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tv   World Business Report  BBC News  April 2, 2024 5:30am-6:01am BST

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giant due to m giant due to re-ort sales fiures _ giant due to report sales figures on i _ giant due to i report sales figures on wall street does not seem optimistic. tourism's latest frontier we take a look at the growing demand for arctic travel. hello, i'm sally bundock with the top business stories, and we begin in portugal today where the new prime minister luis montenegro takes up office after weeks of negotiations to form a new government. his party, the democratic alliance won just 29 percent of the vote — roughly the same level as that of the socialist party led by the outgoing prime minister antonio costa. so what are the economic challenges facing the new administration? well, overall the economy is weak, with growth estimated to be about 1.9 percent year
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on year in the first quarter of this year — so weak but out performing many key economies across europe currently. but inflation seems to be coming under control atjust over 2 percent in february. still, the cost of living crisis has hit households hard in portugal, especially in key cities such as lisbon where a lack of affordable housing has become a major issue. to discuss what's at stake, i'm joined by raquel varela — a historian at the new university of lisbon and author of a people's history of the portuguese revolution. a warm welcome to the programme. forviewers a warm welcome to the programme. for viewers around the world, could you put into context the political scene at the moment portugal? this new
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government in place this week, but instability going to be hanging over?— but instability going to be hanuain over? ., . ., ~ hanging over? hello and thank ou ve hanging over? hello and thank you very much _ hanging over? hello and thank you very much for _ hanging over? hello and thank you very much for the - you very much for the invitation. first of all the political situation can just be understood if we look to the real social situation, according to recent study of a decade income, 70% of the portuguese have to work extra time or have an extra job to pay a normal bills or housing, food, etc. so, according to officialfigures, 48% food, etc. so, according to official figures, 48% of the portuguese are living in the poverty line, before social transparencies. the social situation, the so—called
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housing crisis in lisbon, it was announced after 2008 of the banking sector, and of course of the european union demands to cut the wages and increase the public debt, and this has led to the fact people could not afford to continue to pay their houses, so the government has decided in 2013, to change the law and sell the house, the houses to foreign investment. so, a volcanic situation. this has led to increased number of strikes and many of them with strikes and many of them with strike funds that were not traditional at least since the 805 and numerous of five, strikes out of traditional unions connected to more rank
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and file democratic unions. after 2008, and all this social situation, what has happened is that the right wing parties have divided and many parties including the neofascist party, that in the last elections one 1,100,000 votes. this means the current prime minister cannot govern either without the social democratic party, which in portugal is called the socialist party, or with the right wing with this neofascist party. so what we foresee is that this government will probably last more than one year until the next september, or october when the national budget has to be approved. this is a key moment in portuguese politics because the national
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budget as defined the stability and the ability to government or not. . ~' ,, , and the ability to government or not. . ~ ,, , . or not. thank you very much because _ or not. thank you very much because you _ or not. thank you very much because you have _ or not. thank you very much because you have in - or not. thank you very much because you have in a - or not. thank you very much because you have in a very l because you have in a very comprehensive answer given us a picture of what is happening in portugal and how tricky it is for the current government. from what you're saying it sounds like it cannot really push through key economic changes that are much—needed because it does not have the backing, is that correct? well, the parliamentary _ backing, is that correct? well, the parliamentary support - backing, is that correct? well, the parliamentary support of. the parliamentary support of this government is extremely weak, since there are new parties, notjust the parties, not just the neofascist parties, notjust the neofascist party, there is also a new neoliberal party called liberal initiative, which is also a break of the traditional conservative party. so what we have seen is that either we have seen is that either we
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have what is called portugal a central block, which is a government between the social democrats and the conservatives, but these probably will just increase conservatives, but these probably willjust increase the neofascist party as a protest party against the central block, so the socialist do not want this kind of government. 0r want this kind of government. or the conservative will decide the government with the neofascist, and this of course would be a total disaster because that is a matter of well, basic democratic rights that can be put in charge by this party stop thank you for your time. this party stop thank you for your time-— this party stop thank you for our time. , ., ., ~ your time. interesting to take aet our your time. interesting to take get your take _ your time. interesting to take get your take on _ your time. interesting to take get your take on what - your time. interesting to take get your take on what is - get your take on what is happening in portugal. raquel varela there.
