The Indian Navy will host its largest-ever multinational exercise - "Milan - 2024" - from February 19 to February 27. The Navy announced on Wednesday that the 12th iteration of the exercise will be hosted by the Visakhapatnam-based Eastern Naval Command in the Bay of Bengal.

Indian Navy to host 'Milan 2024' exercise, largest ever multilateral drill

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

India's onion export ban sends shockwaves across Asia. Here's why<o:p></o:p>

The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources.&nbsp;<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-onion-export-ban-sends-shockwaves-across-asia-heres-why-671976">Read more here</a><o:p></o:p>

India urges to G7 for delay Russian diamond ban, seeks clarity on tracing rules<o:p></o:p>

In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-urges-to-g7-for-delay-russian-diamond-ban-seeks-clarity-on-tracing-rules-671978">Read more here</a><o:p></o:p>

Protests erupt in Buenos Aires against Milei's economic overhaul<o:p></o:p>

In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/protests-erupt-in-buenos-aires-against-mileis-economic-overhaul-672016">Read more here</a><o:p></o:p>

UK Supreme Court rules against AI as patent 'Inventor' in landmark case<o:p></o:p>

The UK Supreme Court has ruled against the notion that artificial intelligence (AI) can be recognised as an inventor for patent rights.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uk-supreme-court-rules-against-ai-as-patent-inventor-in-landmark-case-672020">Read more here</a><o:p></o:p>

IMF sounds alarm on India's rising debt, warns of exceeding 100pc of GDP<o:p></o:p>

The International Monetary Fund (IMF) has issued a cautionary note, warning that India's general government debt could surpass 100 per cent of the gross domestic product (GDP) in the medium term.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/imf-sounds-alarm-on-indias-rising-debt-warns-of-exceeding-100pc-of-gdp-672040">Read more here</a><o:p></o:p>

Toyota initiates global recall of 1.12 million vehicles over airbag concerns<o:p></o:p>

Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide. <o:p></o:p>

<a href="https://www.wionews.com/business-economy/toyota-initiates-global-recall-of-112-million-vehicles-over-airbag-concerns-672057">Read more here</a><o:p></o:p>

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WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. India's onion export ban sends shockwaves across Asia.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. India's onion export ban sends shockwaves across Asia. Here's why The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources. Read more here India urges to G7 for delay Russian diamond ban, seeks clarity on tracing rules In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds. Read more here Protests erupt in Buenos Aires against Milei's economic overhaul In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. Read more here UK Supreme Court rules against AI as patent 'Inventor' in landmark case The UK Supreme Court has ruled against the notion that artificial intelligence (AI) can be recognised as an inventor for patent rights. Read more here IMF sounds alarm on India's rising debt, warns of exceeding 100pc of GDP The International Monetary Fund (IMF) has issued a cautionary note, warning that India's general government debt could surpass 100 per cent of the gross domestic product (GDP) in the medium term. Read more here Toyota initiates global recall of 1.12 million vehicles over airbag concerns Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide. Read more here WATCH WION LIVE HERE

WION Business Wrap | India’s onion ban, Russian diamond ban, Protests in Buenos Aires & more

France has submitted a bid to India for the purchase of 26 Rafale-Marine fighter fighters for aircraft carriers.

France submits bid for Indian tender to buy 26 Rafale Marine Jets in response to India

India's drug&nbsp;regulator on Wednesday (Dec 20) prohibited the use of an anti-cold drug combination in children aged below four. The regulatory body has mandated that drug labels should clearly reflect this restriction.

