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Qatar-Jordan trade exchange amounts to around $3.17b in ten years

By - Sep 11,2022 - Last updated at Sep 11,2022

AMMAN — The volume of trade between Jordan and Qatar during the past ten years amounted to more than 11.5 billion Qatari riyals, an equivalent to $3.17 billion, the Jordan News Agency, Petra, reported.

Citing figures released by Qatar Planning and Statistics Authority, the agency said the volume of trade between the two countries reached 895 million riyals in 2012. 

Bilateral trade saw an increase in 2013 and 2014, reaching more than 1 billion Qatari riyals and 1.5 billion Qatari riyals, respectively. 

Joint trade stood at a value of 2 billion Qatari riyals in 2015, then saw a decline in the following two years, amounting to more than 1.3 billion in 2016 and 1.1 billion riyals in 2017.

Once again, the trade volume rose in 2018 to 1.3 billion Qatari riyals.

However, the value of trade dropped to 802 million riyals in 2019, 660 million in 2020, and 624 million Qatari riyals in 2021.

From 2012 to 2017, Qatar enjoyed a favourable trade balance, which shifted to be in favour of Jordan in subsequent years.

During this period, Qatar's exports to Jordan amounted to about 5.35 billion Qatari riyals, while its imports from Jordan were valued at 2.44 billion riyals, bringing the difference between exports and imports to 2.91 billion Qatari riyals, thus constituting a trade surplus in favour of Qatar.

The year 2018 marked the beginning of a shift in the trade balance between the two countries, with the surplus tending to be in Jordan’s favour. 

In 2021, Qatar’s exports to Jordan amounted to 466 million Qatari riyals while its imports stood at 158 million Qatari riyals, according to the released figures.

Biden says US must develop chips to keep up with China

By - Sep 11,2022 - Last updated at Sep 11,2022

US President Joe Biden visits the groundbreaking of the new Intel semiconductor plant on Friday in Johnstown, Ohio (AFP photo)

COLUMBUS — President Joe Biden said on Friday at a ceremony to break ground on a semi-conductor plant that making sophisticated computer chips is an issue of US national security in the face of an assertive China.

"All of this is in our economic interest, and it's in our national security interest as well," Biden said at the site where Intel plans to build a $20 billion factory.

Biden made the trip to highlight recent legislation passed at his behest setting aside $52 billion to boost US semiconductor production. He said the initiative was part of the broader rivalry between the United States and China.

"It's no wonder... that the Chinese Communist Party actively lobbied US business against this law," Biden said, with heavy machinery looming in the background.

Biden said the US will need state-of-the-art engineering "for the weapon systems of the future that are only going to be more reliant on computer chips".

"Unfortunately, we produce zero, zero of these advanced chips in America," Biden said.

Biden's visit here also had a political component as the US midterm elections of November approach.

Ohio is a Rust Belt state where blue collar factory workers historically tended to vote Democrat but turned to the Republican Party and Donald Trump as industries died out and workers felt left out by globalisation.

France seizes $5.2m property linked to Congo president's son

By - Sep 10,2022 - Last updated at Sep 10,2022

PARIS — French prosecutors said on Friday they had seized a house in the Paris suburbs linked to the son of the president of the Republic of the Congo, in a probe into suspected "ill-gotten gains".

The property in upscale Neuilly-sur-Seine, linked to Denis Christel Sassou Nguesso, "was seized in June", the office of the National Financial Prosecutor confirmed to AFP after a report by investigative news site Mediapart.

However, they added that "Denis Christel Sassou Nguesso has so far not been charged".

Citing police documents, Mediapart reported that the townhouse was bought in 2009 for 5.2 million euros ($5.2 million) before being renovated for a further 5.4 million, and was "definitely" home to Denis Christel Sassou Nguesso and his family.

One of the owners of the property holding company that owns the building is the Congolese minister's chief of protocol, known to be one of Sassou Nguesso's "strawmen", the site added, citing an investigation by the OCRGDF serious financial crimes unit.

"I'm outraged that France, with its history as a colonial and slave-holding great power, is now coming to lay blame at African leaders' feet," SassouNguesso's lawyer Jean-Jacques Neuer said.

"Many very ill-gotten gains that belong to Africans are in French hands," he added.

Neuer insisted that the investigation of his client was "political and not judicial".

