Ministers to meet rail union chiefs; Manchester United shares jump on news of potential sale – business live – The Guardian


UK private sector firms recorded another reduction in business activity in November, the fourth month of decline, while new orders fell at the fastest pace for almost two years, according to a business survey.

The headline seasonally adjusted S& P Global / CIPS flash UK composite output index ticked up to 48. 3 in November, from 48. 2 in October and signalling a further modest fall in private sector business activity. The index has been below the crucial 50 no-change mark for four months.

New orders fell at the fastest pace since January 2021, as squeezed client budgets weighed on demand in both the manufacturing and service sectors.

On a more positive note, business expectations for the year ahead rebounded from the 30-month low in October. Many firms mentioned recession worries and increasingly challenging economic conditions, but there were fewer comments citing domestic political uncertainty.

#UK companies faced {the|the particular} worst drop in {new|brand new} orders for nearly two years {in|inside} November, flash #PMI {data|information} suggests, as squeezed {client|customer} budgets continue to hit {demand|need|requirement} in both manufacturing and {services|solutions|providers}. Read more: pic. twitter. com/eaCzDSIk6C

& mdash; S& amp; P Global PMI™ (@SPGlobalPMI) {November|Nov|The fall of} 23, 2022


🇬🇧 #UK companies faced {the|the particular} worst drop in {new|fresh} orders for nearly two years {in|inside} November, flash #PMI {data|information} suggests, as squeezed {client|customer} budgets continue to hit {demand|need|requirement} in both manufacturing and {services|solutions|providers}. Read more: pic. twitter. com/eaCzDSIk6C

— S& {P|G|L|S} Global PMI™ (@SPGlobalPMI) November 23, 2022

Pets at Home, Britain’s {largest|biggest} pet supplies chain, {is also|can also be} struggling amid rising {costs|expenses}, and its shares fell {4|four}. 8% after it {posted|published|submitted} lower first-half profits.

The company has been {hammered|destroyed} by a surge in {freight|shipping|shipment} and energy costs. {Underlying|Fundamental|Root} profit before tax {fell|dropped} 9. 3% to £59. 2m in the six months {to|in order to} 13 October.

Chief executive Lyssa McGowan {said|stated|mentioned}:

We are conscious of the macro-economic backdrop and continue to {manage|handle|control|deal with|take care of} the business proactively. The inflationary environment creates pressures {for|with regard to|regarding|intended for|to get|pertaining to|meant for|designed for|just for|for the purpose of} both our customers {and the|as well as the} business. We are conscious of {the|the particular} challenges faced by many {consumers|customers}, and continue to prioritise {making|building|getting|helping to make} pet care as {convenient|hassle-free|easy|practical} and affordable as possible. {We will|We are going to} never let price {be a|be considered a|become a} reason not to shop {with us|around}.

{More|A lot more} people bought pets {during the|throughout the} pandemic when they spent {more time|additional time} at home and the pet {boom|growth|increase} has continued despite the {cost of living|living costs} crisis, although demand {for more|to get more|for further} expensive accessories appears to be {fading|falling|diminishing}.

Pets {at Home|in your own home} stuck to full-year {guidance|assistance} of an underlying profit {of|associated with} around £131m. It has 457 stores, many of which {also have|also provide} vet practices and {grooming|tidying|combing} salons.

Halfords has launched {a drive|a generate} to fill 1, {000|500} technician roles over the {next|following} 12 months by targeting {more|a lot more} retired and female {recruits|employees}, as the UK’s tight {labour|work|time} market pushes employers {to think|to consider} up new hiring {strategies|techniques|methods}.

Announcing {a|the} halving of interim {profits|earnings|income|revenue} as customers cut discretionary spending amid the cost of {living|existing} crisis, the motoring {and|plus} cycling retailer warned {that|that will} its full-year results {will be|is going to be} at the lower end of {expectations|anticipation|anticipations|objectives|targets|goals|requirements}. Its shares fell {more than|a lot more than|greater than|over} 6% on the news.

