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• Boris Johnson struggles to draw a line under Cummings row

  26-05-2020 23:45
  PM set to face fresh questions about chief adviser’s actions during UK lockdown
  
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• Renault and Nissan rebuild their alliance to ride out the coronavirus storm

  26-05-2020 23:42 via uk.finance.yahoo.com
  
  When Renault SA , Nissan Motor Coand Mitsubishi Motors Corpannounced the last strategy plan for their Alliance in September 2017, the goal was to become the world's biggest automaker by 2022.On Wednesday, the Alliance partners will outline a new plan with a less lofty objective: survival.The three carmakers are reeling from the coronavirus pandemic which engulfed them just as they were trying to rework their partnership after the arrest in 2018 and subsequent ouster of its chairman and chief arc
  
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• Macron's €8bn rescue plan for French car industry

  26-05-2020 23:22 via uk.finance.yahoo.com
  
  President Emmanuel Macron has announced an €8bn (£7.1bn) rescue plan to revive the French car industry. His proposal, which came during a visit to the Valeo car factory in Etaples, includes €1bn to provide grants of up to €7,000 to encourage people to buy electric vehicles. This breaks down to €5,000 for each company purchase and €2,000 per hybrid rechargeable car. PSA, which owns Peugeot and Citroen, and Renault, the country’s two biggest car manufacturers,
  
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• Emmanuel Macron announces €8bn rescue plan to fuel car industry

  26-05-2020 23:22 via uk.finance.yahoo.com
  
  President Emmanuel Macron has announced an €8bn (£7.1bn) rescue plan to revive the French car industry. His proposal, which came during a visit to the Valeo car factory in Etaples, includes €1bn to provide grants of up to €7,000 to encourage people to buy electric vehicles. This breaks down to €5,000 for each company purchase and €2,000 per hybrid rechargeable car. PSA, owner of Peugeot and Citroen brands, and Renault, the country’s two main car manufacturers
  
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• Google to start reopening offices, targets 30% capacity in September

  26-05-2020 23:06 via uk.finance.yahoo.com
  
  Google and its peer Facebook Inc had allowed their employees to work from home in early March following tough government-mandated restrictions to contain the coronavirus.Google said on Tuesday it would give each employee an allowance of $1,000, or the equivalent value in their country, to expense necessary equipment and office furniture, as it expects most of them to largely work from home for the remainder of the year.
  
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• Disney to present reopening plan for Walt Disney World

  26-05-2020 22:51 via uk.finance.yahoo.com
  
  Walt Disney Cowill present its proposal for a phased reopening of its Orlando, Florida, theme parks to a local task force on Wednesday, the company said in a statement.Disney closed theme parks around the world starting in January to help prevent the spread of the novel coronavirus.It began reopening the parks earlier this month by allowing a limited number of guests into Shanghai Disneyland with social distancing and other safeguards.
  
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• India makes source code of contact-tracing app public

  26-05-2020 22:41 via uk.finance.yahoo.com
  
  India said on Tuesday it was making public the source code of its coronavirus contact-tracing app Aarogya Setu for Google's Android smartphones, a move digital rights activists said will boost the security of users.The bulk of India's roughly 500 million smartphone users have Android devices and the source code for the app's iOS version will be released in the next two weeks, India's tech ministry said in a statement.
  
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• After shortages, Britain opens new protective equipment supply lines

  26-05-2020 21:45 via uk.finance.yahoo.com
  
  Britain said on Tuesday it had agreed deals with more than 100 new suppliers of personal protective equipment (PPE) used to combat the spread of the coronavirus, addressing supply problems seen earlier during the COVID-19 pandemic.The government has faced heavy criticism from health workers who said they were not always provided with the right equipment and did not feel safe.The government has acknowledged problems with distribution and sourcing sufficient supplies in a competitive international
  
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• Exclusive: Venezuela's PDVSA cuts crude blending, output as inventories rise - sources, documents

  26-05-2020 21:37 via uk.finance.yahoo.com
  
  Venezuela's oil industry has been squeezed by more than a year of sanctions from the United States, and in recent months the Trump administration has increased the pressure on some of the remaining buyers of Venezuelan crude.Washington sanctioned PDVSA early last year as part of the administration's efforts to oust President Nicolas Maduro.Overall, Venezuela produced 656,000 barrels on May 13 and 642,000 barrels on May 14, according to the most recent internal PDVSA data seen by Reuters.
  
