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(generated from captions) predisposing people to behaving

like that if we create an

environment to which the brain environment to which the brain

adants, and do so in a way that

is focussing on process. Just

to relate this to our present

distinction between the concerns, do you make a

self-shooter games, for

example, which do involvement a

kind of violence, and the

question that arises here since

warfare and aggression and

violence are part of human

nature and have been since

humans basically claimed out of humans basically claimed out of

the trees, is there some

element here where these kind

of games sublimbate the urge

for violence? That is always an

argument even before computers,

for violent TV programs, it was

channelling aggression. You

only have to look at what you

see around you, what I find sad

is, for example, on YouTube,

people post other people being

stabbed and bleeding as a stabbed and bleeding as a form

of entertainment. That does

suggest that unlike in the

past, that what is happening is

people no longer have a meaning

to what they are seeing, it is

like a Tom and Jerry cartoon,

it's something reversible, when it's something reversible,

you are dead you can become

undead in the next round of the

game. Red stuff pouring out is

just red stuff pouring out of

you, you haven't had the

experience yourself of being

hurt or falling out of a tree hurt or falling out of a tree

or bleeding, therefore you

can't empathise with what is

happening on the screen, and if

you can't do that and you are

driven by strong sensations and

nothing else, because you don't

have the conceptual framework,

cognit infrastructure, you need

to up the ain'te, be extreme.

bears it So my view, and the literature

bears it out is that it can

encourage violence, making

people predisposed to living in

a world of yuck-and-wow and

strong sensation, of extreme

sensations and the most extreme

is someone being shot or

bleeding. Final question - why

is it mostly boys and young men

who become obsessed with these

games, and not young women. OK,

I'm going to make a sweeping generalisation, I recognise generalisation, I recognise it

as a sweeping generalisation,

if one is asked to talk about gender differences you have to

do that. On the whole, I stress

on the whole little girls are

verbal, they learn to read and

speak at an earlier stage,

using more words in the day

than boys, have a much more

emphasis, greater premium on

interactions, less competitive

and aggressive. Boys are

targeted, more focussed, they

are more aggressive and less

verbal and more into action, if

you like. This comes back from

the evolution when the males

had to go hunting, they had to

be focussed, have the tunnel

vision that characterises males

compared to girls with a

broader field of vision, which

is why we can find the car

keys, you can't. Boys are

focussed, competing, hunting,

they have a quarry and a goal. That's what computer games

are. I know where my car keys

are, they are in the cave where

I came from. Professor Susan

Greenfield, thank you for

taking the time to talk to us

tonight. My pleasure, you. tonight. My pleasure, thank

In just a few hours the US President Barack Obama President Barack Obama will

head to Wall Street to deliver

be what the White House says will

be a major speech. He'll be

marking a dark day in America's

history, the collapse of investment bank Lehman

Brothers, and the start of a

financial crisis that spread

across the globe as the

financial giant was allowed to

go under. In his speech go under. In his

President Barack Obama will

focus on reforms and the need

to strengthen the system avoid

another economic collapse. North American North American Correspondent

Lisa Millar heads to New York Lisa Millar heads to New York

where it began.

(Horn blows).

It's the morning rush hour on

the Staten Island ferry. For

the 15 minutes it takes to get

to Manhattan, workers are deep

in thought, clutching papers,

pondering the day. It seems like any other computer

journey, but the regulars

notice the difference. The 8:00

boat is usually packed, there's

people standing, there's not a

seat to be found. Look at it,

it's empty. Even the city

streets, where 40,000 jobs were

lost, the streets are lost, the streets are empty.

