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☆ Sigh of relief for UK tech founders as Labour hikes capital gains tax by less than feared
▼ + stars: | 2024-10-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

On Monday, British tech lobby group Startup Coalition warned in a blog post that there was a risk Reeves' tax plans could result in a tech "brain drain.". (Photo by Oli Scarff/Getty Images)LONDON — Britain's Labour government on Wednesday announced plans to raise the rate of capital gains tax on share sales, news that offered some relief for technology entrepreneurs who feared a more intense tax raid on the wealthy. Finance Minister Rachel Reeves on Wednesday hiked capital gains tax (CGT) — a levy on the profit investors make from the sale of an investment — as part of her far-reaching budget announcement. The lower capital gains tax rate will be increased to 18% from 10%, while the higher rate will climb to 24% from 20%, Reeves said. She stressed that this still represented a "significant gap compared to the higher rate of capital gains tax."

Persons: Reeves, Oli Scarff, Rachel Reeves, quashing Organizations: Startup Coalition, Labour, Wednesday, Finance, National Insurance Locations: British, BADR

☆ These stocks and bonds are set to win from the U.K.'s budget, analysts say
▼ + stars: | 2024-10-30 | by ( Ganesh Rao | ) www.cnbc.com time to read: +6 min

The U.K.'s Labour Party is set to unveil its national budget for the first time in 14 years later on Wednesday. Investment bank analysts have highlighted several stocks that could win or lose ground if the rumored measures are unveiled or curtailed. The Wall Street bank's analysts added that "U.K. long-dated yields might decline with easing budget uncertainty and continued inflation relief". The chancellor is reported to want to remove the inheritance tax relief available to investors holding stocks listed in this market in the Wednesday budget. Such a move may entice existing investors to sell the stocks, if the tax policy change likely impacts them.

Persons: Rachel Reeves, Goldman Sachs, Christian Mueller, Glissmann, Pound Sterling, Investec's Ben Newell, Alan Brierley, Investec's, Genuity, Canaccord Genuity, Alex Brooks, Justin Bates, Portia Patel, Michael Bloom Organizations: Labour, Finance, Investment, London Stock Exchange, Foresight, Fund, Greencoat, Renewables, Infrastructure, International, AIM, London Stock Exchange's, Technology Ashtead Tech Locations: United Kingdom

☆ Be careful. Analysts are downbeat on these earnings reports due next week
▼ + stars: | 2024-10-30 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Big Tech companies are helping propel third-quarter earnings growth, but some analysts are less optimistic about a handful of names reporting next week. To help investors prepare for what is still to come, CNBC Pro screened FactSet data to find stocks reporting next week where analysts are losing conviction. Analysts have trimmed their earnings estimates by more than 21% over the past three months and 29% over the trailing six months. What's more is analysts have lowered earnings estimates nearly 30% over the past three months and roughly 24% over the past six months. AIG YTD mountain AIG stock.

Persons: Stocks, Daniels, Michael Zaremski, YTD, Zaremski Organizations: Big Tech, CNBC Pro, AIG, CVS Health, Daniels, Midland, ADM, BMO Capital Locations: Archer, Illinois, Albemarle, Corteva

☆ Read a letter from Sam Bankman-Fried’s father.
▼ + stars: | 2024-10-30 | by ( ) www.nytimes.com time to read: +4 min

For anyone who knows Sam, the popular portrayal of him as a high-rolling, celebrity-secking, CEO driven by greed is simply bizarre. I am the son of a small businessman and told Sam what I believe my father would have told him: take some money out for yourself and put it somewhere safe. Others, including senior counsel, told Sam the same thing. The lawyer was aghast when Sam told him that he was spending all of his time working with the Bahamian government to get depositors their money back. The lawyer strongly advised Sam to focus on his defense.

