Vaccination can be relaxing. Just ask these museum visitors.

These days, visitors to the website of one of Italy’s most renowned contemporary art museums are met with a twofold invitation: “Book your visit in advance” and “Book your vaccination.”

The Castello di Rivoli, once a palace owned by the Savoy dynasty, recently became one of several Italian museums to join the country’s vaccine drive, following in the footsteps of cultural institutions throughout Europe.

With the rallying cry of “Art Helps,” the museum near Turin has set aside its third-floor galleries for a vaccination center run by the local health authorities. During their shots, patients can enjoy the wall paintings by Claudia Comte, a Swiss artist.

Comte worked with the composer Egon Elliut to create a soundscape that evokes “a dreamlike feeling,” the artist said, and lulls vaccine recipients as they move from room to room before and after the shot.

“Art has an extraordinarily important effect on well-being,” said Carolyn Christov-Bakargiev, the museum’s director. She said that she couldn’t have commissioned “a more perfect” backdrop than Comte’s works for a “space to merge the art of healing the body and the art of healing the soul and the mind,” noting that in Italian the words for “to heal” and “curator” came from the same Latin word, “curo.” In history, she said, some of the first museums were former hospitals.

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Corporate America Fights Anti-Asian Discrimination

Top business leaders and corporate giants are pledging $250 million to a new initiative and an ambitious plan to stem a surge in anti-Asian violence and take on challenges that are often ignored by policymakers, Andrew and Ed Lee report in The Times.

Donors are a who’s who of business leaders. Individuals who are collectively contributing $125 million to the newly created Asian American Foundation include Joe Bae of KKR, Sheila Lirio Marcelo of Care.com, Joe Tsai of Alibaba and Jerry Yang of Yahoo. Organizations adding another $125 million to the group include Walmart, Bank of America, the Ford Foundation and the N.B.A. The initiative has echoes of the recent effort by Black executives to round up corporate support to push back against bills that would restrict voting.

Anti-Asian hate crimes jumped 169 percent over the past year; in New York City alone, they have risen 223 percent. And Asian-Americans face the challenge of the “model minority” myth, in which they’re often held up as success stories. This shows “a lack of understanding of the disparities that exist,” said Sonal Shah, the president of the newly formed foundation. For example, Asian-Americans comprise 12 percent of the U.S. work force, but just 1.5 percent of Fortune 500 corporate officers.

The group’s mission is broad. It is aiming to reshape the American public’s understanding of the Asian-American experience by developing new school curriculums and collecting data to help influence public policy. But its political lobbying efforts may be challenged by the enormous political diversity among Asian-Americans, Andrew and Ed note.

nearly 402,000 cases on Saturday, a global record, and another 392,000 on Sunday. A business trade group is calling for a new national lockdown, despite the economic cost of such a move. The C.E.O. of India’s biggest vaccine manufacturer warned that the country’s shortage of doses would last until at least July.

Credit Suisse didn’t earn much for its Archegos troubles. The Swiss bank collected just $17.5 million in fees last year from the investment fund, despite losing $5.4 billion from the firm’s meltdown in March, according to The Financial Times.

Verizon sold AOL and Yahoo. The telecom giant divested its internet media business to Apollo Global Management for $5 billion, and will retain a 10 percent stake. It’s a sign that Verizon is giving up on its digital advertising ambitions and focusing on its mobile business.

A third of Basecamp employees quit after a ban on talking politics. At least 20 resigned after the software maker’s C.E.O., Jason Fried, announced a new policy preventing political discussions in the workplace. The company isn’t budging: “We’ve committed to a deeply controversial stance,” said David Hansson, Basecamp’s chief technology officer.

stormed the field yesterday, forcing the postponement of its highly anticipated match against Liverpool. They called for the ouster of the Glazer family, United’s American owners, over their support for the new competition meant mostly for European soccer’s richest teams.

At the annual meeting of Berkshire Hathaway on Saturday, Warren Bufett and Charlie Munger spoke out on a typically broad range of topics, from investing regrets to politics to crypto. (They also picked fights with Robinhood and E.S.G. proponents, for good measure.) Buffett watchers also got their clearest hint yet as to who will succeed the Oracle of Omaha as Berkshire’s C.E.O. when the 90-year-old billionaire finally steps down.

