In the basins of the Garachiné-Sambú and Bayano-Chucunaque-Atrato rivers there are an estimated 900 million barrels of oil, according to studies conducted by the company Empresa OTS Latinamérica LLC. This was confirmed in a statement this afternoon by Panama’s Energy Secretary Juan Manuel Urriola, who added the results of the study show there is the potential for the development of commercial hydrocarbons in those basins. The exploitation of these assets would represent $15 billion dollars for the Panamanian state in the form of royalties and taxes, estimating the price per barrel of oil at $100 dollars, over a period of 20 years, as reflected in the calculations made by the consultant. “OTS Latinamerica LLC suggests a bidding process program for the exploration areas, based on the geographical division of four blocks for each basin,” said the press release. The Garachiné-Sambú basin has a total area of 7,410 square kilometers, and the Bayano-Chucunaque-Atrato basin has 7,630 square kilometers. The third phase of the study presented to the National Secretariat of Energy, aims to describe the geology and petroleum system of the basins in question, and the delineation of the blocks to be offered in bidding for exploration areas. OTS delivered data with all of the information already classified and digitized through specialized software, that will serve to facilitate the start of the bidding process. (La Prensa)
Tags: Auto, barrel, basin, basins, bayano, bidding, billion dollars, company, delineation, Draft, Empresa, energy secretary, exploration, exploration areas, form, four blocks, Garachiné, geographical division, geology, hydrocarbons, information, latinamerica, Manuel, national secretariat, News and Information, ots, period, petroleum system, phase, Prensa, price, price per barrel of oil, program, release, royalties, samb, Sambú, Secretariat, show, software, specialized software, square kilometers, start, statement, study, system- Archives
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June16th
PANAMA CITY, June 15 (Reuters) – Panama’s economy expanded 9.7 percent during the first three months of 2011 from a year earlier, the government statistics agency said on Wednesday. The robust quarter in one of Latin America’s top-performing economies was driven by traffic through the country’s transoceanic canal, as well as by construction and banking, the statistics agency said in a report. Panama’s economy appears to be accelerating after growing 7.5 percent last year. Annual growth was 8.7 percent in the fourth quarter. Helped by the $5.25 billion expansion of the Panama Canal and foreign investment, Panama’s economy will likely grow 9 percent this year, Finance Minister Alberto Vallarino said in a statement. The fast pace of growth has led come analysts to worry that Panama’s economy could overheat. The country’s annual inflation rate rose to 6.4 percent in May — its fastest pace in more than two years. Policymakers show no sign of curtailing aggressive infrastructure spending while pushing deficits to regularly modified legal limits, say critics. “This strong economic growth leads to questions of overheating,” Boris Segura of Nomura Securities said in a research note on Panama published on Tuesday, pointing to wage and price pressures, as well as government spending that is not reflected on budget accounts.
Tags: agency, Auto, Banking, budget, canal, construction, Draft, Economy, expansion, Finance, government, investment, June, May, News and Information, note, overheat, pace, percent, Policymakers, rate, report, Research, Reuters, show, spending, Wednesday, year
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September22nd
Projections show that medical tourism will skyrocket in this decade. And competition will be stiff with over 50 countries having identified medical tourism as a national industry. Quality, cost of services and attraction of the destination itself are what will define the winners in this growing industry. Panama is well-positioned to come out on top ask far as its geographic location and direct flight connectivity, are concerned but the country also has many other advantages.
Tags: action, American, attraction, Auto, border, can, capital, Center, city, climate, com, country, Direct, Draft, Eco, Economic, end, event, experience, for, Foreign, Graphic, growth, illness, industry, International, Las, latin america, leaps, level, like, location, Management, measure, money, National, nec, News and Information, number, offer, operation, option, order, Pan, panama city, Pet, place, procedure, program, Project, projection, province, quality, rate, Residences, Room, Service, show, Side, This, time, Tourism, tourist, travel, vacation, vice, way, work, year
American standards
Excellent medical care, comparable or better to U.S. standards, is present all over Panama. There are many English-speaking doctors who have degrees from U.S. universities. Foreign retirees were attracted to live in Panama for its incentive programs, but many said it was the quality of health care that sealed the deal for them. The experience feels just like home, they say.