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• Reopened retailers will face fight for survival, executive warns

  26-05-2020 21:35 via uk.finance.yahoo.com
  
  Reopened retailers will face fight for survival, executive warnsFears physical distancing and reluctant shoppers mean many UK stores will not bounce back * Coronavirus – latest updates* No changing rooms: what to expect when non-essential UK shops reopen
  
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• French carmaker Renault to cut 5,000 jobs by 2024 - Le Figaro

  26-05-2020 21:32 via uk.finance.yahoo.com
  
  French carmaker Renaultis about to announce plans to cut 5,000 jobs by 2024 in its drive to save 2 billion euros (1.8 billion pounds) in costs, according to a report published Tuesday by Le Figaro.Renault will prioritise "the non-replacement of employees planning to retire", Le Figaro added.Renault declined to comment on Le Figaro's report when contacted by Reuters.
  
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• Drumroll Please - RipStick Arrives in the UK

  26-05-2020 21:21 via ibtimes.co.uk
  
  For all vapers and would-be vapers, there are reasons to be excited by the arrival of RipStick. As the tide of popularity of vaping in the UK shows no sign of abating, the market continues to see new products introduced to continually improve the vaping experience.
  
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• No changing rooms: what to expect when non-essential UK shops reopen

  26-05-2020 21:12 via uk.finance.yahoo.com
  
  No changing rooms: what to expect when non-essential UK shops reopen. Stores to follow example of supermarket and DIY chains when some open again in June
  
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• Project Birch could be a gamble. Which companies are in the frame?

  26-05-2020 21:02 via uk.finance.yahoo.com
  
  Pumping money into strategically important businesses to prevent them from collapsing comes loaded with risk for the Government. Rishi Sunak, the Chancellor, has been clear he wants to see businesses “exhaust all options” for other sources of funds before the state steps in. However, for some large companies, Project Birch may be their only hope, with no other lenders coming forward and their lack of an investment-grade rating blocking them from Bank of England loans. With no other t
  
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• Italy's RCS says it may win damages in dispute with Blackstone after ruling

  26-05-2020 20:58 via uk.finance.yahoo.com
  
  Milan's Arbitral Tribunal has judged that the contracts over the sale of Italy's RCSheadquarters to Blackstone Group Incin 2013 were valid but found that the purchaser's behaviour may entitle the Italian publisher to compensatory damages, RCS said on Tuesday.The case centres on the ownership of RCS's historic headquarters in central Milan, which Blackstone bought from RCS for 120 million euros (107 million pounds).RCS, owner of newspaper Corriere della Sera, launched arbitration proceedings in M
  
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• Blackstone risks paying damages in dispute with Italy's RCS

  26-05-2020 20:58 via uk.finance.yahoo.com
  
  Milan's Arbitral Tribunal has judged that the contracts over the sale of Italy's RCSheadquarters to Blackstonein 2013 were valid but found that the purchaser's behaviour may entitle the Italian publisher to compensatory damages, RCS said on Tuesday.The case centres on the ownership of RCS' historic headquarters in central Milan, which Blackstone bought from RCS for 120 million euros (107 million pounds) in 2013.RCS, owner of influential daily Corriere della Sera, launched arbitration proceedings
  
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• YouTube automatically deletes comments criticising China's Communist Party

  26-05-2020 20:49 via uk.finance.yahoo.com
  
  YouTube has been quietly deleting phrases used to critique China's government, the video sharing site has admitted. The Google-owned company is investigating why it has been automatically removing slang words, written in Chinese characters, used to describe a cyber-based propaganda division of the Chinese Communist Party. A spokesman said: “This appears to be an error in our enforcement systems and we are investigating.” Palmer Luckey, co-founder of Oculus Rift, was among the first t
  
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• 'Rally of hope': Why the S&P soared back past 3,000