Persons: Sam, FTX, Barbara, Sam I, I'm Locations: Bahamas

Before that, on Friday, Elon Musk’s super PAC, America PAC, published a video to X calling Harris the “C-word” before going on to call her a “Communist.” The advertisement was deleted from America PAC’s X account Monday. Musk and America PAC did not respond to requests for comment. The video shared by America PAC and Musk is watermarked with the creator’s online handle. And in an advertisement published Friday, America PAC repeatedly emphasized that Harris is a “C-word” — alluding to a vulgar term for women — before going on to call her a “Communist.”“Kamala Harris is a ‘C-word.’ You heard that right, a big old ‘C-word,’” the America PAC video says. Kamala Harris, the ‘C-word’ America simply can’t afford.”America PAC has spent nearly $140,000 on political ads endorsing Trump’s campaign or attacking Democrats, according to the nonprofit OpenSecrets.

Persons: Elon Musk, Donald Trump’s, Kamala Harris ’, Elon, Harris, Musk, Trump, Hulk Hogan, —, ” “ Kamala Harris, “, Kamala Harris, he’s, Donald Trump, ”, Joe Biden, Biden, John Kelly, Hitler, Crooked Joe Biden, Adolf Hitler Organizations: Elon Musk’s, PAC, America PAC, Communist, Imperial, Defamation League, Nazi, NBC, ” America PAC, CNN Locations: Pennsylvania, Imperial German, German, America

☆ Year-end Roth IRA conversions are popular — but don't wait too long, financial experts say
▼ + stars: | 2024-10-29 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're weighing a year-end Roth individual retirement account conversion, waiting too long could be risky, financial experts say. Roth conversions move pretax or nondeductible IRA funds to a Roth IRA, which can start tax-free growth. The strategy has become more popular, with a 46% year-over-year increase during the second quarter of 2024, according to Fidelity. Some investors want to pay Roth conversion taxes now while there are lower tax brackets because the current rates are scheduled to sunset after 2025 without action from Congress. However, it's difficult to predict future tax law changes with uncertain control of the White House, the Senate and the House of Representatives.

Persons: Roth Organizations: Roth IRA, Fidelity, Finance, White, Senate

☆ Why ‘sin taxes’ could play a significant role in Britain’s high-stakes budget
▼ + stars: | 2024-10-29 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Hollie Adams | Afp | Getty ImagesBritain's Labour government appears poised to raise "sin taxes" in its highly anticipated October budget as it seeks to cash-in on lucrative industries to bolster Treasury revenues. Among a litany of measures, including a major change to the government's fiscal rules, Reeves is reported to be considering a sin tax raid. "Sin stocks are a good place to start. Shares of London-listed gambling stocks fell sharply on the news. A Treasury spokesperson was not immediately available to comment when contacted by CNBC about the prospect of sin taxes in the budget.

Persons: Keir Starmer, Rachel Reeves, Hollie Adams, Reeves, Michael, Britain's, William Hill, Paddy Power, Chris J, Ratcliffe, Bruce Morley, Morley, Morningstar's, Field, Alishia Abodunde Organizations: Britain's, Labour, Afp, Getty, Finance, Michael Field, Morningstar Analysts, Morningstar, CNBC, Guardian, London, Entain Plc, Bloomberg, Department, Environment, Food, Rural Affairs, Treasury, University of Bath, Imperial Brands, American Tobacco, Government Locations: London, Michael Field Europe, Europe, crosshairs, U.S, England, vapes

☆ 2 major airline CEOs have issued a clear message to Boeing in the past week: Do better
▼ + stars: | 2024-10-29 | by ( Kelsey Vlamis | Aditi Bharade | ) www.businessinsider.com time to read: +4 min

The CEOs of Southwest Airlines and American Airlines both want Boeing to deliver planes on time. "Boeing has been a great partner for the whole 53 years of Southwest Airlines, but we need Boeing to be strong. Southwest's fleet consists of 228 Boeing 737 Max 8s, 381 Boeing 737-800s, and 207 Boeing 737-700s, according to aviation website FlightRadar24. Southwest reported earlier this year that it expected to receive around 20 Boeing 737 Max 8. The manufacturer announced on Monday that it is offering 90 million common shares and about $5 billion worth of depositary shares for sale.

