The list of seven is finally ready. On Friday, the G20 meeting in Washington, have managed to agree on the seven countries whose impact on global economic imbalances are greatest. They are members of the old G5 70s: the United States, France, Germany, Japan and the United Kingdom, enmeshed in two powerful emerging economies, China and India .
These countries, which each weigh more than 4% of the global economy, "are clearly more systemic," according to the French Minister of Economy Christine Lagarde, who chaired the meeting. They will therefore be a "thorough assessment" of their finances to reduce the imbalances they create in the world.More concretely, the G20 will analyze the changes since 1990 and projections until 2015, several variables including their public finances, external accounts, savings and private sector debt.
Towards a global growth "balanced"
The objective of this approach is to deliver recommendations to follow for these countries. For the U.S., it will thus reduce the triple deficit, commercial and household savings. For China, it will move from growth to export-led growth fueled by domestic demand. Countries richly endowed with natural resources should also provide impetus to consumption.
On the part of capital flows in the international monetary system, emerging requested a strict evaluation of countries that are increasing the global money supply, as the United States or Japan.More broadly, the G20 also undertake to give more reliable figures and recent state of their oil production if they have one, or their stocks.
"It was a meeting of G20 subsided very, very constructive", welcomed the governor of the Banque de France, Christian Noyer. The G20 now hopes to finger the target at the summit in Pittsburgh in 2009: economic growth "strong, sustainable and balanced" for the world. A meeting of G20 finance on development issues, is scheduled for Washington in the upcoming meetings of the International Monetary Fund and World Bank in late September.
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The Minister of Youth and Sports welcomed us in adjacent rooms at the stage of Marrakech. Before answering our questions, he took a few minutes to finish a chat with young surfers on his Facebook page. "For nearly four months, it scans the current social, economic, political and sports every Tuesday from Morocco," explains Rashid Maaninou, Inspector General of Ministry of Youth and Sports. While the country is already host to the African Cup of Nations (CAN) in 2015, the Minister gave an update on the outline of the professionalisation project of Moroccan football.
Lefigaro.fr – Where is the professionalisation of African football?
Moncef Belkhayat – It is now clear that Africa is lagging behind. The only country on this continent is professional in South Africa, host of the last World Cup in 2010.In addition to Morocco, Algeria, Egypt and Tunisia are closer to get there. This requires a large dynamic range and great political will.
This political will is there she in Morocco?
Yes, and we now have a legal arsenal to create what I call a sports economics. With the Royal Moroccan Football Federation, we have prepared a bill with orders that will be applied on September 30. The Federation has in his possession a specification that will provide all clubs of first division football. We will then raise the clubs in this project and make them aware that they have until June to sign it.
Be considered as professional clubs will have a stadium of at least 15,000 seats, a budget of at least 1 million euros, a school for training and financial support of local and private investors . Those who do not meet these criteria will be demoted to the second division. The goal is that Morocco has its professional league in September for the 2011-2012 season.
What are the highlights of this professionalisation?
The department has launched many projects large stadiums. We inaugurated last January that the Marrakech which can accommodate 45,000 spectators and cost about 90 million euros. Stages of Tangiers and Agadir should be delivered respectively by the end of the month and in December for the reception capacity of 45,000 seats and investment costs of just over 85 million euros each.Finally, the chamber of Casablanca should break ground next May and have 80,000 seats. Its cost is around 200 million euros. We are now launching a second wave of stadium from 10,000 to 25,000 seats in smaller cities like Kenitra, Khouribga, Tetouan …
But do not forget training. The legislation thus provides for the mandatory school sports. We currently have 29 centers of local social and sports, 150 are under construction and we have signed with local communities to have 300 new. The goal is to have 1000 by 2016 50% funded by the state and 50% by local authorities.We will finally sign an agreement with the Union to create private Marrakesh soon a faculty of sports in Marrakech.
How to make sure the stadiums built in Morocco?
The stadiums built in Morocco are not exclusively dedicated to football stadiums. They all have an athletics track and can host events and international meetings in this discipline. They also feature a number of rooms and spaces covered in order to host conferences and seminars. In addition to football, we plan to organize a cultural event per month.
