Wednesday 25 March 2020
U.S. crude stockpiles rise, fuel demand drops as virus effects start to hit -EIA - Reuters
U.S. crude stockpiles rise, fuel demand drops as virus effects start to hit -EIA - Reuters:
U.S. crude oil stockpiles rose last week, but one-week demand for fuels showed its biggest drop since December in the first inkling that the coronavirus pandemic is denting the country’s energy demand.
The coronavirus has sickened nearly 400,000 people worldwide, destroyed gasoline demand as people stay home, and has brought air travel to a virtual halt globally. In coming weeks, fuel demand is expected to fall sharply, and the report’s measures on demand showed a notable drop in products supplied, the U.S. Energy Information Administration said.
The EIA’s measure of products supplied, a proxy for U.S. demand, showed a 2.1 million barrel-per-day in the most recent week to 19.4 million bpd.
U.S. crude oil stockpiles rose last week, but one-week demand for fuels showed its biggest drop since December in the first inkling that the coronavirus pandemic is denting the country’s energy demand.
The coronavirus has sickened nearly 400,000 people worldwide, destroyed gasoline demand as people stay home, and has brought air travel to a virtual halt globally. In coming weeks, fuel demand is expected to fall sharply, and the report’s measures on demand showed a notable drop in products supplied, the U.S. Energy Information Administration said.
The EIA’s measure of products supplied, a proxy for U.S. demand, showed a 2.1 million barrel-per-day in the most recent week to 19.4 million bpd.
U.S. Putting Pressure on Saudis to Hold Off on Output Surge - Bloomberg
U.S. Putting Pressure on Saudis to Hold Off on Output Surge - Bloomberg:
The Trump administration is leaning on Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia helped send prices tumbling to their lowest level in almost two decades.
While its status as the world’s biggest producer means the U.S. is sheltered in part from the collapse, it’s still calling on the Saudis to exercise restraint, according to a person familiar with the situation who spoke on condition of anonymity.
Earlier, the U.S. made its most direct intervention yet, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.
Secretary of State Michael Pompeo spoke to Crown Prince Mohammed bin Salman on the eve of a conference call between the leaders of the Group of 20 on the global pandemic and its economic fallout.
The Trump administration is leaning on Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia helped send prices tumbling to their lowest level in almost two decades.
While its status as the world’s biggest producer means the U.S. is sheltered in part from the collapse, it’s still calling on the Saudis to exercise restraint, according to a person familiar with the situation who spoke on condition of anonymity.
Earlier, the U.S. made its most direct intervention yet, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.
Secretary of State Michael Pompeo spoke to Crown Prince Mohammed bin Salman on the eve of a conference call between the leaders of the Group of 20 on the global pandemic and its economic fallout.
Oil Market Shows Fear That U.S. Is Running Out of Storage Space - Bloomberg
Oil Market Shows Fear That U.S. Is Running Out of Storage Space - Bloomberg:
The U.S. oil market is displaying worries that stockpiles are going to run out of storage space, with futures being whipsawed as a growing glut counters economic stimulus measures.
The so-called WTI cash roll traded down at the lowest level since December 2008 on expectations that inventories at the delivery point for U.S. futures would balloon in coming weeks and months. Gauges of the physical market for actual barrels of crude are also pointing to weakness.
As the coronavirus pandemic locks down swathes of the world, concern over the hit to consumption is mounting. The head of Vitol Group warned demand is decreasing and will shrink further as India enters a lockdown. U.S. futures fluctuated, paring an earlier jump of as much as 5.1% after lawmakers struck a deal to provide $2 trillion of spending and tax breaks.
The U.S. oil market is displaying worries that stockpiles are going to run out of storage space, with futures being whipsawed as a growing glut counters economic stimulus measures.
The so-called WTI cash roll traded down at the lowest level since December 2008 on expectations that inventories at the delivery point for U.S. futures would balloon in coming weeks and months. Gauges of the physical market for actual barrels of crude are also pointing to weakness.
