Senin, 06 Januari 2020

Bed Bath & Beyond shares jump on real estate deal that gives the retailer $250 million - CNBC

Shoppers exit a Bed Bath & Beyond store in New York.

Michael Nagle | Bloomberg | Getty Images

Bed Bath & Beyond shares jumped nearly 3% Monday morning after the retailer said it had completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital, netting it $250 million in proceeds.

The embattled company's new CEO Mark Tritton, who just took the reins in November, said the deal, which entailed selling real estate and leasing it back, "marks the first step toward unlocking valuable capital ... that can be put to work to amplify our plans to build a stronger, more efficient foundation to support revenue growth, financial stability and enhance shareholder value."

Bed Bath & Beyond said in a press release that the properties it has sold represent about 2.1 million square feet of commercial real estate, which includes stores, office space and a distribution center. Bed Bath & Beyond, which also owns Buy Buy Baby and Harmon drugstores, has roughly 1,500 locations in total.

The company said it is continuing to work with outside financial advisors to review its real estate and determine the best uses "to optimize its asset base and enhance shareholder value."

Bed Bath & Beyond said it plans to use the proceeds from the deal announced Monday to reinvest in its core business and transformation efforts, to fund share repurchases and to reduce outstanding debt, or a combination of these tactics.

Tritton has only been in the CEO role, after leaving Target, for a few weeks. But he has shown he is wasting no time to embark on his own turnaround strategy.

Last month, he ousted six senior executives — in the midst of the holiday shopping season, including the retailer's chief merchandising officer, marketing officer, digital officer, its general counsel and chief administrative officer.

Bed Bath & Beyond has come under heightened pressure and sales have slumped as businesses such as Amazon, Walmart and Target have appealed more to consumers with speedier shipping and stronger websites, as they sell many of the same items that Bed Bath & Beyond has traditionally offered in its stores.

Meantime, selling real estate and leasing it back is a strategy that numerous retailers have deployed in the past, especially when they're in a pinch for liquidity. Sears did this prior to going bankrupt. So has Macy's. But this also means these companies then are stuck with paying rent.

Bed Bath & Beyond shares are up roughly 40% over the past 12 months, as of Friday's market close.

The retailer is set to report quarterly earnings after the bell on Wednesday.

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2020-01-06 14:30:00Z
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Ghosn snuck onto bullet train in daring escape from Japan - Fox Business

Nissan Chairman Carlos Ghosn speaks during an interview in Hong Kong. A Japanese news report says former Nissan chairman Ghosn will be detained at least through Jan. 11, 2019. (AP Photo/Kin Cheung, File) (AP)

TOKYO (Reuters) - Former Nissan (7201.T) and Renault (RENA.PA) boss Carlos Ghosn began his astonishing escape from Japan with a bullet train ride from Tokyo to Osaka, possibly accompanied by several people, Japanese news agency Kyodo reported Monday.

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Japanese authorities also said on Monday they may still press for Ghosn’s extradition from Lebanon to face multiple charges of financial wrongdoing, even though the country does not normally extradite its nationals.

Security cameras captured Ghosn leaving his home on Dec. 29 at about 2:30 p.m. (0530 GMT) and arriving some hours later at Tokyo’s Shinagawa Station, where he took the train to Shin Osaka Station, Kyodo said, citing a person familiar with the matter.

FORMER NISSAN CEO GHOSN'S ESCAPE INEXCUSABLE, JAPAN SAYS

The international fugitive then went by car to a hotel near Osaka’s Kansai International Airport, where he boarded a private jet at 11:10 p.m., according to the media report.

Ghosn was forbidden from leaving Japan while awaiting trial on charges of financial misconduct, which he has denied, but he fled at the end of last year to escape what he called a “rigged” justice system.

Prosecutors are now working with police to piece together Ghosn’s route and find out who helped him, Kyodo said.

In the government’s first briefing since Ghosn skipped bail, Justice Minister Masako Mori said on Monday that as a general principle, Tokyo could request the extradition of a suspect from a country with which it has no formal extradition agreement.

