(WASHINGTON) Markets: The final major economic report before Tuesday’s congressional elections show ed that U.S. employers added a stellar 250,000 jobs in October and raised average pay by the most in nearly a decade and unemployment at five decade low of 3.7 percent and pay rose fastest since 2009 #AceFinanceDesk reports

#AceFinanceReport – Nov.03: Friday’s employment report from the government pointed to a consistently robust job market that shows no sign of flagging even with the economy in its 10th year of expansion: Many employers have been struggling to find qualified applicants, which helps explain why average pay rose 3.1 percent over the past 12 months — the fastest year-over-year increase since 2009 #AceFinanceDesk reports

Those higher wages may be drawing more people into the labor market. An influx of new job-seekers increased the proportion of Americans with jobs to its highest level since 2009: By some measures, consumers are the most confident they have been in 18 years, and their spending is propelling brisk economic growth. The economic expansion is now the second-longest on record, and October marked the 100th straight month of hiring, a record streak.Strength in their customer demand has been a key factor leading companies to steadily add workers. Though economists have predicted that hiring will eventually slow as the pool of unemployed Americans dwindles, there’s no sign of that happening yet.

Still, the latest month of healthy job growth might not tip many votes in the midterm elections. Polls have suggested that while Americans generally approve of the economy’s performance, that sentiment hasn’t necessarily broadened support for President Donald Trump or for Republican congressional candidates: The strong job growth and bigger pay increases will likely encourage the Federal Reserve to keep raising short-term interest rates. Most analysts expect the Fed to resume its rate hikes in December.Hurricane Michael, which slammed into the Florida Panhandle and southern Georgia last month, had no discernible effect on the jobs data, the government said.

Still, October’s outsize gain might have reflected, in part, a rebound from September, when Hurricane Florence depressed job growth.Hiring in October was strong in higher- and middle-income jobs: Professional and business services, which include engineers, architects and accountants, gained 35,000 jobs. Manufacturers added 32,000 after two months of smaller gains, defying fears that Trump’s trade fights would slow hiring in that sector. Construction companies added 30,000 positions……………………..Retailers barely hired, adding just 2,400 positions, possibly reflecting the Sears bankruptcy…………………Restaurants and hotels gained 33,000, most of them lower-paying.In the July-September quarter, consumer spending grew by the most in four years and helped the economy expand at a 3.5 percent annual rate. That growth followed a 4.2 percent annual pace in the April-June quarter……………Combined, the two quarters produced the strongest six-month stretch of growth in four years.

Manufacturing output and hiring remain healthy, according to a survey by a private trade association, although increased tariffs have raised factory costs: By contrast, housing remains a weak spot in the economy, with sales of existing homes having fallen for six straight months as mortgage rates have risen to nearly 5 percent. But slower sales have started to limit home price increases, which had been running at more than twice the pace of wage gains.

There are other signs that pay growth is picking up: A measure of wages and salaries rose 3.1 percent in the third quarter from a year earlier, the best such showing in a decade, the government said Wednesday……………..Although pay increases can help boost spending and propel the economy’s growth, they can also lead companies to raise prices to cover their higher labor costs………………….That trend, in turn, can accelerate inflation.So far, though, inflation remains in check. The Federal Reserve’s preferred price measure rose 2 percent in September compared with a year earlier, slightly lower

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MARKETS: AUSTRALIA) Shares in troubled financial services firm AMP have failed to fight back from yesterday’s 25 per cent plunge, ending down by nearly 5 per cent at a fresh record low after failing to hold onto the early gains today before the company’s first damaging appearance at the banking royal commission #AceFinanceDesk reports

#AceFinanceReport – Oct.26: After choosing a bad day to reveal news to the market, and being swept up in the global sell-off that saw Australian shares wipe off more than $50 billion in value, AMP shares failed to hold on to early gains today: The stock closed at $2.38, compared to its 2018 high of $5.47 in March — before the company’s first damaging appearance at the banking royal commission #AceFinanceDesk reports

Building with AMP logo on topPhoto: AMP’s reputation and share price have taken a battering since the banking royal commission. (Reuters: David Gray)

AMP’s stints before the commission have revealed lies told to the corporate regulator, interference with an independent report and charging fees for no service, leading to the loss of a chairman, chief executive and a slew of directors.

