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Botin from Santander disagrees with Dimon, believing Europe has ‘unlimited potential’

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Banco Santander SA Executive Chair Ana Botin differs with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon’s pessimistic outlook on Europe, saying she sees “only upside” for the Continent.

“Europe has strong fundamentals, debt-to-GDP is better, strong institutions,” Botin said Tuesday in a Bloomberg Television interview, adding that she sees significant potential to invest there. “You just need to choose your country, your sector and your company.”

Botin’s main focus of late had been the Americas, including the US, where she’s building up the investment bank by hiring Wall Street talent. Santander is also rolling out its digital offering, Openbank, across much of North America to help attract deposits, has pledged $2 billion of investments in Mexico and obtained a banking license for Canada.

European banks have doubled in value over the past three years while their US peers have stagnated when adjusting for currency swings. Amid that backdrop, Botin said she disagrees with Dimon’s negative assessment of the region in comments last week in Dublin, where the JPMorgan CEO said the EU “has a huge problem” in competitiveness.

“Southern Europe today has higher growth than most of the United States,” she said.

reluctant dealmaker for much of her decade-long tenure, Botin has recently accelerated strategic transactions as she pulls back from some markets to focus on other regions. This month, Santander agreed to buy retail lender TSB for £2.65 billion ($3.55 billion) to strengthen its position in the UK. 

The deal came just weeks after Santander, Spain’s largest bank, exited much of its Polish operations in a €7 billion transaction.

The Reasons Behind the High Number of Afghans Expelled from Iran

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More than 1.4 million Afghans have been forced out of Iran since January amid a governmental crackdown. Elian Peltier, an international correspondent at The New York Times, reports from the Afghanistan-Iran border. There, he met with Afghans grappling with an uncertain future, as they return to a country with widespread poverty and severe restrictions on women’s and girls’ rights.

Reuters reports that the EU will conduct a comprehensive investigation into UMG’s $775 million Downtown deal.

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The European Commission is planning to open a “full-scale” investigation into Universal Music Group‘s proposed acquisition of Downtown Music Holdings.

That’s according to a report published by Reuters this morning (July 16), citing “three people with direct knowledge of the matter”.

UMG’s Virgin Music Group revealed in December that it had agreed to buy Downtown Music Holdings LLC in a $775 million deal.

The EC announced in April that it was preparing to investigate the proposed acquisition.

Last month, after UMG formally notified it of the deal, the EC set a provisional deadline of July 22 (Tuesday next week) to make a decision in an initial Phase 1 investigation.

If competition concerns were identified during this initial 25-day Phase 1 review of the proposed deal, the case could progress to a more extensive Phase II investigation lasting up to 90 working days, which is what Reuters‘ report appears to suggest will happen.

In a statement issued to Music Business Worldwide in response to the Reuters report, a Universal spokesperson said: “Given that the European Commission has not announced a decision, we are unable to comment.”

“Our initial projected timeframe for the completion of the transaction remains unchanged.”

Universal Music Group

They added: “We do, however, remain confident that the combination of Virgin and Downtown will create an improved offering in the growing and highly competitive label services category that today consists of roughly 100 companies, one that will provide a wide range of services to help independent artists, labels and entrepreneurs achieve their commercial and creative goals.

“We look forward to continuing to work closely and constructively with the Commission to convey the benefits this transaction will bring to the independent community, as well as to address the wilful misrepresentation of market data by self-interested parties who represent a tiny fraction of the thousands of independent labels that make up the broader independent community globally.

“Our initial projected timeframe for the completion of the transaction remains unchanged.”

As previously reported by MBW, the UMG-Downtown deal did not meet the EU’s standard turnover thresholds that would typically require notification to Brussels, but it did trigger notification requirements in both the Netherlands and Austria based on their respective national thresholds.

The EC decided to look into the deal because the Netherlands triggered a legal mechanism in EU competition law called Article 22. Austria subsequently joined the referral.


The European Commission describes a Phase II investigation as “an in-depth analysis of the merger’s effects on competition.” A Phase II investigation is opened “when the case cannot be resolved in Phase I”.