However , it said inflationary pressures had also {driven|powered} membership of its motoring {loyalty|devotion|commitment|dedication|faithfulness|customer loyalty|trustworthiness} club from drivers {keen|eager|enthusiastic|willing|confident|excited|happy|notable} to cover the soaring {cost of|price of} running a car. Its {chief executive|leader}, Graham Stapleton, said: “To help meet that {demand|need|requirement}, we are today launching {a|the} recruitment drive to {fill|fill up} 1, 000 new {automotive|auto} technician roles over the {next|following} 12 months. In particular, we are {hoping to|looking to} attract retirees back into {the|the particular} workforce, as well as increasing {the number of|the amount of} women in technician {roles|functions|tasks|jobs|assignments}. ”

{The|The particular} FTSE 100 index {has|offers|provides} advanced 41 points, {or|or even} 0. 56%, to {7|seven}, 494, while other {major|main} European indices are in {the|the particular} red. Germany’s Dax {has|offers|provides} lost 0. 2%, France’s CAC is flat {and|plus} Italy’s FTSE MiB {has|offers} edged 0. 2% {lower|decrease}.

The {pound is|lb is} little changed {against the|contrary to the} dollar and the euro, {trading|investing} at $1. 1888 {and|plus} €1. 1528.

Crude oil prices {have|have got} risen almost 1% {with|along with} Brent, the global benchmark, {at|in|from|with|on} $89. 19 {a barrel|a barrel or clip|a clip or barrel}.

Business activity declined {across the|throughout the|over the} eurozone for a fifth {month|30 days} running in November but {at a|in a} slower pace, according to {flash|adobe flash|display} PMI data from S& P Global.

The headline {index|catalog|list} rose to 47. {8|eight|7|6|almost eight|almost 8|9|seven} from 47. 3 {in|within} October, inching closer to {the|the particular} 50 mark that {separates|sets apart|isolates} contraction from expansion.

{Although the|Even though|Even though the|However the} rate of decline {remained|continued to be|stayed} the second strongest since 2013, excluding Covid-19 lockdown {months|weeks|a few months|several weeks}, the intensity of the {downturn|recession|economic downturn} moderated in response to a reduced {rate|price} of loss of new business, {fewer|less} supply constraints and a pick-up in business confidence about the {year|12 months|yr|season|calendar year} ahead.

Business {sentiment|emotion|belief|feeling|opinion} nevertheless remained gloomy {by|simply by} historical standards, and {demand|need|requirement} continued to fall {at a|in a} steep rate, leading to {a|the} pull-back in employment {growth|development} during the month.

One {upside|benefit} of the weaker demand {picture|image} and alleviation of {supply|provide} constraints was a cooling {of|associated with} price pressures, most notably {in the|within the} manufacturing sector. Firms’ {costs|expenses} rose at the slowest {rate|price} for 14 months, {in turn|consequently|subsequently} allowing selling price inflation {to|in order to} moderate, albeit with {rates|prices} of inflation remaining {elevated|raised}.

#Eurozone economy eased slightly {in|inside} November, flash #PMI {data|information} signals, as the headline {index|catalog|list} picks up to 47. {8|eight|7|6|9|seven} (Oct: 47. 3) {and|plus} inflation cools. Rate {of|associated with} contraction still 2nd-sharpest {since|given that|considering that} 2013 though (excluding lockdown). Read more: pic. twitter. com/vuOR4V2Hy1

& mdash; S& amp; P Global PMI™ (@SPGlobalPMI) November 23, 2022 gong7deng gong21deng \n","url":"","id":"1595342167223857153","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"4330e400-669a-4477-bdcc-0ea21b4d8de2"}}”>

The {downturn|recession|economic downturn} in the #Eurozone economy {eased|reduced} slightly in November, {flash|expensive|adobe flash|display} #PMI data signals, {as the|since the|because the} headline index picks up {to|in order to} 47. 8 (Oct: {47|forty seven}. 3) and inflation {cools|lowers}. Rate of contraction {still|nevertheless} 2nd-sharpest since 2013 {though|although|even though} (excluding lockdown). Read more: pic. {twitter|tweets}. com/vuOR4V2Hy1

— S& P Global PMI™ (@SPGlobalPMI) {November|Nov|The fall of} 23, 2022

Credit {Suisse|Romandie|Réion romande} has forecast a pre-tax loss of up to Sfr1. 5bn (£1. 3bn) in the {fourth|4th} quarter, citing a “substantial” slowdown across the industry.