The move follows concerns raised about the promotion of an unapproved anti-cold drug formulation for infants.&nbsp;

A letter issued to the states and the Union Territories by the Drugs General Controller (India) stated that the concern has been recognised after the promotion of unapproved anti-cold drug formulation for infants.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indias-50-cough-syrup-manufacturers-fail-to-clear-quality-tests-report-666751">50 Indian cough syrup manufacturers fail to clear quality tests: Report</a> 
&nbsp; 
"Subsequently concerns have been raised regarding promotion of unapproved anti-cold drug formulation for infants. The matter was deliberated in the Subject Expert Committee (SEC- Pulmonary) meeting held on June 6, 2023, wherein, In light of the issue regarding the use of the FDC of Chlorpheniramine Maleate IP 2mg + Phenylephrine HCL IP 5mg drop/ml was discussed before the committee," the letter said.

"The committee recommended that the FDC should not be used in children below 4 years of age and accordingly the firms should mention warning in this regard on label and package insert," it read further.

The cough syrups manufactured in India have been linked with a series of deaths of children aged less than four in parts of the world.

Also watch |&nbsp;Gravitas: 50 Indian cough syrups found to be sub-standard

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These incidents have raised concerns about the quality of pharmaceutical exports from India, often referred to as the "world's pharmacy"&nbsp;due to its widespread supply of life-saving drugs at affordable prices.&nbsp;

In response to the global outcry, the World Health Organization (WHO) has underscored its recommendation against the use of over-the-counter cough syrups or medicines for treating coughs and cold symptoms in children under five years of age.

India implemented mandatory testing for cough syrup exports in June and has intensified scrutiny of drug manufacturers.&nbsp;

<h2>What's the bottom line?</h2>

The regulatory directive now obliges drugmakers to prominently label their products with a warning against the use of the specified FDC in children below four years of age.

(With inputs from agencies)

India's drug regulator on Wednesday (Dec 20) prohibited the use of an anti-cold drug combination in children aged below four. The regulatory body has mandated that drug labels should clearly reflect this restriction.

India's drug regulator on Wednesday (Dec 20) prohibited the use of an anti-cold drug combination in children aged below four. The regulatory body has mandated that drug labels should clearly reflect this restriction. The move follows concerns raised about the promotion of an unapproved anti-cold drug formulation for infants. A letter issued to the states and the Union Territories by the Drugs General Controller (India) stated that the concern has been recognised after the promotion of unapproved anti-cold drug formulation for infants. Also read | 50 Indian cough syrup manufacturers fail to clear quality tests: Report "Subsequently concerns have been raised regarding promotion of unapproved anti-cold drug formulation for infants. The matter was deliberated in the Subject Expert Committee (SEC- Pulmonary) meeting held on June 6, 2023, wherein, In light of the issue regarding the use of the FDC of Chlorpheniramine Maleate IP 2mg + Phenylephrine HCL IP 5mg drop/ml was discussed before the committee," the letter said. "The committee recommended that the FDC should not be used in children below 4 years of age and accordingly the firms should mention warning in this regard on label and package insert," it read further. The cough syrups manufactured in India have been linked with a series of deaths of children aged less than four in parts of the world. Also watch | Gravitas: 50 Indian cough syrups found to be sub-standard × These incidents have raised concerns about the quality of pharmaceutical exports from India, often referred to as the "world's pharmacy" due to its widespread supply of life-saving drugs at affordable prices. In response to the global outcry, the World Health Organization (WHO) has underscored its recommendation against the use of over-the-counter cough syrups or medicines for treating coughs and cold symptoms in children under five years of age. India implemented mandatory testing for cough syrup exports in June and has intensified scrutiny of drug manufacturers. What's the bottom line? The regulatory directive now obliges drugmakers to prominently label their products with a warning against the use of the specified FDC in children below four years of age. (With inputs from agencies)

India raises onus on cough syrup manufacturers; bans anti-cold drug combination for kids under four

The Lok Sabha on Wednesday passed three bills aimed at replacing key components of India's criminal legal framework, including the Indian Penal Code of 1860, the Code of Criminal Procedure (CrPC) of 1973, and the Indian Evidence Act of 1872.