There are passengers here just

grateful they are still making

the trip. Freedom from my

you'd lose your position. You were worried

job. Definitely. It's been

tough for those unemployed,

it's been - the market for, I know business analyst looking

for nine months. Look at the

Dow Jones. Dow Jones. Biggest decline in

stock prices ever. 12 months

ago Wall Street was in a ago Wall Street was in a frenzy

Lehman Brothers collapsed upped

a mountain of debt an economic

catastrophe inevitable. It

would take an hour for Phil

Sorace to get the train to work

from Ridgewood New Jersey into midfield Manhattan where he was

the CEO of a

the CEO of a small bank, for

decades the 66-year-old

commanded respect in the

financial world, he wasn't

quarantined from the wreckage

on Wall Street. Everyone saw it

coming, it was happening to

other people. It was on the

news, crazy bankers, it was the

AIG, it was this or AIG, it was this or that. I

don't think that local people

at that point realised there'd

be a dramatic inpact. Ridgewood

thrived on its rich financial

ties, one in six residents

worked in finance or real

estate, the crash on Wall

Street was heard from Main

Street. As you can see, there

are a number of stores that

have closed down, a number of

shops. We were running on

enough fuel that I figured one

year, we can get through and

not have to make major

lifestyle changes, well, we are lifestyle changes, well, we are

now reaching that year, and I'm

looking at that bank account

saying to myself, "Well, we are

going through that first level

of cushion, and if we don't

start generating a lot more

revenue, we'll have to make

some serious changes" . He's

not looking for sympathy, he

unemployed knows there's not a lot for

unemployed bankers. So every

week the former high-flyers

meet at a Ridgewood church to

try to make sense of it

all. You want to sit down and

say, "Guys, I don't know what

to do, I don't know what the

next step is". Would you have

stayed and done Wall Street.

Interestingly enough he said

no. They call themselves Men In

Transition, the suits are gone, ambition is there. ambition is there.

Unfortunately, if you bring

your expenses down 17%, that's

great, if sales didn't go down

23%. Sometimes there's a

dozen, sometimes a handful. The

conversations are frank. I was

in one place, and so the next

thing in front of me I achieved

and usually did better than expected. I'm underemployed as

the expression is, trying to

find out where my next venture

can be. I am not happy. Places

like ridge wood felt the

tremors of the shock, this is

the epicentre, the New the epicentre, the New York

Stock Exchange, here the traders watched the traders watched the markets

dive and now are waiting to see

if this is the first signs of a

permanent permanent recovery. Ted Weisberg of Seaport Securities

has been working on the floor

for 40 years. Clearly, the

problems that existed a year

ago or that we might have been anticipating a year ago anticipating a year ago are

very much with us today. But he

thinks the strength of the

stock market over the last few

months is a hint of what is

ahead. I find the stock markets

a good barometer of economic

sentiment, and of investor

psychology in a forward-looking

fashion, and so to me the tape

doesn't lie, to me the strong

stock market - one of the

things it's telling me is

perhaps we are looking at an

improving economy three months,

six months down the road, will

it be correct. We'll have to

wait 3-6 months to find

out. Around the block Marc

Chandler is working the numbers

at Brown Brothers Harriman. He

doesn't think enough has been

learnt during the crisis to

avoid the next one. one of the

lessons we draw from Lehman and

the whole financial crisis,

where we sit today, the

lessons, I'd say, like the

disciplining a child, you slap

the child's wrists and say no,

the child continues to do what

it wanted. In some ways that's

what happened. The financial

crisis, it was not painful to

get countries or agents to

change their behaviour. That's

why the Obama Administration is

determined to introduce tougher

regulation of financial

institutions and why the G-20

will debate what steps the

international community should

take next. What they take next. What they need is

some confidence from the people

who matter, consumers, and so

far there's little sign of

that. Everything is going up.

Everything that you go

shopping, everything is

expensive, salary - you are not

getting raises, medical is

going up, it seems you live

from pay cheque to pay cheque.

There's no jobs out there,

there's nothing. That's the

challenge facing this challenge facing this President

as he prepares to take a stroll

down Wall Street.

It's time for a look at the

weather - morning storms and

power for Perth, clearing

showers or drizzle in Sydney,

dry and sunny in the other

Capitals. That's all from us,

Lateline Business coming up in

a moment, if you'd like to look at the interview at the interview with Professor Susan Greenfield

Susan Greenfield are or review stories or transcripts visit the web site at abc.net.au/lateline. Here abc.net.au/lateline. Here is

Lateline Business with Ticky

Fullerton. Tonight - final

approval of the Gorgon Gas

Project may be a sign of things

to come. Potentially over the

next 12-24 months Australia

could achieve in the LNG

industry up to $100 billion in

investments. Learning the

lessons of Lehman Brothers one

year on. Markets are going up.

When they boom that's when we

need vigilant regulation to prevent another

catastrophe. The futures market

providing certainty to wheat

farmers. It gives growers

choice, if they want to reduce

risk prior to harvest they have

a vehicle to do that.

