Search This Blog


Search Tool

Dec 10, 2012

GATA | THE GATA DISPATCH (December 10, 2012): Market Manipulation Discussed by Sprott on Russia Today and by Lanci on Kitco News

Market manipulation discussed by Sprott on Russia Today and by Lanci on Kitco News

10p ET Monday, December 10, 2012

Market manipulation was the topic of today's interview of Sprott Asset Management CEO Eric Sprott by Lauren Lyster on Russia Today's "Capital Account" program and Kitco News' Daniela Cambone's interview of Vince Lanci, founder of the Echo Bay Partners investment house in Stamford, Connecticut.

Sprott told "Capital Account" that central banks suppress the gold price to conceal disquieting trends in the world economy. His interview is 28 minutes long and is posted in video at YouTube here:

Lanci told Kitco News that all markets are manipulated to some degree and governments may be manipulating the gold market but he doesn't think that the U.S. government is manipulating the gold market or that JPMorganChase is manipulating the silver market. Lanci's interview is 20 minutes long and is posted in video at Kitco here:

GATA is mentioned in both interviews.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Standard and Poor's | Latin America Highlights: Top 10 Investor Questions For 2013: Latin America Credit

Standard & Poor's LatinAmerica Highlights


Latin America: Standard & Poor’s Addresses The Top Investor Questions

Lisa Schineller,
Managing Director, Sovereign Ratings

In this CreditMatters TV segment, Standard & Poor’s Managing Director Lisa Schineller discusses the top investor questions concerning Latin America in 2013. Topics include our base-case economic scenario and the rating implications on the different sectors and entities.

Top Stories

Top 10 Investor Questions For 2013: Latin America Credit

Prospects for the global economy remain weak and potential deterioration in China and Europe could spell trouble for some entities in Latin America, in our view.

Default, Transition, and Recovery: Global Weakest Links And Default Rates: The Weakest Links Count Increases To 145 Following Argentina's Downgrade

The number of global weakest links increased to 145 as of Nov. 19 from 139 as of Oct. 24. Weakest links are issuers rated 'B-' and lower with either negative rating outlooks or ratings on CreditWatch with negative implications.

¿Qué implicaciones tiene la resolución de la Corte de Apelaciones de Estados Unidos sobre la calificación soberana de Argentina de Standard & Poor's?

El 21 de noviembre de 2012, el Tribunal de Distrito Sur de Nueva York ordenó que la República de Argentina (B-/Negativa/--) depositara US$1,330 millones en garantía a más tardar el 15 de diciembre para garantizar una compensación para los tenedores ...

English version

Industry Report Card: Mixed Prospects For Latin American Telecom And Media Companies: Most Face Continued Growth, While Others Face Increased Pressur

Latin America's telecommunications and media industries face mixed prospects in 2013.


Latin America Monday Morning Roundup

Rating News


S&P disminuye calificaciones de valores de deuda fiduciarios de los Fideicomisos Financieros Cerrito IV y V y las coloca en Revisión Especial con implicancias negativas

Buenos Aires, 5 de diciembre de 2012.- Standard & Poor’s disminuyó las calificaciones de los valores de deuda fiduciaria Clase A y B de los Fideicomisos Financieros Cerrito IV y V.

Standard & Poor's asigna calificación 'raAc (Nuevo)' al fondo Delta Patrimonio II Fondo Común de Inversión

Buenos Aires, 27 de noviembre de 2012 – Standard & Poor’s ha decidido asignar la calificación ‘raAc (Nuevo)’ al fondo Delta Patrimonio II fondo Común de Inversión.

Standard & Poor's coloca en el estado "En Observación - Negativo" la calificación del fondo Consultatio Renta Variable F.C.I.

Buenos Aires, 29 de noviembre de 2012.- Standard & Poor’s ha colocado en el estado “En Observación – Negativo” a la calificación “raA+c (Nuevo)” del fondo Consultatio Renta Variable F.C.I.


Ultrapetrol (Bahamas) Ltd. 'B-' Rating Placed On CreditWatch Developing On Announced Capital Injection

Ultrapetrol (Bahamas) Ltd. recently announced an agreement with Southern Cross Group that may result in a $220 million capital injection in the company.


