News Archives for Print - 2004-05-16

Print - 2004-05-16

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Saturday (May 15, 2004).

Published 16 May, 2004 12:00am

Banks' rates for currency notes (buying and selling)

The selling/buying rates for currency notes of major currencies issued by National Bank (NBP) here on Saturday (May 15, 2004).

Published 16 May, 2004 12:00am

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Saturday (May 15, 2004).

Published 16 May, 2004 12:00am

Interest rates on new foreign currency deposits

Interest rates on new foreign currency deposits issued by the Treasury Management Division of National Bank of Pakistan on Saturday (May 15, 2004).

Published 16 May, 2004 12:00am

Interest rates on old and incremental FCY deposits

Interest rates on old and incremental FCY deposits on Saturday (May 15, 2004).

Published 16 May, 2004 12:00am

LIBOR calculating interest on US dollar

London Interbank Offer Rates on for calculating interest on special US dollar on Saturday (May 15, 2004).

Published 16 May, 2004 12:00am

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Saturday (May 15, 2004).

Published 16 May, 2004 12:00am

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Saturday (May 15, 2004).

Published 16 May, 2004 12:00am

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Saturday (May 15, 2004).

Published 16 May, 2004 12:00am

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm

Published 16 May, 2004 12:00am

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d

Published 16 May, 2004 12:00am

Karachi interbank rates

Karachi interbank rates on Saturday (May 15, 2004).

Published 16 May, 2004 12:00am

Freight rates buoy NOL's first-quarter profit

Neptune Orient Lines Ltd (NOL), the world's seventh-largest container shipping group, posted a better-than-expected eight-fold jump in quarterly profit on Thursday and expects 2004 profits to improve on last year.

Published 16 May, 2004 12:00am

Freight rates buoy NOL's first-quarter profit

Published 16 May, 2004 12:00am

New winter tankers to serve Russia's Primorsk

Russia's fast-expanding Baltic port of Primorsk will gain 27 large new ice-class tankers by 2006, making higher export flows possible during the frozen winter months, port operator Transneft told Reuters on Friday.

Published 16 May, 2004 12:00am

Italian firm to build Albania oil storage terminal

Italy's La Petrolifera Italo Rumena S.p.a.-PIR Group (PIR) has received final approval from Albania to build a 30 million euro oil storage terminal in southern Vlore Bay, the company said on Friday.

Published 16 May, 2004 12:00am

Brazilian sugar vessels line-up falls

The line-up of vessels to load sugar in Brazil's ports nearly halved to 20 from 38 last week, shipping agent Williams said Thursday.

Published 16 May, 2004 12:00am

Asian freight rates seen soft as Chinese buying fades

Panamax dry bulk rates will be steady to soft this week due to the absence of Chinese demand for grains and minerals, the main force behind this year's record high freight rates.

Published 16 May, 2004 12:00am

China Shipping trims IPO on weak sentiment

China Shipping Container Lines (CSCL) has cut its planned initial public offering by more than 25 percent to US$1.3-1.5 billion amid weak investor sentiment, sources close to the deal said on Thursday.

Published 16 May, 2004 12:00am

China Shipping trims IPO on weak sentiment

Published 16 May, 2004 12:00am

Activity at Karachi and Qasim ports

The Karachi Port handled 73,518 tonnes of cargo including 54,220 tonnes import and 19,298 tonnes export cargo during last 24 hours ending at 0700 hours on Saturday.

Published 16 May, 2004 12:00am

Multi-billion euro contracts announced at air show

Contracts worth more than four billion euros have been announced during this year's week-long Berlin air show (ILA), organisers said on Saturday.

Published 16 May, 2004 12:00am

Siemens to secure jobs in Germany: CEO

Siemens chief executive Heinrich von Pierer on Saturday rejected trade union claims that the German industrial giant planned to cut thousands of jobs, a German magazine reported.

Published 16 May, 2004 12:00am

Iran misses job creation target: Khatami

Iran created only 700,000 new jobs in the 12 months to March 19, falling short of its 800,000 target, President Mohammad Khatami was quoted as saying on Saturday.

Published 16 May, 2004 12:00am

Boeing settles women discrimination suit

Boeing Co and employees claiming the company discriminated against women said on Friday they had reached a financial settlement and were working out other issues, delaying the start of a class-action lawsuit.

