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screen and (max-width:374px){.cta-text{font-size:16px!important;padding-right:0!important;padding-left:2px!important}}</style><style type="text/css">h5{font-family:MetricWeb,sans-serif;color:#000;font-size:16px;line-height:20px;font-weight:400;text-transform:uppercase;letter-spacing:.5px;margin:0 0 20px}</style></head><body data-id="__react-email-body" style="margin:0;padding:0"><table align="center" width="100%" data-id="__react-email-container" role="presentation" cellspacing="0" cellpadding="0" border="0" style="max-width:100%"><tbody><tr style="width:100%"><td><table align="center" width="100%" data-id="react-email-section" border="0" cellpadding="0" cellspacing="0" role="presentation"><tbody><tr><td><table align="center" width="100%" data-id="react-email-row" role="presentation" cellspacing="0" cellpadding="0" border="0"><tbody style="width:100%"><tr style="width:100%"><td data-id="__react-email-column"><div> <div 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style="display:block;padding:0"> <a href="https://www.ft.com/stream/05795eeb-5cae-4ba7-92f2-65e4e48bbcbb?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" style="text-decoration:underline;color:#000;font-family:MetricWeb,Arial,sans-serif;font-weight:500" class="dark-author" target="_blank"> Helen Thomas </a> </div> <div style="padding:0"> <span class="dark-job-title-redesign" color="000000" style="font-family:MetricWeb,Arial,sans-serif;font-weight:400;font-size:18px;line-height:22px">Head of Lex</span> </div> </td><td valign="middle"></td></tr></tbody></table> <table width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td width="57" style="padding-bottom:0;padding-top:20px"> <table width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td width="57" height="4" style="font-size:0"> <div style="border-top-color:#fcd0b1;border-top-style:solid;border-top-width:4px;font-size:0;display:block;padding:0;width:57px" class="dark-thick-line-redesign"></div> </td></tr></tbody></table> </td><td> </td></tr></tbody></table> <table width="100%" cellspacing="0" cellpadding="0" border="0" style="margin-bottom:0"><tbody><tr><td style="padding-bottom:0"> <table width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td class="dark-author premium-hide-redesign" style="margin:0;padding:8px 0 0 0;text-align:left;font-family:Arial,sans-serif;font-weight:700;font-size:12px;color:#000;line-height:14px"> <strong>PREMIUM</strong> </td></tr></tbody></table> </td><td> </td></tr></tbody></table> </td><td align="right" style="vertical-align:top"> <table width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td style="padding-top:38px;text-align:right;font-family:MetricWeb,Arial,sans-serif;font-weight:400;font-size:14px;line-height:16px;white-space:nowrap" class="redesign-outlook-hide"> November 22 2024 </td></tr></tbody></table> </td></tr></tbody></table> <table cellspacing="0" cellpadding="0" border="0" width="100%"><tbody><tr><td style="margin:0;padding:0" class="link-fix"> <div style="width:500px;margin:0 auto;padding-bottom:30px" class="content-image-mobile"><p style="margin:0 0 4px 0;padding:10px 0 0 0;text-align:center"><img alt="People eating beef bowls at a Yoshinoya restaurant in Tokyo" src="https://www.ft.com/__origami/service/image/v2/images/raw/https://d1e00ek4ebabms.cloudfront.net/production/567a7b19-6c8a-434a-abc7-9c65ec45e5b4.jpg?source=spark-api&width=700&fit=scale-down&bgcolor=FFFFFF" style="margin:0;width:100%;max-width:500px;vertical-align:middle"></p><p style="color:#4d4845;font-family:MetricWeb,Arial,sans-serif;font-size:14px;font-weight:400;line-height:16px;margin:6px 0 0 0;padding:6px 0 0 0">Repeated price rises have not deterred Japan’s beef bowl enthusiasts from dining out, suggesting a satisfying outlook for the sector © AFP/Getty Images</p></div><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">Dear reader,</p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">One thing I have discovered this week is that a surprising number of people, including many of my colleagues, have strong opinions and affections for Japanese beef bowls. </p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">Perhaps this isn’t surprising given the FT’s ownership. But I certainly feel that I’ve missed out, having heard all week about the reasonably priced delights on offer.