The EC explains on its website that “from the opening of a Phase II investigation, the Commission has 90 working days to make a final decision on the compatibility of the planned transaction with the EU Merger Regulation” and that “extensions of either 15 or 20 working days can be granted”.

If the EC does announce that it has decided to launch a Phase II investigation into the deal, that 90-day deadline means that it will have until around November 22 to make its decision unless a 15 or 20-day extension is granted.

According to European Commission statistics, “more than 90% of all cases are resolved in Phase I, generally without remedies,” which implies that less than 10% of cases proceed to Phase II.

At the conclusion, the Commission can either clear the merger (with or without conditions), or prohibit it entirely if competition concerns cannot be adequately addressed.


As the investigation continues behind closed doors in Europe, the global music industry debate about the deal’s implications has been getting louder.

Earlier this month, Virgin Music Group’s bosses slammed what they called “juvenile and offensive falsehoods” spread by opponents of VMG’s planned Downtown acquisition.

Last week, over 200 people signed a letter objecting to UMG’s proposed takeover of Downtown, including 20 employees from Beggars Group and Secretly Group companies.

On July 2, the European Composer & Songwriter Alliance (ECSA) issued an open letter to the European Commission on Wednesday (July 2) urging it to block the planned acquisition.Music Business Worldwide

Israel threatens escalation as ceasefire collapses in Syria’s Suwayda

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Sectarian violence in the predominantly Druze city has resumed in force with deaths reported in the dozens.

Fighting between Druze armed groups and government troops has continued in the southern Syrian city of Suwayda, with a ceasefire in tatters, as Israel launched further strikes on Syrian forces and warned it would escalate unless they withdrew.

The sectarian violence in the predominantly Druze city resumed in force on Wednesday, despite the announcement of a ceasefire by the Syrian government the previous night, Syria’s defence ministry told Al Jazeera. Ministry officials blamed groups “outside the law” for breaking the ceasefire and attacking government troops, who they said were responding to fire while taking into account rules of engagement to protect civilians.

Speaking from Damascus, Al Jazeera’s Osama Bin Javaid said that following Tuesday’s ceasefire announcement, the situation had “spiralled out of control once again”.

He said at least 70 people were believed to have been killed in the fighting so far, while the U.K.-based war monitor Syrian Observatory for Human Rights says that more than 250 people had been killed, as of Wednesday morning, including four children, five women and 138 soldiers and security forces. The observatory added that at least 21 people were killed in “field executions.”

“The situation on the ground is [in] that the city centre itself there are sporadic clashes, but on the outskirts there’s a lot of fighting that has been happening between these Druze fighters and [government] forces,” Bin Javaid said.

On top of the clashes on the ground, Israel, which sees the Druze minority as a potential ally and has been attacking Syria under the pretext of protecting the group, has continued its air strikes on Syrian troop positions around Suwayda, with at least seven strikes launched on Wednesday, he said.

Israel’s Defence Minister Israel Katz on Wednesday warned the Syrian government on to leave the Druze alone and withdraw its forces from Suwayda, or it would ramp up its strikes.

“As we have made clear and warned — Israel will not abandon the Druze in Syria and will enforce the demilitarisation policy we have decided on,” he said, adding that it would escalate its activity “if the message is not understood.”

Syria has condemned Israel’s intervention as a violation of international law as have several Arab nations.

The outbreak of violence in the southern city on Sunday was triggered by a wave of recent kidnappings  and attacks between local Sunni Bedouin tribes and Druze armed groups, including the abduction of a Druze merchant on Friday on the highway linking Damascus to Suwayda, witnesses told the Reuters news agency.

Syria’s Druze population numbers about 700,000, with Suwayda home to the sect’s largest community. Bedouin and Druze factions have a longstanding feud in Suwayda, with violence occasionally erupting.

Bin Javaid said that tensions in the latest outbreak of violence had been inflamed by material of killings and abuses posted on social media. “That created a flurry of reaction…  from both sides,” he said.

Since the overthrow of longtime Syrian ruler Bashar al-Assad in December, concerns have been raised over the rights and safety of minorities under the new authorities, who have also struggled to re-establish security more broadly.

