Friday, 30 November 2012
Downtick
A trade is on a downtick when the last trade occurred at a price lower than the previous one.
Japan unveils $11bn stimulus package
Japan's government has approved its second roundof stimulus in a little more than a month, as prime minister Yoshihiko Noda tries to pep up a flagging economy in the run-up to December's elections.
On Friday the cabinet announced that it would tap reserve funds to spendY880bn ($10.7bn) on a variety of measures, including rebuilding areas hit by the March 2011 earthquake, employment support and aid to cash-strapped small businesses. The plan is roughly double the size of a package announced in late October, which was also drawn mostly from reserves and aimed at reconstruction efforts.
The stimulus comes as Japan hovers on the brink of a technical recession, its fifth of the past 15 years, as manufacturers cut production amid a steady worsening in their sales and profit outlook. Falling exports were the main contributor to a 0.9 per cent contraction in gross domestic product between July and September, and economists are braced for another in the three months to December. Last week the government slashed its quarterly assessment of business sentiment in all 11 regions of the country -- the first clean sweep since February2009 -- blaming sluggish output and consumption.
Economic data released on Friday were a little more encouraging, showing an unexpected rise of 1.8 per cent in industrial production from September to October. Thenationwide consumer priceindex (excluding fresh food) was unchanged froma year ago, improving from five months of year-on-year declines to September.
However, with more job cuts expected in a manufacturing sector exposed to tepid demand in developed economies and an uncertain outlook in China, analysts expect renewed deflationary pressure on the world's third-largest economy.
"We are yet to see any lightout of this recession tunnel," said Takiji Okubo, principal at Japan Macro Advisors, a Tokyo consultancy.
The government fears that if the economy slips further, it could threaten plans to increase consumption tax from 2014. Provisions attached tothe legislation, passed in August, require the government to consider the overall economic situation before implementing any increase.
On Friday the cabinet announced that it would tap reserve funds to spendY880bn ($10.7bn) on a variety of measures, including rebuilding areas hit by the March 2011 earthquake, employment support and aid to cash-strapped small businesses. The plan is roughly double the size of a package announced in late October, which was also drawn mostly from reserves and aimed at reconstruction efforts.
The stimulus comes as Japan hovers on the brink of a technical recession, its fifth of the past 15 years, as manufacturers cut production amid a steady worsening in their sales and profit outlook. Falling exports were the main contributor to a 0.9 per cent contraction in gross domestic product between July and September, and economists are braced for another in the three months to December. Last week the government slashed its quarterly assessment of business sentiment in all 11 regions of the country -- the first clean sweep since February2009 -- blaming sluggish output and consumption.
Economic data released on Friday were a little more encouraging, showing an unexpected rise of 1.8 per cent in industrial production from September to October. Thenationwide consumer priceindex (excluding fresh food) was unchanged froma year ago, improving from five months of year-on-year declines to September.
However, with more job cuts expected in a manufacturing sector exposed to tepid demand in developed economies and an uncertain outlook in China, analysts expect renewed deflationary pressure on the world's third-largest economy.
"We are yet to see any lightout of this recession tunnel," said Takiji Okubo, principal at Japan Macro Advisors, a Tokyo consultancy.
The government fears that if the economy slips further, it could threaten plans to increase consumption tax from 2014. Provisions attached tothe legislation, passed in August, require the government to consider the overall economic situation before implementing any increase.
Australian Lynas starts up Malaysian plant
The company said in a statement that the first feed of rare earth concentrate had been fed into the kiln at the Lynas Advance Material Plant (LAMP) in Kuantan Malaysia.
The event follows controversy and delays due to strong opposition about possible health threats caused by pollution.
A Malaysian court recently dismissed anapplication by the Save Malaysia Stop Lynas group to blockLynas' operating licence, but the legal challenges are ongoing.
Lynas mines rare earths from the highly regarded Mt Weld in Western Australia, which are metallic elements used in products ranging from digital televisions, mp3 players and fluorescent light bulbs.
"This is a significant milestone for Lynas,"said Lynas executive chairman Nicholas Curtis.
"The operation of the LAMP is now a reality, and the LAMPwill provide real datathat will assure people that the LAMPis entirely safe for our local communities and theenvironment."
It is expected to take about two months before first sales of finished product and cash generation.
The event follows controversy and delays due to strong opposition about possible health threats caused by pollution.
A Malaysian court recently dismissed anapplication by the Save Malaysia Stop Lynas group to blockLynas' operating licence, but the legal challenges are ongoing.
Lynas mines rare earths from the highly regarded Mt Weld in Western Australia, which are metallic elements used in products ranging from digital televisions, mp3 players and fluorescent light bulbs.
"This is a significant milestone for Lynas,"said Lynas executive chairman Nicholas Curtis.
"The operation of the LAMP is now a reality, and the LAMPwill provide real datathat will assure people that the LAMPis entirely safe for our local communities and theenvironment."
It is expected to take about two months before first sales of finished product and cash generation.
Hard times in Eurozone uneployment high
The eurozone's unemployment rate hit a new record high in October,while consumer price rises slowed sharply.
The jobless rate in the recessionary euro area rose to 11.7%. Inflation fell from 2.5% to 2.2% in November.
The data came as European Central Bank president Mario Draghi warned the euro would not emerge from its crisis until the second half of next year.
Government spending cuts would continue to hurt growth in the short-term, Mr Draghi said.
The unemployment rate continued its steady rise , reaching 11.7% in October, up from 11.6% the month before and 10.4% a year ago.
A further 173,000 were out of work across the single currency area, bringing the total to 18.7 million.
The respective fortunes of northern and southern Europe diverged further. InSpain, the jobless rate rose to 26.2% from 25.8% the previous month, and in Italyit rose to 11.1% from 10.8%.
In contrast, unemployment in Germany held steady at 5.4% of the labour force, while in Austria it fell from 4.4% to just 4.3%.
Spending hit
Data earlier this month showed that the eurozone had returned to a shallow recession in the three months to September, shrinking 0.1% during the quarter, following a 0.2% contraction the previous quarter.
The less competitive southern European economies, such as Spain and Italy, where governments have had to push through hefty spending cuts to get their borrowing under control, have been in recession for over a year. But growth in Germany and France came in at a disappointing 0.2%.
More recent data suggests that both core eurozone economies have continued to skirt recession during the autumn.