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here in the uk, some news that will put further pressure on the bank of england to cut interest rates sooner rather than later. a shop price inflation has eased to its lowest rate bank since december 2021 coming in at 1.3 percent in march, down from 2.5 percent in february, according to the latest data from the british retail consortium. this is good news for households who are seeing the cost of the food shop come down. live now to jane foley — head of fx strategy at rabobank. once again, or evidence to show that inflation is headed in the right direction? it that inflation is headed in the right direction?— right direction? it certainly is even food _ right direction? it certainly is even food prices - right direction? it certainly is even food prices and - right direction? it certainlyl is even food prices and they have been quite sticky, food prices down for ten months but still at three 17%, still a little bit too high but certainly if we look at what the bank of england has forecast they think the official consumer price index, the official inflation measure hit the 2% target this spring
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but it could millrise a little bit more later on in the year, so we are nearly at that target, the question is can we sustain the 2% level, going through to the medium term? [30 through to the medium term? do ou through to the medium term? do you think the bank of england might move a little bit sooner thanjune, many are arguing june is the time when it feels it can start to reduce interest rates, your thoughts? economists across the city are split between june, economists across the city are split betweenjune, june 20 and august one, there is a meeting in may but most people think thatis in may but most people think that is probably too soon because we still awaiting for my official inflation data and remember is from yesterday minimum wage — met minimum wages went up and that will add to the cost base of many employers and make it more difficult for them to pass on price cuts because they are paying out more in wages will stop also that talks to services inflation, if you are in the business or service industry your biggest cost are
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your wage bills, and services inflation is running at 6.1% which is too high, may probably too soon for an interest rate cut, june is live though the bank of england says every meeting is five but here we think august might be better. watch this space, good to see. see again soon. the first phase of the uk government's expanded offer of funded childcare for working families in england came into effect this week. working parents of two—year—olds will now get 15 hours per week of funded childcare during term time and from september, from nine months old, children will also be included. live now to rajan lakhani, head of money at plum. a lot of concern about provision. you squeezed in good
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morning there is a lot of concern about childcare providers time and they find retention as a particular challenge.— retention as a particular challenue. ~ , ., , challenge. with your previous . uest challenge. with your previous guest you _ challenge. with your previous guest you were _ challenge. with your previous guest you were talking - challenge. with your previous guest you were talking about | challenge. with your previousl guest you were talking about a rise in the minimum wage although staffing costs have pressed for childcare providers the cost has increased yet they have not been receiving enough from the government to be able to deliver those childcare reforms until recently and the chancellor pledged this guaranteed rates which would be in place so they would get more money to fulfil the provision of childcare but because it has been the underfunding, over the past four years, it is still very challenging for childcare providers to be able to deliver this and it is this vision around the number of childcare providers to reduce what they providers to reduce what they provide but also some of the action of 1000 nursery bases as well, there is that bega valley at the moment between supply and demand.
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at the moment between supply and demand-— at the moment between supply and demand. depends where you are, it is like _ and demand. depends where you are, it is like a _ and demand. depends where you are, it is like a postcode - and demand. depends where you are, it is like a postcode two - are, it is like a postcode two in some cases it is difficult. within months of a child being born they have to apply for a childcare place, we did some research not only is a postcode lottery issue can about what support is available, over two—thirds appearance arc of views about childcare provisions there is lots of support available free childcare hours for tax—free childcare hours for tax—free childcare or child. it is confusing for parents. depending on where you live and work this provision you might not be able to get that support stop if you live in a place where you cannot find a space. in a local nursery. what are your options? there aren't any?
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it is difficult to get that support and people get on grandparents or other guardians there was child in that available to there are benefits from the government as well but there is also an option to pay for childcare as well and that is the thing these free hours are 15 and will rise to 30, but only across 38 weeks of the year, another 1a week post free childcare hours are not necessarily available. what childcare providers have to do is charge higherfor childcare providers have to do is charge higher for those hours outside of three hours and charge higherfor extras as well for things like food and nappies and trips as well. it is a challenging environment for parents and you talked about inflation earlier, there is good news of food prices falling but on the other hand council tax bills are going up, water bills are going up going and 1.6 million households are remortgaging this year when you
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combine that with a challenging moment around childcare it is a difficult environment for families across the. certainly is. rajan certainly is. thank you for your analysis. let's get some of the day's other news 110w. shares of donald trump's social media company plunged 21% on monday. the drop wiped out the gains from its debut last week. it comes after the company disclosed it recorded $58 million in losses last year and admitted it would struggle to meet its financial liabilities going forward. google has agreed to delete billions of records and submit to some restrictions on its power to track users, as part of a legal settlement. the deal aims to resolve a class action lawsuit brought in the us in 2020 which accused the tech giant of invading people's privacy by collecting user data even when they were browsing in "private mode". the suit had sought $5 billion in damages. google is supporting the deal, though it disputes the claims. the united states and britain has announced a new partnership
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on the science of artificial intelligence safety, amid growing concerns about upcoming next—generation versions. commerce secretary gina raimondo and british technology secretary michelle donelan signed a memorandum of understandingin washington to jointly develop advanced ai model testing, following commitments announced at an ai safety summit in bletchley park in november. tourism's latest frontier. we are looking into the growing trend of arctic travel. around the world and across the uk, this is bbc news.