A 2007 complaint by watchdogs prompted Paris anti-corruption investigators to look more closely into the dealings of Congolese President Denis Sassou Nguesso, a former paratrooper who first came to power in the central African nation in 1979.

He and his family, as well as the Bongo family in power in Gabon, are believed to have misused public funds to acquire property empires in France.

Sassou Nguesso's son Denis Christel appears several times in the case files, singled out for his "exorbitant lifestyle" in a PNF document from 2019.

"The amount of property seized is at first glance very limited compared to the flood of embezzlement, but Denis Christel Sassou Nguesso is a first-rank player," said William Bourdon, a lawyer representing corruption watchdog Transparency International France, a civil plaintiff in the case.

"Given the weight of evidence, his denials are pathetic and insulting to the judges and to France," he added.

At least five members of the Nguesso family have come into investigators' sights since 2017.

Earlier this week, Syrian President Bashar Assad's uncle had a conviction upheld by France's top judicial court using a new law on ill-gotten gains introduced last year.

The Court of Cassation confirmed 85-year-old Rifaat Assad's sentence of four years in jail — which he is unlikely to serve due to his age and ill health — as well as confirming the confiscation of a 90-million-euro property empire.

The Republic of Congo is also called Congo-Brazzaville to distinguish it from its larger neighbour, the Democratic Republic of Congo.

Tesla looking at building lithium refinery in Texas

By - Sep 10,2022 - Last updated at Sep 10,2022

NEW YORK — US electric car maker Tesla is studying the possibility of building a lithium refinery in Texas and is seeking tax breaks from the state to complete the project, according to documents made public on Friday.

While the project is only in the feasibility stage, Tesla said the factory on the Gulf coast would be the first of its kind in North America, producing an element critical to the batteries used in the growing EV market.

In an application sent to the Texas Comptroller at the end of August and made public on Friday, Tesla said the plant "will process raw ore material into a usable state for battery production".

The finished product, battery-grade lithium hydroxide, would be shipped by road and rail to various Tesla battery plants throughout the country.

Construction could begin by the end of the year with production staring by the end of 2024.

The company led by billionaire Elon Musk stressed that "Tesla is still evaluating the feasibility of this project" which is in a "very preliminary" phase, so no contracts have been signed and no permits have been issued for construction.

The decision to go ahead "will be based on a number of commercial and financial considerations, including the ability to obtain relief regarding local property taxes", the document said.

The cost of the project has not been quantified.

Tesla also is studying the possibility of building a similar site in the state of Louisiana as an alternative.

Tesla's proposed project comes amid soaring lithium prices due to strong demand for the component, essential for making electric batteries.

Musk complained about the rising costs in a tweet in April, and hinted at the possibility of moving into production.

"Price of lithium has gone to insane levels! Tesla might actually have to get into the mining & refining directly at scale, unless costs improve," he said on Twitter.

China, Australia, Chile and Argentina, where the world's largest lithium resources are located, dominate the market for the production and exploitation of this highly coveted mineral.

 

Imported food stuffs’ shortage felt in Tunisia

By - Sep 08,2022 - Last updated at Sep 08,2022

TUNIS — Cash-strapped Tunisia is facing a dearth of imported foodstuffs from dairy products to coffee, forcing informal rationing at supermarkets and threatening some food and beverage companies.

For weeks, consumers and businesses have been struggling to find essentials such as sugar, flour and cooking oil — a crunch experts blame on the dire financial situation of the state which has a monopoly on many staples.

Radhia Kamoun, CEO of the patisserie chain Gourmandise, says she is struggling to source key ingredients, while those that are available have surged in price.

"When the sugar crisis began, we started using less of it, and the same with coffee — but you can't make pastries without butter," she said from her office in the capital's Ariana district.

Gourmandise, with 27 branches across the country, has had to raise its prices twice this year, she said.

The state has failed to communicate and clarify "what's going on and what's going to happen", Kamoun said, describing the situation as the worst crisis since the business was founded in 1976.

"If it carries on, we'll be forced to close shops, even though we had an expansion plan that had continued even throughout the coronavirus pandemic," she said.

Economists say the problem stems from Tunisia's woeful finances and a trading system in which the state has a monopoly on imports of commodities such as coffee, sugar, tea and rice.

