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00:00We will now go live to the news.
00:07Welcome back to the show.
00:10We are in the middle of the show.
00:13We are live on the Arabian News Show.
00:16We are going live to the news.
00:18We are live on the Arabian News Show.
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01:00We are live on the Arabian News Show.
01:03We are live on the Arabian News Show.
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01:18The IMF predicts that the UAE will see a 4% growth as a result of the general analysis this year.
01:25This is due to the previous estimates that the IMF predicted in April
01:31that the UAE will see a 3.5% growth.
01:36It seems that the UAE's policies,
01:39the targets that exceed 5% for the UAE government,
01:45have become consistent with the IMF's estimates.
01:48Indeed, these estimates and predictions for the IMF
01:52come on several fronts.
01:54If we look at the UAE,
01:56its dependence today on non-oil revenues
01:59has become a strong negative for the state's budget.
02:02We have the clear foreign investment,
02:05which numbers indicate how strong it has been in the past.
02:09Even for the UAE,
02:11the UAE is now ranked 15th in the world in its foreign investment.
02:18This diversification has its roots in the IMF.
02:22The UAE's dominance in the UAE
02:24confirms the diversification of income sources far from oil.
02:28The UAE is one of the countries that offers the best environment
02:33to attract foreign investments
02:37and strengthen bilateral relations with several countries.
02:41The UAE's non-oil revenues are expected to grow by 27%.
02:49This is a direct focus on the non-oil sector in the UAE.
02:54Even for the foreign investment in the UAE in general,
03:00especially since it is the first front,
03:03the UAE's direct investment for the third year in a row
03:07differs from the UAE in attracting foreign investments.
03:11What we notice is the procedures and strategies that it follows,
03:15even through what we followed in the past days,
03:18by proposing different types of investments.
03:20This type works to attract experts in various fields.
03:25The door is open to innovative projects,
03:27especially small and medium-sized ones,
03:29which greatly reject the economy.
03:32But what about the international markets
03:35and the prices of gold, which have reached record levels?
03:39Indeed, despite the geopolitical tensions and recent events
03:43related to the death of the Iranian president,
03:47which had clear repercussions,
03:49in addition to the fears about when the US federal
03:53will start reducing interest rates,
03:56despite the statements made by federal members.
04:00The bets remain on some sustainable data,
04:03which may take a long time.
04:05We look forward to what the US federal may determine in detail.
04:18So, viewers, let's go to the international market
04:20and how the markets are moving at the outset of this session.
04:23Let's start with oil prices.
04:24It seems that it is in the red range
04:28with 16 points of interest,
04:30and thus at 83 dollars per barrel.
04:34It seems that today's markets are priced
04:39with interest rates in the US.
04:44To what extent will the high interest rates
04:47continue for a longer period?
04:49This may also affect the process of reducing interest rates
04:52in which the markets see
04:55September 2024, with about 25 points of interest.
05:00But US federal members' statements indicate
05:03that the federal needs a longer period
05:06to reach the 2% target.
05:10Let's go to Texas, with 17 points of interest.
05:14It seems that today's oil prices clearly show
05:18the high risks related to geopolitical tensions
05:22and the latest event, yesterday,
05:25regarding the death of the Iranian president
05:29as a result of the US plane's crash.
05:32Let's move on to other markets.
05:38For gold, today it is in the red range
05:41with 14 points of interest.
05:43It is at 2400 points of interest.
05:47These numbers also come in light of the highs
05:50that we saw yesterday on gold,
05:53and the test of the levels.
05:55It seems today that there are
05:57profit-making processes.
05:59All the metals in this session
06:01have expanded.
06:03After we recorded the levels in the past,
06:06the most prominent expectation is
06:08that China will stimulate its plans
06:11and launch subsidies.
06:14This may have an effect
06:16on the real estate sector.
06:18Let's move on to the main currency markets.
06:23We saw a positive trend
06:25in the dollar-index movements
06:27with light highs,
06:29but the stability is still at 104.