India: Lower house passes three bills on criminal laws

France has submitted a bid to India for the purchase of 26 Rafale-Marine fighter fighters for aircraft carriers. France has submitted a bid to India for the purchase of 26 Rafale-Marine fighter fighters for aircraft carriers.

India close to purchasing 26 Rafale-Marine fighters: France submits bid for the tender

Calling India an important strategic partner, the White House once again called for full investigation into alleged failed plot to kill Khalistani terrorist Gurpatwant Singh Pannun. Canada's Prime Minister Justin Trudeau's comments are seen as a change in tone after months of rhetoric. He also says India's tone with the country has changed ever since Washington warned New Delhi of its role in a plot to kill Khalistani terrorist Gurpawant Singh Pannun on American soil.

Canada's PM changes tone on India | Pannun Murder Plot

France has submitted its response to India's Rafale tender, the deal is worth $6 billion. The Rafale marine aircraft is being acquired for aircraft carriers. India will study the commercial offer for the aircraft. French President Emmanuel Macron has responded to India's tender. Watch to know more!

France submits response to India's Rafale tender

According to Canadian broadcaster CBC, Canadian Prime Minister Justin Trudeau stated that he thought there had been a "tonal shift" in relations between Ottawa and New Delhi following US claims of a plot to kill Khalistani terrorist Gurpatwant Singh Pannun on US grounds.

Canada-India ties over Pannun murder plot: Trudeau claims involvement of US changed India's stance

On Tuesday, PML-N supremo Nawaz Sharif cleared yet another legal hurdle ahead of the Feb 8 general election after the Islamabad High Court (IHC) acquitted him in the Al-Azizia reference. The Al-Azizia case was one of the two graft references that Nawaz was convicted in. He was acquitted in the Avenfield reference on Nov 29 by the same bench.

‘India not responsible for Pakistan’s economy woes’, says ex-PM Nawaz Sharif, blames army

India launched its inaugural winter expedition to the Arctic. Led by a team from the National Centre for Polar and Ocean Research, the mission at Himadri Station in Norway aims to study atmospheric changes, aurora lights, and sea ice patterns.

Gravitas: India embarks on groundbreaking winter Arctic expedition

On Sunday night, a Chennai-bound train was stopped an hour into its journey, in Srivaikuntam. India's railway staff halted the train in light of a cloud burst, they also averted a major disaster. A 7-km-track in front was completely eroded by the rain. It was a disaster waiting to happen. Priyanka Sharma tells you more.

Gravitas: India's railway staff saves 800 passengers; here's the story

European Parliamentarian (MEP) Morten Løkkegaard, who chairs relations with India in the European Parliament has underscored the urgency for collaboration between India and Europe amidst global uncertainties, stating, "I think this is a time for India and Europe should unite, to have a lot more cooperation because we live in geopolitically uncertain times...big democracies have to work together"

EU MP Løkkegaard Urges 'Political Actions' in FTA Talks, Stresses 'Democratic Connect

European Parliament chair for relations with india and European Member of Parliament Morten Lokkegaard is in India. The European lawmaker is here to hold number of discussions with Indian authorities on range of issues.

EU MP Morten Lokkegaard speaks to WION: Big democracies need to work together

Wuhan virus variant JN.1 is spreading fast. Since December 11, cases have more than doubled in India. The Indian health ministry has advised states to take precautions and monitor the situation closely.

Gravitas: Wuhan Virus variant JN.1 spreading fast | Why it's time for India to mask up again

Bodhana Sivanandan, an eight-year-old chess prodigy of Indian origin, makes history at the European Blitz Championship in Croatia. Competing against over 550 players, including grandmasters and international masters, she scored an impressive 8.5 out of 13.

Gravitas: 8-Year-Old Chess sensation Bodhana Sivanandan dominates European Blitz Championship

India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered excessively in the foreign exchange market.

