News

15 Feb 2019, 12:00 PM

STA, 14 February 2019 - Defence Minister Karl Erjavec expects Slovenia to increase defence spending in 2020 and 2021. "A step forward has been made, but I have high expectations when it comes to the budget for 2020 and 2021. That one will define how serious we are about modernising the Slovenian Armed Forces," he said in Brussels on Thursday.

Erjavec made the comments after a two-day NATO ministerial discussing the implementation of three key goals: for the allies to increase defence spending to 2% of GDP by 2024, to allocate 20% of their defence budgets for capability development, and to increase their contributions to missions and operations.

The plan submitted by Slovenia to NATO does not project defence expenditure increase to 2% of GDP by 2024. Unofficial information has it that the target will also not be met by Denmark, the Netherlands, Belgium, Luxembourg, Italy and Spain.

Slovenia's defence expenditure for this year is planned at 1.1% of GDP; the figure is currently at 1.05%. It is to increase to 1.5% by 2024, Erjavec noted, adding that this was the promise made to NATO Secretary General Jens Stoltenberg as he visited Ljubljana last year.

Erjavec is satisfied to have achieved a step forward in raising defence spending in a minority government whose partner in the opposition doe not favour such an increase, but he is aware the increase is not ideal. So he expects much from the budget for 2020 and 2021.

When it comes to the defence budget's structure, Slovenia currently allocates 4.5% of its defence budget for investment, a far cry from the 20% target.

Erjaves said it was important to increase the spending, but even more important to boost defence capabilities in order to be more resilient to new security challenges, and to buy dual-use equipment. He mentioned the planned purchase of helicopters that would also be used for emergency aid.

He said that the pay rise deal agreed with public sector trade unions also affected the defence budget "slowing down our desire to earmark more defence expenditure for investment".

He expects the mid-term defence plan to provide more detailed answers, but he did mention plans for procurement of troop equipment and for enhancing investment in military infrastructure, outdated army barracks and training grounds, as well as investing in making the army profession more attractive.

Commenting on delays in the procurement of eight-wheeled armoured personnel carriers, the minister said that the case had been put off and that he would like for a tactical study to be conducted to respond to questions as to how build a battalion-size battlegroup.

Erjavec also commented on Chief of the General Staff Alenka Ermenc's comment yesterday that the increase in funding in the supplementary budget for the year would not allow for the army's development breakthrough or for marked improvement in its readiness.

Erjavec said the army's readiness assessment for wartime action for 2018 would likely be negative again, because it could not be otherwise as things did not change overnight.

The supplementary budget itself was not any major step in modernising the force but without the extra EUR 40m for salaries this would have undermined the budget funds for material costs, which should not happened, he said.

When it comes to the implementation of NATO's mission and operations contribution target, Slovenia ranks among the top seven allied countries.

15 Feb 2019, 10:30 AM

STA, 14 February 2019 - Magna Steyr has welcomed the deal reached on Wednesday that persuaded an NGO not to challenge the environment permit for its paint shop in Slovenia any further. However, the multinational said the agreement did not make it possible to launch production at Hoče as yet, so its part of the job would be done at its Austria location for the time being.

 

The Austrian-Canadian automotive group said that it was obligated to meet the commitments to supply cars to its business partners by the agreed deadlines. The company said it had expected to be able to launch production at its EUR 160m Hoče plant near Maribor this week.

"Since this is not possible at this time, we will carry out this part of production temporarily at our Graz factory by introducing extra shifts," the multinational said, expressing the hope that a final solution allowing the earliest possible launch of production at Hoče would be found as soon as possible.

The company undertook "organisational preparations" on Monday to move production to its main facility in Austria's Graz due to uncertainty surrounding the environmental permit for the Hoče plant.

The Environment Ministry rejected the sole appeal against the environmental permit submitted by the Regional Environmental Association of Environmentalists (ROVO) from Novo Mesto, in the south-east of the country.

The ROVO threatened to take its appeal to the Administrative Court but changed its mind after yesterday's meeting with government officials who promised that the government would amend the special law on Magna investment so as to allow for the plant to have been built in a water protection area.

However, Magna will still need to wait for a 30-day period within which appeals with the court are still possible to expire. The period has been running since last Thursday when the ministry rejected ROVO's appeal.