Quality care for a fraction of the cost, all over Panama
Hospital Punta Pacifica is a new facility in an upscale Panama City neighborhood. It is the only facility in Latin America and the Caribbean affiliated with Johns Hopkins Medical International. The facility offers 52 private rooms and 12 suites. Procedures are a fraction of the cost of what they would be elsewhere in the world. Patients comment frequently that the care and service provided to them at this hospital is often above and beyond in quality of services they have received in their home countries.
There are several other facilities in the capital city, the mountain communities as well as the beaches, where the medical standards are just as good as one would expect them to be back home. Clinica San Fernando, located in Panama City, is affiliated with Tulane University, Miami Children’s Hospital and Baptist Health International Miami. Also located in the capital, Centro Medico Paitilla is affiliated with the Cleveland Clinic Foundation. Special attention for forcingners is offered at Hospital Nacional.
In the western province of Chiriquí, first-rate health care is available at Hospital Centro Medico Mae Lewis and Hospital Chiriquí. At the epicenter of Panama’s beach communities, Clinica San Fernando has a branch facility in Coronado offering 24-hour attention, general medical services including CAT scans, ultrasound, a dental clinic and an eye clinic.
Beyond bedside manner
Doctors in Panama often provide their cellular numbers to patients. It is not the exception – this practice is actually quite commonplace. A slower paced environment in a doctor’s office in Panama, where more time is generally allocated to care, allows for a deeper doctor-patient connection.
Recovery facilities
With so many new residences coming onto the market in Panama City, management companies are offering timeshare options, short-term rental solutions, corporate lodging and have furnished many of the units for post-operation patients in recovery. Several hotels have also begun gearing up to provide post-operative care for medical tourists, with wheelchair standards throughout and bathrooms to accommodate patients.
Catering to the uninsured
Whether a person is seeking necessary medical treatment or procedures of an elective nature, in many cases, traveling abroad is often the most economic alternative option for the uninsured. Dental work is a niche market that fits in well with international travel, and the number of people in the U.S. without dental coverage is even higher than the already staggering number of those without basic health coverage.
Wellness tourism: beyond hip replacements and a new crown
A growing field in Panama and the world is medicine that concentrates on wellness as opposed to treating illness. Called “preventative medicine” and often joined with the very popular anti-aging trend, there are a growing number of practitioners from different fields who have converged in Panama under the same guise: That it is better to prevent than to treat disease.
Non-invasive procedures are other reasons that people flock to Panama for treatments to keep looking great. Combining tourism and the savings on tooth whitening, micro-dermabrasion, Thermage and Fraxel Laser treatment for wrinkles alone, is reason enough for people to pay a visit to Panama.
The fountain of youth
A new niche industry in Panama’s growing medical tourism market is complete with age management. Several health care providers offer “miracle treatments” like human growth hormone replacement and stem cell procedures at huge savings. People come from all over the world for these services which are available here. Compared to the US, Canada and the UK, these specific medical fields here in Panama are busier than ever.
Combining a trip in Panama
Dental, wellness, anti-aging and other less invasive medical procedures are more apt to be combined with recreation and tourism. Often the part of the money saved by traveling beyond one’s borders to receive medical attention can be applied to a trip within Panama. As the tourism offer in Panama expands by leaps and bounds each year, there are more and more options for medical tourists to choose from. Luxurious accommodations and services that can compliment a medical tourist’s experience are readily available here, also at a fraction of the cost.
Patients usually add on these services during a vacation visit to Panama. World-class spa services are available at many of Panama’s wellness clinics that are located in the bustling capital city or tranquil mountain getaways, where visitors relax in the eternal spring-like climate.
Always use caution
As with medical care in one’s home country and anywhere around the world, a fair measure of caution when choosing providers is always necessary. Consumers need to be active in verifying that those who are providing care are properly licensed and up to date with regulations
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August26th
The National Institute of Statistics and Census (INEC) recently published an economic growth in Panama of 4.9% in the first quarter of 2010.