“Since this government took charge, the Druze have not really accepted them as the government that will look after their aspirations and hopes as well,” said Bin Javaid.

Clashes between troops and Druze fighters in April and May killed dozens of people, with local leaders and religious figures signing agreements to contain the escalation and better integrate Druze fighters into the new government.

The Druze developed their own militias during the nearly 14-year ruinous civil war. Since al-Assad’s fall, different Druze factions have been at odds over whether to integrate with the new government and armed forces.

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Driver in custody for hit-and-run incident resulting in the death of the world’s ‘oldest’ marathon runner

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Police in India have arrested a man in connection with the death of Fauja Singh, the world’s oldest marathon runner, in a hit-and-run case.

According to the police, the accused, Amritpal Singh Dhillon was driving a speeding SUV when he struck the 114-year-old British-Indian runner. Singh sustained critical injuries and died shortly after being taken to hospital.

The incident took place in the northern state of Punjab on Monday, where Singh was out on his afternoon walk.

Singh, a global icon, set records by running marathons across multiple age categories, including when he was over 100. He began running at 89 and ran nine full marathons between 2000 and 2013, when he retired.

A white-coloured SUV, allegedly used in the incident, has also been recovered by the police.

The hit and run occurred near Fauja Singh’s birth village of Beas Pind, close to Jalandhar city.

Police said Singh was crossing a road when he was struck by a vehicle. Locals rushed him to hospital, where he later died.

According to Indian media reports citing the police complaint, the runner’s life might have been saved had the 26-year-old driver immediately taken Singh to the hospital.

Singh had many records to his name.

In 2011, he reportedly became the first person over 100 to finish a full marathon, in Toronto. He also carried the Olympic torch at the 2012 London Olympics.

Despite his achievements, Guinness World Records could not recognise him as the oldest marathon runner because he did not have a birth certificate from 1911.

The BBC earlier reported that Singh’s British passport showed his date of birth as being 1 April 1911, and that he had a letter from the Queen congratulating him on his 100th birthday.

Guinness said they wanted to give him the record but could only accept official documents from the year of birth.

His marathon trainer had earlier said that birth certificates were not issued in India at the time.

His running club and charity, Sikhs In The City, said its upcoming events in Ilford, east London, where he had lived since 1992, would be a celebration of his life and achievements.

As a young boy, Singh was often teased in his village in Punjab because his legs were weak. He couldn’t walk properly until the age of five.

“But the same boy, once mocked for his weakness, went on to make history,” he told BBC Punjabi in June.

Singh never went to school and didn’t play any sports growing up. He worked as a farmer and lived through both World Wars and the turbulent partition of India.

“In my youth, I didn’t even know the word ‘marathon’ existed,” he said.

He started running much later in life, after going through deep personal loss.

In the early 1990s, after his wife died, Singh moved to London to live with his eldest son. But during a visit to India, he witnessed his younger son Kuldeep’s death in an accident, which left him devastated.

Back in the UK, Singh was overtaken by grief. One day, during a visit to the local gurdwara in Ilford, he met a group of older men who went on regular runs. That’s where he also met Harmander Singh, who later became his coach and his journey as a runner began.

Singh shot to international fame when Adidas signed him for their 2004 Impossible is Nothing advertising campaign, which also featured legends such as Muhammad Ali.

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Ukraine rejoices over Trump’s decision on weapons, but the devil is in the details

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Ukraine celebrates Trump's weapons reversal, but the 'devil's in the details'

8 Scientific Advances Set to Revolutionize the World

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The history of mankind is bursting with plenty of scientific breakthroughs that have marked our evolution, such as the invention of the wheel, the Gutenberg press, the telephone, penicillin… Some of those discoveries were the result of the accumulation of knowledge and others were complete serendipities, but the truth is that each of those innovations changed our world forever.

Nowadays, the exponential growth behind those discoveries is almost frightening. According to the scientist Ray Kurzweil, at this rate, the incoming breakthroughs of the XXI century will seem like going from painting the walls that adorn the caves of Altamira to walking on the Moon in just one generation. A frenzied pace out of which we highlight these 8 science and technology advancements that may be key.