</p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">What struck me, however, is what the contrasting tales our coverage — of Japanese casual dining on the one hand and a cluster of US retail results on the other — told about consumers around the world.</p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">Rising prices are, at present, a good thing in Japan, where beef bowls are a serious business. Earlier this week, shares in fast-food operator Zensho Holdings jumped after it said it would raise prices for about 60 per cent of its menu. This follows a series of price rises from the group, which operates chain Sukiya as well as other brands, and from local peers such as Yoshinoya and Skylark. </p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">Inflation fatigue, which is proving a drag on consumers around the world as well as the politicians repeatedly booted out of office on the back of steep price rises, does not apply here. <a href="https://www.ft.com/content/ff6dac95-313c-4a14-8382-d996ab2186ae?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" target="_blank" data-msys-sublink="content-ff6dac95-313c-4a14-8382-d996ab2186ae">As Lex’s June Yoon found</a>, these repeated increases in price have not deterred locals from dining out. In some cases, both customer numbers and sales per customer have continued to increase. That, and other factors, suggest a satisfying outlook for Japan’s beef bowl economy.</p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">The US appears at the other end of this consumer spectrum where, as Lex has written about repeatedly, inflation-weary consumers are showing signs of strain. Who can forget this potato-based red flag? <a href="https://www.ft.com/content/b6fe1040-3c0e-462a-831f-0b7b8e93c35b?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" target="_blank" data-msys-sublink="content-b6fe1040-3c0e-462a-831f-0b7b8e93c35b">From spud to dud: the US consumer has had enough. </a></p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">This week, it was the turn of the US retailers to report. Walmart, the 800lb gorilla of American retail, is in a class of its own, helped by cheap goods, market share gains, a more affluent clientele as shoppers trade down and a selection of higher-margin side businesses. After almost a decade of uninterrupted like-for-like sales growth, the stock is now valued like a tech name. <a href="https://www.ft.com/content/c720cf48-2caf-46f7-b118-009916b003b8?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" target="_blank" data-msys-sublink="content-c720cf48-2caf-46f7-b118-009916b003b8">Read more</a>.</p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">It was a different story at Target where its archetypal middle-class shopper is no longer feeling so flush, at least judging by its quarterly earnings. Selling relatively little food and more goods such as clothing, beauty and homeware used to be an advantage. But struggling consumers are cutting back on those purchases in favour of necessities — hence Target’s warning that the crucial holiday season will be less lucrative than expected. </p><div style="margin:0 auto 30px auto;padding:0;text-align:center;background-color:#fff;color:#000;width:100%;max-width:500px;clear:both" class="dark-fastchart"><h3 style="font-family:MetricWeb,Arial,sans-serif;font-size:20px;font-weight:500;text-align:left;line-height:22px;margin:0 0 8px 0;padding:0 0 8px 0" class="dark-heading">Walmart vs Target: a tale of two retailers</h3><p style="font-family:MetricWeb,Arial,sans-serif;font-size:14px;text-align:left;line-height:16px;margin:0 0 8px 0;padding:0;font-weight:400;color:#72706e">Comparable sales (year-on-year change, %)</p><p style="margin:0 0 2px 0;padding:5px 0 0 0;text-align:center"><img alt="Column chart of comparable sales (year-on-year change in %) showing Walmart vs Target: a tale of two retailers" src="https://www.ft.com/__origami/service/image/v2/images/raw/https://d6c748xw2pzm8.cloudfront.net/prod/f177a060-a8c4-11ef-94a2-2743b4fb22cc-mobile-notitle.png?source=spark-api&width=500&fit=scale-down&bgcolor=FFFFFF" style="margin:0;width:100%;max-width:500px;vertical-align:middle"></p></div><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">Of