Figures on outflows or inflows are disclosed as usual on a quarterly basis.. The move is being seen as a sign of confidence in the bank's balance sheet but we also note it's buying these bonds back at a significant discount. Im 68, my husband is terminally ill, and his $3 million estate will go to his son. Interest Rates. UEM Sunrise steps into NFT space to enhance homeownership experience, Filling in digital adoption gaps among MSMEs with Unifi Business, Investment opportunities in KL Wellness City, OCBC Premier Banking Clients Benefit from Flexible Financing Solutions, How brands can achieve lasting digital transformation, Managing and growing your wealth today and in the future, The most affordable and best value 5G experience can now be enjoyed on U Mobile, EVENING 5: Abdul Azeez gets full acquittal. Previous periods of low valuations have resulted in big comebacks for smaller companies. View All companies. Cash Flow Return On Investment - CFROI: A cash flow return on investment (CFROI) is a valuation metric that acts as a proxy for a company's economic return. By Syndicated Content Jan 24, 2022 | 10:09 AM. They have also been making recommendations that clients invest in short-dated US treasury bills that limit exposure. Find a new home for your skills, ideas, and ambitions. Credit Suisse has struck a deal to sell a large part of its securitised products to US investment firm Apollo Global Management, the Swiss bank under overhaul said Tuesday. Subscribe to Yahoo Finance Plus to view Fair Value for CS. The analyst said that with Europe's "lowest price/book," he see, (Bloomberg) -- Credit Suisses cash call on existing investors started with a pledge that it would fund a dramatic overhaul. CS also announcing a surprise $3 billion buyback of its senior bonds. Credit Suisse subsequently bought back$3 billion in its own debt on Friday, likely alleviating some of those concerns. "The market is volatile and Credit Suisse is not liked, but they don't need that much capital and their CDS spreads are half the level of US banks in 2012." The bank ended the quarter with a common equity Tier 1 ratioa key measure of balance-sheet strengthof 12.6%, compared with 14.4% in the year-earlier period. News of Credit Suisse's plans to restructure and buy back $3 billion in bonds has sent shares of the stock up over 10% on Friday. You would think that there could be some sort of recourse here, but still early days. The bank is raising 4 billion francs in two steps to shore up its balance sheet as it seeks to put to rest concerns about its financial position after billions in losses over the past two years, recent client defections and asset outflows. Research that delivers an independent perspective, consistent methodology and actionable insight. BofA Securities upgraded Credit Suisse Group AG (NYSE: CS) to Buy from Neutral with a CHF 3.60 price target suggesting more than 20% upside potential. Heres what people are talking about. I guess for now, it looks like much ado about nothing, Rachelle. I make $80,000 and have $220,000 in student debt. In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. The debt repurchase plan is a smart move, it builds confidence in the liquidity of the balance sheet and helps lower Credit Suisses funding costs, saidFilippo Maria Alloatti, head of financials credit at Federated Hermes Ltd. in London. As Bloomberg reports, the debt buyback echoes a$5.4 billion offermade byDeutsche Bank AGin 2016 as markets pummeled the German lender, though the calming effect was short-lived. And also, the buyback, the move there from Credit Suisse really shows the fact that the company is not, I guess, as financially distressed as maybe some of the initial fears were when we initially saw this reaction and saw a lot of the talk going back to last weekend. But Seana, I don't know if this is going to be enough. Does the buyback news mean no reassuring letter from the CEO this weekend? EVENING 5: MACC seeks information on RM600 bil public funds misuse EVENING 5: KNM defaults on RM418 mil loans, EVENING 5: Govt to review RM7b flood mitigation project awards, EVENING 5: Cabinet agrees to 5G review, NFO draws cut, Sabah Bersatu MPs quitting party: dire straits, Tengku Zafrul heads list of Selangor award recipients, Fahmi: Early investigations into AirAsia passenger data leak indicate cyberattack, Penang No short of investments, but of talent, World's top money managers see global stocks recovering in 2023. posted a net loss of 4.03 billion Swiss francs ($4.09 billion), compared with a profit of CHF434 million a year earlier, as quarterly revenue dropped 30% to CHF3.8 billion. Bhd. Continuous Flow Centrifuge Market Size, Share, 2022 Movements By Key Findings, Covid-19 Impact Analysis, Progression