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Needham analysts believe the recent pullback in software company Alight warrants a deeper look. The cloud-based business solution company has lost more than 18% in the current quarter, dragging shares down 9.5% for the year. The selloff came following its second-quarter earnings in August, during which the company reported a 36.3% year-over-year decline in business process as a service bookings. A follow-on offering also contributed to the selloff, according to analyst Kyle Peterson. "We believe the sell-off is overdone, with the shares trading at an EV/EBITDA multiple of 8x our FY24 estimate," he said.
Persons: Needham, Kyle Peterson, Peterson, Michael Bloom
FILE PHOTO: Australian Defence Minister Richard Marles speaks to the media at the 19th Shangri-La Dialogue in Singapore June 12, 2022. A series of cases where former military pilots living in Australia had worked for a South African flight school training Chinese pilots, which the United States alleges are Chinese military pilots, has prompted the crackdown. Penalties of up to 20 years prison will apply for providing military training or tactics to a foreign military or government body, including hybrid civilian and military organisations, or state-owned companies, without authorisation from the defence minister. The Test Flying Academy of South Africa was placed on a U.S. trade blacklist on national security grounds in June for "providing training to Chinese military pilots using Western and NATO sources". A court was told Hartley, a former British military pilot, was suspected of organising the training of Chinese military pilots delivered by the flight school.
Persons: Richard Marles, Caroline Chia, authorises, recenty, Daniel Duggan, Keith Hartley, Hartley, Kirsty Needham, Lincoln, Simon Cameron, Moore Organizations: Australian Defence, REUTERS, Rights, United Nations, Defence, U.S . Marines Corp, Flying Academy of South, TFASA, Australian Federal Police, Thomson Locations: Singapore, Australia, African, United States, Britain, New Zealand, Canada, China, Australian, Flying Academy of South Africa, U.S, AVIC, British
Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by its overweight rating after Apple's iPhone event Tuesday. F (Buy) earnings more resilient than appreciated driven by Pro business." Morgan Stanley reiterates Darden as overweight Morgan Stanley said it's bullish heading into the owner of Red Lobster's earnings next week. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by its recent upgrade of the stock despite investor pushback. TD Cowen reiterates FedEx as outperform TD Cowen said it's cautiously optimistic heading into FedEx earnings next week.
Persons: Morgan Stanley, Apple, it's, BEV, Darden, Red, Commerce Max, Tesla, pushback, Michael Kors, Guggenheim, TD Cowen, Hershey, Cowen, Bernstein, Roth, Roth MKM, BTIG, Lennar, F3Q, Needham Organizations: JPMorgan, UBS, Ford, General Motors, Pro, Citi, Commerce, JPMorgan downgrades Oracle, WWE, UFC, Holdings, NYSE, Microsoft, FedEx, " Bank of America, Garden Entertainment, Bank of America, YouTube Locations: China, Capri, Lennar, GOOGL
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla price cuts will continue as mid- and lower-end EV competition grows, says Chris PierceNeedham's Chris Pierce joins 'The Exchange' to discuss his hold call for Tesla, Tesla's struggle to beat expectations given ongoing price cuts, and Tesla's EV competition with China.
Persons: Chris Pierce Needham's Chris Pierce, Tesla Locations: China
Not all analysts on Wall Street are convinced Tesla 's in-house computer technology is enough to push shares higher. The analyst did not provide a forecast price target and said he now expects flat year-over-year automotive sales gross margin in 2024, minus vehicle credits and incentives. What underpinned the Morgan Stanley upgrade on Tesla was optimism toward the company's effort with Dojo, an in-house supercomputer that is meant to train autonomous driving software. Tesla has been on a price-cutting spree for much of 2023, with markdowns to both the Model 3 and Model Y . While the analyst remains "sympathetic" over the long term on Tesla, he said, "We think that there is too much near-term uncertainty post its repeated price cuts."