Retail sales in Germany shrank 2.8% in October versus the previous month, down 0.8% from a year earlier, according to data released on Friday. Analystshad expected the country to record unchanged or moderately growing sales.
Meanwhile, separate data showed consumer spendingin France shrank 0.2% in October versus the previousmonth, with spending on cars and other durable goods hardest hit.
Contraction 'inevitable'
The sharp slowdown in the eurozone's consumer price index , to 2.2% in November, is also symptomatic of the weakness of spending.
However, the inflation data may also open the door to further measures by the ECBto boost the economy, as theindex fell much closer to the central bank's 2% targetrate.
"We have not yet emerged from the crisis," said Mr Draghi, speaking on pan-European radio. "The recovery of the eurozone will certainly begin in the second half of 2013.
"It's true that the budgetaryconsolidation entails a short-term contraction of economic activity, but this budgetary consolidation is inevitable."
Despite Mr Draghi's warning, and the generally poor state of the eurozone economy, markets have begun to take a far more sanguine view of the single currency's future.
Italy's implicit cost of borrowing in the financial markets has fallen to its lowest level in two years, dropping to an implied interest rate of about 4.5% for 10-year debt.
Spain is able to borrow frommarkets at a 10-year rate of about 5.5% - far below the 7%-8% rate being demanded over the summer.
Mr Draghi conceded that the announcement of the ECB's willingness to buy up potentially unlimited amounts of government debt had boosted market confidence, even though noeurozone government had actually taken up the ECB's offer yet.
The jobless rate in the recessionary euro area rose to 11.7%. Inflation fell from 2.5% to 2.2% in November.
The data came as European Central Bank president Mario Draghi warned the euro would not emerge from its crisis until the second half of next year.
Government spending cuts would continue to hurt growth in the short-term, Mr Draghi said.
The unemployment rate continued its steady rise , reaching 11.7% in October, up from 11.6% the month before and 10.4% a year ago.
A further 173,000 were out of work across the single currency area, bringing the total to 18.7 million.
The respective fortunes of northern and southern Europe diverged further. InSpain, the jobless rate rose to 26.2% from 25.8% the previous month, and in Italyit rose to 11.1% from 10.8%.
In contrast, unemployment in Germany held steady at 5.4% of the labour force, while in Austria it fell from 4.4% to just 4.3%.
Spending hit
Data earlier this month showed that the eurozone had returned to a shallow recession in the three months to September, shrinking 0.1% during the quarter, following a 0.2% contraction the previous quarter.
The less competitive southern European economies, such as Spain and Italy, where governments have had to push through hefty spending cuts to get their borrowing under control, have been in recession for over a year. But growth in Germany and France came in at a disappointing 0.2%.
More recent data suggests that both core eurozone economies have continued to skirt recession during the autumn.
Retail sales in Germany shrank 2.8% in October versus the previous month, down 0.8% from a year earlier, according to data released on Friday. Analystshad expected the country to record unchanged or moderately growing sales.
Meanwhile, separate data showed consumer spendingin France shrank 0.2% in October versus the previousmonth, with spending on cars and other durable goods hardest hit.
Contraction 'inevitable'
The sharp slowdown in the eurozone's consumer price index , to 2.2% in November, is also symptomatic of the weakness of spending.
However, the inflation data may also open the door to further measures by the ECBto boost the economy, as theindex fell much closer to the central bank's 2% targetrate.
"We have not yet emerged from the crisis," said Mr Draghi, speaking on pan-European radio. "The recovery of the eurozone will certainly begin in the second half of 2013.
"It's true that the budgetaryconsolidation entails a short-term contraction of economic activity, but this budgetary consolidation is inevitable."
Despite Mr Draghi's warning, and the generally poor state of the eurozone economy, markets have begun to take a far more sanguine view of the single currency's future.
Italy's implicit cost of borrowing in the financial markets has fallen to its lowest level in two years, dropping to an implied interest rate of about 4.5% for 10-year debt.
Spain is able to borrow frommarkets at a 10-year rate of about 5.5% - far below the 7%-8% rate being demanded over the summer.
Mr Draghi conceded that the announcement of the ECB's willingness to buy up potentially unlimited amounts of government debt had boosted market confidence, even though noeurozone government had actually taken up the ECB's offer yet.
Thursday, 29 November 2012
List of leading hotel in kenya
Kenya hotels can be grouped as either vacation hotels, town hotels, resorts, lodges or country hotels. Each category has a rating system which is determined by the establishment's facilities and the rates. Gamelodges and private campsites are popular among tourists on Kenya safaris , with campsites offering budget rates for backpackers.
During the high tourist season (July to October, mid-December to early-January) it is advisable to book in advance as the best hotels in Kenya usually fill up fast. Check out our top Kenya hotels HOTEL INTER-CONTINENTAL NAIROBI
Hotel Inter-Continental Nairobi is located two minutes walk from the city centreand adjacent to Uhuru Park and Parliament gardens and the Kenyatta International Conference Centre. This 440 room hotel is extremely popular with business traveller and was recently renovated. Secure multi-storey car park and casino available.
Contact:
Hotel Inter-Continental
City Hall Way
P.O. Box 30353
Nairobi.
Telephone 335550
Fax 337854 / 214617 / 210675
SAFARI PARK HOTEL & CASINO
Set on a sprawing 64 acres of beautifully landscaped gardens, the Safari Park Hotel and Casino, Nairobi Kenya is a luxurious business and Pleasure resortwith 204 rooms of spacious, elegant. 5 star accommodation. Seven executive restaurants offer a large variety of internationalcuisine from African, Japanese nd Indian to French, Chinese and ltialian.
The Hotel's vast entertainment and leisure options include the Club Sting Piano Bar and a discotheque, the nightly abaret show by Safari dancers, a plush fitness club, three outdoor tennis courts. two squash courts, a world class casino and the largest swimming pool in Africa.
Contact:
Safari Park Hotel & Casino
Kasarani off Thika Road.
P.O. Box 45038
Nairobi, Kenya
Telephone 802493. 222846.
Town Office Kimathi House.
Telephone; 21 6070
Fax 802477
GRAND REGENCY HOTEL
The Grand Regency Hotel isan elegant ultra modern luxury atrium Hotel oil a prime site overlooking Central Park and only 20 minutes from the airport.
