Asia stocks tumble, havens rally on worry over new Covid-19 variant; STI down 1% - The Straits Times

TOKYO (BLOOMBERG) - Investors fled stocks and flocked to havens in global markets on Friday (Nov 26) amid growing concern over a coronavirus variant first discovered in South Africa.

United States treasuries and the Japanese yen gained while South Africa's rand fell to its lowest in a year against the US dollar amid fears the variant may spread internationally, thwarting the recovery in the world's economy.

Asian stocks and US equity futures fell amid the risk-off tone, with thin liquidity likely a factor given American markets were shut for Thanksgiving on Thursday.

A gauge of Asia-Pacific stocks slid to the lowest since the middle of last month, with travel shares among the biggest decliners. Singapore Airlines shares fell nine cents, or 1.7 per cent, to $5.16.

Japan's Nikkei index sank 2.23 per cent, Australia's S&P/ASX 200 index fell 0.9 per cent while South Korea's Kospi index was down 0.48 per cent.

Just after opening, Hong Kong's Hang Seng Index tumbled 0.96 per cent while the Shanghai Composite dropped 0.23 per cent.

The benchmark Straits Times Index was down 1.06 per cent as at 9.35am.

While researchers are yet to determine whether the B.1.1529 variant is more transmissible or lethal than previous ones, the authorities around the world have been quick to act. Britain and Israel temporarily banned flights from South Africa and five neighbouring countries as a precautionary measure. Hong Kong confirmed two cases of the new strain in travellers arriving in the city, the government said on Thursday evening.

The detection of the strain comes on top of concerns in markets about high inflation and the prospect of quicker exit from ultra-loose monetary settings. Global shares have climbed about 16 per cent this year, weathering a plethora of risks after investors poured almost US$900 billion (S$1.23 trillion)  into equity exchange-traded and long-only funds this year - topping the combined total from the past 19 years.

"Traders are trimming risk positions because of concern over the new virus variant," said Dr Alvin T. Tan, head of Asia foreign exchange strategy at RBC Capital Markets in Hong Kong. "The risk-off sentiment is magnified given the thin liquidity as it's Asia morning plus the US holiday."

IG Markets analyst Kyle Rodda said that the virus variant is "a scary headline", so it may have caused a knee-jerk reaction.

He added that "North America off the desks means there's a wall of buyers missing", and thinner markets make for more pronounced moves.

United First Partners head of Asian Research Justin Tang said: "There is some risk off happening from Japan to Africa due to concerns around a new virus variant being found in South Africa, but the good thing is countries such as UK are acting fast to curtail its spread."

He added: "Given that the world has gone through this before with Delta, there is already a playbook for such situations - even if the new variant overstays."

The benchmark 10-year Treasury yield dropped as much as 5 basis points to 1.58 per cent as cash trading resumed following the holiday. The yen rose 0.4 per cent against the dollar, while the Swiss franc saw a 0.2 per cent rise, both outperforming their Group of 10 peers. The rand slid as much as 1.3 per cent to a one-year low of 16.1717 per dollar.

Meanwhile, Goldman Sachs Group economists said they expect the US Federal Reserve to tighten policy faster than previously anticipated, including doubling the pace at which it tapers bond purchases to US$30 billion a month from January. They see an interest-rate lift-off from near zero in June next year.

"The increased openness to accelerating the taper pace likely reflects both somewhat higher-than-expected inflation over the last two months and greater comfort among Fed officials that a faster pace would not shock financial markets," the Goldman team, led by Dr Jan Hatzius, wrote in a note.

In China, the economy continued to slow this month, with car and homes sales dropping again as a housing market crisis dragged on, according to Bloomberg's aggregate index of eight early indicators.

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2021-11-26 01:45:23Z
CAIiEALY6nKmP46wA9Swn4Rtp2cqGQgEKhAIACoHCAow_7X3CjCh49YCMJDMpwU

Five Things You Need to Know to Start Your Day - Bloomberg

JPMorgan CEO says he regrets his China comments. Binance is in talks with sovereign wealth funds. NFT is the Collins Dictionary word of the year. Here’s what you need to know today. 