It buys the products either on credit or with its foreign currency reserves, then releases them to local markets, in some cases heavily subsidising them.

But in March, ratings agency Fitch downgraded Tunisia's credit rating to CCC, citing political uncertainty and gaping budget deficits.

Since then, "many international suppliers have stopped trusting Tunisia and are demanding cash up front for products and transport," said economist Moez Hadidane.

Tunisia has been negotiating for months for a bailout loan likely worth two billion dollars from the International Monetary Fund, which is expected to demand painful economic reforms in return.

President Kais Saied, who seized far-reaching powers last year and has since focused his efforts on remaking the political system, has consistently blamed "speculators" for the shortages.

Some commentators say police raids on food storage facilities — ostensibly targeting hoarders — have worsened the problem as businesses are afraid to keep their usual inventories. 

The upshot is that many supermarkets have started informally rationing foods, such as by limiting purchases of flour and coffee to one pack per customer.

Traders say subsidised vegetable oil is almost impossible to find, despite the government insisting it is available.

Social Affairs Minister Malek Zahi acknowledged last month that there was a crisis, blaming disrupted supply chains and price hikes on commodities and transport worldwide, largely due to Russia's invasion of Ukraine.

But economist Hadidane said global supply issues were simply exacerbating existing problems mostly caused by the Tunisian state's financial woes.

"In the first six months of the year, the state spent just half the sum it spent on foodstuffs in the same period last year," Hadidane said, blaming a shortage of foreign currency.

Saied has denied that state finances are the problem, instead accusing unspecified actors of "disrupting distribution of products for political purposes" and trying to "artificially create a crisis".

Hadidane said Saied's comments "contradict his actions".

"At the same time as talking about conspiracies to justify the situation to the poor, his government is negotiating with the IMF for a bailout that will inevitably stipulate an end to subsidies on basic goods," Hadidane said.

"The question now is this: is the president brave enough to move forward with economic reforms?"

 

'Empty promises' 

 

The next few months will be crucial for staff at the Tunisian Carbonated Drinks Company, which holds the local franchise to make products including Coca-Cola.

Late last month, a sugar shortage forced it to pause production, leading to lay-offs at its southern Tunis factory, which employs some 600 people.

Dozens of angry workers had protested to demand their reinstatement, union head Souheil Boukhris said.

The company said employees had returned and production had resumed. But Boukhris said output was still reduced as the state was only allowing the factory to buy a fifth of its daily sugar needs of 60 tonnes.

A prolonged crisis would threaten jobs, he said.

Delivery drivers queued up outside the factory this week for crates of drinks, many waiting hours to collect much-reduced quantities.

Boukhris demanded more transparency from the authorities.

"The state should tell us whether it can solve this problem or not," he said, "instead of giving us the promises we've been hearing for weeks but which haven't materialised."

ECB unleashes ‘historic’ rate hike to battle record inflation

By - Sep 08,2022 - Last updated at Sep 08,2022

Flags of Europe flutter in front of the headquarters of the European Central Bank (ECB) prior to the news conference of the bank's governing council following their meeting in Frankfurt am Main, western Germany, on Thursday (AFP photo)

FRANKFURT — The European Central Bank (ECB) announced the largest rate hike in its history on Thursday, as runaway energy prices drove eurozone inflation to new heights. 

Policymakers resolved to raise the ECB's key rates by 75 basis points, a leap matched only by a technical move made in 1999 shortly after the central bank's founding. 

The "major step" quickened the ECB's move away from a "highly accommodative level of policy rates" to one that would bring inflation back to its two-per cent target, it said in a statement.

Eurozone inflation hit a record 9.1 per cent in August, as steep increases in the price of energy in the wake of the Russian invasion of Ukraine heaped pressure on households and businesses.

Consumer prices were likely to continue to rise at a very quick pace "for an extended period", the ECB predicted, with its latest forecasts expecting inflation to average 8.1 per cent for 2022.

"Given the level of inflation and the uncertainties about its evolution, for the ECB, there is less risk in doing more than in doing less," said Franck Dixmier, head of fixed income at Allianz Global Investors.

The ECB already exceeded expectations at its July meeting with a 50-basis-point increase in interest rates, its first hike in more than a decade.

