Friday, July 12, 2013

Record-breaker for stocks sparked by upbeat Fed comments

stocks

2 hours ago

Traders work on the floor of the New York Stock Exchange at the end of the trading day Thursday. The Dow Jones Industrial Average closed at record hig...

Andrew Burton / Getty Images

Traders work on the floor of the New York Stock Exchange at the end of the trading day Thursday. The Dow Jones Industrial Average closed at record high today, up 169.26 points to close at 15,460.92.

It was a record-breaking day on Wall Street on Thursday.

Not only did the Dow and S&P 500 crash through their previous record highs, but the technology-heavy Nasdaq closed at its highest level in 13 years when the dot-com bubble was bursting.

The Nasdaq had its best day in three months, jumping 57.55 points, or 1.63 percent and closing at its highest level -- 3,578.30 -- since Sept. 29, 2000. That was when the dot-com bubble was bursting after a speculative period from 1997 when stock markets saw their equity value rise rapidly from growth in the Internet sector and related fields.

Thursday's big surge upwards came less than a day after Fed Chairman Ben Bernanke said the Fed would keep its foot on the stimulus gas pedal for some time, even if the unemployment rate hit the Fed's target of 6.5 percent.

His remarks were bolstered by the minutes from the Fed's latest policy meeting, which showed that policymakers wanted further reassurances about the strength of the jobs market before pulling back on stimulus measures.

(Read More: Will Investors Finally Buy Bernanke's Explanation)

Uncertainty over the Fed's direction had caused concern in the markets for weeks, but on Thursday Bernanke's words seemed to remove any doubt and investors went wild.

Thursday also saw the Dow Jones Industrial Average shoot up 169.26 points, or 1.11 percent, to close at a new all-time high of 15460.92. All 30 Dow components finished higher, led by Intel and Microsoft. The blue-chip index's point gain for 2013 is already greater than any year on record.

The S&P 500 soared 22.40 points, or 1.36 percent, to finish at 1,675.02, logging its sixth-consecutive rally and also setting a new closing high. The index is now on pace for its biggest weekly gain since January.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, slid near 14.

"While you cannot guarantee that short-covering is taking place, this looks, smells and feels like a huge short-covering," said Art Cashin, director of floor operations at UBS Financial Services. "Next week, we have the equivalent of what used to be the Humphrey-Hawkins testimony so we could get a lot of volatility again."

On a day for records:

  • The Dow and S&P 500 had their best day in one month
  • The S&P 500 has its first 6-day winning streak in almost two years
  • This was the second highest number of advancing stocks at the New York Stock Exchange this year (2,203 stocks rose at the NYSE?the most since the first trading day of the year on Jan. 2)
  • All 10 S&P 500 sectors ended the day up, and 8 of 10 sectors closed up over 1 percent.
  • All 30 Dow stocks, 90 percent of the S&P 500, and 94 percent of the Nasdaq 100 closed up.

(Read More: What Did Ben Say? Playing the Fed Word Game)

The dollar dropped broadly against a basket of currencies, with its index falling to $82.418, its lowest since June 25 and down around 2.8 percent from the three-year high of $84.753. Meanwhile, Treasury prices gained after the government auctioned $13 billion in 30-year bonds at a high yield of 3.660 percent. The bid-to-cover ratio, an indicator of demand, was 2.26, versus the recent average of 2.59.

On the economic front, weekly jobless claims rose by 16,000 last week to a seasonally adjusted 360,000, according to the Labor Department, above expectations for a reading of 340,000. The four-week moving average of new claims increased by a more modest 6,000 to 351,750.

Meanwhile, import and export prices declined for the fourth-straight month in June, according to the Labor Department.

Gasoline prices are forecast to jump between 10 and 20 cents per gallon within the next few days, driven by rising oil prices and peak driving season. Oil prices have risen in recent weeks on geopolitical concerns, along with declining inventories.

In Asia, the Shanghai Composite rose above the key 2,000 level for a second straight session on hopes that Wednesday's dismal trade data will lead the Chinese central bank to ease monetary policy in an effort to boost growth.

(Poll: Will China Experience a 'Hard Landing' in 2013?)