Banking Industry Country Risk Assessment: Plurinational State of Bolivia

High international reserves and good fiscal performance in the last five years; and Net external creditor and good macroeconomic performance as seen in the strong external and fiscal performance in the last five years.


Brazil's Large Oil And Gas Reserves And Government's Promotion Of Industrial Development Boost Domestic Oilfield Services And Equipment Sector

In the past 10 years, Brazil has sharply increased its oil and gas reserves after large offshore discoveries.


Colombian Banks' Quest For Growth Will Require Capital

Colombia's largest banks show numerous strengths, including a strong market position, good profitability, and adequate asset quality, but one of the major challenges is their capitalization levels, in our view.

Standard & Poor's confirma calificaciones de 'BBB-' de Bogotá Distrito Capital; la perspectiva es estable

México, D.F., 4 de diciembre de 2012.- Standard & Poor’s Ratings Services confirmó sus calificaciones en escala global en moneda local y en moneda extranjera de ‘BBB-’, incluyendo la calificación de riesgo crediticio, de Bogotá Distrito Capital (Bogotá o el Distrito).

Banking Industry Country Risk Assessment: Colombia

We have reviewed Colombia's banking sector under our updated BICRA methodology. Our criteria define the BICRA framework as one "designed to evaluate and compare global banking systems."


Banking Industry Country Risk Assessment: Jamaica

Historically profitable banking sector. High exposure to a heavily indebted sovereign; High general government debt that limits fiscal flexibility and hinders economic growth; and Persistent current account deficits that pressure reserves levels and ...


S&P coloca calificaciones de CEMEX en Revisión Especial positiva por mejora en liquidez y recuperación en su desempeño operativo

El desempeño operativo de la empresa sigue presentando una tendencia positiva y esperamos que su rentabilidad y generación de flujo de efectivo mejore aún más en 2013.

Standard & Poor's sube calificaciones de Coppel a 'mxAA' de 'mxA+'; la perspectiva es estable

México, D.F., 6 de diciembre de 2012.- Standard & Poor’s subió hoy las calificación de riesgo crediticio de largo plazo en escala nacional –CaVal– de Coppel, S.A. de C.V a ‘mxAA’ de ‘mxA+’.


AES Panama S.A. 'BBB-' Rating Affirmed; Outlook Remains Stable

AES Panama S.A.'s Estí power plant resumed commercial operations in June 2012. As a result of the lower power generation derived from the repairs at the power plant, AES Panama's financial performance was weak relative to our expectations in 2012.


Banking Industry Country Risk Assessment: Peru

Standard & Poor's Ratings Services has reviewed the banking sector of Peru

Intercorp Peru Ltd. 'BB-' Rating Affirmed; Outlook Remains Stable

We expect Bahamas-incorporated holding company Intercorp to continue receiving sufficient flow of dividends to cover its debt service for the next two to three years We are affirming our 'BB-' issuer credit rating on Intercorp The stable outlook refl...


Citibank N.A. (Uruguay Branch) 'BBB-/A-3' Ratings Affirmed, Outlook Stable

The ratings on Citibank Uruguay incorporate the parent's full and timely support, but are constrained by the sovereign rating on Uruguay. We are affirming our 'BBB-/A-3' global scale ratings on the bank.


Siderurgica del Turbio Downgraded To 'CCC-' From 'B-', Placed On Watch Negative On The Venezuelan Government's Takeover

The Venezuelan government's recent takeover of Sidetur's assets could result in an accelerated payment of the company's senior unsecured notes. We are lowering our ratings on Sidetur and its senior unsecured notes to 'CCC-' from 'B-'.

EX -IM Bank Anual Conference Press Release (December 10, 2012): Laura Tyson to Address 2013 Ex-Im Bank Annual Conference

Media Contact: Lawton King (202-565-3200)
For Immediate Release: Monday, December 10, 2012

Laura Tyson to Address 2013 Ex-Im Bank Annual Conference

Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank) is pleased to announce the line-up of the first round of speakers for its upcoming 2013 Annual Conference, which will be held April 4-5 at the Omni Shoreham Hotel here (Click here for conference overview and registration information).