First to the markets, a

negative lead from Wall Street

and weaker commodity prices

pushed the All Ords down 1.5%.

ASX 200 lost 65 after hitting

an 11-month high Friday. In

Japan, the Nikkei dropping 2%,

exporters concerned about the yen. Hong Kong's Hang Seng

closed weaker and in London the

FTSE fell in morning

trade. Australia's largest

resources project will go ahead

with the Georgan gas venture

partners signing off today,

construction begins next year

on a project generating $300

billion in export billion in export earnings.

Neal Woolrich reports. It's

taken a while, after the Shell

board agreed to the board agreed to the Gorgon project it's full project it's full steam

ahead. Gorgon has arrived. And

the timing is great. Gas was

discovered in the Gorgon field

in 1981. The project almost

went ahead in the late 1990s

before it was skittled by the

Asian financial crisis. But now construction is expected to

start within months, on what

will be Australia's largest

energy project. Gorgon is expected to

expected to cost $43 billion to

develop, jeernt 10,000 jobs at

its peak - generate 10,000 jobs

and produce gas in 2014. Gorgon

is a giant. The 40-year project

will produce about 50 million

tonnes of Liquified Natural Gas

every year. That's enough to

power a city about the size of

Adelaide from now until Adelaide from now until the

year 48 00. In the coming

months the project is expected

to create $10 billion worth of

contracts and purchase orders, most sourced from

Australian-based suppliers and

contractors. I expect to see

work starting today. And I just

talked to the project manager

before coming in here, I expect some of the first purchase

orders to go out today. We are

ready. The Gorgon project is

half owned by Chevron, while

Shell and ExxonMobil have a one

quarter stake. None of the

partners are concerned about

competition from Middle Eastern

states like Kata, which are

planning major LNG

developments. It's a clean and

burning fuel the demand is growing

growing more rapidly than for

other fuels, we see enough

demand to take this LNG and the

LNG coming from Kata - they are

not competing in the world marketplace, there's enough

demand to absorb both of demand to absorb both of them.

Western Australian Premier Khan

elt refused to declare his

state was on the kux - Colin

Barnett refused to declare he

was on the wonderful of was on the wonderful of a boom. But Federal Resources Minister

Martin Ferguson was upbeat

about prospects. This suggests

one of a number of

one of a number of projects,

there are billions to go, we

are working on the are working on the development

of the uranium industry, there

are a range. Projectsment the

next 12-24 months Australia

could achieve in the LNG

industry up to 100 billion in

investments. As Gorgon showed over three

over three decades, it's a long

and uncertain road from

discovery to final

approval. Macquarie Group

senior economist Brian Redican

has been analysing the has been analysing the impact

of the Gorgon Gas Project on

the broader economy, I spoke

with him earlier this with him earlier this evening.

Brian Redican welcome Brian Redican welcome to

Lateline Business Thank

you. It's darn big, this

project, $43 billion capital expenditure, how significant will that

will that be to the national

growth figures. That will have

a big impact on overall GDP,

it's about 10 times the size of

the Sydney Olympics, in terms

of boosting business and

consumer confidence impacts

could be greater. This one deal

could lift the investment

opponent by the national

accounts by a measurable

amount. That's right. Firms

expecting to go $90 billion of CAPEX over

CAPEX over 2009/2010, this

project by itself is $43

billion, adding about $10

billion each year or 10% to the

national total. Our current

account deficit will shift

too. That's exactly right, too. That's exactly right, 30%

of the overall xestment numbers

will be imported, Australia's

current account deficit will be

on the radar on the radar screens.

Employment at 10,000 doesn't

seem that significant for a seem that significant for a big deal. It doesn't seem

significant when you say it

quickly, there's only about

35,000 unemployed males in the

whole state of Western

Australia. So it will have a

big impact there, that will

have flow-on effects through

the economy as those people

employed on the construction

phase actually spend more in

the overall economy, it will

boost retail employment,

boosting property employment,

so the overall employment

effects will be greater than

that. Two other big projects

need final investment decision,

the Queensland Curtis LNG and

Inpex's project, together an

estimated $47 billion. What

will they do to growth

projections. There's about

another 10 major LNG projects

coming on to the drawing coming on to the drawing boards

over the next 10 months, the

two you mentioned are the two you mentioned are the

large. If they are on large. If they are on board as

well as Gorgon, we'll see a

record capital expenditure in

2010, a real surprise, given

how weak business invest. And

confidence was six months

ago. The contract prices that

Chevron got from Japan Chevron got from Japan and

South Korea are over 20-25

years, will we rue the day for

locking in long-term contracts,

is that the only way to do

business. Certainly it provides

the firms certainty, which they

need to have before committing

to spending vast sums of to spending vast sums of money,

there's no other way around it.