Meanwhile, the yen strengthened further against the dollar on Thursday after the Bank of Japan held its monetary policy steady, but upgraded the country's economic outlook.

More business news:

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Thursday, July 11, 2013

Egypt escalates a crackdown on Muslim Brotherhood

Supporters of ousted President Mohammed Morsi protest as army soldiers guard at the Republican Guard building in Nasr City, in Cairo, Egypt, Wednesday, July 10, 2013. (AP Photo/Hassan Ammar)

Supporters of ousted President Mohammed Morsi protest as army soldiers guard at the Republican Guard building in Nasr City, in Cairo, Egypt, Wednesday, July 10, 2013. (AP Photo/Hassan Ammar)

Supporters of ousted President Mohammed Morsi pray in Nasr City, Cairo, Egypt, Tuesday, July 9, 2013. Arabic reads, "No substitute for the legitimacy." After days of deadlock, Egypt's military-backed interim president named a veteran economist as prime minister on Tuesday and appointed pro-democracy leader Mohamed ElBaradei as a vice president, while the army showed its strong hand in shepherding the process, warning political factions against ?maneuvering? that impedes the transition. (AP Photo/Hassan Ammar)

A supporter of ousted Egypt's President Mohammed Morsi poses with his photo as army soldiers guard at the Republican Guard building in Nasr City, in Cairo, Egypt, Wednesday, July 10, 2013. After days of deadlock, Egypt's military-backed interim president named a veteran economist as prime minister on Tuesday and appointed pro-democracy leader Mohamed ElBaradei as a vice president, while the army showed its strong hand in shepherding the process, warning political factions against ?maneuvering? that impedes the transition(AP Photo/Hassan Ammar)

A supporter of ousted President Mohammed Morsi joins in a protest at the Republican Guard building in Nasr City, in Cairo, Egypt, Wednesday, July 10, 2013. After days of deadlock, Egypt's military-backed interim president named a veteran economist as prime minister on Tuesday and appointed pro-democracy leader Mohamed ElBaradei as a vice president, while the army showed its strong hand in shepherding the process, warning political factions against ?maneuvering? that impedes the transition. Arabic reads, " Muslim Brotherhood." (AP Photo/Hassan Ammar)

Supporters of ousted Egypt's President Mohammed Morsi protest as army soldiers guard at the Republican Guard building in Nasr City, in Cairo, Egypt, Wednesday, July 10, 2013. After days of deadlock, Egypt's military-backed interim president named a veteran economist as prime minister on Tuesday and appointed pro-democracy leader Mohamed ElBaradei as a vice president, while the army showed its strong hand in shepherding the process, warning political factions against ?maneuvering? that impedes the transition (AP Photo/Hassan Ammar)

(AP) ? Egypt's military-backed government tightened a crackdown on the Muslim Brotherhood on Wednesday, ordering the arrest of its revered leader in a bid to choke off the group's campaign to reinstate President Mohammed Morsi one week after an army-led coup.

The Brotherhood denounced the warrants for the arrest of Mohammed Badie and nine other leading Islamists for inciting violence Monday that left dozens dead, saying "dictatorship is back" and vowing it will never work with the interim rulers.

Leaders of the Brotherhood are believed to be taking refuge somewhere near a continuing sit-in by its supporters at the Rabaah al-Adawiya Mosque in eastern Cairo, but it is not clear if Badie also is there.

The Brotherhood is outraged by the overthrow of Morsi, one of its own, and demands nothing less than his release from detention and his reinstatement as president.

Security agencies have already jailed five leaders of the Brotherhood, including Badie's powerful deputy, Khairat el-Shaiter, and shut down its media outlets.

The prosecutor general's office said Badie, another deputy, Mahmoud Ezzat, senior member Mohammed El-Beltagy and popular preacher Safwat Hegazy are suspected of instigating the clashes with security forces outside a Republican Guard building near the mosque that killed 54 people ? most of them Morsi supporters ? in the worst bloodshed since he was ousted.

The Islamists have accused the troops of gunning down protesters, while the military blamed armed backers of Morsi for attempting to storm a military building.

The warrants highlight the armed forces' zero-tolerance policy toward the Brotherhood, which was banned under authoritarian leader Hosni Mubarak.

