Business news

• Pandemic pushes US into official recession

  08-06-2020 23:21 via bbc.co.uk
  
  Economists say America's economic expansion ended in February, but markets remain on the upswing.
  
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• Iraq is fully committed to the OPEC+ cut deal - oil minister

  08-06-2020 23:07 via uk.finance.yahoo.com
  
  Iraq's new oil minister Ihsan Abdul Jabbar affirmed in a phone call with Saudi energy minister Prince Abdulaziz bin Salman Iraq's full commitment to the OPEC+ production cut deal, the oil ministry said in a statement on Monday.OPEC, Russia and other producers agreed on Saturday to extend record output cuts of 9.7 million barrels per day into July, curbing global supply by almost 10% amid a steep slump in demand due to the coronavirus pandemic.Abdul Jabbar said his country is fully committed to c
  
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• UK and Japan aim for free trade deal this year as negotiations begin

  08-06-2020 23:04 via uk.finance.yahoo.com
  
  Britain will begin negotiating a post-Brexit trade agreement with Japan on Tuesday which the government said both sides hoped would enter into force by the end of this year.After decades outsourcing its trade policy to the European Union, Britain is embarking on negotiating free trade deals with countries around the world, and last month launched formal negotiations with the United States.Trade deals typically take years to complete.
  
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• Macy's raises $4.5 billion to shore up funds as stores reopen, shares surge

  08-06-2020 22:54 via uk.finance.yahoo.com
  
  "The high quality of our real estate portfolio positioned us well to execute this offering," Chief Executive Officer Jeff Gennette said in a statement.Gennette said the funding gives the retailer sufficient flexibility and liquidity to steer the business for the foreseeable future.
  
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• Trump open to another coronavirus relief package - White House

  08-06-2020 22:08 via uk.finance.yahoo.com
  
  U.S. President Donald Trump is open to another economic relief package in response to the coronavirus pandemic and remains in favor of a payroll tax holiday, White House spokeswoman Kayleigh McEnany said on Monday."There are several things he wants, a payroll tax holiday was one of them, because that directly advantages low-income workers," McEnany said at a media briefing.McEnany said new cases of coronavirus have stabilized and many are being identified through proactive monitoring and testing
  
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• U.S. Fed's Main Street lending facility likely to start with a whimper

  08-06-2020 21:59 via uk.finance.yahoo.com
  
  Two months into the economic crisis spurred by the novel coronavirus pandemic, some lobbyists, bankers and small business consultants say the loans may be too large to help many struggling businesses and some borrowers are worried about coming under public scrutiny.Paul Merski, an executive vice president at the Independent Community Bankers of America said up until Monday small banks had expressed "very limited interest" in the program but 11th-hour changes announced by the Fed on Monday would
  
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• Fed eases terms of Main Street loans, tells banks to start disbursing

  08-06-2020 21:59 via uk.finance.yahoo.com
  
  The U.S. Federal Reserve eased the terms of its "Main Street" lending program on Monday, lowering the minimum loan size from $500,000 (393,267.26 pounds) to $250,000 (196,633.63 pounds) and lengthening the term from four to five years to encourage more businesses and banks to participate.In an announcement, the central bank also encouraged lenders to start making the loans to small and medium-sized businesses "immediately" once they are registered with the Fed to participate in the program."Supp
  
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• Fed eases terms of Main Street loans, says registration will begin soon

  08-06-2020 21:59 via uk.finance.yahoo.com
  
  The U.S. Federal Reserve eased the terms of its "Main Street" lending program on Monday, cutting the minimum loan size in half to $250,000 and lengthening the term by a year to encourage more businesses and banks to participate.The central bank also said registration for the program will begin soon and that lenders will be able to start making the loans to small and medium-sized businesses shortly thereafter.The changes, which the Fed said was based on outreach with potential lenders and borrowe
  
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• Nasdaq hits record high as U.S. recession becomes official

  08-06-2020 21:48 via uk.finance.yahoo.com
  
  The Nasdaqwas up 0.8% in afternoon trade on Monday, and if it finishes at that level, it will have exceeded its previous record high close on Feb. 19, just before fears of the coronavirus ended its 11-year bull market.Wall Street for months has appeared to ignore grim economic readings as investors focus on trillions of dollars in government stimulus and bet that a recovery would be relatively quick.Underscoring that disconnect and confirming wide expectations, the private research group that ac
  
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• Majority of UK cabinet want to cut 2m social distancing

  08-06-2020 20:32
  Johnson sympathetic to calls for relaxation of rule to boost the economy
  
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• What on earth is the boss of AstraZeneca up to with his approach to Gilead?

