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☆ Elon Musk's record $447 billion fortune means he's nearly $200 billion ahead of Jeff Bezos — and worth more than Costco
▼ + stars: | 2024-12-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Elon Musk is almost $200 billion richer than Jeff Bezos and worth more than Costco. His net worth hit $447 billion after Tesla stock jumped and SpaceX's valuation rose to $350 billion. Just five years ago, Musk was worth about $25 billion, and Tesla was valued below $100 billion. Elon Musk is nearly $200 billion richer than Jeff Bezos, and personally worth more than Costco, after adding $63 billion to his fortune in a single day. He was worth less than $170 billion as recently as April, and only about $25 billion five years ago — around 1/18 of his net worth now.

Persons: Elon Musk, Jeff Bezos, Musk, Tesla, Mark Zuckerberg, Larry Ellison, Warren Buffett, Changpeng Zhao, Berkshire Hathaway, Donald Trump's, who's Organizations: Costco, Bloomberg, Netflix, SpaceX, The Boring Company, X Corp, Berkshire, Meta, Getty Locations: Wednesday's

☆ India's inflation slows from 14-month high, raising hopes of interest rate cut under new governor
▼ + stars: | 2024-12-12 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

India's headline inflation softened from 14-month highs, coming in at 5.48% in November. The print was down from the 6.21% in October and was below the 5.53% expected by economists polled by Reuters. India's economy expanded by just 5.4% in its second fiscal quarter ending September, well below estimates by economists and close to a two-year low. While the Reserve Bank of India does not produce monthly inflation estimates, the RBI projected the headline print will hit 5.7% during the country's third fiscal quarter ending in December. The RBI has previously cautioned that adverse weather events and the rise in international agricultural commodity prices pose upside risks to food inflation.

Persons: bode Organizations: Reuters, Reserve Bank of Locations: Reserve Bank of India, Agriculture

☆ Biden admin says it is surging deliveries to Ukraine as Trump criticizes decision to allow US weapons to strike inside Russia
▼ + stars: | 2024-12-12 | by ( Jennifer Hansler | Haley Britzky | ) edition.cnn.com time to read: +5 min

In the latest show of support for Ukraine, the Biden administration plans to announce an expected $500 million aid package in coming days that will pull equipment out of the US military’s stocks. And the senior administration official told CNN that the administration is pouring resources into getting previously announced weapons for Ukraine into Kyiv’s hands before Biden leaves office. “DoD is undertaking a historic effort to move massive quantities of weapons into Ukraine in the next five weeks,” the senior administration official said. He said in the interview that he “vehemently” disagreed with the decision by the Biden administration to allow Ukraine to strike inside Russia with US-provided weapons. But still, the biggest challenge facing Ukraine is not its weapons stocks, the senior administration official said — it’s manpower.

Persons: CNN —, Biden, Trump, Donald Trump, Jake Sullivan, Sullivan, Lloyd Austin, airlifts, Andriy Yermak, David Shimer, Ukraine hasn’t, — Trump, “, ”, “ We’re, ” Trump, Mike Waltz, Keith Kellogg —, Volodymyr Zelensky, Zelensky, Emmanuel Macron Organizations: CNN, Kyiv, Time Magazine, DoD, Pentagon, National Security, Russia, Ukraine NATO, Trump, Congress, Ukraine Locations: Ukraine, Russia, Europe, Paris, “ Ukraine

☆ Here are 7 key moments from Jim Cramer's interview of Donald Trump from the NYSE
▼ + stars: | 2024-12-12 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

President-elect Donald Trump told CNBC's Jim Cramer on Thursday the stock market is "going to see a lot of good days ahead." Jim interviewed Trump on the floor of the New York Stock Exchange moments after the president-elect rang the opening bell. In their wide-ranging discussion, Trump said the performance of the stock market is "very important" to him. Here are seven key moments from Jim's Trump interview: Jim : What would you say to the American investor? Trump : "The stock market, all of it together, is very important."

