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Germany, ECB meet to decide interest rates
Oct 5 2005 11:42PM (CT)
FRANKFURT, Germany (AP) - The European Central Bank meets Thursday to decide whether it should adjust interest rates for the euro zone, with analysts predicting that they will take no action despite a gloomy economic outlook.
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Venezuela orders shutdown of IBM, others
Oct 5 2005 11:24PM (CT)
CARACAS, Venezuela (AP) - Venezuela's tax agency said Wednesday that it had imposed fines and ordered the temporary closure of several foreign companies, including International Business Machines, due to tax irregularities.
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Japanese stocks fall; dollar up vs. yen
Oct 5 2005 10:28PM (CT)
TOKYO (AP) - Japanese stocks dropped in morning trading Thursday, partly dragged down by the earlier drop in U.S. markets to three-month lows. The dollar was higher against the yen.
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Metabolife pleads guilty to falsifying tax
Oct 5 2005 10:23PM (CT)
SAN DIEGO (AP) - Metabolife International Inc., which made millions of dollars selling a now-banned herbal supplement, pleaded guilty Wednesday to filing false tax returns.
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Economy gets another inflation warning
Oct 5 2005 10:22PM (CT)
NEW YORK (AP) - The economy received another inflation warning on Wednesday, when a survey of industry executives showed that energy costs drove prices higher in September while the services sector slowed. The report reinforced expectations that the Federal Reserve would continue to raise rates as the economy struggles with rising fuel costs aggravated by Hurricane Katrina.
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FedEx plans to increase overnight rates
Oct 5 2005 10:22PM (CT)
MEMPHIS, Tenn. (AP) - FedEx Corp., one of the nation's largest shipping companies, announced Wednesday that rates for overnight delivery will increase an average of 3.5 percent beginning next year.
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Siebel sets 3Q revenue above year ago
Oct 5 2005 9:48PM (CT)
SAN MATEO, Calif. (AP) - Siebel Systems Inc. said Wednesday it anticipates higher third-quarter revenue than a year ago, boosted by improved license, maintenance and services revenue.
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Starbucks same-store sales up 10 percent
Oct 5 2005 9:47PM (CT)
SEATTLE (AP) - Starbucks Corp. said same-store sales rose 10 percent for the five weeks ended Oct. 2 compared to the five-week period ended Sept. 26, 2004, boosted by its espresso drinks.
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Toyota buys Fuji Heavy stake from GM
Oct 5 2005 9:37PM (CT)
DETROIT (AP) - General Motors Corp.'s decision to sell its 20 percent stake in Fuji Heavy Industries will help the troubled U.S. automaker streamline its business and raise cash, auto analysts said Wednesday, but some questioned Toyota Motor Corp.'s purchase of GM's stake.
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Lawyers: Merck touted Vioxx despite risks
Oct 5 2005 9:32PM (CT)
ATLANTIC CITY, N.J. (AP) - Plaintiffs lawyers in the nation's second lawsuit linking former blockbuster painkiller Vioxx to heart ailments rested their case Wednesday after three weeks of testimony by 14 witnesses.
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Panel: End U.S. tariffs on Canada wheat
Oct 5 2005 8:59PM (CT)
BISMARCK, N.D. (AP) - Tariffs on Canadian wheat imports should be lifted, a U.S. trade panel concluded Wednesday in a decision that could slash wheat prices for American farmers.
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Katrina bankruptcy rise may be too late
Oct 5 2005 8:58PM (CT)
BILOXI, Miss. (AP) - First came out-of-pocket medical expenses, the bills piling up faster than Jerry Gollott and his wife could pay them. Then, sidelined by heart and back ailments, the retired police officer fell behind on his $1,370 monthly mortgage payment.
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Video game maker settles suit for $15.6M
Oct 5 2005 8:12PM (CT)
SAN JOSE, Calif. (AP) - Video game publisher Electronic Arts Inc. said Wednesday it would pay $15.6 million to settle a class-action lawsuit by computer graphic artists seeking overtime compensation.
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Conrad Black appeals judge's ruling
Oct 5 2005 7:06PM (CT)
CHICAGO (AP) - Embattled media baron Conrad Black has appealed a Canadian judge's ruling that allows his former holding company to face fraud charges in U.S. federal court, the U.S. Attorney's office said Wednesday.
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AMR raises fuel surcharge on cargo
Oct 5 2005 5:58PM (CT)
FORT WORTH, Texas (AP) - AMR Corp., parent of American Airlines, said Wednesday it increased its fuel surcharge on international and domestic freight shipments after the company's fuel costs topped a preset trigger point.
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DaimlerChrysler incoming CEO's wife fined
Oct 5 2005 5:18PM (CT)
BLOOMFIELD HILLS, Mich. (AP) - Gisela Zetsche, the wife of incoming DaimlerChrysler AG Chief Executive Dieter Zetsche, was fined $500 and ordered to pay $2,500 in court costs Wednesday for her role in hosting a party at which more than 20 underage drinkers were ticketed.
