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NEW YORK/LONDON, June 30 (Reuters) - Global mergers and acquisitions (M&A) activity fell 36% year-on-year in the second quarter, but investment bankers and lawyers expressed optimism that the stock market's recovery will gradually restore chief executives' dealmaking confidence. "Global uncertainty is what is impacting M&A most - it just makes people uncomfortable. It's easier to say, I'll pass on a deal - nobody gets fired for passing on a deal. M&A volumes in the United States declined by 30% to $318.4 billion, while Europe and Asia Pacific volumes shrank 49% and 24% respectively. Not a single so-called mega-deal, which typically refers to transactions worth over $25 billion, was signed during the quarter.
Persons: Michael Aiello, Weil, Raymond McGuire, Steve Baronoff, Bunge, John Collins, Morgan Stanley, there’ll, Ethan Klingsberg, Deringer, Manolo Falco, Scott Miller, Sullivan, Cromwell, Howard Ellin, Flom, Dwayne Lysaght, Eric Schiele, Kirkland, Ellis, Anirban Sen, Andres Gonzalez, Stephen Coates Organizations: Manges LLP, Lazard Ltd, Bank of America, Reuters Graphics Reuters, Magellan Midstream Partners, Viterra Ltd, Carrier Global, Investment, Citigroup Inc, JPMorgan Chase, Antitrust, U.S . Federal Trade Commission, Horizon Therapeutics, Thomson Locations: United, Europe, Asia, Skadden, Slate, New York, London
Those ripples are probably the distant thunder of countless collisions between supermassive black holes, throughout space and time. He predicted that the intense gravity of extremely massive objects, like black holes, warps the fabric of space-time. The NSF funded the 15-year experiment, which is called the North American Nanohertz Observatory for Gravitational Waves (NANOGrav). Supermassive black holes are thought to exist at the center of every galaxy. Her lab runs computer models of merging supermassive black holes to predict how they behave and what signals they send out into space.
Persons: , Albert Einstein's, Aurore, Sean Jones, Manuela Campanelli, NASA's James Webb, Noll, Kip Thorne, NASA Goddard Thorne, NANOGrav, LIGO, Stephen Taylor, Lorenzo Ennoggi Organizations: Service, Sciences, National Science Foundation, NSF, American Nanohertz, Rochester Institute of Technology, NASA's James Webb Space, Hubble, Telescope, NASA, ESA, Hubble Heritage Locations: Louisiana, Washington, Europe, India, Australia, China
As a longtime big Hollywood star and hitmaker, Ford had already achieved an immortality of a kind. It’s pretty clear from his newest venture, the overstuffed if not entirely charmless “Indiana Jones and the Dial of Destiny,” that while Indy may not in fact be immortal, the brain trust overseeing this installment wishes he were. They haven’t simply brought the character back for another go, they have also given him a digital face-lift. That said, the altered Indy is cognitively dissonant; I kept wondering what they’d done to — or perhaps with — Ford. “Raiders” was created by Spielberg’s pal, George Lucas, who saw it as a homage to the serials that he’d loved as a kid.
Persons: Steven Spielberg, , Harrison Ford’s, Dr, Henry Walton Jones Jr, Spielberg, Ford, “ Indiana Jones, , Indiana Jones, — Ford, Spielberg’s, George Lucas, Lucas, Humphrey Bogart Organizations: “ Raiders, Indy, Hollywood, Raiders Locations: Kingdom, , Sierra Madre
This will be her first appearance before the committee since Republicans assumed control. Republicans have been especially critical of the FTC's privacy investigation into Twitter since it was purchased by billionaire Tesla CEO Elon Musk. In March, the FTC confirmed it was conducting an investigation into Twitter’s privacy practices. In April, the committee subpoenaed Khan for documents related to the Twitter privacy probe following Musk's $44 billion purchase of the social media company in October. Khan, an antitrust researcher focused on Big Tech’s immense market power, vowed to reinvigorate antitrust enforcement after she joined the FTC in June 2021 and was named chair.