Persons: Donald Trump, CNBC's Jim Cramer, Jim, Trump, Elon Musk, Jim's Trump, we'll, Mark Zuckerberg's, Jeff Bezos, Jim Cramer, he's Organizations: New York Stock, Trump, Dow, Nasdaq, SpaceX, Elon, NYSE, RFK Locations: USA, China, U.S

☆ Bank of America upgrades Constellation Energy, calls shares 'undervalued'
▼ + stars: | 2024-12-12 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Bank of America sees potential for Constellation Energy that the market hasn't fully priced in. Analyst Ross Fowler upgraded the stock to buy from neutral and hiked his price target by $32 to $269. With that, he expects shares to jump 13.7% over the next year from Wednesday's close. Fowler said Constellation can continue to thrive as grid operator PJM Interconnection faces a power deficit. CEG YTD mountain CEG, year to date Constellation shares jumped 2.7% in Thursday's premarket trading following Fowler's upgrade.

Persons: Ross Fowler, Fowler Organizations: of America, Constellation Energy, Companies, Constellation Locations: Wednesday's, Wall

☆ Cathie Wood's ARKK gets a 30% Trump bump, but outflows persist and top $3 billion in 2024
▼ + stars: | 2024-12-12 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Brendan McDermid | ReutersInnovation investor Cathie Wood's struggling funds enjoyed a much-needed boost from Donald Trump's reelection, but that hasn't translated into investor inflows. Wood's flagship Ark Innovation ETF (ARKK) has surged more than 30% since Election Day on Nov. 5, pushing its year-to-date return to nearly 18%. ARKK has lost its luster as the leading actively managed ETF," said Todd Rosenbluth, head of research at TMX VettaFi. However, the pandemic rally proved short-lived and ARKK has since lost about 60% of its value from its 2021 peak. Trump bump Tesla has emerged as one of the biggest Trump beneficiaries in ARKK's portfolio because of CEO Elon Musk, who poured $277 million into a pro-Trump campaign effort.

Persons: Wood, Brendan McDermid, Cathie Wood's, Donald Trump's, Trump, ARKK, Todd Rosenbluth, Reagan, Tesla, Elon Musk Organizations: Ark Invest, CNBC, New York Stock Exchange, Reuters Innovation, Innovation, Trump, Government Locations: outflows, U.S, ARKK

☆ Sen. Bill Hagerty on Trump's crypto approach: We want to be at the cutting edge of innovation
▼ + stars: | 2024-12-12 | 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 EmailSen. Bill Hagerty on Trump's crypto approach: We want to be at the cutting edge of innovationSen. Bill Hagerty joins CNBC's 'The Exchange' to discuss how the incoming administration will handle crypto, how the president-elect will incentivize American investment, and more.

Persons: Email Sen, Bill Hagerty, Sen Organizations: Email

☆ Who are the Alexander brothers, the luxury real estate agents charged with sex trafficking
▼ + stars: | 2024-12-12 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Oren, Tal, and Alon Alexander were charged Wednesday with federal sex-trafficking crimes. The Alexander Brothers come from a wealthy Florida family. Oren and Tal are prominent luxury real estate agents. The Alexander brothers, Oren and Tal, among the top luxury real estate agents in the US, were hit with federal sex-trafficking charges on Wednesday along with a third brother, Alon. The Alexander brothers come from a wealthy Florida familyThe brothers, who grew up in Miami, are the sons of a wealthy real-estate developer in South Florida.

Persons: Oren, Tal, Alon Alexander, Alexander Brothers, Alon, Alexander brothers, Isabelle Kirshner, Deanna Paul, Susan Necheles, Katie Warren, Alexander, Douglas Elliman, Ken Griffin Organizations: Business, BI, New York Daily, Kent Security, Forbes, Citadel, New York, Vogue, FBI Locations: Florida, New York, Miami, South Florida, Manhattan, New

☆ Too many chiefs? The case for consolidating tech executives
▼ + stars: | 2024-12-12 | by ( Rachel Curry | ) www.cnbc.com time to read: +6 min

Most of the organizations whose leaders responded to the survey had multiple executive roles in the tech and data spaces. This includes chief information, technology, data, information security, digital, analytics and AI officers, and sometimes more. Just because Spens expects confusion about who to report to in the tech leadership space doesn't mean he thinks businesses should accept it. "It's something that organizations need to think about seriously," he said. Spens says identifying so-called "supertech leaders," or integrated technology leaders that combine at least two traditional tech titles into one, is key.