In this article you will learn about the following developments:

  1. Artificial intelligence
  2. Big data
  3. Quantum computing
  4. Smart cities
  5. Nanotechnology
  6. CRISPR and gene editing
  7. Metamaterials
  8. The conquest of outer space

Artificial intelligence: A human paradigm shift

AI exemplifies how a series of quantitative scientific changes can culminate in greater scientific advances. Although the concept of artificial intelligence had been in use since the mid-20th century, it wasn’t until the second decade of the 21st century that it truly gained momentum. Tools like ChatGPT or Midjourney have seamlessly integrated into users’ daily lives, akin to the Internet’s widespread adoption as a mass communication system in the 1990s.

Nevertheless, the most significant developments are on the horizon. The rise of multimodal artificial intelligence will enable the interpretation of texts, images, and videos interchangeably. Furthermore, it will prove to be a vital ally in the field of robotics, fostering the creation of autonomous machines. Here are some of the most promising applications:

  • Manufacturing industry: The use of AI robots in factories or their application in logistics will multiply industrial productivity.
  • Health: AI will be able to assist medical specialists in the analysis of images to detect ailments.
  • Agriculture: AI’s predictive capabilities will make it possible to prevent pests and optimize the use of water resources and fertilizers.
  • Energy: The application of artificial intelligence to Smart Grids will lead to a more efficient allocation of energy resources.
  • Archaeology: AI will be able to analyze satellite imagery to detect patterns of human activity and ancient settlements.
  • Environmental protection: AI is a formidable tool for generating climate models and monitoring pollution levels.

Big data: The big picture of information

If artificial intelligence has achieved the aforementioned remarkable trajectory, much of its success can be attributed to the prevalence of big data. This refers to the existence of vast amounts of both structured and unstructured data, experiencing exponential growth, which can be analyzed to identify patterns and predict events. Presently, governments and businesses harness the power of big data to enhance services for citizens and consumers, ensuring more effective outcomes. Here are some noteworthy examples:

  • Navigation and mapping systems: Providing accurate routes and real-time time estimates.
  • Customized medicine: Helping to analyze genomic data for personalized treatments.
  • Smart cities: Optimizing traffic, waste management, and safety using urban data.
  • Industry and manufacturing: Monitoring machinery to prevent failures and optimize production.
  • E-commerce: Analyzing purchase data to provide recommendations and predict trends on platforms like Amazon.

Quantum computing: A leap into the heart of matter

In March 2023, Intel and the Betty Moore Foundation declared the demise of Moore’s Law. Conceived in 1965, the law predicted a doubling of the number of transistors on a chip every two years. However, the constraints of miniaturization, now reaching two nanometers, necessitate alternative approaches to enhance computing power further.

The transition from bits—representing the current binary systems of zeros and ones—to qubits, incorporating an indeterminate state based on the principles of quantum physics, emerges as a mid-term solution. The progression of this technology appears relentless, underscored by Atom Computing’s announcement in 2023 of the first computer surpassing 1000 qubits. Such computers will wield unprecedented power, enabling them to execute tasks such as the following:

  • Simulations for the development of new drugs.
  • Improvement in artificial intelligence processes.
  • Route optimization and logistics.
  • Secure encryption.
  • More accurate weather forecasts.

Smart Cities: Rethinking where we live

The evolution of the Internet of Things has ushered in the era of smart homes, enabling the automation of parameters like temperature and humidity, all conveniently managed through a smartphone. However, increasingly, the cities themselves are becoming smarter with interconnected sensors communicating seamlessly. Smart Cities are aptly named for their ability to optimize processes through the Internet of Things.

Noteworthy examples include the efficient water management implemented in cities like Burgos. The future holds the promise of buses capable of navigating traffic seamlessly, energy systems overseen by Virtual Power Plants, and a plethora of technological applications geared toward forging more sustainable and efficient urban landscapes.