"This just signals that dictatorship is back," said Brotherhood spokesman Ahmed Aref. "We are returning to what is worse than Mubarak's regime, which wouldn't dare to issue an arrest warrant of the general leader of the Muslim Brotherhood."

The Brotherhood's refusal to work with the new interim leaders underscored the difficulties they face in trying to stabilize Egypt and bridge the deep fissures that have opened in the country during Morsi's year in office.

Morsi has not been seen since the July 3 coup, but Foreign Ministry spokesman Badr Abdel-Atti gave the first official word on him in days, saying he is in a safe place and is being treated in a "very dignified manner." No charges have been leveled against him, Abdel-Atti said.

"For his own safety and for the safety of the country, it is better to keep him. ... Otherwise, consequences will be dire," he added.

Badie had appeared at the Rabaa al-Adawiya rally Friday, a day after an earlier arrest warrant against him was issued, also accusing him of inciting violence. On Wednesday night, he delivered a message to the crowd through a senior Brotherhood leader, an indication that he didn't want to make an appearance and endanger his security.

He spoke of Monday's violence, calling the troops that carried it out "traitors."

"They didn't just betray their people ... their leader (Morsi), but they also betrayed God," said Abdel-Rahman el-Bar, a Brotherhood leader, reading from Badie's message.

He urged supporters to stay camped out in the sit-in and mosques, using the holy month of Ramadan to pray for Morsi's deliverance. Badie also sought to dismiss accusations that his group used violence.

"The Muslim Brotherhood has struggled for Egypt's freedom from occupation and oppression. It was and will remain faithful to its promises and peaceful in its positions," the message said.

On Friday, Badie had delivered a fiery speech at the rally in person, telling those in the crowd that they will bring Morsi back to the palace on their shoulders.

"We are his soldiers. We defend him with our lives," Badie said before disappearing.

Following the speech, thousands of Islamists marched and clashed with Morsi opponents in the heart of Cairo and elsewhere in Egypt, leaving more than 30 dead and 200 injured.

In one of the most dramatic instances of violence that day, two Morsi opponents were killed when they were pushed off a roof by supporters of the ousted president in the second-largest city of Alexandria. Hamada Badr was stabbed and thrown off the roof, his father said. According to amateur video accessed by The Associated Press, a second man was hurled to his death and Morsi supporters were seen beating his lifeless body. The video appeared consistent with AP's reporting from the area.

Since then, both sides appeared to be running a campaign of fear. The military and supportive media have depicted the Brotherhood and its backers as promoting violence and endangering national security. The Brotherhood and pro-Morsi protesters have portrayed Defense Minister Abdel-Fattah el-Sissi as head of a "militia" that is seeking to annihilate Islamists, waging a fight akin to the civil war in Syria.

News of the arrest warrants did not surprise the protesters, who saw the move as an attempt to pressure the group's leadership to end the demonstration.

"We expected it," said Ayman el-Ashmawi. "Even if they arrest the biggest number of Muslim Brotherhood members, we want to say that the Muslim Brotherhood will leave this square only over our dead bodies ? or the return of Dr. Mohammed Morsi."

Fathi Abdel-Wahab, a bearded protester in his 30s, said he and the others at the rally had legitimacy on their side.

"We will sacrifice ourselves and we will continue because we have a clear cause. We will defend it peacefully. ... We will never accept the military's coup," he said as he rested inside a tent near a group of people reciting verses from the Quran.

After a week of violence and mass demonstrations, Egyptians were hoping that Wednesday's start of Ramadan would calm the streets. The sunrise-to-sunset fast cuts down on daytime activity, although there were fears of unrest at night.

Late Wednesday, gunmen in a pickup truck opened fire on the convoy of a top military commander, Gen. Ahmed Wasfi, in the Sinai town of Rafah, near the border with Gaza, drawing fire from the accompanying troops, security officials said. Wasfi escaped unharmed, but a 5-year-old girl was killed in the clashes, said the officials, speaking on condition of anonymity because they were not authorized to speak to the media. One gunman was arrested.