Jamie Dimon is walking back his words, saying he regrets quipping at a Boston event on Tuesday that JPMorgan is likely to outlast the Chinese Communist Party. His comments detract from constructive dialogue, he said, and it’s “never right to joke about or denigrate” a country. Beijing has so far stayed silent in response, and as of midday Wednesday in China the bank hadn’t communicated with government officials on the issue. JPMorgan went into damage-control mode as soon as he said his words. With nearly $20 billion of exposure in China, JPMorgan has a lot riding on maintaining cordial relations.

Asian stocks looked set for a mixed open Thursday after the latest Federal Reserve minutes flagged the risk of a faster reduction in stimulus. The U.S. dollar jumped and the Treasury yield curve flattened. There are signs this week that showed this year’s love for risky assets has hit a rough patch. OPEC expects that oil stockpiles released by consuming nations could massively swell the surplus in global markets, ahead of the oil bloc’s meeting on whether to further increase output. And traders expecting Australia’s central bank to soon follow New Zealand and South Korea in hiking rates may have to wait.

Binance, the world’s largest cryptocurrency exchange, confirmed it’s in talks with sovereign wealth funds about them taking a stake, as the closely held firm faces increasing regulatory pressure worldwide. Meanwhile, India is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors. The legislation may stipulate a minimum amount for investments in digital currencies, while banning their use as legal tender. And aficionados are turning to technical indicators for clues as to where Bitcoin and Ether may go next.

Olaf Scholz is  set to succeed Angela Merkel as German chancellor after forging a coalition that aims to revamp the economy by tackling climate change and promoting digital technologies. After almost two months of talks, Scholz's center-left Social Democrats finalized an agreement with the Greens and the pro-business Free Democrats. Scholz set out to steer Germany through the resurgent pandemic and transform Europe’s largest economy into a climate leader. 

The Collins Dictionary declared NFT its  word of the year in recognition of the convergence of the worlds of money, tech and art in what became known as “non-fungible tokens.” Collins defines them as “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible.” 

What We’ve Been Reading

What’s caught our eye over the past 24 hours:

And finally, here’s what Tracy’s interested in today

For a moment on Wednesday, crypto went on sale in India. News that parliament will consider a bill to regulate “private cryptocurrencies” sparked a massive selloff. Altcoins like Shiba and Doge slipped precipitously on trading platforms popular with Indian investors, yet the same coins were remarkably stable on exchanges like Binance and Kraken. At one point, Bitcoin was down almost 14% on WazirX but a mere 0.5% elsewhere in the world. Anyone who could figure out how to quickly and efficiently get money into and out of the country could have bought crypto on the cheap and simply sold it for a higher price elsewhere.

Source: TrendingView.com

Of course, therein lies the rub and the precise reason why pricing arbitrages like this can exist in crypto. One of the great ironies of ostensibly decentralized money is that it is in fact highly centralized once traded on exchanges that are vulnerable to outages and must meet national rules around KYC or moving funds in and out of the country. That’s one of the reasons why the crypto market’s most famous pricing discrepancy has persisted for so long.

You can follow Tracy Alloway on Twitter at @tracyalloway.

— With assistance by Tracy Alloway

(Corrects to remove reference to old article in last paragraph.)

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2021-11-24 23:44:57Z
CAIiEOh1jYHeegA9pBPazv7w7twqGQgEKhAIACoHCAow4uzwCjCF3bsCMIrOrwM

The Chinese dad making medicine to treat his dying son - The Straits Times

KUNMING, CHINA (AFP) - Two-year-old Haoyang has likely just months to live, but the only medicine that can help his rare genetic condition is not found anywhere in China and closed borders due to the Covid-19 pandemic mean he cannot travel for treatment.

Instead, his desperate father, Mr Xu Wei, has created a home laboratory to create a remedy for the boy himself.

"I didn't really have time to think about whether to do it or not. It had to be done," the 30-year-old told AFP from his DIY lab in a high-rise apartment building in southwestern Kunming.