The hotel has:
*. 300 air-conditioned rooms and suites
*. Multi-channel satellite TV 124-hr room service
*. In-house laundry, dry cleaning and valet service
*. smoke-detectors and water sprinklers
*. Shopping Arcade
*. Reuters
*. Serviced business centre 'Parking for 200 vehicles
*. Several restaurants, terraces and cocktail lounges
*. Fully equipped fitness centre
*. Heated covered all-weather swimming pool
*. Cabaret
*. A large conference/Ballroom, pairsseveral meeting and pre-function rooms.
Contact:
Grand Regency Hotel
P.O. Box 57549
Nairobi.
Telephone 21 1 199
Fax 217120
FIG TREE HOTEL LIMITED Quiet Hotel, 1 kilometre from the city centre - along Ngara/Muranga Roads. The Hotel has 45 self contained rooms with shower and telephone. The Hotel has well stocked bar, restaurant with both Africans and continental dishes. It has also ample parking area.
Reservations:
Fig Tree Hotel Limited
P.O. Box 31938
Nairobi
Telephone 743677, 744207,742148
Fax: 254 - 2 - 751436
HOTEL GRETON
The Hotel Greton is a first-class hotel situated in the heart of the city. It. offers 52rooms with telephones shower with hot water and self control music. It is between casino and Odeon cinemas and it is also next toEmbassy cinema. Hotel Greton has reasonable rates and considers special discounts for children up to 2 years.
Contact:
P.O. Box 55909
Nairobi, Kenya
Telephone 336648, 331865
JACARANDA HOTEL
Peaceful garden hotel in thefashionable suburb, 12 minutes drive from the city centre. Large swimming pool, garden bar excellent food, and 130 furnished rooms with bath and phone.In our opinion Jacaranda offers excellent value and isan ideal combination with a Safari, Hertz and UTC Safari centre.
Contact:
Nairobi Jacaranda Hotel
Westland Road
Jacaranda Building
P.O. Box 47557
Nairobi
Tel 335807
Fax 543810
Telex 22146
HOTEL ESPERIA is quiet andcomfortable Hotel away from the noisy city centre and YET in the City - It has self contained rooms and YET very fair rates.
Contact:
P.O. Box 14642
Nairobi
Tel. 74281 8
MAYFAIR COURT HOTEL
Mayfair Court Hotel is only seven minutes drive from the city centre. It is at this site the original Mayfair Hotel which was opened in 1949. In the eighties the Hotel building was used by the US International University which was movedto another site in 1 990. Conservation corporation of East Africa has returned this magnificent Hotel to its former glory. The Hotel offering 4-star service and accommodation. The facilities include:- 2 swimming pools, a conference centre for up to 30 people, a special terrace bar called "Mischief", casino of high standard etc.
Reservations:
Mayfair Court Hotel
P.O. Box 74957
Nairobi, Kenya
Telephone 746707/8/9 748258 748278 740920
Fax 748823
Tlx 25182
WINDSO KE A4/A5
During the high tourist season (July to October, mid-December to early-January) it is advisable to book in advance as the best hotels in Kenya usually fill up fast. Check out our top Kenya hotels HOTEL INTER-CONTINENTAL NAIROBI
Hotel Inter-Continental Nairobi is located two minutes walk from the city centreand adjacent to Uhuru Park and Parliament gardens and the Kenyatta International Conference Centre. This 440 room hotel is extremely popular with business traveller and was recently renovated. Secure multi-storey car park and casino available.
Contact:
Hotel Inter-Continental
City Hall Way
P.O. Box 30353
Nairobi.
Telephone 335550
Fax 337854 / 214617 / 210675
SAFARI PARK HOTEL & CASINO
Set on a sprawing 64 acres of beautifully landscaped gardens, the Safari Park Hotel and Casino, Nairobi Kenya is a luxurious business and Pleasure resortwith 204 rooms of spacious, elegant. 5 star accommodation. Seven executive restaurants offer a large variety of internationalcuisine from African, Japanese nd Indian to French, Chinese and ltialian.
The Hotel's vast entertainment and leisure options include the Club Sting Piano Bar and a discotheque, the nightly abaret show by Safari dancers, a plush fitness club, three outdoor tennis courts. two squash courts, a world class casino and the largest swimming pool in Africa.
Contact:
Safari Park Hotel & Casino
Kasarani off Thika Road.
P.O. Box 45038
Nairobi, Kenya
Telephone 802493. 222846.
Town Office Kimathi House.
Telephone; 21 6070
Fax 802477
GRAND REGENCY HOTEL
The Grand Regency Hotel isan elegant ultra modern luxury atrium Hotel oil a prime site overlooking Central Park and only 20 minutes from the airport.
The hotel has:
*. 300 air-conditioned rooms and suites
*. Multi-channel satellite TV 124-hr room service
*. In-house laundry, dry cleaning and valet service
*. smoke-detectors and water sprinklers
*. Shopping Arcade
*. Reuters
*. Serviced business centre 'Parking for 200 vehicles
*. Several restaurants, terraces and cocktail lounges
*. Fully equipped fitness centre
*. Heated covered all-weather swimming pool
*. Cabaret
*. A large conference/Ballroom, pairsseveral meeting and pre-function rooms.
Contact:
Grand Regency Hotel
P.O. Box 57549
Nairobi.
Telephone 21 1 199
Fax 217120
FIG TREE HOTEL LIMITED Quiet Hotel, 1 kilometre from the city centre - along Ngara/Muranga Roads. The Hotel has 45 self contained rooms with shower and telephone. The Hotel has well stocked bar, restaurant with both Africans and continental dishes. It has also ample parking area.
Reservations:
Fig Tree Hotel Limited
P.O. Box 31938
Nairobi
Telephone 743677, 744207,742148
Fax: 254 - 2 - 751436
HOTEL GRETON
The Hotel Greton is a first-class hotel situated in the heart of the city. It. offers 52rooms with telephones shower with hot water and self control music. It is between casino and Odeon cinemas and it is also next toEmbassy cinema. Hotel Greton has reasonable rates and considers special discounts for children up to 2 years.
Contact:
P.O. Box 55909
Nairobi, Kenya
Telephone 336648, 331865
JACARANDA HOTEL
Peaceful garden hotel in thefashionable suburb, 12 minutes drive from the city centre. Large swimming pool, garden bar excellent food, and 130 furnished rooms with bath and phone.In our opinion Jacaranda offers excellent value and isan ideal combination with a Safari, Hertz and UTC Safari centre.