  08-06-2020 20:26 via uk.finance.yahoo.com
  
  What on earth is the boss of AstraZeneca up to with his approach to Gilead?Pascal Soriot heroically defended the company against Pfizer, but now he needs to calm his investors
  
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• Jet2 delays restarting flights by two weeks until July 15

  08-06-2020 20:20 via uk.finance.yahoo.com
  
  Customers due to travel before that date will be contacted to rebook or request a refund.
  
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• US has officially entered first recession since 2009

  08-06-2020 20:16 via uk.finance.yahoo.com
  
  US has officially entered first recession since 2009National Bureau of Economic Research says economic growth in the US peaked in February and has since entered its first downturn since 2007 to 2009
  
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• Exclusive: Mexico's WTO nominee says trade body has 'lost track,' pitches reforms

  08-06-2020 19:46 via uk.finance.yahoo.com
  
  Mexico's candidate to lead the World Trade Organization says the group's rules no longer reflect the complexities of modern manufacturing and trade, proposing reforms that could include changing how members are classified as developing nations.Jesus Seade, a veteran trade official, helped found the Geneva-based WTO in the early 1990s and more recently led his government's negotiating team to agree a new North American trade deal due to take effect in July.Seade was announced on Monday as the cou
  
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• RV stocks: revving up

  08-06-2020 19:43
  If coronavirus changes the way people travel, the motorhome industry could reap permanent gains
  
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• Anti-buyout law would hit UK recovery, say business groups

  08-06-2020 19:35 via uk.finance.yahoo.com
  
  Anti-buyout law would hit UK recovery, say business groupsPlan for tough rules on foreign takeovers comes as UK clashes with China on Hong Kong * Coronavirus – latest updates* See all our coronavirus coverage
  
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• When Trump boasted about falling unemployment, he was jumping at shadows

  08-06-2020 19:30 via uk.finance.yahoo.com
  
  When Trump boasted about falling unemployment, he was jumping at shadowsAt a time of wild falls and then rises we have to keep our heads and look at the broader picture, in the US and here
  
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• European steel industry calls on EU to cut import quotas

  08-06-2020 19:21 via uk.finance.yahoo.com
  
  European steel producers on Monday urged the European Union to slash import quotas, warning a potential flood of shipments threatened an industry already hard hit by the COVID-19 pandemic.In a statement, producers criticised recent proposed adjustments to safeguard measures the EU put in place in 2018."The European steel industry’s survival is at further, serious risk because the (European) Commission’s steel safeguard review proposal does not consider the sharp collapse in demand,"
  
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• South Korean court denies arrest warrant request for Samsung heir

  08-06-2020 19:19 via uk.finance.yahoo.com
  
  A South Korean court on Tuesday denied an arrest warrant request for Samsung Group heir Jay Y. Lee after prosecutors accused him of accounting fraud and stock manipulation.Prosecutors last week asked the court to issue an arrest warrant against Lee, capping a probe into a 2015 merger of two Samsung affiliates that they said helped facilitate Lee's plan to assume greater control of the group.Lee is vice chairman of Samsung Electronics , the world's top maker of smartphones and memory chips.
  