As the coronavirus pandemic locks down swathes of the world, concern over the hit to consumption is mounting. The head of Vitol Group warned demand is decreasing and will shrink further as India enters a lockdown. U.S. futures fluctuated, paring an earlier jump of as much as 5.1% after lawmakers struck a deal to provide $2 trillion of spending and tax breaks.
Coronavirus: #Qatar Airways Still Operating a Third of Flights - Bloomberg
Coronavirus: Qatar Airways Still Operating a Third of Flights - Bloomberg:
Qatar Airways said it’s continuing to operate a third of its normal schedule while bulking up on cargo flights as the Mideast carrier seeks to ride out the coronavirus outbreak.
The second-biggest Gulf airline is still operating about 150 flights a day, serving European cities such as Frankfurt and Munich and more far-flung destinations in the U.S., Australia and parts of Asia, Thierry Antinori, its head of strategy, said Wednesday in an interview from Doha.
Qatar’s bid to maintain a reduced timetable contrasts with more drastic steps across the Middle East and Europe, where carriers have commonly grounded 90% of flights. In the neighboring United Arab Emirates, Etihad and Emirates ceased passenger operations entirely as of today amid a government ban.
Antinori said Qatar’s more diverse fleet of small and large aircraft has provided flexibility in responding to demand swings, with the carrier focusing requirements on fuel-efficient Airbus SE A350 and Boeing Co. 787 wide-bodies, together with the smaller Airbus A320-series.
Qatar Airways said it’s continuing to operate a third of its normal schedule while bulking up on cargo flights as the Mideast carrier seeks to ride out the coronavirus outbreak.
The second-biggest Gulf airline is still operating about 150 flights a day, serving European cities such as Frankfurt and Munich and more far-flung destinations in the U.S., Australia and parts of Asia, Thierry Antinori, its head of strategy, said Wednesday in an interview from Doha.
Qatar’s bid to maintain a reduced timetable contrasts with more drastic steps across the Middle East and Europe, where carriers have commonly grounded 90% of flights. In the neighboring United Arab Emirates, Etihad and Emirates ceased passenger operations entirely as of today amid a government ban.
Antinori said Qatar’s more diverse fleet of small and large aircraft has provided flexibility in responding to demand swings, with the carrier focusing requirements on fuel-efficient Airbus SE A350 and Boeing Co. 787 wide-bodies, together with the smaller Airbus A320-series.
US calls on #Saudi to 'reassure' oil and financial markets - Arabianbusiness
US calls on Saudi to 'reassure' oil and financial markets - Arabianbusiness:
The United States said on Wednesday it has urged Saudi Arabia to "reassure" oil and financial markets as the world grapples with a coronavirus pandemic that has paralyzed major economies.
The appeal was made by Secretary of State Mike Pompeo in a telephone conversation on Tuesday with Crown Prince Mohammed bin Salman, the State Department said.
Oil prices have plunged as economies grind to a halt due to the pandemic. But the decline has also been fuelled by a price war between the Saudis and Russia.
President Donald Trump, who is seeking re-election in November, has welcomed lower gasoline prices for US consumers but the United States is also worried about its shale oil producers.
The United States said on Wednesday it has urged Saudi Arabia to "reassure" oil and financial markets as the world grapples with a coronavirus pandemic that has paralyzed major economies.
The appeal was made by Secretary of State Mike Pompeo in a telephone conversation on Tuesday with Crown Prince Mohammed bin Salman, the State Department said.
Oil prices have plunged as economies grind to a halt due to the pandemic. But the decline has also been fuelled by a price war between the Saudis and Russia.
President Donald Trump, who is seeking re-election in November, has welcomed lower gasoline prices for US consumers but the United States is also worried about its shale oil producers.
When will virus-hit markets heal? 12 charts to monitor - Reuters
When will virus-hit markets heal? 12 charts to monitor - Reuters:
Assessing the longer-term financial impact of the coronavirus spread worldwide now hinges on the success of lockdowns in containing the pandemic and trillions of dollar of support in easing the burden, thereby limiting the duration of the deep freeze and hastening any rebound.
