, Trump, Biden’s, , Stuart, Mackintosh, Mr Organizations: White Locations: China, United States
Tariffs aimed at protecting America’s solar industry from foreign competition snapped back into place on Thursday, ending a two-year pause that President Biden approved as part of his effort to jump-start solar adoption in the U.S. The tariffs, which will apply to certain solar products made by Chinese companies in Southeast Asia, kicked in at a moment of growing global concern about a surge of cheap Chinese solar products that are undercutting U.S. and European manufacturers. The Biden administration has been trying to build up America’s solar industry by offering tax credits, and companies have announced more than 30 new U.S. manufacturing investments in the past year. But U.S. solar companies say they are still struggling to survive as competitors in China and Southeast Asia flood the global market with solar panels that are being sold at prices far below what American firms need to charge to stay in business. That has forced President Biden to make an uncomfortable choice: Continue welcoming inexpensive imports that are helping the United States transition away from fossil fuels, or block them to protect new U.S. solar factories that are benefiting from taxpayer money.
Persons: Biden Organizations: U.S Locations: Southeast Asia, U.S, China, United States
For more than half a century, concerns about oil shortages or a damaged climate have spurred governments to invest in alternative energy sources. In the 1970s, President Jimmy Carter placed solar panels on the roof of the White House as a symbol of his commitment to developing energy from the sun. And in the 2000s, Germany developed an innovative program that guaranteed consumers who adopted a solar energy system that they would sell their electricity at a profit. Hoping to correct past missteps on industrial policy and learn from China’s successes, they are spending huge amounts on subsidizing homegrown companies while also seeking to block competing Chinese products. They have made modest inroads: Last year, the energy agency said, China’s share of new clean-energy factory investment fell to 75 percent.
Persons: Jimmy Carter Organizations: International Energy Agency Locations: Japan, Germany, Beijing, United States, Europe
An injection pen of Zepbound, Eli Lilly’s weight loss drug, is displayed in New York City on Dec. 11, 2023. Eli Lilly on Friday said it is investing another $5.3 billion in a manufacturing plant in Lebanon, Indiana, to boost supply of its highly popular weight loss drug Zepbound, diabetes treatment Mounjaro and other medicines. That makes it Eli Lilly's largest manufacturing investment in its nearly 150-year history, the company's CEO David Ricks said in a statement. Eli Lilly expects the Lebanon site to start making medicines toward the end of 2026, and scale up operations through 2028. The plant will specifically increase Eli Lilly's capacity to manufacture the active ingredient in Zepbound and Mounjaro, called tirzepatide.
Persons: Eli Lilly’s, Eli Lilly, Eli Lilly's, David Ricks, Ricks, Anat Ashkenazi, Ashkenazi Organizations: Nexus Pharmaceuticals, Investors Locations: New York City, Lebanon , Indiana, U.S, Lebanon, Indiana, Europe, North Carolina, Ireland, Germany
BEIJING — China reported data Friday that pointed to slower growth on the consumer side while industrial activity remained robust. Retail sales rose by 2.3% in April from a year ago, the National Bureau of Statistics said. That was less than the 3.8% increase forecast by a Reuters poll, and slower than the 3.1% pace reported in March. But fixed asset investment rose by 4.2% for the first four months of the year, lower than the 4.6% expected increase. Statistics bureau spokeswoman Liu Aihua pointed out that last year, the multi-day May 1 Labor Day holiday had included two days in April.
Persons: Liu Aihua, Liu Organizations: National Bureau of Statistics, China's Ministry of Commerce, Labor, Statistics, Oxford Locations: Huai'an, China, BEIJING — China
How the UAW’s win may change the South
  + stars: | 2024-04-23 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +7 min
Now, the United Auto Workers has dealt a serious blow to that model: winning a landslide union victory after decades of failing to unionize automakers in the South. It’s the UAW’s first win in trying to represent workers at a foreign car manufacturing plant in the South. Before Friday’s win, the highest profile union election held in the South in recent years was the attempt to organize Amazon warehouse workers in Alabama in 2022. Bill Lee in 2019 visited Volkswagen’s plant in Chattanooga to encourage workers to reject the union, and former South Carolina Gov. But the Volkswagen win, said UAW President Shawn Fain to CNN, shows that politics are not an insurmountable obstacle when it comes to organizing in the South.
