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Wednesday, April 4, 2012 12:00 AM PDT

Today's Reuters News Headlines - Yahoo! News: Romney close to Republican nomination after victories Swarm of tornadoes rip through Dallas-Fort Worth Federal Reserve tones down talk of more stimulus Analysis: Success of Annan peace plan for Syria hinges on Russia Brazil tax cuts, credits throw lifeline to industry Analysis: Low cost era over for China's workshops to the world Police: Accused Oakland gunman targeted administrator, classmates James Murdoch quits as BSkyB chairman March auto sales up 13 percent, recovery quickens Factory orders rebound in February, up 1.3 percent Police: Accused Oakland gunman targeted administrator, classmates Violence continues as Syria ceasefire nears China's Wen urges breakup of bank monopoly as growth slows China's Wen says bank monopoly must be broken up: state media James Murdoch quits as BSkyB chairman Tornadoes rip through Dallas-Fort Worth area Obama targets Romney by name as Republican race shifts Insight: Bullish China shops in industrial Germany Obama takes a shot at Supreme Court over healthcare Apple's iPad tops Consumer Reports' list despite heat issue Pakistan jails bin Laden's family for illegal stay Manufacturing up, construction spending falls Avon rejects $10 billion takeover bid from Coty Annan says Syria agrees to April 10 peace deadline U.S. hails Myanmar election as step for democratic change Insight: Why Bank of Korea insiders worry about credibility Russian plane crash kills 31, exposes safety record Euro zone unemployment reaches near 15-year high Gunman kills 7, wounds 3 at California Christian college Manufacturing sector picks up in March: ISM Fed's Bullard: U.S. inflation may reflect global growth Avon rejects $10 billion takeover bid from Coty Pakistan jails bin Laden's family for illegal stay Russian plane crash kills 31, exposes safety record U.S. automakers expect sizzling sales for March Analysis: A Romney win would likely change little at Federal Reserve Insight: Bank stampede keeps Spanish real estate on the ropes Santorum won't quit race; top Republican calls for unity Suu Kyi's party claims landslide win in Myanmar vote Insight: As currency floats, Myanmar's banks rise again Romney close to Republican nomination after victories Tue,3 Apr 2012 08:37 PM PDT Reuters - MILWAUKEE (Reuters) - Mitt Romney made a big leap toward winning the Republican U.S. presidential nomination with a clean sweep of three primaries on Tuesday that handed a stinging defeat to chief rival Rick Santorum. The victories in Wisconsin, Maryland and Washington, D.C. will increase appeals from Republican party leaders for Santorum to quit so that Romney can gird for a difficult fight against President Barack Obama in the November 6 election. ... Full Story Top Swarm of tornadoes rip through Dallas-Fort Worth Tue,3 Apr 2012 09:23 PM PDT Reuters - DALLAS (Reuters) - Up to a dozen tornadoes skipped through the densely populated Dallas-Fort Worth area in Texas on Tuesday, ripping apart homes, tossing tractor-trailer trucks into the air and injuring at least 17 people, but there were no reported deaths. Ten to 12 tornadoes touched down during a massive storm that brought chaos from high winds, rain and hail to the nation's fourth most populous metropolitan area, said National Weather Service meteorologist Jesse Moore. Many of the 6. ... Full Story Top Federal Reserve tones down talk of more stimulus Tue,3 Apr 2012 03:52 PM PDT Reuters - WASHINGTON (Reuters) - Federal Reserve policymakers have backed away from the need for another round of monetary stimulus as the U.S. economy gradually improves. Minutes of the central bank's meeting published on Tuesday showed only two of the policy-setting Federal Open Market Committee's 10 voting members saw the case for additional monetary stimulus. That was a big shift from January, when several officials thought economic conditions might warrant a third round of bond purchases to boost growth. The surprise change in tone hammered U.S. stocks, bonds and gold, while boosting the dollar. ... Full Story Top Analysis: Success of Annan peace plan for Syria hinges on Russia Tue,3 Apr 2012 10:10 PM PDT Reuters - UNITED NATIONS (Reuters) - The success or failure of Kofi Annan's peace plan for Syria will depend largely on how willing Russia is to keep sustained pressure on a government that Moscow is determined to protect from Western calls for "regime change." Even if, as expected, Syrian President Bashar al-Assad fails to comply fully with an April 10 deadline to halt military operations and pull its army out of