Since the virus exploded beyond China in early March - triggering shutdowns of the biggest economies in the world - financial markets have gone into tailspin. Stock markets lost almost a third of value, volatility spiked, credit stress soared and a dash for dollar cash worldwide amplified the anxiety.
That shock has been met with a rapid and unprecedented pushback from economic policymakers, pledging trillions of dollars to ensure containment efforts do not lead to permanent fracture of both the economy and markets that keep it moving.
Assessing the longer-term financial impact of the coronavirus spread worldwide now hinges on the success of lockdowns in containing the pandemic and trillions of dollar of support in easing the burden, thereby limiting the duration of the deep freeze and hastening any rebound.
Since the virus exploded beyond China in early March - triggering shutdowns of the biggest economies in the world - financial markets have gone into tailspin. Stock markets lost almost a third of value, volatility spiked, credit stress soared and a dash for dollar cash worldwide amplified the anxiety.
That shock has been met with a rapid and unprecedented pushback from economic policymakers, pledging trillions of dollars to ensure containment efforts do not lead to permanent fracture of both the economy and markets that keep it moving.
Mideast Stocks: Middle East stocks advance on giant U.S. stimulus package | ZAWYA MENA Edition
Mideast Stocks: Middle East stocks advance on giant U.S. stimulus package | ZAWYA MENA Edition:
Stock markets in the Middle East closed higher on Wednesday, as a mammoth stimulus in the United States to mitigate the economic blow from the fast-spreading coronavirus pandemic lifted investor sentiment across the globe.
U.S. senators and Trump administration officials have reached agreement on a massive economic stimulus bill to alleviate the impact of the coronavirus outbreak, the negotiators said on Wednesday.
The Senate will vote on the $2-trillion package later in the day and the House of Representatives is expected to follow suit soon after.
In Abu Dhabi, the index jumped 7.4%, extending gains from the previous session, driven by a 8.1% rise in First Abu Dhabi BankFAB.AD and a 9.1% increase in Emirates Telecommunications .
Dubai's main share index advanced 6.4%, as Emaar Properties surged 11.5%, while Emirates NBD Bank ended 8.2% higher.
Stock markets in the Middle East closed higher on Wednesday, as a mammoth stimulus in the United States to mitigate the economic blow from the fast-spreading coronavirus pandemic lifted investor sentiment across the globe.
U.S. senators and Trump administration officials have reached agreement on a massive economic stimulus bill to alleviate the impact of the coronavirus outbreak, the negotiators said on Wednesday.
The Senate will vote on the $2-trillion package later in the day and the House of Representatives is expected to follow suit soon after.
In Abu Dhabi, the index jumped 7.4%, extending gains from the previous session, driven by a 8.1% rise in First Abu Dhabi BankFAB.AD and a 9.1% increase in Emirates Telecommunications .
Dubai's main share index advanced 6.4%, as Emaar Properties surged 11.5%, while Emirates NBD Bank ended 8.2% higher.
Coronavirus in #UAE: #Dubai announces work-from-home for private sector | ZAWYA MENA Edition
Coronavirus in UAE: Dubai announces work-from-home for private sector | ZAWYA MENA Edition:
Dubai on Wednesday announced work-from-home regulations for the private sector.
"In view of the precautionary steps and preventive measures aimed to ensure public health and safety, and based on the circulars and decisions issued by the authorities concerned, Dubai Economy, as the authority regulating business in the emirate, directs all private sector companies and commercial establishments, excluding pharmacies, cooperative societies, grocery stores, and supermarkets, to adhere to implementing remote work system for 80 per cent of their employees, from today to Thursday, April 9, 2020," Dubai Economy said.
Dubai on Wednesday announced work-from-home regulations for the private sector.
"In view of the precautionary steps and preventive measures aimed to ensure public health and safety, and based on the circulars and decisions issued by the authorities concerned, Dubai Economy, as the authority regulating business in the emirate, directs all private sector companies and commercial establishments, excluding pharmacies, cooperative societies, grocery stores, and supermarkets, to adhere to implementing remote work system for 80 per cent of their employees, from today to Thursday, April 9, 2020," Dubai Economy said.
