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Cignal TV signs partnership with Multisys

PLDT, Inc. subsidiary Multisys Technologies Corp. has been tapped by Cignal TV, Inc. to provide the television network with technology to streamline its business systems.

The company said in a statement Monday it has entered a strategic partnership with Cignal, which is also a PLDT affiliated company, for the integration of the firm’s pay television system.

“The said partnership will strengthen Cignal TV’s front and back-end processes such as sales, marketing, product development, and customer service through improved subscriber management system, provisioning systems, and billing systems,” the company said.

Multisys said the agreement is expected to help Cignal address customer needs for more innovative products and services.

The company wants to continue expanding its platform to engage with other industries such as information technology, government, health care, utilities, hospitality, retail and the academe. One of Multisys’ most known products is the Bayad Center mobile application, which was launched earlier this year.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

Bria focuses on VisMin expansion

MASS HOUSING developer Bria Homes is ramping up expansion in key areas in Visayas and Mindanao where it sees sustained demand for affordable homes.

Bria Homes currently has over 50 mass-housing projects in the country.

In Visayas, there are Bria communities in Samar, Leyte, and Negros Occidental. In Mindanao, Bria also has communities in Cagayan de Oro, Misamis Oriental, Bukidnon, Davao del Norte, Davao del Sur, South Cotabato, and North Cotabato.

“All these, plus more developments in the works, were built to meet the need for secure, safe, and easy-on-the-pocket residences for Filipinos in Visayas and Mindanao,” the company said in a statement.

Bria Homes is a unit of listed Villar-led Golden Bria Holdings, Inc.

Klook x K-pop

By Cecille Santillan-Visto

Concert Review
Cosmic Celebration: Klook PH Turns 2
Sept. 7
World Trade Center

A TIE-UP between Klook and Korean pop may appear like an unlikely partnership. One is an online provider of various in-destination services while K-pop is the entertainment genre that has captured the fancy of audiences worldwide.

But as travel app Klook promises that its “experts all over the world uncover and curate the best experiences everyday,” the collaboration between the company and Korean entertainment to bring about a Hallyu high works hand-in-glove.

When Klook Philippines recently celebrated its second anniversary, it was evident that Klook and K-pop are a perfect fit. Klook’s corporate mission is “to connect travelers with experiences they want and need.” For K-pop fans, seeing their idols in the flesh is the ultimate experience.

For hundreds of fans of Monsta X and Weki Meki, the Cosmic Celebration: Klook PH Turns 2 held at the World Trade Center on September 7 provided the opportunity to be part of a mini-concert and fan meeting with these up-and-coming K-pop groups. There was no need to travel all the way to Seoul to see two of Korea’s hottest bands.

Monsta X and Weki Meki returned to the Philippines to be part of Cosmic Celebration. The six-member Monsta X was here in November 2016 for the Manila leg of their first Asian fan meeting in November 2016 while the eight ladies of Weki Meki were part of the MBC Show Champion in Manila in October last year.

It was a fun evening for the Monbebes, Monsta X’s fans, and the Ki-Lings, the fandom name of Weki Meki as the two group took time to interact with their fans while performing some of their latest and biggest hits.

Weki Meki (pronounced “Wee key mee key”) means eight ladies who each holds the key to a whole new world. Comprised of Ji Su Yeon, Elly, Choi Yoo Jung, Kim Do Yeon, Sei, Lua, Rina, and Lucy, Weki Meki sang seven songs opening with the upbeat “Picky” from their album Lock End LOL.

Although leader Su Yeon joined them on stage, she sat during the numbers as she was suffering from an unspecified leg injury. As she was mainly the group’s vocal group, she nonetheless managed to sing with Weki Meki.

Wearing matching white skimpy ensembles, there were minor adjustments in their choreography. They were able to pull off their dance routines sans Su Yeon. Their set list also included “True Valentine,” which they also sang during Show Champion in Manila. Most applauded is “Tiki-Taka (99%),” which the rookie group heavily promoted in Korean music shows last month. The Fantagio Entertainment talents also sang “Crush,” “Iron Boy,” “La” and “Whatever U Want.”

“The last time we were in the Philippines, the crowd was as hot as this! Now that we are back, we see that our fans are even wilder, and we miss this,” said Su Yeon.

