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Fiennes cousins, actor and explorer, adventure on the Nile for television

LONDON — Squeezing through tiny tunnels into a mummy’s tomb is not something to rattle veteran British explorer Ranulph Fiennes.
Yet for his younger cousin, who brought him to Egypt to film a TV show, the experience was stirring.
“I constantly felt I was in an Indiana Jones set. I keep (saying): ‘Oh no, not snakes’!” actor Joseph Fiennes told Reuters of the scene in Fiennes Return to the Nile, a three-part documentary airing on the National Geographic channel this month.
The program marks the 50th anniversary of an expedition that Ranulph, now 74, made up the River Nile and explores whether his actor cousin is cut from the same cloth as the man sometimes known as the greatest living explorer.
The show is at times like an upper-crust version of car show Top Gear, with the two Englishmen charging over desert sand dunes in a four-wheel-drive, trading banter in a Cairo traffic jam, or learning how to charm deadly snakes.
But if the viewer is in any doubt of Ranulph’s bona fides as an intrepid adventurer, at one point he uses a workbench and a rusty saw to demonstrate how he cut off his own frostbitten fingertips after an ill-fated walk to the North Pole.
For good measure, he shows off what look like tiny cigar stubs but are actually his severed digits. “There’s four,” he tells Joseph. “I don’t know what happened to the other one.”
Joseph, 48, known for The Handmaid’s Tale and the title role in the Oscar-winning Shakespeare in Love, compared his unflappable elder cousin to the slower but ultimately victorious character in the Aesop fable “The Tortoise and the Hare.”
“I was just racing off and gallivanting up here and into this tunnel and down a pyramid there and actually getting very exhausted at the end of the day,” he told Reuters.
“Ran just has this ability to keep the energy on a very even keel.”
If the program is a success, Ranulph would be keen to take his cousin on another adventure.
“I’m not quite so sure that he’s terribly keen on my idea but there you go,” he said, as Joseph gritted his teeth and replied: “As long as it’s not ice and water, I’m okay.” — Reuters

SMIC profit jumps 13% in 2018

By Arra B. Francia, Reporter
SM INVESTMENTS Corp. (SMIC) increased its earnings by 13% in 2018, as the company’s property, banking, and retail units continued to show steady growth.
In a statement issued Thursday, the Sy family’s listed holding company said net income rose to P37.1 billion last year, higher than the P32.9 billion it posted in 2017. Consolidated revenues likewise went up 13% to P449.8 billion.
“Our very good results in 2018 were driven by all three core businesses, retail, banking and property, each of which delivered strong revenue growth and also strong earnings growth,” SM President Frederic C. DyBuncio said in a statement.
“We remain optimistic about the economic environment and growth opportunities for the group in 2019.”
Sought for comment, Philstocks Financial, Inc. Research Associate Japhet Louis Tantiangco said SMIC’s 2018 performance was “impressive.”
“The 13% year-on-year growth in net income to P37.1 billion was far beyond its five-year compounded annual growth rate of 5.94%,” Mr. Tantiangco said via text.
The listed conglomerate’s property unit provided 41% of the group’s earnings in 2018, followed by banks and retail which accounted for 38% and 21%, respectively.
SM Prime Holdings, Inc., the holding firm for SMIC’s property investments, saw its net income climb 17% to P32.2 billion after a 14% uptick in consolidated revenues to P104.1 billion.
The property unit benefited from the provincial expansion of its shopping malls, which delivered revenues of P59.3 billion, 11% higher year on year. Rental income gained 11% to P50.5 billion, also due to higher contributions from new and expanded malls in the provinces.
SM Prime ended 2018 with a total of 72 malls in the Philippines covering a gross floor area of 8.3 million square meters (sq.m.), while seven malls spanning 1.3 million sq.m. are located in China.
BDO Unibank, Inc. reported a net income of P32.7 billion, 17% higher year on year. This was attributed to a 20% expansion in its net interest income to P98.3 billion, driven by the performance of its core lending and deposit-taking businesses.
Total deposits at BDO Unibank stood at P2.4 trillion by the end of 2018, 14% higher year on year.
Meanwhile, China Banking Corp. exhibited a seven percent profit growth to P8.1 billion, on the back of a 17% increase in net interest income to P22.9 billion.
SM Retail, Inc. posted a net income of P11.3 billion, eight percent higher than its P10.4 billion record in 2017. Total revenues rose by 12% to P335.6 billion in the same period. The firm covers SMIC’s food and non-food businesses.
SM Retail added 335 new stores in 2018, ending the year with a total of 2,328 outlets consisting of 63 The SM Stores, 1,383 specialty retail outlets, 56 SM Supermarkets, 53 SM Hypermarkets, 195 Savemore, 52 WalterMart, and 526 Alfamart stores.
Asked for his outlook on SMIC, Philstocks’ Mr. Tantiangco said he expects the firm to have a good year, with its property arm being the main contributor to its bottomline.
“Stronger contributions are also seen from its retail segment given that commodity prices are already stabilizing,” he said.
Shares in SMIC plunged 2.69% or P26 to close at P940 each, in tune with the main index’s 2.33% drop for the day.