Thursday's ‘drastic’ increase was not the end of the ECB's work, however, with the central bank saying it "expects to raise interest rates further" in its next meetings.

 

'Determination' 

 

Ahead of the meeting, ECB board member Isabel Schnabel called on her colleagues to show "determination" to tame price rises.

Speaking at the annual Jackson Hole central banking symposium at the end of August, Schnabel urged the central bank to respond "more forcefully to the current bout of inflation, even at the risk of lower growth and higher unemployment".

The ECB is playing catch-up with central banks in the United States and Britain, which started raising rates harder and faster in response to inflation.

The 75-basis-point increase matches the largest step taken by the Federal Reserve in its current hiking cycle.

Meanwhile, a weak euro, which fell below $0.99 for the first time in 20 years this week, has bolstered the case for bigger interest rate hikes.

The gathering on Thursday also marked the beginning of a new "meeting-by-meeting" approach by the ECB. In July, policymakers scrapped so-called forward guidance, which had limited the ECB's room for manoeuvre, giving them a free hand for more aggressive hikes.

 

Recession rising 

 

In an updated set of economic forecasts, the ECB said it expected inflation to fall back to 5.5 per cent in 2023 and 2.3 per cent in 2024.

The central bank also slashed its forecast for economic growth in 2023 to 0.9 per cent, from its previous prediction of 2.1 per cent.

Recent gloomy economic data meant the eurozone was "expected to stagnate later in the year and in the first quarter of 2023", the ECB said.

"Very high energy prices are reducing the purchasing power of people's incomes and, although supply bottlenecks are easing, they are still constraining economic activity," said the bank. 

The war in Ukraine was also still weighing on the confidence of businesses and consumers, it added.

With energy prices still soaring unabated and winter approaching, EU economic affairs commissioner Paolo Gentiloni warned on Wednesday that the threat of a recession in Europe was "rising".

"We may well be heading into one of the most challenging winters in generations," he added.

Oil tumbles to pre-war level on recession fears

Stocks hit by negative economy outlook

By - Sep 07,2022 - Last updated at Sep 07,2022

In this photo, a man walks past an electronic board showing the rate of the Japanese yen against the US dollar, in a business district of Tokyo, on Monday (AFP photo)

LONDON — Oil prices tumbled back to pre-war levels on Wednesday as recession fears returned to the forefront.

Stocks were also hit by the negative outlook for the global economy, while currency markets were gripped by the prospect for interest rate hikes.

Oil prices briefly climbed on Wednesday as Russia's President Vladimir Putin said his country would stop delivering oil and gas supplies to countries that introduce price caps.

G-7 industrialised powers have vowed to move urgently towards implementing a price cap on Russian oil imports to cut off a major source of funding for Moscow's military action in Ukraine.

But oil prices then turned sharply lower, with Brent crude, the main international contract, passing under $90 per barrel for the first time since February.

OPEC and its allies earlier this week cut production targets for the first time in more than a year in a bid to lift prices.

"While the 100,000 barrel cut wasn't fundamentally significant, it was clearly intended as a warning not to drive the price lower or face further cuts," said OANDA trading platform analyst Craig Erlam.

"Unfortunately, it seems traders are in no mood to be told what to do and growth fears are instead dictating the price direction."

Recession concerns also dampened sentiment towards equities, with European indices lower, although Wall Street managed small gains at the open.

"Investors appear reluctant to buy anything in this macro environment, where inflation is soaring, global growth is weakening, and central banks are tightening," said City Index and FOREX.com analyst Fawad Razaqzada. 

"Something must fundamentally change before we see the onset of a serious recovery," he added.

Recession fears are being driven in large part by central banks moving aggressively to rein in surging inflation.

The dollar continues to gain strength from expectations of a third-straight blockbuster hike to US interest rates later this month.

US Federal Reserve (Fed) officials have lined up in recent weeks to say their main focus is bringing inflation down from four-decade highs, even if that means tipping the economy into recession.

The different pace in lifting rates taken by central banks is fuelling swings in currency values.

The European Central Bank is Thursday forecast to deliver another bumper rate increase, mirroring aggressive moves by the Fed and Bank of England.

Nevertheless, it has moved slower and the euro remains lodged below parity with the dollar.

Meanwhile, the dollar rose to 144.99 yen — the Japanese currency's weakest showing since 1998.