Persons: Stephen Silvia, Southern, ” Silvia, – Tesla, Tesla, Henry McMaster, Kay Ivey, , , Erica Smiley, Honda, Friday’s, you’ve, they’ve, Bill Lee, Nikki Haley, Biden —, Shawn Fain, “ Trump, ” Fain, “ I’m, George Walker IV, Harley Shaiken, Justice, CNN’s Chris Isidore Organizations: New, New York CNN, United Auto Workers, UAW, American University, Southern Gamble, Workers, Foreign, Volkswagen, Mercedes, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, , South Carolina Gov, Alabama Gov, “ Unions, Justice, Union, Auto, South Detroit, Benz, Kia, P Global Market Intelligence, Republicans, Environmental Defense Fund, Southern, , GOP, Tennessee Gov, Democratic, CNN, Tennessee, AP, Chattanooga won’t, University of California, Jobs Locations: New York, United States, Volkswagen’s, Chattanooga , Tennessee, Tennessee, South Carolina, North Carolina, Louisiana, Texas, Mercedes, Vance , Alabama, Alabama, Smyrna , Tennessee, Spartanburg , South Carolina, Lincoln , Alabama, Southern, South, Chattanooga, Georgia, Berkeley
How Ozempic Is Transforming a Small Danish Town
  + stars: | 2024-04-20 | by ( Eshe Nelson | ) www.nytimes.com   time to read: +1 min
As the sun sets over the harbor in Kalundborg, a small town about 60 miles west of Copenhagen, light streams through the glass walls of Shaun Gamble’s cafe and bathes his afternoon customers in a warm glow. Nearby, at a sprawling manufacturing plant, Novo Nordisk makes nearly all of its semaglutide, the active ingredient in the company’s wildly popular diabetes and obesity treatments Ozempic and Wegovy. It’s the largest manufacturing investment in Denmark by a company, and it’s happening in this town of fewer than 17,000 people. Novo Nordisk plans to add 1,250 jobs to the existing 4,500 employees at the Kalundborg plant. A highway is being extended; investors are snapping up houses and planning new construction; universities have begun offering biotech courses to feed Novo Nordisk and nearby businesses with workers.
Persons: Shaun Gamble’s Organizations: Novo Nordisk, Nordisk Locations: Kalundborg, Copenhagen, Denmark, Novo
China's breakout from its economic slump may also mean less government support ahead, BofA said. BofA doesn't expect a "a full-blown growth rebound" as real estate woes and weak demand are still a problem. AdvertisementBank of America boosted its forecast for China's economic growth in 2024 on the heels of a surprisingly strong first-quarter performance from the world's second-largest economy. AdvertisementWith a robust first quarter dataset in hand, policymakers may be less inclined to intensify easing measures, dashing hopes for imminent policy support, according to the bank. The analysts wrote that they anticipate a gradual growth deceleration through the rest of 2024 as policy support wanes.
Persons: BofA, , Helen Qiao, wasn't Organizations: of America, Service, Bank of America, FAI Locations: China
Hong Kong CNN —Chinese leaders have pledged to achieve an ambitious growth rate this year, while reshaping its economic model to focus on technology innovation. On Tuesday, Premier Li Qiang announced that economic growth target of around 5% for 2024, which he said “will not be easy” to hit, given that a Covid-battered 2022 had provided a lower base of growth for last year. “The level of support is likely too little to rocket the economy to its 5% growth target this year,” said Sarah Tan, an economist at Moody’s, referring to the measures announced by Li Tuesday. “China is walking a tightrope on the fiscal front between infrastructure stimulus and LGFV [local government financing vehicle] deleveraging,” said Goldman Sachs analysts on Wednesday. In order to achieve the ambitious 5% growth target, more specific stimulus is needed, such as increasing manufacturing investments, Liu said.
Persons: Li Qiang, , , Sarah Tan, Li Tuesday, Goldman Sachs, Li, ” Nomura, Xi Jinping, Peiqian Liu, Liu, Pan Gongsheng Organizations: Hong Kong CNN, AFP, Getty, Goldman, Fidelity International, People’s Bank of China, Jefferies Locations: China, Hong Kong, Beijing, , Asia,
Much of that work could go up in smoke if his likely rival Donald Trump beats him at the polls in November, according to Republican policy advisers. Reuters spoke with a dozen Republican policy consultants and former Trump administration officials who are helping lay the groundwork for a second Trump presidency to sketch out the administration's likely approach to energy and environmental issues. Trump formally withdrew the U.S. during his first term in office but Biden swiftly reversed the move in 2021. "A big lesson that everybody in the first Trump administration learned was that personnel is really important. The idea of taking a hatchet to the entire IRA could, however, give some oil industry officials and Republican politicians pause, a former Trump administration official said.