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• EU banks shouldn't pay dividends this year, watchdog says

  08-06-2020 19:06 via uk.finance.yahoo.com
  
  Banks in the European Union shouldn't be allowed to pay dividends, bonuses, or buy back shares at least until the end of this year, the European Systemic Risk Board (ESRB) said on Monday.The ESRB's recommendation, if followed, would extend a euro zone ban on such payouts by three months, or potentially longer, to help banks build up a buffer and withstand the worst economic slump in living memory."Over the past two months, the depth and length of the crisis have become clear," the ESRB, which is
  
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• Barclays case drags banking lobby boss into Amanda Staveley sexism row

  08-06-2020 18:55 via uk.finance.yahoo.com
  
  The boss of banking trade body UK Finance faces being dragged into a sexism row after he was accused in a blockbuster court case of making "deeply unpleasant personal comments" about financier Amanda Staveley. Stephen Jones is alleged to have made the remarks in an explosive email to a colleague while working as a senior banker at Barclays during the financial crisis. Ms Staveley is suing the bank for £1.6bn over claims her firm PCP Capital Partners and the Abu Dhabi investors who it repre
  
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• Banking lobby boss in Amanda Staveley sexism row as Barclays court case begins

  08-06-2020 18:55 via uk.finance.yahoo.com
  
  The boss of banking trade body UK Finance faces being dragged into a sexism row after he was accused in a blockbuster court case of making "deeply unpleasant personal comments" about financier Amanda Staveley. Stephen Jones is alleged to have made the remarks in an explosive email to a colleague while working as a senior banker at Barclays during the financial crisis. Ms Staveley is suing the bank for £1.6bn over claims her firm PCP Capital Partners and the Abu Dhabi investors who it repre
  
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• Amanda Staveley in sexism row as Barclays court case opens

  08-06-2020 18:55 via uk.finance.yahoo.com
  
  The boss of banking trade body UK Finance faces being dragged into a sexism row after he was accused in a blockbuster court case of making "deeply unpleasant personal comments" about financier Amanda Staveley. Stephen Jones is alleged to have made the remarks in an explosive email to a colleague while working as a senior banker at Barclays during the financial crisis. Ms Staveley is suing the bank for £1.6bn over claims her firm PCP Capital Partners and the Abu Dhabi investors who it repre
  
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• Volkswagen replaces Herbert Diess as CEO of the VW brand

  08-06-2020 18:50 via uk.finance.yahoo.com
  
  Volkswagenon Monday replaced Herbert Diess as chief executive of the VW brand and installed chief operating officer Ralf Brandstaetter to lead cost cutting efforts at the company's largest plants in Germany.Volkswagen said Brandstaetter would take over on July 1 to give Diess, who remains group chief executive, more leeway to run the rest of the company which includes brands such as Audi, Bentley, Skoda, Lamborghini and Porsche.Volkswagen said Diess retained overall responsibility for Volkswagen
  
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• BoE sees no need to act after EU bank dividend advice

  08-06-2020 18:40 via uk.finance.yahoo.com
  
  The Bank of England said it saw no need for it to take further action on financial institutions' dividends, after the European Union's European Systemic Risk Board recommended restraint on payouts to shareholders on Monday."The Bank and the Prudential Regulation Authority have previously announced a number of measures to ensure the resilience of the financial system and financial market infrastructures," the BoEsaid.
  
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• Use your money to support racial equality, says head of Impact X

  08-06-2020 18:27 via uk.finance.yahoo.com
  
  Use your money to support racial equality, says head of Impact X. Boss of venture capital fund urges investors to embrace the power of targeted spending
  
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• BP to cut 10,000 jobs as virus hits demand for oil

  08-06-2020 18:25 via bbc.co.uk
  
  The oil giant plans to slash around 15% of its workforce in response coronavirus crisis.
  
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• Google Maps to alert users about COVID-19-related travel restrictions

  08-06-2020 18:20 via uk.finance.yahoo.com
  
  The update would allow users to check how crowded a train station might be at a particular time, or if buses on a certain route are running on a limited schedule, Google said.The new features would also include details on COVID-19 checkpoints and restrictions on crossing national borders, starting with Canada, Mexico and the United States.In recent months, the company has analyzed location data from billions of Google users' phones in 131 countries to examine mobility under lockdowns and help he
  
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• FTSE 100 dips as sentiment cools on US-China trade tensions

  08-06-2020 18:19 via uk.finance.yahoo.com
  
  London’s top flight closed 11.71 points lower at 6,472.59p at the end of trading on Monday.
  