“Almost from the day it listed 20 years ago, it’s been almost one bad story, or one bad move, after another,” investor and former fund manager Peter Morgan said.

The latest story was confirmation that customers are deserting AMP. Its Australian wealth management division saw a $1.5 billion net outflow of funds over a what it called a “testing” quarter, coming on top of nearly $900 million over the previous six months.

The company also announced the sale of its life insurance business to Resolution Life for $3.3 billion.

Despite the life insurance sector taking a battering at the royal commission, Mr Morgan thinks there was a potential opportunity in an industry “on its knees”.

“The sale feels desperate,” he said.

However, he used the share-price plunge as a buying opportunity, picking up some AMP shares on Friday morning with the hope the potential impacts of the royal commission’s final report are already priced in.

“The pain is well known and the problems are well known, that’s in the market now and hopefully it can’t get any worse,” he said.

There was blood in the streets yesterday.

“When you see a stock fall 25 per cent, following on from a history of negativity, it feels like the last are getting out.”

Embed: AMP share price

‘A sense of arrogance’

The pain has been long-term for AMP shareholders — after the stock peaked above $14 in 2001 — and Morningstar analyst Chanaka Gunasekera thinks management’s short-term focus has been the problem.

They haven’t looked to the long term interests of shareholders,” he said.

Mr Morgan says a “sense of arrogance” has hurt the company since it listed on the market in 1998.

“It’s better to under-promise and overdeliver rather than the reverse, overpromise and underdeliver, which has been basically what AMP has done,” he said.

However, most analysts say the company’s problems are not terminal.

“There are a couple of businesses within AMP that are doing pretty well — you’ve got AMP Capital and AMP Bank,” Mr Gunasekera said.

Mr Morgan thinks management needs to sell their strategy better and is calling for the board to have some skin in the game, to instil confidence in investors.

“If I could say one thing to AMP, I’d say get out there on the front foot and be transparent,” he said.

“I’d love to see the directors buy some shares in it, out of their own back pocket.”

New chief executive Francesco De Ferrari takes the reins in December, with a battered corporate reputation and share price awaiting his attention.

Source: ABC.Net/Reuters.Com/ Published: October.26: 2018:

Related Story: AMP shares nosedive 25pc to record low on life insurance sale and funds outflow

Related Story: AMP charges dead customers for life insurance
Related Story: AMP releases $615m damage control plan, lowers profit expectation

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JUST IN: Ford is cutting staff as it transforms its business: The second largest US automaker said it was reorganising its global salaried workforce as part of a broader plan to trim costs and revitalise its business but numbers were not announced #AceFinanceDesk reports

#AceFinanceNews – Oct.06: The second largest US automaker said Friday it was reorganising its global salaried workforce as part of a broader plan to trim costs and restructure: “The reorganisation will result in headcount reduction over time and this will vary based on team and location,” a spokesperson said in a statement: The company did not say how many salaried jobs would be trimmed or when the changes would take place. The spokesperson said it would announce specifics at the “appropriate time.” #AceFinanceDesk reports

The Detroit Free Press and Detroit News, which were first to report the planned job cuts, said workers were informed on Thursday. The company employs about 200,000 people around the world, including some 70,000 salaried workers, according to the Free Press: In July, Ford said it was making big changes to its core auto division and would spend $11 billion to help it adapt.

The company has not detailed its planned changes, but Ford and top auto makers are focusing on trying to develop self-driving cars: Analysts have been critical of Ford’s lack of transparency: In July, Ford lowered its earnings guidance for the rest of the year. It blamed struggles in Europe and Asia, although its North American division has been performing well.

