CBL Governor Patray’s Senate Confirmation Statement Provides Much Food for Thought But Unanswered Questions…

first_imgOn July 4, during his confirmation hearings before the Liberian Senate, newly appointed Central Bank Governor told the Senate that Liberians should wait for the unfolding of the comprehensive set of economic policies from the Technical Economic Management Team (TEMT), before drawing any conclusions about the direction in which the economy is headed.The Daily Observer has since patiently waited for a few weeks following Governor Patray’s appearance before the Senate during his confirmation hearings. The wait was underpinned by the Daily Observer’s implicit trust in the promise that by now the GoL would have submitted its comprehensive policies to the nation and to our international partners.More so, Mr. Paltry himself advised the Liberian Senate and the general public to wait for the comprehensive policies to be submitted by Technical Economic Management Team (TEMT) by the President George Weah because “…many of the goals…” he “…mentioned above may not be consistent with each other.”Interestingly, two senior cabinet Ministers, Mr. Mobutu Nyepan, Minister of Public Works and Mr. Eugene Nagbe, Minister of Information, Cultural Affairs and Tourism, at their August 1, 2018 Press Conference, emphasized that the priority of the Pro-poor government was “road connectivity,” thereby implying that agricultural programs would be secondary to road connections.This view is in contrast to that of Governor Patray’s. The Executive Governor had earlier indicated that the priority program was agriculture. He stated that, “If we should ensure a sustainable growth and development of our economy, we will need to review our current economic strategy in terms of reducing our reliance on the enclave sector and move towards the agricultural and manufacturing sectors, in order to create more jobs for our people.”This newspaper agrees with the Executive Governor that agriculture should be the priority area of focus. However, seeking $1 billion from our International Partners such as the World Bank, US$536 million from Eton and US$420 million from EBOMAF just for road construction would leave little or no borrowing space to get the resources needed to finance agriculture.To the best of available information, there is no study to support the view that spending $2 billion or the anticipated $4 billion on “Road Connectivity” would generate the needed economic activity. Should we however proceed on the assumption that road connectivity leads to the creation of other economic activities, we find it difficult to explain why there is a serious deficit in food production in areas with good road connectivity.There are, for example, a limited number of economic activities within and around communities located along the paved roads from Monrovia, Montserrado County through Kakata City, Margibi County and through Gbarnga City, Bong County and Ganta, Nimba County. Similarly we find that there are no meaningful economic activities carried out by residents along the roads going from Monrovia, Montserrado County to Bo Waterside, Grand Cape Mount County.Also, too, we see increasing migration to urban cities such as Ganta, Nimba County; Kakata, Margibi County; Harper City, Maryland County; etc. all because people are lured by illusions of prosperity in the cities away from the back breaking toil associated with life in the rural areas. Nowadays, many youths of this country display great reluctance to help their parents produce food as they once did prior to the fourteen-year civil war.Additionally most residents in Lofa County, for example, do not have the required resources to maximize productivity to the extent that it would create quantity and quality of jobs needed to boost the Liberian economy. From the evidence there is not much to suggest heightened economic activity in Liberia.In 2015, for example an international organization used a sample of 2,000 plus businesses registered within Liberia in a survey to understand the economic activity in Liberia. Many of those businesses were located within Monsterrado County, 170 located in Nimba County, 130 within Bong County, 70 within Grand Bassa County, 14 within Grand Gedeh County 13 within Grand Cape Mount County, 1 in Gbarpolu County, etc.Moreover, the recent 2017 report by the Central Bank of Liberia on loan portfolios of the commercial banks in Liberia shows that a little over 10% of the loan portfolio was allocated to manufacturing, while about seventy percent plus was allocated to trade and construction of houses.A major problem however, is the excess amount of Liberian dollars in circulation and to address it, Governor Patray recommends that the “Central Bank of Liberia issues bonds in the amount of L$6 billion or US$40 million equivalent, to help mop up excess liquidity in the banking system and by extension ensure broad exchange rate stability.”But the Governor surprisingly failed to state just how Liberia will repay the US$40 million debt since the source of the recently announced US$25 million to be used in stabilizing the economy has not been disclosed. Neither did he explain how Liberia will achieve what he called “…Balance of trade (to seek a reasonable overall balance with the rest of the world in international trade and financial transactions).”Similarly the Governor did not explain how the GoL proposes to “bring about equitable distribution of income (that is to ensure that no group of Liberians faces stark poverty while others enjoy extreme luxury) nor did he explain how GoL proposes to “provide economic security (security for those who are for those who are ill, disabled, handicapped, laid off, aged, or unable to earn minimal level of income).”Additionally, the Governor did not explain how the CBL proposes to achieve its goal to ensure economic stability by focusing on “concrete steps such as periodic intervention in the foreign exchange market through open market operations, that is, the sale or purchase of securities to withdraw or inject liquidity into the system.”This newspaper has, on previous occasions, reported that members of the business community including commercial banks, were displaying strong reluctance to honor monetary transactions with the CBL because it has failed to honor its pledges or commitments. This was confirmed by the IMF report (18/172) of June 8, 2018.Moreover, even if the business community were to have a change of heart, has Liberia developed its money market which should include the active trading of securities such as stocks, bonds, mortgage-backed securities, alternative investments, etc.? How many public corporations (local and, or foreign corporations) within the Liberian money market that are selling, buying securities or trading securities on the behalf of investors?How will the CBL effectuate another monetary program that Mr. Patray indicated in his proposal? He proposed that the CBL offers “…special directive basically to instruct commercial banks, when necessary, to apply a certain percentage of their loan portfolio in certain sector of the economy (e.g., agricultural sector).”The Daily Observer is however unsure whether the decision to be made, if ever, by investors to borrow money to invest in trade, manufacturing, real estate, etc. can be usurped by the commercial banks or the government of Liberia.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