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we are looking at the top business stories. tesla could be facing a bumpy road ahead. america's leading electric car
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company is due to report how many cars it produced and delivered globally during the first three months of this year, possibly as early as today. and wall street is worried. for more on this, here's the bbc�*s north america business correspondent michelle fleury in new york. 0ne analyst called the start of this year a nightmare for tesla as he cut his delivery forecast from 475,000 to 425,000. wall street is bracing for tesla to report its first sales decline in years. the last time that happened was during the pandemic lockdowns of 2020. so what is going on? elon musk�*s car company has suffered multiple setbacks. a fire at its gigafactory in berlin halted production. higher interest rates, which put up borrowing costs, are also taking a toll and it has an ageing line up of vehicles. but it is the chinese market that investors are most worried about. dan ives from wedbush securities blamed rising ev competition and a lingering price war for the challenges that the company faces in that market. the gloomy outlook, well, it's driven tesla's stock down roughly 30% since the
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start of this year. still one bright spot — it looks poised to retake the title of largest ev maker in the world from chinese rival byd, which on monday said it had sold around 300,000 evs during the quarter. and here's something that might help tesla and other makers of electric vehicles. a senior minister in the indian government, in charge of road transport has said the country will have no diesel or petrol vehicles in the future. but the minister didn't give any timeframe to fulfil this ambitious target. the bbc�*s arunoday mukharji explains how challenging will it be to achieve this target. the minister making these comments while speaking to the press trust of india prominent national news agency said he wanted to get rid of the nearly 360 million petrol and diesel cars from indian roads.
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surprisingly the minister did not say by when the government was planning to do this and any kind of ambitious target like this has challenges in a country like india. here is why. while sales of electric vehicles have gradually been going up, the industry itself is still at a nascent stage, out of all cars running on indian roads, less than 5% are electric. according to figures there are still not enough charging stations, a very real concern for buyers. there is one charging station for everyone 25 electric cars in the country. they are more expensive to buy due to higher manufacturing cost, and the industry remain import —dependent four key components. the government has tried to incentivise the industry by allocating additional funding and encouraging domestic companies to make in india to reduce imports and a proposal to reduce taxes as there but thatis to reduce taxes as there but that is still pending with the finance ministry. the government remains charged but still a long way off until the
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majority of buyers plugged into this idea. the minister said his vision was difficult but not impossible. today is world autism day. advertising creative director sonny adorjan and his wife charlotte were so struck by their autistic son woody's observations about life that they launched a business called woodism, creating unique art pieces based on his heart—warming phrases. the prints and cards feature one—liners such as "without you, life would be revolting", and "if you run out of luck, i will give you all of mine". we arejoined by we are joined by sonny and woody now. lovely to see you. on world autism day tell us 0n world autism day tell us more about what you have been up more about what you have been up to, sunny with charlotte and woody? up to, sunny with charlotte and wood ? ~ ~ , up to, sunny with charlotte and wood ?~ ~, , woody? when woody was very small he used to _ woody? when woody was very small he used to say _ woody? when woody was very small he used to say these - small he used to say these profound little phrases stop
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and we thought they were kind of clever and little bit original we wrote them down and ijust decided one day to make prints. and put them on social media. and since then we have been creating cards based on these phrases. i been creating cards based on these phrases.— been creating cards based on these phrases. i can see behind ou these phrases. i can see behind you some _ these phrases. i can see behind you some of — these phrases. i can see behind you some of your _ these phrases. i can see behind you some of your art _ these phrases. i can see behind you some of your art which - these phrases. i can see behind you some of your art which is i l you some of your art which is i assume what we're about here? that's right. what has the response been like? it’s that's right. what has the response been like? it's been amazing. _ response been like? it's been amazing, people _ response been like? it's been amazing, people all- response been like? it's been amazing, people all around . response been like? it's been i amazing, people all around the world inaudible. woody has won some design awards, we have raised money for ambitious about autism in the uk which is about autism in the uk which is a charity for young autistic people, and often people buy them because may be a relative or a friend has been diagnosed as autistic, and they want to