Haoyang has Menkes Syndrome, a genetic disorder that impacts how copper - which is crucial for brain and nervous system development - is processed in the body.

Sufferers rarely survive beyond the age of three.

But Xu, who has only high school education and ran a small online business before his son became ill, is determined to give him a fighting chance.

"Even though he cannot move or speak, he has a soul and feels emotions," he said, holding Haoyang in his lap to give him honey mixed in water.

After being told the disease was incurable and the only medication that could help ease symptoms was not available in China, he began researching and teaching himself pharmaceuticals.

"My friends and family were against it. They said it was impossible," he remembers.

Most online documents on Menkes Syndrome were in English, but undeterred, Mr Xu used translation software to understand them before setting up a home lab in his father's gym.

On discovering copper histadine could help, he set up the equipment to create it himself, mixing copper chloride dihydrate with histidine, sodium hydroxide and water.

Blocked by covid-19

Xu Wei holding his son Xu Haoyang at his home laboratory in Kunming, China, on Oct 20, 2021. PHOTO: AFP

Mr Xu now gives Haoyang a daily dose of homemade medicine, which gives the child some of the copper his body is missing.

The amateur chemist claims that a few of the blood tests returned to normal two weeks after beginning the treatment.

The toddler can't talk, but he gives a smile of recognition when his father runs a gentle hand over his head.

His wife, who didn't want to give her name, cares for their five-year-old daughter in another part of the city.

Menkes Syndrome is more prevalent in boys than girls, and it is estimated one in 100,000 babies are born with the disease globally, according to organisation Rare Diseases.

There is little information or data available, but Mr Xu said pharmaceutical companies have shown little interest as the treatment "does not have commercial value and its user group is small".

Under normal circumstances, he would have travelled abroad to bring back treatments for Haoyang from specialist centres overseas, but China has largely closed its borders since the start of the Covid-19 pandemic.

Mr Xu felt he had no choice but to make it himself.

"At first, I thought it was a joke," said Haoyang's grandfather Xu Jianhong.

"(I thought) it was an impossible mission for him."

Xu Wei pouring liquid nitrogen at his home laboratory in Kunming, China, on Oct 20, 2021. PHOTO: AFP

But six weeks after throwing himself into the project, Mr Xu produced his first vial of copper histidine.

To test it, he first experimented with rabbits and then injected the treatment into his own body.

"The rabbits were fine, I was fine, so then I tried it on my son," he said.

Reassured, he then started gradually increasing the dosage.

But the medicine is not a cure.

Professor Annick Toutain, specialist of rare diseases at the Tours University Hospital in France, said the copper treatment "is only efficient against certain genetic anomalies and if it is administered very early on, in the first three weeks of life".

She said that after that the treatment will alleviate symptoms, "without leading to recovery".

Mr Xu has accepted that it can "only slow down the disease".

Gene therapy

Xu Wei looking through Menkes syndrome-related material on a computer at home in Kunming, China, on Oct 22, 2021. PHOTO: AFP

His work has led to interest from VectorBuilder, an international biotech lab, who are now launching gene therapy research with Mr Xu into Menkes syndrome.

The company's chief scientist Bruce Lahn described it as "a rare disease among rare diseases" and said they were inspired after learning about Mr Xu's family.

Clinical trials and tests on animals are planned for the next few months.

Mr Xu has even been contacted by other parents whose children have been diagnosed with Menkes, asking him to make treatment for their relatives too - something he has refused.

"I can only be responsible for my child," he told AFP, while health authorities have said they will not intervene as long as he only makes the treatment for home use.

Xu Wei moving medical equipment at his home laboratory in Kunming, China, on Oct 20, 2021. PHOTO: AFP

Dr Huang Yu of the Medical Genetics Department at Peking University told AFP that as a doctor he was "ashamed" to hear of Mr Xu's case.

He said he hoped that "as a developing country, we can improve our medical system to better help such families".

With a full-time role as an amateur chemist, Mr Xu has little income and relies mainly on his parents.

Friends tried to talk him out of his medical efforts, but undeterred, the young father is planning to study molecular biology at university and do everything he can to protect his son.

