Quotulatiousness

July 13, 2013

What is the real inflation rate?

Filed under: Economics, Politics, USA — Tags: , , , — Nicholas @ 10:11

The official US inflation rate is around 1% annually. That doesn’t seem quite right to a lot of people who seem to be spending more money for the same goods:

… what Bernanke will never admit is that the official inflation rate is a total sham. The way that inflation is calculated has changed more than 20 times since 1978, and each time it has been changed the goal has been to make it appear to be lower than it actually is.

If the rate of inflation was still calculated the way that it was back in 1980, it would be about 8 percent right now and everyone would be screaming about the fact that inflation is way too high.

But instead, Bernanke can get away with claiming that inflation is “too low” because the official government numbers back him up.

Of course many of us already know that inflation is out of control without even looking at any numbers. We are spending a lot more on the things that we buy on a regular basis than we used to.

For example, when Barack Obama first entered the White House, the average price of a gallon of gasoline was $1.84. Today, the average price of a gallon of gasoline has nearly doubled. It is currently sitting at $3.49, but when I filled up my vehicle yesterday I paid nearly $4.00 a gallon.

And of course the price of gasoline influences the price of almost every product in the entire country, since almost everything that we buy has to be transported in some manner.

But that is just one example.

Our monthly bills also seem to keep growing at a very brisk pace.

Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row, and according to USA Today water bills have actually tripled over the past 12 years in some areas of the country.

No inflation there, eh?

July 5, 2013

And now, a five-minute sales pitch for Thorium nuclear reactors

Filed under: Science, Technology — Tags: , , , — Nicholas @ 09:13

A short video of Kirk Sorensen taking us through the benefits of Liquid Fluoride Thorium Reactors, a revolutionary liquid reactor that runs not on uranium, but thorium. These work and have been built before. Search for either LFTRs or Molten Salt Reactors (MSR).

FAQ
The main downsides/negatives to this technology, politics, corrosion and being scared of nuclear radiation. Liquid Fluoride Thorium Reactors were created 50 years ago by an American chap named Alvin Weinberg, but the American Government realised you can’t weaponise the by-products and so they weren’t interested.

Another point, yes it WAS corrosive, but these tests of this reactor were 50 years ago, our technology has definitely improved since then so a leap to create this reactor shouldn’t be too hard.

And nuclear fear is extremely common in the average person, rather irrational though it may be. More people have died from fossil fuels and even hydroelectric power than nuclear power. I added this video for a project regarding Liquid Fluoride Thorium Reactors, watch and enjoy.

No, it would not collapse the economy… just like the use of uranium reactors didn’t… neither did coal… This is because you wouldn’t have an instant transition from coal… oil… everything else to thorium. We could not do that. Simply due to the engineering. Give it 50 years we might be using thorium instead of coal/oil (too late in terms of global warming, but that’s another debate completely), but we certainly won’t destroy the earths economy. Duh.

And yes he said we’d never run out. Not strictly true… bloody skeptics … LFTRs can harness 3.5 million Kwh per Kg of thorium! 70 times greater than uranium, 10,000 greater than oil… and there is over 2.6 million tonnes of it on earth… Anyone with a calculator, or a brain, will understand that is a lot of energy!!

H/T to Rob Fisher for the link.

July 2, 2013

Better batteries through soy

Filed under: Technology — Tags: , , , — Nicholas @ 10:07

The Economist on a promising new development in battery technology:

LITHIUM-ION batteries are hot stuff. Affordable, relatively lightweight and packing a lot of energy, they are the power source of choice for everything from mobile phones to electric cars. Unfortunately, the heat can be more than figurative. Occasionally, such batteries suffer malfunctions that lead to smoke, flames and even explosions. In gadgets, such meltdowns can be distressing and dangerous. In aircraft, they can be fatal. Earlier this year airlines grounded their entire fleet of Boeing’s next-generation 787 passenger jet after the lithium-ion batteries installed in two planes caught fire. Last month they have been permitted back in the air after being retrofitted with a protection system in the form of a tough steel box that vents directly outside in the event of a fire.

A more comforting solution, of course, would be to build a lithium-ion battery that could not burst into flames in the first place. Katie Zhong at Washington State University might have just such a device. For the last few years, she has been working on battery technology for flexible and bendable electronic gadgets. By blending a polymer called polyethylene oxide (PEO) with natural soy protein, she had made a solid electrolyte for lithium ion batteries that could be bent or stretched to twice its normal size without affecting its performance.