Such a request would need to be carefully examined based on the possibility of “guaranteeing reciprocity and the domestic law of the partner country”, Mori told reporters in Tokyo.

ARREST WARRANT

Mori did not say what would guarantee reciprocity - the idea that benefits or penalties extended by one country to citizens of another should be reciprocated. She also did not say if there were any Lebanese nationals in Japan wanted in Lebanon.

Mori offered little insight into the events of Ghosn’s escape to his ancestral home, repeatedly saying she could not comment on specifics because of an ongoing investigation.

Japanese officials broke days of silence about the Ghosn case on Sunday, saying they would tighten immigration measures and investigate his escape thoroughly. The authorities have also issued an international notice for his arrest.

Government offices and most businesses in Japan have been shut for the New Year holidays, which formally ended on Monday.

Lebanon has said it received an Interpol arrest warrant for Ghosn and that he entered the country legally. A senior Lebanese security official, meanwhile, has said Lebanon does not extradite its citizens.

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Mori also defended Japan’s justice system against Ghosn’s charges that it was “rigged” and discriminatory.

In Japan, suspects who deny charges against them are often detained for long periods and subject to lengthy questioning without a lawyer present, a system critics call “hostage justice”.

“Various comments about Japan’s justice system and this unjust departure are two different things,” Mori told reporters, saying criticism of the justice system could not be used to justify Ghosn’s escape.

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2020-01-06 11:52:34Z
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Global Markets: Shares erase new year gains, gold, oil soar on U.S. and Iran trade threats - Yahoo Finance

An investor uses his mobile phone in front of a stock quotation board at a brokerage office in Beijing

By Ritvik Carvalho

LONDON (Reuters) - Tensions in the Middle East after the killing of a top Iranian general by the United States erased new year gains for a gauge of world shares on Monday as investors pushed safe-haven gold to a seven-year high, and oil jumped to its highest since September.

The United States detected a heightened state of alert by Iran's missile forces, as President Donald Trump warned the U.S. would strike back, "perhaps in a disproportionate manner", if Iran attacked any American person or target.

Iraq's parliament on Sunday recommended all foreign troops be ordered out of the country after the U.S. killing of the Iranian military commander and an Iraqi militia leader in a drone strike on a convoy at Baghdad airport.

Spot gold gained 1.6% to $1,579.72 per ounce in jittery trade to reach its highest since April 2013.

Oil prices extended gains on fears any Middle East conflict could disrupt global supplies.

Brent crude futures rose 2.04% to $70 a barrel, while U.S. crude climbed 1.7% to $64.12.

European shares extended losses and were set for their worst day in a week, with the pan-European STOXX 600 index down 1.12% by 0838 GMT. The European oil and gas stock index rose about 0.74% and was the sole gainer among its peers, hitting its highest since July.

"Geopolitical events by their nature are unpredictable, but previous periods of increased tensions suggest that the impact on wider markets tends to be short-lived, with more lasting effects confined to local markets," said Mark Haefele, chief investment officer at UBS Global Wealth Management.

"In general, this supports holding a diversified portfolio."


BIGGEST FALL

MSCI's All-Country World Index, which tracks shares in 47 countries, was down 0.43%, erasing all its new year gains in its biggest two-day fall since early December.

In Asia, Japan's Nikkei slid almost 2% in a sour return from holiday, while E-Mini futures for the S&P 500 fell 0.7%.

Chinese shares, which had opened in the red, reversed their losses, as did Australian shares which ended the day flat. Hong Kong's Hang Seng index lost 0.8%.

Sovereign bonds benefited from the safety bid with yields on 10-year Treasuries down at 1.7725% having fallen 10 basis points on Friday.

The yen remained the favoured safe haven among currencies thanks to Japan's massive holdings of foreign assets. Investors assume Japanese funds would repatriate their money during a true global crisis, pushing the yen higher.

"Iran is almost certainly to respond in some scale, scope and magnitude," said Lee Hardman, currency analyst at MUFG.

