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Global Digital Commerce Industry to Touch $3 trillion Value

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The coronavirus outbreak has massively accelerated the growth of the digital commerce market, with millions of people choosing webshops instead of brick-and-mortar stores amid COVID-19 lockdown.

According to data gathered by ForexSchoolOnline.com, the global digital commerce industry is expected to touch $3trn value this year, growing by 4.8% year-on-year. The rising trend is set to continue in the following years, with the transaction value increasing by a CARG of 8.9% and reaching $4.1trn in the next four years.

Transaction Value Jumped 38% in Three Years
The Digital Commerce segment covers all consumer transactions made through the Internet, directly related to online shopping for products and services. The transactions can be made via various payment methods, including credit cards, direct debit, invoice, or online payment providers, like AliPay and PayPal.

In 2017, the global digital commerce industry reached a $2.12trn transaction value, revealed Statista Global Consumer Survey. In the next twelve months, this figure rose to $2.45trn. The increasing trend continued in the last two years, with the transaction value set to reach $2.92trn in 2020, a 38% jump in three years.

The average transaction value per user in the digital commerce segment is expected to amount to $843 in 2020. This figure is forecast to rise to $887 in the next four years.

China Generates 40% of the Global Digital Commerce Transactions
The growth of the global digital commerce market has been followed by the increasing number of people choosing B2B and B2C webshops for buying products and services. In 2017, the number of users in the digital commerce segment amounted to 2.48bn. In the last three years, this figure jumped by 40%, reaching 3.47bn in 2020. Statistics indicate the number of users is expected to continue rising in the following years and hit 4.63bn by 2024.

Analyzed by geography, China represents the world’s largest digital commerce market set to reach $1.16trn value this year or 40% of all transactions. The United States ranked as the second-largest market globally, with $538.2bn worth sales in 2020. Japan, the United Kingdom, and Germany follow with $148bn, $118.6bn, and $98.1bn value, respectively.

Fintech Leaders Raise Almost $4 billion Amid Pandemic

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Data gathered by Buy Shares indicates that fintech leaders raised a total of $3.81 billion in the second quarter of this year. The significant amount comes after the economic downturn in the first quarter.

Online payment processing platform Stripe raised $850 million followed by Robinhood at $430 million while Vero has raised $241 million. Health insurance company Oscar raised $225 million with Carta closing the top five categories at $210 million. The five fintech firms account for 51.34% of the total raised amount by the firms overviewed in our research.

Furthermore, Fundbox raised $200 million followed by Airwallex’s $160 million. Checkout.com Marqeta and Brex raised $150 million each. During the second quarter of this year, Aspiration raised $135 million followed by UK’s Starling Bank at $123 million.

Other notable fintech firms that raised significant amount include Stash ($112 million), N26 ($100 million), Onfido ($100 million), Bought By Many ($95 million), Monzo ($75 million), Trade Republic ($73 million), SolarisBank ($67 million), Taxfix ($64 million), Alan ($55 million), and Lunar ($50 million).

The funding comes as a step in the direction after a turbulent first quarter due to the coronavirus crisis. According to the research report:

“The coronavirus pandemic led to an economic downturn, presenting a perfect opportunity for the fintech sector to explore different opportunities for mass adoption. Most specifically, the pandemic resulted in a change in consumer behavior that might stick around for a long time.”

Our research overviewed the market capitalization of payment companies at the end of the first quarter and second quarter this year. From the data, PayPal had a market capitalization of $112.3 billion on March 31 and three months later it stood at $92.3 billion totaling to $204.6 billion.

Shopify has the second-highest cap at $48.8 billion as of March 31, a figure that increased to $64.5 billion three months later. By the end of the first quarter, Adyen had a market cap of $25.5 billion droppings to $18.6 billion in the second quarter.

At the end of March, Square had a market capitalization of $22.8 billion and by the end of the second quarter, the figure stood at $23.3 billion. In the fifth spot, there is MarketAxess which had a cap of $12.6 billion which later increased to $19 billion at the end of the second quarter.