A month ago, the embattled {lender|loan provider} unveiled sweeping plans {to cut|to slice} 9, 000 jobs {and to|and also to} raise billions of pounds {from|through} investors in a Saudi-led {funding|financing} round , following {a series of|a number of} scandals and a £3. 5bn loss in the third {quarter|one fourth}. Its new boss, Ulrich Körner, has been tasked {with|along with} scaling back the {investment|expense|investment decision|purchase|expenditure} bank and slashing {costs|expenses}, with plans to {spin|spin and rewrite|rewrite} it off to focus on {wealth|prosperity} management.

{The|The particular} Swiss bank said {its|the} wealth management division {and|plus} investment bank were {likely to|prone to|more likely to|very likely to} make a loss between {October|Oct} and December. Overall outflows were 6% of {assets|property|resources|possessions} under management at the end of {the third|the 3rd} quarter. The Zurich-based {bank|loan company|loan provider|bank or investment company|mortgage lender|credit union|rely} said:

Credit Suisse {began|started} experiencing deposit and {net|internet} asset outflows in the {first|1st|very first|initial} two weeks of October 2022 at levels that {substantially|considerably|significantly} exceeded the rates {incurred|sustained} in the third quarter {of|associated with} 2022.

In wealth {management|administration}, these outflows have {reduced|decreased} substantially from the elevated {levels of the|amount} first two weeks of {October|Oct} although they have not yet {reversed|turned}.

And returning to {the potential|the} sale of {Manchester|Stansted} United , which has been {welcomed|made welcome} by fans, Victoria Scholar , {head|mind} of investment at {interactive|online} investor, says:

Manchester {United is|Usa is} trading higher {by|simply by} almost 10% this morning {after the|following the} Glazer family announced {plans|programs} to potentially sell {the|the particular} club a day after Cristiano Ronaldo’s departure, which would {bring|provide} their 17-year ownership {to an|for an} end.

Investors {are|are usually} cheering the news amid {hopes|expectations} that this could be the beginning {of a|of the} new era for the {club|golf club|membership} after a disappointing performance {over the last|during the last} few years. The expectation {is that|is the fact that} there could be a number of potential {deep|heavy|strong|serious|deeply} pocketed bidders including {Sir|Friend} Jim Ratcliffe who {expressed|indicated|portrayed} an interest in buying Man {U|Oughout|You} in August. Although the {club was|golf club was|membership was} recently valued {at|in|from|with|on} £3. 75bn, the {club|golf club|membership} has the potential to sell {for|with regard to|regarding|intended for|to get|pertaining to|meant for|designed for|just for|for the purpose of} much more than that.

{The|The particular} shares are trading {higher|increased} by more than 26% {so far|up to now} this year.

More on the {rail|train|railroad} strikes.

{Shadow|Darkness} home secretary Yvette Cooper said people have a right {to|in order to} campaign for a fair {pay|spend|pay out} deal but that {ultimately|eventually} a deal is needed. {She|The girl|The lady} told BBC Radio 4’s Today programme:

{We|All of us|We all} recognise people have got {a right|the right} to do everything they can {to|in order to} campaign for a fair {pay|spend|pay out} deal, and they will continue to {do so|do this|achieve this}.

And people have a right to {withdraw|pull away|take away} their labour and to {strike|hit} as part of that, and {we’ll|we will} always support people’s {right to|directly to} be able to do that, but {ultimately|eventually} we need a deal {in place|in position}, and that is what we’ve {been|already been} calling for.

She said {she|the girl|the lady} wants the government to “get its act together {on|upon} this”.

Shadow Home Secretary Yvette Cooper .

Business activity in the {French|People from france|France|German|Adams|Finnish|Turner} private sector shrank {for the first time|initially|the first time} since February 2021, {the|the particular} PMIs showed. The {headline|subject|topic|heading|head line} flash France PMI {composite|blend} output index fell {below|beneath} the 50. 0 {threshold|tolerance} in November to {48|forty eight}. 8, from 50. {2|two} in October.

Manufacturing production volumes {continued|carried on|continuing|ongoing} to fall during {November|Nov|The fall of}, for the sixth month {in a|inside a|within a|in the} row, although a fresh {drop|fall} in service sector activity {was the|was your} main factor behind the overall {contraction|compression|shrinkage}.

