Finance news

• UPDATE 1-Chicago school system delays budget, seeks $1.13 bln of notes

  22-06-2015 23:49
  CHICAGO, June 22 (Reuters) - The lack of a final Illinois budget is delaying a fiscal 2016 spending plan for the Chicago Public Schools (CPS), a spokesman for the district said on Monday.
  
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• Nigeria treasury 'virtually empty' says angry Buhari

  22-06-2015 23:20 via news.yahoo.com
  
  Nigeria's President Muhammadu Buhari on Monday slammed the state of the country's finances, claiming his predecessor had left Africa's biggest economy deep in debt and the treasury "virtually empty". There are high expectations that Buhari, who defeated Goodluck Jonathan in March elections, will turn around Nigeria's fortunes, with the country riddled with corruption and the crude-dependent economy reeling from global oil shocks. The former military ruler, whose 20-
  
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• GLOBAL MARKETS-Stocks rise on hopes over Greek deal, bonds fall

  22-06-2015 23:15
  * Gold drops, oil ends up (New throughout, updates prices and market activity to U.S. market close)
  
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• Judge to retire from Delaware's key corporate court

  22-06-2015 23:13
  June 22 (Reuters) - One of the most important venues in the United States for corporate disputes, Delaware's Court of Chancery, is losing one of its five judges after Donald Parsons said on Monday he...
  
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• Chicago school system delays budget, seeks $1.13 bln of notes

  22-06-2015 23:10
  CHICAGO, June 22 (Reuters) - The lack of a final Illinois budget is delaying a fiscal 2016 spending plan for the Chicago Public Schools (CPS), a spokesman for the district said on Monday.
  
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• U.S. Treasury's Lew tells IMF's Lagarde a Greek deal needed quickly

  22-06-2015 23:09 via news.yahoo.com
  
  WASHINGTON (Reuters) - U.S. Treasury Secretary Jack Lew told International Monetary Fund chief Christine Lagarde on Monday that all sides in the Greek debt talks need to come to "rapid agreement" on deal that would reform the Greek economy while providing its government with financing, a Treasury official said.
  
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• IMF to meet with Ukraine, creditor group next week

  22-06-2015 23:04
  WASHINGTON, June 22 (Reuters) - The International Monetary Fund will meet with Ukrainian officials and a committee of Kiev's bondholders next week in Washington, the IMF said in a statement on...
  
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• CANADA FX DEBT-C$ gives up Greece-led gains as greenback firms

  22-06-2015 23:03
  (Updates with details, commentary, closing figures) * Canadian dollar at C$1.2326 or 81.13 U.S. cents * Bond prices mixed across the maturity curve By Solarina Ho TORONTO, June 22 (Reuters) - The...
  
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• CEO Pay Below 2000 Peak – but Still 300 Times the Average Worker

  22-06-2015 22:41 via news.yahoo.com
  
  The CEOs of the 350 largest publicly traded companies in America now make about 20 percent less on average than they did in 2000 -- but they still earn three times more than they did just 20 years ago, and more than 10 times as much as they did 30 years ago, according to a new report from the left-leaning Economic Policy Institute. Since 1978, inflation-adjusted CEO compensation has risen by nearly 1,000 percent — almost double the stock market’s gains over that period, and about 100 times t
  
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• Nasdaq closes at new record high

  22-06-2015 22:35 via news.yahoo.com
  
  New York (AFP) - The Nasdaq plowed to a fresh record Monday as US stock markets followed European equity markets higher on increased optimism for a deal that could avert a Greek default.
  
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• Green Dot renews agreement stay as Wal-Mart's MoneyCard issuer

  22-06-2015 22:35
  June 22 (Reuters) - Green Dot Corp, a U.S. issuer of prepaid MasterCard and Visa cards, said it renewed an agreement which would keep it as the issuing bank for Wal-Mart Stores Inc's prepaid...
  