Meanwhile, more than 1,000 Morsi supporters protested late Wednesday outside the presidential palace, where his opponents have continued to hold their ground, even after his ouster. Under heavy military guard, the pro-Morsi demonstrators chanted against el-Sissi, the defense minister, shouting, "What el-Sissi? We stepped over bigger shots." Some protesters formed a human chain to draw a line between them and the troops. After less than hour, they left the area peacefully.

The military-backed interim president, Adly Mansour, issued a fast-track timetable Monday for the transition. His declaration set out a seven-month timetable for elections but also a truncated, temporary constitution laying out the division of powers.

The accelerated process was meant, in part, to reassure the U.S. and other Western allies that Egypt is on a path toward democratic leadership. But it has faced opposition from the very groups that led the four days of mass protests that prompted the military to remove Morsi.

The top liberal political group, the National Salvation Front, expressed reservations over the plan, saying it was not consulted. The Front said the declaration "lacks significant clauses while others need change or removal," but did not elaborate.

The secular, revolutionary youth movement Tamarod that organized the massive anti-Morsi demonstrations also criticized the plan, in part because it gives too much power to Mansour, including the authority to issue laws. A post-Morsi plan put forward by Tamarod called for a largely ceremonial interim president with most power in the hands of the prime minister.

At the heart of liberals' objections is that they wanted to remove broadly worded articles that Morsi's allies introduced into the constitution, giving Islamic laws a greater weight. They objected that at least one of those clauses remained in Mansour's declaration. Other objections centered on powers of the interim president.

The only Islamist party that backed military's ouster of Morsi has been vetoing any rewriting of the constitution.

New Prime Minister Hazem el-Beblawi, who was appointed Tuesday by Mansour, is holding consultations on a Cabinet. In what is seen as an attempt at reconciliation, el-Beblawi has said he will offer the Brotherhood, which helped propel Morsi to the presidency, posts in his transitional government.

A Brotherhood spokesman who spoke on condition of anonymity because he feared for his security said the group will not take part in an interim Cabinet, and that talk of national reconciliation under the current circumstances is "irrelevant."

The nascent government also will soon face demands that it tackle economic woes that mounted under Morsi, including fuel shortages, electricity cutoffs and inflation.

Kuwait joined other Gulf nations in offering financial aid to the new leadership, saying it would give a package worth $4 billion. On Tuesday, Saudi Arabia and the United Arab Emirates ? both opponents of Morsi's Brotherhood ? promised the cash-strapped Egyptian government $8 billion in grants, loans and badly needed gas and oil.

The donations effectively step in for Morsi's Gulf patron, Qatar, a close ally of the Brotherhood that gave his government several billion in aid during his year in office.

_________

Associated Press Writer Tony G. Gabriel contributed to this report

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2013-07-10-ML-Egypt/id-69af277bcda74980abae215af11fad51

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Wednesday, July 10, 2013

Ladies Fashion, Ladies Beauty Products, Ladies Shoes & Handbags ...

Learn how to make your own beauty products at home using only natural ingredients. After reading this book, you will be able to create your own creams, lotions, cleansers, toners, masks, hair treatments, sun protection and baby care products.

Discover which vegetable oils, herbs, floral waters, essential oils, plant-based emulsifiers, and natural preservatives to use, how to pack and label your own beauty products, and how to store them safely. Facial cleansers, moisturizers, anti aging serums, sun protection creams, hair treatments, and even perfumes and deodorants can be prepared easily at home using only natural, easily available ingredients.

This book contains more than 200 recipes and step-by-step techniques used by the author, holistic nutritionist Julie Gabriel (THE GREEN BEAUTY GUIDE) to create her own organic skincare line, Petite Marie Organics (petitemarieorganics.com)

Practical, straightforward, and fun, these recipes are equally suitable for green beauty enthusiasts as well as professional beauty practitioners.

You can pamper yourself head to toe with luxurious hair masks, deep cleansing home facials, aromatic massage oils, nourishing body lotions, and age-rewinding moisturizers in the most natural, luxuriously green way!

Here is what our reviewers say:

"Green Beauty Recipes" is a timely book since many of us are "going green." We no longer want to use harmful chemicals or accept using animals for testing products. Using products that can be found in our own home, with the addition of essential oils or natural preservatives, will not only nourish our body, but help keep our planet clean. I commend Julie Gabriel on making this book available to us and I encourage everyone to consider having "Green Beauty."

