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   DealBook: Biden’s commerce chief walks a tightrope in China
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   Also, growing support for corporate diversity.
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             August 28, 2023
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              Good morning. In today’s newsletter: Commerce Secretary Gina Raimondo kicks off a high-stakes China tour; racial diversity in the business world is lacking, Democrats and Republicans agree; “quiet cutting” is increasingly disrupting the workplace; and what to watch this week. (Was this newsletter forwarded to you?
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                  Commerce Secretary Gina Raimondo wants to shore up U.S.-China trade relations — while being a Beijing hawk.
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                  Pool photo by Andy Wong
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             What to watch as Raimondo visits China
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             Commerce Secretary Gina Raimondo, one of the Biden administration’s biggest Beijing hawks, kicked off her visit to China today
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              with a call to preserve
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             a “stable economic relationship” between the two economic powers that “share over $700 billion of trade.”
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             With relations between the countries at a critical juncture, Raimondo is now the fourth senior U.S. official to travel to China in less than three months. Her visit, which will include meetings with business leaders and government officials, including her Chinese counterpart, Wang Wentao, will be closely watched as she looks for common ground on trade,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              even as she seeks to curtail it
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             .
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             Here is what Raimondo expects to focus on during her trip,
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              according to The Times’s Ana Swanson, Alan Rappeport and Keith Bradsher.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Raimondo is likely to defend the escalating tech war,
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             which she will argue is meant to protect U.S. national security. (Raimondo
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              said
             </a>
             today that she would neither compromise nor negotiate on that point.) The White House this month announced plans to bar private equity and venture capital firms from making investments in China in quantum computing and advanced semiconductors.
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             Last year, the administration imposed significant limits on shipping advanced semiconductors and chip-making machinery to China. And a new bipartisan law aimed at strengthening the U.S. semiconductor industry bars companies that accept federal money from making high-tech investments in that country.
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              Western businesses have to contend with China’s national security laws, too.
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             In March, the Chinese authorities detained five Chinese nationals working in Beijing for the Mintz Group, an American consulting company. And in April, the authorities questioned employees in the Shanghai office of Bain &amp; Company, the U.S. management consulting firm.
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             “This worry about physical security is really putting a damper on interactions at the commercial as well as the academic level,” Susan Shirk, a research professor at the 21st Century China Center at the University of California, San Diego, told The Times.
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              Raimondo will seek to keep trade channels open.
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             China remains America’s third-largest export market, buying more than $150 billion worth of products from U.S. farms and businesses. U.S. export controls affect only 1 percent of bilateral trade between the countries.
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             One key goal for the trip is promoting commercial ties where they align with U.S. interests, including efforts to foster tourism and “people-to-people exchanges.” A return to 2019 levels of Chinese visitors in the United States would generate $30 billion for the American economy.
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              China’s economic slowdown is a huge concern for global investors.
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             The country’s struggles to bounce back from the pandemic, as well as a
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             , have raised questions about the fate of its immense economy.
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             Hours ahead of Raimondo’s meeting today with Wang, the Chinese authorities
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              cut stamp levies
             </a>
             on stock trades in an effort to boost trading volumes — but also introduced a measure to slow the pace of I.P.O.s. Chinese stocks initially rallied at today’s market open, but lost most of those gains during the day.
            </p>
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            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             HERE’S WHAT’S HAPPENING
            </h3>
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              Two storms threaten to batter the East Coast.
             </span>
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Franklin
             </a>
             became a major hurricane today, potentially causing life-threatening rip currents and swells in the eastern United States.
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Idalia
             </a>
             is forecast to become a Category 2 hurricane by the time it hits Florida tomorrow, possibly leading to evacuations along its path.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              3M is reportedly near a $5.5 billion settlement over faulty earplugs.
             </span>
             The company is negotiating an agreement that would resolve
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              more than 300,000 claims
             </a>
             by military veterans that its earplugs failed to stop hearing loss, according to Bloomberg. A settlement would resolve one of 3M’s costly legal headaches, though it still faces thousands of lawsuits over so-called forever chemicals.
            </p>
           </td>
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             Continue reading the main story
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The fate of the Wagner Group is in limbo.
             </span>
             Moscow confirmed that Yevgeny Prigozhin, the leader of the Russian paramilitary group who led an aborted mutiny in June,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              died in a plane crash last week
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             . That makes the future of the once-feared military force — which operates in at least 10 countries and has valuable business properties in Africa — unclear, though it may be absorbed into the Russian armed forces.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Allies back away from Spain’s soccer federation chief amid a misconduct scandal.
             </span>
             After FIFA
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              suspended Luis Rubiales
             </a>
             amid an investigation into whether he forcibly kissed a Spanish player after the nation’s World Cup win,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              corporate sponsors
             </a>
             have backed away from him, too. That leaves Rubiales increasingly isolated, even as he refuses to resign while contending that the kiss was consensual.
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             A quietly broad majority for corporate diversity
            </h2>
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The gathering in Washington over the weekend to commemorate the 60th anniversary of the
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              March on Washington
             </a>
             underscored the gap between what Martin Luther King called for at the event and reality.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             But a new survey by the Harris Poll for the Black Economic Alliance Foundation suggests that at the very least there is broad support among Americans for increasing racial diversity in the business world.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Most Americans believe diversity is desirable and profitable,
             </span>
             according to the survey of more than 2,000 adults, stretching across racial, generational and political lines. About 78 percent of respondents said they believed corporations should reflect the U.S.’s racial makeup, and they support businesses taking “active steps” to ensure diversity.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             A majority also believes that diversity improves businesses’ ability to innovate, understand and reach customers, hire and retain talent, manage risk, and make money.