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Ex-WR Rasshan to start at QB

first_imgBy Brian Dohn Staff Writer With Patrick Cowan out due to a concussion and a collapsed lung, and with Ben Olson’s left knee still not healed, UCLA coach Karl Dorrell said sophomore Osaar Rasshan will start at quarterback Saturday when No. 9 Arizona State visits the Rose Bowl. Dorrell said he didn’t believe the game plan needed to be pared because of Rasshan’s inexperience, or because Rasshan spent training camp and the first six weeks of the season playing receiver. Rasshan was forced into action in Saturday’s 34-27 loss at Arizona after Cowan was injured. He was 3-of-10 passing for 78 yards in his quarterbacking debut but had success moving UCLA’s offense, partly because he ran for 57 yards on eight carries. “He proved to me that he could handle much more than probably we anticipated,” Dorrell said. “He’s gotten better and better the last few weeks that he’s been practicing and playing quarterback. He’s digested more and more information, and now he’s at a point where he’s going to be the guy starting in this particular game. “He’ll get a chance to digest much more information because he’ll get a lot more repetitions (in practice).” Rasshan, who will be the first African-American to start for UCLA since Bernard Quarles in 1979, did provide a spark to a sagging offense. In UCLA’s last 22 possessions with Cowan at quarterback, the offense scored 14 points, and failed to pick up a first down 11 times. In Rasshan’s five possessions, UCLA’s offense scored 13 points and failed to pick up a first down once. “(Rasshan) energized the offense,” UCLA tailback Chane Moline said. “He threw the ball around, ran the ball as well.” Dorrell said he was uncertain how long Cowan would be out. Sources said Olson, who tore a knee ligament Oct. 6 against Notre Dame, is eyeing a Nov. 24 return against Oregon. Tailback update Dorrell said tailback Chris Markey is day-to-day with a sprained left ankle. Markey did not play in the second half, forcing Moline and walk-on Craig Sheppard to carry the ball. Christian Ramirez suffered a concussion in the game, and his status for Arizona State is uncertain. Dorrell said he did not anticipate moving a player from another position to tailback. “We’re going to stay with what we have right now,” Dorrell said. Cowan heading home Dorrell said Cowan, who remained Arizona because of the lung injury, is expected home today. “He’s doing OK. He’s feeling better,” Dorrell said. “They did a last set of X-rays (Sunday) and everything looked OK.” Game review In watching the film, Dorrell said UCLA could not overcome a dismal second quarter in which Arizona outgained the Bruins, 187-27, and outscored UCLA, 14-0. “As I look at the game, we had one bad quarter, I believe,” Dorrell said. “We were ineffective offensively in the second quarter, and they had a couple of big plays where they scored a couple of touchdowns on us in a short amount of time.” Kurtzman passes away Felice Dee Kurtzman, who was at UCLA for 25 years, serving as a nutritionist since 1991, died Saturday after a 14-month battle with cancer. She was 52. Funeral services are scheduled for today at Mount Sinai Memorial Park at 2 p.m. brian.dohn@dailynews.com160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