The INEC attributes this strong growth to activities related to the domestic economy such as mining and quarrying, construction, thermal power generation, transmission and distribution of electricity, trade, hotels and restaurants, telecommunications, port operations, air transport, insurance and financial auxiliaries, homeownership, private education and other community activities, social and personal services such as radio, television and other entertainment, as well as also a lesser extent growth in manufacturing, financial intermediation and the general government.
INEC’s report also notes that the activities directed to the outside world, showed a decrease, the cultivation of various fruits, fishing, wholesale trade in the Free Zone of Colon and Panama Canal operations.
Tags: air transport, auxiliaries, canal operations, community, construction, cultivation, distribution, distribution of electricity, domestic economy, economic growth, Economy, education, electricity, extent, financial intermediation, Free, free zone, general government, generation, government, growth, homeownership, inec, insurance, intermediation, manufacturing, mining, National, News and Information, Pan, panama canal, personal services, port, port operations, power, private education, report, Service, Ship, show, television, thermal power generation, trade, transmission, transport, vice, wholesale trade, Zone
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August26th
Panama Medical Tourism
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Panama has earned the title as the “Hong Kong” or “Dubai” of the Americas. This has mainly been due to its significantly lower cost of living and fully “Americanized” culture. Panama is slowly becoming one of the top medical tourism destinations, attracting US and Canadian health travelers. The reasons for this are: its proximity, excellent healthcare services, US trained and certified medical staff and its attractive natural beauty.
Healthcare System in Panama
Panama’s long association with the United States has left a distinct American footprint in its culture, giving it more than a hundred years advantage over other countries in providing healthcare to American patients using US standards of quality and service. This can be seen in the similarities in facilities, medical procedures and practices, as well as the abundance of US trained and board certified doctors and medical staff.
There is currently one hospital in Panama that is fully certified by the Joint Commissions International. However, all of the other top hospitals, most of which are privately owned, are fully certified by local medical accreditation bodies set by the Panamanian government as well as other non-government accreditation bodies.
In addition, most of the top hospitals have affiliations and are duly recognized by international medical organizations such as the Johns Hopkins International, Baptist Health International of Miami, Cleveland Clinic, Tulane Health Science Center, Miami Children’s Hospital, University of Nebraska Medical Center, the Harvard Medical Faculty, the Kendall Medical Center and the Beth Israel Deaconess Medical Center among others.
Top Hospitals in Panama for Medical Tourism
Major hospitals in Panama have affiliations with prominent international medical institutions. This enables them to maintain a high quality level, not only in their facilities, but also in their procedures, methodology and technology as well. The most prominent among these Panamanian hospitals include:
- Hospital Punta Pacifica
This is the only Central American medical facility that is affiliated with the Johns Hopkins Medical International and maintains the same high-end standards in facilities, services and staff. It is also the only digitally connected hospital in the region and is the only hospital accredited by the Joint Commissions International. - Hospital Nacional
Starting out as a 10-bed facility, the Hospital Nacional has grown over the years into an 80-bed private healthcare facility with over a hundred specialists and ultra-modern facilities.
- Clinica Hospital San Fernando
A private hospital affiliated with the Tulane University, Miami Children’s Hospital and the Baptist Health International Miami. The Hospital San Fernando is one of Panama’s largest hospitals, with 24-hour medical services and facilities that are fully equipped with state-of-the-art medical equipments. - Centro Medico Paitilla
Located in Panama City, this 160-bed medical facility is affiliated with the Cleveland Clinic Foundation and has been in existence since 1975. It is also a certified training facility for the American Heart Association and was one of only two hospitals that provided healthcare services to US military personnel.