Persons: Valerie Volcovici, Gram Slattery WASHINGTON, Joe Biden, Donald Trump, Trump, Stephen Moore, Trump's, Larry Kudlow, David Bernhardt, Rick Perry, Kevin Hassett, Harold Hamm, Biden, George David Banks, Ivanka, Mike McKenna, Diana Furchtgott, Roth, Timothy Gardner, Richard Valdmanis, Deepa Babington Organizations: Republican, United Nations, Trump, Reuters, White, Heritage Foundation, Republicans, Economic, Energy, Biden, America, Policy Institute, Heritage Locations: United States, Paris, Biden's
Vietnam has already rail connections to China, but the system is old with limited capacity on the Vietnam side. The upgraded railway would pass through the region where Vietnam has its largest deposits of rare earths, of which China is by far the world's biggest refiner. Chinese and Vietnamese rare earths industry experts discussed last week stronger cooperation on processing the minerals, according to Vietnamese state media. It is unclear how much China would contribute to the upgraded railway track in Vietnam and whether Hanoi would accept sizeable financing from Beijing on this. A strengthened railway link could also boost Vietnam's export to China, mostly of agriculture products, boost Chinese tourism to northern Vietnam and further integrate the two countries' manufacturing industries, which experts already consider as symbiotic, with factories in Vietnam largely assembling components produced in China.
Persons: Xi Jinping, Vietnam's, Wang Yi, Tran, Pham Minh Chinh, Wang Wentao, Francesco Guarascio, Khanh Vu, Phuong Nguyen, Stephen Coates Organizations: Vietnam's, China's Commerce, Initiative, Reuters, Thomson Locations: Hanoi, China, Haiphong China, Vietnam, HANOI, United States, Tran Luu Quang, Kunming, Haiphong, Beijing, China . China, Hong Kong, Washington, South
Ford takes $1.7 billion profit hit from UAW strike
  + stars: | 2023-11-30 | by ( ) www.reuters.com   time to read: +3 min
The automaker now expects adjusted earnings before interest and taxes (EBIT) of $10 billion to $10.5 billion for 2023. In July, it forecast adjusted EBIT of $11 billion to $12 billion. Ford said the new outlook included $1.6 billion in lost profits in the fourth quarter due to interruptions in production of high-margin trucks and SUVs. A month into the strikes, Ford said the company was "at the limit" of what it could spend on higher wages and benefits. The deal UAW leaders finally approved included a pay hike of at least 30% for full-time workers and more than double pay for others.
Persons: David, Dee, Delgado, Ford, Shawn Fain, walkouts, Bill Ford, Tesla, Nathan Gomes, Anil D'Silva Organizations: New York, REUTERS, Ford, GM, UAW, Canadian, Chrysler, EV, Thomson Locations: Manhattan , New York City, U.S, United States, Michigan, Bengaluru
Parliament approved the higher tax rate as part of a global tax reform, and said the government would work on specific incentives in 2024. "The National Assembly is not issuing a separate resolution on investment incentives at this time," said Le Quang Manh, head of the assembly's financial commission. Vietnam's corporate income tax is already set at 20%, but it has offered for years much lower effective rates to large foreign investors. The Korean Chamber of Commerce in Vietnam said members were concerned about the new tax rate, but "none have expressed their intention to alter their investment in Vietnam". However, Thang Vu, a tax expert at consultancy Dezan Shira, said Vietnam could see a drop in foreign investment if it did not offer "adequate alternative economic benefits" to those affected by the new tax.
Persons: Le Quang, Thang, Dezan Shira, Khanh Vu, Francesco Guarascio, Miral Organizations: Samsung, Assembly, Korean Chamber of Commerce, Thomson Locations: Vietnam, Hanoi, HANOI, Korean
Hybrid vehicle market share has picked up pace in 2023 despite all the investment pouring into EVs. From October 2022 to October of this year, total vehicle market share for hybrids grew from 6.5% to 11.4%, according to data from Edmunds. Over the same time period, EV market share growth was more sluggish, expanding from 6% to 7.5%. Toyota 's 2024 Prius, often called the "gold standard" in hybrid vehicles, was named MotorTrend's car of the year. The uptick in hybrid sales won't likely spell doom and gloom for the EV market over the long-term.
Persons: Stephanie Valdez Streaty, Valdez Streaty, Edmunds, Goldman Sachs, Tesla, Mark Delaney, David Christ, Honda, Michelle Krebs, Sienna, Krebbs, Ford, Dan Levy, Levy, EVs, headwinds, BEV, Tom Narayan Organizations: Cox Automotive, Ford, General Motors, Wall, Toyota, ICE, EV, Toyota Motor's, Wall Street, Los Angeles Auto, FactSet, Tesla, Barclays, GM, Biden, U.S, BMO Capital Locations: Edmunds, U.S
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