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JSE launches retail equity options

first_img27 July 2009 Benefits of equity options According to the JSE, smaller contract sizes will bring new affordability to the options market in South Africa and open it up to the man and woman in the street. “The JSE has a well-established wholesale options market catering for institutional investors, but we have never focused on the retail investor before,” JSE derivatives trading head Allan Thomson said in a statement this week. “Options provide numerous benefits to retail investors, and are especially relevant in these turbulent economic times.” As with purchasing a futures contract, investors will need to use their existing futures account or open a SAFEX account with a broker. “Like equity futures, options allows investors and speculators to benefit from the movement of the share price, but differ in that they come with a ‘built-in insurance policy’, where the investor is able to resign a contract at any point in the contract term,” the JSE says. Investors and traders can use options to profit from a movement in the underlying shares without the costs of trading the shares themselves. Options give you exposure to movements in the share price for a fraction of the cost of purchasing the shares themselves. They offer investors time to decide whether they want to buy or sell a share. Buying an option enables you to defer your decision until the option’s date of expiry. “In layman’s terms, the investor can decide to abandon the contract if the price is not in his or her favour,” Thomson explained. “Of course, like an insurance policy, the investor will pay a premium for this peace of mind.” According to the JSE, the market maker Nedbank will be quoting option prices in sizes as small as 5 contracts in 50 point strike intervals for index options and 50 cent strike price intervals for single stock options.center_img According to the JSE, equity options can benefit investors in the following ways: Index options which are based on a basket of shares as opposed to a single share, provide diversified exposure, without having to invest directly in the many stocks that make up the index. Options give the investor the right, but not the obligation, to buy or sell an underlying asset at a predetermined price at a set date in the future. ‘Built-in insurance policy’ They can be used to protect the value of one’s shares from a falling market at an affordable cost. Without using put options (the right to sell), in a market downturn you have no protection against prices declining. Options are often described as the only guaranteed stop loss, as falling markets cannot pass through the agreed price (known as the strike price). South Africa’s JSE has launched retail equity options, which include single stock options on the top 20 companies in the FTSE/JSE Top 40 Index and index options on the Top 40 Index itself. This new investment avenue complements the existing equity futures market, and will increase both trading volumes and liquidity in market. SAinfo reporter Would you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img read more

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South Africa’s tallest structures and buildings