Gulf dollar bonds rally as global markets rebound - Reuters
Gulf dollar bonds rally as global markets rebound - Reuters:
Gulf bonds posted further gains on Wednesday as global markets rebounded on news of a $2 trillion U.S. fiscal stimulus package.
Saudi Arabia’s 30-year dollar bonds due in 2049 were up 8.5 cents, while similar bonds by its oil giant Aramco gained 6 cents, Refinitiv data showed.
Similar bonds by Qatar also rose 6.4 cents. Abu Dhabi 30-year bonds due in 2047 were up 6 cents, while similar Bahrain bonds gained 2.6 cents. Oman 30-year bonds due in 2048 climbed 5.8 cents.
Gulf bonds posted further gains on Wednesday as global markets rebounded on news of a $2 trillion U.S. fiscal stimulus package.
Saudi Arabia’s 30-year dollar bonds due in 2049 were up 8.5 cents, while similar bonds by its oil giant Aramco gained 6 cents, Refinitiv data showed.
Similar bonds by Qatar also rose 6.4 cents. Abu Dhabi 30-year bonds due in 2047 were up 6 cents, while similar Bahrain bonds gained 2.6 cents. Oman 30-year bonds due in 2048 climbed 5.8 cents.
Forget $25, Oil’s Trading Much Lower in the Real World - Bloomberg
Forget $25, Oil’s Trading Much Lower in the Real World - Bloomberg:
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still.
Having collapsed by about 60% this year, Brent and West Texas Intermediate crude have stabilized at around $25 a barrel, but the price rout is far deeper for actual cargoes, which are changing hands at large and widening discounts to the global benchmarks. The discounts mean that in the physical market, some crude streams are trading at $15, $10 and even as little as $8 a barrel.
“The physical market is in pain, and there is more pain to come,” said Torbjorn Tornqvist, the co-founder of Gunvor Group Ltd., a large trading house. “We will see the full weight of the oversupply in a couple of weeks.”
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still.
Having collapsed by about 60% this year, Brent and West Texas Intermediate crude have stabilized at around $25 a barrel, but the price rout is far deeper for actual cargoes, which are changing hands at large and widening discounts to the global benchmarks. The discounts mean that in the physical market, some crude streams are trading at $15, $10 and even as little as $8 a barrel.
“The physical market is in pain, and there is more pain to come,” said Torbjorn Tornqvist, the co-founder of Gunvor Group Ltd., a large trading house. “We will see the full weight of the oversupply in a couple of weeks.”
#SaudiArabia News: Currency Pegs OK Despite Virus, Oil: IMF - Bloomberg
Saudi Arabia News: Currency Pegs OK Despite Virus, Oil: IMF - Bloomberg:
Dollar pegs in the Gulf have proven effective even as the region now faces the coronavirus outbreak and the crash in oil prices, the International Monetary Fund said.
Billions of dollars worth of stimulus packages were rolled out to cushion regional economies after the pandemic, but growth for the remainder of the year will depend on whether “the global economy will recover fast or not,” Jihad Azour, the IMF’s director for the Middle East and Central Asia, said in an interview with Bloomberg TV.
Dollar pegs in the Gulf have been “serving very well,” he said, “and it’s still appropriate, especially countries who have buffers that have the ability to use their reserves in order to address the shock.”
Oman, often deemed to have the weakest economy among the six-nation Gulf Cooperation Council, is at the forefront of concern.
Dollar pegs in the Gulf have proven effective even as the region now faces the coronavirus outbreak and the crash in oil prices, the International Monetary Fund said.
Billions of dollars worth of stimulus packages were rolled out to cushion regional economies after the pandemic, but growth for the remainder of the year will depend on whether “the global economy will recover fast or not,” Jihad Azour, the IMF’s director for the Middle East and Central Asia, said in an interview with Bloomberg TV.
Dollar pegs in the Gulf have been “serving very well,” he said, “and it’s still appropriate, especially countries who have buffers that have the ability to use their reserves in order to address the shock.”
Oman, often deemed to have the weakest economy among the six-nation Gulf Cooperation Council, is at the forefront of concern.