The second point to note is

it's not Australia actually

that is exploring and

developing major LNG projects.

In the US a lot of these

projects go under way. In that

respect to have the certainty

about getting the price insist

place may not be a bad

decision. Brian Redican, thanks

for joining us. Pleasure. As

we heard on Lateline, this week

marks a year since the collapse

of Lehman Brothers, and a

deepening of the financial

crisis, markets are recovering

quickly, pricing in an economy

for the economy. Some fear the

sharpness. Turnaround will

dull minds to the lessons that need to

need to be learnt from the

worst financial crisis since

the Great Depression. This time

last year the market was in

free-fall, credit s slammed

shut Governments pouring

trillions into banks in a bid

to keep many afloat. It was the

low point in a crisis caused by

cheap credit. Bursting of the

US housing bubble and a failure

US housing bubble and a failure

of regulators. For corporate

governance expert Tank,

regulation is not an optional

xrax We must remember the

importance of regulation, not

just in times of crisis, but

when the recovery occurs,

markets are going up, when they

boom we need vigilant regulation. The debt-fuelled

troubles of some of the biggest

names? Global banging are well documented, in Australia the

impact was not as great, there

were casualties, Graham Harman

serviced head of investment

strategy in the Australian arm

in a bank at the centre of in a bank at the centre of the

global financial crisis, he

believes regulation is the key

lesson. Some of the European

regulation has been too cute by

half, marking everything to

market, doing everything in a

most economically rational way

you could find, and what it

made up in economic rationalism

is lost in commonsense, the old

style approach of Australia is

probably been a bit home spun,

but more effective than some

more overly finessed Northern

Hemisphere approaches. While

Australian regulators look

Australian regulators look good

in the global context Professor

Tank says ASIC and APRA could

have done better. Looking at

the fringe banking, and you

housing, there's been

collapses, Allco, Babcock &

Brown, and others, presenting a

gap in the regulatory shield that needs

attention. Regulation of

capital adequacy and risk of

the institutions was found

wanting says the

Professor. David Gonski is

chairman of Coca Cola Amatil, and the Australian Securities

Exchange. He has told a Sydney

financial sector gathering

financial sector gathering that

directors should get back to

thinking long term. I remember

when I first took up my first

directorship it was on a

financial investor, and we were

being graded once a year on our

performance. This was 30 years

ago. Within a few years we were

being graded 6 monthly on our performance, I am not involved

in that any more, thank god,

in that any more, thank god,

but I'm sure some of you are

graded almost daily now. As the

world slowly recovers from its

biggest financial and economic

shock of the last 70 years the

thoughts of some are turning to

where the next crisis may come

from. If we looked at carbon

trading, that's an essential

idea in principal to reduce the

amount of carbon in the

atmosphere, as they are the largest, richers in the world

largest, richers in the world

they'll be open to speculators

and manipulation, this could be the next great global

crisis. If history is a guide

it could arrive in the next 5-7

years. While market sentiment

improved greatly since the

collapse of Lehman Brothers,

investors took a breather, for

a look at the reasons behind

the fall I spoke to Charlie Aitken at Southern Cross

Aitken at Southern Cross

Equities. A good dose of profit taking at the start of the

trading week. I think the

market decided it wanted to

take a few profits. There were

weak futures markets from

America pointing to a weak

opening on Wall Street. Quite a

few people didn't like the look

of a little trade battle

breaking out between the US and China, that was enough to

trigger profit taking in

Australia after a huge run. Has

there been impact on the market

from the Gorgon Gas Project, getting

getting the go ahead from its

partners. I think it was

expected. The engineering

stocks had a mighty run. stocks had a mighty run. Most

of the engineering stocks are

down, Leighton, Morley down, Leighton, Morley down.