Tanzania, Kenya Become Symbol of East African Integration

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The African development Bank (AfDB), one of the promoters and financiers of regional integration in African continent, says Tanzania and Kenya have become symbol of East African integration. Naftali Elude Mzota, a driver for the Impala Shuttle Company in Tanzania, has been driving between Tanzania and Kenya for over 23 years. Asked about the difficulties of crossing the border, Mzota sighs.

“Customs clearance used to be a real challenge here, because there were two borders. You had to go through at the Tanzanian immigration office, and then repeat the exercise on the Kenyan side. It used to take between one and a half and two hours,” he said, smiling. “That’s all changed now. When passengers arrive, it doesn’t matter which side they come from, a single checkpoint does all the administration and they are able to carry on across the border.”

The land border between these two East African countries, now has just a single border post. This project, the One-Stop Border Post, was set up at Namanga, a town of 16,000 inhabitants that straddles Longido District in Tanzania and Kenya’s Kajiado County in Kenya.

By cutting the crossing time to a maximum of half an hour, the One-Stop Border Post project has boosted trade and tourism between Kenya and Tanzania. To set up the border post, the African Development Bank in 2007 approved $185 million in funding, of which $108 million went to Kenya and $77 million to Tanzania. The Bank co-financed the project with Japan International Cooperation Agency.

“Thanks to the new crossing point, road traffic has increased,” said Edward Wilson Lyimo, the owner for more than 20 years of a hotel on the Tanzanian side of Namanga. “Businesses have become profitable and this new crossing has really helped us. Now, we can do business in both countries.”

The development has boosted the regional economy by streamlining, along with improved roads, the movement of people and goods across the border. “The idea now is to reproduce this initiative on other borders, such as that with Ethiopia, the Democratic Republic of the Congo and Zambia,” said Kenneth Bagamuhunda, Director-General, Customs and Trade of the East African Community (EAC).

The African Development Bank’s is working to support regional integration, cross-border trade, tourism, the socioeconomic development of the region and poverty reduction.

The One-Stop Border Post project is also advancing regional cooperation, facilitating cross-border dialogue and the signing of treaties between EAC member countries. It supports the ongoing work of the Facilitation of Cross-Border Movements Committee, set up in 1998 by the EAC Commission to address passports, travel documents for businesspeople, visas and other matters identified in the Tripartite Agreement on Road Transport.

African Countries Get Grants for COVID-19 Response

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Covid 19 Response

The Board of Directors of the African Development Fund on Tuesday approved nearly $8.9 million in grant funding to bolster COVID-19-related control measures in six Southern African Development Community (SADC) countries.

Separately, the Board approved $683,000 in grants to São Tomé & Príncipe, to support the two-island nation’s response to the pandemic and its impacts. The grant funding comes under the Bank’s COVID-19 Response Facility. The funds will facilitate the procurement of laboratory and medical supplies, including testing kits, per COVID-19 response protective gear and non-invasive ventilators in Lesotho, Malawi, Madagascar, Mozambique, Zambia and Zimbabwe, all SADC nations. The SADC Secretariat is the recipient and the implementing agency of the grant.

The financing will reinforce the SADC ’s capacity to coordinate pandemic response measures, including surveillance and sensitization in the six beneficiary countries. The SADC countries and São Tomé & Príncipe have inadequate resources and capacity to effectively manage the COVID-19 pandemic, which has put a strain on already fragile health systems in the countries. “As a result, these countries are now struggling to respond effectively to the fast-evolving situation posed by the COVID-19 pandemic,” the Bank noted.

Although the spread of COVID-19 has been slow in Africa, it continuous to steadily spread through the continent, leaving in its wake disruptions and hardship caused by economic lockdowns. The pandemic is projected to have a substantial economic impact on the SADC member countries. For instance, real GDP in all the SADC countries, except Zimbabwe, is forecast to contract in 2020.

The approved project aligns with two of the Bank’s High Five priority areas: improving the quality of life for the people of Africa and integrating Africa, as well as the SADC Disaster Preparedness and Response Mechanism to fight disasters and pandemics.

The 16-nation SADC region had recorded around 120,000 COVID-19 cases out of a continent-wide total of 325,000 cases as of 24 June 2020. Reported cases in São Tomé and Príncipe stood at about 700, in a population of around 211,000 people.