Persons: —, Bob Jordan, Robert Isom, Jordan, it's, Isom, they're, We've, he's, Kelly Ortberg, Goldman Sachs, JPMorgan Chase Organizations: Southwest Airlines, American Airlines, Boeing, Service, Southwest, Yahoo Finance, Max, CNBC, Alaska Airlines, SEC, Bank of America, Citibank, JPMorgan, Business

☆ I landed a job with a 'magic circle' law firm but still went all out to get an internship at a US bank. It was the best use of my last summer in college — here's why.
▼ + stars: | 2024-10-29 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +5 min

Adrian Teh secured a job offer with a top UK law firm in August 2023, two years before graduating. But that wasn't the case for me — I was also in the running for a summer internship with a US bulge bracket bank. I secured that investment banking internship as well. Adrian TehSpending my summer interning gave me a better sense of what I wanted to do. AdvertisementIn comparison, I thought working in a law firm offered relatively fewer exit opportunities.

Persons: Adrian Teh, Teh, —, interning, I'm Organizations: Service, Singapore Management University, Bankers Locations: Singapore

☆ Morgan Stanley CEO says the era of zero interest rates and inflation 'is over'
▼ + stars: | 2024-10-29 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

RIYADH — The days of easy money and zero interest rates are firmly in the past, Morgan Stanley CEO Ted Pick said Tuesday, speaking at a panel of finance CEOs in Riyadh. "The end of financial repression, of zero interest rates and zero inflation, that era is over. Interest rates will be higher, will be challenged around the world. And the end of 'the end of history' — geopolitics are back and will be part of the challenge for decades to come," Pick said, referencing the famous 1992 Francis Fukuyama book, "The End of History and the Last Man," which argued that conflicts between nations and ideologies were a thing of the past with the ending of the Cold War. Repressed rates and easy monetary policy have been in the rearview mirror since 2022, when — after slashing rates to near zero to deal with the Covid-19 pandemic — the Federal Reserve cranked its benchmark rate up by around 500 basis points over the course of 18 months.

Persons: Morgan Stanley, Ted Pick, Pick, Francis Fukuyama Organizations: Federal Reserve Locations: RIYADH, Riyadh

☆ Google's been on an efficiency drive. Its new CFO said it can 'push a little further.'
▼ + stars: | 2024-10-29 | by ( Hugh Langley | ) www.businessinsider.com time to read: +3 min

Google's new CFO, Anat Ashkenazi, signaled the company can do more to save money and move faster. She said leaders had done good work cutting costs, and they could "push a little further." Google is ramping up its spending on AI, and Wall Street analysts want more details. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Ashkenazi name-checked Google CEO Sundar Pichai and former CFO Ruth Porat for doing "really good work" in starting to rework Google's cost base.

Persons: Anat Ashkenazi, —, Sundar Pichai, Ruth Porat, Ashkenazi, Mark Mahaney, Pichai, Sundar Organizations: Google, Wall Street, Service, BNP

☆ The election-betting market has exploded in popularity this presidential cycle
▼ + stars: | 2024-10-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Betting markets are booming ahead of the US Presidential election. Kalshi has attracted $100M in election bets this month and is the top free finance app in Apple's app store. Robinhood is getting in on the action, announcing its own election betting platform on Monday. Earlier this month, a US federal appeals court cleared Kalshi to open its election betting platform for US citizens. Interactive Brokers also launched a slew of election betting contracts earlier this month following the court decision to allow Kalshi to operate.