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• Market report: Drugs giant takes a turn for the worse

  08-06-2020 18:14 via uk.finance.yahoo.com
  
  Analysts poured cold water on reports of a potential tie-up between AstraZeneca and fellow drug maker Gilead Sciences on Monday, as a merger between the groups began to look increasingly unlikely. Bloomberg News ignited speculation over a £216bn pharma mega-merger at the weekend, after reporting Astra made a preliminary approach to its US peer last month. But industry sources were quick to reduce enthusiasm on hopes of a deal, and Astra made no regulatory response to the report. Shares in
  
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• World Bank warns Covid-19 pandemic risks dramatic rise in poverty

  08-06-2020 18:12 via uk.finance.yahoo.com
  
  World Bank warns Covid-19 pandemic risks dramatic rise in poverty. As many as 90% of the 183 economies are expected to suffer from falling levels of GDP in 2020
  
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• EU lawmakers vote on 'quick fix' bank capital relief

  08-06-2020 18:11 via uk.finance.yahoo.com
  
  A panel of European Parliament members are set to back "quick fix" proposals on Monday to temporarily help banks step up the flow of credit to households and companies hit by the coronavirus pandemic.The following measures have been agreed in cross-party compromises that parliament's economic affairs committee will vote by email on Monday, with the result announced on Tuesday.Banks have to calculate provisions for loans expected to turn sour, but they would not have to reflect the losses with ca
  
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• I think this is the best UK pub stock to buy today

  08-06-2020 18:09 via uk.finance.yahoo.com
  
  Pubs are set to open soon but won't be full for months. I think Young's is the best pub stock to buy right now because it is not planning to rush its reopening.The post I think this is the best UK pub stock to buy today appeared first on The Motley Fool UK.
  
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• Comment: why most pubs won't be reopening for thirsty beer lovers on June 22.

  08-06-2020 18:09 via uk.finance.yahoo.com
  
  FEW aspects of lockdown London are harder to bear than the sight of an empty beer garden on a sunny Sunday afternoon.The mouth dries like sandpaper as you peer forlornly through the blackened pub windows. The tongue withers at the root.
  
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• Madeline McCann's suspected abductor told co-workers 'the child is dead'

  08-06-2020 18:01 via ibtimes.co.uk
  
  Christian Brückner is under investigation for four murders including that of Madeline McCann.
  
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• New energy task force needed to deal with BP redundancies, says Labour MSP

  08-06-2020 17:51 via uk.finance.yahoo.com
  
  The Scottish Government is being urged to reconvene the group after the energy giant revealed it is cutting 10,000 jobs worldwide.
  
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• Black and ethnic minority workers hit hardest by coronavirus job losses

  08-06-2020 17:51 via uk.finance.yahoo.com
  
  BAME workers in the UK have been hit comparatively harder by job losses during the coronavirus crisis, says a study.
  
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• Border Force union brands UK quarantine policy ‘shambolic’

  08-06-2020 17:49
  Immigration services body says members have not had time to prepare for new rules
  
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• Need a new share for your ISA? This FTSE 100 titan pays out 9% a year in cash!

  08-06-2020 17:38 via uk.finance.yahoo.com
  
  This FTSE 100 firm survived a near-death experience in 2011, bounced back, and will keep pumping out cash to shareholders.The post Need a new share for your ISA? This FTSE 100 titan pays out 9% a year in cash! appeared first on The Motley Fool UK.
  
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• Child gambling concerns around loot boxes to be subject of consultation

  08-06-2020 17:32 via uk.finance.yahoo.com
  
  The Department for Digital, Culture, Media and Sport will launch a consultation on whether loot boxes expose children to gambling behaviours.
  
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• European corporate default rate to spike - S&P Global

  08-06-2020 17:21 via uk.finance.yahoo.com
  
  Europe's speculative-grade corporate default rate is expected to more than treble to 8.5% by next March rating S&P Global said on Monday, though in a more pessimistic scenario it could leap as far as 11.5%.A more optimistic 3.5% default rate would see 25 defaults, whereas the pessimistic 11.5% outcome would see 84 defaults.
  