Shares of Ford have fallen 26% this year. Shares were slightly down on Friday CNN.Com/

Sources: CNN – The Detroit Press – Detroit News – Published: October:2018:

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(NEW YORK) Gov.Cuomo says the only way to fund the MTA and prevent a subway crisis is to charge motorists a congestion charge but let drivers deduct the fees from their tax returns #AceFinanceDesk reports

#AceFinanceNews – Oct.05: With the subways in crisis, Gov. Andrew Cuomo is abandoning his demand for New York City and its reluctant mayor to fund the MTA, saying congestion pricing is the only option…………..Not to be outdone, Cuomo’s Republican opponent says OK, but let drivers deduct the fees from their tax returns #AceFinanceDesk reports

The line of demarcation would be on West 60th Street, CBS2’s Marcia Kramer reported: Cross it in a car, truck or taxi going south, and you may soon have to swallow hard and dig deep into your pocket for a congestion fee to enter the central business district: A whopping $11.52 from 6 a.m. to 8 p.m., if Cuomo accepts the recommendation of his own task force: Cuomo surprised a group of the city’s movers and shakers at the Association for a Better New York by saying up he’s given up on trying to get Mayor Bill de Blasio to cough up some dough, and that congestion pricing is the only viable solution for fixing the subways.

Here are the options: God is going to send down $33 billion… that’s not going to happen,” Cuomo joked. “New York City is going to dig into its pocket and they’re going to ante up, and the state will ante up. That’s not going to happen. There’s only one way it happens, and that is congestion pricing.”

Cuomo dismissed De Blasio’s continued insistence on a millionaire’s tax as “political blather.”…………………..“Well, ideally we would like to have a millionaires tax,” Cuomo said. “Yes, I wish I could be an elected official who lives in the ideal.”

Cuomo’s Republican opponent, Dutchess County Executive Marc Molinaro, says once the MTA tightens its belt and eliminates waste and fraud “by reforming expenditures, by holding down costs, by making the system more efficient,” he would support congestion pricing too. But he wants to offer drivers some tax relief.

“Our plan is they would be able to deduct it from the state’s income tax,” Molinaro said.

And while commuters may cheer, drivers are offering a Bronx cheer

“It’s a bad idea. I don’t like it. It’s more expensive. I don’t want to pay extra in a yellow cab. Our business is down we don’t need to pay extra,” a cab driver named Zakia said: Others called congestion pricing a “terrible idea” that would cause people to suffer……….“It’s think it’s a bad idea. We don’t have too much money to pay extra for things in the city,” said Jackson Heights resident Mario Bonilla…………Cuomo said he will ask the legislature to pass congestion pricing when it returns to Albany.

He called on all the movers and shakers at the breakfast today to help convince lawmakers.

Source: CBS Local New York Published: October.04: 2018:

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(LONDON) £600-Million sale of Wembley Stadium to Fulham owner ‘Shahid Khan ‘ has moved a step forward after being discussed by the FA’s 127-member board but former England player Gary Neville called the plan ridiculous: Heres details of the planned sale #AceFinanceDesk reports

#AceFinanceNews – Sept.30: It will now be considered by the 127-member FA Council on 11 October, with its views likely to impact on the board’s final decision: FA chiefs say money from the sale to Fulham owner Shahid Khan could help transform community facilities: But the plan was called “ridiculous” by former England player Gary Neville #AceFinanceDesk reports

Wembley Stadium reopened 11 years ago after a rebuild costing £757m

Wembley Stadium reopened 11 years ago after a rebuild costing £757-Million https://en.wikipedia.org/wiki/Wembley_Stadium

In a statement, an FA spokesperson said: “The sale of Wembley Stadium, the negotiated protections and an outlined plan to invest £600m into football community facilities, were presented and discussed at the FA board meeting today.

Following on from this discussion, the FA board has agreed to take the presentation to the FA Council to get its input now that the full facts are known.”

FA chiefs have previously said they would not give up the national stadium unless there was a consensus within the game: The FA Council – which includes representatives of the Premier League, Football League and county FAs – does not have the power to accept or reject the deal.