  26-05-2020 20:48 via uk.finance.yahoo.com
  
  Unthinkable just two months ago as the world economy shut down in response to the coronavirus pandemic, the U.S. stock benchmark S&P 500 index broke through the psychologically-important 3,000 level on Tuesday, capping a 37% stock rally since its March low.It has been fuelled by extraordinary interventions by the Federal Reserve and other central banks, a $2 trillion (1.6 trillion pounds) stimulus passed by Congress, and hopes that the rapid development of a vaccine will mean that the worst
  
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• Aston Martin underlines the tricky part of the Treasury’s rescue effort

  26-05-2020 20:40 via uk.finance.yahoo.com
  
  Aston Martin underlines the tricky part of the Treasury’s rescue effort. What should the government do about businesses too burdened with debt to be given a loan?
  
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• Aston Martin underlines the tricky part of the Treasury's business support efforts

  26-05-2020 20:40 via uk.finance.yahoo.com
  
  Aston Martin underlines the tricky part of the Treasury's business support efforts. The important thing is to ensure value for taxpayers, even if that means full-fat equity and a seat on the board
  
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• Reopening of shops will not end England’s woes

  26-05-2020 20:30
  Executives warn that sector will struggle to recover as return of shoppers announced
  
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• Reopening of shops in England will not end our woes, warn retailers

  26-05-2020 20:30
  Executives say that sector will struggle to recover as return of shoppers announced
  
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• Johnson struggles to draw a line under Cummings row

  26-05-2020 20:24
  PM set to face fresh questions about chief adviser’s actions during UK lockdown
  
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• Matt Hancock announces new anti-viral drug trial

  26-05-2020 20:23 via uk.finance.yahoo.com
  
  Health Secretary Matt Hancock has announced a new trial of an anti-viral drug, remdesivir, for selected NHS patients. The trial has heralded some "promising results" as early data suggests the drug can shorten recovery times by "around four days". .
  
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• Coronavirus: New York Stock Exchange trading floor reopens

  26-05-2020 20:18 via bbc.co.uk
  
  The resumption of floor trading comes after a two-month closure due to the coronavirus pandemic.
  
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• Reopening the high street will not guarantee a rebound

  26-05-2020 19:52 via uk.finance.yahoo.com
  
  Reopening the high street will not guarantee a reboundRecovery will depend on consumers’ personal finances and whether they feel safe
  
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• Facebook renames controversial cryptocurrency wallet to 'Novi'

  26-05-2020 19:51 via uk.finance.yahoo.com
  
  Facebook has once again made changes to its controversial Libra cryptocurrency project following widespread criticism.The technology giant announced a new name for the Calibra digital wallet, which is being developed to store and spend digital currencies.
  
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• Fund that called the last two crashes starts to short global stock markets

  26-05-2020 19:38 via uk.finance.yahoo.com
  
  The apostles of "value investing" have called the top of the Covid-19 equity rally. The closely watched GMO fund has been liquidating its holdings on US and European stock markets and buying hedges at a breakneck pace over recent days, warning clients that the explosive surge in prices since late March has decoupled from fundamentals and is becoming treacherous. “The huge reversal does not make any sense,” it said. The group’s main fund has turned outright short, taking large n
  
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• Apple to reopen about 100 U.S. stores, most with curbside pickup

  26-05-2020 19:31 via uk.finance.yahoo.com
  
  Apple shuttered stores worldwide as the novel coronavirus pandemic spread but has slowly opened them based on local health data.Under Apple's new procedures, stores with walk-in service will require customers and employees to undergo temperature checks and wear masks before entering.Apple will provide masks to customers who have none.
  
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• 'Illegal' £35m state aid for ferries faces legal challenge

  26-05-2020 19:30 via uk.finance.yahoo.com
  
  The Department for Transport (DfT) is facing court action for allegedly awarding an “illegal” £35 million state subsidy to ferry operators during the coronavirus crisis. CLdN, one of the biggest freight operators in Europe, is seeking a judicial review of Transport Secretary Grant Shapps’ decision to hand the £35 million to passenger operators Brittany Ferries, DFDS, Eurotunnel, P&O;, Seatruck and Stena. In legal letters sent on Tuesday to the Dft and seen by Th
  
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• As high streets reopen on 15 June, what will socially distanced shopping be like?