15 Feb 2019, 07:34 AM

Below is a review of the headlines in Slovenian dailies for Friday, February 15, 2019, as summarised by the STA:

https://english.sta.si/2606182/daily-headlines-friday-15-february

DELO

Car industry woes
"Standstill": The slowdown in Germany's economy spells potential problems for Slovenia's car industry. (front page, page 3)

Post workers strike
"Newspapers would not be delivered by the post during the strike": The strike at Pošta Slovenije, announced for next Tuesday, is getting increasingly likely. It looks like only urgent packages will be delivered. (front page, page 9)

Adult cinema
"Adult cinema of old and new": Ljubljana Kinodvor cinema will honour what used to be an adult film cinema at the same location with an evening of select erotic as well as explicit adult films. (front page, page 12) Learn more about the event, and see trailers, here

DNEVNIK

Ruling in tunnel case against DARS
"DARS to pay another EUR 10m to Grassetto for Trojane tunnel?": A first instance ruling by the Ljubljana District Court, coming 13 years after motorway company DARS was taken to court, has awarded Italian builder Impresa Grassetto EUR 10m of the EUR 54m demanded. (front page, page 4)

MP resignation
"Sandwich theft substantially cuts short Krajčič's term": LMŠ's MP Darij Krajčič, who has resigned after admitting that he once stole a sandwich, claims the theft was only a social experiment. (front page, page 2)

Venezuela
"Slovenia joins those siding with Guadio": Slovenia decides to "acknowledge" Juan Guadio as interim president of Venezuela despite opposition from the coalition SocDems and the Left. (front page, page 2)

FINANCE

Waiting lines in healthcare
"Good news and fake news": The paper shows that an intentional or unintentional glitch in how average waiting lines are calculated - also factoring in the category "zero" waiting time that appears in the IT systems of some providers fleetingly - is creating a false impression that progress is being made in the tackling of long waiting lines. (front page, 5)

Slowdown in Germany
"Germany only barely avoids recession; we also have a reason to worry": Domestic and public spending helps Germany avoid a recession. (front page, pages 2, 3)

VEČER

Issues with police helicopters and boats
"Grounded and stuck on shore": All six helicopters of the Slovenian Police Force are presently grounded due to technical faults, while the two boats also need new engines. (front page, page 5)

MP resignation
"'Social experiment' sweeps away MP": The ruling LMŠ party finds it only logical that its MP Darijo Karjčič has decided to resign over having stolen a sandwich. (front page, page 3)

Verdict in murder case
"He welcomed the verdict with a raised thumb": Maribor court hands a 26-year prison sentence to a 56-year-old who shot 28 bullets into a car in heavy traffic in a revenge killing in 2017. (front page, page 5)

14 Feb 2019, 16:30 PM

STA, 14 February 2019 - Darij Krajčič from the ruling Marjan Šarec List (LMŠ) has resigned as MP after he recounted in parliament how he had shoplifted a sandwich.

 A newcomer to politics, Krajčič, 54, said on Tuesday he had left parliament to get a sandwich, waiting several minutes while three shop assistants were talking without paying any attention to him.

This promoted him to "check their system of control if you take something from the shop", he said during a session of the Agriculture Committee.

"I walked out and nobody came after me, nobody yelled. Which also means that where everything is under video surveillance ... now and then they overlook something."

Krajčič also said this was the first time had done such a thing. His story was met with laughter by fellow MPs.

Addressing the press on Thursday, LMŠ deputy faction leader Brane Golubović said Krajčič's act was "inadmissible, so he took responsibility for it and resigned of his own accord".

Golobović said Krajčič, whom he labelled an expert and a good person, had regretted the incident and apologised for it.

"If we want to follow the LMŠ's values and principles, then responsibility for this act must be taken. So he assumed it and stepped down of his own accord."

Krajčič did not attend today's news conference, but in a statement for POP TV earlier today he regretted the incident, which he said was not a theft but a social experiment.

He apparently also paid for the sandwich later on.

Krajčič, who holds a PhD in forestry, was elected to parliament in last year's election in the town of Mozirje in the Celje electoral unit, tendered in his resignation yesterday.

In the National Assembly he has chaired the EU Affairs Committee and has been a member of the infrastructure and agriculture committees.

At the time of election, he was a research fellow at the Slovenian Forestry Institute.