Common Treatments done by Medical Tourists in Panama
Hospitals and healthcare facilities in Panama offer a wide array of procedures and services for medical travelers, which include but are not limited to the following:
- Cosmetic/Plastic Surgery: Face, Breast, Body Contouring
- Dental Services (surgeries, teeth whitening, dental implants, etc)
- Orthopedic Surgery (hip and knee replacements, etc)
- Fertility Treatments
- Bariatric/Obesity Surgeries
- Cancer treatment and Oncology
- Eye / Ophthalmology (LASIK, Cataract Surgeries, Vitreo Retinal Surgery, etc)
- Stem Cell Therapy
Cost of Medical Treatment in Panama
The following are cost comparisons between Medical procedures in Panama and equivalent procedures in the United States: [ sources 1 2 3 ]
US Hospitals Panama Average Savings Medical Procedures Angioplasty with stent $19,000 – $21,000 $10,000 – $15,000 25% – 47% Pace Maker $4,000 – $6,000 $1,500 – $2,300 50% – 60% Laparoscopic Hernia $6,000 – $8,000 $ 3,500 – $4,500 40% – 50% Laparoscopic Gastric Bypass $24,000 – $26,000 $14,000 – $16,000 35% – 40% Hip Replacement $19,000 – $21,000 $11,000 – $13,000 35% – 40% Arthroscopy $9,000 – $11,000 $4,000 – $6,000 45% – 55% Knee Replacement $19,000 – $21,000 $11,000 – $13,000 35% – 40% Herniated Disc $19,000 – $21,000 $6,000 – $7,000 65% – 70% Carpal Tunnel Release $6,000 – $8,000 $2,500 – $3,500 55% – 60% Plastic and Reconstructive Surgery Neck Lift $10,000 – $12,000 $2,000 – $3,000 75% – 80% Face Lift (rhytidectomy) $10,000 – $12,000 $2,000 – $3,000 75% – 80% Breast Augmentation/Reduction (Mammoplasty) $5,500 – $8,000 $3,100 – $4,500 40% – 45% Breast Lift $5,000 – $6,000 $3,000 – $4,000 35% – 40% Liposuction (Lipoplasty) $4,000 – $6,500 $2,500 – $4,400 30% – 35% Nose Surgery (Rhinoplasty) $4,000 – $6,000 $1,500 – $2,500 55% – 65% Buttocks Augmentation $5,000 – $6,000 $3,500 – $4,500 25% – 30% Chemical Peel $900 – $1,100 $450 – $550 45% – 55% Obstetrics and Gynecology Intrauterine Insemination $1,000 – $2,000 $800 – $900 20% – 55% In Vitro Fertilization $9,000 – $18,000 $4,000 – $6,000 55% – 70% In Vitro Fertilization with donated egg $16,000 – $20,000 $7,000 – $9,000 50% – 55% Eye / Ophthalmology Cataract surgery $5,500 – $6,500 $2,000 – $3,000 50% – 60% Refractive surgery (Eximer Laser) $4,500 – $5,500 $1,500 – $2,500 55% – 60% Glaucoma surgery $5,500 – $6,500 $1,500 – $2,500 60% – 75% Refractive surgery with intraocular lens implant $5,500 – $6,500 $2,000 – $3,000 50% – 60% Eyelid Surgery (Blepharoplasty) $4,000 – $5,500 $1,500 – $2,500 60% – 65% General and Cosmetic Dentistry Root Canal $900 – $1100 $250 – $350 70% – 75% Porcelain Crown $1,000 – $2,000 $450 – $550 55% – 75% Porcelain Veneers $1,000 – $2,000 $450 – $550 55% – 75% Composite Veneers $600 – $750 $150 – $250 45% – 70% Dental Implant $2,000 – $2,500 $900 – $1100 55% – 60% Periodontal Surgery $1,000 – $2,000 $450 – $550 55% – 75% Periodontal Plastic Surgery $1,000 – $2,000 $450 – $550 55% – 75% Periodontal Regenerative Procedures $1,200 – $1,600 $500 – $600 55% – 65% Malpractice and Liability Laws in Panama
The Panamanian system has not adopted the US legalities associated with medical practices, particularly in the area of malpractice. Although doctors are responsible for their activities and performance under the law in this country, they are not required to shoulder the damages incurred during a malpractice case. The result is a lower malpractice insurance pre-requisite, which can be translated into lower procedural costs.
Pros
- Hospitals in Panama provide high quality health care through a large staff of US-trained doctors, physicians and other medical specialists
- Techniques, medications, treatments and facilities used are based on the same standards used in the USA
- Doctors and medical staff can communicate well in English
- Panama City is considered Central America’s safest and most modern city. Even the tap water is safe to drink
- Panama is relatively close to US and Canada.