Persons: Lina Khan, Tesla, Elon Musk, Khan, Jim Jordan, Jordan, Illumina, Christine Wilson, David Shepardson, Diane Craft, David Gregorio Our Organizations: . Federal Trade, Republicans, Twitter, FTC, Democratic, Amazon.com, Amazon, Politico, Thomson Locations: Illumina, San Diego
The first fight will be in federal court in California, beginning on June 22 and running until June 29. Here are four potential outcomes of the California hearing:* Judge Jacqueline Scott Corley may grant the preliminary injunction and the companies terminate. The FTC lost in federal court and dropped the internal FTC challenge. That can be appealed to a federal appeals court. The next stop after that would be a federal appeals court.
Persons: Jacqueline Scott Corley, Corley, Michael Chappell, Lina Khan, Chappell, Khan, Diane Bartz, Matthew Lewis Organizations: Microsoft, Activision, DirecTV, Federal Trade Commission, FTC, Meta, Thomson Locations: California, Illumina's, Washington
Tesla is slowly opening many of its charging stations to vehicles of other automakers. Ford and GM recently said their cars will be able to use Tesla Superchargers. It looks like Tesla's Superchargers are going to win out after all. Tesla's NACS will now compete with two other main charging port types: CCS and CHAdeMO, which companies like Tritium and EVgo also offer. Tesla only recently switched to the name "North American Charging Standard" recently, a move that appears to have paid off.
Persons: Tesla, Ford, Jaan Juurikas, Tesla's NACS, Dan Ives Organizations: Ford, GM, Morning, General Motors, American, Tesla, EV, Hyundai, Kia, Volkswagen, Wedbush Securities Locations: Australian
Republican lawmakers, state attorneys general and several advocacy groups have voiced their support for Illumina's acquisition of cancer-test developer Grail while the Federal Trade Commission fights to unwind the deal. The groups filed 14 amicus briefs Monday urging the U.S. 5th Circuit Court of Appeals to reverse an FTC order that would have Illumina undo the $7.1 billion Grail deal over concerns that it stifles competition. Thirty-four Republican lawmakers touted Grail's early screening test, which can detect more than 50 types of cancers through a single blood draw. And activist investor Carl Icahn, who holds a 1.4% stake in Illumina, launched a proxy fight with the company over the Grail deal. Icahn's opposition stemmed from Illumina's decision to close the acquisition without first gaining approval from antitrust regulators.
Persons: Illumina, Carl Icahn, Francis deSouza Organizations: Federal Trade Commission, U.S, FTC, Food and Drug Administration, European Commission Locations: San Diego, Alaska , Arkansas, Georgia , Idaho , Indiana , Iowa , Kentucky, Louisiana , Nebraska, South Carolina , Utah, Virginia, Illumina
Solid-state batteries have been used in small electronic devices such as pacemakers and smart watches. Solid-state batteries can hold more energy than liquid lithium-ion batteries, a gain that would potentially speed the transition to EVs by addressing a consumer concern: range. That has made solid-state batteries far more expensive than liquid lithium-ion batteries. Honda is developing solid-state batteries but has not detailed a timeline for bringing them to market. Hyundai Motor (005380.KS), another Solid Power investor, has said it plans to mass produce solid-state batteries by 2030.
Persons: Tesla, Bill Gates, Tim Kelly, Sayantani Ghosh, Kevin Krolicki, Christopher Cushing Organizations: Toyota, Reuters, Tesla, Panasonic, Nissan, Honda, Volkswagen, Automotive Cells Co, Mercedes, Benz, ProLogium Technology, Ford, BMW, Hyundai, Solid Power, EV, Thomson Locations: TOKYO, SINGAPORE, U.S, Taiwan
Illumina CEO deSouza resigns after proxy battle with Icahn
  + stars: | 2023-06-12 | by ( ) www.reuters.com   time to read: +3 min
The Grail deal "has kept a lot of investors out of the stock" TD Cowen analyst Dan Brennan said. The company's shares have lost about 60% of their value since completing the Grail deal in 2021. Illumina shares closed at $200.53 on the Nasdaq on Friday. Icahn has said he wants former Illumina CEO Jay Flatley to return. He had secured more than twice the number of shareholder votes than his challenger received in the proxy vote, which could have given him enough legitimacy to hang on.
