At one point they were down by almost a third. Metro bank is the youngest lender on britains high streets. It launched here back in 2010 in the wake of the Global Financial crisis to take on the likes of lloyds and ba rclays. It was the first to do so for more than 100 years. But its had a series of Financial Issues and on thursday there were reports that its urgently trying to raise up to £600 million to shore up its finances. So should customers be worried . Heres our Business Correspondent theo leggett. Well, i dont think customers should be too worried at this stage. Although a 25 drop in the share price is clearly not a good look, metro bank insists that, fundamentally, its finances are pretty sound, it made a profit in the first half of this year, and it continues, crucially, to meet all regulatory requirements in terms of the financial buffers its obliged to give. 0n terms of the financial buffers its obliged to give. On top of that, the Financial Services Compensation Scheme does guarantee the first £85,000 of each depositor� s savings, so that as a buffer as well. That said, there are clearly some concerns about the Long Term Health of this bank and thats principally to do with the amount of money that it seems to be in line to have to raise over the next couple of years, several hundred million. Another is raising concerns about whether you can afford its ambitious Expansion Programme which involves, for example, setting up 11 new branches in the north of england. So there are concerns about this bank and we know that officials at this bank have met with prudential regulation authority, the banking regulator, and we know that Treasury Officials have beenin that Treasury Officials have been in touch with the regulator as well to give an eye on whats going on. But short of a sudden crisis in confidence in the bank no need to panicjust now. Lets speak to susannah streeter, head of money and markets at hargreaves lansdown. Hello there. That was theo speaking some 12 hours ago. Do you think there is going to become as we start the new business day today or will people be worried . I business day today or will people be worried . I think there is still people be worried . I think there is still going people be worried . I think there is still going to be i people be worried . I think there is still going to be a| there is still going to be a certain amount of worry among invest as in particular, not really customers so much, because it doesnt look like is going to be any immediate change in their circumstances at all. There could be a sell off of part of metro banks maugas book, for example, as part of this sale, but really is on whether investors, current investors, potentially new investors, would be willing to put more money into metro bank to help it raise this money that it needs to ensure that its capital buffers, the money that it needs to keep on hand, in assets that he can sell at short notice if it needs to, well, those are really operating right at the edges of the rules and so what it needs to do is try to boost that part of its capital buffers, this kind of Emergency Life Boy that it has in case there are further difficulties. So its not an immediate problem and, yes, certainly the bank has met with the prudential regulation authority. It is understood to have been a meeting that had been set up some time in advance, ratherthan been set up some time in advance, rather than an emergency meeting. So i think right now the focus is really going to be on what investors think about its proposal to raise this money. At the moment they dont seem to enthuse, which is why you have finished our price fall. Our price fall. Im going to sa , our price fall. Im going to say. You our price fall. Im going to say. You did our price fall. Im going to say, you did mention our price fall. Im going to say, you did mention that| our price fall. Im going to say, you did mention that that it depends on the willingness to invest. What will those investors need to see of metro bank . ~. , , bank . Well, certainly they will be looking bank . Well, certainly they will be looking very bank . Well, certainly they will be looking very closely bank . Well, certainly they will be looking very closely at bank . Well, certainly they will be looking very closely at the l be looking very closely at the details of the plans and be talking to them, particularly the Institutional Investors about what they want this money for, about the other possibilities that could be on the table. It needs to refinance, we understand £350 million of debt, and it has a target of doing that by october 2025, but it will want to have done that before that deadline date and the problem is borrowing money right now on Financial Markets is more expensive because Interest Rates have gone up, which is why its looking like it is going to go to existing shareholders for extra funding, because of the cost of borrowing shooting up quite dramatically. Certainly metro bank is in a tight spot. Its profitability is under question. It has turned profitable, boosted this year, because Interest Rates have gone up and that helps the property can make on its loan books, for example, but in the future Ratings Agency features cast out over its future profitability because of these problems and because it is going to face difficulties in expanding and it is the capital raised to dojust expanding and it is the capital raised to do just that. So there are lots of questions remaining, but certainly for customers they shouldnt be too concerned. There money, of