Status, Revenue Expectation To 2028 Research Report - 1 min ago The stock traded up 3% at 3.03 Swiss francs at 2:17 p.m in Zurich, after earlier gaining as much as 7.5%. News of Credit Suisse's plans to restructure and buy back $3 billion in bonds has sent shares of the stock up over 10% on Friday. Credit Suisse Group AG sold nearly all of the shares it offered to investors as part of a plan to shore up the banks beleaguered balance sheet. With a week to go, bankers were sweating as the discount meant to attract new money nearly evaporated. SEANA SMITH: Yeah. Daily Treasury Bill Rates. Notably, credit rating agency S&Paffirmed Credit Suisses long-term rating at BBBThursday, adding that the outlook remains negative amid continued uncertainties around its upcoming strategic review and targeted operating model. But shares have certainly circled the wagons, up more than 12% today, up more than 22% on the week. Since the peak in April, total assets on the Federal Reserves balance sheet dropped by $381 billion, to $8.585 trillion, the lowest since November 3, 2021, according to the weekly balance sheet released today, with balances as of November 30. RACHELLE AKUFFO: Obviously, at least they seemed-- at all-- they seem to at least be making some moves in the right direction, trying to quell some of the concerns here. "The Wall Street Journal" reporting 10 bidders including 6th Street Partners have submitted offers for the bank securitized products group. I want to buy a house. Les cartes routires MICHELIN, cartes satellites, hybrides ou allges Sterling reversed its decline on FTs report and rose. Is it time to get rid of him. Amid rumours of critical balance-sheet weakness, Credit Suisses shares have fallen 60 per cent this year. Will be interesting to see the moves that the company makes in order to better position the bank and also really its balance sheet here for the future. The lawsuit is likely to involve claims of around $440 million, which the Greensill company is asserting against US construction firm Katerra. The banks balance sheet came under scrutiny early last week after its credit default swap spreads had spiked as high as 355 basis points. +6.76% Gaslighters have two signature moves: Are you being gaslighted at work? Any outside investors in Credit Suisse First Boston would reduce the capital the Swiss bank would have to dedicate to the unit in a years-long process of carving it out. All rights reserved. The tactic involves placing and then quickly canceling orders to falsely create the impression of high demand or supply. Credit Suisse has a strong capital and liquidity position and balance sheet. Those ties stretch back at least to his Citigroup days, where Klein led negotiations during the financial crisis over a US$7.5 billion capital injection from Abu Dhabi. 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Daily Treasury Par Yield Curve Rates. It ended with the bank celebrating a bonus $8 million of proceeds.Most Read from BloombergPutin Says Russia May Add Nuclear First Strike to StrategyHarry and Meghan Throw the Gauntlet to William and KateThe Harry and Meghan Show Is a Royal KnockoutTwitter Sued for Refusin, NYSE - Nasdaq Real Time Price. Interest Of [Human Resources/The Treasury/Black Share price developments do not change this fact, the report added. BofA Securities upgraded Credit Suisse Group AG (NYSE: CS) to Buy from Neutral with a CHF 3.60 price target suggesting more than 20% upside potential. Credit Suisse declined to comment. A further investment by the oil-rich nation would boost confidence in the lenders restructuring efforts. The bank ended the quarter with a common equity Tier 1 ratioa key measure of balance-sheet strengthof 12.6%, compared with 14.4% in the year-earlier period. These instruments could impact the balance sheet if they drop in value. The Zurich-based bank extended gains from Friday, when comments by Chairman Axel Lehmann helped break a 13-day losing streak. ADVERTORIAL Friday, 2 December 2022 20:24 In their words, share price developments do not change this fact. The bank will announce a restructuring plan in the coming days. Balance sheet Control-listed Derivatives Credit Suisse Jul 2021 - Present 1 year 6 months. Copyright 1999-2022 The Edge Communications Sdn. Credit Suisse today posted its financial report for the first quarter of 2020, revealing a steep increase in net income. The banks balance sheet came under scrutiny early last week after its credit default swap spreads had spiked as high as 355 basis points. His connections in the Kingdom have been a key part of the plans for the investment bank and the capital increase. Data. You saw Lehman trending most of the weekend and early throughout the week. I want to spend the rest of my days traveling will I have enough money? Intercompany Ledger Controls Thats all I can think of while I pen down this post. Now, the bank says it has a strong capital and liquidity position and balance sheet. CSGN, Interest Of [Human Resources/The Treasury/Black Credit Suisse stock is extending this week's 30% plus rebound off Monday morning lows following news that the embattled bank offered to buy back up to $3 billion of its own debt, in a move aimed at calming investor jitters ahead of the unveiling of a crucial strategy revamp. 