Therefore "market participants are likely to remain nervous until there is more clarity over how geopolitical tensions between the U.S. and Iran will proceed", Hardman said, noting that geopolitical tensions could hurt global economic growth, especially if the price of oil increases.

On Monday, the dollar was last at 107.965 yen, after falling to a three-month trough of 107.77 earlier in the session. The euro likewise eased to 120.61 yen having hit a three-week low.

The dollar was steadier against other majors, with the euro a tad firmer at $1.1172. Against a basket of currencies, the dollar was holding at 96.839.

The risk sensitive currencies of Australia and New Zealand were on track for their fourth straight session of losses.


(Reporting by Ritvik Carvalho; additional reporting by Olga Cotaga in London and Wayne Cole and Swati Pandey in Sydney, editing by Ed Osmond)

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2020-01-06 09:00:00Z
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Minggu, 05 Januari 2020

Carlos Ghosn: Disgraced Nissan executive's despair over Japanese justice may have prompted escape - The - The Washington Post

Issei Kato Reuters Former Nissan Motor Chairman Carlos Ghosn sits inside a car as he leaves his lawyer's office after being released on bail from Tokyo Detention House, in Tokyo, Japan, March 6, 2019.

TOKYO — As the months went by, former Nissan boss Carlos Ghosn became increasingly convinced that he had no chance of a fair trial in Japan, with anger at his arrest giving way to despair and then a decision to flee the country, his lawyer said.

It all came to a head with an emotional video call with his wife on Christmas Eve, lawyer Takashi Takano said, during which Ghosn lost hope of ever being able to lead a normal family life.

The lawyer’s impassioned defense of Ghosn and scathing attack on Japan’s legal system has divided opinion here, even as the country’s justice minister broke a week of silence to defend the treatment of the flamboyant business executive.

Justice Minister Masako Mori called Ghosn’s departure “presumably illegal,” unjustifiable and “extremely regrettable,” adding there was no record of him leaving the country.

In her first statement after a week-long New Year’s holiday here, she promised a thorough investigation, and directed the Immigration Services Agency to tighten immigration procedures at departure.

[Carlos Ghosn walked out of his home alone, security camera footage shows]

Ghosn has said he was fleeing political persecution and a rigged justice system.

Takano described how Ghosn would ask his lawyers the same question again and again as the months went by: could he expect a fair trial in Japan. Their answer was always no — no criminal defendant in Japan can expect a fair trial. Still, they argued, the evidence against him was weak, and there was still a good chance they would establish his innocence.

Prosecutors enjoy considerable powers in Japan, and once they decide to accept a case, conviction rates are around 99 percent. But more than any other lawyers in this country, Ghosn’s defense team had a track record of getting people off the hook.

“Please trust us,” Takano would tell Ghosn.

“Apparently, his doubts and concerns began to grow,” Takano said, alleging prosecutors were slow to respond to requests for the disclosure of evidence, imposed minute restrictions on how evidence would be disclosed, and even eliminated some of the evidence, all the while leaking “as much as they liked” to the Japanese media.

In his regular meetings with his lawyers, Ghosn’s frustration showed in his face as he asked questions, Takano said. But over time the questions became fewer, as anger gave way to despair.

AP

AP

Junichiro Hironaka, center, lawyer for Nissan's former chairman Carlos Ghosn, speaks to the media in Tokyo Jan. 4, 2020.

Ghosn was accused of four charges of financial misconduct while running Nissan, including underreporting his income and using company money for his own benefit. But he says he was the victim of a conspiracy between prosecutors, officials and Nissan to block his plans to deepen the company’s merger with its French partner Renault.

Even Renault, initially supportive, said its internal investigations had found evidence of unethical practices. Nevertheless, Japanese business executives accused of far more serious crimes have been let off or given little more than a slap on the wrist, and many foreign executives here see Ghosn’s treatment as an example of double standards.

But stresses on his family life may also have played a role in his decision to flee.