course, will be safeguarded by the Financial Services Compensation Scheme, £85,000 per person per institution with the banking alliances. Crosstalk. I think is likely some of the assets will be sold. Susannah streeter, assets will be sold. Susannah streeter, thank assets will be sold. Susannah streeter, thank you assets will be sold. Susannah streeter, thank you very assets will be sold. Susannah i streeter, thank you very much. To the us now, where the feud between elon musk and financial regulators is escalating. Wall streets watchdog, the securities and Exchange Commission, is investigating the worlds richest man, over his 41; billion takeover of twitter. On thursday it revealed its taking legal action against him for failing to provide them with information. Michelle fleury is following the story. The securities and Exchange Commission wanted elon musk to come in and testify in san francisco. He was asked to come in and, in fact, a date had been mutually agreed upon in september stop but he failed to show up. So the sec is suing them in federal court to get him to testify. Now, this investigation is trying to determine whether investors were defrauded when elon musk purchased twitter last year after building up a small stake in the company he completed the deal to buy twitter which He Ray Named X last year for 44 million 41; billion. Evs is more hot water. Last year a judge said he would have to face a lawsuit for waiting too long to disclose had invested in the social media company. As for the sec and mr musk, lets just say there is no love lost between them. After paying 20 million to settle a case brought by the sec back in 2018 involving his other company, tesla, mr musk derided the agency, saying in an american tv interview ido not respect the sec. That was Michelle Fleury there. Lets stay in the us, because in a few hours time we get official Employment Numbers for september. Theyre seen by Financial Markets as crucial in deciding whether the Federal Reserve will now call a halt to its cycle of Interest Rate rises. The us created 187,000 newjobs in august more than expected raising concerns the fed might need to take more action to slow the economy and get inflation under control. Nela richardson is Chief Economist at americas adp research institute, which provides regular reports on the us labour market. I wont if we could just start off first with the figures and what you found from your own analysis. What you found from your own anal sis. ,. ,. ,. ,. What you found from your own anal sis. ,. ,. , ~ ,. , analysis. Good morning. We saw analysis. Good morning. We saw a re analysis. Good morning. We saw a pretty steep analysis. Good morning. We saw a Pretty Steep Slowdown analysis. Good morning. We saw a Pretty Steep Slowdown in analysis. Good morning. We saw a Pretty Steep Slowdown in the l a Pretty Steep Slowdown in the septemberjob gains, it was 89,000, most of those coming from the leisure and hospitality sector, which has been the stalwart of this economy. That steep slowdown suggest todays number may be weaker than the consensus, but i agree with you, its a very important numberfor the i agree with you, its a very important number for the fed and its next rate decision. What you expect to happen today than . I what you expect to happen today than . ~. , what you expect to happen today than . ~. ,. , than . I think there are several features of than . I think there are several features of the than . I think there are several features of the labour than . I think there are several| features of the labour market, its notjustjobs in the its notjustjobs in the united dates, its also wages. That will be an important indicator. We have been sharing with the adp payroll data on over 26 million us workers that wages are starting to decline pretty steadily, so people who are worried that wages could spike up again and cause more inflation, i think this report will show thats not going to happen. Its really about relative strength of the us economy. Still have a solid labour market, even if its economy. Still have a solid labour market, even if its low in september than what we are used to, its probably more in line with historical trends, just like Interest Rates are right now. In just like Interest Rates are right nova right now. In terms of the interest right now. In terms of the Interest Rate right now. In terms of the Interest Rate rises, right now. In terms of the l Interest Rate rises, positive impact that they had on the us economy . Economy . They are starting to see ben. Economy . They are starting to see ben. We economy . They are starting to see ben, we expect economy . They are starting to see ben, we expect the economy . They are starting to see ben, we expect the us see ben, we expect the us economy will slow down. Remember, this is an economy that has had rock bottom Interest Rates for the better part of a decade, along with a lot of physical spending directly to households and businesses. So its an economy thatis businesses. So its an economy that is going to lose its training wheels. It is to stand up training wheels. It is to stand up right and it might wobble a little bit. The us economy is going to have to, i think, gets to along Interest Rates, whether is a smidgen more the fed raises Interest Rates a couple more times or one time desire longer, is a very different economy than the us economy face even a few years ago. Economy face even a few years a. O. Economy face even a few years a a 0. �. , economy face even a few years auo. . ,. , ago. 0k, milla richardson, thank