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• Wall Street rises on Greece optimism, Nasdaq ends at record

  22-06-2015 22:25 via news.yahoo.com
  
  Equities have been largely driven by the situation in Greece of late, with investors concerned that if the country defaults on its loans, it may have to leave the euro or the European Union, potentially shaking the region's economic foundations. Greece needs fresh funds to avoid defaulting on a $1.8 billion debt repayment to the International Monetary Fund on June 30. The S&P energy index rose 1 percent as the top-performing sector of the day after Energy Transfer Equity LP confirmed it
  
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• French government hardens stance on Altice's bid for Bouygues Telecom

  22-06-2015 22:13 via news.yahoo.com
  
  By Leila Abboud and Leigh Thomas PARIS (Reuters) - European telecoms group Altice's bid for Bouygues Telecom risks creating a French operator that is "too big to fail" and that could threaten jobs, France's economy minister said on Monday, hardening his government's opposition. Patrick Drahi, the billionaire backer of Altice, the majority owner of France's second-biggest telecom operator Numericable-SFR , wants to buy smaller rival Bouygues Telecom as part of a deal
  
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• Wall Street up on Greece hopes; Nasdaq hits record

  22-06-2015 22:03 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks closed higher on Monday, with the Nasdaq ending at a record, as hopes grew that a deal would be reached in Europe that would prevent Greece from defaulting on loans.
  
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• ECB's Draghi assured banks safe as long as Greece is in programme-source

  22-06-2015 21:49
  BRUSSELS, June 22 (Reuters) - European Central Bank President Mario Draghi told Prime Minister Alexis Tsipras that Greece's stricken banking system would remain protected so long as the country stuck...
  
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• U.S. Fed to offer at least $200 bln term RRPs

  22-06-2015 21:45
  NEW YORK, June 22 (Reuters) - The U.S. Federal Reserve will offer at least $200 billion in longer-term, fixed-rate reverse repurchase agreements in the coming days to examine how they operate at each...
  
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• Hedge fund Citadel plans new stock picking business

  22-06-2015 21:04
  BOSTON (Reuters) - Citadel LLC, one of the world's largest hedge funds, is planning to launch a new equities business based on the West Coast that will be run by a former top executive who is...
  
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• Greece offers new plan to avert default, creditors see some hope

  22-06-2015 21:01 via news.yahoo.com
  
  By Renee Maltezou and Jan Strupczewski BRUSSELS (Reuters) - Greece took a step back from the abyss on Monday when it presented new reform proposals that euro zone finance ministers cautiously welcomed as a possible basis for an agreement in the coming days to avert a looming default. European stock markets and Greek assets leapt on hopes of a last-minute deal to ease a crisis that is threatening to drive Greece out of the euro and undermine the foundations of the European Union's single cur
  
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• Venezuela to hold parliamentary election on December 6

  22-06-2015 20:53 via news.yahoo.com
  
  By Alexandra Ulmer CARACAS (Reuters) - Venezuela's parliamentary election will be held on Dec. 6, authorities announced on Monday, ending lengthy speculation over the date for a vote that surveys showed was likely to punish the ruling socialists. President Nicolas Maduro's ruling Socialist Party currently enjoys a majority in the 167-seat National Assembly, but an economic crisis including widespread shortages and roaring inflation has hurt the government's popularity. Pressure ha
  
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• SEC launches compliance review to protect retiree investors

  22-06-2015 20:51
  
  WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission on Monday launched a program to ensure brokerages and advisers are offering reasonable investment advice and disclosing conflicts to...
  
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• JPMorgan banker Jimmy Lee mourned by Wall Street notables at memorial

  22-06-2015 20:41 via news.yahoo.com
  
  When JPMorgan Chase Chief Executive Officer Jamie Dimon had cancer last year, banker Jimmy Lee came to his office every day to give him a hug and tell him that he loved him like a brother. Dimon choked up as he recounted his conversations with Lee at a memorial service on Monday. Lee, a vice chairman in investment banking at JPMorgan, died unexpectedly on Wednesday morning after working out on a treadmill and growing short of breath.
  