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NutriSystem up: revenue seen above views
Oct 5 2005 4:51PM (CT)
NEW YORK (AP) - Shares of NutriSystem Inc. jumped Wednesday, hitting a 52-week high, after the dieting company raised its estimate for third-quarter revenue.
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BankAtlantic shares fall again
Oct 5 2005 4:51PM (CT)
NEW YORK (AP) - BankAtlantic Bancorp Inc. shares fell for the second straight day Wednesday on the company's recent comments about slowing growth at its Ryan Beck unit and lower earning assets for the company as a whole.
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Wednesday's commodities roundup
Oct 5 2005 4:39PM (CT)
NEW YORK (AP) - Crude-oil futures plunged below $63 a barrel Wednesday as gasoline futures continued to sell off amid signs that the recent price spike has damped demand.
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Motorola will cut 1,900 jobs worldwide
Oct 5 2005 4:26PM (CT)
SCHAUMBURG, Ill. (AP) - Motorola Inc. is cutting 1,900 jobs at 29 different U.S. and international locations in an effort to improve operating efficiency, the company said Wednesday.
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Europe backs away from Airbus aid
Oct 5 2005 4:25PM (CT)
PARIS (AP) - European governments have blinked first in an aircraft subsidies dispute with the United States, agreeing to withhold funding commitments for a new Airbus plane set to be launched Thursday while negotiations continue.
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BofA lets customers keep change in savings
Oct 5 2005 4:24PM (CT)
CHARLOTTE, N.C. (AP) - Bank of America Corp., one of the nation's biggest financial institutions, has unveiled a plan to make it easier _ and potentially more rewarding _ to start putting money aside.
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Viacom to split CBS, cable entertainment
Oct 5 2005 4:23PM (CT)
NEW YORK (AP) - Shareholders of Viacom Inc. will get half a share of the new Viacom and half a share of CBS Corp. for each share they currently hold when the media conglomerate splits itself into two companies, the company said Wednesday.
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Katrina bankruptcy filers to get leeway
Oct 5 2005 4:22PM (CT)
WASHINGTON (AP) - People filing for bankruptcy who were affected by Hurricanes Katrina and Rita will get some leeway in meeting requirements of a strict new law.
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JetBlue begins service at Newark
Oct 5 2005 4:21PM (CT)
NEWARK, N.J. (AP) - Discount carrier JetBlue Airways Corp. on Wednesday began flying from Newark Liberty International Airport to two airports in Florida, with plans to fly to three other Sunshine State airports, and to Puerto Rico, next month.
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Human Genome lupus test fails to see goals
Oct 5 2005 4:13PM (CT)
COLLEGE PARK, Md. (AP) - Human Genome Sciences Inc. said Wednesday that a lupus drug failed to significantly delay flare-ups or lessen symptoms of the painful chronic autoimmune disease in human testing. The company's stock tumbled 31 percent on the news.
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Vice Chairman Gerald Storch leaves Target
Oct 5 2005 4:04PM (CT)
MINNEAPOLIS (AP) - Gerald Storch ran some of Target Corp.'s most important operations, and the vice chairman was seen as a possible candidate for CEO. His sudden departure focused attention on the other leading candidate for that job _ Target President Gregg Steinhafel.
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Employment data could be a rare nonevent
Oct 5 2005 3:44PM (CT)
NEW YORK (AP) - The Labor Department's monthly job creation report is considered one of the better barometers of the nation's economy. And as such, it is traditionally a market-mover on Wall Street.
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N.C. judge orders tobacco funds released
Oct 5 2005 3:31PM (CT)
GREENSBORO, N.C. (AP) - Tobacco growers in 14 states should be paid $318 million as part of 1998's settlement between states and cigarette makers while litigation continues on whether the farmers are entitled to more money, a judge ruled Wednesday.
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Yum Brands profit rises 16 percent
Oct 5 2005 3:27PM (CT)
LOUISVILLE, Ky. (AP) - Yum Brands Inc. posted 16 percent increase in third-quarter profits Wednesday on the strength of resurgent growth in China coupled with solid U.S. performances by its Taco Bell and KFC restaurant brands. The fast-food company also raised its full-year forecast, and its shares finished higher.
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Media execs weigh user-generated news
Oct 5 2005 2:34PM (CT)
NEW YORK (AP) - The avalanche of high quality video, photos and e-mailed news material from citizens following the July 7 bombings in London marked a turning point for the British Broadcasting Corporation, the head of its global news division said Wednesday.
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Judge tosses $700M Executive Life award
Oct 5 2005 2:32PM (CT)
LOS ANGELES (AP) - A federal judge has thrown out a $700 million punitive damages award won by the state of California in a lawsuit stemming from the takeover of failed insurer Executive Life by French investors.