Persons: Francis deSouza, Carl Icahn, Icahn, Illumina, Charles Dadswell, DeSouza, deSouza's, Cowen, Dan Brennan, Francis, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Michael Erman, Anirban Sen, Mark Porter, Marguerita Choy, Edwina Gibbs Organizations: Nasdaq, LinkedIn, Unilever Plc, U.S . Federal Trade Commission, Thomson Locations: Illumina, Occidental, Bengaluru, New York, New Jersey
Illumina CEO deSouza resigns after battle with Icahn
  + stars: | 2023-06-11 | by ( ) www.reuters.com   time to read: +3 min
Analysts said they expect the company's shares to trade up on Monday morning after deSouza's resignation. The Grail deal "has kept a lot of investors out of the stock" TD Cowen analyst Dan Brennan said. The company's shares have lost about 60% of their value since completing the Grail deal in 2021. Illumina shares closed at $200.53 on the Nasdaq on Friday. Icahn has said he wants former Illumina CEO Jay Flatley to return.
Persons: Francis deSouza, Carl Icahn, Illumina, Charles Dadswell, DeSouza, Icahn, deSouza's, Cowen, Dan Brennan, Francis, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Michael Erman, Anirban Sen, Jason Neely, Jan Harvey, Mark Porter, Marguerita Choy Organizations: Nasdaq, LinkedIn, Unilever Plc, U.S . Federal Trade Commission, Thomson Locations: Occidental, Bengaluru, New York, New Jersey
Illumina CEO Francis DeSouza resigns after battle with Icahn
  + stars: | 2023-06-11 | by ( ) www.reuters.com   time to read: +2 min
June 11 (Reuters) - Illumina (ILMN.O) Chief Executive Officer Francis DeSouza stepped down on Sunday, the gene-sequencing machine maker said in a statement, ending a battle with activist investor Carl Icahn in which the company's chairman left the company earlier this year. Illumina said it named Senior Vice President and General Counsel Charles Dadswell as interim CEO. Icahn in a tweet said he is happy with the recent changes at Illumina and considers them a "very positive occurrence." Icahn has said he wants former Illumina CEO Jay Flatley to return. Vicki Hollub, for instance, remains Occidental Petroleum's (OXY.N) CEO after the company cut a deal with Icahn over board seats in 2020 and after Icahn cashed out two years later.
Persons: Francis DeSouza, Carl Icahn, Illumina, Charles Dadswell, DeSouza, Icahn, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Anirban Sen, Jason Neely, Jan Harvey, Mark Porter Organizations: LinkedIn, Unilever, U.S . Federal Trade Commission, Thomson Locations: Occidental, Bengaluru, New York
Illumina on Sunday announced its board of directors has accepted the resignation of CEO Francis deSouza, just weeks after activist investor Carl Icahn failed to oust him from the biotech company. "It has been the privilege of a lifetime to serve Illumina," deSouza said in the release. Similarly, in an open letter to Illumina shareholders in April, Icahn accused deSouza of "desperately, hilariously and, most of all, unsuccessfully" trying to spin "decidedly mediocre" quarterly results during a press tour. In late May, Icahn had urged shareholders to vote off deSouza and Chairman John Thompson from the nine-member board. Shareholders booted Thompson, but deSouza held onto his role until Sunday.
Persons: Francis deSouza, Illumina, Carl Icahn, Charles Dadswell, Illumina's, DeSouza's, deSouza, Icahn, John Thompson, Thompson Organizations: Illumina Inc, Economic, Sunday Locations: Davos, Switzerland, Illumina
[1/17] Soccer Football - Champions League Final - Manchester City v Inter Milan - Manchester City fans at Manchester's 4TheFans Fan Park for the Champions League Final - Manchester, Britain - June 10, 2023 Manchester City fans celebrate after winning the Champions League final Action Images via... Read moreSummary City beat Inter 1-0 to win club's first Champions LeagueRodri scores 68th minute winner for Guardiola's sideVictory completes treble with FA Cup and Premier LeagueISTANBUL, June 10 (Reuters) - Manchester City finally expanded their domestic domination across the continent as they beat Inter Milan 1-0 with a second-half Rodri goal to win the Champions League for the first time and complete a rare treble on a nervous Saturday evening. An eruption of joy greeted the final whistle with City's players sprinting towards their fans in the Ataturk Stadium. It belongs to us," said City manager Pep Guardiola. City may have experienced a horrible sense of deja vu as chief playmaker De Bruyne also failed to finish the final two years ago when City fell short against Chelsea. It was City's night, and the celebrations will be long and loud, while for Inter there was no repeat of their surprise 2010 win over Bayern Munich.