- The currency is the US dollar, so prices can be compared easily.
Cons
- There is only one JCI-accredited hospital in Panama, although a few have already submitted requests and are currently going through the accreditation process.
- Costs of medical procedures are higher compared to other medical tourism destinations, although these are still significantly more economical as compared to the US, Canada and the UK.
Traveling to Panama
Direct flights to Panama City are available from major cities in the US and Canada. This close proximity and shorter travel time, makes Panama a destination choice for medical travelers.
Average estimated travel time in hoursFrom/To Panama New York City 5 Los Angeles 7 Miami 2.75 Houston 4 Dallas 4.5 Washington 4.75 Atlanta 4 Toronto 5 Vancouver 8 Entry and Exit Requirements to Panama
USA and Canadian medical travelers with a valid passport that extends at least 6 months beyond the traveler’s intended last day of stay, do not need to get a visa to enter Panama. A tourist card can be purchased upon arrival, allowing the recipient to stay for 90 days in the country.
Other requirements include: return tickets, sufficient funds to shoulder the stay, confirmed accommodation and other targeted facilities. Panamanian immigration laws are very strict, so it is advisable to carry your passport with you at all times to show your proof of entry and avoid any complications during your stay.Statistics of Medical Tourism in Panama
Doctors have estimated that there are only hundreds of medical tourists hundreds of medical tourists from the United States visiting Panama per year. Some hospitals have declared that they have received at least 400 to 450 international patients within the last four years seeking various medical procedures.
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These figures will continue to grow, as Americans without health insurance continue to seek healthcare in nearby medical tourism destinations such as Panama. More and more baby boomers are contemplating retiring to this Latin American destination, as well as seeking healthcare services and beauty treatments at lower costs.
- Hospital Punta Pacifica
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August25th
Information
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The property is finished and fully operational. It is a brand new Condo/Hotel nestled in a prime location. This is the second Best Western franchise hotel in Panama following the opening of Best Western David in the province of Chiriqui. This also happens to be the third completed condo hotel in the whole of Panama. Brisas de Amador (phases one and two) was the first successfully delivered investment property in Panama. The Best Western Hotel is located in the area of Espinar Colon, 500 meter from the 5-star Hotel Resort, Melia Panama Canal. It is just 10 minutes from Zona Libre Colon, the 2nd largest Free Zone Area in the world after Hong Kong. The Free Zone area has estimated sales of 11 billion dollars a year bringing along with it, 275,000 visitor/buyers per year. It is undergoing massive expansion to meet with the demand and will have doubled in size when finished. There is a lack of hotel and short rental accommodations throughout this area and prices are rising fast. There is a great demand for comfortable, fairly priced hotels with good amenities.
The hotel offers the following:
- Outside pool , bar and full barbecue area
- Sports bar with first level outside terrace and stunning indoor lounge. Snooker , darts and babyfoot table area.
- Itanello’s signature restaurant offering freshly cooked Italian and local specialities.
- Gym
- Business Centre equipped with 4 computers and printers
- The whole hotel is wireless and the service is complimentary.
- Plasma TV in every room
- Memory foam mattress and pillows
The Best Western Hotel is just 7 km from the Gatún Locks on Panama Atlantic Side and 10 minutes drive from the spot where extensive expansion is underway….
Why invest in Best Western Gatun?
- As mentioned earlier the expansion of the Freezone area.
- In the last Cruise season, the Port of Cristobal and the Port of Colon 2000 received more than 340,000 tourists. Royal Caribbean, as of December 2008, started to depart from Colon for weekly cruises to South America and Aruba. This year 2010, they are expanding their operations and adding a 7 days Caribbean cruise. Colon is now Royal Caribbean hub for the whole of Central and South America. The Best Western Hotel is located 10 minutes from the cruise terminal. An ideal position to accommodate the travelers before and after the cruise as well as the ones taking part in the cruise and stay program.
- Eco tourism and fishing. The hotel is located 1/2 mile from the Gatún Lake ( up to recently the largest man made lake in the world) with abundant Bass fishing. There is a rain forest at the back of the hotel with nature trails and guaranteed encounters with playful monkeys, beautiful butterflies and birds.