Finally, we will develop annual programs of sponsorship for each of our stages.Thus, the stage of Marrakech, the sponsors will give their name to one of the towers placed around the enclosure for 20,000 euros a year, buy VIP boxes for 40,000 euros per year or be visible through panel 5000 € 10,000 per game payday advance low fees.
The presence of the Moroccan State in football is it not a barrier to its development?
Indeed and that is why the law we will implement plans that clubs become sports companies held initially for up to 70% by private investors and therefore at least 30% by the government through associations. But once the clubs will be sufficiently well-structured is to say by the African Cup of Nations (CAN) 2015 that Morocco hosts – the state should gradually phase to enable them to become independent and thus finance their development on the financial markets or through the contribution of private investors.
For clubs to gain this maturity, we must develop more of an incentive framework that I discussed an appropriate tax. In other words, reduce their taxes, VAT exempt their sports equipment, giving them access to cheap land to the State, etc. …
Yet no bank or insurance company invest in Moroccan football. How to convince?
Banks want above all that we bring them some visibility on the return of their investments. These are players with a strong corporate culture. We must be as transparent and as professional as possible with them. But it is now sporting institution, advertisers and media need to put around the table to ensure that the Moroccan football becomes a unique platform for exposure.
For this, we draw a lot of European and American models.Today, football clubs are associations whose bylaws do not like companies holding the balance sheet, income statement, audit, certification of accounts. By initiating the transformation of these sports associations into commercial companies, this will allow them to present banks with a real record and thus be able to raise with them the debt.
Exactly, you complain a lot with this law does not take into account the specificities of Morocco and inspired the French model. What is your response?
Moroccan laws are historically based in France. I studied in English-speaking countries and I know the quality of other European models, including that of Germany, whose resources are very diversified.
Now, I realize that the more we advance towards the professionalization and transparency and the more people who feel aggrieved.But especially the greater our chances of clubs even more powerful, able to pull up all the Moroccan football.
Revenues generated by the Moroccan football clubs are they diversified?
Sponsorship and television rights revenues represent 60% of Moroccan football. With the professionalisation of football, we also established an exclusive TV rights with the National Society of Radio and Television for $ 60 million. As for the budget through sponsorship of football in Morocco, it accounts for 10 million euros.
We also have a background of sports development, which can help in different sports. This fund is financed by the Moroccan society and sports games (MJDS), an organization that depends on our sports department in charge of paris.With the new structure of this entity, revenue increases on a regular basis, so this allows us to develop different disciplines.
Morocco organizes the African Cup of Nations in 2015. The objective is it now to organize a World Cup?
CAN 2015 will be a first indicator of our ability to receive a great event. Then we can confidently consider us as a candidate to host the World Cup 2026.
But our goal must not only be a candidate, but to organize it. It is only then we can say that the Moroccan football was professionalised. South Africa did. Why not Morocco?
LE FIGARO – What are the economic consequences for Japan?
Jean-Pierre Petit – Contrary to what we believed in the early hours of the earthquake, the impact is probably greater than that of Kobe in 1995, which cost 10,000 billion yen, or 2.5% of GDP. The affected area this time, north-east, weighs 8% of GDP against 4% for Japanese Kobe, and it includes many production units and automotive electronics. But the most serious is the risk that nuclear has a direct impact on energy resources, since the nuclear provides 25% of national electricity consumption.This is the novel aspect of this tragedy is still not able consequences even if they tend to be exaggerated by the markets.
Could there be a rapid rebound in the economy?
It's terrible to say but disasters still have a stimulating effect in the short / medium term impact on the economy when the state starts rebuilding. Japan's GDP rose by 5% annualized rate during the three quarters that followed the disaster in Kobe. Provided that the nuclear situation eventually stabilized, it will be the same this time all the opposition has indicated it would follow the government's economic stimulus projects.In absolute terms, Japan has a debt problem, which represents 200% of its GDP, but this does not prevent him from borrowing in good condition because 95% of this debt is held by the Japanese.
What are the consequences for the global economy?
A Japanese recession would not have much impact on the global economy. At its peak in the early 1990s, Japan accounted for 18% of global GDP in current dollars. Today, it represents only 9%. Japan – with U.S. – the least open of the major developed countries, it acts early in the production chain and there is a net exporter. A slowdown in its economy weighs little on final demand and global activity.Viewed differently, global growth amounted to 3.6% since 2000 and Japan is almost no contribution!