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• Coronavirus 'to plunge almost every nation into recession'

  08-06-2020 17:16 via uk.finance.yahoo.com
  
  More than 90pc of the world’s economies have been plunged into recession as the coronavirus pandemic inflicts carnage on a greater scale than anything suffered even in the Great Depression. Economic destruction will be more widespread this year than any on record, according to the World Bank, which studied recessions dating back 150 years. It expects global GDP to fall by 5.2pc this year - the biggest drop since the Second World War and a collapse almost three times as steep as that suffer
  
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• World Bank says coronavirus to shrink 2020 global output by 5.2%

  08-06-2020 17:15 via uk.finance.yahoo.com
  
  The coronavirus will cause global economic output to contract by 5.2% in 2020, the World Bank said on Monday, warning that its latest forecasts would be revised downward if uncertainty over the pandemic and business lockdowns persist for longer periods.In its latest Global Economic Prospects report, the World Bank said that advanced economies are expected to shrink 7.0% in 2020, while emerging market economies will contract 2.5%, their first since aggregate data became available in 1960.
  
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• Comment: BP should bite the bullet and cut the dividend as well as workers' jobs

  08-06-2020 17:12 via uk.finance.yahoo.com
  
  All the rationale behind BP’s announcement of 10,000 job cuts today makes sense.The company is losing millions of dollars a day due to the low oil price. It racked up $6 billion of debt in the first quarter alone. Capital expenditure is going to have to be slashed by a quarter this year.
  
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• Wall Street recovers its losses since the start of the year

  08-06-2020 17:11 via uk.finance.yahoo.com
  
  America's stock market has clawed back nearly all its losses since the start of the year as traders shrug off 120,000 US coronavirus deaths, tens of millions of job losses and the worst recession for more than a century. The benchmark S&P; index extended its gains to touch 3,211 points a few minutes after the open on Monday. On January 2nd, the first day of trading in 2020, it opened at 3,244 – less than a percentage point higher. The milestone is tribute to a seemingly unquenchable ra
  
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• Wall Street continues impressive rebound

  08-06-2020 17:11 via uk.finance.yahoo.com
  
  America's stock market has clawed back nearly all its losses since the start of the year as traders shrug off 120,000 US coronavirus deaths, tens of millions of job losses and the worst recession for more than a century. The benchmark S&P; index extended its gains to touch 3,211 points a few minutes after the open on Monday. On January 2nd, the first day of trading in 2020, it opened at 3,244 – less than a percentage point higher. The milestone is tribute to a seemingly unquenchable ra
  
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• Wall Street claws back the year’s losses despite US recession

  08-06-2020 17:11 via uk.finance.yahoo.com
  
  Wall Street has clawed back all of its 2020 losses despite the US economy being officially declared in recession. The longest economic expansion in US history ended in February as Covid-19 started to wreak havoc, according to the National Bureau of Economic Research. America’s official arbiter of recessions said the pandemic had triggered a downturn of “unprecedented magnitude” with a “broad reach” across the economy. The expansion started in June 2009 and lasted a
  
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• Wall Street almost wipes out 2020 losses

  08-06-2020 17:11 via uk.finance.yahoo.com
  
  Wall Street has clawed back nearly all its losses since the start of the year as traders shrug off 120,000 US coronavirus deaths, tens of millions of job losses and the worst recession for more than a century. The S&P; index extended its gains to touch 3,211 points a few minutes after opening on Monday. It began the year at 3,244 – less than 1 percentage point higher. The milestone is tribute to a seemingly unquenchable rally on US stock markets, which have rebounded from historic drop
  
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• US in a recession - but Wall Street keeps climbing

  08-06-2020 17:11 via uk.finance.yahoo.com
  
  Wall Street came within a whisker of clawing back all of its 2020 losses despite the US economy being officially declared in recession. The longest economic expansion in US history ended in February as Covid-19 started to wreak havoc in the world’s largest economy, according to the National Bureau of Economic Research. America's official arbiter of recessions said the pandemic had triggered a downturn of “unprecedented magnitude” with a “broad reach” across the enti
  
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• £2k to invest today? I’d buy these 2 FTSE 100 growth stocks in an ISA to retire in comfort

  08-06-2020 17:10 via uk.finance.yahoo.com
  
  Peter Stephens thinks these two FTSE 100 (INDEXFTSE:UKX) shares could offer long-term growth potential after their recent gains.The post £2k to invest today? I’d buy these 2 FTSE 100 growth stocks in an ISA to retire in comfort appeared first on The Motley Fool UK.
  
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