Like all batteries, lithium-ion rechargeables consist of two electrodes separated by an electrolyte. In a typical lithium-ion cell, the electrolyte is a solution of lithium salts and organic solvents. Charging drives lithium ions from the electrolyte into a graphite anode. On discharge, the reverse happens, with a balancing flow of electrons through the device being powered.

June 22, 2013

Generating electricity from “biomass” – bad economics and bad for the environment

Filed under: Britain, Economics, Environment — Tags: , , , , — Nicholas @ 09:57

Matt Ridley explains why replacing natural gas (or even coal) electrical generation with biomass is an absurd “solution”:

Under the Government’s plan, biomass power stations will soon be burning much more wood than the country can possibly produce. There is a comforting myth out there that biomass imports are mainly waste that would otherwise decompose: peanut husks, olive pips, bark trimmings and the like. Actually, the bulk of the imports are already and will continue to be of wood pellets.

It is instructive to trace these back to their origin. Reporters for The Wall Street Journal recently found that the two pelleting plants established in the southern US specifically to supply Drax are not just taking waste or logs from thinned forest, but also taking logs from cleared forest, including swamp woodlands in North Carolina cleared by “shovel-logging” with giant bulldozers (running on diesel). Local environmentalists are up in arms.

The logs are taken to the pelleting plants where they are dried, chopped and pelleted, in an industrial process that emits lots of carbon dioxide and pollutants. They are then trucked (more diesel) to ports, loaded on ships (diesel again), offloaded at the Humber on to (yet more diesel) trains, 40 of which arrive at Drax each day.

[. . .]

Over 20 or 40 years, study after study shows that wood burning is far worse than gas, and worse even than coal, in terms of its greenhouse gas emissions. The effect on forest soil, especially if it is peaty, only exacerbates the disparity. The peat dries out and oxidises.

Yet the Government persists in regarding biomass burning as zero-carbon and therefore deserving of subsidy. It does so by the Orwellian feat of defining sustainability as a 60 per cent reduction in emissions from fossil fuels. As Calor Gas puts it: “This is a logical somersault too far, conveniently — for the sake of cherry-picking the technology — equating 40 per cent to 0 per cent.” (Calor Gas supplies rural gas and is understandably miffed at being punitively treated while a higher- carbon rival industry is subsidised. […]) Moreover, unlike gas or coal, you are pinching nature’s lunch when you cut down trees. Unfelled, the trees would feed beetles, woodpeckers, fungi and all sorts of other wildlife when they died, let alone when they lived. Nothing eats coal.

So, compared with gas, the biomass dash is bad for the climate, bad for energy security and dependence on imports, bad for human health, bad for wildlife and very bad for the economy. Apart from that, what’s not to like?

June 6, 2013

“[D]espite breaking the Archives and Recordkeeping Act and ‘undermining’ freedom-of-information legislation, the scofflaws will not face penalties because there are none”

Filed under: Bureaucracy, Cancon, Government, Law — Tags: , , , , — Nicholas @ 08:40

It’s mighty handy to have thoughtfully passed a law against deleting official records — that includes no penalties whatsoever — just before you start breaking that law with abandon:

Top Liberal staffers — even in former premier Dalton McGuinty’s office — illegally deleted emails tied to the $585-million gas plant scandal, a parliamentary watchdog has found.

“It’s clear they didn’t want anything left behind in terms of a record on these issues,” Information and Privacy Commissioner Ann Cavoukian said Wednesday.

Her findings came in a scathing 35-page report prompted by NDP complaints that key Liberal political staff have no records on the controversial closures of plants in Mississauga and Oakville before the 2011 election.

However, despite breaking the Archives and Recordkeeping Act and “undermining” freedom-of-information legislation, the scofflaws will not face penalties because there are none, said Cavoukian.

“That’s the problem,” she said, noting the inadequate legislation was passed by the McGuinty Liberals. “It’s untenable. It has to have teeth so people just don’t engage in indiscriminate practices.”

Attorney General John Gerretsen said the government would consider changes.

“Any law, in order to be effective, there have to be some sort of penalty provisions,” he said. “We’ll take a look.”