course, the American appetite for cushions, toys and rugs isn’t gone forever — boosting a stock that now trades at half Walmart’s elevated valuation on a forward earnings-per-share basis. But the company’s focus on non-grocery merchandise also leaves its supply chain (and pricing) more susceptible to disruptions if US president-elect Donald Trump goes ahead with his pledge to impose big tariffs on goods imported from China. </p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">And while Japanese diners, unused to inflation, are still tucking in despite the price rises, Target warned this week that US shoppers had become “more resourceful”, waiting for discounts and promotions — or perhaps seeking bargains elsewhere at places such as TJ Maxx. </p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">The Lex note is <a href="https://www.ft.com/content/6aaa48a1-24bd-4b31-8100-56473ab66312?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" target="_blank" data-msys-sublink="content-6aaa48a1-24bd-4b31-8100-56473ab66312">here</a>.</p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both"><em>Also in Lex this week</em></p><ol><li><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">Britain’s competition watchdog developed a reputation for ferocity after Brexit gave it a bigger say over large international mergers. That could be set to change. Sarah Cardell, boss of the Competition and Markets Authority, has promised to consider approving more mergers on the basis of behavioural, rather than structural, remedies — a shift that could amount to a considerable retreat for the regulator. <a href="https://www.ft.com/content/c39a1eb8-be3c-4164-9446-2cb6445cd029?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" target="_blank" data-msys-sublink="content-c39a1eb8-be3c-4164-9446-2cb6445cd029">Read it here.</a></p></li><li><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">The idea of carving up Google is back on the agenda. But if US antitrust cops really believe a break-up of parent company Alphabet is the answer, they might be asking the wrong question. <a href="https://www.ft.com/content/90a1f661-b6ef-46fc-897d-ebb3ff3bc045?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" target="_blank" data-msys-sublink="content-90a1f661-b6ef-46fc-897d-ebb3ff3bc045">Find out why</a>.<br></p><div style="margin:0 auto 30px auto;padding:0;text-align:center;background-color:#fff;color:#000;width:100%;max-width:500px;clear:both" class="dark-fastchart"><h3 style="font-family:MetricWeb,Arial,sans-serif;font-size:20px;font-weight:500;text-align:left;line-height:22px;margin:0 0 8px 0;padding:0 0 8px 0" class="dark-heading">Google's Chrome has knocked rivals into a cocked hat</h3><p style="font-family:MetricWeb,Arial,sans-serif;font-size:14px;text-align:left;line-height:16px;margin:0 0 8px 0;padding:0;font-weight:400;color:#72706e">Market share of global internet browsers, %</p><p style="margin:0 0 2px 0;padding:5px 0 0 0;text-align:center"><img alt="Line chart of market share of global internet browsers, %, showing Google’s Chrome has knocked rivals Internet Explorer and Microsoft Edge into a cocked hat" src="https://www.ft.com/__origami/service/image/v2/images/raw/https://d6c748xw2pzm8.cloudfront.net/prod/eda25ae0-a813-11ef-8509-eb0281b677b6-mobile-notitle.png?source=spark-api&width=500&fit=scale-down&bgcolor=FFFFFF" style="margin:0;width:100%;max-width:500px;vertical-align:middle"></p></div></li><li><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">More than two decades since the release of <em>Lost in Translation</em>, the Park Hyatt Tokyo, where the movie is set, is back in the spotlight. This time, it is an activist investor calling for its sale that has put the focus back on the renowned hotel. <a href="https://www.ft.com/content/38ca5730-4ff8-4769-8499-a36da0fa74c9?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" target="_blank" data-msys-sublink="content-38ca5730-4ff8-4769-8499-a36da0fa74c9">Read more</a>.