Under the terms of his bail, Ghosn was forbidden by the court from meeting his wife Carole, or even speaking to her for seven months, on the grounds they might conspire to tamper with evidence.

“This is a criminal punishment,” Ghosn complained to his lawyers. “When am I ever going to be able to lead a normal family life?”

[Opinion: My husband, Carlos Ghosn, is a victim of Japan’s ‘hostage justice’ system]

On Christmas Eve, Ghosn was allowed a one-hour video call with Carole, in a lawyer’s office, the first in a month. They talked about their children, relatives and friends, their lives and their memories, Takano said.

“There was no shortage of things to talk about,” Takano said. “Just when the time had come for them to stop after an hour, he spoke to the display: ‘My relationship with you cannot be replaced by children and friends. You are my indispensable presence. I love you.’”

The lawyer said he was deeply moved.

“I have never felt such strong despair over Japan’s legal system as I did at that time. I felt something nearly close to a sense of wanting to kill. I said to him ‘Carlos, I am very sorry. Truly, the Japanese system is shameful. I will do our utmost to improve this situation as soon as possible,’” he said.

Ghosn didn’t respond.

On Dec. 25, just a day after his video call. Ghosn learned that his trial, initially expected to begin April, could be delayed further, possibly into 2021, lawyers and friends say. That news played a part in his decision to flee, his friend Ricardo Karam said, a suggestion supported by another of Ghosn’s defense lawyers, Junichiro Hironaka,

“I wonder if he was strongly shocked in those two days,” he told the Asahi newspaper.

Four days later, at noon on Sunday, Dec. 29, Ghosn strolled out of his home, alone, never to return, Japan’s NHK reported.

Although surveillance cameras had been installed outside the property, the system was only designed to prevent him holding unauthorized meetings and not to keep him under house arrest, and footage was only handed over to the court once a month, Takano says.

Concerned that Ghosn could tamper with evidence, Nissan had hired a private security firm to track him when he left his home, Reuters and Japan’s Sankei newspaper reported.

But on Dec. 27, Ghosn’s lawyers filed a criminal complaint to Tokyo police about the surveillance, and it was withdrawn, lawyer Hironaka told the Asahi newspaper.

Ghosn bypassed immigration at Osaka’s Kansai airport by hiding in a large black case typically used to carry audio gear, according to the Wall Street Journal, while his name was not included on the plane’s passenger manifest.

Maya Alleruzzo

AP

A private security guard watches journalists through a closing garage door after a vehicle arrived at the house of ex-Nissan chief Carlos Ghosn in Beirut, Lebanon, Jan. 4, 2020.

On Sunday, Tokyo prosecutor’s office said Ghosn’s escape constituted a crime. It also defended the country’s legal system, arguing that although conviction rates are high, defendants are given a proper chance to present their case and courts reach judgments strictly on the basis of the evidence.

Ghosn was initially detained for more than 100 days, released on bail and then rearrested in April shortly after he announced plans to speak to the press. He was finally released on bail again for a further amount of nearly $5 million, after convincing the court he was not a flight risk.

[Former Nissan, Renault boss Carlos Ghosn rearrested on fresh charges in Japan]

Takano said he learned of Ghosn’s escape only through news reports.

“Initially, I felt a strong anger, a sense of having been betrayed. Yet, looking back how he has been treated by this country’s legal system, my anger went in a different direction,” he said. “Indeed I was betrayed. But it is not Carlos Ghosn who betrayed me.”

But Takahiro Saito, deputy chief of the Tokyo District Public Prosecutor’s Office, defended the decision to detain Ghosn for so long, and oppose bail, arguing he had “significant influence” inside Japan and around the world, and there had been a realistic danger he would destroy evidence.

“The defendant Ghosn had abundant financial power and multiple foreign bases. It was easy for him to flee,” Saito said in a statement.

Many Japanese people see Ghosn’s escape as something of a national embarrassment. Takano’s defense of Ghosn had received hundreds of thousands of views by Sunday, 11,000 likes but many angry comments directed at Ghosn and the lawyer.