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• Most Americans Wouldn’t Vote for a Socialist President

  22-06-2015 20:30 via news.yahoo.com
  
  Americans by overwhelming numbers say they would vote for a qualified presidential candidate nominated by their party who is Catholic, a woman, black, Hispanic or Jewish. With his ringing anti-Wall Street populist message, Sanders is tapping into the Democratic Party’s progressive wing – including some who had hoped at one time that Sen. Elizabeth Warren (D-MA) might change her mind and enter the race.  However, the former University of Chicago student radical and self-described democratic
  
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• Europe cautiously optimistic of Greek debt deal this week

  22-06-2015 20:22 via news.yahoo.com
  
  BRUSSELS (AP) — Greece has finally offered economic reforms that creditors consider potentially acceptable, giving Prime Minister Alexis Tsipras a couple days to turn a spirit of goodwill into a deal that might keep the country from a painful exit from the euro currency.
  
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• Martha Stewart Living to sell itself in $353 mln deal

  22-06-2015 20:00 via news.yahoo.com
  
  Homemaking maven Martha Stewart's media and merchandising firm Martha Stewart Living Omnimedia Inc is selling itself in a $353 million cash-and-stock deal to Sequential Brands Group Inc. New York-based Sequential Brands, which buys and licenses out brands, owns Justin Timberlake's William Rast clothing brand among others. Sequential's $6.15 per share offer represents a premium of 21 percent to Martha Stewart Living's closing on June 17, a day before the Wall Street Journal first reported the dea
  
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• Altice's Bouygues bid could create 'too big to fail' telco: Macron

  22-06-2015 19:51 via news.yahoo.com
  
  European telecoms group Altice's bid for Bouygues Telecom risks creating a French operator "too big to fail" that could threaten jobs, French Economy Minister Emmanuel Macron said on Monday, renewing opposition to the multi-billion-euro deal. Macron told journalists he was not opposed to France having three telecoms operators rather than the current four, but he doubted whether the Altice deal would be good for consumers, jobs and investment in the sector given the company's history of using hug
  
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• Kazakhstan hails completion of 'historic' WTO accession talks

  22-06-2015 19:48 via news.yahoo.com
  
  Kazakhstan's president on Monday hailed the "new horizons" opening up to his country after the former Soviet state completed nearly two decades of talks on joining the World Trade Organisation. The energy-rich nation of 17 million people began accession talks in 1996 but the negotiations were complicated by its membership of the Russian-led Eurasian Economic Union which also includes Armenia and Belarus. President Nursultan Nazarbayev hailed the completion of talks, saying his gov
  
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• Venezuela to hold parliamentary election on Dec. 6

  22-06-2015 19:36 via news.yahoo.com
  
  CARACAS (Reuters) - Venezuela's parliamentary election will be held on Dec. 6, the National Electoral Council announced on Monday, ending lengthy speculation over the date for a vote that polls show is likely to punish the ruling socialists. President Nicolas Maduro's ruling Socialist Party currently enjoys a majority in the National Assembly, but an economic crisis including widespread shortages and roaring inflation has hurt the government's popularity. (Writing by Alexandra Ulmer; Editing by
  
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• Wall Street up on Greece hopes, M&A chatter

  22-06-2015 19:10 via news.yahoo.com
  
  The Nasdaq Composite index rose to a record 5,159.36 points, while the S&P 500 came just five points shy of its all-time high. Healthcare stocks led the gain, with the index rising 0.88 percent on the back on deal activity in the sector. Athens needs fresh funds to avoid defaulting on a $1.8 billion debt repayment to the International Monetary Fund on June 30, and a possible exit from the euro zone.
  
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• Russia to prolong Western food embargo: government

  22-06-2015 19:05 via news.yahoo.com
  
  Prime Minister Dmitry Medvedev tasked one of his deputies with helping put together a formal appeal to President Vladimir Putin to prolong Russian sanctions against the West. In comments released by the government, Medvedev said he would formally ask Putin to extend the embargo on Western food imports as well as sanctions targeting certain foreign trade transactions. EU foreign ministers formally agreed Monday to prolong damaging economic sanctions against Russia until January 2016, to ensure it
  
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• First-time buyers lift U.S. home sales to 5-1/2-year high