The succession of disasters threat does not resume?
The paradox is that the number of natural disasters is rising trend since the early 1950s, as they have been multiplied by 20 in fifty years, before breaking a bit since the early 2000s. At the same time, the average unit cost of natural disasters has remained stable, amounting to $ 240 million on average between 1950 and 2010. For the total cost of natural disasters (including the growing number), it has increased, but at a pace close to that of U.S. GDP (6% per year).In other words, the cost of disasters relative to GDP is stable world since 1900: the events are more frequent but the risks better managed and the impact remains low overall.
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The destruction resulting from the earthquake and tsunami that struck Japan on Friday are still difficult to assess. Nevertheless, for many economists, which provide a parallel with the Kobe earthquake of 1995, the impact of the disaster on Japan's economic growth will in the medium term, positive rather than negative.
While the cost of the quake could amount to several tens of billions of dollars. In the short term, the destruction caused are enormous: infrastructure damaged production facilities at the stop, the areas impacted are placing great weight in the economy. If the worst-affected region, that of Tohoku, north-east coast, only 8% of Japanese GDP, that of Kanto, which houses including Tokyo, by contrast produces 40% of national wealth.
Besides stopping the oil refinery of Cosmo Oil Ichihara, east of Tokyo, the activity of the Japanese nuclear industry, which produces between 25% and 30% of national electricity production, is seriously compromised. Eleven of the fifty reactors are currently stalled, while an explosion in one of two plants in Fukushima, northern-eastern countries, has caused extensive damage and the evacuation of all population within a radius of 20 km.
"The temporary closure of production plants and oil refineries, and the interruption of power plants should have an impact on the country's production. GDP could result in decreased again slightly in the first quarter, "predicted the AFP and Wolfgang Leim, an economist at Commerzbank.
Rebound in construction, steel and telecommunications
In the medium term however, the Japanese economy could rebound strongly. Drawing a parallel with the Kobe earthquake in 1995, Takuji Okubo, senior economist at Societe Generale, said that reconstruction should generate an increase in activity, and the need for people to renew their property damaged boost consumption. The sectors of construction, steel and telecommunications sectors should benefit fully from the increased activity post earthquake.
"After the earthquake of 1995, Japan's GDP grew 1.9% in 1995 and 2.6% in 1996, while the average growth of the Japanese economy over this period was 1.5% .Consumption grew 2.2% between 1995 and 1996 against 1.1% on average between 1995 and 2004, "said Takuji Okubo.
Risk on debt
The Japanese bank Nomura, which also anticipates strong growth in the Japanese economy in the medium term, says his side as the stimulus state has played a key role in 1995 to revive the economy. "Immediately after the earthquake, the government passed an emergency budget which has contributed 0.3 points to GDP growth in the second quarter 1995 and 0.5 points in the third quarter. We anticipate a similar response from the authorities, "notes Peter Westaway, economist at Nomura.
The opposition conservative Japanese has already announced its support for extraordinary measures promised by the center-left government.A situation which should not, however, help improve the financial health of Japan, whose debt stood at 200% of GDP. The rating agency Standard and Poor's has also recently lowered the debt rating of Japan, considering that the country's budget deficit will remain high in coming years. But Moody's did its part Friday that the earthquake should not cause a subsequent breakdown of the score attributed to the Japanese debt.
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Identify the earliest possible anomaly in the management of a program to respond very quickly to get back on the right track. It is a priority for Thales issued Thursday night, lost 45 million euros for 2010 largely due to new provisions (721 million) on programs at risk. In 2009, the group of defense and technology had already spent 500 million provision.
"Four contracts representing a total turnover of 1.5 billion euros reflecting a spiraling costs of 1.2 billion euros," said Luc Vigneron, Chairman and CEO of Thales, who does not want to relive the nightmare Airbus A400M whose group provides avionics or contract Meltem (patrol) in Turkey.