Persons: club's, Ederson, Pep Guardiola, Kevin De Bruyne, De Bruyne, Erling Haaland, Rodri, Guardiola, City's, Sheikh Mansour, Noel, Liam Gallagher, jinx, Simone Inzaghi's, Matteo Darmian, Francesco Acerbi, Alessandro Bastoni, Haaland, Andre Onana, Manuel Akanji, Lautaro Martinez, selfishly, Romelu, Bernardo Silva, Federico Dimarco, Edin Dzeko, Lukaku, Martyn Herman, Ken Ferris, Ed Osmond Organizations: Soccer Football, Manchester City, Inter Milan, Champions, League, City, Inter, FA Cup, Premier League ISTANBUL, Premier League, FA, Champions League, Manchester, Chelsea, BT Sport, Oasis, Real Madrid, Bayern Munich, Roma, Sevilla, Europa League, Fiorentina, West Ham United, Europa Conference, Thomson Locations: Manchester, Britain, Spanish, Barcelona, Real, Liverpool, Porto, Brazilian
Ray Dalio reflects on his career and lays out his investing philosophy in a new MasterClass episode. Dalio is the billionaire founder of the world's largest hedge fund, Bridgewater Associates, and the author of "Principles" and "Principles for Dealing with the Changing World Order." Here are Dalio's 16 best quotes from his MasterClass episode, lightly edited for length and clarity:1. (Dalio was describing how much money an everyday investor should keep in the safest of their portfolios." "The way that you play the game is first to know what you know, and know what you don't know.
Persons: Ray Dalio, , he's, Dalio, Nixon, Roosevelt, it's, we've, you've, they've Organizations: Bridgewater, Olympics, Navy, Service, Bridgewater Associates Locations: Mexico
The growing appetite comes as record numbers of developing world governments face debt pressures due to higher global interest rates. There have been around 140 over the past 35 years, but even including last month's super-sized Galapagos deal they have only involved around $5 billion of debt altogether. The top-level attendees will be urged to do more, not only debt swaps, but also by providing foreign exchange guarantees and automatic debt-payment breaks for countries hit by climate-related disasters. "Seeing something that has a group of countries involved would be amazing," Issa said. Ecuador says it is eyeing another transaction to capitalise on the halo effect from the Galapagos deal.
Persons: Ramzi Issa, Charles Darwin's, Issa, Ilan Goldfajn, Scott Nathan, Nathan, Emmanuel Macron, Mia Mottley, Suisse's Issa, Simon Jessop, Sharon Singleton Organizations: Ecuador, Credit Suisse, Inter, American Development Bank, U.S . International Development Finance Corporation, Reuters Graphics, Thomson Locations: Ecuador, Belize, Barbados, Gabon, Paris, Sri Lanka, Indian, Colombia, Costa Rica, Panama, Kenya, Mozambique, Tanzania, Seychelles
“This study suggests that taurine could be an elixir of life within us,” Yadav said in an earlier news release on the study, which published Thursday in the journal Science. Considered a non-essential amino acid, taurine exists in the brain, retina and nearly every muscle and organ tissue in the body. Taurine-fed worms lived longer and appeared healthier, but taurine “had no effect on yeast,” Yadav said. More than one solutionThe field of anti-aging is exploding, with taurine just one of many potential pathways to the holy grail of longer life. In the end, science is going to need “100 different kinds of taurine,” Lithgow said.