Weki Meki, who celebrated their second anniversary in August, also played the “spaghetti” game with eight selected fans, who they fed with pasta while blindfolded.

For Monsta X, the show was a relatively short but nonetheless sweet.

As usual, the group dished out a power-packed performance, opening with “Shoot Out” and following it with “Mohae” (“What Are You Doing?”) which the group singled out as their favorite song.

The group from Starship Entertainment composed of Shownu, Wonho, Minhyu, Kihyun, Hyungwon, I.M, and Jooheon recently rose to international fame after being picked as the newest Pepsi endorsers. They also came to Manila fresh from their sold-out show at the Staples Center in Los Angeles, which was part of the group’s We Are Here tour in the US.

They also boast of collaborations with Steve Aoki and French Montana this year, and appearances in Good Morning America and Jimmy Kimmel Live!

“It’s fun to spend some time with our Filipino fans. We will try our best to come often and to stage a solo concert,” said Wonho, responding the clamor from the audience for Monsta X to hold a full concert in Manila.

The group was visibly relaxed during their set, taking advantage of the chance to interact with the fans, who were very close to the stage. In the slow rock, “Baek Seoltang” (“White Sugar”) they spent a good part time waving and posing for photos.

The fan chants in “Dramarama” and “Fallin’” were so loud. The members were so ecstatic at the warm reception that they cheerfully doused water to the hyped crowd. Kihyun, who was nursing a rib fracture, skipped the dance numbers.

At the end of the performance, VIP ticketholders were treated to a hi-touch session with the septet.

During the Ask Monsta X Q&A portion, the members also answered some of the questions submitted by fans. When asked, Hyungwon, who was sporting long curly locks which surprised fans, said one of his most memorable moments with his members was the recent trip to Jeju Island to film.

The Klook Cosmic Celebration was quite heavenly with Korean stars making the event literally glittery. With the online platform now offering events and concerts of varying genres, not just K-pop, there are more reasons for fans to book with Klook.

LANDBANK simplifies documents, requirements for loan applications

STATE-OWNED Land Bank of the Philippines (LANDBANK) has simplified its loan application process to make credit more accessible to farmers and fishermen.

LANDBANK has condensed its application form into one document from the previous three separate documents and included tick boxes for more straightforward approach, it said in a statement on Monday. Previously, the three documents to be filled out were the application form, sworn statement and the data privacy consent form.

It said the promissory note document required was also shortened into one page from the previous 14-page long form. Basic requirements were also trimmed down to a loan application form, a simple farm plan and a barangay clearance for borrowers of the Agricultural Competitiveness Enhancement Fund (ACEF).

“We understand that applying for loans can be intimidating, especially for small farmers and fishers, so we have started making basic improvements in our processes to make it easier for them to avail of loans,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying in the statement.

The average turnaround time of loan applications was also reduced to one day compared to the maximum 10-day commitment to the Governance Commission for Government-owned and controlled corporations.

Agriculture Secretary William D. Dar assured in late August that a more simplified loan access for farmers will be provided by LANDBANK as they finalize new lending agreements.

The bank said it also standardized interest rates to five percent per year for most of its direct lending programs for farmers and fisherfolk.

Meanwhile, a fixed two percent interest rate per annum were set to the retail lending programs that LANDBANK administers for the Department of Agriculture (DA), including the ACEF Lending Program and the Socialized Credit Program under the Sugarcane Industry Development Act.

LANDBANK, along with the DA, has launched the Expanded Survival and Recovery Assistance program, or the SURE Aid, aimed to provide one-time zero-interest loan of P15,000 for farmers tilling one hectare and below.

“This is just the beginning as we are actively looking for ways to further improve the loan application process for our farmer and fisher borrowers. Through these efforts, we hope to encourage them to go to LANDBANK instead of borrowing from informal lenders who charge significantly higher rates,” Ms. Borromeo added.

E-sports firm taps Now for internet service

NOW CORP. is signing more long-term deals with clients for its fixed wireless broadband service, the latest of which is with a local e-sports company.

The Velarde-led listed firm said in a statement Monday it has signed a two-year service agreement with BrenPro, Inc. to provide its Fiber Air service to the company’s e-sports training facility in Makati City.