Contact:
Nairobi Jacaranda Hotel
Westland Road
Jacaranda Building
P.O. Box 47557
Nairobi
Tel 335807
Fax 543810
Telex 22146
HOTEL ESPERIA is quiet andcomfortable Hotel away from the noisy city centre and YET in the City - It has self contained rooms and YET very fair rates.
Contact:
P.O. Box 14642
Nairobi
Tel. 74281 8
MAYFAIR COURT HOTEL
Mayfair Court Hotel is only seven minutes drive from the city centre. It is at this site the original Mayfair Hotel which was opened in 1949. In the eighties the Hotel building was used by the US International University which was movedto another site in 1 990. Conservation corporation of East Africa has returned this magnificent Hotel to its former glory. The Hotel offering 4-star service and accommodation. The facilities include:- 2 swimming pools, a conference centre for up to 30 people, a special terrace bar called "Mischief", casino of high standard etc.
Reservations:
Mayfair Court Hotel
P.O. Box 74957
Nairobi, Kenya
Telephone 746707/8/9 748258 748278 740920
Fax 748823
Tlx 25182
WINDSO KE A4/A5
World Bank gives Gaza a grant to Improve Water, Services
The $6.4 million World Bank grant in one of the most crowded areas where there’s a “critical deterioration of the Gaza water system” will be augmented by $11.1 million in financing from the Islamic Development Bank , the Washington, D.C.-based organization said in a statement.
“We are concerned aboutthe lack of clean water supply and the deterioration in the quality of water resourcesin the Gaza Strip, one of the most densely populated areas on Earth,” World Bank West Bank and Gaza director Mariam Sherman said. The population of Gaza is 1.6 million.
Gaza’s groundwater is over-utilized, badly contaminated and ‘‘the over-drafting of the sole aquifer is causing a decline of the groundwater table and a deterioration of water quality,’’ the World Bank said. ‘‘Most sewage is returned to lagoons, wadis and the sea. The area is now choked with untreated sewage, threatening Palestinian health and life as well as remaining water resources and the environment.’’
The funds will help construct water tanks to collect and blend water from different sources to improve the quality and efficiency of Gaza water and wastewater and to connect major well fields supplying Gaza’s middle and southern areas, it said. Water distribution networks will also be upgraded.
“We are concerned aboutthe lack of clean water supply and the deterioration in the quality of water resourcesin the Gaza Strip, one of the most densely populated areas on Earth,” World Bank West Bank and Gaza director Mariam Sherman said. The population of Gaza is 1.6 million.
Gaza’s groundwater is over-utilized, badly contaminated and ‘‘the over-drafting of the sole aquifer is causing a decline of the groundwater table and a deterioration of water quality,’’ the World Bank said. ‘‘Most sewage is returned to lagoons, wadis and the sea. The area is now choked with untreated sewage, threatening Palestinian health and life as well as remaining water resources and the environment.’’
The funds will help construct water tanks to collect and blend water from different sources to improve the quality and efficiency of Gaza water and wastewater and to connect major well fields supplying Gaza’s middle and southern areas, it said. Water distribution networks will also be upgraded.
Spanish Banks Agree to Layoffs and Other Cuts to Receive Rescue Funds in Return
Although the Spanish government can tap into more of the money to help other troubled banks stay afloat, the government has said it will not need the fullamount in any case.
Presenting its restructuring plan on Wednesday, Bankiasaid it would lay off 6,000 employees, or 28 percent of its work force, and cut itsbranch network by 39 percent. The bank predicted it would return to profit next year and reach earnings of 1.5 billioneuros ($1.9 billion) by 2015.
Still, the Spanish government has yet to draw a line under its banking crisis. The next step is expected in December with the creationof a so-called bad bank, which the government is trying to create by teaming up with private investors as equity holders. But the valuation of the bad bank's assets has proved to be a thorny issue because of the effect such valuations couldhave on other real estate assets. The most significant cuts will be made by Bankia, thegiant lender whose collapse and request for 19billion euros, or $25 billion,in additional capital last May led the Spanish government to negotiate a banking rescue of up to 100 billion euros ($130 billion) a month later.
The money approved Wednesday is part of that negotiated amount and willcome from the European Stability Mechanism, the rescue fund for the euro zone.
Joaquín Almunia, the European Union's antitrust commissioner, said the approval of the restructuring plans of the four banks - Bankia, Novagalicia Banco, Catalunya Banc and Banco de Valencia - was "a milestone."
Presenting its restructuring plan on Wednesday, Bankiasaid it would lay off 6,000 employees, or 28 percent of its work force, and cut itsbranch network by 39 percent. The bank predicted it would return to profit next year and reach earnings of 1.5 billioneuros ($1.9 billion) by 2015.
Still, the Spanish government has yet to draw a line under its banking crisis. The next step is expected in December with the creationof a so-called bad bank, which the government is trying to create by teaming up with private investors as equity holders. But the valuation of the bad bank's assets has proved to be a thorny issue because of the effect such valuations couldhave on other real estate assets. The most significant cuts will be made by Bankia, thegiant lender whose collapse and request for 19billion euros, or $25 billion,in additional capital last May led the Spanish government to negotiate a banking rescue of up to 100 billion euros ($130 billion) a month later.
The money approved Wednesday is part of that negotiated amount and willcome from the European Stability Mechanism, the rescue fund for the euro zone.
Joaquín Almunia, the European Union's antitrust commissioner, said the approval of the restructuring plans of the four banks - Bankia, Novagalicia Banco, Catalunya Banc and Banco de Valencia - was "a milestone."
Tuesday, 27 November 2012
list of banks in france
The Banque de France is the central bank of France; itis linked to the European Central Bank (ECB). Its maincharge is to implement the interest rate policy of the European System of Central Banks (ESCB). It is headquartered in Paris.
On 1 June 1998, a new institution was created, the European Central Bank (ECB), charged with steeringthe single monetary policy for the euro. The body formed by the ECB, and thenational central banks (NCB)of all the member states of the European Union, constitute the European System of Central Banks (ESCB) *.
AAREAL BANK AG - 18 989 www.aareal-bank.com
*.
ABC INTERNATIONAL BANK PLC - 18 979 www.arabbanking.com
*.
Al Khaliji France S.A.- 41 829 www.alkhaliji.com
*.
Allianz Banque - 12 240 www.allianzbanque.fr
*.