population centers, U.N. diplomats say Annan will keep pushing Russia and China to help him pressure Damascus to end the year-long conflict. The former U.N. ... Full Story Top Brazil tax cuts, credits throw lifeline to industry Tue,3 Apr 2012 12:13 PM PDT Reuters - BRASILIA (Reuters) - Brazil's government unveiled a new package of tax cuts, low-cost credits and other relief for ailing industries on Tuesday, seeking to resurrect a once-booming economy struggling to regain momentum. In a speech to business leaders in the capital, Brasilia, President Dilma Rousseff said the measures are necessary to revive Latin America's biggest economy and help Brazil defend itself against what she called "predatory competition" from low-cost rivals in the global marketplace. ... Full Story Top Analysis: Low cost era over for China's workshops to the world Tue,3 Apr 2012 07:03 PM PDT Reuters - TAIPEI (Reuters) - Foxconn Technology's agreement to improve the lot of its 1.2 million workers in China who make Apple Inc's iPads and iPhones is a signal that China is losing its title as the world's lowest-cost producer of everything. It is not a pure economic argument, but an ethical one too that is gaining momentum following Apple's unprecedented decision to allow the largest investigation ever into a U.S. company's operations abroad. ... Full Story Top Police: Accused Oakland gunman targeted administrator, classmates Tue,3 Apr 2012 11:26 PM PDT Reuters - OAKLAND, California (Reuters) - A former student accused of killing seven people and wounding three others in a shooting rampage at a small Christian college in Oakland was gunning for a school administrator and classmates he felt had treated him unfairly, police said on Tuesday. Oakland Police Chief Howard Jordan said 43-year-old One Goh, who had been expelled from Oikos University for "anger management" issues, had been cooperative since being taken into custody after Monday's shootings but "not particularly remorseful. ... Full Story Top James Murdoch quits as BSkyB chairman Tue,3 Apr 2012 06:10 PM PDT Reuters - LONDON (Reuters) - James Murdoch resigned as chairman of BSkyB on Tuesday to prevent his links to a tabloid phone-hacking scandal from undermining the pay TV group, which has so far escaped the worst of the damage convulsing its controlling shareholder News Corp. In a bitter blow to Murdoch, until last year seen as heir apparent to his father Rupert's media empire, James said he would step down from the British pay-TV company where he made his name as a talented executive in his own right. ... Full Story Top March auto sales up 13 percent, recovery quickens Tue,3 Apr 2012 02:17 PM PDT Reuters - (Reuters) - Auto sales rose about 13 percent in March as consumers energized by an improving job market replaced aging vehicles and took advantage of cheap financing. The strong March sales rounded out the best quarter for U.S. vehicle sales since 2008 and raised the prospect that major automakers would have to scramble to boost production and lift cautious full-year sales forecasts. The auto industry has been in a slow, sporadic recovery for the past two years, and the March data suggested the pace of the recovery is gathering steam. ... Full Story Top Factory orders rebound in February, up 1.3 percent Tue,3 Apr 2012 07:23 AM PDT Reuters - WASHINGTON (Reuters) - New orders for U.S. factory goods rebounded in February and firms increased orders for capital goods, suggesting manufacturing held on to some momentum early in the year. The Commerce Department said on Tuesday new orders for manufactured goods rose 1.3 percent, just below the 1.5 percent gain expected by private forecasters in a Reuters poll. Growth in the U.S. economy likely slowed in the first quarter as weaker restocking of companies' shelves kept factories less busy. ... Full Story Top Police: Accused Oakland gunman targeted administrator, classmates Tue,3 Apr 2012 04:55 PM PDT Reuters - OAKLAND, California (Reuters) - A former student accused of killing seven people and wounding three others in a shooting rampage at a small Christian college in Oakland was gunning for a school administrator and classmates who he felt had treated him unfairly, police said on Tuesday. Oakland Police Chief Howard Jordan said that 43-year-old One Goh, expelled from Oikos University for "anger management" issues, has been cooperative since being taken into custody after Monday's shootings but "not particularly remorseful. ... Full Story Top Violence continues as Syria ceasefire nears Tue,3 Apr 2012 11:23 AM PDT Reuters - BEIRUT (Reuters) - Opposition activists accused Syrian troops of shelling