"I don't want him to wait desperately for death. Even if we fail, I want my son to have hope."

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2021-11-23 06:27:31Z
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Suspect in Wisconsin Christmas parade carnage was out on bail from previous case - The Straits Times

WAUKESHA, WISCONSIN (REUTERS) - The man accused of deliberately driving his car into a Christmas parade near Milwaukee, killing five people and injuring dozens, was out on bail from a domestic abuse case and was suspected in another violent altercation earlier that day, officials said on Monday (Nov 22). 

The suspect, Darrell Brooks, 39, was arrested near the scene of Sunday’s vehicular attack in Waukesha, Wisconsin, and faces five counts of first-degree homicide, Waukesha Police Chief Daniel Thompson said. 

In addition to the five people killed – ranging in age from 52 to 81 – 48 were injured, including six children who remained hospitalised in critical condition on Monday, authorities said. 

Among the victims were members of a parade group calling themselves the "Dancing Grannies," according to a statement posted on Facebook on Monday. 

Mr Thompson said the motive for the attack was still a mystery but that it was clear the suspect had acted intentionally. 

"He drove right through the barricades and the officers," Mr Thompson told a briefing, adding authorities had ruled out terrorism as a motive.

Waukesha County District Attorney Sue Opper said the suspect acted alone. 

Police were not pursuing Brooks when he plowed into the parade, but one officer fired shots to try to stop the sport utility vehicle, the police chief said. 

"Minutes after the incident occurred, I responded to the scene," Mr Thompson said. "And what I saw out of chaos and tragedy was heroes - first responders in the community coming together and working together on triaging victims."

The FBI was assisting local police in their investigation. 

Brooks has a criminal history and was last released from custody on Nov 11 after posting US$1,000 (S$1,364) cash bond, an amount the Milwaukee County District Attorney’s Office said was "inappropriately low in light of the nature of the recent charges" against him. 

Brooks had been charged on Nov 5 with obstructing an officer, battery, reckless endangerment, disorderly conduct and felony bail jumping in a domestic abuse case, prosecutors and state court records show. 

Around the time of Sunday’s carnage, police also had received a complaint of a domestic disturbance involving Brooks and a knife but were unable to respond because they were preoccupied with the parade, Mr Thompson said. 

"Was there an initial complaint of a knife being involved?  Yes," he said. "Do we know if there actually was one there? We don’t."

The chief said investigators had no information suggesting Brooks, a resident of Milwaukee, knew anyone in the parade.

Abandoned items remain strewn along a street in Waukesha after the Christmas parade, on Nov 22, 2021. PHOTO: NYTIMES

'Still totally shocked'

Police identified the five dead as Ms Virginia Sorenson, 79; Ms LeAnna Owen, 71; Ms Tamara Durand, 52; Ms Jane Kulich, 52; and Mr Wilhelm Hospel, 81. 

On Monday morning, a pink hat, a lone shoe and candy lay strewn across the main thoroughfare in Waukesha. 

Dozens of orange evidence circles were painted on the street and most shops were closed in the city’s downtown district.

A woman tied a bouquet of flowers to a street post as police officers blocked intersections along the main road. 

"It was terrifying," said Waukesha resident Brian Hoffman, 33, who was present as the vehicle rammed through parade attendees. "I saw children who were ran over... I am still totally shocked."

The Children's Wisconsin hospital officials said at a briefing they treated 18 children, including six who remained in critical condition and three in serious condition on Monday. The rest were in fair condition or released. The hospital made no mention of any fatalities.

A message posted on Monday by the Milwaukee Dancing Grannies Facebook page paid tribute to those who lost their lives as "the glue... (that) held us together." 

"Those who died were extremely passionate Grannies. Their eyes gleamed.....(with the) joy of being a Grannie. They were the glue....(that) held us together," read the message posted on the Milwaukee Dancing Grannies Facebook page. "Our hearts are heavy at this most difficult time."

Schools will remain closed on Monday and additional counsellors will be available for students, the district superintendent of schools said.

Waukesha authorities said a fund for the affected families had been set up.