It’s Greg Abel. CNBC confirmed with Buffett that Abel, the 59-year-old who oversees Berkshire’s non-investing operations, would take over as C.E.O. “If something were to happen to me tonight it would be Greg who’d take over tomorrow morning,” Buffett said. Charlie Munger, Buffett’s top lieutenant, dropped a hint on Saturday, saying, “Greg will keep the culture.”

Buffett took on Robinhood. The Berkshire chief said the trading app conditioned retail investors to treat stock trading like gambling. “There’s nothing illegal about it, there’s nothing immoral, but I don’t think you’d build a society around people doing it,” Buffett said.

  • Robinhood pushed back. “There is an old guard that doesn’t want average Americans to have a seat at the Wall Street table so they will resort to insults,” tweeted Jacqueline Ortiz Ramsay, the company’s head of public policy communications.

And Buffett got blowback on E.S.G. Berkshire shareholders followed his lead and rejected two shareholder proposals that would have forced the company to disclose more about climate change and work force diversity. But each proposal got support from a quarter of Berkshire shareholders, a relatively high percentage. And big investors spoke publicly about their backing for the initiatives: BlackRock, which owns a 5 percent stake in Berkshire, said the company hadn’t done enough on either front.

Other highlights from the Berkshire meeting:

  • Munger let loose on crypto. “Of course I hate the Bitcoin success and I don’t welcome a currency that’s so useful to kidnappers and extortionists,” he said. “I think the whole damn development is disgusting and contrary to the interests of civilization.”

  • Ajit Jain, who oversees Berkshire’s insurance operations, and Buffett traded quips about whether the company would insure Elon Musk’s trip to Mars. “This is an easy one: No, thank you, I’ll pass,” Jain said. Buffett said it would depend on the premium and added, “I would probably have a somewhat different rate if Elon was on board or not on board.”


— Intel C.E.O. Pat Gelsinger told CBS’s “60 Minutes” that in the future the semiconductor giant would focus less on buying its own shares and more on expanding production capacity to alleviate severe chip shortages.


an op-ed in The Wall Street Journal to tell executives about it. The Republican senator from Texas criticized company chiefs for what he said were ill-informed criticisms of Georgia’s new voting laws. “For too long, woke C.E.O.s have been fair-weather friends to the Republican Party: They like us until the left’s digital pitchforks come out,” Cruz wrote. These companies “need to be called out, singled out and cut off,” he added.

Cruz’s rejection may not make a big difference. After the Capitol riot on Jan. 6, many corporations pledged to withhold donations from lawmakers who voted against certifying the election results, at least for a period of time. Cruz, who is viewed as a key player in the efforts to reverse the vote, could be shut out for longer than others. But he’s not strapped for cash: He brought in more than $3 million in campaign funds in the three months after the riot, largely from individual donors.

It highlights a new schism between Republicans and corporate America. Those ties were already fraying under President Trump’s unpredictable administration. President Biden’s proposed tax hikes and regulatory push would have typically driven companies into the arms of Republican allies, but Cruz, for his part, said he’s no longer interested in what the corporate donors and lobbyists have to say. “This time,” he wrote, “we won’t look the other way on Coca-Cola’s $12 billion in back taxes owed. This time, when Major League Baseball lobbies to preserve its multibillion-dollar antitrust exception, we’ll say no thank you. This time, when Boeing asks for billions in corporate welfare, we’ll simply let the Export-Import Bank expire.”


meet in court for a trial that could have implications for the future of the App Store and the antitrust fight against Big Tech. DealBook spoke with Jack Nicas, a technology reporter for The Times, about what’s at stake.

Why is Epic suing Apple?

Many companies, including Spotify and Match Group, have complained loudly and publicly about the control that Apple has over the App Store, and the 30 percent commission it charges. Epic basically set some bait for Apple: It began using its own payment system in Fortnite, a very popular game, which meant Apple couldn’t collect its commission. It knew how Apple would react: Apple kicked Fortnite out of the App Store. Then Epic immediately sued Apple in federal court, and simultaneously launched a sophisticated PR campaign to paint Apple in a bad light. [Epic is suing Google for the same reason.]

Read the full report about the case from Jack and Erin Griffith.