Persons: Kalshi, —, we're gunning, Tarek Mansour, it's, Donald Trump, Mansour, TikTok Organizations: Service, Apple, PayPal, CNBC, Interactive, Kalshi

☆ HSBC announces fresh $3 billion share buyback as third-quarter earnings beat expectations
▼ + stars: | 2024-10-29 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

HSBC Holdings Plc building at Canada Square in Canary Wharf financial district on 15th August 2023 in London, United Kingdom. Here are HSBC's results compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate:Pre-tax profit: $8.5 billion vs. $8 billion$8.5 billion vs. $8 billion Revenue: $17 billion vs. $16.2 billionHSBC's pre-tax profit represented a 10% rise from the $7.71 billion posted a year ago. Profit after tax came in at $6.7 billion, $500 million higher than the third quarter of 2023. The company's quarterly revenue grew 5% to $17 billion, compared to the $16.2 billion that was reported a year agoThe bank's fresh $3 million share buyback brings the total amount announced this year to $9 billion — $3 billion was announced in the first quarter and another $3 billion in the second quarter. Basic earnings per share for the quarter came in at 34 cents, higher than 29 cents in the same period a year ago.

Persons: LSEG, That's, Georges Elhedery Organizations: HSBC Holdings Plc, HSBC, Tuesday Locations: Canary Wharf, London, United Kingdom, Hong Kong, U.K

☆ What's expected to get more and less expensive under Trump or Harris
▼ + stars: | 2024-10-29 | by ( Ayelet Sheffey | Brent D. Griffiths | ) www.businessinsider.com time to read: +10 min

Detailed below is what Harris and Trump have proposed to lower costs for Americans. AdvertisementWhile the pace of inflation has slowed, Americans continue to struggle with high prices at gas stations, grocery stores, and more. Those high prices have become a key issue for voters as the presidential election approaches. Both Donald Trump and Kamala Harris have outlined plans they say will lower costs for Americans through various policies. "If you were to try and cut down grocery prices today, there's no state of emergency.

Persons: Harris, Trump, —, Donald Trump, Kamala Harris, Tim Walz, Taylor Rogers, Dan Scheitrum, Scheitrum, it's, Rogers, Biden, Sen, JD Vance, Ohio Organizations: Service, Business, Democratic, Minnesota, Republican National Committee, Pew Research Center, California Polytechnic State University, Trump, Tax, Economic, of New, RNC, Census, Center, GOP, Gas, Biden, House, Strategic Petroleum Reserve Locations: America, Pennsylvania, Trump's, Las Vegas, of New York

☆ I landed my dream job, and everything looked perfect, but on the inside, I was really struggling. Moving to a remote Scottish island helped me heal.
▼ + stars: | 2024-10-29 | by ( ) www.businessinsider.com time to read: +7 min

Mel Macintyre landed her dream job at a finance company in Edinburgh in her 30s. AdvertisementThis as-told-to essay is based on a transcribed conversation with Mel Macintyre, a business and life coach living in Eriskay in the Outer Hebrides, Scotland. I've been a business coach for 25 years and climbed the corporate career ladder in a typical, ambitious way. I struggled with feeling inauthentic and like I had to put a mask on at work every day. The way I was living my life was fundamentally making me ill, but I didn't want to let people down.

Persons: Mel Macintyre, Macintyre, —, I've, I'd, MacIntyre, it's, they've, Mel Macintyre It's Organizations: Service, HSBC, Edinburgh, Scottish Government, Business Locations: Edinburgh, Scotland, Eriskay, Europe, Ayrshire

☆ China launches new lending tool before year-end loan expiry
▼ + stars: | 2024-10-29 | by ( ) www.cnbc.com time to read: +2 min

A man looks at his smartphone as he walks past the People's Bank of China building on May 20, 2022 in Beijing. Despite taking effect on Monday, the PBOC did not mention the new tool in its open market operations statement. China's central bank launched a new lending tool on Monday to inject more liquidity into the market and support credit flow in the banking system ahead of the expiration of trillions of yuan in loans at the end of the year. Beijing is counting on massive financial stimulus announced in September to kick-start lending and investment, as a sharp property market downturn and frail consumer confidence weigh on investor confidence. "The central bank's choice to launch this new tool at this time is also expected to be a better hedge against the concentrated expiry of medium-term lending facility before the end of the year," the article added.