  26-05-2020 19:28 via uk.finance.yahoo.com
  
  Britain’s high streets will begin to get back to something like normality next month when non-essential retailers are allowed to open their doors again after almost three months in lockdown.That will come as some relief for businesses, many of which were already struggling before the coronavirus pandemic hit.
  
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• JPMorgan CEO: bank will again boost credit reserves in second quarter

  26-05-2020 19:26 via uk.finance.yahoo.com
  
  JPMorgan Chase & CoChief Executive Officer Jamie Dimon said on Tuesday that he expects the bank will boost its credit reserves again in the second quarter by an amount "roughly equivalent" to the $7 billion it added in the first quarter to protect the bank from a potential wave of loan defaults."Since CECL is very forward looking, I think that banks will have to put up a lot more credit reserves this quarter," Dimon said, referring a new accounting rule that requires banks to take provisions
  
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• Commerzbank to raise up to 3 billion euros of capital

  26-05-2020 19:17 via uk.finance.yahoo.com
  
  Commerzbankon Tuesday laid out plans that will allow the German bank to raise up to 3 billion euros (2.7 billion pounds) in capital.Commerzbank, the country's second biggest lender, said it would issue the securities, known additional tier 1 (AT1) bonds, gradually and make a decision on the timing of the first round at a later date.Bettina Orlopp, Commerzbank's finance chief, said the securities would allow the bank to "respond to the additional business opportunities that have arisen for us in
  
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• Health Secretary announces awarding of domestic PPE contracts

  26-05-2020 19:12 via uk.finance.yahoo.com
  
  Health secretary Matt Hancock has announced the awarding of new contracts to manufacture Personal Protective Equipment (PPE) - which will see two billion itemsdelivered to frontline workers and stockpiled for future outbreaks.
  
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• UK to stop new workers joining furlough scheme - FT

  26-05-2020 19:11 via uk.finance.yahoo.com
  
  Britain's government will soon stop new workers joining the 8 million who have already been put on temporary publicly funded leave by their employers, the Financial Times reported on Tuesday.Finance minister Rishi Sunak is due to announce later this week how much employers will need to contribute to the furlough scheme from August, and is also expected to set new rules on part-time working, which is currently not allowed.
  
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• Greggs to reopen 800 stores from mid-June

  26-05-2020 19:08 via uk.finance.yahoo.com
  
  Greggs to reopen 800 stores from mid-June. Menu has been slimmed-down, but includes the bakery chain’s popular vegan sausage roll
  
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• Boohoo shares slide after short-seller attack

  26-05-2020 18:52 via uk.finance.yahoo.com
  
  Boohoo came under attack on Tuesday from a British short-seller that claimed the online retailer had exaggerated its cash flow. Shares in the fast fashion firm fell by more than 12pc before mounting a partial recovery after short-seller ShadowFall revealed it had bet on a share price fall. The stock ended the day 6.8pc lower at 334.9p, valuing Boohoo at £4.1bn. ShadowFall claimed in a 53-page report that the AIM-listed firm had misrepresented its free cashflow this year by £32.2m, or
  
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• UK recession may not be as bad as feared, says Bank of England economist

  26-05-2020 18:47 via uk.finance.yahoo.com
  
  UK recession may not be as bad as feared, says Bank of England economistAndy Haldane says latest data is ‘a shade better’ than forecast but caution remains* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Nokia shuts plant in south India after 42 test positive for coronavirus

  26-05-2020 18:46 via uk.finance.yahoo.com
  
  Nokialast week suspended operations at a telecoms gear manufacturing plant in southern India, the company said on Tuesday, after some employees tested positive for COVID-19.Nokia did not disclose how many workers at the plant in Sriperumbudur in the southern state of Tamil Nadu tested positive, but a source familiar with the matter said they were at least 42.The factory had begun operations in a restricted manner over the past few weeks, Nokia said in a statement, after India eased the world's b
  
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• Warner Music Group eyes $13.2bn valuation

  26-05-2020 18:40 via bbc.co.uk
  
  The firm, owned by billionaire Len Blavatnik, is planning a flotation on the Nasdaq exchange.
  