“We look forward to welcoming business leaders, government officials, and renowned academics such as Laura to our 2013 Annual Conference,” said Ex-Im Bank Chairman and President Fred P. Hochberg, “as we continue to look for new and innovative ways to increase American exports and the jobs they support.”

Laura Tyson is the former chairman of the White House National Economic Council and the former chairman of the President’s Council of Economic Advisors. She currently holds the S. K. and Angela Chan Chair in Global Management at the Haas School of Business at the University of California, Berkeley.

A series of panel-discussions will be moderated by Maria Bartiromo, anchor, CNBC; Liz Economy, senior fellow, Council on Foreign Relations; Rebecca Jarvis, Business and Economics correspondent, CBS News; Steve Pearlstein, columnist, The Washington Post; and David Rubenstein, co-founder, The Carlyle Group.

Additional panelists and speakers will include Ursula M. Burns, chairman and CEO, Xerox Corporation; Dan Doctoroff, CEO, Bloomberg L.P.; Richard Haas, president, Council on Foreign Relations; Jon Huntsman, former two-term governor of Utah and former ambassador to China; Nancy Mercolino, president, Ceilings Plus; Michael O'Neill, director and chairman, Citibank N.A.; Daniel Roderick, president and chief executive officer, Westinghouse Electric Company; Len Rodman, chairman, president and CEO, Black & Veatch; Neera Tanden, president, Center for American Progress; Richard Walker, CEO, Zero Motorcycles; Robert Wolf, founder and CEO, 32 Advisors, LLC; Steve Wilburn, CEO, FirmGreen, Inc.; and Ray Zuckerman, CEO, ServerLift Corporation.

Ex-Im Bank recently published the results of its record-setting year in its 2012
Annual Report.

Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to assist foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit

NYT Global Update (December 10, 2012): Moroccans Fear That Flickers of Democracy Are Fading

The New York Times International Herald Tribune
December 10, 2012
Compiled 21:45 GMT

Global Update

The New Islamists

Moroccans Fear That Flickers of Democracy Are Fading

Some Moroccans wonder whether the Arab Spring brought only cosmetic changes, questioning whether the king and his entourage gave up any of their power.

Morsi Spokesman Tries to Clarify Military Order

The directive to keep public order during Saturday's constitutional referendum was not a blanket authorization for the Egyptian Army, Khaled Al-Qazzaz said.

Italian Political Turmoil Weighs on Markets

European stocks fell and borrowing costs in Italy and Spain rose Monday on fears that Italy was headed for another period of instability.

Slide Show: Mexican-American Superstar Jenni Rivera

Ms. Rivera, who sold more than 15 million albums worldwide and appeared in her own reality show, was killed in a plane crash outside of Monterrey, Mexico.


Fire Safety in Garment Factories

Recent deadly fires in Bangladesh and Pakistan show the need to protect the people who make our clothes.

U.S. Forecast as No. 2 Economy, but Energy Independent

A new intelligence assessment says China will outstrip the United States economically by 2030, and sees a rising global middle class.

Jenni Rivera, 43, Mexican-American Singer and TV Star, Is Dead

Ms. Rivera was one of the biggest stars of banda, a brassy, percussive form of Spanish-language pop music.

European Officials Accept Nobel Peace Prize

A ceremony in Oslo brought a rare respite from gloom that has settled on the bloc since the Greek debt crisis exploded three years ago, unleashing doubt about the euro's long-term viability.

Apps for Children Fall Short on Disclosure to Parents, Report Says

Only 20 percent of mobile apps for children provided disclosures about their data collection practices, according to a new Federal Trade Commission report.

HSBC Expected to Settle Case on Laundering for $1.9 Billion

Federal and state authorities plan to announce a $1.9 billion settlement with HSBC on Tuesday, a major victory in the government's broader crackdown on money laundering at banks.

Man Group's Chief Executive to Step Down

Man Group, the world's largest publicly traded hedge fund manager, says that Peter Clarke will retire as its chief executive in February after almost 20 years with the firm.