Read more:

Accused of serious crimes, he smuggled himself out of Japan. But Carlos Ghosn may escape extradition from Lebanon, too.

Carlos Ghosn might not be as safe in Lebanon as he thought

Ex-Nissan boss Carlos Ghosn flees to Lebanon, slams Japan’s justice system

Today’s coverage from Post correspondents around the world

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2020-01-05 12:44:00Z
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Japanese authorities vow to tighten immigration rules after Carlos Ghosn's escape - CNN

Ghosn left Japan "illegally by unjust methods," said Justice Minister Masako Mori, the country's top judicial official. She said that authorities have no official record of Ghosn's departure from Japan, and that prosecutors are investigating the case.
Mori also said she has ordered the country's immigration department to "further tighten" rules for leaving the country "so that the same situation won't be repeated."
Mori's statement — along with a similar one published Sunday by a Tokyo prosecutor — marked the first time Japanese authorities addressed Ghosn's stunning escape last week. Government offices in the country had been closed all week for the New Year holiday.
Ghosn's escape: How the wealthy and powerful evade justice
Ghosn — the former chairman of Nissan and Mitsubishi Motors, and former chairman and CEO of their alliance partner, Renault — had been awaiting trial in Japan on charges of financial wrongdoing. As a condition of his release on bail, Ghosn was required to stay in Japan. But the case was upended after Ghosn revealed that he had fled Japan for Lebanon to escape what he called a "rigged" justice system.
Mori defended the country's justice system on Sunday, adding that it assured "fundamental human rights" and set out to "find out the truth of the case."
She also said that Ghosn's bail has been "canceled," and confirmed that the Japanese government asked Interpol, the international police agency, to issue a "red notice" for Ghosn. Lebanon said last week that it had received that notice, confirming that Ghosn is wanted by police.
Takahiro Saito, Tokyo's deputy chief prosecutor, said in his own statement Sunday that Ghosn "deliberately ignored" Japan's justice proceedings by fleeing the country, even though his bail barred him from overseas travel. Saito added that Ghosn's escape "could be a criminal act."
"Ghosn broke his own promise to attend the court and run away from Japan," Saito said. Both he and Mori called the event "regrettable."
Ghosn was arrested in November 2018 and has since faced a litany of charges, including allegations that he understated his income for years and funneled $5 million of Nissan's money to a car dealership he controlled. He was ousted from his posts at Nissan and Mitsubishi Motors following his arrest in November 2018, and later resigned from Renault. He has denied the charges against him.
Ghosn's Japanese lawyer, Junichiro Hironaka, said Saturday that the defense team would resign after contacting Ghosn this week. Hironaka had earlier told reporters that Ghosn's escape was a "complete surprise."
Authorities, meanwhile, have been scrambling to figure out how Ghosn pulled off the escape. Prosecutors in Tokyo raided the home where he had been staying last Thursday. Ghosn has denied reports that his family were involved in helping him flee.
Last week, a Turkish company that charters private jets confirmed that two of its planes were used "illegally" to transport Ghosn without the knowledge of company management. That company, MNG, said it has filed a criminal complaint.
-- Yoko Wakatsuki reported from Tokyo, Akanksha Sharma reported from Hong Kong and Amy Woodyatt wrote from London.

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2020-01-05 12:11:00Z
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Ghosn's escape inexcusable, Japan says - Fox Business

By YURI KAGEYAMA AP Business Writer

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TOKYO (AP) — Japan's justice minister on Sunday called the flight of former Nissan Chairman Carlos Ghosn as he awaited trial on financial misconduct charges inexcusable and vowed to beef up immigration checks.

Justice Minister Masako Mori said she had ordered an investigation after Ghosn issued a statement a few days ago saying he was in Lebanon.

She said there were no records of Ghosn's departure from Tokyo.

She said his bail has been revoked, and Interpol had issued a wanted notice. Departure checks needed to be strengthened to prevent a recurrence, Mori said.