Persons: CNN —, taurine, Vijay Yadav, ” Yadav, Henning Wackerhage, , , Walter Willett, Harvard T.H, ” Willett, Gordon Lithgow, I’m, it’s, Lithgow, ” Lithgow, “ You’ve, taurine “, Wackerhage, Yadav, Taurine, Pieter Cohen, Cohen, ” Cohen, There’s, “ It’s Organizations: CNN, Columbia University, Technical University of Munich, Harvard, of Public Health, Harvard Medical School, Buck Institute, Disease, US Food and Drug Administration, Research, Cambridge Health Alliance, taurine Locations: New York City, Germany, Chan, Novato , California, Somerville , Massachusetts
"I made the decision that I'm going to go to Miami," Messi said in an interview with Mundo Deportivo and Sport newspapers. Inter Miami are co-owned by former England captain David Beckham, who was one of the first major European stars to move to the United States to play in the MLS, winning the MLS Cup twice with Los Angeles Galaxy. PSG EXITOnce the crown jewel of European football, Messi has effectively been let go by two super clubs in two years -- for free. His move away from PSG, however, is of his own volition as he felt the French club lacked a project for the future while fan unrest only hastened his exit. The highs after winning Argentina's first World Cup in 36 years were quickly offset by the lows he experienced in Paris.
Persons: Lionel Messi, Paris St Germain, Messi, I'm, Cristiano Ronaldo, Al Nassr, Karim Benzema, David Beckham, Phil Neville, Rory Carroll, Rohith Nair, Amy Tennery, Janina Nuño Rios, Angelica Medina, Ed Osmond, Toby Davis Organizations: Wednesday, Major League Soccer, Inter Miami, Paris St, PSG, Spanish, Mundo Deportivo, Sport, Ligue, French, U.S, Reuters, Adidas, Apple, MLS, Al, Los Angeles Galaxy, Eastern, Barcelona, Qatar Sports Investments, League, Thomson Locations: ANGELES, snubbing, Saudi Arabia, Barcelona, Miami, Europe, South Florida, Argentine, Spanish, Argentina, Qatar, Barca, Saudi Arabian, Al, Hilal, Al Ittihad, United States, Paris, Los Angeles, Bengaluru, New York, Mexico City
Last year, Beneficient announced plans to go public via a merger with Avalon Acquisition Company (AVAC.O). Avalon stockholders approved the deal on Tuesday, said the source who was not permitted to discuss the confidential matter. Beneficient provides liquidity and services to qualified individuals and smaller institutions invested in private equity, venture capital and other alternative assets. The company is expected to begin trading this week on Nasdaq under the ticker BENF and the combined company will be called Beneficient, the person said. Special purpose acquisition companies (SPACs) are publicly listed companies that were raised with the intention of merging with a private company, which then goes public through the merger.
Persons: Beneficient, Brad Heppner, Donald Putnam, Craig Cognetti, Svea Herbst, Bayliss, Lisa Shumaker Organizations: YORK, Avalon Acquisition, Avalon, Nasdaq, Beneficient, Crossroads Group, Grail Partners, Putnam Lovell Securities, Svea, Thomson Locations: Avalon
REUTERS/Mike Blake/File PhotoWASHINGTON, June 5 (Reuters) - Illumina (ILMN.O) on Monday filed an appeal against a Federal Trade Commission (FTC) order, demanding that it divest cancer diagnostic test maker Grail (GRAL.O) over competition concerns in the U.S. market for cancer tests. San Diego-based Illumina is arguing that the FTC "violated due process by depriving Illumina and Grail of a fair proceeding before an impartial tribunal," according to the filing in the U.S. Fifth Circuit Court of Appeals. An administrative law judge at the FTC had earlier dismissed the antitrust charges brought against Illumina but FTC staff won an appeal against that decision. In early December, EU antitrust regulators proposed measures for Illumina to unwind its acquisition of Grail, three months after blocking the deal. Billionaire investor Carl Icahn, who owns 1.4% of the company, had also urged Illumina to unwind the Grail deal which he called a risky acquisition.
Persons: Mike Blake, Illumina, Carl Icahn, Francis deSouza, Vincent Intrieri, Diane Bartz, Mrinmay Dey, Jamie Freed, Edwina Gibbs Organizations: REUTERS, WASHINGTON, Federal Trade Commission, Fifth, Appeals, FTC, Illumina, Thomson Locations: San Diego , California, U.S, Diego, Europe, EU
Private equity is often seen as the Holy Grail of finance jobs — but breaking in can be challenging. We also have data on private equity pay and the industry's top recruiters. Here is what we found about pay at private equity firms, including Blackstone, Apollo, and Bain Capital. Private equity recruiting has been starting earlier than ever Getty ImagesPrivate equity firms like to recruit young talent from investment banks. These days, the private equity recruiting process has started earlier than ever, resulting in middle-of-the-night interviews with offers being made — and blown up — all before Labor Day.