He has also taught at the University of Ljubljana and served as a director general at the Environment and Spatial Planning Ministry.

The MP could be replaced in the 90-strong National Assembly, where LMŠ has 13 deputies, by Nik Prebil, a 27-year-old MA student.

14 Feb 2019, 14:29 PM

STA, 14 February 2019 - The Slovenian government has recognised Venezuelan opposition leader Juan Guaido as interim president after almost two weeks of internal disputes, joining 23 EU member states who have already done that.

Foreign Minister Miro Cerar said the sole purpose of the recognition was to "call free, democratic and legitimate elections as soon as possible." "This is not about recognising an alternative government, it is merely the recognition of an interim president, nothing more."

Cerar had proposed the recognition ten days ago, but the decision was delayed by divisions in the coalition as well as threats by the Left, which supports the minority government but is not formally in the coalition, that recognising Guaido could impact the Left's cooperation with the government.

He said the delay - 19 EU members made the decision within a day - had "undermined the credibility of the country" when it comes to making important decisions.

Slovenians living in Venezuela have urged the government to recognise Guaido and Cerar said the move was a show of support for the Venezuelan people, 85% of whom live below the poverty line.

Interestingly, the government and Cerar used the expression "prepoznati" for the decision, although "priznati" would be customary. Whereas the word can be translated as recognise, it can also signal mere acknowledgement of a situation.

As Cerar put it, the government's decision is "a declarative act" with which Slovenia acknowledges the situation on the ground in Venezuela. "We are not interfering in the country's internal affairs," he stressed.

Slovenia has used the same procedure when it recognised the interim government in Libya or the rebels in Syria and it is a procedure that does not include prior debate at the National Assembly.

While Cerar did not say how the ministers voted today he expressed the hope that the decision would not jeopardise cooperation with the Left.

The Left has claimed recognising Guaido was tantamount to a recognition of American imperialism and interventionism, but Cerar said opposition to the government's decision constituted "opposition to democracy and human rights."

However, he also stressed that if the situation in Venezuela changes, the government "may have to reconsider".

Left MP Violeta Tomić said the government's decision was inadmissible and announced her party would demand an emergency session of the Foreign Policy Committee in a bid to have the government decision revoked.

But she was reserved as to what this meant for the Left's continued cooperation with the coalition beyond saying that it did not contribute to better cooperation.

The decision also angered the coalition Social Democrats (SD), who have been apprehensive about recognising Guaido from the start and whose ministers did not back the decision.

The party's foreign policy point man, MP Milan Brglez, said that Slovenia would henceforth be responsible for "everything Guaido and the coalition of the willing" do.

He said an in-depth debate would have to be held in parliament about the decision, which he said SD ministers did not endorse.

14 Feb 2019, 12:57 PM

STA, 13 February 2019 - The 13th annual auction of valuable wood in the town of Slovenj Gradec finished today. A record 3,706 logs were featured and the majority were sold abroad - almost a quarter was bought by a Chinese buyer. The sycamore maple was once again sold at the highest prices.

According to the organisers, the sycamore maple is still the most desired type of wood, used in yacht design, violin construction, or veneer construction.

This year's highest log bid for sycamore maple, offered by an Italian veneer producer, was EUR 15,389, which was not record-breaking.

There were other records though - the highest number of log owners, 566, most of whom came from Slovenia while some were also from the Austrian state of Carinthia, and a record number of assorted logs, 3,706, which estimated to 3,724 cubic metres.

There was also a record number of buyers, 39, coming from Slovenia, Austria, Germany, Italy, Croatia and Hungary, and a record number of bids.

The organiser Jože Jeromel told the STA that Chinese buyers were also present and one of them bought more than 900 cubic metres of oak, maple and ash timber, making him the biggest buyer.

Walnut, oak, larch and spruce timber were sold at fairly high prices as well.

The auction marked the first time state forest timber was offered. Some of it sold well, while some of it remained unsold.

EUR 1.2m were exchanged at this year's auction, said Jeromel.

The national Forest Service chief, Damjan Oražem, said that the auction had a bright future and stressed the importance of successful cooperation between the Forest Service and forest owners. In Slovenia, there are around 460,000 of them and they significantly contribute to the forest economy.