Persons: Xu Tianchen Organizations: People's Bank of, Economist Intelligence Unit, European Union, State, Shanghai Securities News Locations: People's Bank of China, Beijing, OMO, United States

☆ This startup for traders raised $30 million from investors including Stanley Druckenmiller and Greg Coffey. Here's how it plans to transform how Wall Street analyzes data.
▼ + stars: | 2024-10-28 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Reflexivity is a startup cofounded by two former hedge fund traders. AdvertisementA startup looking to transform how investors and traders use data just received funding from some of the biggest names in the hedge fund world. Reflexivity, formerly known as Toggle AI, just raised its $30 million Series B, the startup announced Monday. Interactive Brokers and Greycroft led the round, which included participation from billionaire investor Stanley Druckenmiller and Greg Coffey, the Australian founder of hedge fund Kirkoswald. AdvertisementIt has a valuation between $115 million and $150 million, Szilagyi said.

Persons: —, Greycroft, Stanley Druckenmiller, Greg Coffey, Izzy Englander, Reflexivity, Jan Szilagyi, Szilagyi, George Soros, Giuseppe Sette, Howard, Wells, Szilyagyi, that's Organizations: Service, Interactive, Millennium, Catalyst, P, Business, Druckenmiller's Duquesne Capital Management, Fortress Investment Group, Millennium Management, Soros Fund, London Stock Exchange Group, Federal Reserve Locations: Australian, MUFG, Fargo, Wells Fargo

☆ No other sector has more on the line in this election than energy. How to play it
▼ + stars: | 2024-10-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

The Invesco Solar ETF (TAN) and the iShares Global Clean Energy ETF (ICLN) have tumbled more than 9% and 10%, respectively. While Trump's platform says he wants to unleash production from all sources, the document specifically calls out oil, gas and nuclear. How voters perceive the two candidates' energy policies could end up playing an influential role in the outcome of the election altogether. While the election will bring short-term volatility, the solar industry remains well positioned for long-term growth, according to Bank of America. About 25% of oil and 10% of natural gas production is on federal land and waters, according to the bank.

Persons: Donald Trump, Kamala Harris, Harris, fracking, Barack Obama, Trump, Steve Fleishman, Roger Read, Read, Biden, Morgan Stanley Organizations: Trump, Republican, Green New, Clean Energy, Bank of America, Keystone State, GOP, Republicans, Democratic, Wolfe Research, Wells, Wells Fargo Securities . Oil, Biden, CNBC, Exxon, Chevron Locations: Wisconsin , Michigan, Pennsylvania, China, Trump, Wells Fargo, U.S, New Mexico, Gulf of Mexico, Alaska, Iran, Tehran

☆ Britain's Labour government to deliver debut Budget this week, settling weeks of uncertainty
▼ + stars: | 2024-10-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

UK Finance Minister Rachel Reeves makes a speech during the Labour Party Conference that is held at the ACC Liverpool Convention Center in Liverpool, UK on September 23, 2024. LONDON — U.K. Finance Minister Rachel Reeves will deliver the government's hotly awaited debut budget on Wednesday, putting to bed weeks of uncertainty over potential tax hikes and spending cuts. Reports suggest that the Treasury could target public sector net financial liabilities (PSNFL) in the U.K.'s measure of debt, rather than public sector net debt. The PSNFL measure takes in a wider account of the government's balance sheet, including financial assets and liabilities, than public sector net debt. In a note Friday, Goldman Sachs estimated that the changes could increase the government's fiscal headroom by around £50 billion ($65 billion).

Persons: Rachel Reeves, — Labour's, —, Keir Starmer, Reeves, Goldman Sachs, Goldman sachs Organizations: Labour Party Conference, ACC Liverpool Convention Center, LONDON, Finance, Sky News, Financial Times, Treasury Locations: Liverpool

☆ Despite a strong economy, some women are finding it harder to make ends meet
▼ + stars: | 2024-10-28 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

There is also a larger share of single women with children. As marriage rates fell, the number of women heading families rose. Across the board, women in the workforce faced steeper job losses and slower job recovery than men, according to research by the U.S. Census Bureau. Yet, even now, the labor force participation rate for women has not fully returned to pre-pandemic levels. "This is another area where we see returning to a pre-pandemic status quo as not good enough," said Julie Vogtman, the National Women's Law Center's director of job quality.