Persons: We've, Spens, CIOs, John Spens, they're, Keith Ferrazzi, Ferrazzi Greenlight, teamship, Ferrazzi Organizations: Americas, MIT, Babson College, University of Arkansas, McKinsey, Company, Agile Software Development, Unilever, Lincoln Financial Group Locations: Bhutan

☆ What’s next for Infowars
▼ + stars: | 2024-12-12 | by ( Hadas Gold | ) edition.cnn.com time to read: +5 min

No matter what happens with the future of Infowars, Jones still owes more than $1 billion to the families of the Sandy Hook massacre victims. After initially scheduling a two-round bidding process, with written bids followed by a live bid round for the Infowars assets, Murray changed the process so that the second round asked for sealed, best and final bids. Their plans for Infowars included partnering with Everytown for Gun Safety as their exclusive advertiser. Infowars can continue operating and airing its shows and publishing its content as it has been. “We will also continue to seek a path towards purchasing InfoWars in the coming weeks.

Persons: Alex Jones ’, Infowars, Jones, Christopher Lopez, Lopez, Sandy, Christopher Murray, Murray, Sandy Hook, Everytown, “ You’ve, ”, Matt Ferris, Boone, ” Ferris, Ferris, “, it’ll, Ben Collins Organizations: CNN, Speech Systems, Elementary, Safety, United American Companies, First United, Haynes, Murray Locations: Sandy, Infowars, Texas

☆ Axiata CEO is a 'firm believer' of market consolidation
▼ + stars: | 2024-12-12 | 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 EmailAxiata CEO is a 'firm believer' of market consolidationVivek Sood, CEO of Axiata Group, talks about the factors driving the merger between Indonesian telcos XL Axiata and Smartfren, including the efficiencies and expertise the companies stand to gain.

Persons: Vivek Sood Organizations: Axiata, Indonesian

☆ European markets set for mixed open ahead of expected ECB rate cut
▼ + stars: | 2024-12-12 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a mixed open as regional investors await the last monetary policy decision from the European Central Bank (ECB). The central bank is heading for its final interest rate cut of the year on Thursday, with economists expecting a 25-basis-point rate cut rather than the "jumbo" 50-basis-point move that was previously expected. The ECB is also due to release its quarterly macroeconomic projections on growth and inflation. The Swiss National Bank is also due to announce its latest monetary policy decision Thursday. The figures showed that consumer prices rose 0.3% month on month and grew at a 12-month rate of 2.7%, in line with economists' estimates.

Organizations: European Central Bank, ECB, Swiss National Bank, U.S

☆ Warner Bros. Discovery separates TV networks from its streaming and studio business
▼ + stars: | 2024-12-12 | by ( Geoff Weiss | Lucia Moses | ) www.businessinsider.com time to read: +3 min

Discovery is splitting its linear TV business from streaming and studios. Comcast last month also spun off its cable networks — except Bravo — into a stand-alone company. The moves illustrate a cable business in decline, with both repositioning for M&A opportunities. Discovery is separating its linear television business from its streaming business and film studios. AdvertisementA new Global Linear Networks division will house TV properties like the Discovery Channel and CNN, while the Streaming & Studios side will be the home of Max and movie studio Warner Bros. Motion Picture Group.