The news from today’s FA board meeting is welcomed and encouraging,” Khan said

“I understand the discussion was open and thorough. One cannot ask for more as we continue to work through the process toward reaching an agreement that will serve English football for generations to come: He added that his purchase of Wembley had “no effect” on plans to renovate Fulham’s ground, Craven Cottage, which would continue as “the permanent home of Fulham Football Club”.

What are the details of planned sale?

  • Khan has offered £600m for the national stadium. The governing body would retain rights for the Club Wembley hospitality venture which it values at £250m-£300m.
  • He wants to move his American Football team, the Jacksonville Jaguars, to Wembley.
  • The FA plans to use profit from the sale to invest in grassroots facilities.
  • It has pledged to keep showpiece events, such as most England internationals and the FA Cup final, at the stadium under a pre-agreed hire fee.

Shahid Khan – If you love English football, Wembley deal must go ahead

Analysis – ‘Closer to historic decision’

BBCSport.Com/ Published: September.30:2018: Correspondent Richard Conway

This deal is inching forwards: But it remains under threat from those opposed to selling off what they see as the crown jewels of English football: FA councillors will now get the chance to hear the plans over how the windfall would be invested and the commercial protections that will be put in place by the FA……………A further meeting is then planned with councillors to air grievances or raise any concerns………….The 127-strong body has no formal power to block the deal. But if there’s substantial resistance then it’s difficult to see how the sale could feasibly continue………………..Should it navigate that stage then the board will meet again – the date is currently unknown – and make a final, potentially historic, decision.

Pros and cons – what they say

FOR

The FA says only one in three grassroots pitches are of adequate quality and it will invest in facilities.

FA chief executive Martin Glenn: “This is an opportunity to unleash an unprecedented amount of investment into community football. Receiving an offer to sell Wembley Stadium is not a ‘betrayal’. It is not selling the ‘soul of the game’.”

Prospective Wembley buyer Shahid Khan: “If you love English football, you want this deal to go ahead. This is a very good deal for all parties involved.”

AGAINST

Opponents have suggested selling an iconic national venue is a short-term plan which the FA will live to regret.

Former England and Manchester United defender Gary Neville: “The FA feels to fund the grassroots programme, they have to sell a national asset – it’s quite simply ridiculous. Don’t sell Wembley when you can place a levy on agents’ fees.”

Ex-Wembley chairman and Chelsea owner Ken Bates: “I thought it was a joke at first. The FA is not a commercial institution; it is the custodian of the national game.”The proposed £600m sale of Wembley Stadium has been unanimously backed by the Football Association’s board

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(WASHINGTON) In latest the US unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs, in the the latest escalation in the trade war between the two countries which will take effect from Aug.23: As the markets Dow closes up 127 points, S&P 500 and Nasdaq up 0.3% apiece #AceFinanceDesk reports

#AceFinanceReport – Aug.08: Editor says but the markets reacted positively Dow closes up 127 points, S&P 500 and Nasdaq up 0.3% apiece. Tesla soars 11% after Elon Musk says he wants to take the company private. https://cnnmon.ie/2ARtM5G to the news: The Trump administration on Tuesday unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs: The move marks the latest escalation of a trade war between the world’s two largest economies………………….The tariffs on 279 products, including motorcycles, speedometers and antennas, will take effect August 23 #AceFinanceDesk reports

It is the second time the US has slapped tariffs on Chinese goods, despite persistent warnings by American businesses it will raise the price of goods for consumers: The Trump administrationhas accused China of unfair trade practices and President Donald Trump has long vowed to bring down the United States’ trade deficit in goods with Beijing.

In July, the administration imposed 25% tariffs on $34 billion in Chinese imports. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.

So far, financial markets have shrugged off the first round of trade duties

Talks between Washington and Beijing are at an impasse in the ongoing trade spat, with both sides continuing to threaten new tariffs. Over the weekend, Trump told a rally he holds the advantage over China, adding playing hardball on trade is “my thing.”

Trump directed the Office of Trade Representativeearlier this month to considerimposing a 25% tariff on an additional $200 billion worth of Chinese goods, including fruit and vegetables, handbags, and refrigerators.