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Hurt by Losses, Credit Suisse Faces Reckoning Under New Chairman

But risk problems lingered under the surface: The departure of longtime bankers during his tenure had cost Credit Suisse valuable institutional knowledge, and the bank had built an increased zeal for working with up-and-comers, like Luckin Coffee and Greensill.

In finance, risk management — the ability to take into account a sometimes-volatile mix of bank positions, market activities, assets and liabilities, and reputational and technological concerns to foresee potential losses — is a crucial skill.

But the bank’s approach has been extremely technical, said Arturo Bris, a professor of finance at the IMD business school in Lausanne, Switzerland. An overreliance on calculation can be a problem if those in charge aren’t taking a holistic view.

“Most of these failures have much more to do with human mistakes,” he said. “I don’t think they’re good risk managers.”

Consider the Archegos collapse: The prime brokerage head of risk who oversaw Credit Suisse’s dealings with Archegos had once handled the bank’s sales relationship with the firm. Above him was a chief risk officer whose background was in finance and compliance — not risk.

Credit Suisse has held more than a half-dozen executives responsible for its recent stumbles. The last day for Brian Chin, the chief executive of the investment bank, was Friday. Lara Warner, the chief risk and compliance officer, already departed. And then there was the departure of Mr. Gottschling, the board’s risk committee leader, who did not seek re-election at the annual meeting.

Now Mr. Horta-Osório will have to figure out whether Credit Suisse can steady its investment bank with personnel changes, or if a more serious makeover is in order.

If he chooses to make big changes, he may have to move swiftly.

“Shareholders and employees cannot wait for months for a new strategy,” said Manuel Ammann, a professor at the Swiss Institute for Banking and Finance at the University of St. Gallen. “They need to deliver fast.”

Anupreeta Das contributed reporting.

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Hotel Mogul Bainum Prepares to Raise Tribune Takeover Offer

With time running out, Stewart W. Bainum Jr. is making a renewed effort to buy Tribune Publishing, the newspaper chain that agreed in February to sell itself to its largest shareholder, the hedge fund Alden Global Capital.

Mr. Bainum, a Maryland hotel mogul, notified Tribune Publishing on Wednesday that he planned to have $300 million in financing that would go toward a revised offer valuing the company at roughly $680 million, according to three people with knowledge of the proposal. As part of the would-be arrangement, $200 million would come from his own fortune, the people said. The additional $100 million would come from new debt, the people said.

The proposal is not quite firm. Mr. Bainum hopes that his willingness to put in $200 million of his own money, along with the debt financing, will attract others to join his effort, the people said.

His offer is contingent on his finding a backer who will take on Tribune’s flagship paper, The Chicago Tribune, and fill the remaining gap of $380 million, the people added. After discussions with possible investors, Mr. Bainum has yet to find one willing to assume responsibility for the Chicago daily, the people said.

he agreed to buy The Baltimore Sun and two smaller Tribune papers in Maryland for $65 million, a deal that would have been completed after Alden had taken full ownership of the company. That plan went awry over details of operating agreements that would be in effect as the Maryland papers transitioned from one owner to another, prompting Mr. Bainum to set his sights on all of Tribune.

He made a solo offer for the entire company on March 16 that valued it at roughly $680 million, or $50 million more than Alden had bid under its February proposal. But Tribune was unswayed, saying it wanted proof that Mr. Bainum had the financing to back his proposal.

At the end of March, he got the company’s attention by joining with the Swiss billionaire Hansjörg Wyss to add weight to the offer. Under the plan, Mr. Bainum would have spent $100 million of his own money and Mr. Wyss would have come through with the rest.

Tribune announced on April 5 that the offer from Mr. Wyss and Mr. Bainum was likely to lead to a “superior proposal.” But less than two weeks later, Mr. Wyss abruptly backed out, forcing Mr. Bainum to revise his bid and seek new deal partners.

The failure of the Bainum-Wyss plan came as a disappointment to journalists at Tribune newspapers across the country, many of whom had been publicly critical of Alden for its strategy of making deep cuts at the roughly 60 daily newspapers it controls through MediaNews Group.

Mr. Bainum declined to comment. Tribune did not immediately reply to a request for comment.