  22-06-2015 19:00 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. home resales surged to a 5-1/2-year high in May as first-time buyers stepped into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter. The strengthening economic outlook likely keeps the Federal Reserve on course to raise interest rates later this year. The National Association of Realtors said on Monday existing home sales increased 5.1 percent to an annual rate of 5.35 million unit
  
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• European stocks surge on hope of Greece deal this week

  22-06-2015 18:35 via news.yahoo.com
  
  European stock markets surged Monday on hope that Greece would seal a deal with its EU-IMF creditors this week to save the country from default and a possible euro exit. Eurogroup head Jeroen Dijsselbloem sounded an optimistic note following a meeting of eurozone finance ministers in Brussels to review new reform proposals by Greece. Athens' plans are a "welcome step" and "an opportunity to get that deal later this week and that is what we will work for," Dijsselbloem to
  
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• EU's Juncker says Greece debt deal 'not yet there'

  22-06-2015 18:20 via news.yahoo.com
  
  European Commission head Jean-Claude Juncker warned on Monday that a deal with Greece to unlock vital cash and save Athens from default was "not yet there", just hours before a crunch debt crisis summit. "Progress was made over the past days but we are not yet there," Juncker said as he greeted Greek Prime Minister Alexis Tsipras at EU headquarters in Brussels. The left-wing Greek premier insists that while Athens is ready to compromise, he will not accept fresh aid if it is
  
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• Greece proposals broadly accepted by creditors: economy minister

  22-06-2015 17:56 via news.yahoo.com
  
  Economy Minister Giorgos Stathakis said Monday that Greece's international creditors had accepted the framework of new reforms proposed by Athens to try to reach a deal to save the country from default. Stathakis told the BBC that he expected a "very positive communique" from a summit of eurozone leaders on Monday in response to the new proposals, which included new taxes on businesses and the wealthy. "They have accepted that the new proposals of the Greek government is a pr
  
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• EU extends sanctions against Russia by 6 months

  22-06-2015 17:53 via news.yahoo.com
  
  LUXEMBOURG (AP) — The European Union on Monday extended economic sanctions against Russia until January to keep pressure on Moscow over the conflict in eastern Ukraine, drawing a rebuke and a warning of retaliation from Russian officials.
  
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• UK's FTSE sees biggest gain since May on Greek deal hopes, bid spec

  22-06-2015 17:45
  * Thorntons surges after bid from Ferrero (Adds closing prices, milestone)
  
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• Wal-Mart Still Doesn’t Get It

  22-06-2015 17:37 via news.yahoo.com
  
  On the front page of The Wall Street Journal’s Business and Tech section, June 19th, was an article, “Welcome Back, Wal-Mart Greeters” subtitled, “To deter theft, and improve its customer service, the chain is bringing back a Sam Walton invention.” Greeters are returning not only to say welcome with a smile, but also to act […]
  
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• BRIEF-Creditors extend liquidation period for shares in Centrotherm Photovoltaics held by Sol Futura

  22-06-2015 17:35
  * Creditors extend liquidation period for Centrotherm
  Photovoltaics AG shares held by Sol Futura and the repayment
  period for deferred insolvency liabilitiesSource text for Eikon:
  
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• US open: Stocks rally on Greece optimism, as Nasdaq Composite notches new high

  22-06-2015 17:33 via news.yahoo.com
  
  US stocks rallied early on Monday, as the Nasdaq Composite reached a new record in the wake of reports suggesting Greece and its creditors might be reaching a reform deal.
  
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• Athens stock exchange closes up 9% on hopes of bailout deal

  22-06-2015 16:48 via news.yahoo.com
  
  Athens (AFP) - Greece's main stock exchange rocketed nine percent at the close Monday on optimism that the country was near a deal with its creditors to release vital bailout funds.
  