two cities on Tuesday in a campaign to weaken forces fighting President Bashar al-Assad's government before a ceasefire deadline next week. Rebel fighters also kept up their attacks, killing three soldiers in separate actions in northern Syria, activists said. Assad has agreed to a ceasefire negotiated by international peace envoy Kofi Annan from April 10, the latest effort to end a year of bloodshed stemming from an uprising against his rule. An advance team from the U.N. ... Full Story Top China's Wen urges breakup of bank monopoly as growth slows Tue,3 Apr 2012 06:24 PM PDT Reuters - (Reuters) - China's premier called the country's big banks a monopoly that needed to be broken to get money flowing to cash-starved private firms, as the nation's economy appears to have skidded to its slowest growth in three years. China's state banks make money "far too easily", state media quoted Premier Wen Jiabao as saying on Tuesday, in comments that reignited debate over the role of banking in cushioning the descent of the high-flying economy, the world's second largest. "Frankly, our banks make profits far too easily. ... Full Story Top China's Wen says bank monopoly must be broken up: state media Tue,3 Apr 2012 03:23 PM PDT Reuters - (Reuters) - China's state banks make money "far too easily" and their monopoly on financial services has to be broken if cash-starved private enterprises are to get timely access to capital, state media cited Premier Wen Jiabao as saying on Tuesday. Wen's comments, carried on China National Radio, come days after Beijing gave the go-ahead for financial reforms in Wenzhou - known as the country's cradle of private enterprise - that will encourage private investment in local banks. "Frankly, our banks make profits far too easily. ... Full Story Top James Murdoch quits as BSkyB chairman Tue,3 Apr 2012 04:05 PM PDT Reuters - LONDON (Reuters) - James Murdoch resigned as chairman of BSkyB on Tuesday to prevent his links to a tabloid phone-hacking scandal from undermining the pay TV group, which has so far escaped the worst of the damage convulsing its controlling shareholder News Corp. In a bitter blow to Murdoch, until last year seen as heir apparent to his father Rupert's media empire, James said he would step down from the British pay-TV company where he made his name as a talented executive in his own right. ... Full Story Top Tornadoes rip through Dallas-Fort Worth area Tue,3 Apr 2012 03:21 PM PDT Reuters - DALLAS (Reuters) - At least two tornadoes tore through the Dallas-Fort Worth metropolitan area in Texas on Tuesday, ripping apart buildings, tossing tractor trailer trucks into the air and grounding planes in the region. There were no reports of deaths or serious injuries, according to police, although the storm was still active. One tornado tossed around trucks like toys in the Flying J Truck Plaza in Dallas, said truck driver Michael Glennon, who caught the destruction on his video camera as debris swirled through the air. ... Full Story Top Obama targets Romney by name as Republican race shifts Tue,3 Apr 2012 03:45 PM PDT Reuters - WASHINGTON/MILWAUKEE (Reuters) - President Barack Obama attacked Mitt Romney directly on Tuesday for backing a controversial Republican budget plan, marking a shift into the general election as the former Massachusetts governor edged toward becoming his party's presidential nominee. Obama rarely mentions the Republican front-runner by name, preferring to let Romney battle it out with party rival Rick Santorum, a former Pennsylvania senator. ... Full Story Top Insight: Bullish China shops in industrial Germany Tue,3 Apr 2012 06:21 AM PDT Reuters - FRANKFURT (Reuters) - German businessman Norbert Scheuch was bowled over by his red-carpet treatment on a visit to China late last year and by how fast the country's largest construction firm sealed the deal to buy his company. The head of Sany Heavy Industry, which is controlled by China's richest man, Liang Wengen, personally gave Scheuch a tour of their plant and then had a top manager drive him to the airport and wait with him for his flight home. "Nobody would ever do that in Europe," said Scheuch, CEO of concrete pump maker Putzmeister. ... Full Story Top Obama takes a shot at Supreme Court over healthcare Mon,2 Apr 2012 03:45 PM PDT Reuters - WASHINGTON (Reuters) - President Barack Obama took an opening shot at conservative justices on the Supreme Court on Monday, warning that a rejection of his sweeping healthcare law would be an act of "judicial activism" that Republicans say they abhor. Obama, a Democrat, had not commented publicly on the Supreme Court's deliberations