FLIGHT RECORDS OF GHOSN ESCAPE FALSIFIED TO HIDE AUTO EXEC'S TRAVEL, JET FIRM SAYS

A private security guard watches journalists through a closing garage door after a vehicle arrived at the house of ex-Nissan chief Carlos Ghosn in Beirut, Lebanon, Saturday, Jan. 4, 2020. (AP Photo/Maya Alleruzzo)

While expressing deep regret over what had happened, Mori stopped short of outlining any specific action Japan might take to get Ghosn back.

Japan does not have an extradition treaty with Lebanon.

"Our nation's criminal justice system protects the basic human rights of an individual and properly carries out appropriate procedures to disclose the truth of various cases, and the flight of a suspect while out on bail is never justified," she said in a statement.

CARLOS GHOSN ON JAPAN ESCAPE: 'MY FAMILY HAD NO ROLE'

Mori's statement was the first public comment by a Japanese government official after the stunning escape of Ghosn, once a superstar of the auto industry.

Tokyo prosecutors issued a similar statement Sunday. They had opposed Ghosn's release on bail, arguing he was a flight risk.

A motorbike passes a private security guard standing outside of the house of ex-Nissan chief Carlos Ghosn in Beirut, Lebanon, Saturday, Jan. 4, 2020. (AP Photo/Maya Alleruzzo)

First arrested in November 2018, Ghosn was out on bail over the last several months, and more recently had moved into a home in an upscale part of Tokyo.

He has repeatedly said he was innocent. His statement from Beirut said he was escaping injustice.

Japan's justice system has come under fire from human rights advocates for its long detentions, the reliance on confessions and prolonged trials.

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The conviction rate is higher than 99%. Even if Ghosn had been found innocent, the prosecutors could have appealed, and the appeals process could have lasted years.

Ghosn's trial was not expected to start until April at the earliest.

During that time, he had been prohibited from seeing his wife, and was only allowed a couple of video calls in the presence of a lawyer.

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Ghosn had been charged with underreporting his future compensation and breach of trust in diverting Nissan money for his personal gain.

Although the details of his escape are not yet clear, Turkish airline company MNG Jet has said two of its planes were used illegally, first flying him from Osaka, Japan, to Istanbul, and then on to Beirut, where he arrived Monday and has not been seen since.

He promised to talk to reporters Wednesday.

His lawyers in Japan said they knew nothing, were stunned and felt betrayed by his action.

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2020-01-05 11:18:42Z
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Sabtu, 04 Januari 2020

Manager at Turkish jet operator told authorities he helped Ghosn escape because of threats: newspaper - Reuters

ISTANBUL (Reuters) - A manager at Turkish jet operator MNG Jet has told authorities that he assisted unwittingly in the escape of ex-Nissan boss Carlos Ghosn from Japan because he had been threatened by a former acquaintance, Hurriyet newspaper reported on Saturday.

Turkish authorities have arrested five suspects, including MNG Jet operations manager Okan Kosemen, on charges of migrant smuggling as part of an investigation into Ghosn’s transit through Turkey en route to Lebanon.

Hurriyet said Kosemen told authorities that a former acquaintance from Beirut had asked him for assistance on what he called a matter of “international significance” and had told him that his family would be harmed if he refused.

The paper did not name the acquaintance who allegedly made the threat.

“I was scared. I took a man from one jet and put him into the other one at the airport. I did not know who he was,” Hurriyet quoted Kosemen as saying in his statement to authorities.

Reuters could not immediately verify the statement.

Officials from MNG Jet and the prosecutor’s office were not immediately available for comment.

A lawyer for Koseman has said he will not make any statement about the issue at the moment.

The private jet operator said on Friday that Ghosn used two of its planes illegally in his escape from Japan, with an employee falsifying lease records to exclude his name from the documents.

The former Nissan Motor Co boss has become an international fugitive after he revealed on Tuesday he had fled to Lebanon to escape what he called a “rigged” justice system in Japan, where he faces charges relating to alleged financial crimes.

Writing by Ezgi Erkoyun; Editing by Frances Kerry

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2020-01-04 13:09:00Z
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