Persons: Tesla, Morgan Stanley's Adam Jonas, — Needham, Needham, Chris Pierce, Morgan Stanley, Pierce, markdowns, reboots, Michael Bloom
Many growth funds have performed on pace with the S & P 500 this year, driven by mega-cap names such as Nvidia , Alphabet and Tesla . The Needham Aggressive Growth Fund , however, has outperformed. Aggressive growth funds are focused on investing in growth stocks, with high potential future to grow — but also higher risk. Picking companies Portfolio manager Barr, who has managed the fund since 2010, told CNBC Pro that "there is a rich universe of investment opportunities beneath the big tech companies like Nvidia." "There are small-cap companies with rapid growth, and also with the steady growth that Needham prefers."
Persons: It's, John Barr —, Barr, Needham Organizations: Nvidia, Big Tech, Morningstar, CNBC, Apple, Needham Funds Locations: industrials, Barr, United States
The Chinese academic, who specialises in foreign affairs research at a Beijing university, had visited universities in three Australian states in July and August. The Guardian first reported on Monday that the man had his accommodation raided and his laptop taken by the Australian Security Intelligence Organisation and Australian Federal Police in Perth, and was told his visa was being assessed for security reasons. A high-level dialogue between Chinese and Australian academic, industry and media delegations resumed in Beijing on Thursday after a four-year halt. It included a Chinese scholar who had his Australian visa revoked in 2020 by ASIO, amid concern over foreign interference in politics. "Any Chinese academic with an interest in relations with Australia would surely be re-assessing travel plans fearing the same thing could happen to them.
Persons: Florence Lo, Anthony Albanese, James Laurenceson, Greg McCarthy, McCarthy, Albanese, Kirsty Needham, Christina Fincher Organizations: REUTERS, Rights, Guardian, Australian Security Intelligence Organisation, Australian Federal Police, Reuters, ASIO, China Relations Institute, University of Technology, University of Adelaide, Peking University, The Australian Federal Police, Thomson Locations: Australia, China, Western Australia, Beijing, Perth, Sydney, Canberra
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAI infrastructure will be the backbone of U.S. business in 10-years, says Needham's Laura MartinLaura Martin, senior media analyst at Needham, and CNBC's Steve Kovach join 'The Exchange' to discuss US-China relations, weakness in consumer demand for Apple devices in China, and the bull case for Apple's virtual reality headset.
Persons: Needham's Laura Martin Laura Martin, Steve Kovach Organizations: Needham, Apple Locations: China
The NFL season began on Thursday, with the Detroit Lions defeating the Kansas City Chiefs. The gaming stocks listed below have buy ratings from more than 60% of analysts and upside to the average price target of greater than 20%, according to FactSet. Caesar's Entertainment has the most upside on the list, with an average price target 37% above its most recent closing price. Barclays analyst Brandt Montour said in a Sept. 7 note to clients that Caesar's could see a boom in non-sports online gambling. DraftKings is Needham's top pick in gaming, though the average analyst price target on the stock is below 20%.
Persons: Brandt Montour, We're, Montour, skews, Churchill, FactSet, DraftKings, Needham, DKNG, Bernie McTernan, — CNBC's Michael Bloom Organizations: NFL, Wall Street, Detroit Lions, Kansas City Chiefs, Caesar's Entertainment, Barclays, MGM Resorts International, Kentucky Derby Locations: U.S, 3Q23
Needham's Laura Martin sees Club names Amazon (AMZN), Alphabet (GOOGL) and Microsoft (MSFT) as "front-runners" in the race of tech firms competing in generative AI. While positive on Apple, Martin thinks it will be "dwarfed by generative AI" firms. "High-quality data that is most relevant will allow generative AI to create the best new content and products and or save costs faster through better online customer service," Needham wrote. MSFT YTD mountain Microsoft YTD performance In the coming quarters, Microsoft will increase capital expenditures to invest in Microsoft Cloud growth and demand for AI services. 2 AI stock in the portfolio, followed by Nvidia), and would consider adding to the Club's MSFT position on a pullback as indicated by the Club's 1 rating .