since it heard arguments for and against the healthcare law last week. Known as the "Affordable Care Act" or "Obamacare," the measure to expand health insurance for millions of Americans is considered Obama's signature domestic policy achievement. ... Full Story Top Apple's iPad tops Consumer Reports' list despite heat issue Mon,2 Apr 2012 05:19 PM PDT Reuters - SAN FRANCISCO (Reuters) - Apple Inc's new iPad topped Consumer Reports' list of tablets despite the influential watchdog's having earlier stoked doubts about the latest iteration of the best-selling tablet by saying it threw off more heat when used heavily. The widely followed group that reviews a broad range of services and products -- including electronics and cars -- said on Monday it conducted additional tests on a number of tablets running Google Android software, including Samsung's Galaxy Tab 10.1, and found higher temperatures common and not a cause for concern. ... Full Story Top Pakistan jails bin Laden's family for illegal stay Mon,2 Apr 2012 05:17 PM PDT Reuters - ISLAMABAD (Reuters) - A Pakistani court jailed former al Qaeda leader Osama bin Laden's three widows and two daughters for 45 days after finding them guilty of illegally staying in the country, their lawyers said on Monday. In practice, that means they will serve 14 days in prison because they have been in detention since March 3. Bin Laden's family members will eventually be deported to their home countries, the lawyers said. "They (bin Laden's relatives) were sentenced to 45 days imprisonment and fined 10,000 rupees ($110) each. ... Full Story Top Manufacturing up, construction spending falls Mon,2 Apr 2012 05:34 PM PDT Reuters - NEW YORK (Reuters) - The pace of growth in manufacturing picked up last month, even as measures of new orders and exports eased, underscoring how the economy is recovering at a gradual clip. Separate data on Monday showed construction spending suffered its biggest drop in seven months in February, prompting some economists to lower their sights for first-quarter growth. The Institute for Supply Management (ISM) said its index of national factory activity rose to 53.4 from 52.4 in February, topping economists' expectations of 53.0. ... Full Story Top Avon rejects $10 billion takeover bid from Coty Tue,3 Apr 2012 05:28 AM PDT Reuters - (Reuters) - Coty Inc disclosed on Monday that it had offered $10 billion for Avon Products Inc but the larger company, which is grappling with sliding sales and a bribery probe, rejected the bid as too low and "opportunistic". Combining Coty, maker of Stetson aftershave and Beyoncé fragrances, with Avon, the world's largest direct seller of cosmetics, would give Coty less reliance on fragrances and a bigger share of growing overseas markets. Investors sent Avon's stock soaring as high as $23.38 on Monday after news of Coty's offer. The shares closed up 17.3 percent at $22.70. ... Full Story Top Annan says Syria agrees to April 10 peace deadline Mon,2 Apr 2012 04:59 PM PDT Reuters - UNITED NATIONS/BEIRUT (Reuters) - Syria has pledged to withdraw all military units from towns by April 10 to pave the way for a ceasefire with rebels two days later, though Western envoys were skeptical on Monday about Damascus' intent to halt its year-long assault on opponents. The U.N.-Arab League peace envoy Kofi Annan briefed the U.N. Security Council on the deadline behind closed doors. He told them there had been no reduction in violence so far, but urged them to consider an observer mission nevertheless in light of Syria's acceptance of the April 10 deadline, diplomats said. ... Full Story Top U.S. hails Myanmar election as step for democratic change Mon,2 Apr 2012 02:05 PM PDT Reuters - WASHINGTON (Reuters) - The United States on Monday hailed a strong showing by Aung San Suu Kyi's pro-democracy party in Myanmar's by-elections, calling the vote an important step in the country's democratic transformation. "We hope it is an indication that the government of Burma intends to continue along the path of greater openness, transparency and reform," Jay Carney, press secretary for U.S. President Barack Obama, said in a statement. ... Full Story Top Insight: Why Bank of Korea insiders worry about credibility Tue,3 Apr 2012 04:04 AM PDT Reuters - SEOUL (Reuters) - Unlike most central banks, the Bank of Korea has the pursuit of "harmony" written into its statutes. But when it comes to harmonizing with the government, South Korea's central bank may have gone too far, undermining its credibility as an effective counterweight in managing Asia's fourth-biggest economy, interviews with current and former