S&P Global affirms African Development Bank’s AAA rating

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PRESS RELEASE – Ratings agency S&P Global on Friday affirmed its ‘AAA/A-1+’ long- and short-term issuer credit assessment of the African Development Bank (AfDB) with a stable outlook.

The rating agency positively assessed the Bank’s very strong financial risk profile, very strong capital adequacy, strong funding and liquidity, extraordinary shareholder support and adequacy of its governance and management. “We are therefore affirming our ‘AAA’ long-term issuer credit rating on the AfDB,” S&P Global stated. The rating agency noted the Bank’s $115 billion capital increase, approved by shareholders in October 2019, and the replenishment to the African Development Fund, the Bank’s concessional window, in December 2019.

“The stable outlook reflects our expectation that, over the next two years, AfDB will prudently manage its capital while maintaining solid levels of high-quality liquidity assets and robust funding,” S&P Global said in a statement.

S&P expects that “shareholders will remain supportive by providing timely capital payments”; the Bank “will continue benefiting from preferred creditor treatment (PCT); and “prudently manage growth in private-sector lending in a way that’s aligned with its mandate.”

The rating agency’s report further noted that the “AfDB will play a key role supporting the region,particularly in the context of COVID-19. The institution approved an up to $10 billion relief package for 2020, of which $6.9 billion will be financed by AfDB and the remainder through its concessional lending window.”

The President of the Bank, Akinwumi A. Adesina, said: “We are delighted with and welcome S&P Global’s decision to affirm the Bank’s AAA/A-1+ rating. It reflects the Bank’s very strong financial position and risk management, as well as our sound governance. We will continue to maintain these standards, with the strong support of all our shareholders, as we deliver much needed financial, knowledge and policy support to our regional member countries during and after this period of the COVID-19 pandemic.”

Agricultural Research Network Launches COVID-19 Hub

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Climate and Agriculture

Leading researchers across health, nutrition and agriculture have launched a new COVID-19 hub to consolidate existing scientific evidence and support response, recovery and resilience measures in the wake of the coronavirus pandemic.

As UN Secretary-General António Guterres warned recently, immediate action on food systems is needed to prevent a global food emergency that could have long-term health effects.

The Consortium of International Agricultural Research Centers (CGIAR) COVID-19 Hub, coordinated by CGIAR, the world’s largest publicly funded agricultural research network, in collaboration with the London School of Hygiene & Tropical Medicine (LSHTM), will bring together the latest science on agriculture and health to inform a research-based response to the pandemic.

The Hub will compile relevant work from across the CGIAR System and partners around the world, as well as share future breakthroughs and identify opportunities for new research.

Around two-thirds of CGIAR’s existing research portfolio is already directly relevant to tackling the coronavirus outbreak. The work of most immediate relevance encompasses four research pillars: (i) Food systems; (ii) One Health (the human-animal-environment health interface); (iii) Inclusive public programs for food security and nutrition and (iv) Policies and investments for crisis response, economic recovery and improved future resilience.

These priority areas align with the UN’s call to action on food systems to prevent the worst effects of the pandemic by addressing its potential impacts on poverty, hunger and nutrition, as well as by taking the opportunity to “build back better” for a healthier and more sustainable future.

“The COVID-19 pandemic is exposing weaknesses in food systems, societies and economies around the world,” said Elwyn Grainger-Jones, Executive Director of the CGIAR System Organization.

“The current crisis presents an unprecedented opportunity for humanity to ‘build back better’ – particularly as regards more resilient and inclusive agriculture. CGIAR will join its network of more than 3,000 partners to co-lead global debate and action on what ‘building back better’ looks like for food, water and land systems.”

Since the virus emerged, CGIAR is pivoting its focus to help countries cope with the impact of COVID-19 on food systems and food security. In Bangladesh, for example, CGIAR is working with local partners to monitor food, labor, input, supplies and prices, and to advise on appropriate policies, with an emphasis on minimizing the impact of COVID-19 on the most vulnerable members of society.