Swamped

Kangkungan
Directed by Mike de Leon
FIRST the title: Kangkungan — literally, swamp (or water) spinach patch. A highly nutritious green that flourishes in canals and fishponds all over the Philippines, often sautéed with fermented shrimp paste and minced garlic. What’s the significance?
Filmmaker Mike De Leon — one of the last surviving filmmakers from the great period of 1970s Philippine cinema — breaks out of his self-imposed retirement again (he’d been inactive since Bayaning Third World [Third World Hero], but came out recently with Citizen Jake) to release this short, on the eve of the 1986 EDSA Revolt anniversary.
It starts off briskly enough: “Countrymen this is the President of the Philippines”: a quick montage of Duterte cussing, flipping his finger, pulling a woman onto his lap — basically using the man’s own words and actions to describe himself.
After Duterte’s words, a precis of his actions: the massacre of thousands (some putting it at tens of thousands) for his war on drugs. The harassment, silencing, arrest of critics and political figures who oppose his agenda including Senator Leila de Lima, Chief Justice Maria Lourdes Sereno, Senator Antonio Trillanes IV, Sister Mary Fox, Rappler CEO Maria Ressa, and other human rights champions. The declaration of martial law in Mindanao — a stage rehearsal, De Leon darkly warns, for the nationwide expansion.
De Leon reserves his most withering contempt for Duterte’s open and unapologetic support of the Marcoses — of ousted president Ferdinand Marcos’ widow and children. One can question the filmmaker’s priorities — isn’t he flogging a long-dead horse? — till you realize, with a brief insert of son Bong Bong (yes, that’s his name, and, yes, he’s taken seriously as a possible presidential candidate) and daughter Imee that they’re poised to make a comeback, poised to re-establish a regime that (in terms of long-delayed vengeful malice) would make Duterte’s wrecking-ball administration look like a Boy Scout jamboree.
As De Leon looks to the future so does Duterte, who is attempting to fill the senate — the last bastion, as De Leon points out, of political resistance — with folk singers, former strippers, weeping police chiefs, personal assistants, anyone and everyone supportive of his cause regardless of qualifications, in a bid for “absolute power.” To underline the last two words De Leon inserts a brief clip from his film Kisapmata, of the murderous psychopath Sgt. Diosdado Carandang (Vic Silayan), yelling and brandishing a Colt .45 hand cannon.
De Leon mentions Federalism — Duterte’s plan to break up the central government into regions, on paper a way to distribute prosperity to outer provinces, in practice a way to break up the aforementioned central government so that political dynasties (like the Marcos clan and the freshly minted Duterte clan) can further consolidate their already considerable power.
De Leon saves mention of our humiliating subservience to a foreign power for last — possibly Duterte’s saddest and most damning legacy. If Trump is said to have sold the United States to Putin what more can we expect from a man who professes to hate America but apes (consciously or unconsciously) its most ignominious chief executive? Here De Leon strikes a more melancholic note, cross-dissolving onscreen images of the heroes of 1890s — Apolinario Mabini, Jose Rizal, Andres Bonifacio — as he mourns the loss of the country these heroes gave their lives for, comparing our nation at its very best with our nation at its lowest point. The contrast is, to say the least, vertiginous.
Finally, De Leon explains the title: stark white letters against a black screen intercut with shadowy black-and-white images remind us of the old idiom “itinatapon sa kangkungan” (dumped in a swamp patch) — the convenient way of disposing a murder victim and what, De Leon asserts, Duterte is doing to the country.
Five minutes of exposition and lecture — presumably De Leon left it at only five because in this ADHD social-media world five minutes of straight talk is the most he can expect any of us to sit still long enough and listen to — and, no, he doesn’t tell us exactly who to vote for, but does leave us with this suggestion: vote as if your lives depend on it. Because, as this (on the surface direct and in-your-face, under the surface witty and richly allusive) video explains, it does.