Korean policymakers say. Indeed, those sympathies may draw even closer to those of the government. ... Full Story Top Russian plane crash kills 31, exposes safety record Mon,2 Apr 2012 05:15 PM PDT Reuters - MOSCOW (Reuters) - A passenger plane crashed and burst into flames after takeoff in Siberia on Monday, killing 31 people and putting the spotlight on Russia's poor air-safety record before Vladimir Putin's return as president. Thirteen survivors were pulled from the wreckage but one later died after being rushed by helicopter to hospital in the city of Tyumen, some 1,720 km (1,070 miles) east of Moscow, emergency officials said. Television footage showed the UTair airlines ATR 72, which had snapped in two, lying in a snowy field with only the tail and rear visible. ... Full Story Top Euro zone unemployment reaches near 15-year high Mon,2 Apr 2012 07:00 AM PDT Reuters - BRUSSELS (Reuters) - Unemployment in the euro zone reached its highest level in almost 15 years in February, with more than 17 million people out of work, and economists said they expected job office queues to grow even longer later this year. Joblessness in the 17-nation currency zone rose to 10.8 percent - in line with a Reuters poll of economists - and 0.1 points worse than in January, Eurostat said on Monday. ... Full Story Top Gunman kills 7, wounds 3 at California Christian college Mon,2 Apr 2012 04:51 PM PDT Reuters - OAKLAND, California (Reuters) - A gunman opened fire at a private Christian college in California on Monday, killing at least seven people and wounding three others after telling former classmates to "get in line ... I'm going to kill you all." A suspect in what was the deadliest U.S. school shooting in five years was later arrested at a shopping mall several miles away from the scene of the shooting at Oakland's Oikos University, which appears to cater largely to the area's Korean community. ... Full Story Top Manufacturing sector picks up in March: ISM Mon,2 Apr 2012 09:06 AM PDT Reuters - NEW YORK (Reuters) - The pace of growth in the manufacturing sector picked up a tad in March, while new orders dipped modestly, according to an industry report released on Mon day. The Institute for Supply Management said its index of national factory activity rose to 53.4 from 52.4 in February, topping economists' expectations of 53.0. A reading above 50 indicates expansion in the manufacturing sector, while a number below 50 means contraction. New orders edged down to 54.5 from 54.9 and prices paid also eased to 61.0 from 61.5. (Reporting by Leah Schnurr; Editing by James Dalgleish) Full Story Top Fed's Bullard: U.S. inflation may reflect global growth Mon,2 Apr 2012 01:17 PM PDT Reuters - WASHINGTON (Reuters) - A top Federal Reserve official said faster global growth may be keeping inflation higher than expected in the United States. "Typical estimates suggest inflation should have remained low or even moved lower during 2011," St. Louis Fed President James Bullard said in a speech in Beijing. One explanation may be that the global gap between actual growth and employment and full economic potential -- which is narrower than that of the United States, and may even be positive -- is affecting U.S. prices, he said. The St. ... Full Story Top Avon rejects $10 billion takeover bid from Coty Mon,2 Apr 2012 04:40 PM PDT Reuters - (Reuters) - Coty Inc disclosed on Monday that it had offered $10 billion for Avon Products Inc but the larger company, which is grappling with sliding sales and a bribery probe, rejected the bid as too low and "opportunistic". Combining Coty, maker of Stetson aftershave and Beyoncé fragrances, with Avon, the world's largest direct seller of cosmetics, would give Coty less reliance on fragrances and a bigger share of growing overseas markets. Investors sent Avon's stock soaring as high as $23.38 on Monday after news of Coty's offer. The shares closed up 17.3 percent at $22.70. ... Full Story Top Pakistan jails bin Laden's family for illegal stay Mon,2 Apr 2012 05:12 AM PDT Reuters - ISLAMABAD (Reuters) - A Pakistani court jailed former al Qaeda leader Osama bin Laden's three widows and two daughters for 45 days after finding them guilty of illegally staying in the country, their lawyers said on Monday. In practice, that means they will serve 14 days in prison because they have been in detention since March 3. Bin Laden's family members will eventually be deported to their home countries, the lawyers said. "They (bin Laden's relatives) were sentenced to 45 days imprisonment and fined 10,000 rupees ($110) each. ... Full Story Top Russian plane crash kills 31, exposes safety