Since Mr. Wyss stepped away, the hedge fund has re-emerged as the most likely future owner of the newspaper chain. Tribune has scheduled a shareholder vote for May 21 to approve the bid by Alden, which has a 32 percent stake in the company.

Mr. Bainum, 75, remains committed to his quest to buy Tribune, the people said, largely because he is passionate about keeping his hometown paper, The Sun, out of Alden’s control.

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Warren Buffett Fights Proposals on Climate and Diversity

Tomorrow is Berkshire Hathaway’s annual shareholder meeting, the gathering known as “Woodstock for capitalists.” Like last year, the company is bowing to the times by holding the meeting virtually. But another aspect of the discussion may show that Warren Buffett is increasingly out of step with the times, DealBook’s Michael de la Merced reports.

Investors are pressing Berkshire to disclose more about climate change and work-force diversity. Shareholders, including the Calpers public pension fund, argue that Buffett’s conglomerate isn’t doing enough to disclose its portfolio companies’ progress in addressing those issues. Buffett opposed these initiatives ahead of the meeting, arguing that they cut against Berkshire’s philosophy of letting its subsidiaries operate largely independently. “I don’t believe in imposing my political opinions on the activities of our businesses,” he said at Berkshire’s 2018 annual meeting.

Buffett is expected to get his way, for now. He controls over a third of Berkshire’s voting power and holds sway over faithful retail investors, virtually guaranteeing that the proposals will fail to pass.

  • Simiso Nzima, the head of corporate governance at Calpers, points out that the S.E.C. appears inclined to force more disclosure on climate change risks anyway.

The big question is whether this will tarnish Berkshire’s golden reputation. Corporate America is increasingly heeding investor demands — including from BlackRock, a major Berkshire shareholder — to do more to fight climate change and racial inequity. Berkshire does not dispute the importance of climate change and diversity, but Buffett’s pushback here risks denting his standing as perhaps the world’s most admired investor. “I don’t think at the moment there’s been a slip in the gold standard,” said Lawrence Cunningham, a professor at George Washington University and a Berkshire shareholder, “but if it’s not tended to, there might be.”

Big Tech finishes earnings season on a strong note. Amazon’s first-quarter earnings more than tripled — yes, tripled — to $8 billion, surpassing expectations. As our colleague Shira Ovide writes, the quarter showed that tech giants are “unquestioned winners of the pandemic economy.”

announced today that an E.U. investigation found that the iPhone maker abused its control over its App Store to charge its music-streaming rival more in fees.

A big day in New York City: July 1. Mayor Bill de Blasio said the city would fully reopen by that day. But officials concede that tourism won’t fully return to prepandemic levels for years, and employers have been largely targeting the fall for bringing workers back to offices.

The head of the Credit Suisse board’s risk committee steps down. Andreas Gottschling won’t stand for re-election. He is the latest official at the Swiss bank to exit following scandals at Greensill and Archegos.

Good and bad news for AstraZeneca. The drug maker beat expectations for earnings and sales growth, but it is struggling to compile the data requested by U.S. officials to have its Covid-19 vaccine approved by the F.D.A., The Wall Street Journal reported.

given the Tesla chief’s history with the S.E.C.

“No.”


— Whitley Collins of CBRE on how the pandemic has upended the commercial real estate market, reversing the trend of “more and more dense” office spaces.


Marty Walsh, the labor secretary, said yesterday that “in a lot of cases” gig workers in the U.S. should be classified as employees, not independent contractors. “In some cases they are treated respectfully and in some cases they are not, and I think it has to be consistent across the board,” he told Reuters. Shares of Uber, Lyft, Fiverr and DoorDash fell on the news.

But how much control does Walsh have over how companies classify their employees?

There’s no single law that makes workers employees or contractors. The Labor Department can enforce the Fair Labor Standards Act, which establishes the federal minimum wage and overtime pay. This only applies to employees, and who should fall into that category has been the subject of a long-running debate.

New guidance wouldn’t change the law. But it could change how the Labor Department decides whether to bring lawsuits against gig economy companies. “It’s implicitly a sign to employers that you should comply with this interpretation or there’s a risk of enforcement,” Brian Chen, a staff attorney at the National Employment Law Project, told DealBook. The guidance is nonbinding, but Benjamin Sachs, a professor at Harvard Law School, said courts “tend to give it deference” when making decisions. “I wouldn’t be surprised if we saw specific action coming from the department sometime this year,” said William Gould, a Stanford law professor and the former chairman of the National Labor Relations Board.