Persons: WBD, Max, David Zaslav Organizations: Warner Bros, Comcast, Bravo, WBD, Networks, Discovery Channel, CNN, Studios, Scripps Networks, Big Tech, HBO, Industry, Paramount Global

☆ European Central Bank set to deliver final rate cut of the year: Live updates
▼ + stars: | 2024-12-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Skyscrapers on the skyline from the offices of the European Central Bank in Frankfurt, Germany, on Monday, Nov. 25, 2024. European Central Bank policymakers are set to hold their last meeting of the year on Thursday, with expectations firmly set for the fourth quarter-percentage-point interest rate cut of 2024. The rate had been held at 4% since Sept. 2023, prior to the first cut of the current easing cycle in June 2024. The European central bank has firmly guided expectations this year, unlike the Federal Reserve, which surprised many with its 50-basis-point rate cut in September, and the Bank of England, which has left market-watchers guessing due to its divided committee. Two key details will be in focus: firstly, staff macroeconomic projections for growth and inflation, which were last delivered in September.

Organizations: European Central Bank, ECB, Federal Reserve, Bank of England, U.S Locations: Frankfurt, Germany

☆ I spent 8 years in Melbourne, one of the best cities to live in. Here's what I loved about it and didn't like.
▼ + stars: | 2024-12-12 | by ( Melissa Noble | ) www.businessinsider.com time to read: +5 min

I spent eight years living in Melbourne, which ranks among the best cities to live in. Melbourne consistently ranks among the world's top cities to live in based on things like healthcare, infrastructure, culture, and education. AdvertisementAlthough I loved a lot about my life in Melbourne, it wasn't a perfect place for my family. Here's what I loved about living there — plus, a few parts I didn't care for. AdvertisementWe enjoyed living in Melbourne — but it wasn't right for us in the long termI'm so glad we had our time in Melbourne.

Persons: it's, Michael Stav, I'd, Chris Gordon Organizations: Getty, Melbourne, Fitzroy Gardens, Botanic, ½ Locations: Melbourne, Australia's, Canada, London, Australia, Victoria, Cambodian, The Greater Melbourne, York, Elwood, Sydney, Bright

☆ Private Equity Is Pouring Billions of Dollars Into Restaurants. Yikes.
▼ + stars: | 2024-12-12 | by ( Corey Mintz | ) www.businessinsider.com time to read: +16 min

Between 2009 and 2018, the number of fast-casual restaurants in America doubled, while sales have nearly tripled. When the gravy train stops, fast-casual restaurants are going to be in trouble. To understand why private equity is pouring money into restaurants, we have to start with the appeal of the fast-casual model. The limited menu enables both fast-food and fast-casual restaurants to be efficient, keep costs down, and avoid losses from food waste and labor. Because a lot of the weaker players have been weeded out," Susskind says about fast-casual restaurants.

Persons: Charles Grodin, Robert DeNiro, I've, Blackstone, Cava, Alex M, Susskind, that's, Chris Macksey, Olive Garden, Smokey Bones —, Tracy Goh, Damaran Sara, Goh, Talia Berman, Levy, Berman, Moshe Batalion, Thomas Crosby, Crosby, they've, It's Organizations: Sycamore Partners, Bowls, Lobster, Taco Bell, Cornell University, Prix Fixe, Nabisco, Darden, Investment, RioCan, Independent, Pal's, Harvard, University of Chicago's Booth School, Business, Cornell, Rubio's, Mill, Capital Locations: Jersey, America, Manhattan, Taco, Olive, Cava, San Francisco, New York's, Tennessee, Florida, United States, California

☆ These charts show how YouTube TV has become a worse and worse deal
▼ + stars: | 2024-12-12 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

The price of YouTube TV is going up again — and cord-cutters around the internet are up in arms. Before this hike, YouTube TV was generally cheaper than many rival streaming TV packages from competitors such as Hulu + Live TV, Fubo TV, Spectrum, and DirecTV. These factors helped YouTube TV grow to 8 million customers (as of earlier this year) and far outpace its digital rivals. AdvertisementGoogle may also have raised YouTube TV prices to help cover its investment in NFL Sunday Ticket. "We give all members the flexibility to cancel their membership at any time," the YouTube TV spokesperson said in their statement.