Browser Wars Flare Again, on Little Screens

Shaping the browsers of the future has become a spirited struggle among the big tech companies that see the mobile world as a make-or-break business.

In Pursuit of McAfee, Media Are Part of Story

A canny manipulator of the press, the software pioneer John McAfee teased many a reporter to his Central American lairs only to spin tales that were surreal and often unverifiable.

Mobile Video Calling Creates a New Frontier

As the cameras and screens of smartphones and tablets improve, and as wireless networks offer higher bandwidth, more companies are enabling mobile video calls.

There's More to Messi Than a Record for Goals

Lionel Messi makes his team instantly better by clearing up space for other players, and don't overlook the joy he brings to the game, too.
Slap Shot

N.H.L. Cancels Games Through Dec. 30

The N.H.L. canceled games from Dec. 15 through Dec. 30 on Monday after last week's failed negotiations with players.

A Day for the Reds in the Manchester Derby

It was a tumultuous soccer match in Manchester on Sunday, settled by a winning goal in stoppage time that gave United a 3-2 victory on City's turf.

Same-Sex Issue Pushes Justices Into Overdrive

The Supreme Court's speedy decision to hear two cases on gay marriage could result in a split decision that would provide benefits to couples in some states, but permit other states to forbid same-sex marriages.

In Girl's Last Hope, Altered Immune Cells Beat Leukemia

Emma Whitehead, 7, has been in full remission for months after scientists used a disabled form of H.I.V. to reprogram her immune system to kill cancer cells.
This Land

Divining the Weather, With Methods Old and New

Bill O'Toole works as the seventh prognosticator of J. Gruber's Hagerstown Town and Country Almanack, a line of work that began in 1797 with a star-savvy blacksmith.
Op-Ed Columnist

Time to Tune Out

To share, that once beautiful verb, has become an awful emotional splurge. There is merit to disconnection.
Op-Ed Columnist

Inventing Democracy

South Africans have some advice for Egypt, Libya and other countries trying to emerge from oppressive rule.
Op-Ed Columnist

Robots and Robber Barons

Why are workers being left behind?

DealBook P.M. Edition (December 10, 2012): HSBC Said to Near $1.9 Billion Settlement Over Money Laundering

Monday, December 10, 2012
HSBC Said to Near $1.9 Billion Settlement Over Money Laundering Federal and state authorities plan to announce a $1.9 billion settlement with HSBC on Tuesday, a major victory in the government's broader crackdown on money laundering at banks.
HSBC Names Head of Financial Crime Compliance The British bank HSBC on Monday appointed Robert W. Werner, a former United States Treasury official, to head up financial crime compliance, a newly established role.
Standard Chartered Agrees to Settle Iran Money Transfer Claims The British bank reached a deal with federal and state prosecutors on Monday over accusations that it had illegally funneled money for Iranian banks and corporations, agreeing to pay $327 million.
Breakingviews: Jettisoning the Aircraft Leasing Business John Foley says that the sale of the International Lease Finance Corporation would allow A.I.G. to reduce its $16 billion of financial debt outstanding at the end of the third quarter.
  • Quotation of the Day
    "You can't do it, it's against the law and today Standard Chartered is being held to account."
    LANNY A, BREUER, on Standard Chartered's deal over claims that it had funneled money for Iran.
China Insider: In China, New Leadership and New Style Bill Bishop says that the Chinese leadership is trying to shift perceptions and rebuild public confidence even though so far there have been no substantive policy changes.
White Collar Watch: The Fine Line Between Legal, and Illegal, Insider Trading Peter J. Henning says that new rules may be needed to limit the possibility of insider trading by corporate officials.
Man Group's Chief Executive to Step Down Man Group, the world's largest publicly traded hedge fund manager, says that Peter Clarke will retire as its chief executive in February after almost 20 years with the firm.
Amgen to Acquire the Gene-Hunting Firm DeCode The biotechnology giant Amgen, seeking to bolster its drug discovery efforts, said it would pay $415 million in cash to acquire DeCode Genetics, a gene-hunting firm based in Iceland.
Japanese Manufacturers Rescue Chip Maker Renesas Some of Japan's largest manufacturers are contributing to a $1.8 billion bailout of the struggling chip maker Renesas, a move that will give the government and the companies a 69 percent stake.
RIT Capital to Take Stake in British Financial Start-Up RIT Capital Partners, the investment firm chaired by Jacob Rothschild, said on Monday that it had acquired a stake in a British crowdfunding company, Zopa.
In the United States On Tuesday, the Senate Banking Committee will conduct a hearing about the Department of Housing and Urban Development's rental housing assistance programs, and the Agriculture Department will issue its monthly crop report.
DealBook Conference On Wednesday, join Lloyd Blankfein, Jamie Dimon, Eric Schmidt, Stephen A. Schwarzman, Indra Nooyi, Paul Krugman and Andrew Ross Sorkin as we explore the post-election outlook for the economy.