Bahrain's KHCB gets shareholder approval for delisting from #Dubai's DFM | ZAWYA MENA Edition
Bahrain's KHCB gets shareholder approval for delisting from Dubai's DFM | ZAWYA MENA Edition:
Khaleeji Commercial Bank’s (KHCB) shareholders agreed to delist the bank’s shares from Dubai Financial Market (DFM), the Bahraini bank said in a statement.
At their ordinary general meeting held on Wednesday 25 March, shareholders authorised the board to take all necessary procedures and requirements in this regard, subject to approval of the related regulatory authorities.
Shareholders also approved the reduction in the bank’s issued and paid capital to 89.2 million Bahraini dinars ($235.8 million) from 105 million dinars at the extraordinary general meeting also held on Wednesday. The reduction, through the write-off of accumulated losses worth 15.8 million dinars, is subject to the Central Bank of Bahrain’s approval.
The meeting also approved the recommendation of the board to issue sukuk as additional tier 1 capital of up to $200 million to support the capital base.
Khaleeji Commercial Bank’s (KHCB) shareholders agreed to delist the bank’s shares from Dubai Financial Market (DFM), the Bahraini bank said in a statement.
At their ordinary general meeting held on Wednesday 25 March, shareholders authorised the board to take all necessary procedures and requirements in this regard, subject to approval of the related regulatory authorities.
Shareholders also approved the reduction in the bank’s issued and paid capital to 89.2 million Bahraini dinars ($235.8 million) from 105 million dinars at the extraordinary general meeting also held on Wednesday. The reduction, through the write-off of accumulated losses worth 15.8 million dinars, is subject to the Central Bank of Bahrain’s approval.
The meeting also approved the recommendation of the board to issue sukuk as additional tier 1 capital of up to $200 million to support the capital base.
#Dubai orders closure of commercial establishments - Arabianbusiness
Dubai orders closure of commercial establishments - Arabianbusiness:
Dubai Economy has ordered all commercial establishments in the emirate to close for two weeks from Wednesday.
The move is in line with preventative measures announced by the Ministry of Health and Prevention and the National Emergency Crisis and Disaster Management Authority, to bring the current coronavirus crisis under control.
All shops, except grocery stores, supermarkets, cooperative societies, and pharmacies that provide for the basic needs of residents, have to remain closed until April 8, although online sales are allowed during this period.
It was previously announced that supermarkets, cooperative societies, grocery stores and pharmacies would remain open 24/7 starting Wednesday. However, the number of shoppers at any time in these outlets must not exceed 30 percent of capacity and customers should maintain a social distance of two metres from each other.
Dubai Economy has ordered all commercial establishments in the emirate to close for two weeks from Wednesday.
The move is in line with preventative measures announced by the Ministry of Health and Prevention and the National Emergency Crisis and Disaster Management Authority, to bring the current coronavirus crisis under control.
All shops, except grocery stores, supermarkets, cooperative societies, and pharmacies that provide for the basic needs of residents, have to remain closed until April 8, although online sales are allowed during this period.
It was previously announced that supermarkets, cooperative societies, grocery stores and pharmacies would remain open 24/7 starting Wednesday. However, the number of shoppers at any time in these outlets must not exceed 30 percent of capacity and customers should maintain a social distance of two metres from each other.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Oil prices fall as demand woes eclipse U.S. stimulus - Reuters
Oil prices fall as demand woes eclipse U.S. stimulus - Reuters:
Oil prices fell on Wednesday as faltering fuel demand because of the coronavirus pandemic outweighed a massive pending U.S. economic stimulus package.
Brent crude LCOc1 was down 84 cents, or 3.1%, at $26.31 a barrel at 1154 GMT after touching a low of $25.68.
U.S. crude CLc1 was down 29 cents, or 1.2%, at $23.72 after a low of $23.15.
Both contracts had posted strong gains of more than $1 a barrel earlier in the session.
Oil prices fell on Wednesday as faltering fuel demand because of the coronavirus pandemic outweighed a massive pending U.S. economic stimulus package.