Nanotechnology: The essential is invisible to the eye

Nanotechnology is essentially the ability to shape the behavior of atoms and molecules and develop devices on a microscopic scale, the so-called nanorobots. The pioneer of this new approach was Nobel laureate Richard Feynman, who in 1959 proposed the possibility of writing the twenty-four volumes of the Encyclopaedia Britannica on the head of a needle. This required working at nanometer scales, i.e., one billionth of a meter. For example, the helical structure of DNA is two nanometers thick. One nanometer could hold seven oxygen atoms.

Today, nanotechnology is opening the door to scientific breakthroughs such as:

  • Nanorobots in medicine
  • Energy (high-efficiency photovoltaic panels)
  • New textile fibers
  • Purifying membranes
  • Ultra-sensitive sensors
  • New materials such as graphene

CRISPR: The era of gene editing

The 2020 Nobel Prize in Chemistry was awarded to Charpentier and Doudna for developing the CRISPR-Cas9 gene-editing technique. While nanotechnology is the ability to create new materials and devices at atomic scales, CRISPR offers something similar in genetics—the possibility of cloning, modifying, or deactivating genetic chains at will.

This technique makes it possible to locate DNA fragments in a cell and change them relatively cheaply. The acronym CRISPR stands for Clustered Regularly Interspaced Short Palindromic Repeats. And these are four of its most interesting applications:

  • Gene editing: Modification of genes to correct genetic mutations or insert specific genes to treat hereditary diseases.
  • Agriculture: Improvement of crops, making them more resistant to diseases or adverse environmental conditions.
  • Biology research: Analysis of genes and cellular functions, allowing the study of how specific genes affect organisms and biological processes.
  • Antiviral therapy: Fights viruses by modifying cells to be resistant to viral infections.

Today, the creation of artificial materials, whether through new alloys or nanotechnology, is helping to revolutionize our world. The production of ultra-light aerogels or nitinol, an alloy of nickel and titanium that has the memory to return to its original shape. These are two examples of an almost infinite field.

That said, one of the most promising scientific advances is the creation of metamaterials, or what amounts to the same thing: an artificial material with microscopic structures designed to control the movement of light, sound and other waves. As a result, they offer exceptional properties, such as bending light around objects or changing the direction of sound in ways that would seem impossible. These are some of their most exciting applications:

  • Advanced optics: The creation of lenses with unprecedented capabilities.
  • Sound engineering: Noise cancellation or acoustic enhancement systems.
  • Photovoltaic energy: Development of more efficient solar cells.
  • Electromagnetism: Creation of magnetic shields.

The conquest of outer space

Since the historic Apollo XI mission landed humans on the moon in 1969 during the space race era, the pursuit of sending humans to the moon or other planets took a backseat. Until the early 21st century, efforts were primarily directed toward the International Space Station (ISS) and uncrewed missions, including satellites and exploration of Mars and the Moon.

However, the landscape is changing with the entry of private companies into the space exploration arena and the endeavors of new players like India and China. The prospect of establishing human colonies on the moon or even Mars is now on the agenda. Notably, 2025 is anticipated to mark the first participation of a woman in a lunar mission. Concurrently, the launch of the James Webb Space Telescope, touted as the most advanced in history, continues to push the boundaries of our understanding of the cosmos. Here are some of the most ambitious space projects unfolding today:

  • Study of the composition of the asteroid Psyche by NASA space probe.
  • NASA’s Artemis II mission is to take humans to the Moon again.
  • JUICE project of the European Union for the study of Jupiter.
  • Launch of SpaceX’s Starship
  • Venus Life Finder (VLF) mission to detect life in the atmosphere of Venus.
  • NASA’s VIPER mission to search for water on the moon.

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Trump: Ukraine should not target Moscow, says Russia-Ukraine war News

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US president’s remarks follow report saying he encouraged Kyiv to step up strikes inside Russian territory.

United States President Donald Trump has said Ukraine should not target Moscow after he reportedly asked Ukrainian President Volodymyr Zelenskyy if Kyiv could strike the Russian capital if he provided long-range weaponry.

Trump made the comments after The Financial Times on Tuesday reported that the US president had encouraged Zelenskyy to step up strikes deep inside Russian territory during their phone call on July 4.