Published 16 May, 2004 12:00am

World donors inject $1 billion into Iraq fund

World donors have made good on pledges to inject about $1 billion of the $33 billion of aid earmarked for Iraq's rebuilding into trust funds run by the United Nations and World Bank, the country's planning minister said on Saturday.

Published 16 May, 2004 12:00am

Asian ministers call for caution on prices

The finance ministers of Japan, China, South Korea and 10 Southeast Asian countries called for caution on Saturday over higher oil prices and interest rates but said a global economic recovery would help the region continue growing.

Published 16 May, 2004 12:00am

Eurozone growth surprise no 'flash' in the pan

Betting on the eurozone economy has been fools gold for so long now it is difficult to take good economic news from the area at face value.

Published 16 May, 2004 12:00am

Fear, not supply shortage behind oil spike: Qatar

Qatar's oil minister said on Saturday instability and not shortage of supply was behind the rise in crude oil prices to 21-year highs.

Published 16 May, 2004 12:00am

Hungary plans world's biggest movie studio

Hungary plans to build the world's biggest movie studio in Etyek, near Budapest, daily Nepszabadsag said on Saturday.

Published 16 May, 2004 12:00am

French minister meets Saudi officials to boost economic ties

French Minister for Foreign Trade Francois Loos held talks with Saudi officials here Saturday focusing on boosting economic links and setting up joint ventures, the state SPA news agency said.

Published 16 May, 2004 12:00am

China reassures to achieve soft landing

China reassured Asia on Saturday its racing economy would slow without crashing, making some of its strongest and most confident comments yet on a subject that has unnerved global markets.

Published 16 May, 2004 12:00am

California unemployment rate falls

California's April unemployment rate fell to 6.2 percent from 6.6 percent in March as payrolls expanded for the second straight month, rising modestly in nearly all business categories, the state's Employment Development Department said on Friday.

Published 16 May, 2004 12:00am

German pensioners protest against welfare reforms

About 20,000 German pensioners took part in a demonstration here Saturday against the government's social welfare reforms, denouncing them as "social dismantling", police said.

Published 16 May, 2004 12:00am

US to axe 8,000 jobs on European bases: report

The United States will axe 8,000 civilian and military jobs across its European bases, the Spanish press reported on Saturday citing an internal circular at the joint US-Spanish naval base in southern Spain.

Published 16 May, 2004 12:00am

Australia grain: canola and wheat in grip of drought

The return of drought in Australia is stretching prospects for wheat between feast and famine and triggering a crisis for winter canola farmers.

Published 16 May, 2004 12:00am

US cotton frets over high prices for gas and fertiliser

US cotton farmers may find it difficult to turn a profit this year due to high prices for fuel, fertiliser and other agricultural inputs, an official of an industry group said on Friday.

Published 16 May, 2004 12:00am

USDA attache ups Brazil 2003/04 cotton crop estimate

The US Agriculture Department's attache in Brasilia released the following report, dated May 11, on the cotton outlook for Brazil.

Published 16 May, 2004 12:00am

Shanghai copper ends mixed, nearby contracts strong

Shanghai copper closed mixed on Friday, with prices of nearby contracts trading higher due to a squeeze in spot supply a trend that the market expects to persist in the short run, traders said.

Published 16 May, 2004 12:00am

Australian wool market rises as Aussie dollar falls

The Australian wool market strengthened with prices rising 1.2 percent on average this week, reversing recent downward trends as the Australian dollar weakened to below 69 US cents, analysts said on Friday.

Published 16 May, 2004 12:00am

CBOT rice unchanged

Chicago Board of Trade rough rice futures settled unchanged to slightly lower in the nearby May contract on Friday in consolidation trade after Thursday's break, brokers said.

Published 16 May, 2004 12:00am

Soya lower on weather

Chicago Board of Trade soyabeans ended sharply lower to down the daily 50-cent trading limit on Friday on heavy speculative sales, nearly ideal US crop weather and a slight cutback in domestic crush, brokers said.

Published 16 May, 2004 12:00am

Comex gold gyrates on data, manages gain

COMEX gold ended higher Friday but was whipsawed by the dollar and mixed interpretations of data pointing to mounting inflation pressures, strong manufacturing growth and steady consumer confidence, dealers said.