Other Tourist Attractions are plentiful and these are a few examples..…
- Fuerte San Lorenzo
- Fuerte Portobello
- Panama Canal Gatún Locks
- Isla Grande (a surfer’s paradise) and many Caribbean white sandy beaches.
The project is located in the bird watching path for migratory birds and great Eco tourism. However the hotel is situated 10 minutes drive from the spot where the Panama Canal expansion consortium is building a set of new locks. The hotel management has been approached by the consortium and a rate has been approved to book the hotel for a minimum of 4 years. Teams of Belgium engineers responsible for the dredging of the canal have already moved in, this is the first phase of an enormous task and the locals cannot see this project being finished under seven years.
Unit Pricing Fully Furnished
- Junior suites 24m2 $66,900 2 left
- Master suites 29m2 $75,900 1 left
- Master kitchenette 29m2 $86,900 1 left
- One bedroom apartment 46m2 $101,200 sold out
- Master lofts 46m2 5th floor $112,200 sold out
Your contract will show your purchase in the form of shares. The shares will be delivered in the form of a unit number.
This process guarantees:
- Total adherence to Touristic Law 8 –Rules and regulations
- Guaranteed Tax free income
- When reselling your unit you will be exempt from the 2% transfer tax.
- No closing costs will be involved
Methods of Payment Cash only at this late stage. 100% due at contract signature If you wish to proceed with purchase, please request our customer reservation form. It is important to fill in the form completely, please email or fax back to our offices. The contract will be sent from Panama by courier .You will have 15 days to review the contract . We are available to answer any queries you might have on this development or Panama itself.
BEST WESTERN HOTEL MANAGEMENT
The Hotel Management will charge a 30% fee for managing your property. You will retain 70% of the income generated Maintenance Fee is $2 per m2 per month including furniture, fixtures and equipment replacement. The fee will also take care of cleaning Electricity is the only other cost and should be around $45 per month The units are delivered fully furnished to the highest standard
MONTHLY RATES (Canal Personnel)
Unit 24 m2 $1,250.00 per month
Unit 29m2 $1,500.00 per month
Unit 29m2 (Kitchenette) $ 1,600.00 per month
Unit 46m2 (Kitchenette & Jacuzzi) $1,800.00/month
Unit 46 m2 $1,850.00/month (Living, Dining and Kitchenette)
Unit 54m2 $1,900.00/month (Living, Dining and Kitchenette)
ESTIMATED SALES PROJECTION EXAMPLE
Suite (29m2) with Kitchenette $1,600/month
100% occupancy this means $19,200.00 yearly income
70/30 cut gives owner $1,120.00 monthly
Owner XXX $ 1,120.00
Maintenance less 58.00
Electricity 45.00 (Estimated)
TOTAL $1,017 per MonthHotel Operator duties for his 30% cut
Reservation, Check-in, Check-out, Telephone Service, Internet, Cable TV, Cleaning Services, Cleaning Supplies, Restaurant and Bar Services, Coin Laundry Rooms, Convenience Store, Towels and lining replacement, Accounting, Marketing and Sales, Administration. Yearly income of $12,204.00 will represent on a $69,000.00 suite a 17.69% return on Investment with a Real estate property that will appreciate in value every year.
No Property tax for twenty years!
No Tax on the revenue generated by the rental
*estimated not guaranteed
Plans, materials and specifications are subject to architectural and other revisions at the sole discretion of the developer, builder and architect. All dimensions are approximate and all floor plans and development plans are subject to change. Oral representations cannot be relied upon as correctly stating the representation of the developer. For correct representation make reference to documents required by article 20 of the Law # 5038 of 21 November, 1958, the Prospectus of Condominium, to be furnished by a developer to a buyer or lessee. This is not an offer to sell or solicitation of offers to buy the condominium units in States/Countries where such offers of solicitation cannot be made. Equal Housing Opportunity.
LOOK OUT FOR AMAZING NEW DEVELOPMENT FROM THE SAME EXCELLENT TEAM !!
WE ARE EXPECTING EARLY RELEASE BEFORE THE END OF 2010
I would like Bridgemon to contact me about this project:
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August25th
Testimonials
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