If I were a betting man, I’d say that the chances of this “look” producing anything useful would be less than 1 in 10. If this were a private firm or an individual accused of deleting records that the government had an interest in seeing, I rather suspect they’d creatively find something in the existing body of law to use as a bludgeon. It’s charming that they didn’t think to include any penalties if the culprit was a government employee.

April 18, 2013

Could this be the long-hoped-for breakthrough in battery technology?

Filed under: Science, Technology — Tags: , , , , — Nicholas @ 10:40

In The Register, Tony Smith discusses a new prototype battery that might be coming to your electronic devices … eventually:

Electronics continue to shrink to ever smaller sizes, but researchers are having a tough time miniaturising the batteries powering today’s mobile gadgets. Step forward, bicontinuous nanoporous electrodes.

Smartphones use smaller power packs than they did five years ago, it’s true, but that’s because their chips and radios are more power efficient, not because of any major new battery technology.

Now boffins from the University of Illinois at Urbana-Champaign reckon they have come up with a new pocket-friendly electricity supply.

Enter the “microbattery”, a compact power cell constructed from many three-dimensional nanoporous electrodes capable, its developers claim, of delivering both high power and a large energy capacity.

The negative cathode was devised by another team at the university, but graduate student James Pikul, working under Bliss Professor of mechanical science and engineering William King, figured out how to create a compatible anode and put the two into a battery.

[. . .]

The cathode design, devised by a team led by the University’s Professor Paul Braun, is fast charging. Pikul reckons building a battery out of it yields a rechargeable that can be filled up in a thousandth of the time it takes to charge a comparably sized regular rechargeable cell.

Building a battery in a lab is one thing. Working out how to manufacture it commercially at a price that makes it a realistic power source for future devices is another thing altogether. Pikul and King will be working on that next.

April 11, 2013

Ontario’s Green Energy Act is pushing the province to the top … of the retail electricity price table

Filed under: Business, Cancon, Economics, Government — Tags: , , , , — Nicholas @ 08:57

Ontario loves to be at the top of rankings, but Ontario electricity users should be upset that we’re surging to the top of this particular ranking:

Ontario’s Green Energy Act (GEA) will soon put the province at or near the top of North American electricity costs, with serious consequences for the province’s economic growth and competitiveness, concludes a new report from the Fraser Institute, an independent, non-partisan Canadian think-tank.

“Already, the GEA has caused major price increases for large energy consumers, and we’re anticipating additional hikes of 40 to 50 per cent over the next few years,” said Ross McKitrick, Fraser Institute senior fellow and author of Environmental and Economic Consequences of Ontario’s Green Energy Act.

“The Ontario government defends the GEA by referring to a confidential 2005 cost-benefit analysis on reducing air pollution from power plants. That report did not recommend pursuing wind or solar power, instead it looked at conventional pollution control methods which would have yielded the same environmental benefits as the GEA, but at a tenth of the current cost. If the province sticks to its targets for expanding renewables, the GEA will end up being 70 times costlier than the alternative, with no greater benefits.”

[. . .]

The study shows that the GEA’s focus on wind generation is particularly wasteful: 80 per cent of Ontario’s wind-power generation occurs when electricity demand is so low that the entire output is surplus and must be dumped on the export market at a substantial loss. The Auditor General of Ontario estimates that the province has already lost close to $2 billion on surplus wind exports, and figures from the electricity grid operator show the ongoing losses are $200 million annually.

The wind grid is also inherently inefficient due to the fluctuating nature of the power source. The report calculates that due to seasonal patterns, seven megawatts of wind energy are needed to provide a year-round replacement of one megawatt of conventional power.

“Consequently, the cost of achieving renewable energy targets for the coming years will be much higher than the Ontario government’s current projections,” McKitrick said.

March 28, 2013

British energy prices graphically explained

Filed under: Britain, Environment, Government — Tags: , , , , — Nicholas @ 08:24

At The Register, Lewis Page debunks the propaganda from the government and shows the cost components of British energy prices from the government’s own published source:

The government’s Department of Energy and Climate Change, with the current minister as mouthpiece, has just pushed out a report claiming that its green policies are saving us money now and will save us even more in coming decades. Can it be true? We can save the planet — or anyway reduce carbon emissions — and it not only costs nothing, but puts money in our pockets?