06:33We also have the dollar against the yen
06:36on the highs in this session.
06:38The stability is at 156
06:41for the dollar-yen pair.
06:44We also have important data
06:46that we are waiting for this week.
06:48Data on the demand for
06:50US-made commodities.
06:52This is in addition to what we expect
06:54from the federalist tendencies
06:56in the coming period,
06:58after the announcement of the
07:00US-federalist meeting in April
07:02and how the tendencies were
07:04and there may be signs of tendencies
07:06in the coming period.
07:08Let's move on to the movements
07:10in the Asian markets.
07:12We saw a clear drop in the technology sector
07:14and the shares of electric car companies.
07:16There were results from
07:18Lee Auto,
07:20which also showed
07:22a decline in its will
07:24more than expected.
07:26This led to a decline
07:28of more than
07:3014 months,
07:32with a decline of about 25%
07:34in this session.
07:36We noticed a composite index
07:38in the green zone
07:40of 10 points.
07:42Nikkei Tutu 5 was stable
07:44with a decline of less than
07:4610 points.
07:48We had the Australian Bank
07:50this time,
07:52which showed that the Australian
07:54Central Bank members were
07:56also looking at raising
07:58interest rates in May.
08:10Let's start with Morocco,
08:12where the government
08:14announced a decrease
08:16in financial and direct support
08:18for the price of
08:20gas cylinders,
08:22which is above its kind.
08:24I would like to ask you
08:26about some of the challenges
08:28facing the Moroccan economy.
08:30This time, it seems that the prices
08:32of gas have risen by
08:3410 dirhams,
08:36from 40 to 50 dirhams.
08:38The directions
08:40that the Moroccan government
08:42is taking this time
08:44come under the direction
08:46of the government to get a loan
08:48from the International Monetary Fund.
08:50The International Monetary Fund
08:52sets a number of conditions
08:54for the government to
08:56comply with the economic reform process.
08:58Perhaps these are some of the
09:00most important factors
09:02that depend on raising
09:04support for facilities
09:06in the country.
09:08The first chip will be
09:10about $1.3 billion.
09:12This may put Morocco
09:14in an economic slump
09:16in terms of the number of houses.
09:18The situation in the Moroccan economy
09:20after the corona crisis
09:22has affected many economic sectors.
09:24We should not forget
09:26the issue of drought
09:28and climate change.
09:30Morocco is greatly affected
09:32by agriculture and
09:34export of many agricultural products
09:36to the African continent.
09:38It is also mentioned that
09:40the Moroccan government
09:42has raised the minimum wage
09:44for the government sector
09:46by 1,000 dirhams,
09:48in addition to the private sector
09:50by more than 10 percent.
09:52As a result,
09:54this increase in gas prices
09:56came immediately after
09:58raising the minimum wage
10:00for the two public and private sectors.
10:02However,
10:04this time,
10:06a loss of about
10:08$328 million
10:10was announced
10:12in the first quarter of 2024
10:14for Trump Media.
10:16This is the platform
10:18that the president used
10:20in the past
10:22after the end of his presidency.
10:24Therefore,
10:26it is a platform for expressing
10:28his opinion and directions.
10:30It is also a means
10:32in the upcoming elections
10:34to spread his news.
10:36He established this platform
10:38after it was banned
10:40in the Twitter and X platform.
10:42It is what led to this investment
10:44that seems to have failed
10:46through these losses.
10:48The losses of Trump Media
10:50have doubled
10:52by about $210 billion
10:54compared to the previous year.
10:56There are many problems
10:58with this platform
11:00due to its interference
11:02in most matters.
11:04Not only that,
11:06there were also accusations
11:08directed at this company
11:10regarding the accountant.
11:12There were accusations
11:14from the US Treasury
11:16that the accountant
11:18also interfered
11:20in the investigation
11:22and made changes
11:24to financial matters.
11:26In response to Trump,
11:28it is said that
11:30some of the acquisitions
11:32and integrations
11:34that Trump Media
11:36went to
11:38led to these losses
11:40or unprofitable expenses
11:42that the company faced
11:44before completing
11:46its acquisitions
11:48and integrations.