Creation of "Tiger Teams"
To this, Thales reorganises Luc Vigneron. "Previously, the divisions were very isolated and did not speak. It was absurd.Décloisonnons us to achieve synergies. We are strengthening the monitoring and reporting, "adds the CEO, who personally monitors the 10 largest projects of the group. "We are instituting a duty alert to be responsive to confine the fire. There was a problem of transparency in the house. If the upper floors had been alerted earlier, things would probably not there, "said Luc Vigneron.
Spearhead terrain of this policy, the creation of "Tiger Teams" composed "the best experts' group, from subsidiaries, activities or countries. They are called in when needed. One team commandos spent a month in Meudon to solve a problem on a computer's onboard avionics with the team in charge. "Together, they established the diagnosis and outlined a plan of action," said Luc Vigneron.Once the mission, the Tiger Team is dissolved.
The goal is to find Thales of serenity and margins in the management of programs while they are becoming more complex. Better management of risks involved in the recovery of accounts. Yesterday, commenting on the results, Luc Vigneron has displayed his confidence in a quick rebound. It confirmed a target operating margin of 5% in 2011 and 6% in 2012 cons – 0.7% per annum dernier.V.GD
Social dialogue in small businesses. Taxation. Pensions. Dependence. The employer representative. Professional services are on all fronts. "I am delighted that a member of the government, Frédéric Lefebvre, is again in charge of the professions. We want our role is fully recognized in the economic and social debate. 750 000 entrepreneurs Liberals talk every day to 5 million French people in their professional activities, "said David Gordon-Krief, president of the National Union of Professions (UNAPL) last year.
This organization brings together 65 associations and unions representing both notaries as physiotherapists, insurance agents as architects, lawyers and nurses. Because the professions have felt neglected and sometimes abused until recently despite their economic weight.They realized a turnover of 180 billion euros and employs 1.8 million workers. Approximately 10% of employees in France. They employ nearly 86% of women. They create jobs.
"Sustainable Enterprise"
"We're an actor in the vitality of the territories. We are creating jobs in small towns and rural areas. We create sustainable enterprises. The pharmacist, the accountant, the doctor will not relocate their activities. We created 60,000 jobs in 2008, both in 2009 and 2010. We pledge to create 100,000 this year, "said David Gordon-Krief. UNAPL has signed an agreement last November with Secretary of State for Employment and partnership with the employment center payday loan no faxing. It develops activities for young people.
David Gordon-Krief also wants to promote women's role in launching a think tank in Women professions."We want to identify drivers of success and the obstacles women still face. By sharing their experiences, they exchange in order to stimulate new ideas about their place, their future in society's interest to bring such business model in other industries, "says President UNAPL. He asked Roselyne Bachelot, Minister of Solidarity and Social Cohesion, for the launch of this think tank to be held March 8 at the Women's Day.
Determined to be considered a full partner with government, UNAPL wants recognition as an actor of social negotiations as well as the MEDEF, CGPME and UPA, representing artisans and merchants.
Francois Fillon, in his policy speech in November, announced his intention to address this question, but it no longer seems to be among the priorities of the executive. "The employer's representative must be as broad as possible. We hope that the actors find a reasoned solution. This must be done if the events are likely to impose reform. And Pandora's box is opened. We will make every effort to find a solution agreeable to all. It is the sense of history, "says David Gordon-Krief.
The sales prices of existing homes set records in 2010, up from 8.7% in France, increasing from 18.46% even for Paris, according to figures released Tuesday by Century 21 , a leading French network of estate agents.
"France has recorded in Q4 2010, a new record with 2,580 euros in 2549 against euros/m2 highest in 2008," said Laurent Vimont, president of Century 21, during a press conference.
For all of 2010, the increase was 8.7% compared to 2009 (+10.6% for apartments and 6.7% for houses) according to statistics from 49,700 transactions per 90O the Century 21 agency.
This reversal occurs in France after two years of decline (-4.9% in 2009 after -3.1% in 2008 according to the National Federation of Real Estate).
Paris steals his share of record after record.In the fourth quarter it touches the 8,000 euros/m2 average (7942 euros to be exact) payday loans. Over the full year 2010, the increase reached a staggering 18.46%.
On 9 December the Chamber of Notaries of Paris and Ile de France had said, based on preliminary sales contract, that increase would be about 20% in Paris in 2010.
But 2011 should register a serious brake on the soaring prices shown in the real estate agencies or websites.