In a word, no: of course not. If that was true there would be no need for government action, we’d be acting to reduce carbon emissions on our own. And indeed, once you skip the foolish tinned quotes and bogo-stats in the executive summary, the report itself makes it very clear that in fact green policies are already to blame for most of the sustained climb in electricity prices we’ve suffered over the past decade — and that it’s going to get a lot worse.

The blue and brown bars are what you would pay without green intervention. The rest is thanks to the greens.

The blue and brown bars are what you would pay without green intervention. The rest is thanks to the greens.

So there you are, plain as day. The various green interventions in the UK and EU energy markets which have come in since the turn of the century are already costing you a hefty sum — the government have already forced up the price you pay for electricity today by nearly 20 per cent over where it would have been if they’d left matters alone. If they carry on as planned, by the year 2030 they will have managed to drive it up by more than a third over where it would normally be.

March 23, 2013

Human Achievement Hour 2013

Filed under: Economics, Environment, Liberty, Politics — Tags: , , , , — Nicholas @ 00:01

Oh, right. It’s once again time for the Gaia-worshippers to do an hour’s penance for the crime of being alive in an industrialized society. The Competitive Enterprise Institute proposes a different way of using that hour:

On Saturday, March 23 at 8:30pm (local time), some people, businesses and governments around the world will choose to sit in the dark for one hour as a symbolic gesture to take action against climate change. The organizers of Earth Hour say that they [no] longer expect energy use to actually drop during the hour, but instead see it as a way for people to show their commitment to reducing energy use and taking action beyond the hour.

It’s absolutely every person’s right to decide if they want to conserve energy for whatever reason; they are free to sit in the dark as long as they want. However, it should not be their right to impose their beliefs or opinions on others. And that is what is at the heart of the environmentalist movement. While many participants in Earth Hour sincerely want a cleaner environment — a desire most of us share — the environmentalist movement whether implicitly or explicitly seeks to clamp down on human progress by reducing energy consumption whether through regulation and taxation. They want to make fossil fuels, which they see as dirty, more expensive to encourage the use of renewable “greener” energies.

Despite any good intentions, the ultimate result of environmentalist policies is not a healthier, cleaner environment. Instead we will see a population that is sicker and poorer. The only way we achieve technology that is “greener” is by building on older “dirtier” technology. As we make it harder and more expensive for those in the business of creating new technologies, all we do is slow progress and make it that much longer to reach more environmentally friendly solutions.

March 4, 2013

Solar power in a dark German winter

Filed under: Economics, Environment, Europe, Germany — Tags: , , — Nicholas @ 13:44

The German government is having to pay a lot of money in subsidies to solar power generators, but is also having to scramble to buy power from other European sources as the solar output is falling far below current demands:

The Baedeker travel guide is now available in an environmentally-friendly version. The 200-page book, entitled “Germany – Discover Renewable Energy,” lists the sights of the solar age: the solar café in Kirchzarten, the solar golf course in Bad Saulgau, the light tower in Solingen and the “Alster Sun” in Hamburg, possibly the largest solar boat in the world.

The only thing that’s missing at the moment is sunshine. For weeks now, the 1.1 million solar power systems in Germany have generated almost no electricity. The days are short, the weather is bad and the sky is overcast.

As is so often the case in winter, all solar panels more or less stopped generating electricity at the same time. To avert power shortages, Germany currently has to import large amounts of electricity generated at nuclear power plants in France and the Czech Republic. To offset the temporary loss of solar power, grid operator Tennet resorted to an emergency backup plan, powering up an old oil-fired plant in the Austrian city of Graz.

Solar energy has gone from being the great white hope, to an impediment, to a reliable energy supply. Solar farm operators and homeowners with solar panels on their roofs collected more than €8 billion ($10.2 billion) in subsidies in 2011, but the electricity they generated made up only about 3 percent of the total power supply, and that at unpredictable times.

February 4, 2013

CBS Sports fumbles during SuperBowl blackout

Filed under: Football, Media — Tags: , , , , , — Nicholas @ 10:23

In the New York Daily News, Bob Raissman asks why CBS didn’t bother to do any actual “journalism” about the blackout:

The fans inside the Superdome were not the only ones left in the dark when half the building’s power went out in the third quarter of Super Bowl XLVII Sunday night. Viewers were left with unanswered questions as CBS Sports’ sideline reporters, and the rest of the cast, failed to go into a reporting mode.