US President Joe Biden said his administration was monitoring the situation in Waukesha "very closely." "The entire community is struggling, struggling to cope with these horrific acts of violence," Biden told reporters on Monday.

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2021-11-22 20:44:38Z
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Singapore health minister says return to strict COVID-19 curbs a last resort - Reuters

SINGAPORE, Nov 22 (Reuters) - A return to stricter COVID-19 curbs in Singapore will be a "last resort", Health Minister Ong Ye Kung said on Monday, as the city-state partially eased limits on social gatherings and dining out under its calibrated reopening approach.

Ong also said the international travel and tourism hub would continue to open "travel lanes" with more countries for vaccinated visitors.

Singapore is gradually granting small groups of vaccinated people increased liberties, resuming in-person business events and permitting quarantine-free travel from select countries as it ramps up its vaccine booster programme.

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"I feel it's important to do it this way, because it minimizes the chance of us having to backpedal too frequently," Ong told Reuters in an interview on Monday for the upcoming Reuters Next conference.

"You can't rule out having to throttle back sometimes, but it should always be a last resort, because it's extremely frustrating for people."

Singapore has vacillated between tightening and easing restrictions for its population of 5.45 million in recent months as, like many countries, it was hit by a fresh wave of infections fuelled by the Delta variant.

Ong said it was too difficult to put a timeframe on when Singapore would reach a "new normal", but he hoped the country's high vaccination rates and the current roll-out of booster shots meant it would continue to ease restrictions.

"I hope that whatever liberty that we now gradually, progressively can return back to the people, we can keep them for next year, even as a new wave arrives," said Ong.

Singapore was one of several so-called COVID-zero countries that enforced some of the world's strictest measures to keep infections and deaths from the pandemic - at around 252,200 and 662, respectively - relatively low.

This year, it switched to a strategy of living with the virus as endemic. Around 94% of those eligible have been vaccinated, while 23% of the total population has received a booster shot.

Among its latest easing measures, limits on social gatherings and dining out were eased from two to five people, still restrictive compared to many other countries.

Authorities have also tightened measures against unvaccinated people, effectively barring them from dining out or entering malls and will begin to charge them for COVID-19 treatment if they refused a vaccine by choice.

TRAVEL HUB

Singapore has been expanding quarantine free travel from more than a dozen countries, including Britain, France, Germany, Australia, Canada and the United States via so-called vaccinated "travel lanes."

It will start these lanes with Malaysia and India at the end of the month. The lanes allow fully vaccinated people to enter the island without quarantining if they pass their COVID-19 tests.

"It is important for us to establish this, as such a small outwardly oriented country, we need to connect with the world," said Ong. "For the foreseeable future, I think vaccinated travel lanes will be the norm."

To watch the Reuters Next conference please register here https://reutersevents.com/events/next/

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Reporting by Aradhana Aravindan in Singapore; editing by Jane Wardell

Our Standards: The Thomson Reuters Trust Principles.

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2021-11-22 06:32:00Z
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Chinese tennis star Peng says she is safe in video call with IOC president - CNA

The event's official WeChat page showed photos of her at the tournament. Peng, 35, was the world No 1 doubles player in 2014, the first Chinese player to achieve a top ranking, after winning the doubles titles at Wimbledon in 2013 and the French Open in 2014.

On Saturday night, Peng visited a popular restaurant in downtown Beijing, according to a video posted by Hu that a restaurant manager confirmed to Reuters on Sunday.

Seven people including Peng were at the Sichuanese restaurant, said the manager, Zhou Hongmei, adding that they ate in a private room and were joined by the restaurant's owner.

"It was crowded at the restaurant as usual," Zhou said, showing a bill that included noodles and bamboo shoots. "They didn't have much. I think they mostly chatted."

A spokesperson for the Women's Tennis Association (WTA), which has threatened to pull tournaments out of China, had said earlier that the photos and video were "insufficient" and did not address the WTA's concerns.

The International Tennis Federation (ITF) said it would continue to seek confirmation from Peng that she was safe.

Chinese state media outlet CGTN on Wednesday released what it said was an email Peng had sent to the WTA's chairman denying she had been sexually assaulted.