14 Feb 2019, 12:00 PM

STA, 13 February 2019 - The statement European Parliament President Antonio Tajani made in Italy's Basovizza on Sunday can also be understood as territorial claims, so I reject it completely, President Borut Pahor said on Wednesday. Tajani has meanwhile apologised for the statement after meeting Slovenian and Croatian MEPs over the matter.

"I expect Tajani to fully distance himself from his words," Pahor said on the sidelines of his calling the elections to the European Parliament in Slovenia.

He expects Tajani to realise his words were wrong and distance himself from them, which should be done as soon as possible to calm down the debate they have sparked off.

Pahor referred to the statement "Long live Trieste, long live Italian Istria, long live Italian Dalmatia, long live Italian exiles" Tajani made at the commemoration of the remembrance day for the Italian foibe victims.

Related: Slovenian Officials Criticise Italian "Revisionism" Over Foibe Massacres

He believes that in politics this is not an unimportant matter but a major issue which justifiably worries those to whom it refers.

Pahor added that Europe, which is built on reconciliation and mutual respect, cannot turn a blind eye to such words.

This is not the first time that senior Italian officials expressed unacceptable stances and assessments, Pahor stressed.

"But it is the first time that this happened in the context of European politics, when the European idea of integration and cooperation is weak, when there are serious signs of its crisis, when such stances are increasingly worrying."

It is due to these circumstances that Pahor expects the European Parliament president to come up with an appropriate and clear response.

Tajani met the Slovenian and Croatian MEPs from the European People's Party (EPP) group today and apologised for Sunday's statements in Basovizza after the meeting.

Tajani sorry for any offense

"I sincerely regret and I apologise for using the words which may have offended your citizens and which have been understood as a kind of a territorial claim. I assure you that this was neither my intention nor position on the matter," he said in a statement.

Tajani added that he was referring to the Italian-speaking exiles from Istria and Dalmatia, their children and grandchildren, many of whom attended the ceremony in Basovizza.

He said that his political career offered much evidence of his friendship and respect of Croatia and Slovenia, and added that all forms of totalitarianism deserved resolute condemnation.

Slovenian MEPs Franc Bogovič (EPP/SLS) and Lojze Peterle (EPP/NSi) said after the meeting that they were satisfied with the apology.

The EPP meanwhile announced that Tajani would also send a letter in a similar vein to Slovenian Foreign Minister Miro Cerar, who wrote to the European Parliament president about the matter yesterday.

Pahor addressed a letter about the incident to Italian President Sergio Mattarella already on Monday.

14 Feb 2019, 10:30 AM

STA, 13 February 2019 - The party of Prime Minister Marjan Šarec (LMŠ) has decided to run independently in the 26 May elections to the European Parliament, while the Modern Centre Party (SMC) and Alenka Bratušek Party (SAB) will try to field a joint list of candidates.

 

SMC leader Miro Cerar and Bratušek announced the news after Wednesday's meeting of the leaders of the three Slovenian members of the Alliance of Liberals and Democrats for Europe (ALDE).

Cerar said the meeting was over in 15 minutes, after Šarec told them his party wanted to contest the Euro election on its own. Bratušek said this was said to be the desire of LMŠ membership.

Related: Elections 2018, Party Profiles - Šarec Aims to Benefit From Voter Discontent (Feature)

"We told him we'd want us to run together because we believe the liberal story is important for Europe," said Cerar.

He and Bratušek agreed to propose to their parties to form a joint list of candidates because they believe that together they could be stronger and more convincing.

The LMŠ's decision might have been prompted by its high voter approval ratings at the moment, with some polls indicating the party enjoys the biggest popularity among all parties.

However, Šarec said they were not entering the EU elections on their own "just because we might be complacent about poll results. We are driven by one desire only. We want to change Slovenia and Europe as well."

Related: Elections 2018, Party Profiles - SMC – “Lukewarm Centrists” (Feature)

He looked back at the LMŠ's stellar rise from a local party in Kamnik to his forming Slovenia's first ever minority government against the odds and despite claims that the party lacked a platform and staff.

"The elections ahead are a new opportunity for us to prove what we can." Šarec said they wanted to have their fate in their hands, and however they fare they would be responsible for their result themselves.

Despite Slovenia's small size, Šarec said the country wanted its voice heard in the EU. "We're not promising the impossible ... but we will do our best to show people it's worth trying for a better Europe."