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• U.S. home sales at 5-1/2-year high on first-time buyers

  22-06-2015 16:48 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. home resales surged to a 5-1/2-year high in May as first-time buyers stepped into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter. The National Association of Realtors said on Monday existing home sales increased 5.1 percent to an annual rate of 5.35 million units, the highest level since November 2009. "It suggests that the U.S. housing market recovery is back on track afte
  
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• European stocks surge on hope of Greece deal

  22-06-2015 16:22 via news.yahoo.com
  
  European stock markets surged Monday on hope that Greece was closer to ending a five-month standoff with its EU-IMF creditors over a deal to save the country from default and a possible euro exit. Eurogroup head Jeroen Dijsselbloem sounded an optimistic note following a meeting of eurozone finance ministers in Brussels to review new reform proposals by Greece. Meanwhile the leaders of the 19 countries in the euro area are set to hold an emergency summit on Greece later Monday in Brussels.
  
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• Defaulting on federal student loans is stupid, not brave

  22-06-2015 16:16
  
  LOS ANGELES (Reuters) - Today's college graduates need to get the message that defaulting on federal student loans is not just stupid, it is unnecessary.
  
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• US home sales jump in May, average prices close to 2006 peak

  22-06-2015 16:13 via news.yahoo.com
  
  WASHINGTON (AP) — More Americans bought homes in May, a sign of economic strength that is pushing up average prices.
  
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• Russia to extend ban on Western food imports until early 2016

  22-06-2015 16:07 via news.yahoo.com
  
  Russia plans to extend a ban on Western food imports for six months starting from early August and may add new products to the list, in retaliation to extended European sanctions against Moscow, officials said on Monday. European Union foreign ministers extended economic sanctions against Russia until Jan. 31 on Monday, keeping up pressure on Moscow to help resolve the Ukraine conflict. "Taking into account that the European Union has extended sanctions against the Russian Federation for half a
  
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• Wall Street opens higher on Greek deal hopes

  22-06-2015 16:07 via news.yahoo.com
  
  Nasdaq touched a high of 5,156.98, surpassing the previous high of 5,143.32 it had set last week. Eurogroup chairman Jeroen Dijsselbloem said proposals from Greece were positive and could be the basis of an agreement later this week. EU Economic Commissioner Pierre Moscovici earlier said he was "convinced" that euro zone leaders who held an emergency meeting in Brussels would find a way out of the Greek crisis.
  
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• Euro zone welcomes new Greek debt proposals, more work to do

  22-06-2015 16:05 via news.yahoo.com
  
  * Greek stock market surges 7 percent on hopes of deal * Greek concessions prompt talk of "forceps delivery" * Euro zone summit to discuss Greece at 1700 GMT * ECB increases emergency liquidity for Greek banks By Renee Maltezou and Jan Strupczewski BRUSSELS, June 22 (Reuters) - Euro zone finance ministers welcomed new Greek proposals for a cash-for-reform deal on Monday but said they required detailed study and it would take several days to determine whether they can lead to an agreement to aver
  
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• US STOCKS-Wall Street opens higher on Greek deal hopes

  22-06-2015 16:04 via news.yahoo.com
  
  Wall Street opened higher on Monday, with the Nasdaq Composite index hitting a new record high, after optimism grew that Greece may be able to strike a last-minute deal with its international creditors to avert a default. Nasdaq touched a high of 5,156.98, surpassing the previous high of 5,143.32 it had set last week. EU Economic Commissioner Pierre Moscovici earlier said he was "convinced" that euro zone leaders who held an emergency meeting in Brussels would find a way out of the Greek crisis.
  
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• U.S. existing home sales jump to 5-1/2-year high

  22-06-2015 16:01 via news.yahoo.com
  
  WASHINGTON (Reuters) - U.S. home resales surged to a 5-1/2-year high in May as first-time buyers piled into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter.
  
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• High court won't hear Ford appeal of tax overpayment

  22-06-2015 15:46 via news.yahoo.com
  
  WASHINGTON (AP) — The Supreme Court won't hear an appeal from Ford Motor Co. seeking to recover about $450 million in interest on taxes the company overpaid the Internal Revenue Service.
  
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• Wall St. opens higher following euro zone meeting

  22-06-2015 15:44 via news.yahoo.com
  
  (Reuters) - Wall Street opened higher on Monday after euro zone finance ministers concluded a meeting in Brussels and said they would meet again to find a way out of the Greek debt crisis.
  
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