--Irene Watson, Reader Views

Green Beauty Recipes is the second book by author Julie Gabriel. An extension of her first book, The Green Beauty Guide, Green Beauty Recipes is an indispensable collection of not only recipes, but also instructions, explanations and helpful hints for creating your own collection of skin care, hair care and body care products. Julie gives everyone the confidence to get in the kitchen and create their own beauty! Perfect as a gift for just about any woman.

We love this book and read every word cover to cover. How we wish it had images of some of the finished recipes, however. It's fun to create products and get that feeling of accomplishment that goes along with it. It's a book that won't hide on our bookshelf because we'll be too busy finding recipes that work best with our skin. It has a top spot on our holiday gift list this year.

--Jen Adkins, About.com: Skincare

Current edition is an updated and slightly revised version of the 2010 book.

Source: http://www.jackiesbazaar.com/womensinterests/beauty-products/ladies-fashion-ladies-beauty-products-ladies-shoes-handbags

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Bulger enforcer's testimony ends in heated exchange

U.S. Attorney's Office via AP

James "Whitey" Bulger, left, stands with his former right hand man, Kevin Weeks, in this undated surveillance photo.

By Sophia Rosenbaum, NBC News

The trial of James "Whitey" Bulger descended into an expletive-laced shouting match Tuesday between the alleged mob boss and the former right-hand man who called him a rat.

The outburst happened as Kevin Weeks, who prosecutors say was an enforcer for Bulger's team, was on the stand for a second day, giving graphic testimony about murders that Bulger is accused of committing.

"We killed people who are rats, and the two biggest rats were sitting right next to me," he said, referring to Bulger and a cohort, Stephen "The Rifleman" Flemmi, and their work as FBI informants.

At that point, Bulger, who has been stoic for most of the trial, hissed: "F--- you!"

Weeks yelled back: "F--- you! What are you going to do!"

The judge stepped in to stop the exchange - chiding Bulger - according to an account from a reporter for NBC affiliate WHDH in Boston and New England Cable News.

?

Earlier Tuesday, Weeks testified that Bulger shot one man, a jewelry thief, in the back of the head after a day of torture, including handcuffing and hog-tying.

Bulger, 83, is charged with killing 19 people as the leader of the Winter Hill Gang in Boston. He has pleaded not guilty to racketeering, extortion and other charges.

He fled Boston in 1994 and was on the run as one of America?s most wanted fugitives for 16 years before his capture in Santa Monica, Calif., in 2011.

Stephan Savoia / AP file

Kevin Weeks, a former top lieutenant to James "Whitey" Bulger, is interviewed in Boston in 2011.

Bulger was warned earlier in the trial after prosecutors said they heard him swear at another witness.

Weeks, 57, is key to the prosecution's case and has led investigators to the burial sites of many alleged victims of Bulger?s team. Weeks served five years in prison for five murders and was released in exchange for testifying against Bulger.

In earlier testimony Tuesday, he discussed Bulger?s hatred for informants and said, ?We killed informants.?

The trial was in its 17th day Tuesday and could last three months.

The Associated Press contributed to this report.

Related:

?-?As Whitey Bulger trial begins, victims families looking for answers?

-?Former Boston hitman says Whitey Bulger's FBI dealings 'broke my heart'

- Prosecutor guns for Whitey Bulger with jailhouse tapes

-?Bulger gang life: Collections, beatings, walks on the beach

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Tuesday, July 2, 2013

'Unimaginable that this even happened'

By Tim Gaynor

PRESCOTT, Arizona (Reuters) - Fire investigators in central Arizona launched a probe on Monday into how wind-driven flames closed in on and killed 19 specially trained firemen in a tragedy that marked the greatest loss of life among firefighters in a U.S. wildland blaze in 80 years.

The precise circumstances surrounding Sunday's deaths of all but one of a 20-member elite "hotshots" firefighting team remained unclear a day after they perished while battling a blaze that has destroyed scores of homes and forced the evacuation of two towns.

But fire officials said the young men fell victim to a volatile mix of erratic winds gusting to gale-force intensity, low humidity, a sweltering heat wave, and thick, drought-parched brush that had not burned in some 40 years.