IMF says India's currency intervention 'excessive'

Bengal Chief Minister Mamata Banerjee -- who declared yesterday that the INDIA bloc will not take a call on its Prime Ministerial candidate until after the Lok Sabha election -- took a 180-degree turn today by proposing Congress chief Mallikarjun Kharge's name for the position.

India: Mamata Banerjee proposes Congress chief Mallikarjun Kharge as PM  face of INDIA bloc

India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered "excessively" in the foreign exchange market.

The IMF's report suggested that the Indian government was attempting to manipulate the value of the rupee.

What does the IMF's report show?

The Washington-based lender said that between December 2022 and October 2023, the rupee's value fluctuated within an extremely small range.

The report indicates that the central bank's involvement "likely exceeded levels necessary to address disorderly market conditions."

As a result, the IMF stated that it has reclassified India's foreign currency regime from a "floating" system to a "stabilised arrangement."

What's the difference?

In a floating system - a currency's value is determined by the foreign exchange market based on the demand and supply of the particular currency.

In contrast, in a stabilised arrangement or a fixed regime, a country's government, through its central bank, determines the currency rate.

But top Reserve Bank of India (RBI) officials have repeatedly stated that the bank intervenes in the currency market only to reduce volatility.

In reality, no country sits back and watches its currency take a roller-coaster ride. Almost every central bank intervenes.

How can they not? It's a question of economic stability and reducing the currency's volatility.

India's response

The IMF said India referred to the evaluation as "unjustified" and "strongly disagreed" with its report.

In its report, the Fund said: "The RBI strongly believes that such a view is incorrect as, in their view, it uses data selectively."

In 2022, the currency fell about 8%.

Between December 2022 and October 2023, the rupee lost around 2% against the US dollar.

However, the RBI rejected the IMF's assessment, calling the evaluation based on selective data sets referring to the Fund's report from December 2022 to October 2023.

The RBI said that the IMF is using data selectively.

India's central bank said that if the rupee's movement over two to five years is considered, then the assessment and allegation fall flat.

Forex reserves&nbsp;show a different story

Bloomberg estimates the RBI intervened in the currency market to the tune of $78 billion through those nine months.

Still, the nation's $604 billion foreign exchange reserves tell a different story.

Despite the intervention, India's import cover hovers close to 2021's all-time high of $642.5 billion.

IMF's outlook is not all bad

The IMF called India a bright spot in an otherwise gloomy global economic background.

However, the IMF's outlook must catch up with the RBI's growth projections for this year and next.

Still, the IMF predicts India will contribute more than 16 per cent of global growth.

The Fund said that was a result of economic changes in important areas like infrastructure and digitalisation, which have elevated India to a "star performer" among nations.

In addition, the IMF said in its annual report that attention be paid to restoring fiscal buffers, ensuring price stability, upholding financial stability, and boosting inclusive growth.

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India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered "excessively" in the foreign exchange market. The IMF's report suggested that the Indian government was attempting to manipulate the value of the rupee.