Meralco in talks with ALI to put up microgrids in resort areas

MANILA ELECTRIC Co. (Meralco) is studying the viability of putting up microgrid systems in popular tourist destinations outside its franchise area and replicate the hybrid energy system it is installing on Cagbalete Island in Quezon province.
“Ayala has been approaching us for their resorts,” Alfredo S. Panlilio, Meralco senior vice-president, told reporters. “They’re asking us to look at Lio resort. They also want us to look at Sicogon.”
He was referring to Lio Tourism Estate, a project being developed by Ayala Land, Inc.’s (ALI) subsidiary Ten Knots Philippines, Inc. in El Nido, Palawan, and ALI’s tourism estate Sicogon Island in northern Iloilo.
Mr. Panlilio said the discussions with ALI are at an “early stage.”
“Without looking at numbers yet, I would think they’re bigger than Cagbalete,” he said.
Meralco is doing surveys to assess the resorts’ power requirement and the size of the distribution system.
“They just shared with us the plan. They’re asking us whether we could have a solution for them,” said Mr. Panlilio, who is also the power distribution utility’s head of customer retail services and corporate communications.
“[The projects] might be at least parang (like) Cagbalete. These are prime areas for resorts,” he added.
Meralco is keen on acquiring a congressional franchise to put up microgrid systems, which Mr. Panlilio said should be open to all should there be one granted to a specific entity. But for now, he said the distribution utility would rather work with the existing electric cooperatives in the area.
“We already have a hybrid solution, solar panels, with batteries and gensets (power generation sets). I think it’s a very good solution to address the requirements of Cagbalete,” Mr. Panlilio said.
When fully rolled out, the Cagbalete hybrid solution will have a ground-mounted solar photovoltaic capacity of 2.5 megawatt-peak, a battery energy storage system capacity of 4.2 MW-hour, diesel generator sets of 1.9 MW.
The project will be done in phases and will serve about 600 households and at least 10 resorts until 2024. The commercial operation date of the initial phase is by yearend.
Mr. Panlilio said Meralco is set to apply with the Energy Regulatory Commission (ERC) for the capital expenditure and electricity rates to reflect the funding outlay in Cagbalete.
“It’s much cheaper than what they (customers) are paying,” he said, about the power rate to be applied for. “I think they are paying between P35 to P40 per kilowatt-hour (kWh). [Ours] I think is a range of about P20-P22 per kWh.”
Mr. Panlilio said eventually when battery systems become cheaper, the company might be able to phase out the diesel-fired gensets.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Victor V. Saulon

Inarritu to head Cannes Film Festival jury

PARIS — Birdman and 21 Grams director Alejandro Gonzalez Inarritu will head the jury at the 2019 Cannes Film Festival in May, becoming the first Mexican to do so, organizers said on Wednesday. Inarritu, 55, won the best director award in Cannes in 2006 for Babel, a film with a web of narratives spanning three continents and exploring cultural prejudices. He also won back-to-back best director Oscars in 2014 and 2015, for Birdman, a black comedy about a washed-up actor starring Michael Keaton, and The Revenant, which featured Leonardo DiCaprio as a bear trapper battling the elements in the American wilderness. “Cannes embraces all types of cinema, and through the presence of… Babel’s director, it is Mexican cinema that the Festival will be celebrating,” organizers including Pierre Lescure, President of the Festival de Cannes, said in a statement. Other jury members for the 72nd edition of the festival, which runs from May 14 to 25, will be announced at a later date. — Reuters