ALLIED IRISH BANKS plc - 15 318 www.aib.ie
*.
ASSOCIATION FRANCAISE DES BANQUES - 1 www.afb.fr
*.
Attijariwafa bank Europe - 23 890 www.attijariwafabank.com
*.
AXA BANQUE - 12 548 www.axabanque.fr
*.
AXA Banque Financement - 25 080
*.
BANCA CARIGE S.p.A.- Cassa di Risparmio di Genova e Imperia - 12 088 www.carige.it
*.
BANCA POPOLARE DI SONDRIO (SUISSE) - 14 908 www.popso.ch
*.
BANCA REGIONALE EUROPEA - 14 818 www.brebanca.it
*.
BANCO BILBAO VIZCAYA ARGENTARIA - 41 189
*.
BANCO BPI - 12 589
*.
BANCO DE SABADELL - 19 229 www.bancsabadell.com
*.
BANCO DO BRASIL - 41 139 www.bancobrasil.com
*.
BANCO GUIPUZCOANO S.A. - 12 508
*.
BANCO SANTANDERSA - 44 729 www.gruposantander.es
*.
BANK AUDI SARADAR FRANCE - 18 089
*.
Bank Julius Baer (Monaco) S.A.M. - 14 508 www.juliusbaer.com
*.
BANK MELLI IRAN - 41 259
*.
BANK OF AMERICA N.A . - 41 219 www.bankofamerica.com
*.
BANK OF CHINA PARIS BRANCH - 18769
*.
BANK OF INDIA - 14 879
*.
BANK OF SCOTLAND- 13 648 www.bankofscotland.com
*.
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) - 41 249 www.btm.co.jp
*.
BANK POLSKA KASAOPIEKI SPOLKA AKCYJNA - 41 239 www.pekao.com.pl
*.
BANK SADERAT IRAN - 44 269
*.
BANK SEPAH - 17 799
*.
BANK TEJARAT - 17 579
*.
BANQUE ACCORD - 12 869 www.banque-accord.com
*.
BANQUE AIG - 10 968
*.
BANQUE BCP - 12 579 www.banquebcp.fr
*.
BANQUE BIA - 12 179
*.
BANQUE CALEDONIENNE D'INVESTISSEMENT-B.C.I. - 17 499 www.bci.nc
*.
BANQUE CANTONALE DE GENEVE (FRANCE) SA - 12 468 www.bcgef.fr
*.
BANQUE CENTRALE DE COMPENSATION - 17 519
*.
BANQUE CHAABI DU MAROC - 41 439
*.
BANQUE CHABRIERES - 24 659
*.
BANQUE CHAIX - 10178 www.banque-chaix.fr
*.
BANQUE CHALUS - 10 188
*.
Banque CIC Est - 30087 www.cic.fr
*.
Banque CIC Nord Ouest - 30 027 www.cic.fr
*.
Banque CIC Ouest -30 047 www.cic.fr
*.
BANQUE COMMERCIALE DU MARCHE NORD EUROPE - 13 298 www.bcmn.fr
*.
BANQUE COMMERCIALE POUR LE MARCHE DE L'ENTREPRISE - 18 829 www.bcme.fr
*.
BANQUE COURTOIS-SUCCESSEURS DE L'ANCIENNE MAISON COURTOISET CIE DEPUIS 1760- 10 268 www.banque-courtois.fr
*.
BANQUE D'ESCOMPTE - 44 149 www.escompte.com
*.
BANQUE D'ORSAY - 19 089 www.banquedorsay.fr
*.
BANQUE DE BRETAGNE - 40 168 www.banque-de-bretagne.fr
*.
BANQUE DE GESTION EDMOND DE ROTHSCHILD MONACO - 11 668
*.
BANQUE DE GESTION PRIVEE INDOSUEZ - 43 799 www.bgpi.com
*.
BANQUE DE L'ECONOMIE DU COMMERCE ET DE LA MONETIQUE - 11899 www.becm.fr
*.
BANQUE DE L'EUROPE MERIDIONALE-BEMO - 17 619
*.
BANQUE DE LA REUNION - 12 169 www.banquedelareunion.fr
*.
BANQUE DE NOUVELLE CALEDONIE - 14 889
*.
BANQUE DE POLYNESIE - 12 149 www.sg-bdp.pf
*.
BANQUE DE REALISATIONS DE GESTION ET DE FINANCEMENT - REGEFI - 11 210
*.
BANQUE DE SAINT-PIERRE ET MIQUELON - 11 749
*.
BANQUE DE SAVOIE- 10 548 www.banque-de-savoie.fr
*.
BANQUE DE TAHITI - BDT - 12 239 www.banque-tahiti.pf
*.
BANQUE DE VIZILLE- 13 999 www.banquedevizille.fr
*.
BANQUE DE WALLISET FUTUNA - 11 408
*.
BANQUE DEGROOF& PHILIPPE - 43 030 www.degroofphilippe.fr
*.
BANQUE DELUBAC ET CIE - 12 879 www.delubac.fr
*.
BANQUE DES ANTILLES FRANCAISES -BDAF - 41 839 www.bdaf.fr
*.
BANQUE DU BATIMENT ET DES TRAVAUX PUBLICS-BTP BANQUE - 30 258 www.btp-banque.fr
*.
BANQUE DU CREDITMUTUEL ILE-DE-FRANCE - BCMI - 11628
*.
BANQUE DUPUY, DE PARSEVAL - 12 939 www.bdp.fr
*.
BANQUE EDEL SNC -13 149 www.banque-edel.fr
*.
BANQUE ESPIRITO SANTO ET DE LA VENETIE - 43 659 www.besv.fr
*.
BANQUE FEDERATIVE DU CREDIT MUTUEL - 11 808 www.creditmutuel.fr
*.
BANQUE FIDUCIAL -13 179
*.
BANQUE FRANCAISE- 41 599 www.banquefrancaise.fr
*.
BANQUE FRANCAISECOMMERCIALE ANTILLES-GUYANE - BFC ANTILLES-GUYANE - 18 729 www.bfc-ag.com
*.
BANQUE FRANCAISECOMMERCIALE OCEAN INDIEN - BFC OCEAN INDIEN - 18 719 www.bfcoi.com
*.
BANQUE INTERNATIONALE DE COMMERCE-BRED - 40 398
*.
Banque Jean-Philippe HOTTINGUER et Cie - 11 438
*.