There was no outrage, no questioning how a thing like this could happen on the NFL’s biggest night of the year.

At a time when they should have been aggressively gathering news, CBS’ crew was satisfied with the crumbs the NFL dropped on them. And they swallowed the scraps gladly. Not once during the 34-minute delay did a representative of the National Football League appear on camera to attempt to explain what caused half the Superdome to lose power. Why should they? No one from CBS put any pressure on them.

[. . .]

Think about it. CBS pays billions for the right to air NFL games. Much of that dough is shelled out to secure rights to the Super Bowl. So, on the big night, there is a major screwup and the NFL won’t put someone on the air — and CBS won’t push the league — to try to explain what’s going on? That’s mind-boggling.

But not quite as wacked as CBS’ laid-back approach to reporting this story, which will go down as one of the more unusual moments in Super Bowl history. All the players were on the field, waiting, stretching. Why not take a camera and microphone on the sidelines for an interview? If they blow you off, fine — at least viewers would have something worth watching.

January 5, 2013

LA terminates luxury option for electric car owners

Filed under: Environment, Technology, USA — Tags: , , , , , — Nicholas @ 12:43

It’s telling that one of the folks quoted in this article clearly identified the free parking at the airport as a primary reason for buying an electric vehicle:

On a recent morning, Jack Luu parked his plug-in Toyota Prius in one of the most expensive lots at Los Angeles International Airport before flying off to a film shoot in Canada. The lot, where Mr. Luu leaves his car as many as 10 times a month for business trips, normally charges $30 a day.

But when Mr. Luu returned home three weeks later, he drove out, as usual, without paying a dime.

“That was a huge reason why I bought the car in the first place,” says the 35-year-old Santa Monica, Calif., postproduction company executive, whose car qualifies for free parking for up to a month at a time in two of LAX’s most convenient—and costly—short-term lots.

Other than that, he says his ride is “expensive, underpowered and not really all that green,” because it can run just 12 miles on electricity before switching to gas.

For years, LAX has offered electric-vehicle owners one of the most generous incentives of its kind in the country: free parking for 30 days in two of its terminal lots, which contain, altogether, 38 charging stations. The rule was meant to encourage people to buy greener cars, but lately it has turned the lots into a mob scene, with some electric-vehicle drivers circling the stations desperately for electricity or running extension cords while others hog the charging spaces for weeks at a time.

October 30, 2012

Beginning to assess the damage

Filed under: USA — Tags: , , , — Nicholas @ 09:40

ESR posts a “we’re fine” report on Google+ and then points out the damage to New York City’s power grid may be incredibly expensive and difficult to repair quickly:

Reporting from a diner in Paoli, PA, near 40°02′27″N 75°29′24″W.

Power went out in Malvern about 2AM this morning. After sleep, we have fled to where there is power and light and steak and eggs.

It feels like aftermath. The NOAA seems to no longer be issuing track updates and the storm track has disappeared from the Google crisis map, suggesting that the anticipated conversion to a large but normally (un)structured nor’easter has completed.

This area got off lightly, especially compared to the ration of apocalypse-now the storm handed New York City. Exploding high-power transformers are very bad news — they tell us that all that tunnel flooding seriously damaged the downtown end of the Manhatten power grid. That kind of equipment is extremely expensive and difficult to replace, and the halogen compounds they use as insulators are hazmats when they get loose. The prompt repair costs are going to be a large fraction of a billion dollars.

But that isn’t the worst of it. Considering that this will have have paralyzed the largest node in the international financial system for some time, downstream economic losses could easily crack a trillion dollars. The impact will be global and manifest as higher prices for everything with cross-border supply chains, rippling all the way down to Third-World farmers buying fertilizer.

Update: In almost record-setting time, here’s the first example of the Broken Window Fallacy to make it past the editors:

Disasters can give the ailing construction sector a boost, and unleash smart reinvestment that actually improves stricken areas and the lives of those that survive intact. Ultimately, Americans, as they always seem to do, will emerge stronger in the wake of disaster and rebuild better-making a brighter future in the face of tragedy.