Published 16 May, 2004 12:00am

New York copper settles lower

COMEX copper futures closed mostly a touch softer on Friday in thin but volatile trade in which prices briefly surged higher on a rumor of a supply disruption in Indonesia, traders said.

Published 16 May, 2004 12:00am

Oil hits record high in world markets, gold falls to seven-month low

Oil prices rocketed to record high levels in New York last week, with traders increasingly nervous about the prospect of further attacks in the Middle East and low inventories of US gasoline.

Published 16 May, 2004 12:00am

CBOT wheat futures sharply lower

Wheat futures at the Chicago Board of Trade closed sharply lower on Friday on spillover selling from falling corn and soy, traders said.

Published 16 May, 2004 12:00am

Oil cake market rates

The May vaida opened at Rs 479 and highest was up Rs 2 to Rs 481 during the day's trading. The trading later depressed and it lost Rs 3 to Rs 478 be the lowest. Closing was marked Rs 2 up at Rs 480.

Published 16 May, 2004 12:00am

No deal reported on cotton market

No deal was finalised on the cotton market on Saturday apparently due to spinners' reservations about prices, relevant sources said. They said the spinners appeared to have leaning towards importing cotton on likely lower prices.

Published 16 May, 2004 12:00am

Jakarta to destroy contaminated Indian hybrid corn

Indonesia said it planned to destroy 35 containers of Indian higher-yielding seeds or hybrid corn because they were contaminated by viruses, the agriculture ministry said on Friday.

Published 16 May, 2004 12:00am

Jodia Bazar

Steady conditions were observed on the Jodia Bazar where no significant changes were reported on Saturday.

Published 16 May, 2004 12:00am

Low business on grain market

Sporadic changes were seen on the seed and grain wholesale markets on Saturday amid low business.

Published 16 May, 2004 12:00am

Market split on chance of Brazil rate cut

The market is mixed as to whether Brazil's central bank will cut interest rates next week due to low inflation or keep rates steady due to recent market volatility, a Reuters poll showed on Friday.

Published 16 May, 2004 12:00am

Indian foreign exchange reserves rise

Indian foreign exchange reserves rose to a record $118.579 billion in the week ended May 7 from $118.490 billion in the previous week, the Reserve Bank of India (RBI) said in its weekly statistical supplement on Saturday.

Published 16 May, 2004 12:00am

Euro volatility hits economy

Sharp swings in the foreign exchange value of the euro are having an impact on the common currency zone economy, European Central Bank Executive Board Member Gertrude Tumpel-Gugerell said on Friday.

Published 16 May, 2004 12:00am

Dollar wilts in New York as consumer survey data disappoints

The dollar fell against the euro on Friday after a gauge of US consumer sentiment came in below forecasts, reducing expectations for a rise in official US interest rates that would boost demand for dollars.

Published 16 May, 2004 12:00am

Forex market views, key levels

Following is a selection of comments from analysts on important technical developments in the foreign exchange market.

Published 16 May, 2004 12:00am

IMM logs net short position for Aussie dollar: CFTC

Speculators in Australian dollar futures notched a net short position for the first time since April 2001 in conjunction with a steep drop in commodity prices, data from the Commodity Futures Trading Commission showed on Friday.

Published 16 May, 2004 12:00am

Canadian dollar climbs

The Canadian dollar seesawed to a stronger finish against the greenback on Friday, as divergent economic data prompted traders to bid the currency up from the 8-1/2-month lows it hit during the previous session.

Published 16 May, 2004 12:00am

US corporate bonds spread widen; junk sees outflow

US corporate bond spreads ended wider on Friday, hurt by a lackluster performance in stocks and worries that rising consumer prices will prompt the Federal Reserve to raise interest rates soon.

Published 16 May, 2004 12:00am

US corporate bonds spread widen; junk sees outflow

US corporate bond spreads ended wider on Friday, hurt by a lackluster performance in stocks and worries that rising consumer prices will prompt the Federal Reserve to raise interest rates soon.

Published 16 May, 2004 12:00am

Chile stocks jump

Chilean stocks rose on Friday, led by gains in power companies favoured by news over natural gas imports from Argentina, and by some retailers.

Published 16 May, 2004 12:00am

Mexican stocks end flat despite rate jitters

Mexican stocks were flat on Friday despite growing expectations of a US interest rate hike as the Mexican central bank decided to leave monetary policy unchanged.