They are up 100% off the loads,

it's good news for the

engineering stocks, today there

was a tiny bit of sell the fact

training response from training response from traders

to the news confirmed. Some

heavier falls are from the bages, any

bages, any reason for

that. Banks needed a breather,

the G-20 told the world banks

will have to hold regulatory

capital. Australia banks are

capitalised holding higher

regulatory capital than others.

People are thinking about bank

returns, the Australian banks

led the rally, in trading

correction or whatever from

here banks will lead that

correction. You saw a little

profit taking. The

profit taking. The gold sector

has been one of the few holding

up well. What kept it

going. Gold in Asia held above

$1,000, it's scoing and technic

am. The market is in - scoing

and technical. The market is in

a rally mood. Industrial prices

down, iron ore prices down.

Gold is down, the market is at

the margin switching

the margin switching from industrial metals to pressure. I see property trusts

had a good day. Property trusts

had a good run, they have done

well for a month and a half,

mostly re capitalising, paying

back good percentages of back good percentages of debt.

There was a switch at the

margin from the major banks to

bigger property trusts, you saw

Westfield Stockland, Mirvac,

and Lend Lease stronger, they were

were switching from banks to

the property trust with the

view that the worst of the

commercial property rout is

behind us. Charlie Aitken,

thanks for joining us To the

major movers, financial stocks led the led the falls, National

Australia Bank shed more than

3%, Australia's largest

investment bank Macquarie Group

lost 2%, big miners lost lost 2%, big miners lost round,

Rio Tinto dropping

Rio Tinto dropping 2%, Harvey

Norman grained 8 Norman grained 8 cent.

Australian dollar slips from a

one-year high.Gold fell more

than 1%.

It's steady as she goes for Ain

Ain pharmaceutical company

Sigma, announcing a 5% rise in

net profit and declared an

interim dividend of 3 cent interim dividend of 3 cent a

share. Looking forward some.

Sigma's biggest financial

filips are in generic drugs and

the market share that the

company obtain. I spoke to Sigma's managing Sigma's managing director, Elmo

de Alwis a short time de Alwis a short time look.

Elmo de Alwis, welcome Elmo de Alwis, welcome to Lateline

Lateline Business. Thanks. Pharmaceuticals

are vital, they attract

discretionary spending how has

the economic downturn affected Sigma. Sigma's business is

largely insulated by economic

downturn, we have turn over in

excess of $3 billion, and

probably $40-$50 million would

be what you describe as

discretionary to some extent. It's a

It's a defensive business which

is insoulated from economic

upturns and downturns. The

market for generics is expected

to double by 2013, there's heavy discounting, margins

under pressure, is that going

to effect Sigma's

profitability. I think there

are forces that work both ways, expansion of the market is

something that helps us to

something that helps us to

grow, discounting is something

that is necessary to some

extent, to ensure that there is

support for your brain, but it

does detract from profit.

Overall when you put the two

together we are confident that

the business will grow in terms

of profitability. Your

forecasting modest growth for

the Full Year, cholesterol

lowering drug lip ittal comes

off patent in 2012 and Sigma

can sell it as a generic

product, how much will it boost

earnics. I estimate that we

have a 30-odd percent market

share, 50-60% of the drug will

go generic, 40% will remain as

the brand. There are price

reductions that efent ute when

generic is registered, it's a

12.5% price reuction . We

expect to maintain our market

share of around 30% in that

mark. So do you think it will

be a significant contributor to

earnings. It certainly will be.

It's a big molecule, it will be

a major contributor to sales

and profitability. What you

refer to as Sigma's jewel in

the crown is your generic drug

Evelexa, which will be the

alternative to buyeth

antidepress ant prescription

drug Effexor, that's been

injunted until you had your

patent battle with Wyeth. We

challenged the patent and have

been injunketed from selling

that product until the hearing

is completed. We understand the

hearing will take place in

February or March next year,

and there'll be an opportunity

to appeal a decision for

whoever loses. We feel that the

court will - if we win that

karks the court will reward us

damages - case, the court will

reward damages for the period

we've been denied access. You

had a forecast of $120 million

in sales for the Evelexa

generic, you are hoping to get

that back. $120 million was the

size of the total market. We

were looking at a share of that

markets. If you were to launch

the product as a

generic. Moving to your capital

raising, $290 million-odd, that

takes your gearing from 40% to

28%, it's a big drop. Were debt

levels too high. It's more that

it gives us capacity to further

invest in the business, to

pursue other acquisition

opportunities it might present.