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start things off and mark the occasion in a positive way. so it's been really great and never set out to start a business, just kind of happened organically. business, just kind of happened organically-— organically. talk us through how important _ organically. talk us through how important this - organically. talk us through how important this is, - organically. talk us through how important this is, in i organically. talk us through . how important this is, in terms of autism what a special skill set is for so many people and help for those in the workplace, it is so critical for many businesses, it is such an asset? i for many businesses, it is such an asset?— an asset? i think so, it is an untapped — an asset? i think so, it is an untapped asset _ an asset? i think so, it is an untapped asset and - an asset? i think so, it is an untapped asset and people | an asset? i think so, it is an i untapped asset and people are starting to talk about it now and there are challenges involved but i think people who are autistic or neuro diverse have a really different way of thinking and it can be a very interesting and new way of neuro typical people cannot look at the world, think it can be beneficialfor a lot of businesses and companies if they can harness it and that is what we're to show with woodism, we woody said where is
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phrases are really original in our opinion.— phrases are really original in ouroinion. ~ , ., ., , our opinion. woody, what does it mean to _ our opinion. woody, what does it mean to your— our opinion. woody, what does it mean to your mother - our opinion. woody, what does it mean to your mother and i it mean to your mother and father had put some of your fantastic phrases out there in such a public way? a, fantastic phrases out there in such a public way?— fantastic phrases out there in such a public way? a few years a . o i such a public way? a few years ago i was _ such a public way? a few years ago i was really _ such a public way? a few years ago i was really involved - such a public way? a few years ago i was really involved in - such a public way? a few years ago i was really involved in it l ago i was really involved in it and making little advertisements on my computer, used to have a few scrapbooks and made a few ads i haven't been that into it since moving to australia have been watching a lot of aussie rules football and soccer but it's been pretty cool and soccer but it's been pretty cool. i definitely like the business a lot.— business a lot. it's been lovely to _ business a lot. it's been lovely to speak - business a lot. it's been lovely to speak to - business a lot. it's been lovely to speak to both | business a lot. it's been l lovely to speak to both to business a lot. it's been - lovely to speak to both to you. thank you for getting up so early and enjoy world autism day today. in many places they are the holidays we are looking into.
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there is a new trend of an appetite for arctic travel. with long dark nights and subzero temperatures, this seems an unlikely holiday destination. get here at the arctic circle but has been a bumper tourist season. as a gateway to finish that planned last year they welcomed half a million people to this very spot. million people to this very sot. ~ ., million people to this very sot. ~ . ., million people to this very sot. ~ ., ., ., ., spot. we wanted to do and arctic circle, _ spot. we wanted to do and arctic circle, and _ spot. we wanted to do and arctic circle, and northern| arctic circle, and northern tourfor a very long time. there is an appeal are coming up there is an appeal are coming up here— there is an appeal are coming up here when it is snowing and cold _ up here when it is snowing and cold. ~ , ., . ., ., cold. we did research on social media they _ cold. we did research on social media they share _ cold. we did research on social media they share a _ cold. we did research on social media they share a lot - cold. we did research on social media they share a lot of - media they share a lot of stories _ media they share a lot of stories-— media they share a lot of stories. ., ., ., , stories. we saw a lot of posts from santa — stories. we saw a lot of posts from santa claus _ stories. we saw a lot of posts from santa claus village, - stories. we saw a lot of posts| from santa claus village, very pretty. from santa claus village, very re . �* , . pretty. because the pandemic hit tourism — pretty. because the pandemic hit tourism hard _ pretty. because the pandemic hit tourism hard since - pretty. because the pandemic hit tourism hard since then i pretty. because the pandemicl hit tourism hard since then not only have visitor numbers bounced back, they have been searching. and the negative temperatures are not holding people back. tourism is yet to rebound elsewhere in finland but in lapland is different
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story. hitting new heights last year. 0nce story. hitting new heights last year. once popular story. hitting new heights last year. 0nce popular with chinese tourists now most visitors come from europe, especially the uk, france and germany. and most of them go here where a doubling of interest — international flight routes have helped tourism taking of, sending visitor arrivals up 30%. this is a record _ visitor arrivals up 30%. this is a record breaker - visitor arrivals up 30%. this is a record breaker we - visitor arrivals up 30%. try 3 is a record breaker we will have this full speed until the beginning of april, the whole winter season will be record—breaking level. {lin record-breaking level. on social media _ record—breaking level. on social media has had huge pulling power.— social media has had huge hullin ower. ., . ., pulling power. that has changed the structure _ pulling power. that has changed the structure of _ pulling power. that has changed the structure of tourism - the structure of tourism because people all look for the most picturesque places and instagram moments and that lewis people to travel.- lewis people to travel. janet is a 10th generation - lewis people to travel. janet is a 10th generation rangy i is a 10th generation rangy herder who started offering the tours go. herder who started offering the tours to. , . ., ., herder who started offering the tours to. , ., , tours go. they come here to see the northern _