India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered "excessively" in the foreign exchange market. The IMF's report suggested that the Indian government was attempting to manipulate the value of the rupee. What does the IMF's report show? The Washington-based lender said that between December 2022 and October 2023, the rupee's value fluctuated within an extremely small range. The report indicates that the central bank's involvement "likely exceeded levels necessary to address disorderly market conditions." As a result, the IMF stated that it has reclassified India's foreign currency regime from a "floating" system to a "stabilised arrangement." What's the difference? In a floating system - a currency's value is determined by the foreign exchange market based on the demand and supply of the particular currency. In contrast, in a stabilised arrangement or a fixed regime, a country's government, through its central bank, determines the currency rate. But top Reserve Bank of India (RBI) officials have repeatedly stated that the bank intervenes in the currency market only to reduce volatility. In reality, no country sits back and watches its currency take a roller-coaster ride. Almost every central bank intervenes. How can they not? It's a question of economic stability and reducing the currency's volatility. India's response The IMF said India referred to the evaluation as "unjustified" and "strongly disagreed" with its report. In its report, the Fund said: "The RBI strongly believes that such a view is incorrect as, in their view, it uses data selectively." In 2022, the currency fell about 8%. Between December 2022 and October 2023, the rupee lost around 2% against the US dollar. However, the RBI rejected the IMF's assessment, calling the evaluation based on selective data sets referring to the Fund's report from December 2022 to October 2023. The RBI said that the IMF is using data selectively. India's central bank said that if the rupee's movement over two to five years is considered, then the assessment and allegation fall flat. Forex reserves show a different story Bloomberg estimates the RBI intervened in the currency market to the tune of $78 billion through those nine months. Still, the nation's $604 billion foreign exchange reserves tell a different story. Despite the intervention, India's import cover hovers close to 2021's all-time high of $642.5 billion. IMF's outlook is not all bad The IMF called India a bright spot in an otherwise gloomy global economic background. However, the IMF's outlook must catch up with the RBI's growth projections for this year and next. Still, the IMF predicts India will contribute more than 16 per cent of global growth. The Fund said that was a result of economic changes in important areas like infrastructure and digitalisation, which have elevated India to a "star performer" among nations. In addition, the IMF said in its annual report that attention be paid to restoring fiscal buffers, ensuring price stability, upholding financial stability, and boosting inclusive growth. WATCH WION LIVE HERE

India hits out at IMF on "excessive" currency intervention comment

Former Pakistan prime minister Nawaz Sharif has lashed out at the Pakistan military and said that India and the U.S. are not to blame for the miserable condition of the country. The three-time prime minister, who is eying his fourth term, slammed the judges for legitimising military dictators.

Not US or India, but Army to blame for Pakistan's woes: Nawaz Sharif | Race to Power

Ahead of the 2024 general elections in India, the unity efforts of the opposition I.N.D.I.A. Alliance seem to be already coming under strain. The challenges became evident at a recent meeting of the bloc in New Delhi, when the Chief Minister of the state of Bihar Nitish Kumar lost his cool with DMK leader T.R. Baalu who asked for an English translation of his Hindi speech.

Bihar CM Nitish Kumar snaps at DMK leader over Hindi speech | Race to Power

India has sent warships to the red sea to tackle the Houthi threat to the commercial boats in the region. INS Kochi and INS Kolkata are now patrolling in the gulf of Aden, which connects the red sea with the Arabian Sea. The Indian Navy said in a statement it remains committed to being a first responder in the region and in ensuring the safety of merchant shipping.

India sends warships to the Gulf of Aden

Starting Wednesday (Dec 20), all the doctors working in India’s financial city Mumbai’s four big Brihanmumbai Municipal Corporation (BMC) hospitals will be using biometric system for marking attendance. This is the first time that this has been introduced in the hospitals. This has been done to cut on patient wait time and long queues.

All the concerned doctors have to mandatory reach the hospital and do their biometric verification to log their attendance and start the OPD schedule. The notice has been issued to key hospitals like KEM, Lokmanya Tilak Municipal Medical College and General Hospital, BYL Nair and RN Cooper in Mumbai.

The BMC circular states, “Commencing at 8:00 am, all major medical municipal hospitals will enforce mandatory biometric registration for doctors upon entry and exit. This biometric attendance system will be intricately tied to the salary of every doctor through SAP.”

<a href="https://www.wionews.com/india-news/covid-scare-returns-with-jn1-rearing-its-head-do-you-need-to-worry-experts-speak-671776">Also read |&nbsp;Covid scare returns: With JN.1 rearing its head, do you need to worry? Experts speak</a>

In fact, the BMC Commissioner Dr Sudhakar Shinde has asked the Deans of all these institutions to implement the orders.

Dr Shinde says, “This was one of the oldest issues in the public hospitals, absence or unavailability of senior doctors on time leading to patients waiting for long hours. This tardiness contributes to a backlog, causing patients to endure long queues. This situation further inconveniences patients who have travelled from distant areas.”