Persons: that's, —, Morgan Stanley Organizations: YouTube, Google, Hulu, Disney, ESPN, DirecTV, US Bureau of Labor Statistics, NFL Sunday

☆ CFPB announces rule limiting bank overdraft fees
▼ + stars: | 2024-12-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The Consumer Financial Protection Bureau on Thursday announced the final version of a rule limiting banks' ability to charge overdraft fees. The CFPB rule applies to banks and credit unions with at least $10 billion in assets. The CFPB said that its overdraft rule will take effect Oct. 1, 2025, though its ultimate fate is unclear. Even before the election victory of Donald Trump last month, the fate of the overdraft rule would've been murky, thanks to industry pushback. Bank lobbying groups have argued that the overdraft rule, first proposed in January as part of Biden's war on junk fees, would reduce access to overdraft services and could send customers to worse alternatives like payday loans.

Persons: Rohit Chopra, Biden, Donald Trump, Trump Organizations: Financial, Consumer Financial, JPMorgan Chase, Bank of America, Bank, Consumer Bankers Association

☆ A woman paid $12,000 for surgery to permanently turn her eyes from brown to blue. She said it's the best investment she's made in herself.
▼ + stars: | 2024-12-12 | by ( Kim Schewitz | ) www.businessinsider.com time to read: +6 min

Ulku Dogan had surgery to make her eyes blue after wearing colored contact lenses for years. AdvertisementSeven weeks ago, her dream came true when she flew to New York and paid $12,000 for surgery to permanently change her eye color from brown to blue. Some doctors, however, argue there isn't enough evidence that the benefits of cosmetic eye surgery outweigh the known and potential unknown long-term risks. In a 2021 study published in the Journal of Cornea and External Disease, 12 out of 40 keratopigmentation patients experienced light sensitivity in the first month. "He got his eye colored, and I'm like, 'what else do I need?'"

Persons: Ulku Dogan, Dogan, Kevin Niksarli, it's, who've, Dr, Alexander Movshovich, He's, Movshovich, Julian Prosia, keratopigmentation, Stephen D, McLeod, hadn't, It's Organizations: FDA, Manhattan LASIK, Wall Street, Ophthalmology, American Academy of Opthalmology, American Academy of Ophthalmology, BI Locations: San Francisco, New York, Manhattan, Canada, Movshovich

☆ Texas House introduces bill to establish a strategic bitcoin reserve
▼ + stars: | 2024-12-12 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Legislation was introduced in the Texas House of Representatives on Thursday to establish a strategic bitcoin reserve, which could serve as a proving ground for the U.S. Treasury. The Texas bill aims to provide a way to strengthen the state's fiscal stability and establish it as a leader in bitcoin innovation, according to the Satoshi Action Fund, a nonprofit bitcoin advocacy group that worked with Capriglione on the bill. "A strategic bitcoin reserve, investing in bitcoin, would be a win-win for the state." "I just filed the bill ... entitled 'An act relating to the establishment of a bitcoin reserve within the state treasury of Texas and the management of cryptocurrencies by governmental entities,'" he said later. The drumbeat for a national strategic bitcoin reserve – one of President-elect Donald Trump's crypto-friendly campaign promises – has grown louder since the election.

Persons: Giovanni Capriglione, Satoshi, Capriglione, Donald Trump's, –, Bitcoin Organizations: U.S . Treasury, Republican Locations: Texas, bitcoin, U.S, cryptocurrency

☆ Bernstein says Elon Musk's pro GLP-1 stance may boost Eli Lilly, sees nearly 40% upside
▼ + stars: | 2024-12-12 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

The postelection drawdown in Eli Lilly may have been overblown as one close confidant to President-elect Donald Trump appears to support weight loss drugs, according to Bernstein. Breen has an outperform rating on Eli Lilly and price target of $1,100, which suggests upside of 38.2% from Wednesday's close. Eli Lilly is behind the Mounjaro drug for diabetes and Zepbound for weight loss, among others. LLY YTD mountain Eli Lilly, year to date Breen noted there is a potential trade-off on price as supply increases. Despite recent challenges, Eli Lilly shares are up more than 35% in 2024.