WTA chairman Steve Simon said he had a hard time believing that Peng herself had written the email.

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2021-11-21 22:47:00Z
1158821540

Australian fruit farmers face harvest headache, Australia/NZ News & Top Stories - The Straits Times

NASHDALE, AUSTRALIA (AFP) - In near-perfect conditions, thanks to abundant rain and healthy trees, Australian fruit grower Michael Cunial's cherry orchard looks set to yield a bumper crop. He has just one problem: the harvest.

Like many farmers in Australia, during harvests, he relies on seasonal workers, many of whom have been shut out of the country since its international borders closed in March 2020 to halt the spread of the coronavirus pandemic.

Even if he can find workers for the cherry harvest, he may have to pay them more than he has in previous years.

In common with most Australian fruit growers, Mr Cunial has paid seasonal workers for what they can pick. But the system has left many workers earning less than the minimum wage, so the rules may be about to change.

"The system of a piece rate tends to make sense," the fruit grower said at his 50ha farm, Curinya Orchards, in Nashdale - about four hours' drive from Sydney. "If you want to have a go, you can actually make really good money. And if you're hopeless, you don't."

Mr Cunial said he expects "really big" cherries this year, which will probably be ready for harvest in early- to mid-December.

He hires about 50 seasonal workers for the annual harvest and pays them piece rate.

But the system has been condemned by the Fair Work Commission, Australia's industrial relations tribunal.

Below minimum wage

Ruling on a complaint by the Australian Workers Union, it said seasonal farm workers should get the minimum hourly wage of A$25.41 (S$25.03).

"The totality of the evidence presents a picture of significant underpayment of pieceworkers in the horticulture industry when compared with the minimum award hourly rate," the commission found.

Farming federations, which oppose the finding, have until Nov 26 to appeal.

According to a 2018 study of more than 8,000 horticultural farms by the Fair Work Ombudsman, 56 per cent of them underpaid a proportion of their workers.

Working hard is not always enough.

Victor, a young Frenchman who preferred not to be identified by his full name to protect his employment prospects, had to work 88 days in farming to be allowed to stay a second year - a condition of the working holiday visa.

"I have worked in the vineyards. I had to wrap the branches around wire. We were paid 11 cents a branch. I was among the top 10 per cent and I still only got A$9 an hour, less than half the minimum wage," he said.

A worker inspecting cherries at a cherry farm located in the rural New South Wales state town of Nashdal on Nov 11, 2021. PHOTO: AFP

Mr Cedric Gestin, another French worker who is in his third year in Australia, says he has always preferred farms that pay by the hour.

After three years working full-time in Mr Cunial's cherry orchard, Mr Remy Genet manages the seasonal workers.

"I have got guys who can fill 60 lugs (fruit crates), earn A$700 in a day, and others who can only fill nine lugs in the same field. The difference is the motivation," he said.

"Of course, there are farms where even the good ones never earn enough money because there is not enough fruit or the farm is badly run. But where some people can make money, everyone can make money."

'Keep an eye on them'

Mr Cunial says he is concerned about the prospect of laying off workers who do not pick enough if there is a switch to hourly pay.

"We are going to have to keep an eye on them. And within maybe half a day, we're going to have to let people go if this decision comes to fruition," he said.

"Cherries have got a window of about five days to a week, if you're lucky, before you need to get them off a tree. So if you don't have the pickers, they could just end up going bad on the tree."

Mr Cunial has another challenge: he is finding it hard to recruit since the borders closed.

The number of young people in Australia on working holiday visas dropped from nearly 120,000 in December 2019 to 39,000 in 2020.

The labour shortage is coinciding with an expected record farming production, forecast to be worth A$73 billion across all crops in the 2021-2022 season - up 7 per cent from the previous year.

To lure seasonal workers to his farm, Mr Cunial raised his rates last year by 5 per cent to 10 per cent.

This year, he may have to go further.

"We probably would consider a loyalty bonus," he said, which would offer up to 10 per cent more for workers who stay for the season.

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2021-11-21 07:28:53Z
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