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Nike’s results beat modest estimates on Thursday and its shares jumped briefly, but the company soon dashed investor hopes and sent shares lower when a top executive predicted revenues would fall by double digits in the third quarter.

Nike’s new CEO Elliott Hill warned of short-term pain as the embattled sportswear seller works to revive tepid demand for its brands. Shares of Nike surged 11% immediately after the earnings report but gave up those gains after Hill and CFO Matthew Friend reined in expectations.

Hill said in his first earnings call since taking the helm in October that Nike “lost its obsession with sport,” vowing to right the ship by refocusing its business on sport and selling more items at premium prices.

Nike’s quarterly profit beat modest expectations. Revenue also fell less than expected as newer versions of performance and running shoes attracted shoppers.

So far this year, Nike shares have slumped nearly 30%. Analysts said Hill faces tough critics and a long slog to claw back lost market.

Hill told the call he was prioritizing rebuilding Nike’s retail partnerships, boosting innovation and ensuring discounts and promotions are limited to traditional retail moments, and not at the consistent rates at which they have been employed lately.

“Weve become far too promotional,” Hill said, speaking in lively, impassioned tones. “The level of markdowns not only impacts our brand but disrupts the overall marketplace and the profits of our partners.”

With rivals launching more comfortable, better cushioned shoes, Nike has been scrambling to regain dominance in the market, shelling out money to introduce new products like Air Max 95, and to promote staple franchises like Jordans and Pegasus.

Last month, the company under Hill announced it would double down on three running franchises – Pegasus, Structure and Vomero – by launching various iterations of each shoe next year, at different price points.

Hill has been popular with retailers, who are optimistic he’ll revive the third-party partnerships Nike backed away from in 2020, when it pivoted toward its direct-to-consumer business.

At the time, some retailers quickly filled shelf space with fashionable competitors like On and Hoka, but others struggled.

Foot Locker, for example, continued to rely heavily on Nike in 2022 and 2023, buying 65% of its sports apparel from the company.

It blamed weak demand for Nike shoes when it reported disappointing sales earlier this month. Foot Locker executives said at the time they were looking forward to working with Hill.

Nike’s second-quarter net revenue fell 7.7% to $12.35 billion. Analysts had expected a 9.41% fall to $12.13 billion, according to estimates compiled by LSEG.

Nike reported earnings per share of 78 cents, compared with estimates of 63 cents per share, according to analysts estimates compiled by LSEG.

“If you really look at it, the numbers are not good,” said Jane Hali & Associates senior analyst Jessica Ramirez. “But it’s better than most people feared.”

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Meet the soldiers hunting down senior Assad regime leaders who terrorised Syria

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Meet the soldiers hunting down senior Assad regime leaders who terrorised Syria

By the standards of other cities I have been in or visited shortly after a revolution, Damascus seems on the face of it relatively calm.

More often than not, I’d expect masked gunmen to be deployed on every corner, patrolling the streets in groups, or whizzing around on battered trucks, with heavy machine guns at the ready and rocket-propelled grenades strapped to roofs or on the backs of fighters.

But that isn’t the case in Damascus.

There are checkpoints in and out of the city but generally speaking, the militia groups that supported Hayat Tahrir al Sham (HTS), which led the takeover of Syria, are keeping a low profile.

Indeed, many have now become part of the newly formed General Security force, and they’re all dressed in matching black uniforms and fatigues.

I’m often asked what Damascus is like now that Bashar al Assad’s regime is gone.

Destroyed Damascus suburbs
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Destroyed Damascus suburbs

First, I have to admit that apart from a couple of brief visits to Damascus before 2011, once the uprising began, I was either in the west or north of the country with the demonstrators and later the rebel forces – far from the capital.

I was also among a small group of journalists on a wanted list by the regime, so travel to government-controlled areas was a non-starter.

The new Syrian flag
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The new Syrian flag in Damascus

So for me, my visits to Damascus are part discovery, and part depressing confirmation of what I had expected to see, especially the vast suburban areas reduced to rubble by Assad’s security forces with the aid of the Russian military.

My impression is of a city looking to the future but still suffering from its recent bloody history.

Its people are trying to move on, but many remain in the midst of the ruins, and rebuilding remains a distant hope.

Listen: Inside the fall of Assad

A view of Damascus

‘Syrians have every right to see justice served’

From the Umayyad Square in Damascus, we jumped onto the back of a pick-up truck full of General Security soldiers and sped away through busy traffic and towards a road leading to a hilltop that overlooks the city.

We passed the sprawling presidential palace, built by the Assads, but now under the management of the self-proclaimed “Salvation Government”.

Abdulrahman Dabbagh, head of security in Damascus
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Abdulrahman Dabbagh, head of security in Damascus

We were meeting the man in charge of security here in the capital, Abdulrahman Dabbagh, a youthful cousin of the country’s new president Ahmed al Sharaa.

He told me that to move forward, Syria must also hunt down the senior leaders of the Syrian regime who terrorised the entire population.