you ago. 0k, milla richardson, thank you very ago. 0k, milla richardson, thank you very much ago. 0k, milla richardson, i thank you very much indeed. Chief economist at adp research institute. This week theres been turmoil on bond markets, with a sell off on wednesday pushing the yield or implied Interest Rate on us 30 year Treasury Bonds to 5 for the First Time Since 2007. Its been driven by a fear that us Interest Rates will need to stay higher for longer. Lets bring in charles seville, Senior Director at fitch ratings. Hello there to you, charles. Just lay out the story for us at the moment. At the moment. Yes, good morning at the moment. Yes, good morning as at the moment. Yes, good morning. As you at the moment. Yes, good morning. As you say, at the moment. Yes, good morning. As you say, the i at the moment. Yes, good morning. As you say, the bond yields have risen very sharply of the past month. Pretty dramatic moves by the scale of the bond market. Think the bond market is telling us three things, basically, it thinks that policy rose, the short term rates that central bank that are going to stay Higherfor Bank that are going to stay higher for longer. Bank that are going to stay higherfor longer. The bank that are going to stay higher for longer. The term premium in the bond market, which is a measure of the compensation investors get for holding longer bonds, longer term bonds, thats risen and i think that reflect uncertainty over where rates are going to settle long term in this sort of post chewy environment. And other rates have also risen. I think that reflects worries over supply and demand, particularly in the us bond market. The us is running pretty loose fiscal policy, issuing a lot of debt and i think the yields are rising to compensate for that. 0k, rising to compensate for that. Ok, so in terms of global Interest Rates, are they going to keep rising then . Is that what we are saying . I dont think so what we are saying . I dont think so i what we are saying . I dont think so. Ithink what we are saying . I dont think so. I think in what we are saying . I dont think so. I think in terms i what we are saying . I dont think so. I think in terms ofj think so. I think in terms of policy rates, Central Banks are near the end of rate rises. Its true the us economy has been much more resilient than most people expected and is going to grow to 2 this year, but it was always understood that Monetary Policy operates with legs, so the effects take time to feed through, but here at fetch we think us is going to go into recession in early 2024 and that will lead policymakers to current rates. We havent even mentioned inflation yet, inflation is gradually coming down, so thats encouraging, but it is still if youre looking at Core Inflation in the us it still twice the target level, so that is really why Central Banks are concerned and why theyre keeping rates Higherfor Keeping rates higher for longer. Keeping rates higher for loner. ,. , keeping rates higher for loner. ,. , ,. , longer. Obviously we have the imf and world longer. Obviously we have the imf and world bank longer. Obviously we have the imf and World Bank Annual. Imf and World Bank Annual meetings coming up. What can we expect from them . Expect from them . Well, i think the will expect from them . Well, i think they will be expect from them . Well, i think they will be partly expect from them . Well, i think they will be partly focused expect from them . Well, i think they will be partly focused on i they will be partly focused on spillovers for the rest of the world. So us bond market sets the pace for the global bond markets, if you like, and all dollar borrowers, borrowings are essentially priced off the us long bond. So this does reduce flows potentially through emerging markets, it makes Borrowing Conditions for developing countries more difficult, so i think that will be a focus of concern. Be a focus of concern. Ok. Charles be a focus of concern. Ok. Charles seville, be a focus of concern. Ok. Charles seville, senior charles seville, Senior Director at fitch ratings. Thank you very much. Around the world and across the uk, this is bbc news. Bbc news, bringing you different stories from across the uk. Bill campbell started a collection when he was in his 20s. Now 84, the collection is his passion. 20s. Now 84, the collection is his passion his passion. This particular tractor is his passion. This particular tractor is sort his passion. This particular tractor is sort of his passion. This particular tractor is sort of the tractor is sort of the beginning of the story. An original import, being right hand drive. Original import, being righthand drive. Original import, being riahthand drive. Righthand drive. There are may 100 tractors righthand drive. There are may 100 tractors and righthand drive. There are may 100 tractors and other 100 tractors and other vehicles, cars, commercialand vehicles, cars, commercial and military. Vehicles, cars, commercial and milita. �. , military. Ive loved it. I used to really military. Ive loved it. I used to really enjoy military. Ive loved it. I used to really enjoy going military. Ive loved it. I used to really enjoy going around| military. Ive loved it. I used. To really enjoy going around to farm sales, used to go round to Scrap Dealers and so on, ive got a lot of satisfaction from doing it, and ive enjoyed the Restoration Side as well. A lot of work has been put in over the years. 