Published 16 May, 2004 12:00am

US Treasuries rally after prolonged slump

US Treasuries rallied on Friday despite firm industrial output and inflation figures, as several weeks of selling prompted some investors to creep back into the market.

Published 16 May, 2004 12:00am

US Treasuries rally after prolonged slump

US Treasuries rallied on Friday despite firm industrial output and inflation figures, as several weeks of selling prompted some investors to creep back into the market.

Published 16 May, 2004 12:00am

Telecoms and airlines may support Eurostocks

Earnings from European blue chips such as BT Group may support equity markets next week, but worries over the economic fallout of stronger oil prices and higher US interest rates will keep sentiment on a leash.

Published 16 May, 2004 12:00am

American credit market outlook

Even as Altria Group's credit spreads were pounded this week on revived worries about multibillion dollar litigation, analysts and traders were far from unified in viewing the latest weakness as an opportunity.

Published 16 May, 2004 12:00am

American credit market outlook

Published 16 May, 2004 12:00am

Brazilian markets rise as US data provide some cheer

Brazil's stocks recovered some loses on Friday as local markets interpreted US inflation data as mild, reducing concerns over a possible interest rate hikes by the world's largest economy.

Published 16 May, 2004 12:00am

Toronto stocks end slightly higher on gold and oil

Toronto stocks closed slightly higher on Friday with a jump among resource issues offsetting more bad news from Nortel Networks Corp.

Published 16 May, 2004 12:00am

Argentine shares dip

Argentine stocks closed lower for the eighth week straight on Friday for the first time since 1998, dragged down by volatility in international markets and fears of a US rate hike.

Published 16 May, 2004 12:00am

Canadian bonds rally after data

The Canadian long-dated bonds rallied from morning weakness as traders shook off the strong Canadian factory orders and a report showing firm US April inflation, and instead took advantage of rock-bottom bond prices.

Published 16 May, 2004 12:00am

Canadian bonds rally after data

Published 16 May, 2004 12:00am

US blue chips soar, but Dell drags on Nasdaq

US blue chips ended slightly higher while the Nasdaq retreated on Friday, as worries about oil prices at 21-year highs and rising interest rates tempered positive earnings and economic data that underscored the economy's strength.

Published 16 May, 2004 12:00am

Doctors pull worms from woman's eye

Two worms measuring 12 centimetres (4.7 inches) were removed from an eye of a 64-year-old Indian woman by doctors in the southern Indian state of Kerala, the Press Trust of India reported Saturday.

Published 16 May, 2004 12:00am

China sees long way to settle North Korea row

China put a brave face on six-way talks aimed at solving the North Korean nuclear crisis on Saturday but said much work remained to be done.

Published 16 May, 2004 12:00am

More than 100,000 demand pullout from Gaza

More than 100,000 protestors gathered on Saturday evening in Tel Aviv to demand an Israeli withdrawal from the Gaza Strip, in a demonstration organised by the opposition peace camp, organisers said.

Published 16 May, 2004 12:00am

US Supreme Court refuses to block gay marriage law

The Supreme Court has refused to block a controversial initiative in Massachusetts permitting the United States' first legal gay marriages beginning next Monday, according to lawyers involved in the case.

Published 16 May, 2004 12:00am

Israel hits Islamic Jihad sites

Israeli helicopters hit Islamic Jihad targets in the Gaza Strip on Saturday after attacks led by the Palestinian militant group killed 13 soldiers and dealt the Middle East's mightiest army its worst blow in two years.

Published 16 May, 2004 12:00am

Powell vows justice for Abu Ghraib, urges Palestinians to accept Gaza plan

US Secretary of State Colin Powell said on Saturday he was anguished by the abuse of Abu Ghraib prisoners and vowed justice as he tried to blunt Arab anger about Iraq and the Arab-Israeli conflict.

Published 16 May, 2004 12:00am

BBC journalist among 3 held in Greece

Greek police arrested three British journalists who tried to sneak into the main Olympic stadium on Saturday without permission, a police spokesman said.

Published 16 May, 2004 12:00am

Three die as storm hits Bangladesh

At least three people were killed and 200 injured in a violent storm that struck northern Bangladesh amid sweltering heat, media reports said Saturday.