BANQUE J. SAFRA (MONACO) SA - 24 349 www.gottardo.com
*.
BANQUE KOLB - 13 259 www.banque-kolb.fr
*.
BANQUE LAYDERNIER - 10 228 www.banque-laydernier.fr
*.
Banque Leonardo - 21 990 www.banqueleonardo.com
*.
BANQUE MARTIN MAUREL - 13 369 www.martinmaurel.com
*.
BANQUE MARZE - 13379 www.banque-marze.fr
*.
BANQUE MICHEL INCHAUSPE - BAMI - 17 959
*.
BANQUE MISR - 18 569 www.banquemisr.fr
*.
BANQUE MONETAIRE ET FINANCIERE - 18 879
*.
BANQUE NATIONALE DE PARIS INTERCONTINENTALE - 14 898
*.
BANQUE NEUFLIZE OBC - 30 788 www.banque-nsmd.fr
On 1 June 1998, a new institution was created, the European Central Bank (ECB), charged with steeringthe single monetary policy for the euro. The body formed by the ECB, and thenational central banks (NCB)of all the member states of the European Union, constitute the European System of Central Banks (ESCB) *.
AAREAL BANK AG - 18 989 www.aareal-bank.com
*.
ABC INTERNATIONAL BANK PLC - 18 979 www.arabbanking.com
*.
Al Khaliji France S.A.- 41 829 www.alkhaliji.com
*.
Allianz Banque - 12 240 www.allianzbanque.fr
*.
ALLIED IRISH BANKS plc - 15 318 www.aib.ie
*.
ASSOCIATION FRANCAISE DES BANQUES - 1 www.afb.fr
*.
Attijariwafa bank Europe - 23 890 www.attijariwafabank.com
*.
AXA BANQUE - 12 548 www.axabanque.fr
*.
AXA Banque Financement - 25 080
*.
BANCA CARIGE S.p.A.- Cassa di Risparmio di Genova e Imperia - 12 088 www.carige.it
*.
BANCA POPOLARE DI SONDRIO (SUISSE) - 14 908 www.popso.ch
*.
BANCA REGIONALE EUROPEA - 14 818 www.brebanca.it
*.
BANCO BILBAO VIZCAYA ARGENTARIA - 41 189
*.
BANCO BPI - 12 589
*.
BANCO DE SABADELL - 19 229 www.bancsabadell.com
*.
BANCO DO BRASIL - 41 139 www.bancobrasil.com
*.
BANCO GUIPUZCOANO S.A. - 12 508
*.
BANCO SANTANDERSA - 44 729 www.gruposantander.es
*.
BANK AUDI SARADAR FRANCE - 18 089
*.
Bank Julius Baer (Monaco) S.A.M. - 14 508 www.juliusbaer.com
*.
BANK MELLI IRAN - 41 259
*.
BANK OF AMERICA N.A . - 41 219 www.bankofamerica.com
*.
BANK OF CHINA PARIS BRANCH - 18769
*.
BANK OF INDIA - 14 879
*.
BANK OF SCOTLAND- 13 648 www.bankofscotland.com
*.
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) - 41 249 www.btm.co.jp
*.
BANK POLSKA KASAOPIEKI SPOLKA AKCYJNA - 41 239 www.pekao.com.pl
*.
BANK SADERAT IRAN - 44 269
*.
BANK SEPAH - 17 799
*.
BANK TEJARAT - 17 579
*.
BANQUE ACCORD - 12 869 www.banque-accord.com
*.
BANQUE AIG - 10 968
*.
BANQUE BCP - 12 579 www.banquebcp.fr
*.
BANQUE BIA - 12 179
*.
BANQUE CALEDONIENNE D'INVESTISSEMENT-B.C.I. - 17 499 www.bci.nc
*.
BANQUE CANTONALE DE GENEVE (FRANCE) SA - 12 468 www.bcgef.fr
*.
BANQUE CENTRALE DE COMPENSATION - 17 519
*.
BANQUE CHAABI DU MAROC - 41 439
*.
BANQUE CHABRIERES - 24 659
*.
BANQUE CHAIX - 10178 www.banque-chaix.fr
*.
BANQUE CHALUS - 10 188
*.
Banque CIC Est - 30087 www.cic.fr
*.
Banque CIC Nord Ouest - 30 027 www.cic.fr
*.
Banque CIC Ouest -30 047 www.cic.fr
*.
BANQUE COMMERCIALE DU MARCHE NORD EUROPE - 13 298 www.bcmn.fr
*.
BANQUE COMMERCIALE POUR LE MARCHE DE L'ENTREPRISE - 18 829 www.bcme.fr
*.
BANQUE COURTOIS-SUCCESSEURS DE L'ANCIENNE MAISON COURTOISET CIE DEPUIS 1760- 10 268 www.banque-courtois.fr
*.
BANQUE D'ESCOMPTE - 44 149 www.escompte.com
*.
BANQUE D'ORSAY - 19 089 www.banquedorsay.fr
*.
BANQUE DE BRETAGNE - 40 168 www.banque-de-bretagne.fr
*.
BANQUE DE GESTION EDMOND DE ROTHSCHILD MONACO - 11 668
*.
BANQUE DE GESTION PRIVEE INDOSUEZ - 43 799 www.bgpi.com
*.
BANQUE DE L'ECONOMIE DU COMMERCE ET DE LA MONETIQUE - 11899 www.becm.fr
*.
BANQUE DE L'EUROPE MERIDIONALE-BEMO - 17 619
*.
BANQUE DE LA REUNION - 12 169 www.banquedelareunion.fr
*.
BANQUE DE NOUVELLE CALEDONIE - 14 889
*.
BANQUE DE POLYNESIE - 12 149 www.sg-bdp.pf
*.
BANQUE DE REALISATIONS DE GESTION ET DE FINANCEMENT - REGEFI - 11 210
*.
BANQUE DE SAINT-PIERRE ET MIQUELON - 11 749
*.
BANQUE DE SAVOIE- 10 548 www.banque-de-savoie.fr
*.
BANQUE DE TAHITI - BDT - 12 239 www.banque-tahiti.pf
*.
BANQUE DE VIZILLE- 13 999 www.banquedevizille.fr
*.
BANQUE DE WALLISET FUTUNA - 11 408
*.
BANQUE DEGROOF& PHILIPPE - 43 030 www.degroofphilippe.fr
*.