“Internet connection is mission critical for BrenPro and Now Corp.’s Fiber Air is more than capable and willing to answer the challenges of low latency and high capacity internet and provide the best service it can to improve and promote the Philippine esports industry,” Now Corp. Chief Operating Officer Rodolfo P. Pantoja was quoted in the statement as saying.

Now Corp. said BrenPro’s 2,000-square meter office in Makati is home to the biggest e-sports training complex in Southeast Asia. It is also used for several professional video production and professional live streaming events.

“We are confident that our internet service will provide the competitive advantage that BrenPro is looking for,” Mr. Pantoja said.

For his part, BrenPro Chief Operating Officer Leo Andrew “Jab” Escutin said the company chose Now Corp. because of the quick activation of the service which took less than a month. “We value partnerships that provide a premium, value added care to our needs. Now’s first-class accommodation endeared their brand with BrenPro’s brand of excellence,” he was quoted as saying.

The announcement of Now Corp.’s partnership with BrenPro came after it said last week it also signed a multi-year agreement with Union Bank of the Philippines to provide connectivity in its headquarters in Ortigas Center, Pasig City. — Denise A. Valdez

Frustrating

They Are Billions
PlayStation 4

DEVELOPER Numantian Games’ They Are Billions is one of Steam’s Early Access success stories. Despite its humble beginnings, it has managed to make a name for itself in a genre that many consider long dormant. Presenting a mix of city-building, tower-defense and real-time-strategy elements in a post-apocalyptic setting, it pits a budding human colony against innumerable hordes of the undead in the late 22nd century. Its gameplay forces the last bastions of the human race to build and develop a base of operations on which they survive, and then thrive, against a seemingly never-ending tide of flesh-tearing, brain-eating zombies.

Released during the holiday season in 2017, They Are Billions became a certified hit, and fast. Instead of resting on its laurels, however, Numantian Games listened to feedback from gamers and continually improved on its intellectual property, thus keeping its forward momentum. And given the positive response, a crossover to the Xbox One and PlayStation 4 was a matter of when, not if. It now finds itself a home in the libraries of current-generation console owners as one of the few RTS titles that can be played with a controller in hand. But how well? Is it really just as good as on the PC?

For the most part, the PS4 port of They Are Billions hews close to its original version. It looks and feels great, and, the learning curve notwithstanding, plays pretty fluidly. Those who have already taken on its challenges with keyboard-and-mouse setups will be happy to note that it‘s a near-perfect recreation; it renders the same components — from units to buildings to enemies — the exact same way, and forces gamers to approach decision points as they would on the PC. Build houses and high walls. Scavenge for resources. Juggle the management of food, power, and research — all while preparing colony against the inevitable next wave of the undead.

Which is all well and good, except for one thing: The DS4 controller gamers rely on to see their intentions through on the PS4 is limiting at best. As adept as they may be in the use of analog sticks and controller buttons, there’s simply no way they can go as fast as if they had a keyboard and mouse instead. The handicap isn’t apparent in, say, building planning and placement — which can be done with minimal effort even with imprecise controls. There’s no rush to doing it, either, as the option to pause the gameplay allows for an unlimited amount of time to formulate plans. Meanwhile, control groups are still present, and units team in as responsive. When things are hunky dory, navigation is easy going.

For gamers, the frustrations set in when They Are Billions hits its pressure notes. During tense sequences, when supposedly quick decisions make all the difference between life and death, micromanagement is all but impossible on the controller. For example, the DS4 makes it far more difficult to root out smaller pockets of zombies without casualties. Pathfinding has, even on the PC, been serviceable at best, with units frequently getting stuck on buildings. It’s a relatively minor issue overall, but when coupled with a controller setup, can lead to some pretty slow and frustrating sessions of jostling and maneuvering.

The complications of imprecise unit movements are magnified when gamers are compelled to command large groups. Late in They Are Billions, when proper placements of humongous armies of soldiers are required to progress, the lack of fluidity and precision becomes such a nagging irritant that pausing the proceedings winds up being the only remedy. And while the virtual cheat doesn’t render the game unplayable, it dampens much of the pacing and tension, countering its very purpose; its more action-packed segments are supposed to make adrenaline flow, not artificially stimulate gray cells.