At a global level, CGIAR is also working with UN agencies and development partners, for example, to carry out phone surveys to better understand the impacts of COVID-19 on rural households’ livelihoods and access to food.

“Solutions need to be science-based and coordinated across sectors to provide immediate response and assistance for those most in need, ongoing and inclusive support in recovery, and – perhaps most importantly – future resilience to all shocks, including climate extremes,” Grainger-Jones added.

The pandemic broke out as CGIAR was undertaking a major institutional transformation. A newly integrated leadership and Board in place this year will support the level of collaboration required for an integrated global and country response.

“As well as research across four priority pillars, CGIAR will also focus on innovations to support recovery, including country-by-country ‘deep dives’ with COVID-19 impact modeling and analyses, and ‘One Health’ risk-based approaches to agriculture-environmental management and emerging zoonoses,” said John McDermott, Director of the CGIAR Research Program on Agriculture for Nutrition and Health (A4NH), which will host the CGIAR COVID-19 Hub.

In the longer term, CGIAR will widen its focus to build greater resilience of food, land and water systems to prevent future outbreaks and reduce vulnerabilities.
The LSHTM’s contribution to the CGIAR COVID-19 Hub will build on the current work of the Centre for Health Economics In London (CHIL) and the Centre for the Mathematical Modelling of Infectious Diseases (CMMID).

“Supporting national efforts to address the health and economic challenges of COVID-19 will require connecting prediction of disease scenarios under different mitigation strategies with their social and economic outcomes,” said Anne Mills, the LSHTM’s Deputy Director and Provost, and Professor of Health Economics and Policy.

“LSHTM is pleased to work with CGIAR in cross-sectoral research to provide evidence for coordinated health, economic and food policy decision-making in low- and middle-income countries.”

My First Coup D’Etat – President John Dramani Mahama

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My First Coup D’Etat: And Other True Stories from the Lost Decades of Africa, by John Dramani Mahama, President of Ghana

In Ghana, the then Vice President (and now President), John Dramani Mahama released his memoir, My First Coup d’Etat about growing up in his homeland and living through the turbulent history of post-independent Ghana. The book was published in May 2012 by Bloomsbury Publishing.

Looking at Ghana’s impressive recent past, it is easy to forget that the country was not so long ago, mired in political instability. In My First Coup D’Etat, Dramani offers an instructive and honest look at Ghana’s troubled history, which in many respects is also the story of the African continent. His personal story is even more inspiring – the young boy who at seven witnessed his first coup d’Etat and saw his father imprisoned, grows up to be president of his country.

Actor, Singer, ‘The Gambler’: Kenny Rogers Dies at 81

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Actor-singer Kenny Rogers, the smooth, Grammy-winning balladeer who spanned jazz, folk, country and pop with such hits as “Lucille,” “Lady” and “Islands in the Stream” and embraced his persona as “The Gambler” on record and on TV died Friday night. He was 81.

He died at home in Sandy Springs, Georgia, representative Keith Hagan told The Associated Press. He was under hospice care and died of natural causes, Hagan said.

The Houston-born performer with the husky voice and silver beard sold tens of millions of records, won three Grammys and was the star of TV movies based on “The Gambler” and other songs, making him a superstar in the ‘70s and ’80s. Rogers thrived for some 60 years before retired from touring in 2017 at age 79. Despite his crossover success, he always preferred to be thought of as a country singer.

“You either do what everyone else is doing and you do it better, or you do what no one else is doing and you don’t invite comparison,” Rogers told The Associated Press in 2015. “And I chose that way because I could never be better than Johnny Cash or Willie or Waylon at what they did. So I found something that I could do that didn’t invite comparison to them. And I think people thought it was my desire to change country music. But that was never my issue.”

A true rags-to-riches story, Rogers was raised in public housing in Houston Heights with seven siblings. As a 20-year-old, he had a gold single called “That Crazy Feeling,” under the name Kenneth Rogers, but when that early success stalled, he joined a jazz group, the Bobby Doyle Trio, as a standup bass player.