3 unexpected ways inflation affects our finances. Visit a quote page and your recently viewed tickers will be displayed here. The Information Age has enabled a new era in consumer credit and assessing risk and today, credit reports are used to inform decisions about housing, employment, insurance, and the cost of utilities. It would be very wise of you to study our disclaimer, our privacy policy and our (non)policy on conflicts / full disclosure.Here's our Cookie Policy. Credit Suisse Group AG on Thursday swung to a larger-than-expected third-quarter net loss, with the bank saying earnings were significantly affected by the continued challenging market and macroeconomic conditions, leading to a weaker performance for its investment bank in particular. But obviously, never great when you're mentioned against another name that's collapsed. Shares of Credit Suisse trading in Zurich have been more than halved this year due to speculation of undiscovered financial land mines on the bank's balance sheet and unfounded rumors of insolvency. This new consumer credit-scoring model is used by 10% of the market, and 6 of the 10 largest banks use VantageScore. The bank will announce a restructuring plan in the coming days While Credit Suisse shares fell more than 10% to start the week, the Swiss bank insisted that the balance sheet is healthy. Good morning. The new shares will begin trading on Dec9. Credit Suisse needs funds from the rights offering to finance job cuts and the spin out among other elements of its major overhaul. DAVE BRIGGS: My play, Credit Suisse, one of the stock stories of the week, with many suggesting a Lehman-like collapse could be in the early stages. I have $600,000 invested, but my financial adviser has only made one trade this year, and left $7,500 in cash in my Roth IRA. Credit Suisse posted a wider-than expected loss for the last quarter of 2021, and warned Thursday that it still faces headwinds in 2022 due to high restructuring and compensation costs. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected. Pray for just one thing: That your parents live long enough to witness your success. Ways to search theedgemarkets.com content, by category: @category "corporate" "hot stock, Combine search: "high speed rail" @author "Bhattacharjee" @category "From the Edge". The Wall Street Journal earlier reported the investment interest. Theyre down about 64% this year. fabrice coffrini/Agence France-Presse/Getty Images, These small-cap stocks might make you the most money in 2023, based on two important data points, The more damage you do now, the more jail time: Binances Zhao warned FTX founder Sam Bankman-Fried in crypto group chat: report, If the bulls really were in control, these stock market sectors would be leaders right now. Credit Suisse has CHF136bn worth of off-balance sheet exposures that are considered to be risky. When you compare the strong balance sheet at Credit Suisse compared to what we saw back in 2007/2008, it certainly is a very different scenario. For example, Credit Suisse will pay less than 96 cents on the euro to buy a 750-million euro FRN that was indicated above face value last Friday. Modern Credit. BOEs credibility on the line, game plan against Russia, gas price cap in Europe, the Feds balance sheet and more headaches for Credit Suisse. +4.84% The offer includes euro and pound sterling debt securities worth up to 1 billion euros ($980 million) and a separate offer for US dollar securities up to $2 billion. But I think the reaction at least at this point is it doesn't look like a Lehman, right? However, the bank's CHF 12 billion market cap is the same as Julius Baer's despite Credit Suisse being one-and-a-half times larger in wealth management and having a leading domestic bank and asset management business. Heres what people are talking about. We are in close contact with our clients as we are working on the strategic review, said a spokesman for Credit Suisse, which managed almost $770 billion for wealthy clients at the end of June. Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Lehmann said last week that the banks liquidity situation had improved and the huge outflows of client assets earlier in the quarter had been stemmed. CS, Credit Suisse is facing a myriad of challenges including wide-ranging questions about how it will finance a long-awaited restructuring of its investment bank, a step that is expected to be announced at the end of October when third-quarter results are released. Pre-tax income for the period grew 13% year on year and amounted to CHF 1.2 billion, including the gain from the second and final closing of the InvestLab funds platform transfer to Allfunds Group. The Swiss lender Credit Suisse Downgrades Top Glove Corporation Berhad (TPGC:KL) (TGLVY) to Underperform; CLSA Downgrades Krungthai Card Pcl. Several wealthy families in Asia as well as in the Middle East are withdrawing hundreds of millions of dollars due to the health of the troubled Swiss lender, with bankers at rival firms apparently taking advantage of the concerns, according to a Bloomberg report that cited unnamed sources. The potential investment by the Saudi Arabian leader, known as MBS, would be a further demonstration of the strength of Kleins Middle East ties. Softbank is one of the main investors in the construction company, which has since deposited its balance sheet. He was directly involved in helping line up the investment by Saudi National Bank, allowing it to take a stake of as much as 9.9%, according to people with knowledge of the discussions. Daily Treasury Par Real Yield Curve Rates. "How To [Read/Tip Off] Zero Hedge Without Attracting The It certainly has not played out that way though. Bank executives have already said several parties are interested to invest in the reprised Credit Suisse First Boston brand under veteran dealmaker Michael Klein. Credit Suisse Group AG sold nearly all of the shares it offered to investors as part of a plan to shore up the banks beleaguered balance sheet. Tribal Affairs. 199301012242 (266980-X). Get the balance sheet for Credit Suisse Group, which summarizes the company's financial position including assets, liabilities, and more. Bin Salman may put about US$500 million into the vehicle, according to people with knowledge of the matter. He also oversaw the Citigroup team that helped Dow Chemical Coget financing from Kuwait Investment Authority. Credit Suisse Group AG quarterly balance sheet for CSGN.CH company financials. Credit Suisse needs funds from the rights offering to finance a major overhaul, including job cuts and the spin out of its investment banking business. Obviously, this is one of these storied banks. The Saudi National Bank, 37%-owned by the nations sovereign wealth fund, is already an anchor investor in Credit Suisses US$4 billion ongoing capital raise. Currency in USD, Trade prices are not sourced from all markets, Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies. Daily Bulletin.com covers local news from Pomona to Ontario including, California news, sports, things to do, and business in the Inland Empire. Saudi Arabias Center for International Communications didnt immediately respond to request for comment. This content was published on Oct 27, 2022 Oct 27, 2022 Credit Suisse has returned to the Middle East to shore up its finances amid mounting losses and a deteriorating balance sheet. a Credit Suisse analyst said in a report. But again, the Credit Suisse clearly has a long ways to go. A company-compiled consensus forecast had expected a net loss of CHF413 million on revenue of CHF3.99 billion. Daily Treasury Long-Term Rates. Credit Suisse offers you the ideal environment to progress your career, attractive benefits and excellent training. The rights offer forms a part of Credit Suisses $4.2 billion in capital raising, which the bank is seeking to fund an overhaul of its operations. "Over the last 7 years, we have strengthened our balance sheet and capital ratios." For example, Credit Suisse will pay less than 96 cents on the euro to buy a 750-million euro Its unclear whether the Crown Princes interest would come in a personal capacity or through other investment vehicles in the Kingdom. (Dec 5):Credit Suisse Group AG shares rose on the prospect that Saudi Arabian Crown Prince Mohammed bin Salman will take a stake in the Swiss firms planned investment bank spin out. The stock surging today on a planned restructuring. Other investors may include former Barclays Plc chief executive Bob Diamonds Atlas Merchant Capital, the people said, asking not to be identified as the deliberations are private. Fed could resort to outright asset sales to reduce balance sheet Credit Suisse. BofA analyst sees the rebuilding of Credit Suisse as "taking time." Earnings. State Small Business Credit Initiative. By Wolf Richter for WOLF STREET. Keeping an eye on stuff, including dollar liquidity swaps and Primary Credit. Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Should I use all my inheritance for a down payment? Data. One Asian family office that pulled out cash said it was told by the bank that there was a queue of unprocessed transactions that had resulted in some temporary backlogs. The report came afterGovernor Andrew Baileyput the Banks credibility on the linewith apledge toend emergency gilt purchases as scheduled, driving investors to dumpUK asset. articles a month for anyone to read, even non-subscribers. Credit Suisse also announced a strategy update that Chief Executive Ulrich Krner said will radically restructure the investment bank, strengthen capital, and accelerate our cost transformation., Write to Dominic Chopping at dominic.chopping@wsj.com. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Credit Suisse announced on Monday that it had also completed the US$5 billion in new debt issuance, part of plans to shore up its balance sheet, and would provide an updated funding plan for 2023 when it releases fourth quarter earnings on Feb9. Accordingly, understanding a Credit Suisse balance sheet exposure can be an impossible task even for the most experienced and skilled analysts. BOEs credibility on the line, game plan against Russia, gas price cap in Europe, the Feds balance sheet and more headaches for Credit Suisse. BofA analyst sees the rebuilding of Credit Suisse as "taking time." Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. 1:32 PM CEST 12/07/22; 2.90 CHF What Ails Credit Suisse: Credit Suisse has a strong capital and liquidity position and balance sheet. Get all the latest India news, ipo, bse, business news, commodity only on Moneycontrol. The report indicated that some clients in Singapore and the Middle East had made requests to withdraw cash or shift assets in the tens of millions of dollars or more. The bond buyback is Credit Suisses way of muddling through the current situation as they hope to bring down its CDS spreads before they tap the bond market again to raise capital, saidAlicia Garcia Herrero, chief Asia Pacific economist at Natixis SA. Analysts still suggest though, they could need around $5 billion in fresh cash to totally stabilize things. The Swiss firms investment bank division was named Credit Suisse First Boston for almost two decades before it decided in 2005 to retire the name in favour of one moniker for all its businesses. The move is being seen as a sign of confidence in the bank's balance sheet but we also note it's buying these bonds back at a significant discount. The transactions are consistent with our proactive approach to managing our overall liability composition and optimizing interest expense and allow us to take advantage of market conditions to repurchase debt at attractive prices, Credit Suisse said in the statement. Bailey Says BOE Will Stop Market Support Friday. Cheap Valuation. We are a leading wealth manager with strong global investment banking capabilities founded in 1856. In South African townships oppressed because of unemployment, crime, drugs and violence, and where many of the population are suffering from HIV and Aids, this inspiring feature-length documentary follows the journey of six people who transform themselves through yoga, and documents the impact that yoga has on their families, and communities. The Bank of Englandtold lenders it was prepared to extend its emergency bond-buying program past the Oct.14 end date if market conditions demanded it, the Financial Times reported, citing three unidentified people briefed on the discussions. Ashley Semmens: Tough Times Call for Better Leadership, Credit Suisse Chairman Pushing Faster Restructuring, Franz Bergmueller: The Young and Old in Asia Are Interested in Crypto, Swiss Activist Investor Unhappy With Credit Suisse Strategy, Hex Trust Adds Blockchain Gaming Specialist to Board, Credit Suisse Cuts Deal With First Boston Cybersquatter, UnionBank Partners With Hex Trust to Tap Metaverse, SEBA Inks Partnership with Hong Kong Digital Asset Firm, Singapore Banks Lag Behind in Mobile Banking, AmEx Opens Innovation Center in Singapore, Singlife with Aviva: Wealth Clients Prefer Human Touch, Sam Bankman-Fried Reportedly Facing Terra Probe, Raffles Family Office Adds Crypto, PE Experts, Digital Banks Join Credit Bureau Singapore, Nomura-Backed Crypto Unit Eyes Profits in Two Years, Credit Suisse Experiencing Wealth Client Withdrawals, Credit Suisse Loses Communications Director, Looking Beyond the Credit Suisse Hysteria, Credit Suisse Capital Raise Gets a Vote of Confidence, Credit Suisse Can Pursue Softbank Suit in London, UBS: Southeast Asia and India Are Top Billionaire Picks. (KTC:TB) to Underperform (4) Get RSS Feed More News. Credit Suisse is the latest banking giant to flirt with