MarketWatch | Wall Street at Close Report (December 10, 2012): U.S. stocks rise on hopes for fiscal-cliff talks

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch) U.S. stocks climbed Monday, lifting the Dow Jones Industrial Average and the S&P 500 to their highest levels since Election Day, as Wall Street banked on a deal to avert automatic tax hikes and spending cuts slated to start in January.  

Monti’s exit sends shock waves The resignation of Italy's technocrat prime minister, Mario Monti, has sent shock waves through financial markets. 

“I think the assumption is there is more going on than they are telling us,” said Ron Florance, managing director of investment strategy at Wells Fargo & Co.
“It may be wishful thinking, or it may be they’ve taken some responsibility,” said Florance of the budget negotiations. 

Up for a fourth consecutive session, its longest winning run since October, the Dow Jones Industrial Average DJIA +0.11% climbed 14.75 points, or 0.1%, to 13,169.88, with technology companies led by Hewlett-Packard Co. HPQ +2.55%  and Cisco Systems Inc. CSCO +2.35%  pacing gains that included half of its 30 components. 

McDonald’s Corp. MCD +1.05%  rose 1.1% after the fast-food chain reported a 2.4% gain in global sales last month. See: McDonald’s makes a comeback in November. 
The McDonald’s release “would have moved the market six months ago, but everything is just on hold,” said Florance. 

Also up for a fourth consecutive session, the S&P 500 Index SPX +0.03% rose half a point to 1,418.55, with materials advancing the most and consumer discretionary the heaviest weight among its 10 major sectors. 

“The narrow trading range of 1,386 to 1,433 on the S&P is still intact. A breakout to the upside on a cliff deal could take the S&P back up to the early-year high at 1,474, assuming the rally lasts more than two days,” Elliot Spar, market strategist at Stifel, Nicolaus & Co., wrote in emailed comments.
“Then reality will set in: it’s still an economy growing at 2% and higher taxes and lower government spending are drags on growth and not upside catalysts,” Spar added. 

The Nasdaq Composite Index COMP +0.30% added 8.92 points, or 0.3%, to 2,986.96.
American International Group Inc. AIG -1.26% fell after the insurer pegged the cost of Hurricane Sandy and its aftermath at roughly $1.3 billion. 

Shares of Apple Inc. AAPL +0.13% declined 0.6% after Jefferies Group Inc. reduced its share-price outlook. 

Advancers outpaced decliners on the New York Stock Exchange, where nearly 593 million shares traded. Composite volume approached 3 billion. 

The yield on the 10-year Treasury note 10_YEAR -0.55%  used in determining mortgage rates and other consumer loans traded at 1.62%. 

In the view of Dan Greenhaus, chief global strategist at BTIG LLC, Treasury yields will likely remain where they are given expectations of continuing support from the Federal Reserve. With economic growth and inflation expectations also curbed, “we do not see yields sustainably breaching the 2.0% level in 2013,” he said.
The euro EURUSD +0.3970% held a slight edge against the U.S. dollar and the price of oil reversed lower, with a barrel of crude CLF3 -0.27%  down 37 cents to $85.56 a barrel.

Cliff notes

President Barack Obama and House Speaker John Boehner met at the White House to talk about how to avert the billions in tax hikes and spending cuts set to start in the new year. See: Obama-Boehner talks don’t cheer analysts. 
Both sides declined to offer any details about the discussion, but issued duplicate statements, saying “the lines of communication remain open.” 