50 of work has been put in over the years the years. So i know what oure the years. So i know what youre thinking, the years. So i know what youre thinking, how the years. So i know what | youre thinking, how much the years. So i know what. Youre thinking, how much is this worth . Marc bill wont say, but of course its not really about the money, is it . For more stories from across the uk had the bbc news website. Youre live with bbc news. Lets return to the us now, and a Battle Over One of the worlds most sought after resources. Lithium is a key component for many electric vehicle batteries, and america is trying to scale up Domestic Production of the metal. But as our Tech Reporter James Clayton reports, from nevada, thats pitting miners against environmentalists and Native American communities. The us cavalry chased the people into this area right here where the mine is being dug up at the moment, and they were massacred. So its a tragedy, it should be deemed a historical site. That should stop the mining. Unfortunately the corporations did not hear that. ,. , the corporations did not hear that. ,. , , that. These localtribe members have protested that. These localtribe members have protested for that. These localtribe members have protested for years that. These localtribe members have protested for years trying i have protested for years trying to stop the mind that they say is on the site where their ancestors were murdered. In march, they lost as the diggers moved in. Mane. Beneath the sagebrush here could be one of the biggest lithium deposits in the biggest lithium deposits in the world. This is stack a pass, and in march work began getting it out of the ground. But this mine is different mainly because many of its supporters claim to be environmentalists, and say that the mine could play at least some role in tackling Climate Change. Global leaders across the world have committed to minerals that electric vehicles, which lithium is essential. This is tim who owns the mine. Essential. This is tim who owns the mine the mine. Lithium is essential, it is the key the mine. Lithium is essential, it is the key component the mine. Lithium is essential, it is the key component to it is the key component to getting High Energy Storage batteries into our market. Right now, we are completely dependent on fossil fuels for the energy we utilise every day. The energy we utilise every da. �. , day. But there are environmentalists| day. But there are environmentalists who day. But there are environmentalists who believe the answer to tackling Climate Change is not yet more minds. John had a heads up a local environment or charity. Aha, environment or charity. Mining opportunity is very damaging to the environment. We have to be careful how we permit these things because these are is their ancestral land, it has been taken to them yet again. Land, it has been taken to them yet again yet again. Opponents to this mine think yet again. Opponents to this mine think this yet again. Opponents to this mine think this is yet again. Opponents to this mine think this is just yet again. Opponents to this mine think this isjust the i mine think this is just the beginning, that this whole area will become one massive mining district, and when you ask lithium americans, that is pretty clear what is exactly what they want. I know there are concerns this whole area, which is stunningly beautiful, might end up becoming a mining district. Ii might end up becoming a mining district. ,. , district. If the United States is auoin district. If the United States is going to district. If the United States is going to be district. If the United States. Is going to be selfsufficient, is going to be self sufficient, there has to be more, vastly more developing. The there has to be more, vastly more developing. The people at this process more developing. The people at this process more developing. The people at this process protest more developing. The people at this process protest are this process protest are already looking at how they can strategise to protest against other minds planned in the area. Lens. Other minds planned in the area. Lens. Other minds planned in the area. Lens. Dispatch in the middle is area. Lens. Dispatch in the middle is the area. Lens. Dispatch in the middle is the only area. Lens. Dispatch in the middle is the only place area. Lens. Dispatch in the middle is the only place not. Middle is the only place not claim right now and thats really scary. Claim right now and thats really scary claim right now and thats reall sca. � ,. , really scary. But it seems that minin really scary. But it seems that mining in really scary. But it seems that mining in the really scary. But it seems that mining in the name really scary. But it seems that mining In The Name Of really scary. But it seems that mining In The Name Of saving l mining In The Name Of saving the planet might only be beginning. Lets stay with the environment, because the former boss of Global Consumer goods giant, unilever, has criticised british Prime Minister rishi sunak for rowing back on green commitments. Mr sunak has signed off on a major new oil and gas project, and pushed back targets on banning petrol cars. Paul polman, who is now an advocate for sustainable business, says this will cost the uk more in the long run. U nfortu nately, unfortunately, i have to say hes wrong, and many people in his own party have called out that hes wrong, many people in the business community, including the car industry for example, ford, just to name one, have clearly called out that hes wrong. Not surprisingly the opposition says hes wrong, but i also believe