11:50But in another news,
11:52this time it is about
11:54how much taxes
11:56can be paid
11:58by the US Treasury.
12:00It seems that
12:02the US Treasury
12:04is cooperating
12:06to impose
12:08global wealth tax
12:10on billionaires
12:12in order to
12:14get rid of them.
12:16This is the idea
12:18of Brazil,
12:20France and other countries
12:22to impose
12:24global wealth tax
12:26on billionaires.
12:28At the same time,
12:30it is seen that
12:32these countries
12:34need more taxes
12:36through these groups
12:38that seem to have
12:40increased their wealth
12:42even after the pandemic.
12:44The idea of France
12:46and Brazil
12:48in addition to some countries
12:50to impose
12:52global wealth tax
12:54on billionaires
12:56in order to
12:58get rid of them.
13:00But the difference is that
13:02the US Treasury
13:04is still imposing
13:06global wealth tax
13:08on China,
13:10India and Thailand.
13:12Indeed,
13:14if we talk globally,
13:16even the Arab region
13:18has imposed
13:20global wealth tax
13:22on billionaires.
13:24Imagine that
13:26Egypt is one of the
13:28top billionaires
13:30in the African continent.
13:32But it seems that
13:34its economy is suffering.
13:36But the existence of these groups
13:38supports the economy.
13:40Therefore, many institutions
13:42are under the social responsibility
13:44that these rich people
13:46need more pressure
13:48for their social work.
13:50But this time
13:52it seems that
13:54it is more difficult
13:56for the iPhone.
13:58But where, Salah?
14:00In China,
14:02where the iPhone launched
14:04some strong campaigns
14:06and opponents
14:08through its official website
14:10in China,
14:12where it presents
14:14the iPhone as
14:16equivalent to $318.
14:18The iPhone does not provide
14:20opponents in different countries.
14:22This is a big secret in China.
14:24The secret in China
14:26seems to be that the competition
14:28is paid by these big companies,
14:30not only by the iPhone,
14:32but also by Tesla.
14:34Reduction in the Chinese market
14:36is a result of local competition
14:38for Chinese companies.
14:40For example,
14:42China is competing with the iPhone
14:44in terms of options.
14:46This is a concern for
14:48large Chinese companies.
14:50Therefore,
14:52the Chinese companies
14:54are still trying to keep
14:56their customers in China.
14:58This is the idea.
15:00Chinese companies provide
15:02the iPhone with the same software
15:04as the iPhone.
15:06But in terms of numbers,
15:08the number of shipments
15:10at the end of last January
15:12for the iPhone
15:14was about 34%.
15:16But notice that
15:18at the end of August
15:20there was a new increase
15:22in the number of shipments
15:24from the iPhone to China.
15:26It seems that these opponents
15:28are trying to attract more customers
15:30to the iPhone.
15:32So, the trip to China
15:34and buying the iPhone
15:36from there
15:38is a concern.
15:40We have noticed
15:42several government measures
15:44in terms of real estate,
15:46which represent more than
15:48a third of the total local product.
15:50The last one, Salah,
15:52was about reducing
15:54real estate purchases in China.
15:56There was also
15:58the government buying
16:00empty houses,
16:02especially from affected developers.
16:04There is still suffering
16:06from the big companies.
16:08There are many other challenges
16:10for the banking sector.
16:12This time, the Chinese government
16:14through Fitch,
16:16which expects to reduce
16:18annual demand for new
16:20houses in China
16:22by about 20%,
16:24which is equivalent to
16:26800 million square meters per year,
16:28between 2024 and 2040.
16:30This will be
16:32less than 33%
16:34of the average demand.
16:36As you said,
16:38the Chinese economy
16:40is based on the real estate sector.
16:42It seems that the government
16:44is working to support
16:46and revive this sector.