"I foresee an increase should not exceed 3%," says the president of Century 21.Main reason: the rates of mortgages are currently experiencing a rise in November after reaching historically low levels (average 3.35% over 20 years, excluding insurance), that rise should dampen the ardor of the "second home buyers," the owners who buy a bigger house or better location after making a gain on sale.
(With AFP)
A new record each year. For the passage in 2011, mobile phone users were more numerous than last year to send their wishes virtually, via SMS or MMS. 400 million short messages have been exchanged on the night of New Year's Eve, and the various operators expect to deliver 611 million by the end of the day. A figure projected to increase by 24% compared to last year.
But already, SFR, Bouygues Telecom and Orange observe a double-digit growth of sent messages. SFR recorded 128 million SMS between 20 o'clock and eight o'clock in the morning (+28% increase), Orange just over one hundred million (+17%) between 21 hours and two hours of the morning, and Bouygues 57 million ( +18%) over the same time slot.The MMS data, these mini-messages containing a photo or video, however, are more fragmented and remain below the levels achieved by the SMS.
Delivery times lengthened
Records of incessant sending SMS and MMS were partly boosted by sales of smartphones, up 138% over the first eight months of the year, according to research firm specializing Gfk. The financial issue is not very important for operators who n'engrangent little revenue from this annual influx. Text messaging is indeed free or included in a package for most users.
The challenge for SFR, Bouygues and Orange is more on the side of the technological challenge and the brand returned to their customers. While an SMS is usually less than a minute to reach its destination, the delays have been significantly lengthened by 1 January, the peak consumption.To cope with this influx of exception, for most operators had increased their workforce. Orange, no less than 24,228 SMS were sent per second to 0:02.
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Poweo will sell to Verbund, its shareholder, all of its means of electricity generation in order to identify the financial resources necessary for continuity of operations. Verbund, which owns nearly 46% stake in Poweo, has offered to buy for $ 120 million, corresponding to their net book value, 60% of production Poweo it does not already own, said in a statement the alternative operator of electricity and gas in France. The agreement announced Wednesday takes effect from 1 January 2011.
Poweo Production is all electricity generation assets of the group, whether fired combined cycle natural gas (NGCC), in operation or under construction, or asset-based energy renewable.
"Poweo believes that this transaction will allow it to generate adequate cash resources in light of its financial commitments for the full year 2011 has minimum", said the French group, saying he would continue the activity commercialization of energy.
In exchange, the transaction is welcomed. At 10 hours, the title Poweo gained 5.93% to 5.36 euros, with a market capitalization of 87.78 million euros. Since the beginning of the year, it nevertheless shows a decline of 61.4%.
Poweo announced in November that it was studying various strategic options to restore cash generation from operations, affected by its loss of electricity sales, pending the implementation of market reform of Electricity supposed to give him access to nuclear EDF on favorable terms.
The consolidation will be studied
He indicated Wednesday he wants "to continue intensive discussions already underway to identify and implement any accompanying measures to perpetuate further its presence in the French market as a marketer of energy faxless payday advance."
The company expects including regulations implementing the law on the reorganization of the French electricity market (Nome), which should be published in the first half of 2011 to determine "the contours of its new business model and its competitive positioning and prospects associated.
"It will consider any opportunity in this part of industry consolidation that could help accelerate the recovery of its activities."
The group also said it will receive until June 30, 2013 an option to repurchase its 60% stake in Poweo Production at a price identical to that assignment, he could exercise "if future developments regulatory conditions or market give meaning to such an operation. "
Poweo Production has also entrusted to a bank a mandate of the sale of its entire branch Renewable Energy, which includes an installed production capacity of 105 MW (megawatts).
Poweo developing since 2005 a project portfolio of generation capacity consisting mainly of type CCGT power stations, including one of 412 MW already in service in Pont-sur-Sambre (Nord).It does not, however, means to compete with EDF and depends primarily on the incumbent to supply electricity. On the wholesale market, the group must sell more expensive and the electricity it produced or purchased from the utility public.
Nome law does not specify the price at which EDF will sell part of its nuclear production. The incumbent requires a floor price of 42 euros per megawatt hour, while its competitors require a much lower price, close to 35 euros.