In Her Words newsletter, explains why promising G.D.P. numbers aren’t the end of the story.

“A boom-like year” is how one economist described what the U.S. economy might look like in 2021. The latest data, published yesterday, showed that G.D.P. grew at a robust 6.4 percent annualized rate in the first quarter.

While the headline numbers may at first glance suggest that America’s economic health is on track for a full recovery, a closer look reveals an economy that is “profoundly unequal across sectors, unbalanced in ways that have enormous long-term implications,” as The Times’s Neil Irwin put it.

Growth has been fueled by consumer spending on goods, while the services sector has yet to recover. Services account for more than 95 percent of the jobs held by women, according to Michael Madowitz, an economist at the Center for American Progress.

“I’m a little worried we’re too confident the service job losses are just going to spring back to life,” Madowitz said. “If nobody closed a business that might be fine, but that seems unlikely.”

Roughly two million women have left the work force since last February. G.D.P. does not account for their lost productivity and earnings, nor for the hours of work at home that women shouldered in the past year, uncompensated.


from a sinking ship to a success proves that putting purpose first is good for profits. Joly spoke to DealBook about “The Heart of Business,” which is out next week.

Why did you write a book?

So much of what I learned in business school is either wrong, dated or incomplete. We urgently need a new philosophy of business and capitalism, a refoundation around purpose and humanity. There’s no going back after the pandemic. We’ve seen each others’ homes and vulnerability. We need to make a declaration of interdependence.

Isn’t pursuing profits the point?

Milton Friedman is on my “most wanted” list. People who oppose stakeholder capitalism are mistaken. We can create better economic outcomes by connecting with employees, customers, communities and the planet. People should refuse zero-sum games. The book is a practical guide for leaders who are eager to abandon the old way.

And it’s also spiritual?

Yes. Because work is fundamental. We should ask ourselves why we work, what drives us. At Best Buy, before the holiday season, we’d gather — even though it’s a very busy time — to talk about what gives people energy, what matters. Magic happens when work is connected to meaning and individual genius, to the thing that’s good or beautiful in each of us.

How does this “magic” manifest itself?

Two Best Buy employees performed pretend “surgery” on a broken dinosaur toy behind the counter and gave a boy back a new item, saying his baby dino recovered. That had to come from the heart. They could have just sent his mother to the shelf. Leaders need to use their heads and hearts and see and hear employees and give people the freedom to make work meaningful.

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Black Pound Day Aims to Support U.K. Black-Owned Businesses

LONDON — For Aimée Felone, whose children’s bookstore in London stocks tales with ethnically diverse characters, the Black Lives Matter protests last summer were, in a word, overwhelming.

“We had attention like we’ve never had before,” Ms. Felone said. People across the country clamored for books about antiracism and sought out Black-owned businesses like her store, Round Table Books, as a way to help reverse years of economic racial inequality. In early June, the store’s sales went through the roof.

But pandemic restrictions had shuttered the store’s warehouse. After two weeks, the four-person team was struggling to fulfill online orders. A publishing company affiliated with the bookstore, which Ms. Felone also co-founded, sold out of every book it had published. New customers grew impatient.

“The sales were wonderful,” Ms. Felone said. The problem was “the additional stresses that I think a lot of people don’t realize they’re putting” on the small Black businesses they are trying to help.

the largest social movement in U.S. history and quickly spread across the globe, businesses are looking for ways to convert that chaotic surge of interest into regular, reliable sales.

In Britain, one effort was created by Swiss, a British rapper. He calls it Black Pound Day, and the idea is simple: Once a month, people should spend money with Black businesses.

according to a study conducted by Jamii, a company supporting Black businesses, and Translate Culture, a marketing agency.

pardner. Small groups still use it to save together outside the banking system.

Swiss, 38, whose real name is Pierre Neil, grew up in South London. His grandparents had come to Britain from Barbados and Jamaica. At 17, he found fame with So Solid Crew, a garage and hip-hop group with dozens of members. In 2001, their song “21 Seconds” topped the British charts.