Persons: , bymuratdeniz, Blackstone, Samantha Lee, Drew Angerer, Skye Gould, Jon Gray, Grace Koo, Read, Carlyle, Alex Crisses, Thoma Bravo, Warburg Pincus, Wharton's, Axel Springer Organizations: Blackstone, KKR, Service, Apax Partners, Oaktree, of Foreign Labor, Apollo, Bain Capital, Labor, General Atlantic, PJT Partners, Partners, dealmakers, Wall, University of Michigan Locations: Carlyle, Blackstone, Axel
A company that developed a blood test that detects dozens of types of cancer has acknowledged that about 400 of its customers were mistakenly told last month that they might have the disease. The company, Grail, said in an emailed statement on Sunday that a vendor it works with had sent hundreds of letters with incorrect test results because of a “software configuration issue” that has since been resolved. The letters went to customers who had recently purchased Grail’s Galleri test, which uses a blood draw to detect a cancer signal shared by 50 types of cancer and is available only by prescription. The problem was not caused by inaccurate test results, Grail said. More than half of the people who received the letter in error had not yet had their blood drawn for the test, the company said.
Persons: Grail
A biotech company said 400 people had been mistakenly informed they might have cancer. Grail Inc said the error resulted from a software issue, which has been resolved. The incident was part of a trial of an early-detection blood test called Galleri. Grail Inc, an American biotechnology company, developed an early-detection blood test called Galleri, created to identify more than 50 types of cancer before symptoms appear, per Reuters. The company, owned by gene sequencing company Illumina, said it promptly contacted patients after the incident.
Persons: , Grail, PWNHealth, MassMutual Organizations: Inc, Service, Financial Times, British Locations: American
Companies Grail Inc FollowIllumina Inc FollowJune 2 (Reuters) - Cancer test maker Grail Inc (GRAL.O) said on Friday that its telemedicine vendor erroneously sent letters to about 400 patients suggesting they may have developed cancer. Grail's flagship cancer detection blood test Galleri is designed to detect more than 50 types of cancer before symptoms appear. Grail said it had reached out to the patients immediately after the issue, adding that no patient health information has been disclosed or breached due to this. The software issue being faced by PWNHealth has now been resolved, it said. Illumina is currently appealing regulatory orders in the U.S. and EU, which are asking the gene sequencing company to divest Grail after it jumped regulators to close its acquisition of the cancer test maker.
Persons: Grail, PWNHealth, Illumina, Mariam Sunny, Shilpi Majumdar Organizations: Illumina Inc, Thomson Locations: U.S, Bengaluru
With Shop, TikTok wants to replicate the success of commerce on its Chinese sister app Douyin. Patrick Nommensen, TikTok GM of UK ecommerce, discussed some of the details for brands and creators. TikTok has big ambitions for shopping and has been investing heavily in it — from developing a logistics business to powering in-app purchases through TikTok Shop. Overseeing TikTok Shop has been one of Nommensen's focuses. Nommensen said TikTok has been working with some high-tier creators and celebrities on a strategic basis to spread awareness around TikTok Shop, pairing them with merchants.
Persons: TikTok, Patrick Nommensen, It's, Nommensen, Nommensen's, livestreaming, Sellers, it's Organizations: TikTok, ByteDance, Street Journal, Facebook, Insider Intelligence Locations: Asia, TikTok, Musical.ly, Spain, Brazil, Southeast Asia, China
Firstly, artificial intelligence (AI) is by far the most important topic of conversation regardless of the forum or the party. Every company's CEO is ripping through the org chart, frantically trying to figure out how to use AI for creativity and profit. CEO Nikesh Aurora is using AI to find out who simply isn't necessary, or who can't do the job as well as the machines. Ultimately, my reflection when it comes to the Club is to continue to try to profit from the AI arms race. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
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