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tours go. they come here to see the northern lights _ tours go. they come here to see the northern lights and - tours go. they come here to see the northern lights and the - the northern lights and the reindeer is the other culture. the body has been at the beaches now they want to see the arctic live.— the arctic live. over recent ears the arctic live. over recent years other _ the arctic live. over recent years other regions - the arctic live. over recent years other regions have i the arctic live. over recent i years other regions have seen an upswing in tourism, northern norway it has outpaced the rest of the country and in greenland the volume of tourists has soared. the northern lights one of the biggest wintertime drawers. this hotel employs a staff member to watch out for the aurora. staff member to watch out for the aurora-— the aurora. this kind of arctic chip destination _ the aurora. this kind of arctic chip destination is _ the aurora. this kind of arctic chip destination is trending i the aurora. this kind of arcticj chip destination is trending at the moment, people see something unique and different. tourism has boomed, there are more than a hundred companies offering northern lights tours. but you also need some luck to see them. and that's the latest business news. hello there. easter monday brought a day of mixed fortunes, and it's going to be a similar story throughout the week.
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now, across eastern england, we had some sunshine and where it stayed dry, it was relatively warm — 16 degrees, 61 fahrenheit. but cloud and rain pushing its way steadily northwards. it stayed rather grey and overcast in western scotland, withjust a high of 5 celsius here. now, that weatherfront is going to linger, weakening all the time. but a brisk northeasterly wind will dominate the story across the far north of scotland. clearer skies for a time, early morning mist and fog, perhaps, for england and wales. some showers easing away from the southeast. but eventually, as we go through the day, we'll start to see some outbreaks of rain pushing into the southwest. and as this front gradually moves its way north, the winds will strengthen here. but ahead of it, with some sunny spells injust a few isolated showers, one or two spots, again, could see temperatures into the mid—teens. not a bad afternoon with a few isolated showers for northern ireland. scotland will stay rather grey and overcast, with outbreaks of showery rain, and that brisk north—easterly wind at times will make it feel rather cool, just a maximum of 6—8 celsius. now, we'll see that frontal system down to the south—west, bringing some wet and windy weather through the night tuesday into the early hours
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of wednesday morning. the wind direction coming from the south—west, so it will be a mild start to wednesday, with double figures perhaps likely across the far southeast. but we will see outbreaks of rain gradually pushing their way steadily northwards. the wind direction here is south—westerly, so driving in some milder air, but we still keep that north—easterly feed in scotland — a real contrast with the temperatures over the next few days. so we're looking at 5—7 degrees across the far north—east, highs of 15, possibly 16 degrees once again, somewhere across south and eastern england. now, towards the end of the week, low pressure is going to continue to dominate, but still that wind source coming all the way from the southwest. so it will be mild, but it will still continue to be pretty wet at times. but the mild air sitting across the vast majority, still the far north—east of scotland staying on the cooler side. so, here, those temperatures will struggle a little,
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but there'll be showers or longer spells of rain. when we get some brightness, temperatures are going to respond. take care.
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good morning. welcome to breakfast with ben thompson and sally nugent. 0ur headlines today... a british national is said to be amongst at least six aid workers who have been killed by israeli air
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strikes in gaza. the deaths come amid rising tensions in the middle east, following a suspected israeli air strike on iran's consulate in the syrian capital damascus. a game—changing treatement for type one diabetes. the nhs in england begins to contact tens of thousands of people who are eligible for an artificial pancreas. good morning. working parents in england can now get extra help with childcare. but will the promise of funded care get parents back to work as planned? i'll take a look. another day of drama. in the championship, to the delight of ed sheeran and the home fans at portman road, ipswich town are top of the table thanks to a late late winner. good morning. the weatherfor the rest of this week remains unsettled. it is going to be wet and windy at times, there will be sunny spells, and it is turning much milderfor us
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all, especially on

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