first_imgThere are 54 skyscrapers in South Africa that are more than 100m high, according to the Skyscraper Center global database. Of these, four are taller than 150m and one is over 200m. Most are in Johannesburg, but some feature in the skylines of Durban and Cape Town.As South Africa develops its economic status and infrastructure into the 21st century, more skyscrapers are being planned or are already under construction, all set to rival and eclipse these existing buildings in sky-scraping glory.But while these buildings are high, they are still not the highest man-made structures in South Africa.South Africa’s highest structuresVarious power station smokestacks around the country rank as the top nine highest structures in South Africa, ranging from 275m (the Lethabo, Matla and Kendal power stations) to 301m (the Sasol synthetic fuel plant in Secunda, Mpumalanga).Themost amazing #TVtowers : Hillbrow Tower in #Johannesburg#JHB #SouthAfrica (270m) pic.twitter.com/sUGLznRjfa— PROMAX Electronics (@PROMAX_news) May 27,2016Johannesburg’s iconic Hillbrow Tower, now known as Telkom Tower, is the 10th highest structure – but the highest urban structure – at 269m.Assorted television transmission masts around the county also dwarf the country’s highest building, at 265m each.The 10 highest buildings in South Africa@BBCR1 @AdeleRoberts on top of the tallestbuilding in Africa: carlton centre in Johannesburg #lastphoto pic.twitter.com/eNmTkc65Pv—Deano (@The5BallOver) August 15,2016Carlton Centre in downtown Johannesburg, built in 1973, is currently the highest building in the country, as well as the highest in Africa. At 222.5m, the Carlton is a 50-floor, 75.355m2 business district, hotel and shopping centre. The building is owned by Transnet and houses its head office. The top floor is known as the Top of Africa, and offers an unrivalled view of the City of Gold.Another of Johannesburg’s instantly recognisable buildings is the country’s second highest. Ponte City is the tallest residential skyscraper in Africa at 172.8m.#CellCLGG5 PonteTower pic.twitter.com/eHIF6c92LO— Timothy Geissler (@Tim_G_15) June 10,2016Built in 1975, its 55 floors have featured as backdrops for films such as District 9, Chappie and Dredd. A number of documentaries have also been made about its history and colourful residents.German writer Norman Ohler described the building aptly in his book City of Gold when he wrote: “Ponte sums up all the hope, all the wrong ideas of modernism, all the decay, all the craziness of the city. It is a symbolic building, a sort of white whale, it is concrete fear, the tower of Babel, and yet it is strangely beautiful.”TheMarble Towers, Johannesburg (pic: Photobucket) https://t.co/IZLabnVaAP pic.twitter.com/hTsgyASz2s— CDAnderson (@bizarrojerri) September 8,2016Marble Towers, previously called Sanlam Centre, also in Johannesburg, is the third highest building in South Africa at just over 152m. It pips the Pearl Dawn building in Umhlanga, Durban/eThekwini by just one centimetre. Marble Towers is constructed from marble and concrete and boasts the largest electronic advertising board on its façade. The building is used for office space, and has an eight-storey parking garage.Pearl Dawn is one of the country’s newest skyscrapers, completed in 2008, with 152m of 31 floors for permanent and holiday residential property. It is part of the greater Umhlanga tourism development project. A second phase of the project, scheduled to be completed by 2017/18, is expected to add an additional building – Pearl Sky – reaching more than 180 metres into the air.Pearl Dawn is a 31-floor skyscraper in Durban, KwaZulu-Natal, SouthAfrica. pic.twitter.com/gpDX7o4g9i— CD Anderson (@bizarrojerri) September 8,2016Foreboding as a dark, monolithic presence on the skyline of the Pretoria/Tshwane CBD, the Reserve Bank building is the fifth highest in the country at 148m. It houses South Africa’s central monetary authority. It was built in 1988.TheReserve Bank