record Mon,2 Apr 2012 05:05 AM PDT Reuters - MOSCOW (Reuters) - A passenger plane crashed and burst into flames after takeoff in Siberia on Monday, killing 31 people and putting the spotlight on Russia's poor air-safety record before Vladimir Putin's return as president. Thirteen survivors were pulled from the wreckage but one later died after being rushed by helicopter to hospital in the city of Tyumen, some 1,720 km (1,070 miles) east of Moscow, emergency officials said. Television footage showed the UTair airlines ATR 72, which had snapped in two, lying in a snowy field with only the tail and rear visible. ... Full Story Top U.S. automakers expect sizzling sales for March Mon,2 Apr 2012 03:56 AM PDT Reuters - DETROIT (Reuters) - U.S. auto sales are expected to continue at a strong pace in March, capping the best quarter in four years for new vehicle purchases as the overall U.S. economy improved and new car buyers found easier financing. The strong first quarter in the U.S. market could temper the impact of weak auto sales in Europe, where both General Motors Co and Ford Motor Co have lost money. "The strong U.S. data should help support first-quarter earnings and potentially offset any greater than expected softness in Europe," RBC Capital Markets analyst Joseph Spak said in a research note. ... Full Story Top Analysis: A Romney win would likely change little at Federal Reserve Sun,1 Apr 2012 02:47 PM PDT Reuters - (Reuters) - For all the derision Republican presidential hopefuls have heaped on the Federal Reserve, a November win by lead contender Mitt Romney would likely change little at the central bank, at least in the short term. That might seem surprising, given the unprecedented barrage of criticism levied this campaign season at Fed Chairman Ben Bernanke, whose aggressive efforts to support the economy have sparked accusations that he is setting the table for future inflation. Texas Governor Rick Perry, who has since dropped out of the race, called Bernanke's policies "treasonous. ... Full Story Top Insight: Bank stampede keeps Spanish real estate on the ropes Mon,2 Apr 2012 01:57 AM PDT Reuters - MADRID (Reuters) - When Jose Morales travelled up from Granada in southern Spain in February to look at a new apartment in the Madrid satellite town of Sesena, he was greeted by long queues of mostly young people outside the sales office. "When the door opened, there was a stampede to get in, like a department store sale, and some were even injured in the dash," said Morales. The apartments were selling so fast, unseen by the buyers in many cases, that he missed out on the one he wanted. ... Full Story Top Santorum won't quit race; top Republican calls for unity Sun,1 Apr 2012 09:44 AM PDT Reuters - WASHINGTON (Reuters) - The U.S. Senate's top Republican called on his party to unite behind leading presidential candidate Mitt Romney on Sunday as rival Rick Santorum vowed to stay in the race beyond a likely defeat in Tuesday's Wisconsin primary. Senate Republican Leader Mitch McConnell stopped short of endorsing Romney in an interview on CNN's "State of the Union" show. But McConnell did say the former Massachusetts governor would make an "excellent nominee" and left little doubt about whom he supported in the battle to take on Democratic President Barack Obama in the November 6 election. ... Full Story Top Suu Kyi's party claims landslide win in Myanmar vote Mon,2 Apr 2012 06:13 AM PDT Reuters - YANGON (Reuters) - Pro-democracy leader Aung San Suu Kyi claimed on Monday a by-election landslide for her party, which she hoped would mark the beginning of a new era for Myanmar after a historic vote that could prompt the West to end sanctions. The charismatic Suu Kyi, a Nobel Peace Prize laureate who led the struggle against military rule in the former Burma for two decades, was one of 44 candidates her National League for Democracy Party (NLD) said won all but one of the legislative seats being contested. ... Full Story Top Insight: As currency floats, Myanmar's banks rise again Mon,2 Apr 2012 03:32 AM PDT Reuters - YANGON (Reuters) - Every table and much of the floor at Co-Operative Bank in Myanmar's commercial capital is stacked with thick bricks of the local kyat currency. Money counting machines clatter. Workers carry sacks of cash slung over their shoulders. A few blocks away, brokers in a small colonial-era building leaf through bundles of cash, part of an ancient "hawala" money transfer network used widely in Asia and the Middle East, and one of the only ways to get cash out of Myanmar. ... Full Story Top

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