"The reason that we are seeing this much strength in the dollar against the yen is purely because of the difference in two central banks' policies," noted Naeem Aslam, chief market analyst at AvaTrade. 

"The Fed is as hawkish as it can be, and the BoJ still doesn't seem to be bothered much about inflation or changing its stance on monetary policy."

Japan's finance minister, Shunichi Suzuki, on Wednesday expressed concern about the yen's drop.

"For now, we're monitoring with a sense of urgency how it's developing, but if this continues, it makes sense that we will take necessary measures," he said, without detailing what the measures might be.

The greenback also struck 37-year peak against sterling, plagued by recession fears on the eve of new Prime Minister Liz Truss's economic stimulus plan.

CVDB, SEED project sign MoU to boost cooperation

By - Sep 07,2022 - Last updated at Sep 07,2022

AMMAN — The Cities and Villages Development Bank (CVDB) and the Sustainable Energy and Economic Development in Jordan (SEED) Project signed a memorandum of understanding (MoU) on Monday to boost energy-related cooperation.

The MoU was signed by CVDB General Manager, Osama Al Azzam, and SEED Project Manager Mohammad Ramadan in the presence of the Counsellor and Head of Cooperation, Simon Snoxell, from the Canadian Embassy.

Under the MoU, CVDB is to transfer knowledge regarding the delivery of energy efficiency and renewable energy solutions. This collaboration emphasises the role the CVDB plays in achieving the royal vision and aspirations of implementing energy efficiency and renewable energy development projects in municipalities through the CVDB's Municipal Energy Efficiency Programme (MEEP), funded by the European Investment Bank with a budget of 45 million euros.

MEEP aims to enhance energy efficiency and renewable energy practices by benefiting from the expertise and lessons learned of the SEED Project, funded by the Global Affairs Canada, according to a press statement.

 

Porsche to enter stock market before year end

By - Sep 06,2022 - Last updated at Sep 06,2022

German auto group Volkswagen on Monday said it would go ahead this year with a highly anticipated stock market entry for its premium sports brand Porsche, despite less than perfect financial conditions (AFP photo)

FRANKFURT — German auto group Volkswagen on Monday said it would go ahead this year with a highly anticipated stock market entry for its premium sports brand Porsche, despite less than perfect financial conditions.

"The Board of Management of Volkswagen AG today resolved... to pursue an initial public offering of the preferred shares of Porsche AG with the target to list them on the regulated market of the Frankfurt Stock Exchange... at the end of September/beginning of October 2022," a statement said.

"In the event of a successful IPO, Volkswagen AG will convene an extraordinary general meeting in December 2022 at which it will propose to its shareholders that a special dividend amounting to 49 per cent of the total gross proceeds from the placement of the preferred shares and the sale of the ordinary shares be distributed," it added.

The auto company officially signalled its intention to go ahead with the IPO on February 24, the day that Russia began its invasion of Ukraine.

"This is a historic moment for Porsche," new Volkswagen CEO Oliver Blume said, adding that Porsche could have "greater independence" and be one of "the richest sports car makers in the world".

The outbreak of the war has sown uncertainty in financial markets, sending stocks tumbling and clouding the outlook for the economy.

But the luxury brand continues to attract the attention of investors, who value Porsche between 60 and 85 billion euros, according to Bloomberg News.

Suitors including the Qatari sovereign wealth fund and luxury brands group LVMH have registered an interest in the high-end carmaker, according to the news agency.

Under the spin-off plan, Volkswagen's main shareholders — the Porsche-Piech family — would take a share of 25 per cent plus one share in the luxury carmaker. 

In doing so, the family would hold a blocking minority that will allow them to steer the future of the group that bears their name.

Market investors would be given the opportunity to buy preferential shares in Porsche that have no voting rights but receive a boosted dividend. 

The potential spin-off of the iconic carmaker, named for the Porsche family, from the larger group would help Volkswagen finance its own shift towards electric vehicles.

The Wolfsburg-based group is pumping tens of millions into the strategy, including building a clutch of battery factories across Europe and the US.

The potential gains from the IPO would give Volkswagen "greater flexibility to accelerate the transformation" of the group, chief operating officer Arno Antlitz said in an interview on Monday.