Related:

Bratušek found the meeting a disappointment. She said she could have heard what she heard at the meeting over the phone.

"It's our strong belief that the SMC and SAB are capable of compiling a quality slate and achieving an excellent result in the election," she said.

Unofficial information prior to today's meeting indicated that the LMŠ wanted to have the top three spots on a joint list of candidates and the option to veto the candidates of the other two parties.

Cerar had said before that his party's condition in forming the joint list was that all three parties should negotiate as equal partners.

Today, Šarec said that there had been strong pressure for the three parties to run in the elections together from other European ALDE parties ad well as from Slovenia.

Asked whether the SMC and SAB would now invite the Pensioners' Party (DeSUS) to join them for the EU elections, Bratušek said the two parties needed to agree technicalities first but that they had discussed that it was in their interest to invite another party.

14 Feb 2019, 08:08 AM

Below is a review of the headlines in Slovenian dailies for Thursday, February 14, 2019, as summarised by the STA:

DELO

Karavanke tunnel
"Nobody is waiting for the Slovenians deep underground": The Austrian side is progressing faster than it expected with the construction of the second Karavanke tunnel tube, but the Austrians are worried about the standstill on the Slovenian side. (front page, page 5)

Rail track model scandal
"Scale model scandal gets traction": Following the police investigation, speculation is growing about a possible role of Environment Minister Jure Leben in the scandal around the overpaid scale model for the new rail track from Divača to Koper. (front page, page 3)

EU elections
"Šarec out to conquer it all": The LMŠ party of PM Marjan Šarec dumps the fellow ALDE-affiliated Modern Centre Party (SMC) and Alenka Bratušek Party (SAB) and decides to stand in the EU elections alone. (front page, page 3)

DNEVNIK

Secondary schools enrolment
"Open doors tomorrow at secondary schools for future students": An info day will be organised at secondary schools around the country for children who are finishing primary school this year. (front page, page 9)

Magna investment
"Rovo withdraws from administrative dispute, Počivakšek agrees to amend lex Magna": Wednesday seems to have brought a breakthrough as regards the launch of the Magna paint shop in Hoče, as the environmental initiative Rovo came to an agreement with Economy Minister Zdravko Počivalšek and Environment Minister Jure Leben. (front page, page 9)

EU election
"Šarec wants to also change Europe": The LMŠ party of PM Marjan Šarec has announced an independent bid in the May elections to the European Parliament. (front page, page 3)

FINANCE

Real estate in Bled
"Chinese increasingly buying houses around lake Bled": The prices of real estate in the town of Bled are skyrocketing, also because of Chinese buyers, who seem to be buying for themselves. (front page, pages 4, 5)

Office real estate in Ljubljana
"Modern offices dearer and dearer, old ones remaining empty": A strong lack of modern office space has emerged in Ljubljana, while new construction is not expected as investors expect a crisis. (front page, pages 2, 3)

Coastal hotels
"Unofficially: Počivalšek and Dragonja out to prevent sale of the six Istrabenz Turizem hotels": The government will allegedly discuss a proposal today for BAMC, the bad bank, to seize shares of the Istrabenz Turizem holding, which is in the process of selling its six hotels on the coast. (front page, pages 10, 11)

VEČER

Timber auction
"Timber is our oil": The annual timber auction in Koroško serves up yet another series of records. (front page, page 13)

Magna investment
"Compromise for Magna": A proposal to amend the special act governing the Magna paint shop investment is to be processed by government as soon as today and the Rovo environmental NGO is cancelling its appeal. (front page, page 6)

13 Feb 2019, 18:00 PM

STA, 13 February 2019 - The Slovenian start-up PlanetCare has developed filters specifically designed to catch microfibres shed from textiles and clothes during washing and drying.

Since every load of laundry produces a large amount of microfibers that end up in the food chain and pose a threat to animals and humans, PlanetCare has designed filters for washing machines to remove these microparticles.

For now, the start-up focuses primarily on end-users, creating a range of add-on filters for existing washing machines, while also negotiating with home appliance manufacturers to install built-in filters. Their latest innovation is an industrial filter for larger laundry facilities.

According to PlanetCare, their filters were tested by leading research institutions with results confirming the filters successfully remove a significant quantity of microfibres.