#France flash #PMI {points|factors} to the first contraction {in the economy|throughout the economy} since Feb 2021 {in|within} November (PMI at {48|forty eight}. 8), as services {activity|exercise|action} weakens and new {orders|purchases} continue to fall. Read more: pic. {twitter|tweets}. com/qaPia1ZNdJ

& mdash; S& amp; {P|G|L|S} Global PMI™ (@SPGlobalPMI) November 23, 2022 gong7deng gong21deng \n","url":"","id":"1595330713884188675","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"87188f4a-0e1a-4041-b469-9762b01d3e55"}}”>

🇫🇷 #France flash #PMI points to the first {contraction|compression|shrinkage} in the economy since Feb 2021 in November (PMI {at|in|from|with|on} 48. 8), as {services|solutions|providers} activity weakens and {new|brand new} orders continue to fall. {Read more|Learning much more|Reading more}: {pic|picture|photo}. twitter. com/qaPia1ZNdJ

— S& P {Global|Worldwide} PMI™ (@SPGlobalPMI) November 23, 2022

Germany’s private sector activity {continued|carried on|continuing|ongoing} to decline in {November|Nov|The fall of}, but there were signs of {improvement|enhancement}, the latest flash PMIs {from|through} S& P Global {indicated|pointed out}.

However , the rate of {decline|decrease|drop} in business activity eased {and|plus} firms were less {pessimistic|depressed} about the year-ahead outlook. {Demand|Need|Requirement} continued to come under pressure {from|through} strong inflation, though {even|actually|also} on the price front {there were|there have been|there was} some encouraging signs {as|because|since} firms reported the slowest increase in costs for {1|one} 1/2 years and {a weaker|a less strong} rise in prices charged {for|with regard to|regarding|intended for|to get|pertaining to|meant for|designed for|just for|for the purpose of} goods and services. Despite falling {workplace|place of work|office|work environment} activity, labour market {conditions|problems|circumstances|situations} remained relatively robust.

#Germany {helped|assisted} to alleviate its economic {decline|decrease|drop} in November, as the {flash|expensive} #PMI picked up to {46|fouthy-six}. 4 (Oct: 45. 1). That said, demand continued {to|in order to} fall and firms {remained|continued to be|stayed} downbeat about future {activity|exercise|action}. Read more: pic. twitter. com/Erswe750y0

& mdash; S& amp; P Global PMI™ (@SPGlobalPMI) November 23, 2022 gong7deng gong21deng \n","url":"","id":"1595334205164044289","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"fcfbcde7-193b-46fc-a13e-0fee9a93e02c"}}”>

🇩🇪 {A|The} slowdown in inflationary {pressure|stress} across #Germany helped {to alleviate|to ease} its economic decline {in|within} November, as the flash #PMI picked up to 46. {4|four} (Oct: 45. 1). {That said|Nevertheless|Having said that}, demand continued to {fall|drop} and firms remained {downbeat|gloomy} about future activity. {Read more|Learning much more|Reading more}: {pic|picture|photo}. twitter. com/Erswe750y0

— S& P {Global|Worldwide} PMI™ (@SPGlobalPMI) November 23, 2022

Ministers will hold talks with {rail|train|railroad} union chiefs this week {to|in order to} urge them to call {off|away|away from} strikes aimed at causing “maximum disruption” over Christmas.

The RMT {union|partnership|marriage|association} announced {on|upon} Tuesday {that|that will} thousands of its members {working for|doing work for} Network Rail and {14|fourteen} train operating companies {will|will certainly|may|can} strike on 13-14 {and|plus} 16-17 December, causing {disruption|interruption} over six consecutive {days|times} in the run-up to {Christmas|Xmas}. There will be a further two {strikes|attacks|hits|happens|punches} on 3-4 and 6-7 January.

{Work|Function} and pensions secretary Mel Stride said on TalkTV this morning:

What we need is {we need|we want|we require} more talking from the unions with the employers and {less|much less} announcements of strikes.

He {said|stated|mentioned} the consequences of the strikes {announced|introduced} by the RMT union {in December|keep away from} and January would be “quite serious”, disrupting “medical {appointments|visits|sessions|meetings|consultations|prearranged appointments}, for example , as well as “family reunions” over the festive period.