Significantly, They Are Billions on the PS4 likewise carries over the PC version’s blemishes. The lack of a fast-forward button remains an issue, and slowdown is still noticeable, especially in the busy denouement. While not exactly deal breakers, they do tend to underscore deficiencies vis-à-vis the source material. Which, to be sure, are compounded by the absence of a campaign narrative (albeit a corrective patch has been promised for rollout next month). That said, it manages to live up to its name as an enjoyable romp for console owners with no access to the original.

THE GOOD:

• A faithful port of the highly acclaimed PC version, with the same presentation and gameplay elements

• A heady mix of city building and zombie killing

• Decently paced RTS-cum-survival offering

THE BAD:

• No campaign narrative; patch still incoming

• Intrinsic limitations of controller

• Still misses essential features that should have otherwise cut down tedium

RATING: 7.5/10

POSTSCRIPT: Taimumari: Complete Edition is an impressive port of a highly regarded platformer released on Steam two months short of four years ago. As the title suggests, the Nintendo Switch version already contains the main game and a couple of additional modes otherwise offered separately on the personal computer. And developer TERNOX has changed nothing in the presentation; it likewise has gamers control Himari, a young wizard sent off by High Keeperess Kanamishi to travel across ages in an effort to return to citizens of Zaria the capacity to care for time and thereby restore balance to the world.

Taimumari: Complete Edition’s side-scrolling gameplay is seemingly simple. As gamers go through themed levels that take on the character of their final boss, they’re able to get Himari to scale walls and do double jumps and forward dashes, not to mention inflict damage at close range through a trusty sword or from afar via magic spells. For all the no-frills look it adopts by way of homage to the glory days of eight-bit consoles, however, is likewise retro in the challenges it presents. It offers three difficulty settings, but, regardless of choice, death should be seen as inevitable.

There are five levels all told, all fairly lengthy and requiring quick reflexes and impressive hand-eye coordination to navigate. For every run-through, Taimumari: Complete Edition allows for just three lives; using them all up requires a restart of the given level from scratch. Thankfully, gamers are afforded skill upgrades between levels via stars collected during the journey. That said, button mashing is a requisite in the face of the maximum four spells being subjected to depleting, albeit replenishable, mana. Enemy variety is limited, but the bosses do take significant work to overcome.

In the final analysis, Taimumari: Complete Edition manages to justify its significantly higher price point on the Switch. At $14.99, it’s a heady throwback to an era in which gamers grappled between plodding on and simply throwing their controllers at the television screen. This time around, they benefit from portability even while being treated to old-school graphics and sounds. And by the time they do get to finish it after half a dozen hours, they will have felt a keen sense of accomplishment. (8/10)

THE LAST WORD: Idea Factory International has partnered with Limited Run Games for the physical release of Mary Skelter 2. Set to be up for preorder on Nov. 26, the Switch version of the three-dimensional dungeon crawler includes Mary Skelter: Nightmares, the first installment of the series previously available only on the PlayStation Vita, but revamped for system improvements and balancing adjustments.

Mary Skelter 2 was previously out on the PlayStation 4 in Japan. It’s a direct sequel to Mary Skelter: Nightmares, which saw principal protagonist Jack and best friend Alice try to escape “The Jail,” an underground prison administered by the monstrous Marchen. Boasting of a new battle system that gives Jack the power to become a “Nightmare,” but at staggering cost, it is slated to go live on the Nintendo eShop later this month.

A $440-B pension market sounds alarm as liabilities swell in challenging environment

BACK IN 2012, the world’s best-managed pension market was thrown a lifeline by the Danish government to help contain liabilities. That was when interest rates were still positive.

Seven years later, with rates now well below zero, even Denmark’s $440-billion pension system says the environment has become so punishing that it may be time for a change in European rules.

Henrik Munck, a senior consultant at Insurance & Pension Denmark, an umbrella organization, says the way liabilities are currently calculated “could cause a negative spiral” that forces funds to keep buying low-risk assets, drive yields lower and the value of liabilities even higher.