Sandy is unusual storm and complex to gauge. Coming late in the season and combining with cold fronts to the west and north, it is really a post-tropical cyclone and has the potential to deliver epic destruction. However, coming so soon after Irene in August 2011, the level of anticipation and preparedness demonstrated by federal and state officials is commendable and should mitigate some losses-especially loss of life.

[. . .]

However, rebuilding after Sandy, especially in an economy with high unemployment and underused resources in the construction industry, will unleash at least $15-$20 billion in new direct private spending — likely more as many folks rebuild larger than before, and the capital stock that emerges will prove more economically useful and productive.

August 12, 2012

The (long awaited) growth in Indian manufacturing

Filed under: Business, Germany, History, India, Technology — Tags: , , , , , — Nicholas @ 08:59

The Economist on the relatively slow development of India’s manufacturing sector:

If India is to become “the next China” — a manufacturing powerhouse — it is taking its time about it. “We have to industrialise India, and as rapidly as possible,” said the country’s first prime minister, Jawaharlal Nehru, in 1951. Politicians have tried everything since, including Soviet-style planning. But India seems to prefer growing crops and selling services to making things you can drop on your foot.

Manufacturing is still just 15% of output (see chart), far below Asian norms. India needs a big manufacturing base. No major country has grown rich without one and nothing else is likely to absorb the labour of the 250m youngsters set to reach working age in the next 15 years. But it can seem a remote prospect. In July power cuts plunged an area in which over 600m people live into darkness, reminding investors that India’s infrastructure is not wholly reliable. And workers boiled over at a car factory run by Maruti Suzuki. Almost 100 people were injured and the plant was torched. The charred body of a human-resources chief was found in the ashes.

Yet not all is farce and tragedy. Take Pune in west India, a booming industrial hub that has won the steely hearts of Germany’s car firms. Inside a $700m Volkswagen plant on the city’s outskirts, laser-wielding robots test car frames’ dimensions and a giant conveyor belt slips by, with sprung-wood surfaces to protect workers’ knees. It is “probably the cheapest factory we have worldwide”, says John Chacko, VW’s boss in India. In time it could become an export hub. Nearby, in the distance it takes a Polo to get to 60mph, is a plant owned by Mercedes-Benz.

The initial demand for a domestic manufacturing base was more political than economic: it would serve to reinforce the newly won independence of India by showing that India could make its own goods rather than importing from the UK or other major manufacturing nations. It was also economic, in that it would provide relatively high-paying jobs for India’s rapidly urbanizing population.

Ironically, now that the manufacturing sector seems to be on the upswing, the one thing it isn’t going to do for India is provide lots and lots of jobs: as with the rest of the world, manufacturing “things” is being done with fewer workers every year (even when the total output increases, fewer workers are needed to produce that output).

August 6, 2012

India’s blackouts are a sign that reform is desperately needed

Filed under: Economics, India — Tags: , , , , — Nicholas @ 10:20

The Economist on the massive blackouts in India recently:

FOR an aspiring economic superpower, there can be few more chastening events than electricity cuts as massive as those that struck northern and eastern India this week. An area (including the capital, Delhi) in which more than 600m people live faced blackouts over two days. Infrastructure, from traffic lights to trains, stopped working. Hospitals, sanitation plants and offices ground to a halt. Airports and factories had to rely on backup generators, often fuelled by truckloads of diesel.

The impact on India’s economy goes far beyond lost output. The blackout will badly damage the country’s reputation, and highlights the rotten infrastructure that is hobbling its efforts to catch up with China.

[. . .]

At one end, not enough cheap coal is being dug up and gasfields are sputtering. At the other, the national transmission grid needs investment. Meanwhile the “last mile” distribution companies, largely state-owned, that buy power and deliver it to homes and firms, are financial zombies. Much of their power is pinched or given away free. Local politicians put pressure on them to keep tariffs low, which leads to huge losses. Squeezed between a shortage of fuel and end-customers who are nearly bust, those private generating firms are now cutting back on vital long-term investment in new plants.

[. . .]

The solution is to cut graft, tackle vested interests and allow markets to work better. The coal monopoly needs to be broken up and local distribution firms privatised. Yet despite the looming crisis, for a decade the government has shirked doing what is clearly necessary, just as it has failed to implement key tax reforms, cut public borrowing or open the retail sector to competition. It has allowed corruption and red tape to damage other vital industries, such as telecoms.

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