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Freddie Mac to buy back shares
Oct 5 2005 2:28PM (CT)
NEW YORK (AP) - Freddie Mac Wednesday said its board has authorized repurchasing up to $2 billion in common stock and issuing $2 billion in preferred stock.
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Alaska threatens to yank N. Slope leases
Oct 5 2005 2:17PM (CT)
JUNEAU, Alaska (AP) - Alaska's oil and gas chief is threatening to revoke leases held by Exxon Mobil Corp. and other producers for not drilling the rich fields near the Arctic National Wildlife Refuge.
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Brazil seeks to punish U.S. for subsidies
Oct 5 2005 1:52PM (CT)
GENEVA (AP) - Brazil will seek final World Trade Organization permission to retaliate for illegal U.S. cotton subsidies, Brazil's top trade lawyer said Wednesday.
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Chevron to propose new heavy oil project
Oct 5 2005 1:52PM (CT)
CARACAS, Venezuela (AP) - Chevron Corp. plans to propose a new heavy oil project in Venezuela that aims to produce 400,000 barrels a day, a company executive said.
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NightHawk Radiology plans IPO
Oct 5 2005 1:41PM (CT)
WASHINGTON (AP) - NightHawk Radiology Holdings Inc., a provider of off-hours emergency radiology services, Wednesday said it plans to go public in an initial stock offering worth as much as $86.2 million.
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Prosecutors raid Yukos-affiliated cos.
Oct 5 2005 1:25PM (CT)
MOSCOW (AP) - Investigators raided a number of companies connected to the shattered Yukos oil empire, prosecutors said Wednesday, as part of a $7 billion money-laundering probe.
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Zambia hit by critical fuel shortages
Oct 5 2005 1:09PM (CT)
LUSAKA, Zambia (AP) - Crippling fuel shortages have brought Zambia's public transportation to a standstill and are threatening to shut down mines.
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Aon to cut up to 750 jobs in Britain
Oct 5 2005 12:44PM (CT)
WASHINGTON (AP) - Aon Corp. Wednesday said it will eliminate up to 750 British jobs, or 11 percent of its work force in the country.
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Industry sees natural-gas bidding war
Oct 5 2005 12:30PM (CT)
NEW YORK (AP) - The prewinter buildup of U.S. natural-gas stores has yet to take a big hit from Hurricane Katrina, but that may be about to change.
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Aeroflot brings jets back to service
Oct 5 2005 12:28PM (CT)
MOSCOW (AP) - Aeroflot airlines said Wednesday it is putting its Ilyushin Il-96-300 commercial jets back into service, two days after Russia's aviation safety authority lifted a nearly six-week grounding order.
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Trump, developer to make tulip-shaped hotel
Oct 5 2005 12:16PM (CT)
DUBAI, United Arab Emirates (AP) - U.S. real estate and gambling kingpin Donald Trump is joining forces with top Emirates developer Nakheel LLC to build a tulip-shaped hotel on a man-made island shaped like a palm tree.
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Teams to qualify for $2M desert robot race
Oct 5 2005 12:02PM (CT)
FONTANA, Calif. (AP) - At least 20 teams were expected to be named Wednesday to enter the $2 million government-sponsored robot race across the Mojave Desert after proving that their driverless vehicles could navigate a 2-mile obstacle course during a weeklong trial.
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Wright Medical earnings outlook misses view
Oct 5 2005 11:48AM (CT)
CHICAGO (AP) - Wright Medical Group Inc. stock fell Wednesday after the company presented a third-quarter earnings and sales forecast below Wall Street's views.
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Mutual-fund cos. earnings seen strong
Oct 5 2005 11:47AM (CT)
NEW YORK (AP) - U.S. asset-management companies are likely to report strong quarterly earnings after equity markets ended the third quarter solidly in the black.
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Italian PM 's daughter gets exec post
Oct 5 2005 11:45AM (CT)
ROME (AP) - The daughter of Prime Minister Silvio Berlusconi was appointed chairwoman of the holding company for his business interests, the company said Wednesday.
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Intuit to sell IT unit to TA Associates
Oct 5 2005 11:28AM (CT)
MOUNTAIN VIEW, Calif. (AP) - Intuit Inc. said it will sell its information-technology services unit, ITS, to private-equity group TA Associates Inc. for $200 million cash.
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Mercury Interactive falls on SEC probe
Oct 5 2005 10:48AM (CT)
NEW YORK (AP) - Shares of Mercury Interactive Corp. slid Wednesday, after the software maker warned it would post unexpectedly low third-quarter revenue and said that an informal inquiry from the Securities and Exchange Commission has become a formal investigation.