Persons: Laura Martin, Martin, AAPL, Jim Cramer, Jim, Apple, Tim Cook, Needham, Baird, Morgan Stanley, Jim Cramer's, Doce Organizations: Microsoft, Apple, Nasdaq, Big Tech, Nvidia, Broadcom, Oracle, Google, YouTube, Services, Amazon, CNBC, Mobile World Congress Locations: Needham, Barcelona, Spain
By Joe CashBEIJING (Reuters) - China and Australia should "seriously consider" what they have learned from halting their high-level dialogue over the past three years, Li Zhaoxing, a former foreign minister, said on Thursday, as the talks restarted in Beijing. China accounts for nearly one-third of Australian trade, while Australia is China's eighth-largest trade partner. Diplomatic exchanges have been ramping up since Australia elected a Labor government in May 2022 and China lifted tariffs on its barley exports. "Over the past decades... China has not posed any threat to Australia, and will not do so in the future. The Australian delegation also includes former Liberal foreign minister Julie Bishop, whose inclusion was to show bipartisan political support, the statement said.
Persons: Joe Cash, Li Zhaoxing, Li, Craig Emerson, Penny Wong, Julie Bishop, Emerson, Anthony Albanese, Li Qiang, Whitlam’s, " Albanese, Kirsty Needham, Christian Schmollinger Organizations: Joe Cash BEIJING, Australia, Labor, Australian, Australian Foreign, Liberal, Australia's, ASEAN Locations: China, Australia, Beijing, Canberra, Jakarta, Sydney
Australian PM to visit China this year after 'progress' on ties
  + stars: | 2023-09-07 | by ( ) www.reuters.com   time to read: +1 min
[1/2] Australian Prime Minister Anthony Albanese along with the Australian Foreign Minister Penny Wong smile during the 43rd ASEAN Summit in Jakarta, Indonesia, September 6, 2023. REUTERS/Willy Kurniawan/Pool Acquire Licensing RightsSYDNEY, Sept 7 (Reuters) - Australia and China have made progress in returning to "unimpeded trade" but more progress is needed, Australian Prime Minister Anthony Albanese said on Thursday as he met Chinese Premier Li Qiang at a regional summit in Indonesia. "The progress we have made in resuming unimpeded trade is good for both countries and we want to see that progress continue," Albanese said in his opening comments at the meeting. Li said he welcomed Albanese to visit China this year, and Albanese said he would. "I look forward to visiting China later this year to mark the 50th anniversary of Prime Minister Whitlam’s historic visit," Albanese said in a statement after the meeting, referring to the first visit to communist China by an Australian leader, then prime minister Gough Whitlam, in 1973.
Persons: Anthony Albanese, Penny Wong, Willy Kurniawan, Li Qiang, Albanese, Li, Whitlam’s, " Albanese, Gough Whitlam, Cheng Lei, Yang Hengjun, Kirsty Needham, Robert Birsel Organizations: Australian, Australian Foreign, ASEAN Summit, REUTERS, Rights, Thomson Locations: Jakarta, Indonesia, Australia, China
Former and current Disney execs told CNBC they think Bob Iger's plan is to one day sell to Apple. Analysts have speculated about an Apple acquisition of Disney for years. Iger himself wrote that he thinks the two companies would have combined if Steve Jobs were still alive. The Disney CEO has already made clear that the door is open for potential sales of non-core Disney assets, including ABC and cable networks like FX and National Geographic. Iger himself had a long-standing relationship with Steve Jobs, as did Disney with Apple.
Persons: Disney execs, Bob Iger's, Iger, Steve Jobs, Bob Iger, Bob Chapek —, He's, he's, Jobs, Steve, Laura Martin, — Martin Organizations: Disney, CNBC, Apple, Analysts, Service, SAG, ABC, FX, Geographic, ESPN, Pixar, Apple TV, Walt Disney Company Locations: Wall, Silicon, Needham
A view shows the Qatar Airways' airbus A350 parked outside Qatar Airways maintenance hangar in Doha, Qatar, June 20, 2022. REUTERS/Imad Creidi/File Photo Acquire Licensing RightsSYDNEY, Sept 7 (Reuters) - Australia said a strip-search of women at Qatar's main airport in 2020 played a part in its decision this year to stop Qatar Airways from selling more flights to Australia, denying it was acting due to pressure from rival Qantas Airways. The claim brings a new element to a controversy surrounding the Australian Labor government's relationship with Qantas (QAN.AX) which had lobbied against a Qatar Airways request to increase its flights. It was "nonsense" to suggest that adding more Qatar Airways flights would have put downward pressure on international fares, King added. Antitrust regulator the Australian Competition and Consumer Commission (ACCC) has said more Qatar Airways flights would have lowered fares.