            </p>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              But many Americans are also unaware of racial realities.
             </span>
             Just one in 10 respondents correctly guessed that fewer than 2 percent of the country’s 500 biggest companies — eight, to be precise — have a Black C.E.O. (On average, respondents said that the figure was 19 percent.)
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             When told the actual number, 71 percent of respondents said that it wasn’t sufficient.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Still, many efforts to improve diversity in the workplace face headwinds.
             </span>
             About two-thirds of Republicans surveyed said they supported corporate inclusion goals; that response suggests that “partisan efforts to dismantle corporate diversity programs are actually out of step with the mainstream of the country,” the foundation said.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             But conservative policymakers and courts have pushed back against diversity programs in the business world. Republican presidential contenders like the anti-woke activist Vivek Ramaswamy and Gov. Ron DeSantis of Florida, who
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              banned D.E.I. initiatives
             </a>
             in his state’s public colleges, are staking their campaigns on dismantling programs aiming for more equality.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             That suggests that businesses face a difficult path in improving diversity, even if most Americans support such moves.
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The employment phrase du jour
            </h2>
           </td>
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         </tbody>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             On earnings calls over the past year, a new phrase has increasingly emerged from the lips of corporate chiefs: “reassignment.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             That is, employers have been reshuffling teams to adapt to a potential economic downturn or pullback by customers. As a result, some workers are being told that their roles have been eliminated. They aren’t being fired necessarily — but their jobs are in limbo.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The Wall Street Journal
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              calls the phenomenon
             </a>
             “quiet cutting.” It’s the latest omen, ahead of Friday’s jobs report, of a softening labor market. It’s also a sign of how far we’ve come from the “quiet quitting” days of just a few years ago, when plentiful job opportunities gave workers the upper hand in negotiating with employers. The Journal explains:
            </p>
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            <p class="css-2pb6aj" style="text-align:left;font:17px/25px georgia,serif;margin:0 50px 15px;color:#000">
             Adidas, Adobe, IBM and Salesforce, among others, have reassigned employees as part of corporate restructurings. Mentions of reassignment, or similar terms, during company earnings calls more than tripled between last August and this month, according to data from AlphaSense, a financial-research platform.
            </p>
            <p class="css-2pb6aj" style="text-align:left;font:17px/25px georgia,serif;margin:0 50px 15px;color:#000">
             “Reassigning is definitely a huge part of the dynamic right now,” said Andy Challenger, senior vice president at Challenger, Gray &amp; Christmas, an outplacement firm.
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “What’s unsafe isn’t always clear. Without a specific heat standard, it makes it more challenging for regulators to decide, ‘OK, this employer’s breaking the law or not.’ ”
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              —
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               Juanita Constible
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              , a senior advocate from the National Resources Defense Council, on how, after a summer of record-breaking temperatures, workers in many states lack protections from the debilitating effects of extreme heat on the job.
             </span>
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The week ahead
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Jobs, inflation and a smattering of earnings are on deck this week as weary investors look for signs of hope amid a monthlong market swoon. Here’s what to watch.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Tomorrow:
             </span>
             The Conference Board will release a key reading on consumer confidence. Also, Best Buy and HP report results.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Wednesday:
             </span>
             Germany, which reported last week that its economy had flatlined last quarter, is scheduled to publish inflation data for August. CrowdStrike and Salesforce deliver earnings.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Thursday:
             </span>
             Investors will pore over the eurozone’s August consumer price index reading and new Chinese manufacturing data. Elsewhere, Dollar General, Dell and UBS announce results.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Friday:
             </span>
             It’s jobs day. Economists are forecasting that employers added roughly 175,000 jobs in August, which would be a drop-off from July. Expect a focus on wage data as well.
            </p>
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             THE SPEED READ
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                Shares in China Evergrande
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               , the highly indebted property developer, plunged as much as 87 percent today as trading resumed following a 17-month pause. (CNBC)
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                Chinese electric vehicle giant BYD
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               agreed to buy the China mobile electronics manufacturing operations of Jabil for $2.2 billion. (Reuters)
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                Instacart’s recent I.P.O. filing
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               showed that the grocery delivery service is offsetting a slowdown in its core business with a jump in advertising revenue. (Bloomberg)
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                deductions for state and local taxes
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               add up to $20 billion in lost revenue for the federal government, according to a new estimate. (WSJ)
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                Terry Gou
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               , the founder of the electronics giant Foxconn, said he would run for Taiwan’s presidency. (Bloomberg)
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                pressure on Hyundai and the White House
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               over the nonunion carmaker’s transition to electric vehicle production. (NYT)
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               “Covid Closed the Nation’s Schools.
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                Cleaner Air Can Keep Them Open.
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               The Upper East Side is one of New York City’s wealthiest neighborhoods — and, thanks to its
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                high adoption of weight-loss drugs like Ozempic
               </a>
               , one of its thinnest. (NYT)
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               A who’s who of Silicon Valley is behind an $800 million effort to
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                build a new California city
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               . (NYT)
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               France will spend 200 million euros ($216 million) to help wine growers
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                destroy excess grapes
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               to help prop up wine prices. (FT)
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               “Barbie” is poised to become the
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                highest-grossing global release
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               in Warner Bros. history. (Variety)
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