that, increasingly, the population or the citizens know that hes wrong, so we cannot run the future of humanity based on short term election cycles, and yes, weve always been very clear and transparent that any conversion will require investments. But it is the task of a politician to explain why that is the right thing to do but also to explain that actually if we dont make these investments, the cost would be much higher. I would argue that in the uk already now, the cost of food has already significantly increased, part of the reason of the increase is exactly Climate Change that we need to get rid of. So not moving forward and not making the investments is grossly underestimating the cost we would incur if we are not acting. It is a frankly politically cynical move, and an economically illiterate move if i may say, and an environmentally very destructive move at a time that i think more companies are stepping up. And you can get more on the net zero debate, and hear more from paul polman, on talking business weekly, with aaron heslehurst, here on bbc news. Finally, to the world of technology, and the massive growth in data the world is producing. Last year nearly 100 trillion gigabytes were created, according to researchers, International Data group, thats 100,000 exabytes, if you want the technical term. And well keep needing to come up with more terms, as that amount is expected to double again by 2025. And with the rise of ever more data intensive tech, like ai, how do we store and manage it all . Lets find out. Dev ittycheria is ceo of mongodb, which provides Database Software to customers in more than 100 countries. As an example, it has supplied the Indian Government with the system for organising data on its 1. 2 billion people, in the Worlds Largest biometric id system. Dev, a warm welcome to the programme. Iwonder dev, a warm welcome to the programme. I wonder if i could just start off with a really simple question . We showed some images there of databases in a protected room, and presuming. What does 100 trillion gb look like, in terms of space . What does100 trillion gb look like, in terms of space . Like, in terms of space . Well, storage. Like, in terms of space . Well, storage, storing like, in terms of space . Well, storage, storing data like, in terms of space . Well, storage, storing data has storage, storing data has become very efficient, so i cant give you an exact figure, but it is obviously a lot of information, but not as may be as large as you may think. That being said, as you pointed out, the amount of data is exploding. Thats because of software and data is transforming every business and people are using software and data to create a change and disrupt industries, and so we feel we are playing a big role in that. We have over 45,000 customers from across nearly every industry, every geography, from the well� s largest enterprises, like goldman sachs, bosch, telefonica and vodafone, to cutting edge start ups youve never heard of, and they are using us for almost every conceivable use case, from Trading Platforms on wall street or canary wharf, two Gaming Platforms used by kids all around the world, to next gen ai applications, and so we are proud to play a part in that role. Are proud to play a part in that role are proud to play a part in that role. ,. , that role. So i wonder if you could just that role. So i wonder if you could just share that role. So i wonder if you could just share with that role. So i wonder if you could just share with us that role. So i wonder if you i could just share with us some of the aspects of the project in india . I mean, storing information, biometric information, biometric information, that is a huge security risk. Just talk us through some of those that are considered by ourselves. Yes. Considered by ourselves. Yes, so that project considered by ourselves. Yes, so that project has considered by ourselves. Yes, so that project has been considered by ourselves. Ya so that project has been going on for some time, and so im actually not privy to share too much information, butjust to speak at a more generic level, obviously storing data is very important, keeping it secure, one of the things we have on our platform is something called career building encryption. Something no one else has. If you encrypt data how do you query the data because by definition it is inaccessible, but we have come up inaccessible, but we have come up with a technique where you can query the data while it is encrypted, whether it has been moving in transit or even at rest. And so thats something that no other platform has available, and something that gets Financial Services firms, governments etc are very excited, because itjust adds another layer of security that no other platform can offer. When you say the data moving, are you talking about for example my facial recognition . Is that what youre saying here . ,. ,. ,. ,. , here . No, when data moves, for examle here . No, when data moves, for example if here . No, when data moves, for example if you here . No, when data moves, for example if you have here . No, when data moves, for example if you have data here . No, when data moves, for example if you have data around | example if you have data around the world and it may be stored in different locations, whether it be for a gaming application, Financial Services application, you could be may be authenticating yourself because you are at, you are travelling, and you need to withdraw some money, you need to go through that process where basically you