{The|The particular} timing of these strikes {are designed to|are made to|are created to} create maximum disruption {across the|throughout the|over the} Christmas period.

The {Secretary|Admin} of State is actually {meeting|conference} the rail union {leaders|frontrunners|market leaders|commanders|management} later this week, so {there is|there is certainly} that dialogue occurring.

{The essential|The fundamental|The primary} discussions have to occur {between the|between|involving the|between your} rail operating companies, {Network|Networking} Rail and the unions, {and they|plus they|and they also|and so they} really should be engaging more on {that and|might} working things out {between them|together} more vigorously, in my {view|see|look at|watch}, than simply rushing off {and|plus} going into strike action.

Announcing {the|the particular} strikes on Tuesday, {the|the particular} RMT’s general secretary, Mick Lynch, said:

{This|This particular} latest round of {strikes|attacks|hits|happens|punches} will show how important {our|our own|the} members are to the {running|working|jogging} of this country and will {send|deliver|send out} a clear message that we {want a|need} good deal on job {security|protection|safety}, pay and conditions {for our|for the} people.

We have been reasonable, {but it is|however it is} impossible to find {a negotiated|a discussed} settlement when the dead {hand|hands} of government is presiding over these talks.

Good morning, {and|plus} welcome to our rolling {coverage|protection|insurance coverage|insurance} of business, the financial markets {and the|as well as the} world economy.

The Glazer {family are|family members are|loved ones are|household are} looking to sell Manchester {United|Usa} after owning it {for|with regard to|regarding|intended for|to get|pertaining to|meant for|designed for|just for|for the purpose of} 17 years, triggering {a|the} 27% jump in the {share|talk about} price to $16. {6|six} in after hours trading {on|upon} Nasdaq.

{The|The particular} Glazers announced last night {that they were|which they were|they were} “commencing a process {to explore|to learn} strategic alternatives” for the {Premier|Leading|Top|Best} League club, on the same {day|day time|time} it was confirmed that Cristiano Ronaldo {had|experienced|got|acquired} left Old Trafford {by|simply by} mutual agreement .

A statement {from|through} United revealed plans {to identify|to recognize|to distinguish|to spot} new investment that could {lead to|result in} a potential sale. The {club|golf club|membership} said the process led {by their|by way of a} American owners will {consider a|think about a} number of options “including {new|brand new} investment into the club, {a|the} sale, or other {transactions|dealings} involving the company”. The Raine Group, which oversaw {the|the particular} sale of Chelsea earlier this year, {has been|continues to be} appointed as the exclusive {financial|monetary|economic} adviser.

{In|Within} August, {Jim|Rick|John} Ratcliffe , the UK’s richest person, expressed an interest in buying {United|Usa} . “If the {club is|golf club is|membership is} for sale, Jim {is definitely a|is surely a} potential buyer, ” {a|the} spokesperson for him {said|stated|mentioned}. Last month, though, Ratcliffe claimed he had met {the|the particular} Glazers and they did not {wish to|desire to} sell.

{The|The particular} club was valued {at|in|from|with|on} nearly $2. 5bn (£2bn) on the New York stock exchange {yesterday|the other day|last night|recently|this morning|last week|yesteryear}. The Glazers took {control of|power over|control over} United in a £790m {deal|offer} in 2005, loading {the|the particular} club with £500m {of|associated with} debt, and later {listed|outlined|detailed|shown} a minority stake, {in 2012|this year}, but retained control {through a|via a|by way of a} dual-class share structure {which gives|which provides} them almost all voting {rights|privileges}.

The {announcement|statement} that they were considering {selling|marketing|promoting|offering} comes after years of protest {from the|from your|through the|in the} fans, chanting “Love {United|Usa}, Hate Glazers”. United {has not|have not} won the Premier {League|Little league|Group} since 2013 and the {fans|followers|enthusiasts|supporters} want to see more investment {in the|within the} club.

{David|Jesse|Brian|Donald|John} Cogan , {a media|a press|a mass media} executive who negotiated {the|the particular} sale of the Premier League’s TV rights, has been {talking about|speaking about|referring to|discussing} this on BBC {Radio|Stereo|Radio stations} 4’s Today programme.