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• Sunak mulls an end to self-employment and furlough schemes

  26-05-2020 18:38 via uk.finance.yahoo.com
  
  The fortunes of millions of workers are hanging in the balance as Rishi Sunak weighs up whether to axe a crucial self-employment support programme and separately prepares to block new furlough applications. A decision on whether to extend the self-employment income support scheme (SEISS) beyond May is expected to be made within days - and a sudden stop to the grant is still on the table, according to sources close to the discussions. Meanwhile the Treasury is reportedly preparing to stop accepti
  
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• Rishi Sunak to end new applications to UK furlough scheme

  26-05-2020 18:38
  Treasury eyes cut-off date after which no more employees will be allowed to join
  
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• Rishi Sunak set to announce ban on new entrants to UK furlough scheme

  26-05-2020 18:38
  Treasury eyes cut-off date after which no employees will be allowed to join
  
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• Coronavirus: UK signs contracts to make billions of PPE locally

  26-05-2020 18:32 via uk.finance.yahoo.com
  
  The UK government has signed contracts with firms to manufacture 2 billion items of personal protective equipment in the country.
  
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• Italy's Intesa approves $6.9 billion loan for FCA subject to state guarantee - source

  26-05-2020 18:21 via uk.finance.yahoo.com
  
  Italy's biggest retail bank Intesa Sanpaoloapproved on Tuesday a 6.3 billion euro (5.6 billion pounds) loan for Fiat Chrysler subject to the car maker securing a guarantee from the state, a source close to the matter said.The source said Intesa's board had approved the loan in consideration of the crucial role of the financing for the entire Italian automotive industry.The state guarantee which Fiat Chrysler (FCA) is requesting will cover 80% of the amount borrowed, the source added.
  
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• Intesa gives preliminary OK to 6.3 billion euro state-backed loan for FCA - source

  26-05-2020 18:21 via uk.finance.yahoo.com
  
  Italy's biggest retail bank Intesa Sanpaologave its preliminary approval to a state-backed 6.3 billion euro three-year loan for Fiat Chrysler'sItalian unit, a source close to the matter said on Tuesday.The loan will be effective when Fiat Chrysler (FCA) completes the approval process with Italy's export credit agency SACE, through which the state provides its guarantee on 80% of the amount, and obtains a final authorisation and conditions for the loan from the Treasury, the source said.FCA was n
  
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• Netherlands wants loans for EU recovery, Germany favours grants

  26-05-2020 18:19 via uk.finance.yahoo.com
  
  The Netherlands insists that the planned European Recovery Fund should hand out financial aid for virus-hit member states only as loans rather than grants that would not have to be paid back, Dutch Prime Minister Mark Rutte said on Tuesday.Laschet said he supported a 500 billion-euro euros (445.2 billion pounds) proposal put forward by German Chancellor Angela Merkel and French President Emmanuel Macron for the fund to hand out grants to European countries affected the most by the coronavirus pa
  
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• Austrian Airlines, government agree financing package - Kurier

  26-05-2020 18:14 via uk.finance.yahoo.com
  
  Austria's government and Lufthansa-owned carrier Austrian Airlineson Tuesday reached agreement on loans for the airline and to keep Vienna airport as a long-haul hub, a major step forward in the rescue negotiations, daily Kurier said.Austria's government agency in charge of administering the COVID-19 rescue fund, COFAG, and a banking consortium led by Erste Groupagreed on loans of 300 million euros over a period of six years, the newspaper said.Austrian Airlines (AUA) declined to comment.
  
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• Trump 'miffed' with China, trade deal now less important - adviser

  26-05-2020 18:12 via uk.finance.yahoo.com
  
  White House economic adviser Larry Kudlow said on Tuesday that President Donald Trump is so "miffed" with Beijing over the novel coronavirus and other matters that the U.S.-China trade deal is not as important to him as it once was.Speaking on Fox News Channel, Kudlow also called Beijing's actions in Hong Kong very disturbing.
  
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• Retail and leisure shares bounce as lockdown restrictions loosen

  26-05-2020 18:12 via uk.finance.yahoo.com
  
  London’s top flight closed 74.48 points higher at 6,067.76p at the end of trading on Tuesday.
  
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