Persons: Imad Creidi, Catherine King, King, Alan Joyce, Vanessa Hudson, Byron Kaye, Kirsty Needham, Michael Perry Organizations: Qatar Airways, airbus, REUTERS, Rights, Qantas Airways, Australian Labor, Qantas, Australian, Hamad International Airport, Antitrust, Australian Competition, Consumer Commission, ACCC, Thomson Locations: Doha, Qatar, Australia, Qatar's, Canberra
Here are Wednesday's biggest calls on Wall Street: UBS upgrades Toast to buy from neutral UBS said the restaurant tech company "continues to prove itself as a top provider" for the restaurant industry. " UBS downgrades Block to neutral from buy UBS said it sees slowing profit growth for Square's parent company. Deutsche Bank reiterates Nio as buy Deutsche Bank said it's concerned about the company's growth trajectory but that it's sticking with its buy rating. " Deutsche Bank reiterates Tesla as buy Deutsche Bank said it's standing by its buy rating on the auto giant. Bank of America reiterates SoFi as neutral The firm said SoFi is a key beneficiary of student loan refinances.
Persons: Baird, Goldman Sachs, William Blair, Argus, Russell, CFRA, it's, TD Cowen, Cowen, Morgan Stanley, Needham, Nio, Tesla, SoFi, refinances Organizations: UBS, omni, Nvidia, Technology, HSBC, Apple, Constellation Brands, Bloom Energy, Deutsche Bank, Bank of America
Roku also lifted its third-quarter revenue guidance, saying it now expects revenue to range between $835 million and $875 million, versus prior guidance of $815 million. Along with the workforce reductions, Roku said it plans to consolidate office space and review its content slate to trim expenses. Zscaler posted adjusted earnings of 64 cents per share while analysts polled by LSEG, formerly known as Refinitiv, expected 49 cents. Additionally, the cybersecurity company said earnings and revenue should come in ahead of what analysts anticipate in the current quarter. GitLab — Shares of the technology platform jumped 6.5% in premarket trading following a strong second-quarter report postmarket Tuesday.
Persons: Roku, Zscaler, Needham, GitLab, LSEG, Asana, AeroVironment, Sam Subin, Michelle Fox Theobald, Jesse Pound Organizations: LSEG, Revenue, Dominion Energy, Dominion, UBS, Southwest Airlines —, Southwest, Novo Nordisk — Locations: Hastings, Hudson , New York, Enbridge, Dallas, Danish, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Disney has to cave', says Needham's Laura Martin as Disney-Charter battle heats upHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Needham's Laura Martin, Brian Sullivan, Organizations: Disney, CNBC
Papua New Guinea Opens Embassy in Jerusalem
  + stars: | 2023-09-05 | by ( Sept. | At P.M. | ) www.usnews.com   time to read: +2 min
By Dan WilliamsJERUSALEM (Reuters) - Papua New Guinea opened its embassy to Israel in Jerusalem on Tuesday, becoming only the fifth country with a full diplomatic mission in a city whose status is one of the most sensitive issues in the Middle East. Political Cartoons on World Leaders View All 226 ImagesIsrael will pay for the embassy, located in a high-rise opposite Jerusalem's biggest mall, for the first two years, Papua New Guinea Prime Minister James Marape was quoted in the Papua New Guinea Post-Courier newspaper. "Many nations choose not to open their embassies in Jerusalem, but we have made a conscious choice," Marape said at the embassy's inauguration ceremony. "For us to call ourselves Christian, paying respect to God will not be complete without recognizing that Jerusalem is the universal capital of the people and the nation of Israel," Marape said. Papua New Guinea, which occupies the eastern half of the West Pacific Island of New Guinea, has an economy based on agriculture and mining.