16:48There are many plans
16:50and numbers related to
16:52sales in 2024,
16:54which are estimated to be
16:56850 million to 900 million square meters
16:58of residential real estate.
17:00This reduction is clearly
17:02a result of the decline
17:04in demand for housing,
17:06especially in terms of
17:08real estate loans.
17:10This decline we have seen
17:12even in recent attempts
17:14to stabilize interest rates.
17:16We will watch
17:18whether China can reach
17:20a 5% growth rate
17:22based on these details
17:24related to the revival
17:26of the real estate sector.
17:28We will come back
17:30shortly to the
17:32pre-opening orders
17:34in the Arab Stock Exchange.
17:46In the US banking sector,
17:48it seems that
17:50JP Morgan,
17:52the largest bank
17:54in the United States,
17:56lost this share in the
17:58stock market yesterday
18:00to more than $26 billion.
18:02But if we talk about
18:04the reasons for this recovery,
18:06even for the CEO of this
18:08bank, who is considered
18:10the king of Wall Street,
18:12his salary exceeds
18:14$30 million.
18:16It seems that he is
18:18also approaching retirement
18:20soon.
18:22But the question is,
18:24why is he depressed
18:26about the company's
18:28results and returns?
18:30Today's share is
18:32JP Morgan,
18:34which declined by
18:364.5 points
18:38to fall from
18:40its historical peak
18:42to more than $26 billion.
18:44The reason,
18:46according to the CEO,
18:48is that he is pessimistic
18:50about the company's
18:52performance,
18:54so he bought its shares
18:56at the current prices.
18:58These statements were made
19:00by JP Morgan in the
19:0220th of May session.
19:12As we used to see in
19:14exclusive statements
19:16for CNBC Arabia,
19:18what the CEO of
19:20the Saudi company
19:22said is that
19:24he had a relationship
19:26with the company
19:28because he was
19:30a member of the
19:32Saudi Association
19:34of Social Workers
19:36and he was
19:38a member of
19:40the Saudi Association
19:42of Social Workers
19:44and he was
19:46a member of
19:48the Saudi Association
19:50to the companies, as part of the fuel extraction project, and therefore, the factory will be
19:57filled, God willing, before the end of 2026, with natural gas, and it will also be connected
20:04via the grid to the C4."
20:10Our viewers, to the previous orders for opening, and what about the orders for each Dubai financial
20:17center, and what about the Qatar Stock Exchange, and the partners, Moammar Awad, from Qatar
20:23Stock Exchange, and Kareem Moussaad, from Dubai, let's start with you, Kareem, what are the
20:28numbers related to the expectations of the International Monetary Fund, and the possibility
20:32of its reflection on the general psychology of the contributors and investors?
20:48So, Moammar Awad, it seems that there is a technical error in the Dubai market, so, Moammar,
20:54we also have a notice regarding the movements of the General Indicator, with revisions
20:58of more than 10% this year, today, we are also waiting during this week, the review of
21:04the FUDSI, in your opinion, how can the movements be during this week?