PCC green-lights sale of Splash to Bangalore firm

THE Philippine Competition Commission (PCC) said it has approved a Bangalore-based company’s plan to acquire Philippine personal care manufacturer Splash Corp.
In a statement, the anti-trust agency said Wipro Enterprises Private Ltd. is planning to buy Splash, maker of Maxi-Peel and SkinWhite lotion, from Ang Hortaleza Corp.
“After the acquisition, Wipro Enterprises Private Limited, through a wholly owned subsidiary, will own the domestic and international retail personal care business of Splash Corporation which will include the related inventories, plant, property and equipment, intangible assets such as patents and trademarks, as well as its foreign subsidiaries,” the PCC said.
The financial details of the deal were not disclosed.
In the PCC decision approved on Feb. 19, the agency’s Mergers and Acquisitions Office (MAO) found that the transaction will not result in substantial lessening of competition in the market for manufacturing and distribution of whitening lotions. It noted there are many other firms selling whitening products in the market.
Splash’s business includes personal care and food manufacturing, as well as marketing, and distribution of products such as Maxi-Peel, SkinWhite lotion and Flawlessly U soap in the Philippines and in the international market.
Wipro Enterprises’ business includes manufacturing of personal care products in India such as Enchanteur lotion, Santoor soap and Chandrika soap. It also owns Wipro Infrastructure Engineering.
Under the Philippine Competition Act of 2015, the PCC is mandated to review mergers and acquisitions to ensure that these deals will not harm the interest of consumers. — Janina C. Lim

Shakira to face Spanish tax fraud accusation in June

MADRID — Colombian singer Shakira has been called to appear in a Spanish court on June 12 to face accusations of failing to pay €14.5 million ($16.5 million) in tax, the court in the Catalonia region said on Tuesday. A court statement dated Jan. 22 summoning her was published on Tuesday. Prosecutors filed charges in December claiming Shakira had failed to pay tax on income earned between 2012 and 2014, during which time they say she lived in the region. Shakira’s representatives said in a statement after the accusation was filed that the singer did not live in Spain until 2015 and had met all of her tax obligations. The singer of “Hips Don’t Lie” and “Clandestino” regularly attends football matches of her partner, Gerard Pique, who plays for Barcelona. Pique and Shakira, a couple since the start of the decade, have two children. Spanish authorities have pursued other major celebrities over tax. — Reuters

Phoenix prepares dollar bond issue, opens 1st Autoworx shop

PHOENIX Petroleum Philippines, Inc. has tapped foreign financial institutions to arrange a series of fixed income investor meetings in Manila, Hong Kong and Singapore, possibly resulting in the issuance of dollar-denominated debt instruments.
“An offering of US$-denominated Regulation S only Senior Perpetual Capital Securities may follow, subject to market conditions. The Securities, if issued, are expected to be unrated,” it told the stock exchange on Thursday.
The meetings will start on Friday (March 1). The company mandated Australia and New Zealand Banking Group Ltd. (ANZ) as sole global coordinator. ING and UBS AG Singapore are the joint lead managers and bookrunners to arrange the series of investor meetings.
Separately, Phoenix Petroleum disclosed the opening of its first Autoworx Plus shop that aims to serve motorists as a one-stop automotive facility equipped to handle a whole range of car care needs. The branch is along West Service Road in Muntinlupa City.
“With dedicated service technicians trained and educated in reputable technical schools, Autoworx Plus offers light to medium car repairs and maintenance, such as oil change, engine tune-up, brake servicing, clutch and transmission servicing, under-chassis repair, suspension repair, wheel alignment, wheel balancing, tire rotation, bulb and light check-up, electrical servicing, vulcanizing, air-condition repair, auto detailing, car body wash, and under-chassis wash,” the company said.
Autoworx Plus also offers automotive products, and is equipped with a FamilyMart outlet. Clients can also pay their bills, load, or credit card through the Posible digital payment device available at the convenience store’s counter.
The company said Autoworx Plus was established in partnership with Michelin Tires, Denso, Motolite Battery, Bendix, Tire Asia, and Alabang Parts Center. Service technician training is provided by Don Bosco Technical Institute in Makati and Canlubang. Phoenix Petroleum’s lubricants are also sold at the shop.
On Thursday, shares in Phoenix Petroleum slipped 0.67% to close at P11.80 each. — Victor V. Saulon