BANQUE DELUBAC ET CIE - 12 879 www.delubac.fr
*.
BANQUE DES ANTILLES FRANCAISES -BDAF - 41 839 www.bdaf.fr
*.
BANQUE DU BATIMENT ET DES TRAVAUX PUBLICS-BTP BANQUE - 30 258 www.btp-banque.fr
*.
BANQUE DU CREDITMUTUEL ILE-DE-FRANCE - BCMI - 11628
*.
BANQUE DUPUY, DE PARSEVAL - 12 939 www.bdp.fr
*.
BANQUE EDEL SNC -13 149 www.banque-edel.fr
*.
BANQUE ESPIRITO SANTO ET DE LA VENETIE - 43 659 www.besv.fr
*.
BANQUE FEDERATIVE DU CREDIT MUTUEL - 11 808 www.creditmutuel.fr
*.
BANQUE FIDUCIAL -13 179
*.
BANQUE FRANCAISE- 41 599 www.banquefrancaise.fr
*.
BANQUE FRANCAISECOMMERCIALE ANTILLES-GUYANE - BFC ANTILLES-GUYANE - 18 729 www.bfc-ag.com
*.
BANQUE FRANCAISECOMMERCIALE OCEAN INDIEN - BFC OCEAN INDIEN - 18 719 www.bfcoi.com
*.
BANQUE INTERNATIONALE DE COMMERCE-BRED - 40 398
*.
Banque Jean-Philippe HOTTINGUER et Cie - 11 438
*.
BANQUE J. SAFRA (MONACO) SA - 24 349 www.gottardo.com
*.
BANQUE KOLB - 13 259 www.banque-kolb.fr
*.
BANQUE LAYDERNIER - 10 228 www.banque-laydernier.fr
*.
Banque Leonardo - 21 990 www.banqueleonardo.com
*.
BANQUE MARTIN MAUREL - 13 369 www.martinmaurel.com
*.
BANQUE MARZE - 13379 www.banque-marze.fr
*.
BANQUE MICHEL INCHAUSPE - BAMI - 17 959
*.
BANQUE MISR - 18 569 www.banquemisr.fr
*.
BANQUE MONETAIRE ET FINANCIERE - 18 879
*.
BANQUE NATIONALE DE PARIS INTERCONTINENTALE - 14 898
*.
BANQUE NEUFLIZE OBC - 30 788 www.banque-nsmd.fr
list of banks in uganda
The Banking sector is growing and it continues to grow as the central bank is yet to license more commercial banks. Uganda now has over 20 commercialbanks in operation
1. Bank of Africa - It started as Sembule Investment Bank in 1984. In 1996 it became Allied Bank courtesy of the new owners then. It is now Bank of Africa with its HQson Jinja road.
2. Bank of Baroda - Started Operations in Uganda wayback in 1953. Its head office is located on Kampala Road next to Barclays Bank and anotherbranch is right next to Club Rouge. The latest branch to be opened in Kampala is right after Kampala International University. It is listed on the Uganda Securities Exchange.
3. Barclays Bank - Next to Bank of Baroda on Kampala road with various branches in the city centre has been in Uganda for over 70 years. One of its products are featured here Barclays Prestige Service
4. Cairo International Bank - On Green land towers opposite Bank of Uganda started its operations in 1995.More on the bank from the CIB Website
5. Centenary Bank - Formerly Centenary Rural Development Bank (CERUDEB) and now Centenary Bank is located on plot 7 Talenta House on Entebbe Road started its operations in 1983 as a credit trust and ten years later it was licensed into a full commercial bank. Centenary Bank is the largest indigenous bank with an estimated asset base of over USD 220 Million. The bank employsover 1,000 people. To contact Centenary Bank call +256 414 346856,+256 414 232 393.
6. Citi Bank - On Ternan Avenue next to British Airways. An Ideal home for Corporate Customers.
7. Crane Bank - Founded in 1995 and it is the seventh largest bank in Uganda as of Feb.2009.
8. DFCU Bank - Development Finance Company of Uganda started in 1964 as a development finance company and in 2005 it became a commercial bank. Its HQs are located on plot 2 Jinja road. It is now celebrating 45 years of progress
9. Diamond Trust Bank - In 1997 is when it became a fully fledged commercial bank with about 9 branches across its network.
10. Eco Bank Uganda -
11. Equity Bank Uganda - It was created in 2008 when the Equity Bank Group purchased Uganda Microfinance Limited. Equity Bank nowemploys about 500 people, listed on the Uganda Securities Exchange under the symbol EQTY and it is the13th largest commercial bank as of June 2009.
12. Fina Bank - Started its operations in 2008 with 2branches in Kampala plusone Mbarara and Kasese. Notable for cross border money transfer between Kenya, Rwanda and Uganda.
13. Global Trust Bank - Started its operations in 2008 with its headquarters on Kampalaroad adjacent to Kenya Commercial Bank. Its majority shareholders areNigeria's largest Insurance company, Industrial and General Insurance Co. Plc(IGI) and National Insurance Company(NIC)
14. Housing Finance Bank - Founded in 1967 as a mortgage bank and in January 2008 it became acommercial bank. It has an asset base estimated atUSD 80Million, Housing Finance Bank was the 11th largest commercial bank in Uganda as of April, 2009.
15. Kenya Commercial Bank -
16. National Bank of Commerce -
17. Orient Bank -
18. Post Bank Uganda -
19. Stanbic Bank U Ltd -
20. Standard Chartered Bank
1. Bank of Africa - It started as Sembule Investment Bank in 1984. In 1996 it became Allied Bank courtesy of the new owners then. It is now Bank of Africa with its HQson Jinja road.
2. Bank of Baroda - Started Operations in Uganda wayback in 1953. Its head office is located on Kampala Road next to Barclays Bank and anotherbranch is right next to Club Rouge. The latest branch to be opened in Kampala is right after Kampala International University. It is listed on the Uganda Securities Exchange.
3. Barclays Bank - Next to Bank of Baroda on Kampala road with various branches in the city centre has been in Uganda for over 70 years. One of its products are featured here Barclays Prestige Service
4. Cairo International Bank - On Green land towers opposite Bank of Uganda started its operations in 1995.More on the bank from the CIB Website
5. Centenary Bank - Formerly Centenary Rural Development Bank (CERUDEB) and now Centenary Bank is located on plot 7 Talenta House on Entebbe Road started its operations in 1983 as a credit trust and ten years later it was licensed into a full commercial bank. Centenary Bank is the largest indigenous bank with an estimated asset base of over USD 220 Million. The bank employsover 1,000 people. To contact Centenary Bank call +256 414 346856,+256 414 232 393.