All the four hospitals see a footfall of over 10,000 patients from various parts of Maharashtra. And majority of them travel from locations outside Mumbai, approximately 50-60 km.

“If doctors and concerned department are late and not on time, then registration and documentation takes time. And beyond 1 pm, they are turned away as the OPD hours concludes. This always leads to delay in treatment as well,” says concerned official from the health department.

Installing biometric system will lead doctors to improve their time-management, matching their schedules with the convenience of patients rather than their commitments to other work.

Also watch |&nbsp;Rift in the INDIA bloc? Leaders divided over the opposition's PM face

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On the first day of the implementation, all the OPDs witnessed doctors coming on time leading to starting registrations on time. There was significant reduction of the crowd till conclusion hours of the OPD as all the patients were treated on time.

On the other hand, during Dr Shinde’s visit to the mentioned hospitals, it has also been alleged that several senior doctors run their personal clinic close by and leave the OPD ahead of closing time.

Dr Shinde says, all the allegations will be checked and if anyone is found guilty then serious charges will be initiated against the concerned doctor.

Starting Wednesday (Dec 20), all the doctors working in India’s financial city Mumbai’s four big Brihanmumbai Municipal Corporation (BMC) hospitals will be using biometric system for marking attendance.

Starting Wednesday (Dec 20), all the doctors working in India’s financial city Mumbai’s four big Brihanmumbai Municipal Corporation (BMC) hospitals will be using biometric system for marking attendance. This is the first time that this has been introduced in the hospitals. This has been done to cut on patient wait time and long queues. All the concerned doctors have to mandatory reach the hospital and do their biometric verification to log their attendance and start the OPD schedule. The notice has been issued to key hospitals like KEM, Lokmanya Tilak Municipal Medical College and General Hospital, BYL Nair and RN Cooper in Mumbai. The BMC circular states, “Commencing at 8:00 am, all major medical municipal hospitals will enforce mandatory biometric registration for doctors upon entry and exit. This biometric attendance system will be intricately tied to the salary of every doctor through SAP.” Also read | Covid scare returns: With JN.1 rearing its head, do you need to worry? Experts speak In fact, the BMC Commissioner Dr Sudhakar Shinde has asked the Deans of all these institutions to implement the orders. Dr Shinde says, “This was one of the oldest issues in the public hospitals, absence or unavailability of senior doctors on time leading to patients waiting for long hours. This tardiness contributes to a backlog, causing patients to endure long queues. This situation further inconveniences patients who have travelled from distant areas.” All the four hospitals see a footfall of over 10,000 patients from various parts of Maharashtra. And majority of them travel from locations outside Mumbai, approximately 50-60 km. “If doctors and concerned department are late and not on time, then registration and documentation takes time. And beyond 1 pm, they are turned away as the OPD hours concludes. This always leads to delay in treatment as well,” says concerned official from the health department. Installing biometric system will lead doctors to improve their time-management, matching their schedules with the convenience of patients rather than their commitments to other work. Also watch | Rift in the INDIA bloc? Leaders divided over the opposition's PM face On the first day of the implementation, all the OPDs witnessed doctors coming on time leading to starting registrations on time. There was significant reduction of the crowd till conclusion hours of the OPD as all the patients were treated on time. On the other hand, during Dr Shinde’s visit to the mentioned hospitals, it has also been alleged that several senior doctors run their personal clinic close by and leave the OPD ahead of closing time. Dr Shinde says, all the allegations will be checked and if anyone is found guilty then serious charges will be initiated against the concerned doctor.

India: Mumbai doctors working in public hospitals to mark biometric attendance to cut patients’ wait time

Serbian President Aleksandar Vučić looks set to tighten his grip on power — with early exit polling suggesting a sweeping election win for his ruling party — although his government is facing accusations of major irregularities over the course of Sunday’s vote.

Serbian elections marred by vote buying: Reports

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