Wages commission orders bus firms to submit fixed-pay plans

THE National Wages and Productivity Commission (NWPC) called on bus companies to submit their schemes to offer partial fixed compensation of at least minimum wage for bus drivers and conductors, in line with the revised guidelines.
In NWPC Guidelines No. 1, Series of 2019 dated Feb. 15, the commission said it revised the rules requiring bus companies to offer part-fixed compensation scheme to its employees.
The use by transport firms of performance-based compensation has been blamed for reckless driving and traffic obstruction as drivers seek to maximize the number of riders on each trip.
The guidelines signed by NWPC Director Maria Criselda R. Sy require bus owners and operators to submit their proposed compensation schemes to the Regional Tripartite Wages and Productivity Board (RTWPB) with jurisdiction in the company’s principal place of business.
The proposed compensation scheme should also have “two copies of a duly notarized employment contracts between public utility bus owners and/or operators and the bus driver and between the public utility bus owners and/or operators and bus conductors.”
The NWPC said that within 10 days of receiving the compensation plan, the RTWPB Secretariat will observe the company’s compliance with the guidelines.
If found compliant, the RTWPB Secretariat will submit the findings to the respective regional directors of the Department of Labor and Employment (DoLE) responsible for the company’s principal place of business. The regional director’s approval will also be the basis for issuing a Certificate of No Pending Case.
NWPC said that if a compensation scheme is not compliant with the guidelines, “The concerned RTWPB Secretariat shall return the proposed compensation scheme with a directive to the public utility bus driver and/or operators to adjust and revise the same based on the comment of the RTWPB.”
Public utility bus owners/operators whose compensation scheme was previously approved prior to the revised guidelines must re-submit to the RTWPB. The revised guideliness will take effect in early March.
The compensation scheme will be in line with DoLE Department Order No. 118-12. The fixed-wage component should follow the prescribed minimum wage and wage-related benefits. The performance incentive component is computed as the current average daily earnings minus the fixed wage. — Gillian M. Cortez

M3, lending growth slow in Jan.

By Melissa Luz T. Lopez, Senior Reporter
MONEY SUPPLY growth eased in January to post the slowest pace in over six years, matching a softer pickup in bank loans, the Bangko Sentral ng Pilipinas (BSP) said yesterday.
Domestic liquidity or M3, which is the broadest measure of money in an economy, grew by 7.6% year-on-year to reach P11.4 trillion. This pace is slower than the 9.2% growth recorded in December, and is the slowest since September 2012.
Still, money supply rose by 0.6% compared to a month prior.
“Demand for credit eased but remained the principal driver of money supply growth,” the central bank said in a statement.
Net claims on the central government slowed sharply in January, posting a modest 4.7% rise versus the 16.4% increase the previous month. Meanwhile, domestic claims grew 12.2%, also decelerating from December’s 14.6% pace but still supported by strong borrowings among the private sector.
Net foreign assets (NFA) expressed in the peso also contracted by 0.9% versus a year ago, reversing a 1.3% climb previously. Foreign assets of banks also went down due to higher loans as well as investments in debt papers.
On the other hand, the central bank’s NFA position expanded for the month as gross international reserves grew to a 20-month high.
Some market players have said that money supply has tightened, but central bank officials noted that the tightness was temporary and that ample funds remain in circulation.
BSP officials voted to keep benchmark rates steady at the 4.25-5.25% range during their November and February meetings, pointing out that they are allowing the cumulative 175 basis points of increases in 2018 to “work their way through the system.”
Some market watchers have been calling for a reduction in the 18% reserve requirement ratio as early as this quarter, with a one percentage point cut expected to unleash around P100 billion in circulation.
SOFTER LENDING
Bank lending growth also slowed for the third straight month given softer demand from both retail and corporate borrowers.
Outstanding loans went up by 15.3% back in January, slipping from the downward-revised 15.7% pace in December. Month-on-month, total lending still climbed by 0.9%. However, the credit growth is the slowest since March 2016.
Factoring in reverse repurchase agreements, bank lending growth softened to 14.4% from 14.8%.
Production loans still accounted for the bulk of credit at roughly 88.6%, even though growth inched lower to 15.5% from 15.8% previously.
Construction loans continued to see the biggest rise at 45.8%, followed by financial and insurance activities (26.5%); wholesale and retail trade, repair of motor vehicles and motorcycles (16.5%); and manufacturing (14.8%).
All other industries also received bigger credit lines during the period, the BSP said, except professional, scientific and technical activities which slipped by 13.2%.
Household credit also slowed to 12.7% from 13.6% in December. This was due to a decline in credit card and motor vehicle loans, while salary-based borrowings contracted from a year ago.
The BSP said they will “continue to ensure” that credit and liquidity growth will continue to prop up economic activity.