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Hong Kong welcomes big-spending tourists
Oct 5 2005 10:43AM (CT)
HONG KONG (AP) - When Hong Kong returned to Chinese rule eight years ago, many feared the glitzy former British colony would be flooded with bedraggled masses of mainlanders. But these days, a new type of mainlander invades the city: the big-spending nouveau riche tourist.
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EU names Briton to monitor Microsoft
Oct 5 2005 10:34AM (CT)
BRUSSELS, Belgium (AP) - The European Commission appointed a British computer scientist Wednesday to oversee whether Microsoft Corp. is complying with a 2004 antitrust decision.
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Interstate Bakeries reports monthly loss
Oct 5 2005 10:31AM (CT)
KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp., the bankrupt maker of Wonder Bread and Hostess Twinkies, said Wednesday it lost $5.2 million during August and increased losses in previous months by $4.6 million.
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Toyota buys stake in Fuji Heavy from GM
Oct 5 2005 10:26AM (CT)
TOKYO (AP) - Toyota Motor Corp. has agreed to buy an 8.7 percent stake in rival Japanese automaker Fuji Heavy Industries, the maker of Subaru cars, from General Motors Corp. for about $315 million, officials from the companies said Wednesday.
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Challenger: September job cuts climb
Oct 5 2005 10:20AM (CT)
NEW YORK (AP) - The number of planned job cuts announced in September increased just 1.8 percent to 71,836, up from 70,571 in August, Challenger, Gray & Christmas said Wednesday.
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Japan moves closer to lifting U.S. beef ban
Oct 5 2005 10:08AM (CT)
TOKYO (AP) - Japan moved a step closer to lifting its ban on U.S. beef imports after a food safety panel said there was little risk of mad cow disease from American beef if appropriate precautions are taken, the government's top spokesman said Wednesday.
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Danish telecom courted by other buyers
Oct 5 2005 10:03AM (CT)
COPENHAGEN, Denmark (AP) - Danish telecom TDC A/S is being courted by a second group of suitors who have offered a price similar to the original $12 billion bid made earlier this year by a different group of private-equity firms, according to a published report.
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EU levies $59 million fine on Peugeot
Oct 5 2005 9:12AM (CT)
BRUSSELS, Belgium (AP) - European Union regulators on Wednesday fined French carmaker Automobiles Peugeot SA and its Dutch arm Peugeot Nederland NV 49.5 million euros ($59 million) for blocking Dutch car exports to other EU countries.
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EU plans more efficient industrial policy
Oct 5 2005 8:45AM (CT)
BRUSSELS, Belgium (AP) - The European Union on Monday announced new policies aimed at making European industry more efficient and flexible, rejecting pleas from France that the EU do more to protect the bloc's industry against competition from Asia and the Americas.
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Entergy: Rita to cost $400M to $550M
Oct 5 2005 8:08AM (CT)
NEW ORLEANS (AP) - Utility operator Entergy Corp. said Wednesday that its damages from Hurricane Rita will range from $400 million to $550 million, a bill that comes on top of damages that could hit $1.1 billion from Hurricane Katrina a month earlier.
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China Construction Bank prices $6B IPO
Oct 5 2005 7:59AM (CT)
HONG KONG (AP) - China Construction Bank, mainland China's fourth-largest bank in terms of assets, has priced its initial public offering in Hong Kong in what is expected to be the largest IPO in the world this year, possibly raising more than $6 billion.
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Exporters say German growth will stay slow
Oct 5 2005 7:27AM (CT)
BERLIN (AP) - Germany's exporters forecast Wednesday that economic growth will remain slow next year and complained that a power struggle since last month's inconclusive elections bodes ill for hoped-for reforms.
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EU antitrust regulators to charge league
Oct 5 2005 7:09AM (CT)
BRUSSELS, Belgium (AP) - The European Commission will soon file antitrust charges against England's Football Association Premier League over the way it sells broadcast rights, the EU competition commissioner said Wednesday.
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Honda designs car friendly for dogs
Oct 5 2005 5:45AM (CT)
WAKO, Japan (AP) - Honda Motor Co. has designed a car that's friendly for dogs _ part of the Japanese automaker's ongoing effort to create vehicles that are easy to use and comfortable to ride in.
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Automakers shifting to new incentives
Oct 5 2005 5:43AM (CT)
DETROIT (AP) - As their popular employee-pricing discounts end, U.S. automakers are shifting to sales strategies that emphasize the value of their vehicles rather than big cash incentives. But some analysts wonder if the companies will be able to stick with the new approach.
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Two farmers sue over USDA tobacco buyouts
Oct 5 2005 3:39AM (CT)
RICHMOND, Va. (AP) - William Neese began farming burley tobacco in southwest Virginia's foothills when he was 12. He quit only because payments from a federal tobacco-quota buyout promised to help him exit a business that no longer guaranteed profits.
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