Persons: Eli Lilly, Donald Trump, Bernstein, Robert F, Kennedy Jr, Courtney Breen, Breen, David Ricks, Kennedy, Elon Musk, Musk, Lilly Organizations: Trump, Department of Health, Human Services, Pfizer, Pharmaceutical Research, Manufacturers of America, Elon, Novo Nordisk Locations: Wednesday's

☆ Russia could soon launch a second strike with the experimental missile it says can't be intercepted: Pentagon
▼ + stars: | 2024-12-12 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Russia may launch a second Oreshnik missile strike on Ukraine in the next few days, the Pentagon said. Moscow says the Oreshnik missile, first used in November, is impossible for US defenses to intercept. Moscow could launch a second strike on Ukraine with its experimental Oreshnik missile in the next few days, the Pentagon said on Wednesday. Advertisement"Putin has said publicly that Russia intends to launch another experimental Oreshnik missile," said Sabrina Singh, the deputy press secretary for the Pentagon, at a press briefing. Russia has used its new Oreshnik missile in Ukraine.

Persons: it's, Putin, Sabrina Singh, Singh, Vladimir Putin Organizations: Pentagon, Kremlin, Anadolu, Getty, Analysts Locations: Russia, Ukraine, Moscow, Europe, —, Dnipro —, Dnipro

☆ Geminid meteor shower: How and when to see the December peak
▼ + stars: | 2024-12-12 | by ( Gina Park | ) edition.cnn.com time to read: +3 min

Sky-gazers may get the chance to glimpse some of the dozens of meteors that will streak across the sky as the annual Geminid meteor shower reaches its peak. ET Friday, according to Robert Lunsford, fireball report coordinator for the American Meteor Society. The American Meteor Society estimates that the Geminids will produce up to 15 visible meteors per hour. But there is a 90% chance that every meteor you see on Friday night and Saturday morning belongs to the Geminid shower, Lunsford said. The next and final major annual meteor shower of 2024 will be the Ursids, which are set to peak in the early morning hours of December 22, according to EarthSky.

Persons: CNN —, Robert Lunsford, Bill Cooke, Lunsford, ” Lunsford, ” Cooke, “, CNN’s Ashley Strickland Organizations: CNN, American Meteor Society, Planetary Society

☆ Trump antitrust appointments to unleash M&A 'animal spirits', says Morgan Stanley
▼ + stars: | 2024-12-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

President-elect Donald Trump 's picks for top regulators may not lead to a total free-for-all of corporate dealmaking, but they should be more than enough to unleash the pent-up demand for mergers and acquisitions, according to Morgan Stanley. "New Trump appointments at FTC and DOJ likely come with a more traditional, lighter touch antitrust framework. This should drive up animal spirits and improve corporate clarity in an M & A environment where market conditions are already supportive for activity," Kenny said. Clarity could be a key buzzword in the coming months, as some of the antitrust actions brought under current FTC Chair Lina Khan were novel and scared off other potential deals, Kenny said. Those companies should get a piece of the M & A action, regardless of what sector sees the most activity.

Persons: Donald Trump, Morgan Stanley, Ryan Kenny, Trump, Andrew Ferguson, Gail Slater, Biden, Kenny, Lina Khan, Ferguson, Kenny's, Goldman Sachs Organizations: Federal Trade Commission, Wall, Trump, FTC, DOJ, Big Tech

☆ David Sacks is a 'great hire,' Prince Khaled bin Alwaleed bin Talal Al Saud says of Trump's pick for crypto czar
▼ + stars: | 2024-12-12 | 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 EmailDavid Sacks is a 'great hire,' Prince Khaled bin Alwaleed bin Talal Al Saud says of Trump's pick for crypto czarKBW Ventures CEO Prince Khaled bin Alwaleed says that President-elect Donald Trump's AI and Crypto czar pick David Sacks is a "great hire."

Persons: David Sacks, Prince Khaled bin Alwaleed bin Talal Al Saud, Prince Khaled bin Alwaleed, Donald Trump's Organizations: KBW

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