Brent crude LCOc1 was down 84 cents, or 3.1%, at $26.31 a barrel at 1154 GMT after touching a low of $25.68.
U.S. crude CLc1 was down 29 cents, or 1.2%, at $23.72 after a low of $23.15.
Both contracts had posted strong gains of more than $1 a barrel earlier in the session.
Oil majors slash 2020 spending 18% after prices slump - Reuters
Oil majors slash 2020 spending 18% after prices slump - Reuters:
The world’s biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia.
Cuts already announced by five major oil companies including Saudi Aramco 2222.SE and Royal Dutch Shell (RDSa.L) come to a combined $19 billion, or a drop of 18% from their initial spending plans of $106 billion.
Norway’s Equinor (EQNR.OL) said on Wednesday it would cut capital expenditure, or capex, by some $2 billion while Chevron (CVX.N) said on Tuesday it would slash its capex this year by $4 billion.
Others such as U.S. giant Exxon Mobil Corp (XOM.N) and Britain’s BP (BP.L) have said they will cut capital expenditure but haven’t given specific figures as yet.
The world’s biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia.
Cuts already announced by five major oil companies including Saudi Aramco 2222.SE and Royal Dutch Shell (RDSa.L) come to a combined $19 billion, or a drop of 18% from their initial spending plans of $106 billion.
Norway’s Equinor (EQNR.OL) said on Wednesday it would cut capital expenditure, or capex, by some $2 billion while Chevron (CVX.N) said on Tuesday it would slash its capex this year by $4 billion.
Others such as U.S. giant Exxon Mobil Corp (XOM.N) and Britain’s BP (BP.L) have said they will cut capital expenditure but haven’t given specific figures as yet.
MIDEAST STOCKS-Wall St surge boosts Gulf as investors pin hopes on U.S. stimulus | Nasdaq
MIDEAST STOCKS-Wall St surge boosts Gulf as investors pin hopes on U.S. stimulus | Nasdaq:
Stock markets in the Gulf rose on Wednesday, following a sharp rebound on the Wall Street as the U.S. Congress reached an agreement on a massive economic stimulus package to mitigate the economic blow from the fast-spreading coronavirus pandemic.
The Senate will vote on the $2-trillion package later in the day and the House of Representatives is expected to follow suit soon after.
Saudi Arabia's benchmark index .TAS gained 2.3%, with Al Rajhi Bank 1120.SE rising 2.3% and oil giant Saudi Aramco 2222.SE up 2%.
Amongst others, Dar Al Arkan 4300.SE advanced 2.3%, despite posting a 40% fall in annual profit.
In Dubai, the index .DFMGI advanced 3.6%, boosted by a 7.2% gain in Emaar Properties EMAR.DU and a 5.4% rise in top lender Emirates NBD ENBD.DU.
The Abu Dhabi index .ADI jumped 5.9%, extending gains from the previous session. The country's largest lender First Abu Dhabi Bank FAB.AD climbed 7.2% and Emirates Telecommunications ETISALAT.AD surged 9.5%.
Stock markets in the Gulf rose on Wednesday, following a sharp rebound on the Wall Street as the U.S. Congress reached an agreement on a massive economic stimulus package to mitigate the economic blow from the fast-spreading coronavirus pandemic.
The Senate will vote on the $2-trillion package later in the day and the House of Representatives is expected to follow suit soon after.
Saudi Arabia's benchmark index .TAS gained 2.3%, with Al Rajhi Bank 1120.SE rising 2.3% and oil giant Saudi Aramco 2222.SE up 2%.
Amongst others, Dar Al Arkan 4300.SE advanced 2.3%, despite posting a 40% fall in annual profit.
In Dubai, the index .DFMGI advanced 3.6%, boosted by a 7.2% gain in Emaar Properties EMAR.DU and a 5.4% rise in top lender Emirates NBD ENBD.DU.
The Abu Dhabi index .ADI jumped 5.9%, extending gains from the previous session. The country's largest lender First Abu Dhabi Bank FAB.AD climbed 7.2% and Emirates Telecommunications ETISALAT.AD surged 9.5%.
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