The report, which cited two unnamed people familiar with the discussion, said Trump had also asked his Ukrainian counterpart whether he could hit Moscow and St Petersburg if supplied with weapons with enough range.

In response to a question on Tuesday about whether Zelenskyy should target Moscow, Trump told reporters at the White House that he should not.

Trump also told reporters that “we’re not looking” at providing Kyiv with longer-range missiles.

White House Press Secretary Karoline Leavitt appeared to confirm the discussion in a statement provided to multiple media outlets, but said it had been taken out of context.

“President Trump was merely asking a question, not encouraging further killing,” Leavitt said in the statement provided to outlets including ABC News and USA Today.

In a sharp pivot in his stance on the war, Trump on Monday announced that he would supply more weapons to Ukraine, and threatened to impose steep secondary tariffs on Russia’s trade partners if a peace deal is not reached within 50 days.

After returning to the White House in January, Trump repeatedly cast Washington’s support for Ukraine as a drain on the US and accused Zelenskyy of hindering efforts to make peace.

But the US president’s tone has shifted in recent weeks amid growing frustration with Russian President Vladimir Putin’s refusal to negotiate an end to his invasion.

On Tuesday, the Kremlin said Trump’s recent statements, including the threat of sanctions, were “very serious” and that it would need time to assess the situation.

“We certainly need time to analyse what was said in Washington,” Kremlin spokesperson Dmitry Peskov told reporters in Moscow.

“And if and when President Putin deems it necessary, he will definitely comment.”

DOJ Files Lawsuit to Remove Hollywood Movie CEO and 2 Others from Broadcasting Board on Trump’s Orders

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  • The Trump administration on Tuesday advanced the struggle for control of the Corporation for Public Broadcasting, suing to remove three board members. The trio includes Tom Rothman, the longest-reigning movie boss in Hollywood as chairman and CEO of Sony Pictures Motion Picture Group. 

The Department of Justice on Tuesday fired its latest salvo in the Trump administration’s battle for control of the Corporation for Public Broadcasting, suing three members of the board and calling them “usurpers” in the lawsuit. 

The CPB, which oversees and distributes funding for public radio and television, has been locked in a legal standoff with President Donald Trump for months following an executive order that ended federal funding for National Public Radio (NPR) and the Public Broadcasting Service (PBS). The budget bill also aims to permanently defund the CPB and to claw back some $1.1 billion in already appropriated funding for fiscal years 2026 and 2027. CPB president and CEO Patricia Harrison has publicly contested the order, saying the CPB is “not a federal executive agency subject to the President’s authority.”

Trump tried to fire three board members, Sony Pictures Motion Picture Group chairman and CEO Tom Rothman, former attorney Laura Ross, and veteran public policy consultant Diane Kaplan, in April. The CPB issued a statement on June 8, claiming a court ruling confirmed its independence and their standing as board members. The CPB has continued to operate, convening meetings and voting on board matters. 

Now, the DOJ is seeking to forcibly remove the trio, claiming they have “usurped their former offices as board members of the CPB” in continuing to act as board members. 

The DOJ cited a legal tool in the lawsuit called “quo warranto,” which began as a common law writ in medieval England, the complaint states. The quo warranto action is “used to inquire into the authority by which a public office is held or a franchise is claimed,” the suit states. 

According to the complaint, the quo warranto action can be used to oust people who wrongfully hold public or corporate office and refers to a 1928 case involving the government of the Philippines, which was formerly a territory of the United States. The DOJ’s suit claims the June ruling was a loss for the CPB and that Rothman, Ross and Kaplan are acting “as if the Court had ruled in their favor, instead of ruling against them.” 

The suit claims the three have “usurped” their office. 

“The subjects of this complaint have continued to operate in office despite their removal and subsequent failure to obtain legal relief protecting their old positions,” the DOJ said in a statement. “This litigation reflects the Department’s ongoing commitment to protecting the President’s core Article II powers, which include the authority to make personnel decisions regarding those occupying federal offices.”

Sony and the CPB did not immediately respond to a request for comment. 

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