have to go home back to wherever your credentials are and be able to make sure that you are authenticating those credentials, but that data does have to transmit so that at your end destination you have the permissions to actually get the permissions to actually get the money that is in your account. And so that Data Movement needs to be protected. Very quickly, you have partnered with google cloud, do you think thats the way things are going to go, in terms of making the management of data viable . ,. , making the management of data viable . , viable . Yes, so we actually artner viable . Yes, so we actually partner with viable . Yes, so we actually partner with not viable . Yes, so we actually partner with not just viable . Yes, so we actually i partner with notjust google, but amazon and microsoft, and even alibaba, to enable developers to use our platform to build applications wherever they are so they can run those applications on google cloud, they can run them on amazons cloud, or they can even run it on microsoft, and we also have people using mongodb in china, so we are the only isp. Dear. So we are the only isp. Dev, im so so we are the only isp. Dev, im so sorry. So we are the only isp. Dev, im so sorry, im so we are the only isp. Dev, im so sorry, im going so we are the only isp. Dev, im so sorry, im going to so we are the only isp. Dev, | im so sorry, im going to have tojump in, wejust ran out of time laughter next time, i thank you very much. You have been watching bbc news. Glenn hello, there. It was a rather mixed picture across the uk on thursday, with a very slow moving Weather Front giving outbreaks of rain, particularly towards the north and the west, such as here in argyll and bute, but further south, a lot more sunshine around, albeit quite hazy at times. Now, as we head through the next few days, there is more rain to come in the forecast. Its mostly for scotland, particularly Western Areas of scotland, but further south, largely dry, and it will also be turning warmer. Now for the rest of the night, still outbreaks of rain across the central swathe of the country. To the north and the south of that front, lots of clear skies, and its very mild start to the day tomorrow across the board, but particularly across scotland, where temperatures dipped a little bit below freezing last night. A lot milder into friday morning, and on friday, you can see from the pressure chart, High Pressure builds into the south, so it will be dry here, and our weatherfront pushes ever so slowly northward. So its a wet start to the day for northwest england, for Northern Ireland, but it should dry out here a bit later on, the rain pushing into the central belt. It is a sunny start to the day across aberdeenshire, windy for caithness and sutherland, also blustery for the northern isles. Lots of sunshine towards the south of the front. It will be quite hazy, at times, again, but temperatures starting to rise on friday, up to 22 or 23 degrees celsius in the south of england, the high teens, potentially, for aberdeenshire. And then on friday night into saturday, that rain still driving into western scotland, very heavy over the western hills, and it will be across the whole of scotland, i think, as we head through into saturday morning. Further south, a lot of sunshine throughout the day on sunday. Temperatures in Northern Ireland could get as high as 19 or 20 degrees. Were looking at the low 20s for northern england, also for much of wales, maybe 25 or 26 celsius in the southeast of england and east anglia. And its more or less the same on sunday. Temperatures a little bit lower and our Weather Front gradually pushes further northwards across scotland, too, where, of course, its going to be cooler. Big contrast in temperatures here. Again, were looking at the low 20s for much of england and wales, a bit more cloud too, across Northern Ireland. These are the daytime averages for this point in october. So you can see were above average, across the board, 12 degrees in the north, 16 degrees celsius in the south. So even scotland is mild for this point in october. The unseasonable heat continues across england and wales, as we head into the start of next week. Good morning, welcome to breakfast with Charlie Stayt and naga munchetty. 0ur Headlines Today an emphatic win for labour at the Rutherglen By Election in scotland. Leader keir starmer describes it as a seismic result. More than 50 people have been killed in a Missile Attack on a ukrainian village, where many victims were attending a funeral. Hello attending a funeral. From the birthplace of the Paralympic Hello from the birthplace of the paralympic games, and now the home of its flame. We will look forward to paris next year, and also meet some of the athletes. After nearly 100 years, the wilko brand will disappear from the high street this weekend. Well hear from staff in the brands birthplace of leicester on their final shift in store. The world champions are humiliated at the start of the cricket world cup, as england suffer a huge defeat, against new zealand in the opening game in india, but the message from the captain is dont panic yet. And this weekend, while some of your sex to get unseasonably warm, it will be very wet indeed for others. I will break down the forecast and give you all the details right here on breakfast. Good morning. Its friday the 6th of october. Our main story labour has emphatically won the rutherglen and Hamilton West by election, in whats being seen as a key test
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