But the group’s reputation was always entwined with gang culture and violence — a point Swiss pushed back against in “Broken Silence,” a song he co-wrote describing how the group felt that it had been mistreated by the media and government and unfairly blamed for its low socioeconomic status.

“I’ve been making socially conscious tunes from back when I was a teenager,” Swiss said, adding that he was inspired by the rappers Tupac and Nas.

Swiss said he had mulled over the idea for Black Pound Day for years, noting how few businesses that Black people appeared to own.

A study by the British Business Bank, a state-owned bank supporting small businesses, and the consulting firm Oliver Wyman found that entrepreneurs who come from an ethnic minority background face systemic disadvantages, and that the average annual revenue for a Black entrepreneur was 10,000 pounds less than it was for white business owners in 2019.

0.02 percent of venture capital money invested in Britain from 2009 to 2019 went to Black female founders. That’s 10 women in a decade.

Those barriers contribute to large income and wealth gaps between Black and white households in Britain. The total wealth for a median household headed by a white British person (including property, investments and pension) is £313,900 ($436,000). For a Black Caribbean household, it’s £85,900 and just £34,000 for a Black African household, the national statistics agency estimates.

Ms. Ismain, the founder of Jamii, which offers a one-stop shopping site for Black businesses, said her organization and initiatives like Black Pound Day sought to remind consumers to keep Black businesses in mind even when antiracism protests weren’t front-page news.

“When it’s not trending, you don’t always think about it, you fall into old habits, and if you can’t find alternatives to things you are already buying anyway it’s just not very sustainable,” Ms. Ismain said. “That’s the thought process behind Jamii — making it super easy to find businesses.”

For Afrocenchix, a hair care brand for natural Afro hair, Black Pound Day has been transformative. Every month on Black Pound Day, the company gets two or three times its normal sales. To promote the day, it offers customers free delivery and a packet of tea and biscuits — a.k.a. cookies in the United States — with their order.

“We got trolled a bit on the first Black Pound Day by lots of people telling us we were racist and not British,” said Rachael Corson, a co-founder of Afrocenchix. So in response, she said, she and her co-founder, Jocelyn Mate, thought: “What’s more quintessentially British than tea and biscuits?”

Since the first Black Pound Day, they have doubled their number of customers, and in 2020, Afrocenchix’s sales were five times that of the previous year.

“It made a huge difference in terms of brand awareness for us,” Ms. Corson said.

And the influx of customers and revenue should help Afrocenchix’s founders with their next goal of overcoming the venture capital fund-raising odds. They are trying to raise £2 million.

For others, the advantages of Black Pound Day have dipped with time, and they speculate that consumer interest has been spread across more Black businesses. But Natalie Manima, the founder of Bespoke Binny, a housewares brand sold online, said the attention her company had gotten since people sought out Black-owned retailers during last summer’s protests had been “life changing.”

The interest “didn’t end,” Ms. Manima said. “It’s not the same barrage that it was, but I have not ever gone back to pre-protest level of sales.”

She recalled the day in early June when she woke up to hundreds of orders for her products, which include lampshades, oven mitts and blankets. It took her a few days to track the source of the surge — a list of Black-owned businesses circulating on Instagram at the height of the Black Lives Matter protests.

Because Britain was under lockdown, the manufacturer of her products was closed, as was her daughter’s nursery school. So Ms. Manima was packing orders herself, late at night and early in the morning, until she sold out of everything and had to pause taking orders.

But once the manufacturers reopened and her business was running smoothly again, customers have kept coming back. She has since moved into a larger office (twice) and hired a team.

“I have gone from a one-woman show to this, and I know that it’s all down to what happened in June,” she said.

That said, the experience at Round Table Books, the children’s bookstore, is a testament to how hard it can be to permanently alter people’s spending habits, even with the help of initiatives like Black Pound Day. The store has been shut all winter in line with government restrictions. It sells books online, but it’s still hard to compete against giants like the British bookseller Waterstones and Amazon.

“When you don’t have the physical bookshops open, I find that a lot of the attention goes to the bigger brands,” Ms. Felone said. But she said that the store will reopen in early May and that she still supported Black Pound Day.

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