{The|The particular} owners have said {we’ve|we have} done our 17 {years|many years|yrs}, we’ve taken out as much as {we can|we are able to}, we’re under constant {pressure|stress} from fans and therefore {what we|what we should} need to do is try to find {a|the} buyer at a time when the {Premier|Leading|Top} League looks like it might {make more money|earn more money} because lots of people are {buying|purchasing} rights and we’ve {got|obtained} the asset value {to|in order to} where we could get it.

{And|Plus} what’s really driven {that is the|this is the} differences in value. A year ago Newcastle sold for £305m. Chelsea {sold for|people paid} £2. 5bn plus {an additional|an extra} £1. 75bn for reinvestment in the club, nearly £5bn. When you’re Manchester {United|Usa} or you’re Liverpool {and|plus} you’re the owner of those {clubs|night clubs}, you look at those {numbers|figures|amounts|quantities} and say we can {easily|very easily|quickly|effortlessly|simply} get that, and {that’s|that is} a huge return on our {initial|preliminary} investment.

He said large {American|Us} hedge funds may be {interested in|thinking about} buying the club, noting {that they have|they have} been buying media {rights|legal rights} of sports assets, {for example|such as|by way of example|one example is} in rugby.

It may well {be|end up being} that all these American hedge funds are looking at football {assets|property|resources|possessions} believing they are undervalued {even|actually|also} at £4bn or £5bn because the Premier League {will|will certainly|may|can} continue to grow…

Most {fans are|followers are|enthusiasts are|supporters are} quite happy if the {money is|cash is} coming in.

Roman Abramovich sold Chelsea {for|with regard to|regarding|intended for|to get|pertaining to|meant for|designed for|just for|for the purpose of} £4. 25bn to {a consortium|a range} led {by the|from the|with the|by} American businessman Todd Boehly in May. Newcastle United was sold {by|simply by} Mike Ashley for £305m last {October|Oct} to a consortium led {by|simply by} Saudi Arabia’s Public {Investment|Expense|Investment decision|Purchase|Expenditure} Fund.

Otherwise, the focus today {is|will be|is usually|is definitely|can be|is certainly} on the latest flash PMIs for November , closely-watched business surveys, as well as the {minutes|moments|mins|a few minutes} from the US Federal Reserve’s last meeting when it hiked interest rates as expected by {75|seventy five} basis points.

Most Asian stock {markets|marketplaces} have gained while {oil|essential oil} and the dollar slipped, {as|because|since} rising Covid-19 cases {in|within} China triggered fears {of|associated with} fresh lockdowns that could {hold back|restrain} the reopening of the world’s second-biggest economy.

European stocks are expected {to rise|to increase} at the open, after they {reversed|turned} their Monday losses {and|plus} closed at three-month {highs|levels|heights} on Tuesday.

The Agenda

  • 8. 15am GMT: France S& {P|G|L|S} Global PMIs flash {for|with regard to|regarding|intended for|to get|pertaining to|meant for|designed for|just for|for the purpose of} November

  • {8|eight|7|6|almost eight|almost 8|9|seven}. 30am GMT: Germany PMIs flash for November

  • 9am GMT: Eurozone PMIs flash for {November|Nov|The fall of}

  • 9. 30am GMT: UK S& {P|G|L|S} Global/CIPS PMIs flash {for|with regard to|regarding|intended for|to get|pertaining to|meant for|designed for|just for|for the purpose of} November

  • {1 .|one|1 )} 30pm GMT: US {Durable|Long lasting} goods orders for {October|Oct} (forecast: 0. 4%)

  • 2 . 45pm GMT: US S& P {Global|Worldwide} PMIs flash for {November|Nov|The fall of}

  • 3pm GMT: US Michigan Consumer {sentiment|emotion|belief|feeling|opinion} final for November (forecast: 55)

  • 3pm GMT: Treasury committee {to|in order to} quiz UK chancellor Jeremy Hunt on autumn {statement|declaration}

  • 7pm GMT: Bank of England {chief|main|key|primary|fundamental|leader} economist Huw Pill {speech|conversation|talk|presentation|dialog|language} on returning inflation {to target|to focus on|to}

  • 7pm GMT: US Federal Reserve {minutes|moments|mins|a few minutes}

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