(With Reuters)
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After a week particularly hesitant, the CAC 40 is changing sharply higher Monday. Halfway through, he climbs to 1.07% and iron and the milestone of 3900 points to 3908.60 points. With the approach of Christmas and the end of the year, a period conducive to window dressing. The U.S. exchanges have closed Friday at closer to their equilibrium level. As for society, as Ingenico plunges.
The Nikkei finished the session down by 0.85% on Monday. However, developments in Asian stock markets should not influence the European indices today as purely local concerns weighed on prices.
The concerns of the ECB could be detrimental to European indices. The European Central Bank unveiled its fears about the consequences of the bailout of Irish banks.In an opinion paper (position paper), the institution considers that the allegation of funds to support the Irish banking system could undermine the European financial system.
Also note, according to an OECD study on the situation in Spain, a slow recovery began in the peninsula in the first half of 2010, but growth should remain "soft" due to necessary adjustments in the sector housing and the high level of private debt.
On the macroeconomic front, the meeting promises to be quiet. The Financial Sector Advisory Committee will publish its annual report 2009/2010. Germany's producer prices for the month of November will be known to 8:00. As for the euro, it fell back slightly. About 11:00 am in Paris, the euro bought 1.3154 dollars against 1.3185 dollars on Friday night.
Ingenico sanctioned
In terms of values, the star of the day is the title Ingenico.The government intervened to prevent the takeover of French by the American Danaher this weekend. The title plunged to 9.10% in mid-session at 25.08 euros.
The Crédit Agricole displays the sharpest drop in the CAC 40 with a decline of 0.74% to 10.015 euros. The green bank announced a loss of 1.25 billion in its accounts related to a depreciation in the Italian bank Intesa. Moreover, the banking arm of French affairs of the institution extends its period of exclusive negotiations with the Chinese CITIC, until 30 June. The talks for the establishment of a brokerage and investment bank dedicated to Asia, in a 50-50 partnership, were to terminate on December 31.
More generally, financial stocks should react to the agreement on bonuses.The Financial Services Authority has adopted a measure requiring that at least half of the bonus should be paid in shares. This year, the amount of bonuses would be down 20% to 30% in Europe. On Wall Street, they could even be zero.
Conversely Axa leads the CAC 40 with a gain of 2.17% to 12.92 euros. Bank of America-Merrill Lynch joined the title in his list of favorite European values. Moreover, the number one German energy EON announced Monday the sale of its gas network in Italy to the Italian fund F2i SGR and French Axa Private Equity.
Rhodia (5.82% to 24.075 euros) Overtakes Lead increases in DTH. Morgan Stanley rose to a positive and raised its target price of 17-29 euros. The analyst raised its profit forecast and said the lag is suffering from a discount of 30% from the field of specialty chemicals.Also the market welcomed the remarks of Jean-Pierre Clamadieu, CEO of Rhodia, reported by the weekly Invest. Rhodia's boss recalled the strong presence of its affiliates in Asia, which is considered an asset in its industry and recalled the ambitious strategic plan recently presented by the group.
Sanofi-Aventis sign one of the largest increase with a gain of 1.51% to 49.39 euros. The laboratory announced Monday the signing of a global alliance with Avila Therapeutics Research covalent drug targeted to treat various types of cancer.Drugs called "covalent" can make completely inactivate proteins that cause diseases and blocks their function.
GDF Suez is also well directed (1.99% to 27.72 euros), while in an interview with La Tribune, lGérard Mestrallet, CEO, criticized the pricing strategy of EDF. The latter wants the lights electrician practice a price of 35 euros per megawatt hour, not 42 in the framework of the law Nome aimed at reforming the French electricity market.
In addition, Arcelor Mittal advance of 0.86% to 29.28 euros.He announced Saturday that it raised its offer for Canadian mining group Baffinland Iron Ore Mines at $ 1.25 Canadian per share against 1.10 Canadian dollars in its initial offer.
Outside the CAC 40, Hermes (-1.18% to 155.50 euros) does not leave the Stock Exchange that would be very expensive, said his number two operational daily Il Sole 24 Ore dated Sunday.
Scor (+0.32% at 15.06 euros) announced today that it has completed implementation of its hedging program financial disaster of 150 million euros for a period of 3 years.
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