Persons: Dan Williams JERUSALEM, Israel, James Marape, Marape, Benjamin Netanyahu, Wassel Abu Youssef, Netanyahu, Kirsty Needham, Maayan Lubell, Ali Sawafta, Dan Williams, Bill Berkrot Organizations: Israel, Papua New Guinea, Papua New, Courier, United Nations, Washington, Palestine Liberation Organisation, West Locations: Papua New Guinea, Israel, Jerusalem, United States, Kosovo, Guatemala, Honduras, Tel Aviv, Papua New, Papua, New Guinea
SYDNEY, Sept 3 (Reuters) - Australia's Labor government will introduce legislation to close "loopholes" in workplace law, a move opposed by employer groups fearing higher costs, when parliament returns on Monday. Workplace Minister Tony Burke said on Sunday he would introduce the bill making it a criminal offence to deliberately underpay workers, with a maximum penalty of 10 years in jail and a maximum fine of A$7.8 million ($5.0 million). Penalties would not apply to employers who make honest mistakes, Burke said in a statement. Burke said in a speech last week that in addition to criminalising "wage theft", the bill would make it easier for casual workers to gain permanent roles, scrutinise the use of labour hire firms to undercut minimum pay rates, and introduce minimum standards for "gig economy" workers, including in food delivery and rideshare apps. ($1 = 1.5504 Australian dollars)Reporting by Kirsty Needham; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.
Persons: Tony Burke, Burke, Jennifer Westacott, Kirsty Needham, William Mallard Organizations: Australia's Labor, Australian Broadcasting Corporation, Business, of Australia, Sky News, Australian Chamber of Commerce, Industry, Thomson
The extended Australian police presence comes after the Solomon Islands upgraded ties with China, signing a policing agreement in July. Australia, New Zealand and the United States are concerned Chinese police could dislodge a long-standing security arrangement Canberra has with the Pacific Islands nation. The Solomon Islands said on Friday it had invited Australia to extend the police presence, originally due to end in December. Australia was the Pacific Islands nation's "primary security partner", a spokesperson for Australia's Department of Foreign Affairs and Trade said in a statement on Sunday. The Solomon Islands last year signed a security pact with China, raising concern in Canberra and Washington about Beijing's naval ambitions.
Persons: Manasseh Sogavare, Kirsty Needham, William Mallard Organizations: Pacific Games, Australia's Department of Foreign Affairs, Trade, Australian, Solomon, Solomon Islands Government, Solomons International Assistance Force, Thomson Locations: Australia, Solomon Islands, Solomon, China, New Zealand, United States, Canberra, Fiji , New Zealand, Papua New Guinea, Solomons, Taiwan, Beijing, Washington
REUTERS/Florence Lo/Illustration/file photo Acquire Licensing RightsSYDNEY, Sept 2 (Reuters) - An Australian industry, government, academic and media delegation will travel to Beijing for dialogue with Chinese counterparts on Thursday, another step in stabilising ties, Foreign Minister Penny Wong said on Saturday. Australia's former Labor trade minister Craig Emerson will head the Australian delegation, which will include former Liberal foreign minister Julie Bishop, to show bipartisan political support, a statement from Wong's office said. Department of Foreign Affairs and Trade Secretary Jan Adams, who attended the last dialogue in Beijing as Australia's ambassador to China, will also be in the delegation. "This is first time the Dialogue has been held since early 2020 and it represents another step towards increasing bilateral engagement and stabilising our relationship with China," Wong's statement said. Australian Prime Minister Anthony Albanese is expected to visit Beijing this year, although a date has not been set.
Persons: Florence Lo, Penny Wong, Craig Emerson, Julie Bishop, Li Zhaoxing, Jan Adams, Emerson, Anthony Albanese, Kirsty Needham, Gerry Doyle Organizations: REUTERS, Rights, Labor, Australian, Liberal, Trade, Department of Foreign Affairs, Australia, Thomson Locations: Australia, China, Australian, Beijing, Sydney
Morgan Stanley names Dell a top pick Morgan Stanley said Dell is its new top pick in place of Apple after the company's earnings report on Thursday. " Bank of America reiterates Amazon as buy Bank of America is bullish on the company's partnership with Shopify. UBS reiterates Broadcom as buy UBS said in a note on Friday that Broadcom is a "prime" AI beneficiary. Baird downgrades PagerDuty to neutral from outperform Baird said shares are in the penalty box after Thursday's disappointing earnings report. Wedbush upgrades Papa John's to outperform from neutral Wedbush, in an upgrade of Papa John's , called the stock cheap.