China has threatened to retaliate on any additional US tariffs tit-for-tat

The Chinese government has said it would impose duties as high as 25% on American products like meat, coffee, nuts and auto parts.

“In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions,” the Chinese State Council Tariff Commission said in a statement last Friday.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries: https://cnn.it/2M6fkLA pic.twitter.com/oBzvZoV5rI

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MARKETS: Trade War: U.S. Stocks opened flat Friday morning after US unemployment fell to 3.9% in July, the American economy added 157,000 jobs and China announced plans to impose tariffs on $60 billion worth of US imports listing 5,207 products with duties as high as 25% if Trump applies his to $200-billion of Chinese goods #AceFinanceDesk reports

#AceFinanceReport – Aug.03: China has announced plans to put up tariffs on products worth $60-billion Chinese government said Friday that it would impose duties of 25%, 20%, 10% and 5% on the products if the Trump administration follows through on threats to tax $200 billion of Chinese goods #AceFinanceDesk reports

In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions,” the Chinese State Council Tariff Commission said in its statement on Friday:

China listed 5,207 US products that it would target in an effort to “safeguard its own legitimate interests.” ………………….Products in line for tariffs include meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts…………….Sarah Sanders, the White House press secretary, said in a statement that “instead of retaliating, China should address the longstanding concerns about its unfair trading practices.” …………………The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries #AceFinanceDesk reports

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against US tariffs………….These new tariffs would affect about 38% of all American exports to China, which are worth about $170 billion in total………………..Trade tensions between the United States and China have been on the rise since April 2017, when President Donald Trump directed the US Commerce Department to investigate whether imports of steel and aluminum from China and other countries threatened national security……………..The investigation resulted in tariffs on steel and aluminum products from China and many other countries in March. Beijing responded with equal measures.

Then, in July, the United States imposed tariffs on $34 billion of Chinese goods to pressure the country into abandoning what the Trump administration describes as unfair practices such as stealing intellectual property. Beijing again responded with penalties of an equal scale, targeting American products such as motorcycles and communications satellites……………………..The most recent threat from the Trump administration came this week, when it warned that it could impose steeper tariffs than originally planned on another batch of imports from China. The White House had previously asked the Office of the United States Trade Representative about the possibility of imposing a 10% tariff on $200 billion worth of Chinese goods. Under the new plan, tariffs of 25% would be applied.

Protectionist moves by the United States have drawn a response from other trading major partners. Canada, Mexico and the European Union have responded to US taxes on steel and aluminum with retaliatory tariffs.

– Kaitlan Collins contributed reporting.

CNNMoney (London) First published August 3, 2018: 9:03 AM ET

BREAKING: China has announced plans to put tariffs of up to 25% on US products worth $60 billion https://cnnmon.ie/2Koa692 pic.twitter.com/3T7YD1Tnsa – Watch live https://cnnmon.ie/2AB3MLL

#AceRelatedNews

The making of a global trade war

A brief history of the US-China trade war

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(SEOUL, S.K.) JUST IN: Samsung said on Monday its opening the ‘ Worlds Largest Mobile Phone Factory ‘ in India according to a report #AceFinanceDesk reports

#AceFinanceReport – July.09: Samsung said on Monday that it is opening what it said is the world’s biggest mobile phone manufacturing facility as the South Korean giant seeks to expand production in the world’s fastest growing mobile phone market from a report #AceFinanceDesk reports

The new Samsung factory will have the capacity of 120 million smartphones per year, and make everything from low-end smartphones that cost under $100 to its flagship S9 model, according to the company: Earlier this year, China’s Xiaomi displaced Samsung from the No. 1 smartphone spot in the country, breaking its long-held dominance. Indians favor low-end smartphones priced at $250 or less, given the low average annual income of its people, according to Bloomberg Intelligence……………………That’s one reason why Apple has struggled to gain market share in India, with most iPhone models priced beyond $500, according to a Bloomberg Intelligence report earlier this month:

World’s Largest Mobile Phone Factory Set To Open in India
Published on July 09, 2018 at 07:20AM: Source: BM

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JUST IN: (MOSCOW) Putin signs ‘ Counter-Sanctions-Bill ‘ in response to US and it will be applied to any ‘ Hostile Actions ‘ against Russia #AceFinanceDesk reports

#AFNews – 05/05/18: Putin signs US counter-sanctions bill: Russian President Vladimir Putin has signed a counter-sanctions bill in response to the US’ latest sanctions against the country #AceFinanceDesk reports

The Monday signed legislation will be applied to any state or person for “hostile actions” against Russia and permits authorities to halt international cooperation with foreign states, and to impose import and export restrictions and other measures: The new measures, designed to safeguard “economic interests and security,” was drafted by State Duma Speaker Vyacheslav Volodin and the heads of all four parliamentary caucuses in mid-April and approved by Russian lawmakers by the end of May: http://ptv.io/2ad4

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(DELHI, India.) India decided to proceed with the long-anticipated $5.5 bln deal to purchase Russia’ s S-400 surface-to-air missile units despite the US saying the purchase may affect the relations between Washington and New Dehli over Russian sanctions #AceFinanceDesk reports

#AceFinanceReport – June.02: According to the Hindustan Times, India’s Defense Ministry is to ask the apex Cabinet Committee to approve the purchase of the five S-400 Triumf systems, thus finalising the agreement: The deal is set to go through despite the fact that the Trump administration warning New Delhi of the possible ramifications of India’s intention to cultivate military ties with Russia, that would imminently jeopardise its relations with the US #AceFinanceDesk reports
India to buy Russian S-400 systems despite Washington’s warnings - report

Chairman of the U.S. Arms Service Committee Mac Thornberry has said that “the acquisition of this technology will limit, the degree with which the United States will feel comfortable in bringing additional technology into whatever country we are talking about.”

In case the purchase officially goes through, the Trump administration’s reaction might go as far as punishing India for violating the sanctions imposed against Russia.

Forced to choose between Russia and the US, New Delhi highlighted the need for a strong air defense given the fact the neighbouring China and Pakistan have already obtained advanced aerial capabilities.

India’s decision to rely on the Russian-made S-400 systems that have drawn a lot of interest from international buyers, could jeopardize sales of US-built Predator drones and Patriot missile defense systems. Though the US has been talking up the effectiveness of Patriots, the missile has reportedly been less than effective when used recently by Saudi Arabia.

According to NATO classification, S-400 Triumf is Russia’s most advanced air defense hardware, boasting unique and unparalleled capabilities. Capable of firing three types of missiles create a layered defense, the S-400 integrates a multifunction radar, autonomous detection and targeting systems, missile launchers and command posts. It can bring down aircrafts as well as missiles at the range of up to 400km.

With Russia being India’s largest arms supplier, Moscow accounted for 62 percent of arms sales to New Delhi over the past five years, according to the Stockholm International Peace Institute.

India is not the only country that has been experiencing tough pressuring from Washington. The US has been very explicit in its criticism of its “strategic partner”, Turkey and its deal with Russia to purchase the S-400 systems.

According to State Department spokesperson Heather Nauert, Washington is seriously concerned about the fact Turkey as a NATO member would choose to purchase weapons not made in the US. In a bid to pressure Ankara, Assistant US Secretary Wess Mitchell said that unless Turkey backed out, the purchase “could lead to sanctions.”

Testifying before the House Foreign Relations committee last week, Secretary of State Mike Pompeo said the US was making efforts to “keep the Turks in a place where they will never acquire the S-400.”

Moreover, US lawmakers introduced a bill which would virtually ban F-35 deliveries to Turkey to punish it for its increased “hostility.” The US has also criticized Ankara over the announcement it would look elsewhere in case Washington failed to deliver the F-35s.

RT: India to buy Russian S-400 systems despite Washington’s warnings – report https://t.co/b56ouna9Gxhttps://t.co/l1xOteWiAO

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