But his breakthrough came when he was asked to join the New Christy Minstrels, a folk group, in 1966. The band reformed as First Edition and scored a pop hit with the psychedelic song, “Just Dropped In (To See What Condition My Condition Was In).” Rogers and First Edition mixed country-rock and folk on songs like “Ruby, Don’t Take Your Love To Town,” a story of a Vietnam veteran begging his girlfriend to stay.

After the group broke up in 1974, Rogers started his solo career and found a big hit with the sad country ballad “Lucille,” in 1977, which crossed over to the pop charts and earned Rogers his first Grammy. Suddenly the star, Rogers added hit after hit for more than a decade.

“The Gambler,” the Grammy-winning story song penned by Don Schlitz, came out in 1978 and became his signature song with a signature refrain: “You gotta know when to hold ‘em, know when to fold ’em.” The song spawned a hit TV movie of the same name and several more sequels featuring Rogers as professional gambler Brady Hawkes, and led to a lengthy side career for Rogers as a TV actor and host of several TV specials.

Other hits included “You Decorated My Life,” “Every Time Two Fools Collide” with Dottie West, “Don’t Fall In Love with a Dreamer” with Kim Carnes, and “Coward of the County.” One of his biggest successes was “Lady,” written by Lionel Richie, a chart topper for six weeks straight in 1980. Richie said in a 2017 interview with the AP that he often didn’t finish songs until he had already pitched them, which was the case for “Lady.”

“In the beginning, the song was called, ‘Baby,’” Richie said. “And because when I first sat with him, for the first 30 minutes, all he talked about was he just got married to a real lady. A country guy like him is married to a lady. So, he said, ‘By the way, what’s the name of the song?’” Richie replies: “Lady.”

Over the years, Rogers worked often with female duet partners, most memorably, Dolly Parton. The two were paired at the suggestion of the Bee Gees’ Barry Gibb, who wrote “Islands in the Stream.”

“Barry was producing an album on me and he gave me this song,” Rogers told the AP in 2017. “And I went and learned it and went into the studio and sang it for four days. And I finally looked at him and said, ‘Barry, I don’t even like this song anymore.’ And he said, ‘You know what we need? We need Dolly Parton.’ I thought, ‘Man, that guy is a visionary.’”

Coincidentally, Parton was actually in the same recording studio in Los Angeles when the idea came up.

“From the moment she marched into that room, that song never sounded the same,” Rogers said. “It took on a whole new spirit.”

The two singers toured together, including in Australia and New Zealand in 1984 and 1987, and were featured in a HBO concert special. Over the years the two would continue to record together, including their last duet, “You Can’t Make Old Friends,” which was released in 2013. Parton reprised “Islands in the Stream” with Rogers during his all-star retirement concert held in Nashville in October 2017.

Rogers invested his time and money in a lot of other endeavors over his career, including a passion for photography that led to several books, as well as an autobiography, “Making It With Music.” He had a chain of restaurants called “Kenny Rogers Roasters,” and was a partner behind a riverboat in Branson, Missouri. He was also involved in numerous charitable causes, among them the Red Cross and MusicCares, and was part of the all-star “We are the World” recording for famine relief.

By the ’90s, his ability to chart hits had waned, although he still remained a popular live entertainer with regular touring. Still he was an inventive businessman and never stopped trying to find his way back onto the charts.

At the age of 61, Rogers had a brief comeback on the country charts in 2000 with a hit song “Buy Me A Rose,” thanks to his other favorite medium, television. Producers of the series “Touched By An Angel” wanted him to appear in an episode, and one of his managers suggested the episode be based on his latest single. That cross-promotional event earned him his first No. 1 country song in 13 years.

Rogers’ family is planning a private service “out of concern for the national COVID-19 emergency,” a statement posted early Saturday read. A public memorial will be held at a later date.

Grammy-winning SA musician Joseph Shabalala has died

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OHANNESBURG, February 11 – Popular South African musician Joseph Shabalala, who founded the multi-Grammy award winning group Ladysmith Black Mambazo, has died, local media reported on Tuesday.

Television news channel eNCA said Shabalala, who had since retired from the group after five decades as an active musician, died aged 78 on Tuesday morning after a long illness.

In a brief message via its Twitter account, the South African government extended its condolences on Shabalala’s passing.