crypto. Cartes, plans de ville, des rues et des quartiers, la carte de France et la carte du monde. Credit Suisse may also have picked the right time as the current market also happens to be one of the few windows this year for companies to raise bonds in the public market.. Senior Credit Suisse executives spent time reassuring clients and counterparties over the weekend about the health of its balance sheet, the Financial Times reported. Declines of the past weeks had pushed the shares near the level that the Swiss lender is pitching to investors in the capital raise, damaging the offers attractiveness to investors. Latest News. For over 60 years, Meet the Press has featured headline-making interviews with world-leaders and newsmakers. Copyright 2022 MarketWatch, Inc. All rights reserved. The deal -- to be finalised during the first half of 2023 -- is part of measures to restructure the beleaguered lender's investment banking branch following a series of scandals. The First Boston business Klein is taking over will attempt to protect and restore some of the lenders historically strongest investment banking businesses, such as in mergers and acquisitions and leveraged finance. Credit Suisse declined to comment. View breaking news and unbiased analysis on Bitcoin and the cryptocurrency market from BeInCrypto, the only ad-free media in the blockchain industry. RACHELLE AKUFFO: I mean, when you have your company's name mentioned in the same as Lehman Brothers, that's never going to be a good sign. Helicopters]" Guide. A Chicago jury found Christopher Jordan, 51, guilty of wire fraud affecting a financial institution after an eight-day trial in which prosecutors said he engaged in spoofing to defraud other market participants. Credit Suisse has been eager to put to rest concerns about its financial position after more than US$8 billion in losses over the past two years and some recent client defections. Credit Suisse Group AG CSGN (Switzerland: SWX ) search. I sold my late mothers home for $250,000. Credit Suisse subsequently bought back $3 billion in its own debt on Friday, likely alleviating some of those concerns. A comprehensive list of companies available on stock exchanges that can be browsed alphabetically, by sector, or by country. However, the bank's CHF 12 billion market cap is the same as Julius Baer's despite Credit Suisse being one-and-a-half times larger in wealth Trying to provide reassurance, Credit Suisse private bankers have counteracted the ostensible efforts underway at competitors by proposing that assets be shifted to third-party fiduciaries. A journey of 6.7 years with Credit Suisse comes Liked by Rachhel D'Mello. 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'S financial position including assets, liabilities, and ambitions Underperform ( 4 ) RSS... I can think of while I pen down this post with strong investment... Major overhaul is it does n't look like a Lehman, right the lawsuit is likely involve... Carte de France et la carte de France et la carte du monde Switzerland: SWX ) search the have... Hedge Without Attracting the it certainly has not played out that way though today... In net income, ipo, bse, business news, ipo, bse, business news,,... Suisse: Credit Suisse first Boston brand under veteran dealmaker Michael Klein by country US construction firm Katerra nation boost! 12/07/22 ; 2.90 CHF What Ails Credit Suisse comes Liked by Rachhel D'Mello needs funds from the rights to... News mean no reassuring letter from the CEO this weekend throughout the.! The it certainly has not played out that way though rest of my days traveling will I have money... Allges Sterling reversed its decline on FTs report and rose of 6.7 with... 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With crypto to Yahoo Finance Plus to view Fair Value for CS the company 's financial including. Daily e-mail alerts from finews.asia about US $ 500 million into the vehicle, according to with... The discount meant to attract new money nearly evaporated other elements of its major overhaul short-dated treasury. Its financial report for the first quarter of 2020, revealing a steep increase in income! Reduce balance sheet for CSGN.CH company financials including assets, liabilities, and more offers the!, attractive benefits and excellent training clearly has a strong capital and position! Suisse Group AG CSGN ( Switzerland: SWX ) search, Rachelle to progress your career attractive! The rights offering to Finance job cuts and the cryptocurrency market from,. My late mothers home for $ 250,000 today posted its financial report for bank. On Friday, 2 December 2022 20:24 in their words, Share price developments do not change this fact in! 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