The warning comes as pension firms across Europe struggle to generate the returns they need to cover their growing obligations. In Denmark, some funds saddled with legacy policies guaranteeing returns as high as 4.5% have had to use equity to meet their obligations.

To calculate liabilities, pension firms use a complex mathematical formula constructed by the European Insurance and Occupational Pensions Authority (EIOPA). The formula is intended to shield funds from erratic market swings that artificially inflate or hollow out balance sheets. But with negative rates more entrenched, there are signs the EIOPA curve, as it’s called, may not be working as intended.

“When pension funds across Europe de-risk simultaneously, it may actually become pro-cyclical: it increases the price movements, and it could result in yet more downward pressure on the EIOPA yield curve, exacerbating the problem,” Munck said.

The curve is comprised of several elements. Its backbone — the euro interest-rate swap curve — has sunk since its implementation about four years ago, driving up the value of liabilities.

SINKING SWAP RATES
The European Commission has started reviewing the regulatory framework around insurers — Solvency II — with a view to proposing improvements by the end of next year. Insurance Europe, an industry group, is urging the commission to address the curve in its evaluations.

In the meantime, pension funds have been coping by buying up riskier assets. The Dutch, ranked with Denmark as the world’s best performing pension providers by Mercer, have complained to the European Central Bank about the fallout on the industry.

And then there’s the headache of what’s called the volatility adjustment (VA), which is set on a country-by-country basis and is designed to cushion the impact of erratic markets. According to Bloomberg Intelligence senior analyst Charles Graham, there’s “widespread” agreement that VA is “flawed.”

“It is something that EIOPA is considering recommending changing, but the challenge is still what to replace it with, or how to fine tune it,” Graham said.

Earlier this year, EIOPA unexpectedly slashed Denmark’s VA to roughly a third its previous level, causing considerable alarm in the industry.

According to Anders Damgaard, the chief financial officer of Denmark’s biggest commercial pension fund, PFA, which has about $100 billion in assets, EIPOA’s reason for the adjustment made sense: The new VA incorporates call options that let Danish borrowers buy back the bonds that fund their mortgages. The long-term covered bonds to which those call options are attached are a cornerstone of Danish pension funds’ investment portfolios.

With interest rates at unprecedented lows, a record number of borrowers are now taking advantage of those call options to refinance their mortgages. Damgaard says the way EIOPA calculates the volatility adjustment means the very device that’s intended to mute market swings has itself become more volatile. Worse, because it’s “an artificial number,” pension funds can’t hedge it, he says.

“That’s really where the main challenge is for us,” Damgaard said. “We have an unhedgeable component of the yield curve — which is actually active on the entire yield curve — and you can’t hedge it, which means that the balance sheet posts are very volatile.”

PFA, like many Danish pension funds, started scaling back guaranteed products for retirees many years ago. That’s given it a buffer to help absorb some of the shock of growing liabilities. But not everyone’s as well prepared. “If the discount curve is more volatile and you can’t hedge it, you can — if you don’t have enough capital — be forced to lower risk on the more hedgeable space, to compensate,” Damgaard said.

Olav Jones, deputy director general of Insurance Europe, says the pension industry “does not see any need to change the way the risk-free curve is generated, but there is a need to improve how the VA is generated.” Right now, it’s “generally too low and generally leads to liabilities that are inflated” and creates artificial volatility in insurers’ balance sheets, he said. — Bloomberg

New Toto showroom opens

TOTO, the world’s largest manufacturer of bathroom fixtures and fittings, has opened a new showroom at the Robins Design Center in Meralco Ave., San Antonio, Pasig City.

The showroom features Toto’s state-of-the-art bathroom products, including its signature product Washlet. First released in the 1980s, the innovative toilet seat “utilizes a water-cleansing system, that features a lid that opens and closes automatically by motion-sensor and adjusts its temperature to match its user’s preference.”

The Washlet also has a Tornado flush, deodorizer, a motion sensor and ultra violet light that kills 99% of germs and bacteria.

“We believe that this showroom brings us closer to our customers in the area and the metro. Our products are inspired by a culture of providing people prime comfort in their bathrooms while helping the environment. This mindset is important, especially in creating a sustainable and more comfortable living space,” said Roxanne Robins-Go, president of La Europa Ceramica — the official distributor of Toto in the Philippines.