Last week, the start-up presented their product at the international trade fair ISPO Munich. They took part in a group study on microplastics where they showed how to turn plastic waste into raw material by first grinding it and then using a 3D printer to transform the waste into a PlanetCare microplastic filter.

Since last year, PlanetCare, Sympatex Technologies, the Plastic Soup Foundation, the Plastic Leak Project initiative and the Italian Institute for Polymers, Composites and Biomaterials have been working on a study examining Sympatex's materials to find the most effective way to reduce the amount of microfibres in washing machine waste water.

You can learn more about PlanetCare at the company’s website

13 Feb 2019, 16:30 PM

STA, 13 February 2019 - A child of the ironworks that started appearing in the Pohorje hills in north-eastern of Slovenia as far back as the 18th century, forged metals and toolmaker Unior is looking back at its 100 years in 2019. Unior, whose workforce has climbed to 3,700, seems here to stay, having developed into a leading global supplier for the auto industry.

The company, originally named Styria Iron Works Company Ltd., started in 1919 as a forge in Zreče. Before World War II, it had 250 workers, who manufactured hand tools for farming, forestry and different crafts.

While the original facilities were burnt down in the war, they were rebuilt immediately after. The plant was renamed Factory of Forged Tools Zreče and passed into "state" or public ownership in 1950, remaining under indirect state ownership to this very day.

Production soon expanded to drop-forged parts, which asserted themselves in the auto industry, while operations also followed political dictate, meaning the most pressing needs of the joint country of Yugoslavia - forged tools, i.e. sockets, all types of vices, adjustable spanners, pliers, forged parts for cars, bicycles etc.

The company's current name Unior, an amalgamation of the words univerzalno orodje (universal tools), came after a 1968 worker strike that was followed by receivership and a fresh start.

By 1978, Unior asserted itself as an important partner of the automotive industry, becoming a major European manufacturer of light forgings and one of the largest European manufacturers of connecting rods for petrol engines, which positioned it among the major suppliers for companies like VW, BMW, etc.

In the same year, the company started developing and manufacturing special machines for metal processing, while construction notably also began of the Rogla health resort and sports centre and the Terme Zreče spa.

Exports of hand tools were pushed in the mid-1980s though a worldwide distribution network, which would prove crucial after the loss of Yugoslav markets in 1991.

Having braved the bumpy transition, Unior became a joint-stock company in 1997, acquired a stake in Slovenian steel producer Štore Steel a year later, and set up Ningbo Unior Forging in Yuyao, China, in 2005.

A major blow came with the crisis in 2009, which necessitated a number of measures, including a capital increase of tens of millions of euro and the promise to banks to sell the tourism division.

Plans to privatise the company also emerged but have quieted down, and Unior has been going strong after emerging from the crisis.

CEO Darko Hrastnik told the STA that Unior estimates to have generated a record EUR 165m in revenue in 2018 at the level of the core company, which employs 1,800 people.

Hrastnik expects a slight slowdown due to global trends but not a recession, with the company planning to preserve an annual growth rate of 3%-5% also in the coming years.

He highlighted Unior's connecting rods and forgings for car steering mechanisms, saying that order contracts are being signed for five to seven years in advance.

While already present, in particular with its hand tools, in over 100 countries, Hrastnik announced an additional expansion in the coming four years.

"While it was still true 20 years ago that we couldn't sell forgings to other continents, we're now also marketing our products in North and South America. If the financial resources allow, we'll continue to develop production on the American market," he said.

As the global sale of traditional hand tools is stagnating, Unior has taken on new projects, such as bicycle tools and tools for working at high voltage.

Hrastnik said that debt reduction is progressing smoothly and announced that the tourism division, which was spun off into a new company called Unitour in 2017, would likely be sold this year.

The executive said there was little news regarding attempts to privatise Unior - the last one was halted in 2017, and argued that while this created some uncertainty, it did not impact day-to-day operations.

In case a sale occurs, Unior would wish for a strategic owner, which however also allows for several scenarios given the diversity of its divisions.

"Whoever would wish to buy Unior today would buy it with all its metal programmes which do have a lot of synergy, but perhaps still not enough for some," said Hrastnik.

However, even if there is no change to ownership, which involves a number of shareholders with different interests, Hrastnik expects continuing growth or even more.

He spoke of preliminary plans to enter aluminium forging, which would mean a fourth metal division for the company and involve the potential for very fast growth.

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