“The fact that John Boehner went to the White House Sunday is a positive sign,” said Florance, who also found heartening Boehner’s decision to not call a news conference after the meeting. “It’s not great for volatility traders, but it is great for investors,” Florance added. 

President Barack Obama and Speaker of the House John Boehner. 
The Congressional Budget Office has estimated the U.S. economy would drop into a recession in the first half of the new year if a deal is not reached.
Italian equities fell Monday after Italian Prime Minister Mario Monti said he would step down after next year’s budget is approved. The added uncertainty about the euro-area debt crisis pushed the country’s borrowing costs higher. See: Watch yield spreads as Monti calls it quits.
The developments in Europe are “getting a passing glance, just like Friday’s job numbers,” according to Art Hogan, 

market strategist at Lazard Capital Markets, who predicted U.S. economic reports in the days ahead would also be largely ignored, so long as the fiscal cliff remains in play. 

On Friday, the Dow industrials finished with a gain of 129 points, or 1%, from the prior Friday’s close, with the index rising for a third straight week on the hope that White House and Republican congressional leaders would eventually reach an accord. 

The market “continues to price in the ability for some type of resolution to happen before the end of the week,” said Hogan. 

Kate Gibson is a reporter for MarketWatch, based in New York. Follow her on Twitter @MWKateGibson.

NYT | Business Day | Your Money (December 10, 2010): Slicing Up Your Charitable Pie, Protecting Yourself from Fraud on 'Madoff Day' and More on Your Money

The New York Times

December 10, 2012

Business Day Your Money

Your Money Topics
Investments | Loans | Planning | Retirement | Credit | Insurance
Peter Singer, a Princeton University professor of bioethics, says that philanthropy for the arts or cultural activities is
Tina Fineberg for The New York Times
Peter Singer, a Princeton University professor of bioethics, says that philanthropy for the arts or cultural activities is "morally dubious."
Your Money
As the Year Draws to a Close, Deciding How to Slice Your Charitable Pie
This time of year, when charitable giving becomes rushed and routine, might be the best time to review how you divide your donations.
Wealth Matters

On 'Madoff Day,' Think About How to Avoid Becoming a Victim of Fraud

Here is a proposal for a new holiday, observed on Dec. 11, when people take a moment to make sure they're doing enough to protect themselves from investment fraud.


Playing the 'Talk About Giving' Game With Your Family

Playing the 'Talk About Giving' Game With Your Family

A card game encourages families to talk about money, charity and values.

When Giving a Used Gift Is O.K.

In some cases, giving used gifts can be a good idea. Take, for example, the story of a particular bass guitar.

A New Airport App in Time for Holiday Travel

TravelNerd Airport Guide aims to help travelers make their way around airports quickly and cheaply, with detailed maps of terminals and gates.

A Tax Calculator for You to Try as Washington Debates

The Tax Policy Center has created a set of calculators to help people evaluate how the many possible outcomes of the fiscal cliff debate would affect their overall federal tax burdens.


Interactive Graphic: Is It Better to Buy or Rent?

The answer to the question depends on many factors. Compare the costs of buying and renting equivalent homes.

The 1% More Savings Calculator

What would happen to your savings balances if you saved just one percent more a year?
Special Section

Bulletproofing Your Finances

When so much seems uncertain, sometimes the best we can hope for is to insulate ourselves against predictable events that could cost us money.


A blog about consumer tactics, helping readers sort out the choices in their financial lives.

Upshot of the Foreclosure Backlog

Some say that in states where foreclosures must go through the courts the process can often drag on for two or three years, slowing the housing market recovery.

New Taxes to Take Effect to Fund Health Care Law

As part of the Patient Protection and Affordable Care Act, the new levies, which take effect in January, include an increase in the payroll tax on wages and a tax on investment income.

The Next Move for the Fed

Time is running out for Operation Twist, the Federal Reserve stimulus program, but the bond market might look for more such Fed actions.
Interactive Feature: The Sketchpad: Personal Finance on a Napkin
Carl Richards, a financial planner, has been explaining the basics of money through simple graphs and diagrams.