</p></li></ol><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both"><em>From our friends at FT Alphaville</em></p><ul><li><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">Private credit has been one of the hottest phenomena in finance over the past decade. But how is it weathering its first big interest rate cycle as a grown-up asset class? Robin Wigglesworth took a look under the hood and found <a href="https://www.ft.com/content/91f84874-cc05-4937-8878-0f64723879c9?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" target="_blank" data-msys-sublink="content-91f84874-cc05-4937-8878-0f64723879c9">mounting signs of stress</a>.</p></li><li><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">With the new Trump administration, the improbable becomes probable and the fantastical at least becomes vaguely possible. Alphaville contributor Toby Nangle, therefore, took a look at the idea of a <a href="https://www.ft.com/content/248d1374-e949-4ceb-b58b-1bff3be92787?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" target="_blank" data-msys-sublink="content-248d1374-e949-4ceb-b58b-1bff3be92787">US sovereign wealth fund made up of bitcoin</a>, and whether it could pay down the country’s debts (spoiler alert: no).</p></li><li><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">Bonds used to trade by appointment. Nowadays you can shift thousands of bonds worth billions of dollars in one go. Robin Wigglesworth took a look at a new Barclays report on how<a href="https://www.ft.com/content/5e9f42b5-cb14-45fc-9804-279c28fd8418?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" target="_blank" data-msys-sublink="content-5e9f42b5-cb14-45fc-9804-279c28fd8418"> fixed income portfolio trading</a> has crossed the $1tn mark and is now reshaping credit markets. </p></li></ul><div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="width:100%!important;min-width:100%!important;margin:8px 0 30px 0;padding-bottom:8px"><tbody><tr><td style="background-color:#f9f6f2"> <table align="center" border="0" width="100%" cellpadding="0" cellspacing="0" style="width:100%!important;min-width:100%!important"><tbody><tr><td align="left" style="padding:16px 10px 0 10px" class="dark-survey-satisfaction survey-spacing"> <table width="100%" border="0" cellpadding="0" cellspacing="0" align="left"><tbody><tr><td> <table width="100%" border="0" cellpadding="0" cellspacing="0" align="left"><tbody><tr><td style="padding-bottom:10px"> <h3 style="color:#000;font-family:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;line-height:28px;margin:0" class="dark-heading">Was this forwarded to you?</h3> </td></tr></tbody></table> </td></tr></tbody></table> </td></tr><tr><td style="padding:0 10px 0 10px;margin:0" class="dark-survey-satisfaction survey-spacing"> <p style="color:#000;font-family:Georgia,serif;font-size:16px;line-height:26px;margin:0 0 4px 0;padding:0 0 4px 0"> If you’re a Premium FT subscriber, <a href="https://ft.com/newsletters?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" style="text-decoration:underline;color:#000;font-size:16px!important;line-height:26px" target="_blank">sign up here</a> to get this newsletter delivered straight to your inbox. </p> </td></tr><tr><td style="padding:0 10px 8px 10px;margin:0" class="dark-survey-satisfaction survey-spacing"> <p style="color:#000;font-size:16px;line-height:26px;font-family:Georgia,serif;margin:0 0 10px 0;padding:0"> Sent Wednesdays and Fridays. </p> </td></tr><tr><td style="padding:0 10px 0 10px;margin:0" class="dark-survey-satisfaction survey-spacing"> <p style="color:#000;font-family:MetricWeb,Arial,sans-serif;font-size:18px;font-weight:600;line-height:22px;margin:0 0 10px 0;padding:0"> Not a Premium subscriber? </p> </td></tr><tr><td style="padding:0 10px 0 10px;margin:0" class="dark-survey-satisfaction survey-spacing"> <p style="color:#000;font-size:16px;line-height:26px;font-family:Georgia,serif;margin:0 0 10px 0;padding:0 0 8px 0"> <a href="https://ft.com/subscribe?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" style="text-decoration:underline;color:#000;font-size:16px!important;line-height:26px" target="_blank">Take out a subscription</a>, or <a href="https://ft.com/upgrade?