building, Pretoria, South Africa (pic: Photobucket) https://t.co/FicoTWmSbp pic.twitter.com/aUAhGKsVX5—CDAnderson (@bizarrojerri) September 8,201688 on Field (formerly called Southern Life) was Durban’s highest structure between 1986 and 2008, at 146.5m. Situated in the heart of the city’s business district, the building is home to the offices of various international businesses and a popular shopping centre. It features glass shuttle elevators, offering views of the city and Indian Ocean.88 OnField, Durban. The city’s highest building 1986 – 2008. (Pic: Emporis)https://t.co/853lLSMQa4 pic.twitter.com/vMmsthRWxi—CD Anderson (@bizarrojerri) September 9, 2016While the 140m Kwadukuza Egoli Hotel Tower 1 (formerly Johannesburg Sun and Towers Hotel) has had a chequered history, from being a five-star hotel during its 1980s heyday to a police personnel housing complex in the early 2000s, there are plans to rejuvenate the building’s 40 floors as commercial and residential real estate.Kwadukuza Egoli Hotel Tower, formerly Johannesburg Sun and TowersHotel (pic: Photobucket) https://t.co/0kptGghReh pic.twitter.com/pX6H8QBZIM—CD Anderson (@bizarrojerri) September 8,2016As one of the most sought-after addresses in Johannesburg, the luxurious Michelangelo Towers in Sandton, also offers the one of the best views in the city.Completed in 2005, the 140m Michelangelo is now a ubiquitous part of the city skyline. It is part of the Sandton retail, hotel and conferencing district, which includes Nelson Mandela Square, Sandton City and the Sandton Conference Centre. An apartment in the Michelangelo can cost up to R28-million.RThttps://t.co/xuNoFePrZu MichelangeloTowers Hotel Johannesburg #SouthAfrica – https://t.co/X1xdK2CxP4 pic.twitter.com/5vNflrGyqq—South Africa News (@southafricaz) February 3,2016Both Absa Building and Trust Bank Centre, in the Johannesburg CBD close to the old Johannesburg Stock Exchange, are 140m high and house various corporate headquarters for local and international banking institutions and other financial companies. Trust Bank Centre, built in 1970, houses one of the largest bank vaults in South Africa.TheABSA and Trust Bank buildings in Johannesburg (pics: Photobucket) pic.twitter.com/ORJ6j8QNmY—CD Anderson (@bizarrojerri) September 8,2016The tallest building in Cape Town is Portside, at 139m. Completed in 2014, the only public stipulations for its completion were that it not obscure the view of Table Mountain and that it have a low energy footprint. The completed building earned a five-star Green Star rating from the Green Building Council of South Africa.APFacquires half of Portside Tower https://t.co/bkpw2nUhSI via @Biz_Property pic.twitter.com/ayFKtLWxbi—Bizcom Property (@Biz_Property) June 27,2016The future of South African skyscrapersA number of proposed or currently under construction buildings are set to take skyscrapers higher in South Africa, while significantly changing the skylines of its major cities. These include:The Leonardo, a 42-floor, 223m luxury residential building in Sandton, Johannesburg, is scheduled to be completed by 2018, and become, give or take a few centimetres, the highest building in the city.By 2021, eThekwini hopes that the proposed 370m, R6-billion Iconic Tower will be the southern hemisphere’s tallest skyscraper. The building is expected to “serve as a potential catalyst to future large-scale development within the Durban inner city, and the greater metropolitan area”, according to its developers.At370m, the Durban Iconic Tower is aiming at becoming the tallest skyscraperinAfrica by 2021 (pic: Google) pic.twitter.com/AcmqVHnK4V—CD Anderson (@bizarrojerri) September 8,2016The proposed Kgoro Gateway commercial property development in Sandton, due to be completed by 2030, hopes to sport twin skyscrapers reaching higher than 165m each.Source: Business TechSouthAfrica.info reporterWould you like to use this article in your publication or on your website?See: Using SouthAfrica.info materiallast_img read more