21:11Let's talk about today, Salil, of course, we had news a little while ago, regarding the
21:17court of appeals, the medical care company lost 109 million, this is a long story, in
21:23fact, it was one of the demands, and this is the level of litigation, it was in the first
21:27stage, the initial court, 130 million, therefore, we must monitor the contribution of medical
21:31care today, especially that there were increases in the limit before last week, and then the
21:35court of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
21:37the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
21:39therefore, the court of appeals, therefore, the court of appeals, therefore, the court of
21:40appeals, therefore, the court of appeals, therefore, the court of appeals, therefore, the
21:41court of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
21:42the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
21:43therefore, the court of appeals, therefore, the court of appeals, therefore, the court of
21:44appeals, therefore, the court of appeals, therefore, the court of appeals, therefore, the
21:45court of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
21:46the court of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
21:47the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
21:48therefore, the court of appeals, therefore, the court of appeals, therefore, the court
21:49of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
21:50the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
21:51therefore, the court of appeals, therefore, the court of appeals, therefore, the court of
21:52appeals, therefore, the court of appeals, therefore, the court of appeals, therefore, the
21:53court of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
21:54the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
21:55therefore, the court of appeals, therefore, the court of appeals, therefore, the court of
21:56appeals, therefore, the court of appeals, therefore, the court of appeals, therefore, the
21:57court of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
21:58the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
21:59therefore, the court of appeals, therefore, the court of appeals, therefore, the court of
22:00appeals, therefore, the court of appeals, therefore, the court of appeals, therefore, the
22:01court of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:02the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:03therefore, the court of appeals, therefore, the court of appeals, therefore, the court of
22:04appeals, therefore, the court of appeals, therefore, the court of appeals, therefore, the
22:05court of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:06the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:07therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:08of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:09the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:10therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:11of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:12the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:13therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:14of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:15the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:16therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:17of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:18the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:19therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:20of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:21the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:22therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:23of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:24the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:25therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:26of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:27the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:28therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:29of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:30the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:31therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:32of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:33the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:34therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:35of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:36the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:37therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:38of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:39the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:40therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:41of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:42the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:43therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:44of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:45the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:46therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:47of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:48the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:49therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:50of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:51the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:52therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:53of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:54the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:55therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:56of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
22:57the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
22:58therefore, the court of appeals, therefore, the court of appeals, therefore, the court
22:59of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:00the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:01therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:02of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:03the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:04therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:05of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:06the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:07therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:08of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:09the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:10therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:11of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:12the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:13therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:14of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:15the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:16therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:17of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:18the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:19therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:20of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:21the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:22therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:23of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:24the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:25therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:26of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:27the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:28therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:29of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:30the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:31therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:32of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:33the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:34therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:35of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:36the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:37therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:38of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:39the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:40therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:41of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:42the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:43therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:44of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:45the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:46therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:47of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:48the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:49therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:50of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:51the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:52therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:53of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:54the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:55therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:56of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
23:57the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
23:58therefore, the court of appeals, therefore, the court of appeals, therefore, the court
23:59of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:00the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:01therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:02of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:03the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:04therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:05of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:06the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:07therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:08of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:09the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:10therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:11of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:12the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:13therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:14of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:15the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:16therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:17of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:18the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:19therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:20of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:21the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:22therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:23of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:24the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:25therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:26of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:27the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:28therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:29of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:30the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:31therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:32of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:33the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:34therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:35of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:36the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:37therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:38of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:39the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:40therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:41of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:42the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:43therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:44of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:45the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:46therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:47of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:48the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:49therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:50of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:51the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:52therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:53of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:54the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:55therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:56of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
24:57the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
24:58therefore, the court of appeals, therefore, the court of appeals, therefore, the court
24:59of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
25:00the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
25:01therefore, the court of appeals, therefore, the court of appeals, therefore, the court
25:02of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
25:03the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
25:04therefore, the court of appeals, therefore, the court of appeals, therefore, the court
25:05of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
25:06the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
25:07therefore, the court of appeals, therefore, the court of appeals, therefore, the court
25:08of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
25:09the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
25:10therefore, the court of appeals, therefore, the court of appeals, therefore, the court
25:11of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
25:12the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
25:13therefore, the court of appeals, therefore, the court of appeals, therefore, the court
25:14of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
25:15the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
25:16therefore, the court of appeals, therefore, the court of appeals, therefore, the court
25:17of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
25:18the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
25:19therefore, the court of appeals, therefore, the court of appeals, therefore, the court
25:20of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
25:21the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
25:22therefore, the court of appeals, therefore, the court of appeals, therefore, the court
25:23of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,
25:24the court of appeals, therefore, the court of appeals, therefore, the court of appeals,
25:25therefore, the court of appeals, therefore, the court of appeals, therefore, the court
25:26of appeals, therefore, the court of appeals, therefore, the court of appeals, therefore,