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" style="text-decoration:underline;color:#000;font-size:16px!important;line-height:26px" target="_blank">upgrade from standard</a>. </p> </td></tr></tbody></table> </td></tr></tbody></table> </div><table width="100%" border="0" cellpadding="0" cellspacing="0"><tbody><tr><td> <table width="100%" border="0" cellpadding="0" cellspacing="0" align="left"><tbody><tr><td style="padding-bottom:18px;color:#000;font-family:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;text-align:left;line-height:28px" class="dark-heading"> <h2 style="color:#000;font-family:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;text-align:left;line-height:28px;margin:0" class="dark-heading">Things I enjoyed this week</h2> </td></tr></tbody></table> </td></tr><tr><td> <table width="100%" border="0" cellpadding="0" cellspacing="0" align="left" style="-margin:0 0 10px 0;padding:0 0 10px 0"><tbody><tr><td width="57" height="4" style="font-size:0;margin:0;padding:0 0 12px 0"> <div style="border-top-color:#fcd0b1;border-top-style:solid;border-top-width:4px;font-size:0" class="dark-thick-line-redesign"></div> </td><td height="4" style="font-size:0;margin:0;padding:0"></td></tr></tbody></table> </td></tr></tbody></table><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">I’m cheating in that this happened last week, but I went to the launch for <a href="https://www.londoncentric.media/" target="_blank">London Centric</a>, founded by former Guardian media editor Jim Waterson to do proper, local reporting on London. The name — a phrase I’m all too familiar with having worked at the BBC, where they are obsessed with trying not to appear a “London-centric” organisation — is a nod to the idea that the British media are often accused of being too focused on the capital. </p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">It has only been going a few weeks but has already covered the outrage of <a href="https://www.londoncentric.media/p/are-londons-foxes-getting-smarter" target="_blank">paid-by-the-hour hospital wheelchairs</a>, London mayor Sadiq Khan’s plans to charge drivers by the mile and my favourite: <a href="https://www.londoncentric.media/p/notes-on-a-steakhouse" target="_blank">“How a post on Reddit accidentally kick-started the revival of Angus Steakhouse”</a>.</p><p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both">Have a great weekend,<br><br><strong>Helen Thomas</strong><br><em>Head of Lex</em></p> </td></tr></tbody></table> <div style="max-width:640px;margin-right:auto;margin-left:auto"> <table width="100%" border="0" cellpadding="0" cellspacing="0" align="center" style="margin:0"><tbody><tr><td height="1" style="margin:0;padding:5px 0 0 0;font-size:0"></td></tr><tr><td height="1" style="padding:0 0 20px 0;font-size:0"> <div style="border-top-color:#000;border-top-style:solid;border-top-width:1px;font-size:0;margin:0 0 2px 0" class="dark-border-line-redesign"></div> </td></tr><tr><td> <table width="100%" border="0" cellpadding="0" cellspacing="0" align="left" style="margin:10px 0 0 0"><tbody><tr><td style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;padding:0" class="dark-body-text"> <p style="color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px;padding:0 0 18px;clear:both">Thank you for reading. You can reach Lex at <a href="lexfeedback@ft.com" class="dark-link" target="_blank" style="color:#000">lexfeedback@ft.com</a>. To be notified by email whenever we publish Lex commentary, do add us to your FT Digest. Catch up on every Lex column <a href="https://www.ft.com/lex?emailId=60233c4c-78a5-4948-89c6-413c8d7a0642&segmentId=41d35dc7-c65c-1eaf-153e-36ff476dbbb4" class="dark-link" target="_blank" style="color:#000">here</a>.</p> </td></tr></tbody></table> </td></tr></tbody></table> </div> <div style="max-width:640px;margin-right:auto;margin-left:auto"> <table width="100%" border="0" cellpadding="0" cellspacing="0" align="center"><tbody><tr><td height="1" style="margin:0;padding:5px 0 0 0;font-size:0"></td></tr><tr><td height="1" style="padding:0 0 20px 0;font-size:0"> <div style="border-top-color:#000;border-top-style:solid;border-top-width:1px;font-size:0;margin:0 0 2px 0" class="dark-border-line-redesign"></div> </td></tr><tr><td> <table width="100%" border="0" cellpadding="0" cellspacing="0" align="left" style="margin:10px 0 20px 0"><tbody><tr><td style="padding:0 0 6px 0"> <h3 style="color:#000;font-family:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;line-height:28px;margin:0" 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