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New Octopus Hair Claw Clip Butterfly Bull Dog Design Plastic Fast Shipping – with flat bottom is perfect.

first_imgModest but looks like it’ll be extremely comfy.Good high quality clips, but significantly more compact than i’d anticipated. I was not misled by the vendor just a bit upset that the clips have been really compact.Nice matt complete and extra beautiful than most. Awesome matt end and extra desirable than most.Smaller than average but very strong, good clipI discovered octopus clips a year ago and love them as they fit my long wild curly hair Very happy customer!These little things are super strong and have lasted me quite a while nowThis clip broke pretty much immediately after it arrivedFine hair and hair clips Lesser than common but incredibly sturdy, superior clip. Is scaled-down than the regular sizing octopus clip so is difficult applying it in my hair as it’s halfway down my again. It only just holds it if i dig it into my scalp.I would advocate this for someone with shoulder length hair or for a longer period very skinny hair. Is a superior, effectively built sturdy clip. I just want a more substantial a single to plonk into my hair with simplicity.Sturdy clips retains my thick hair in spot all day. Particularly what i was hunting for.Features of New Octopus Hair Claw Clip Butterfly Bull Dog Design Plastic Fast ShippingNew Octopus Hair Claw Bull Dog Design ClipAvailable in 3 Different Colours Black, Brown and Dark BrownPlasticSize : 55 mm long 50 mm wide 40 mm heightBeautiful Colour Ideal for Daily and occasional use Ideal for outdoor activitiesGood QualityThis clip broke quite much right away just after it arrived. This clip broke rather much instantly soon after it arrived. I do not significantly feel it is really excellent worth for funds.It is a amazing design in comparison to my many others. This is a stunning hair claw but it is also significant for use by me who has missing a lot of her hair to aged age. I wish i could use it truly. It is a excellent design in comparison to my others.I found out octopus clips a yr in the past and like them as they in good shape my lengthy wild curly hair. I learned octopus clips a year ago and appreciate them as they healthy my long wild curly hair in them, and you should not break very easily, which i identified the common straight butterfly clips did. These ones are the modest edition, and i truly acquired them by blunder, but they are even better. One particular of these nevertheless suits all my hair in, but they never slip off, like the larger kinds sometimes did, and i can wear them all day without the need of ever obtaining to rearrange my hair (any anybody with curly hair will know that this is a incredibly great point).I criticised the more substantial versions of this but this one isn’t going to slip virtually so significantly. As my hair is fantastic, that will make this 1, okay.With flat bottom is great. . Have been seeking for theses for ages in shops -the size & shape ,with flat base is excellent.It was wonderful but i have thick hair and it did not actually keep it up.This was just what i was wanting for. I am making an attempt to grow my hair out and it only just matches into a silly pony tail, it seems to be a minimal sad sticking out the back again of my head. Cue the octopus claw, it sits nicely with or without having a hairband and leaves me with a neat hair do. It is excellent quality and i suspect it will past. I you should not feel it would fit pretty thick hair as it is rather modest. The octopus claw clip satisfied my demands.Excellent good quality, but stiff in its grip. Fantastic high-quality, but rigid in its grip. It’s popped out of my palms several periods when making an attempt to place it in my hair.These minimal issues are super powerful and have lasted me quite a although now. These small items are super potent and have lasted me really a even though now. I you should not like clips that are weak at the hinge, flimsy in material, and usually are not capable to maintain considerably hair (i have a good deal and they’re thick, but on the thinner facet of thick – am i making feeling?). So these are good for the cost they are offered at, and have been precisely what i was wanting for.Hope you guys equally take pleasure in working with them if you come to a decision to invest in them. They have been a very good obtain for me.last_img read more

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Maintain law and order, Supreme Court tells Punjab, Haryana

first_imgEven as Punjab denied any liability on its part to share water with Haryana, the Supreme Court on Wednesday stood firm by its decision to construct the Sutlej-Yamuna Link Canal and urged the neighbouring States to maintain law and order at any cost. A Bench of Justices P.C. Ghose and Amitava Roy raised concern about violence after reports that the Indian National Lok Dal, Haryana’s main opposition party, had asked its workers to gather on Thursday at Ambala and march inside Punjab to start digging the SYL canal.Status quoThe Supreme Court’s call for status quo in the inter-State water dispute came amidst Punjab’s affidavit that the Punjab Termination of Water Agreement Act of 2004 was still in force. It argued that a recent Supreme Court verdict that declared the 2004 Act as unconstitutional was only an opinion given by the court on a presidential reference and not a verdict as such to be complied as law.Haryana, represented by senior advocate Shyam Divan, submitted that the verdict allowing the SYL canal to be built has to be executed.The court asked Solicitor General Ranjit Kumar, for the Centre, that the Union government should don the role of an arbitrator if both sides were willing to settle their dispute amicably.last_img read more

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Cong. MLAs bat for Haryana’s sugarcane farmers

first_imgCongress legislators on Wednesday staged a symbolic protest outside the Assembly complex against the Haryana government, accusing it of ignoring the plight of sugarcane farmers in the State. The MLAs shouted slogans against the State government while holding sugarcane stems in their hands.“Sugarcane farmers are forced to sell their produce in neighbouring Uttar Pradesh and Uttarakhand because the State-owned and private sugarcane mills in Haryana are not purchasing their produce at the assured price,” alleged Congress leader Kuldeep Sharma.Later in the House, while participating in the debate on the Governor’s Address, Mr. Sharma raised the issue to which Agriculture Minister O.P. Dhankar reacted sharply, saying that the Congress was trying to create an issue. Separately, Mr. Dhankar said that the government has been working actively for the past three years to develop an international horticulture and vegetable market over 600 acres at Ganaur.last_img read more

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