The doomed firefighters had managed to deploy their personal fire shelters, tent-like safety devices designed to deflect heat and trap breathable air, in a last-ditch effort to survive that ultimately proved futile, officials said.

Peter Andersen, a former local Fire District chief who assisted in the early firefighting efforts, told Reuters some of the men on the ground made it into their shelters and some did not, according to an account relayed by a ranger helicopter crew flying over the area.

"There was nothing they (helicopter crew) could do to get to them," he said.

Still, conditions faced by the "hotshots," a ground crew that fights flames at close range with hand tools and serves as the shock troops in a firefighting force, were typical for the wildfires they are trained to battle, fire officials said.

Standard safety protocols followed by such crews appeared to be in place, and investigators are trying to determine exactly what went wrong in this instance, they said.

"It had to be a perfect storm in order for this to happen. Their situational awareness and their training was at such a high level that it's unimaginable that this has even happened," Prescott Fire Department spokesman Wade Ward told ABC's "Today" program.

STARTED BY LIGHTNING

The blaze was ignited on Friday by lightning near the town of Yarnell, about 80 miles (128 km) northwest of Phoenix, and by Monday was still raging unchecked after scorching some 8,400 acres (3,400 hectares) of tinder-dry chaparral and grasslands.

Authorities ordered the evacuation of Yarnell and the adjoining town of Peeples Valley. The two towns are southwest of Prescott and home to roughly 1,000 people.

A Yavapai County Sheriff's Office spokesman said on Sunday at least 200 structures had been destroyed, most of them in Yarnell, a community consisting largely of retirees. And fire officials said most of the building lost were homes.

Authorities on Monday said that figure was a rough estimate and that a more accurate assessment of property losses was expected later.

The so-called Yarnell Hills blaze was one of dozens of wildfires in several western U.S. states in recent weeks. Experts have said the current fire season could be one of the worst on record.

Sunday's disaster in Arizona marks the highest death toll among firefighters from a U.S. wildland blaze since 29 men died battling the Griffith Park fire of 1933 in Los Angeles, according to the National Fire Protection Association.

The association lists seven incidents in the United States during the past century that killed as many or more firefighters than on Sunday in Arizona. The costliest saw the deaths of 340 firefighters in the September 11, 2001, attack on the World Trade Center in New York.

Arizona Forestry Commission spokesman Mike Reichling said one member of the 20-man crew had been driving in a separate location and survived unhurt. Eighteen of the dead were members of the Granite Mountain Hotshots team, assigned to the Prescott Fire Department, and the 19th victim belonged to another crew who was working with the fallen team, Reichling said.

WARNING FROM A BOW HUNTER

Evacuee Rick McKenzie, 53, a bow hunter and ranch caretaker, said the fire had "exploded" on Sunday, with flames 30 to 40 feet high (9 to 13 meters) racing across an area of oak and brush and that he had warned the Hotshots about the dense oak woods where they would be working.

"I said, 'If this fire sweeps down the mountain to the lower hills where all this thick brush is, it's going to blow up, guys, you need to watch it,'" said McKenzie, who had taken refuge at a Red Cross shelter at Yavapai College.

The Hotshots were highly trained firefighters with rigorous fitness standards. All were required to take an 80-hour critical training course and refresher yearly, according to the group's website.

"Our common bond is our love of hard work and arduous adventure," the website said.

Scorching heat is expected to last for the first part of the week, meteorologists said.

The deaths brought an outpouring of tributes on Sunday from political leaders, including from President Obama, who is on an official trip to Africa.

In a statement, Arizona Governor Jan Brewer called the deaths "one of our state's darkest, most devastating days."

She ordered state flags flown at half staff from Monday through Wednesday.

Senator John McCain, an Arizona Republican, said in a statement: "This devastating loss is a reminder of the grave risks our firefighters take every day on our behalf in Arizona and in communities across this nation. Their sacrifice will never be forgotten."

(Writing by Steve Gorman; Additional reporting by David Schwartz; Editing by Dina Kyriakidou and Sofina Mirza-Reid)

Source: http://news.yahoo.com/investigators-launch-probe-death-19-arizona-firefighters-182939400.html

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