Persons: Morgan Stanley, Apple, Dell, DELL, Tesla, Evercore, Needham, Goldman Sachs, Goldman, Eddie, Baird downgrades PagerDuty, Baird, Canaccord, Raymond James, Ferguson, Papa, Papa John's Organizations: Apple, DELL, SMRT, Bank of America, Shopify, Logistics, Service, Amazon Shipping, Citi, Holdings, Inc, JPMorgan, of America, Tesla's, UBS, Broadcom, TAP, Chevron, FedEx Locations: China
The earnings from Salesforce and Broadcom follow a rough patch for technology stocks that began in mid-July. .SPX AVGO,CRM 3M mountain The S & P 500's performance versus Broadcom and Salesforce over the past three months. Salesforce For the three months ended July 31, Wall Street expects Salesforce's revenue to jump more than 10% year-over-year, to $8.53 billion, according to Refinitiv. Broadcom's AI exposure currently falls into two primary buckets. While Broadcom's AI networking business is no doubt fast-growing, Vinh noted there are headwinds within other pockets of its wide-ranging semiconductor business, such as traditional enterprise networking and broadband.
Persons: Wednesday's, SPX, Scott Berg, Berg, Wells Fargo, , Salesforce, Needham's Berg, Hock Tan, Bard chatbot, John Vinh, Bard, Vinh, Jim Cramer's, Jim Cramer, Jim, Mike Blake Organizations: Club, Broadcom, Wall, Needham &, CNBC, Salesforce, Google, Jericho, UBS Locations: Irvine , California
REUTERS/Ammar Awad Acquire Licensing RightsSYDNEY, Aug 28 (Reuters) - Papua New Guinea will open an embassy in Jerusalem next week during a visit by Prime Minister James Marape, a spokesperson for his office said on Monday. "Yes, that is correct," said a spokesperson from Marape's office, when asked whether the country is set to open the embassy and that Marape would visit Israel next week. Israel's foreign ministry said in February Papua New Guinea would open its first embassy in the country some time in 2023. Israeli media including Channel 14 and the Times of Israel reported the inauguration of the embassy would take place on September 5. Reporting by Kirsty Needham in Sydney Writing by Alasdair Pal Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.
Persons: Ammar Awad, James Marape, Kirsty Needham, Alasdair Pal, Lincoln Organizations: REUTERS, Rights, Times, Thomson Locations: Papua New Guinea, Jerusalem, Israel, Tel Aviv, United States, Kosovo, Guatemala, Honduras, Jerusalem . Israel, Sydney
Chinese police experts arrive in Vanuatu amid political crisis
  + stars: | 2023-08-26 | by ( ) www.reuters.com   time to read: +2 min
SYDNEY, Aug 26 (Reuters) - China has sent police experts and equipment to the Pacific nation of Vanuatu in the midst of a political crisis that saw the Supreme Court rule the prime minister lost a no-confidence vote in parliament. Loughman, who drew Vanuatu closer to China as the previous prime minister, said the security pact with Australia compromised Vanuatu's "neutral" status and could jeopardise development assistance from China, its biggest external creditor. The Chinese police experts "will greatly enhance the ability of the Vanuatu police to maintain social order", Kalsakau said, according to the Chinese embassy statement. Police cooperation will improve police capacity and promote social and economic development, Li said, in comments reported by the Vanuatu Daily Post newspaper. The leaders of Vanuatu, Solomon Islands, Papua New Guinea and Fiji met in Vanuatu on Thursday and signed a joint declaration on security that has yet to be publicly released.
Persons: Bob Loughman, Ishmael Kalsakau, Loughman, China's, Li Minggang, Kalsakau, Li, Kirsty Needham, Robert Birsel Organizations: SYDNEY, Vanuatu, Kalsakau, Vanuatu Daily Post, Thomson Locations: China, Pacific, Vanuatu, Australia, Kalsakau, New Zealand, United States, Solomon Islands, Papua New Guinea, Fiji
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