Our facilities, bank facilities

are in place until 2011. There

was no pressure on us to reduce

borrowing capacities, they are

in place until 2011. The head

room is increased

significantly. Through this

capital raising, and that gives

us the opportunity to, I guess,

explore similar acquisitions to

the one we have completed. You

don't feel you should have

raised equity earlier. No, we

didn't want to raise equity for

the sake of raising it, as I

said, we had couple of hundred

million worth of borrowing

capacity that we had with our

facilities in place. We thought

that when this opportunity to

acquire the brands as well as

manufacturing facility

presented, and we were able to successfully complete a

negotiation, we felt that there

was opportunity for us to fund

that as well as increase the

capacity we had in terms of

future such acquisitions if

they present. On your 60

million acquisition of the

pharmaceutical portfolio and manufacturing facility

manufacturing facility from

Bristol-Myer Squibb, do you

expect a smooth ride from the

ACCC. I guess the pharmaceutical market is

fragmented, these brants that

we purchased, being added to Sigma's portfolio does not give

us dominance, they are multiple

brands, out of patent brands,

we certainly don't see an issue

with any sort of - any Noll

cool level. We haven't brought

a business - molecule level, we

haven't bought a business but

haven't bought a business but a

number of brands, Your

pharmacies are loyal to you, on

loyalty programs, compliance

levels at these pharmacies run

at about 50% for generic

medicine, are you concerned at

how low the level is. We would

like to have as high a

compliance level as possible. I

want to clarify, when we say

50% compliance, it means 50% compliance, it means that

there are 50% pharmacies

achieving greater than the

compliance hurdle. It's it

doesn't mean 50% don't comply,

they may be below, everyone on

the program would support us to

some extent, a greater or

lesser extent. We'd like to see

everyone increase levels of

compliance, do that because

it's of benefit to the

customers, and benefit to Sigma

and shareholders, and that is

our task, to work with our

customer base to make sure we

increase the levels of

compliance in a way benefitting

them and us. Elmo de Alwis,

thanks for talking to Lateline Business. Thank you very much.

Wheat farmers in Western

Australia will now be able to

presell their crop on a futures

market, listed on market, listed on the

Australian Stock Exchange. The

market which started today

should give the farmers more

certainty, providing a hedge

against commodity price fluke

twagss. Jane Norman

reports. Western Australia is

the biggest exporter of wheat,

this year a bumper harvest is

predicted of 13 million. With

harvests months away growers

are deciding how to sell the

are deciding how to sell the

group Selling for cash or grain

in a pool are the two

options. Farpers have an option when the Western Australian

wheat market is listed on wheat market is listed on a Australian Stock

Exchange. Previously the

volatile Chicago index was the

only exchange available. Growers will be able

to sell crops based on Western

Australian wheat prices. The

market should attract the cash

market in WA, providing

flexibility than forward

contract offer the grower. The

wheat export marking system was

deregulated following the

abolition of the AWB single

desk. CBH, the Western

Australian cooperative is

emerging as a major player,

saying the new index will provide certainty for growers

and options for traders. It

gives growers more choice, if

growers want to reduce risk

they have a vehicle to do that,

lock engine a forward price,

and for traders, marketers like

us, we can buy and sell using

the futures mark. Analysts

predict grain growers will wait

for the cash price of wheat to

improve before preselling their

crops. Looking at the business

diary, minutes from the diary, minutes from the month's

Reserve Bank Board meeting are

released. KPMG annual table of

general insurance.

Before we go a look at what

is making news in the

businesses sections of the

newspapers, Herald Sun examines

the Gorgon Gas Project, the

Australian features the same

story, saying reserves could be

worth $500 billion. worth $500 billion. Australian The Financial Review says The Financial Review says the

Productivity Commission is

considering giving shareholders

power to reign in executive

pay. That's all. The Dow is

down 0.6% and FTSE down 0.46%.

If you want to review any

If you want to review any part

of the program visit the web

site at

abc.net.au/latelinebusiness.

You can watch the poim online

or down load as a vodcast. We'd

love your feedback.

I'm Ticky Fullerton,

goodnight.

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