R. Kelly pleads not guilty to sexual assault

CHICAGO — Grammy-winning R&B star R. Kelly pleaded not guilty on Monday to charges that he sexually assaulted three teenage girls and a woman in alleged incidents dating back to 1998, weeks after a television documentary leveled new accusations against him. The 52-year-old performer, whose real name is Robert Sylvester Kelly, was charged in a 10-count indictment returned on Friday by a Cook County grand jury in Chicago, and later surrendered to police. If convicted, he would face up to seven years in prison for each count. Bond was set on Saturday at $1 million, and Kelly remained locked up over the weekend. On Monday morning, Kelly, wearing an orange jail jumpsuit, appeared in a Chicago courtroom before Associate Judge Lawrence Flood and spoke only to confirm his name. His lawyer, Steven Greenberg, entered a not guilty plea on Kelly’s behalf. The recording star was released from custody several hours later after $100,000 cash bail was posted by a friend, county sheriff’s spokeswoman Sophia Ansari said. Prosecutors say Kelly’s alleged victims include a teenager he met when she sought an autograph during his 2008 trial on child pornography charges, another he met at her 16th birthday party and his hairdresser, who was then 24. The singer was acquitted of the 2008 pornography charges. A fourth charge is based on a videotape that purportedly shows Kelly and a 14-year-old girl engaged in sexual acts, according to prosecutors. — Reuters

Security Bank earnings drop on lower trading gains

SECURITY BANK Corp. logged a lower net income in 2018, dragged by a decrease in trading gains and higher provisions for income tax.
In a disclosure on Thursday, Security Bank said it finished 2018 with a net profit of P8.6 billion, lower by 16% from its record-high income of P10.3 billion in 2017.
The lender attributed the lower bottom line to an 85% or P2 billion decrease in trading gains, as well as the 47% increase in provisions for income tax.
Still, the bank’s net interest income grew 7% to P20.8 billion from P19.4 billion the prior year.
Net interest income from consumer loans and deposits rose 30% to P15.7 billion, driven by the “continued expansion” of retail lending and low-cost deposits.
Total loans stood at P416 billion at end-2018, up from the P369 billion logged the previous year. Consumer loans grew 47% last year, comprising 20% of Security Bank’s total lending portfolio versus the 16% share in 2018. Wholesale loans, meanwhile, grew 7%.
The asset quality of the lender remained healthy, with its gross non-performing loan (NPL) ratio at 0.7%. Computed using the new central bank guidelines adopted in September, NPL cover was at 112%.
Security Bank’s deposit base also increased 18% to P489 billion last year as low-cost deposits expanded by 15%.
However, interest income from financial investments stood at P1.2 billion, 11% lower from a year ago.
The bank’s interest margins continued to improve as net interest spread on loans and deposits increased to 4.72% in the fourth quarter, up by 29 basis points quarter-on-quarter and up by 48 basis points year-on-year.
Meanwhile, service charges, fees and commissions grew 26% to P2.9 billion on the back of credit card, bancassurance, loan fees and deposit charges.
Operating expenses increased 10% in 2018, excluding provisions for credit and impairment losses. Security Bank’s cost-to-income ratio stood at 53.9%.
The bank also set aside P714 million for credit loss provisions.
Shareholders’ capital increased 4% to P109 billion in 2018 from P105 billion in 2017. Return on equity was at 8.1%. Overall, total assets of the lender stood at P767 billion, up 10% from the P756 billion in 2017. Its capital adequacy ratio was at 18.7%, while common equity Tier 1 ratio stood at 16.4%.
Security Bank shares finished at P165.80 apiece on Thursday, down P6 or 3.49%. — Karl Angelo N. Vidal

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