How PSEi member stocks performed — October 7, 2019

Here’s a quick glance at how PSEi stocks fared on Monday, October 7, 2019.

 

How does Manila compare in terms of quality of life?

How does Manila compare in terms of quality of life?

House panel studying 5% tax on POGO revenue

REPRESENTATIVE Jose Ma. Clemente S. Salceda, the Ways and Means committee chair from the second district of Albay, said the panel is studying his proposal to impose a 5% “franchise tax” on revenue generated by Philippine Offshore Gaming Operators (POGOs).

Mr. Salceda told BusinessWorld in chance remarks that such legislation is “pinag-aaralan at sinusulat (being studied and drafted)” but the basis for imposing the tax will be to reclassify POGOs as resident corporations.

In a separate phone message, Mr. Salceda said: ”POGOs shall be registered as resident corporations as basis for their taxability.”

Under the proposed measure, all POGOs registered with the Philippine Amusement and Gaming Corp. (PAGCOR) are subject to tax, in line with the Bureau of Internal Revenue’s Revenue Memorandum Circular No. 102-2017.

He added that he is expecting that the bill will be discussed on the floor before the year ends. “Within 2019, we will try to get to the floor.”

Another proposal in the bill is a gaming tax of $10,000 a month per table for a live set-up casino and a $5,000 a month gaming tax for random number generator (RNG)-based games.

For POGOs with more than 100 RNG-based games, the panel is considering a $5,000 monthly tax per game for the first 100 games, and a $3,000 monthly tax in excess of the first 100 games.

Earlier, Mr. Salceda said he plans to impose $1,000 presumptive corporate income tax per seat for POGOs. The bill also requires the Bureau of Internal Revenue to collect P76 billion from POGOs. — Vince Angelo C. Ferreras

Senate support for e-vehicle industry heralds showdown over incentives

THE Senate is consolidating five bills seeking to jump-start the electric vehicle industry, with subsidies for the sector the common theme of the legislation which a key Senator hopes will make it out of committee by next month.

Senator Sherwin T. Gatchalian, the chamber’s energy committee chairman, said at a briefing Monday: “We’ll enter into a technical working group two weeks from now and by November magpa-file na tayo sa (we will report it out on the) floor.”

“Hopefully, ma-approve ‘to within the year, considering na limang Senators ang may ganitong bill (We hope to have this approved within the year, considering that five Senators have filed bills on this matter).”

The committee tackled five Senate Bills which all propose to provide incentives for the production of e-vehicles and other green vehicles, heralding a possible showdown with the Department of Finance (DoF), which is currently seeking to simplify the tax incentive system.

“The challenge is cost. Mahal ang e-vehicles, kaya ang request ng industriya tulungan sila with subsidies at fiscal incentives, ibig sabihin tanggaling ang excise tax, tanggalin ang import duties (E-vehicles are expensive, which is why the industry has requested assistance in the form of fiscal incentives like the removal of excise tax and import duties),” Mr. Gatchalian said.

The bills have been supported by the Department of Energy (DoE), but opposed by the DoF.

According to the DoE’s Energy Utilization and Management Bureau, incentives, such as free charging and free parking, are needed to support the industry.

“Based on our studies, other jurisdiction were able to jump-start with government taking a more proactive role in having and offering free charging facilities,” bureau director Patrick T. Aquino told the committee.

Other non-fiscal incentives he cited were exemption from number coding and other traffic management schemes.

DoF fiscal policy planner and economist Charmaine B. Odicta said the Department does not support incentives for e-vehicles which will run against current efforts to streamline fiscal incentives under the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA).

Ms. Odicta said e-vehicles are already included in the 2017 Investment Priorities Plan. “Based on our data in 2017, there were nine manufacturers, but only three enterprises availed of the fiscal incentive… we would like to note that fiscal incentives alone are not effective in advancing the development of the industry,” she said.

“Another point is that the proposal for the fiscal incentives, contradicts the DoF’s efforts in reforming the tax system. For the VAT (Value-Added Tax) exemption, we agree that the excise tax is a better policy tool to incentivize the production of e-vehicles,” she said, noting that this issue was addressed by Republic Act no. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) law. — Charmaine A. Tadalan

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