Volkswagen's recently departed CEO Herbert Diess launched the legacy carmaker on the headlong electrification strategy, bringing it into competition with the likes of American battery vehicles pioneer Tesla.

Blume was elevated to his new role last week from Porsche itself, where he still holds the title of chief. 

Blume, a Volkswagen group veteran, has said he wants to "keep up the current pace and where possible, increase it" on electrification.

 

OPEC+ agrees oil output cut to prop up prices

By - Sep 05,2022 - Last updated at Sep 05,2022

In this photo, OPEC Secretary General Haitham Al Ghais (right) talks with Director of International Relations and Special Projects at Sustainable Energy for All, Glenn Pearce-Oroz (left) during the G-20 Energy Transitions Ministerial meeting in Nusa Dua on Friday (AFP photo)

VIENNA — The OPEC+ oil cartel agreed on Monday to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears.

The move could irk the United States as it has pressed the group to increase output in order to bring down energy prices that have fuelled decades-high inflation.

OPEC+, a 23-nation coalition led by Saudi Arabia and Russia, had agreed to huge cuts in output in 2020 when the COVID pandemic sent oil prices crashing, but it began to increase production modestly again last year as the market improved.

Oil prices soared to almost $140 a barrel in March after Russia invaded Ukraine.

But they have since receded below $100 per barrel amid recession fears, COVID lockdowns in major consumer China and Iran nuclear talks that could bring Iranian crude back into the market.

While analysts had expected another modest increase at Monday's ministerial meeting, OPEC+ said in a statement that it decided to reduce output by 100,000 barrels per day in October, returning to the production level of August.

The group also left the door open to holding talks prior to its next scheduled meeting on October 5 "to address market developments, if necessary".

Saudi Energy Minister Prince Abdulaziz Bin Salman told Bloomberg in an interview after the decision that it demonstrated OPEC+ was ready to adjust production in both directions to achieve its objectives.

"The simple tweak shows that we will be attentive, preemptive and pro-active in terms of supporting the stability and the efficient functioning of the market," he said.

Bjarne Schieldrop, chief commodities analyst at SEB research group, said that the decision sent a clear message: "OPEC+ will not allow the oil price to slide. Further cuts will be initiated if necessary," 

While analysts said the cut was mostly symbolic, oil prices rose by more than 3 per cent following the announcement, with the international benchmark, Brent, exceeding $96 per barrel while the US contract, WTI, reached almost $90.

At its last meeting, OPEC+ agreed to a small rise of 100,000 barrels per day for September after US President Joe Biden travelled to Saudi Arabia to plead for a production bump — although it was six times lower than its previous decisions. 

Last month, Bin Salman had appeared to open the door to the idea of cutting output, which then received the support of several member states and the cartel's joint technical committee.

He said "volatility and thin liquidity send erroneous signals to markets at times when clarity is most needed."

Craig Erlam, analyst at OANDA trading platform, said the cut was "also a blow to President Biden as the hike last month was viewed as a token gesture after his visit".

"Now it's clear how valuable that actually was, or wasn't as it turns out. The political damage it caused was a waste and if anything, it looks worse than if nothing had changed in the first place," Erlam said.

Iran talks 

 

Caroline Bain, commodities expert at Capital Economics, said the cut was not a total surprise and "little more than symbolic" as OPEC+ has struggled to meet its quotas due to lacklustre production in some of its member countries.

"The bigger picture is that OPEC+ is producing well below its output target and this looks unlikely to change given that Angola and Nigeria, in particular, appear unable to return to pre-pandemic levels of production," Bain said.

In efforts to curb rising oil prices, the United States and its allies have released crude from their emergency reserves.

And in a bid to curb Russia's war funding, the G-7 group of industrialised powers agreed Friday to move "urgently" towards capping the price of Russian oil. 

Moscow has warned that it will no longer sell oil to countries that adopt the unprecedented mechanism.

Another geopolitical issue is clouding the outlook.

Negotiations aimed at reviving a landmark nuclear deal between Tehran and world powers could lead to an easing of oil sanctions in return for curbs to the atomic activities.

However, Washington said Thursday that Tehran's latest response to a European Union draft was "unfortunately... not constructive". 

The European Union's foreign policy chief Josep Borrell, who is shepherding attempts to save the suspended Iran nuclear deal, said Monday that recent exchanges left him "less confident".

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