6. Citi Bank - On Ternan Avenue next to British Airways. An Ideal home for Corporate Customers.
7. Crane Bank - Founded in 1995 and it is the seventh largest bank in Uganda as of Feb.2009.
8. DFCU Bank - Development Finance Company of Uganda started in 1964 as a development finance company and in 2005 it became a commercial bank. Its HQs are located on plot 2 Jinja road. It is now celebrating 45 years of progress
9. Diamond Trust Bank - In 1997 is when it became a fully fledged commercial bank with about 9 branches across its network.
10. Eco Bank Uganda -
11. Equity Bank Uganda - It was created in 2008 when the Equity Bank Group purchased Uganda Microfinance Limited. Equity Bank nowemploys about 500 people, listed on the Uganda Securities Exchange under the symbol EQTY and it is the13th largest commercial bank as of June 2009.
12. Fina Bank - Started its operations in 2008 with 2branches in Kampala plusone Mbarara and Kasese. Notable for cross border money transfer between Kenya, Rwanda and Uganda.
13. Global Trust Bank - Started its operations in 2008 with its headquarters on Kampalaroad adjacent to Kenya Commercial Bank. Its majority shareholders areNigeria's largest Insurance company, Industrial and General Insurance Co. Plc(IGI) and National Insurance Company(NIC)
14. Housing Finance Bank - Founded in 1967 as a mortgage bank and in January 2008 it became acommercial bank. It has an asset base estimated atUSD 80Million, Housing Finance Bank was the 11th largest commercial bank in Uganda as of April, 2009.
15. Kenya Commercial Bank -
16. National Bank of Commerce -
17. Orient Bank -
18. Post Bank Uganda -
19. Stanbic Bank U Ltd -
20. Standard Chartered Bank
Safaricom launches M-Shwari mobile banking service, banks fears
The mobile firm on Tuesdaylaunched a micro-loan product dubbed M-Shwari,which will allow its 19 million subscribers to save and borrow money from their mobile phones using the M-Pesa platform.
It is being run in partnership with Commercial Bank of Africa, which will provide the banking services.
The service will allow saving of as little as Sh1 andborrowing of a minimum Sh100, with interest rates ranging from two to five per cent per year, depending on one’s savings.
Borrowers will also part with a one-off facilitation fee of 7.5 per cent of the borrowed amount. Subscribers can borrow up to Sh20,000, payable in 30 days.
Safaricom joins Airtel which in May launched a similar product, though on a smaller scale, through a partnership with micro lender Faulu Kenya.
Airtel’s service, known as Kopa Chapaa, allows subscribers to get loans of between Sh100 and Sh10,000 charged at an interest of 3-10 per cent.
Speaking at the launch, Safaricom CEO Bob Collymore said that the product would enable low-income earners access affordable loans based on their savings.
These services are promising to bring competition in the short term lending market that has been dominated by shylocks.
Banks have, however, downplayed the entry of mobile operators in the lending industry on grounds that they are targeting the unbanked population.
“Product innovation, particularly in the mobile banking space, will continue to be a differentiating factor for thesector as banks move to increase accessibility to financial services. You therefore would expect to see more linkages with various telecom providers, as we have seen with Commercial Bank of Africa and Safaricom on the M-Shwari product,” Kenya Bankers Association boss Habil Olaka said in an emailinterview.
To activate the M-Shwari account, one will be required to go to the M-pesa menu, select the account option, choose the update menu option and then enter their M-pesa PIN number.
An M-Shwari will automatically be included in the M-pesa menu.
“It is simple. There are no ledger fees, no limits on thefrequency of withdrawals, no minimum operating balance and no charges on deposits for M-Pesa to M-Shwari account,” said Mr Collymore.
“Loan defaulters will be blacklisted and will not be allowed to borrow for five years,” said the head of National Payments System, Mr Stephen Nduati.
Preferred pace
M-Shwari creates a platformon which customers can save at their preferred pace.
“It creates a safe environment for customers to borrow small amounts and links the amounts of credit available to the ability to save,” Vodafone director of Mobile Money, Mr Michael Joseph said.
It is being run in partnership with Commercial Bank of Africa, which will provide the banking services.
The service will allow saving of as little as Sh1 andborrowing of a minimum Sh100, with interest rates ranging from two to five per cent per year, depending on one’s savings.
Borrowers will also part with a one-off facilitation fee of 7.5 per cent of the borrowed amount. Subscribers can borrow up to Sh20,000, payable in 30 days.
Safaricom joins Airtel which in May launched a similar product, though on a smaller scale, through a partnership with micro lender Faulu Kenya.
Airtel’s service, known as Kopa Chapaa, allows subscribers to get loans of between Sh100 and Sh10,000 charged at an interest of 3-10 per cent.
Speaking at the launch, Safaricom CEO Bob Collymore said that the product would enable low-income earners access affordable loans based on their savings.
These services are promising to bring competition in the short term lending market that has been dominated by shylocks.
Banks have, however, downplayed the entry of mobile operators in the lending industry on grounds that they are targeting the unbanked population.
“Product innovation, particularly in the mobile banking space, will continue to be a differentiating factor for thesector as banks move to increase accessibility to financial services. You therefore would expect to see more linkages with various telecom providers, as we have seen with Commercial Bank of Africa and Safaricom on the M-Shwari product,” Kenya Bankers Association boss Habil Olaka said in an emailinterview.
To activate the M-Shwari account, one will be required to go to the M-pesa menu, select the account option, choose the update menu option and then enter their M-pesa PIN number.
An M-Shwari will automatically be included in the M-pesa menu.
“It is simple. There are no ledger fees, no limits on thefrequency of withdrawals, no minimum operating balance and no charges on deposits for M-Pesa to M-Shwari account,” said Mr Collymore.
“Loan defaulters will be blacklisted and will not be allowed to borrow for five years,” said the head of National Payments System, Mr Stephen Nduati.
Preferred pace
M-Shwari creates a platformon which customers can save at their preferred pace.
“It creates a safe environment for customers to borrow small amounts and links the amounts of credit available to the ability to save,” Vodafone director of Mobile Money, Mr Michael Joseph said.
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