Published 16 May, 2004 12:00am

Forest fires kill 7 in Russia

Forest fires in south-eastern Russia have killed seven people, including a child, with officials evacuating hundreds of residents from stricken areas, Russian media reported on Saturday.

Published 16 May, 2004 12:00am

US military hit by another Afghan abuse charge

The US military in Afghanistan has launched its second investigation into prisoner abuse in a week, as the scandal over the treatment of Iraqi detainees threatens to spread.

Published 16 May, 2004 12:00am

Roh apologises for impeachment crisis

South Korean President Roh Moo-hyun apologised on Saturday for causing a two-month impeachment crisis and pledged to take a backseat in politics but said he would tackle the country's economic problems without damaging growth.

Published 16 May, 2004 12:00am

Rice asks Russia to work on UN's Iraq resolution

US National Security Adviser Condoleezza Rice told Russian President Vladimir Putin on Saturday the United States wanted Russia's co-operation in working out a UN resolution on Iraq.

Published 16 May, 2004 12:00am

Tony Blair faces renewed speculation

Speculation mounted on Saturday that Britain's Prime Minister Tony Blair might stand down early, despite the exposure as fakes of shocking torture photographs of reported abuses by British troops in Iraq.

Published 16 May, 2004 12:00am

China Harbour President thanks PIAC

President of China Harbour Engineering Company, Liu Huaiyuan, Friday met Chairman PIA Ahmed Saeed, and conveyed his thanks for PIA for the help it had extended to Chinese company during recent tragic incident in Gwadar.

Published 16 May, 2004 12:00am

Need stressed to create AIDS awareness among people

Over 42 million people suffering from fatal disease of Acquired Immnuodeficiency Syndrome (AIDS) across the world. There is a dire need for creating awareness among the people about the disease.

Published 16 May, 2004 12:00am

'Public functionaries inaction unhealthy sign'

Justice Chaudhry Ijaz Ahmad of the Lahore High Court (LHC) has observed that inaction of public functionaries is not consonance with the mandate of the constitution which is not a healthy sign, and in such circumstances the country will fall in chaos.

Published 16 May, 2004 12:00am

Forest department asked to expand training courses

The forest department need to expand its programme and training courses to far flung areas to increase the number of nurseries and greenery.

Published 16 May, 2004 12:00am

Government taking steps for Railways modernisation: minister

Federal Minister for Railways Ghous Bux Maher has said that the government is taking steps to modernise railways and increase facilities for its passengers.

Published 16 May, 2004 12:00am

APTBA for curtailing powers of tax machinery

All Pakistan Tax Bar Association (APTBA) has urged the government to curtail the powers of tax machinery to 'zero' level to build the image of revenue departments, and in this regard, evolve a system whereby a bona fide, strong, fair and free audit be pro

Published 16 May, 2004 12:00am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Apr 30	278.40
USD PKR Interbank Buying / Apr 30	278.20
USD to Japanese Yen / May 1	157.86
USD to Swiss Franc / May 1	0.92
Pound Sterling to USD / May 1	1.25
Euro to USD / May 1	1.07

Stock	Volume
S&P 500 / Apr 30	5035.69
India Sensex / Apr 30	74482.78
Nasdaq / Apr 30	15657.82
Hang Seng / Apr 30	17763.03
Dow Jones / Apr 30	37815.92
Germany DAX 30 / Apr 30	17932.17
France CAC40 / Apr 30	7984.93
Tokyo Nikkei / May 1	38274.05

Item	Value
Karachi Cotton PKR/37.32 KG / Apr 30	20535
Gold 10 Grams PKR / Apr 30	207390
Crude Oil USD/Barrel / May 1	81.12
Gold Spot USD/Ounce / May 1	2288.39
Cotton US¢/pound / May 1	78.01
Petrol/Litre / May 2	288.49

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / May 2 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / May 2 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / May 2 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / May 2 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / May 2 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / May 2 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / May 2 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / May 2 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / May 2 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / May 2 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / May 2 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / May 2 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / May 2 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / May 2 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / May 2 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / May 2 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / May 2 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / May 2 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / May 2 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / May 2 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / May 2 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / May 2 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / May 2 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / May 2 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / May 2 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / May 2 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / May 2 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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