Persons: Marc Morial, Julie Vogtman Organizations: U.S, Center for American, Finance, U.S . Census, National Urban League, CNBC, National Women's Law

☆ There's still time to reduce your 2024 tax bill with these strategies
▼ + stars: | 2024-10-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There's still time to lower your taxes or boost your refund for 2024, financial experts say. Typically, there's a refund when you overpay taxes during the year via withholdings or estimated payments. Ask yourself 3 questions to tell if you're readyWhen filing taxes, you take the standard deduction or total itemized tax breaks, whichever is larger. "It's tough to get over the standard deduction, especially if you're married," Rosen said. For 2024, the standard deduction is $29,200 for married couples filing jointly and $14,600 for single filers.

Persons: There's, Tricia Rosen, Donald Trump, Rosen Organizations: Finance Locations: withholdings, Newburyport , Massachusetts

☆ How US enterprises drive digital sales with seamless and scalable payment solutions
▼ + stars: | 2024-10-28 | by ( ) www.businessinsider.com time to read: +5 min

Companies must consider customers' desire for local payment methods, frictionless transactions, and evolving government regulations. For both enterprises, a payment platform must do more than simply accept transactions: It must easily adapt to different markets, audiences, and regulatory environments. That's why they have chosen a single-source payment platform to help them innovate and grow. This included payment methods like Momo in Vietnam, Bank Transfer in Indonesia, Pix in Brazil, and UPI in India. Seamless payment processes drive businessEnterprises looking to grow need a payment partner that meets business requirements as well as consumer preferences.

Persons: Dave Wolf, Fubo, Erik Gerson, Adyen, Momo, we've, Wolf, tokenization, Gerson Organizations: Companies, Meta, Reality Labs, Fubo, UPI, tokenization, Insider Studios Locations: Vietnam, Indonesia, Pix, Brazil, India, Adyen

☆ This crypto business just acquired a Swiss asset manager to take their business to the next level
▼ + stars: | 2024-10-28 | by ( ) www.businessinsider.com time to read: +4 min

The acquisition of Crypto Finance Asset Management by Matrixport is taking the crypto financial services hub into new markets. The new acquisition is an entry point to the European crypto asset management marketKeen to maximize what it offers its investors, Matrixport has gone one step further through the 100% equity acquisition of Crypto Finance (Asset Management) AG (CFAM), a licensed Swiss crypto asset manager. Previously part of the Deutsche Börse Group-owned Crypto Finance Group, following the all-cash acquisition, CFAM will be renamed to Matrixport Asset Management (MAM). Through the acquisition, Matrixport gains entry into the European crypto asset management market. With such an array of services available, the acquisition enables clients access to innovative crypto asset management products.

Persons: Matrixport, Keen, CFAM Organizations: Crypto Finance, Management, Asset Management, Deutsche Börse, Matrixport Asset, Swiss Financial Market Supervisory Authority, MAM, US Securities, Exchange, underwriters, APEX Group, Insider Studios Locations: Swiss, Europe, Hong Kong, Matrixport

☆ CareYaya seeks to solve 'broken' caregiving system, says CEO Neal Shah
▼ + stars: | 2024-10-28 | 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 EmailCareYaya seeks to solve 'broken' caregiving system, says CEO Neal ShahNeal Shah, CEO of CareYaya, joins CNBC's 'The Exchange' to discuss how his company is helping solve the caregiving crisis in the U.S., his experience starting CareYaya after a career in finance, and more.

Persons: CareYaya, Neal Shah Neal Shah Locations: U.S

☆ Japan election is a 'boxing match', the LDP party is 'bruised' but still standing: Analyst
▼ + stars: | 2024-10-28 | 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 EmailJapan election is a 'boxing match', the LDP party is 'bruised' but still standing: AnalystDavid Boling of Eurasia Group discusses Japan's political instability following the elections and says campaign finance reform talks are critical for the formation of a coalition government.

Persons: David Boling Organizations: Japan, LDP, Eurasia Group

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