Music Stars Pay Tribute to Kobe Bryant at Grammys Award show

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From the red carpet to the main stage, sadness loomed over music’s biggest night Sunday at the arena in downtown Los Angeles where Kobe Bryant played for 20 years for the city’s NBA team.

Bryant’s death in a helicopter crash earlier in the day was acknowledged in the opening minutes of the Grammys broadcast. Before her performance, Lizzo said, “This is for Kobe.” She went on to perform “Truth Hurts” and “Cuz I Love You.”

Host Alicia Keys said she was feeling “crazy sad” about Bryant. She was joined on stage with Boyz II Men, who collectively sang “It’s So Hard to Say Goodbye to Yesterday.”

“The whole wide world lost a hero,” the singer said in front of the audience. “We are standing her literally heartbroken in the house that Kobe Bryant built.”

Bryant, his 13-year-old daughter, Gianna, and seven others were killed in the crash on a steep hillside in dense morning fog in Southern California. He was 41 and had retired from the Lakers in 2016.

Some shed tears for Bryant on the red carpet. Others were almost speechless ahead of the 62nd annual awards show.

Music artists including Billy Ray Cyrus, Rick Ross and Kirk Franklin paid tribute to Bryant, the 18-time NBA All-Star and five-time champion. Debbie Allen, who is married to former Laker Norm Nixon, was seen crying.

DJ Khaled said the news about Bryant’s death was “devastating.” He took part in a tribute to the late Nipsey Hussle that also included John Legend, Meek Mill, Kirk Franklin, Roddy Ricch and YG. They performed “Letter to Nipsey” and “Higher.”

At the end of the performance, each performer turned around and pointed toward a screen with a picture of Hussle and Bryant. The tribute prompted a standing ovation that lasted for more than a minute.

“Long live Nip. Long live Kobe Bryant. Long live Gianna. The marathon continues,” Khaled said.

Tyler, the Creator said he went through different emotions.

“The news was heavy, especially being in LA and being near the Staples Center within a short period of time between him and Nipsey,” he said backstage after winning best rap album. Hussle, who was known for being a huge Lakers fan, was shot and killed 10 months ago in Los Angeles.

“If you’re from Los Angeles, depending on which sector you’re in, that (expletive) is really heavy,” the rapper continued. “We took an L tonight. Rest in peace to Kobe. We also took a win just being from Los Angeles. It’s mixed emotions.”

Cyrus had No. 24, Bryant’s number, on his guitar, and Lil Nas X had a Bryant jersey draped over a chair at the beginning of their performance of “Old Town Road.”

Run-DMC member Joseph “Run” Simmons held up a white Bryant Jersey during the group’s performance of “Walk This Way” with Aerosmith.

Ross remembered a brief conversation he had with Bryant that involved him admiring the NBA star’s craft. The rapper said the game would miss him.

“It’s just a huge loss to the game,” Ross said on the red carpet. “He was a great example on a lot of different stages.”

Singer Charlie Wilson called Bryant a “beautiful soul” and “one of the greatest who played the game.”

Hit-Boy, who won a Grammy with Hussle and Roddy Ricch for best rap performance for “Racks in the Middle,” said he was not going to attend the awards when he learned about Bryant’s death. But the producer said he decided to stick it out in deference to several relatives who were joining him.

“I was two seconds away from just canceling everything,” Hit-Boy said.

New England Patriots owner Robert Kraft, who knew Bryant personally, said he felt horrible but also learned a lesson.

“I hope everyone. … gives their loved ones a hug and a kiss,” Kraft said. “Don’t take anything for granted. We should pinch ourselves and make sure we remember those we care most about.”

Outside Staples Center, fans wearing Bryant’s No. 8 and No. 24 jerseys flocked to the arena to show their respect for the Laker legend. A few hundred people gathered at L.A. Live in front of a mega screen with a smiling Bryant that read, “In Loving Memory of KOBE BRYANT 1978-2020”

Smokey Robinson choked up on camera as he spoke of Bryant, whom he called a friend.

“As a dad myself, to think that his daughter was there with him and there was nothing he could do for her,” he said. “My god.”

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