“Syrians have every right to see justice served for those who caused them harm during the reign of this now-defunct regime,” Mr Dabbagh said.

“By nature, every human finds comfort in witnessing accountability, justice, and the rightful reclaiming of what was taken.”

I asked him if it is difficult tracking down those responsible.

“There are assessments, research, and round-the-clock work being done to locate these criminals,” he explained.

“It’s not always about taking direct action against every person we identify, though, we wait for official orders to arrest certain figures.”

‘The torture was endless’

Barely a family in this country was untouched by the regime and its relentless programme of detentions and torture in jails.

Bariya, 63, was detained for 100 days. Her crime? She was accused of cooking food for demonstrators and spying on regime checkpoints in the city of Homs.

Stuart Ramsay with 63-year-old Bariya who was detained for 100 days
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Stuart Ramsay with 63-year-old Bariya who was detained for 100 days

Inside her prison, she says torture was the norm, and the memories of the cries of the men still haunt her.

“It would begin as soon as the sun went down. The torture was endless. My husband was not spared – I recognised his cries. They tormented him,” she told me.

Inside an empty prison in Damascus
Inside an empty prison in Damascus
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Inside an empty prison in Damascus

“One of the inmates called out to him, shouting that his family was here, the warders heard her, came straight for him, they dragged him away and beat him in the corridor.”

“They tortured him relentlessly, with no regard for his age – he was born in 1955,” she sobbed.

Inside an empty prison in Damascus

A legacy of pain and death

Bariya is still so afraid of the Assad regime, she won’t show her face or allow us to use her last name.

She was arrested at the height of the anti-Assad protests, along with multiple members of her family. Seven of them died in detention: her husband, one of her sons, two of her brothers, her nephew, a cousin, and the son of her brother-in-law.

To this day she has no idea what happened.

The legacy of the Assad tyranny is pain and death, and this ancient country’s recent history is still raw for so many.

Consigning it to the history books is going to take some time.

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Ukraine war: European countries back Kyiv as Trump says peace negotiations with Russia to start ‘immediately’

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Ukraine war: European countries back Kyiv as Trump says peace negotiations with Russia to start 'immediately'

Ukraine must be put in a “position of strength”, European countries including Britain, France and Germany have said as Donald Trump prepares to open peace negotiations with Vladimir Putin.

The US president said an agreement had been reached about starting talks after he made phone calls to the Russian leader and Volodymyr Zelenskyy.

European countries also including Poland, Italy, and Spain issued a joint statement saying they would work with the United States on Ukraine’s future.

“We are looking forward to discussing the way ahead together with our American allies,” they said.

“Our shared objectives should be to put Ukraine in a position of strength.

“A just and lasting peace in Ukraine is a necessary condition for a strong transatlantic security.”

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White House gives update on Trump’s call with Putin

It is the US president’s first big step towards diplomacy over a conflict which he promised to end within 24 hours of being inaugurated.

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“We both agreed, we want to stop the millions of deaths taking place in the War with Russia/Ukraine,” Mr Trump posted on Truth Social following discussions with Russia’s president.

He said the pair would “work together, very closely” towards winding down the conflict and “agreed to have our respective teams start negotiations immediately”.

FILE ... Then-U.S. President Donald Trump, right, meets with Russian President Vladimir Putin at the G20 Summit in Hamburg, Germany, Friday, July 7, 2017. (AP Photo/Evan Vucci, File)
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Donald Trump has triggered the start of peace talks with Vladimir Putin. File pic: AP

A Kremlin spokesperson said Mr Putin and Mr Trump had agreed to meet, with the Russian president inviting the US leader to visit Moscow.

Ukraine latest: Trump’s plan to end war

“President Putin, for his part, mentioned the need to eliminate the root causes of the conflict and agreed with Trump that a long-term settlement can be achieved through peaceful negotiations,” said Kremlin spokesperson Dmitry Peskov.

Ukraine's President Volodymyr Zelenskyy speaks with U.S. President Donald Trump via a phone line, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 12, 2025. Ukrainian Presidential Press Service/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY.
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Volodymyr Zelenskyy speaking on the phone with Donald Trump on Wednesday. Pic: Ukrainian Presidential Press Service/Reuters

Meanwhile, Ukraine’s president wrote on X that he had a “meaningful conversation” by phone with Mr Trump to discuss “opportunities to achieve peace” and the preparation of a document governing security and economic cooperation.

“No one wants peace more than Ukraine. Together with the US, we are charting our next steps to stop Russian aggression and ensure a lasting, reliable peace,” he said.

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Trump-Putin call: What do we know?

Mr Trump added that his phone conversation with Mr Zelenskyy “went very well”, suggesting that “he [Mr Zelenskyy], like President Putin, wants to make PEACE”.

On social media, the US president said: “It is time to stop this ridiculous war, where there has been massive, and totally unnecessary, DEATH and DESTRUCTION. God bless the people of Russia and Ukraine!”

Trump’s bombshell phone call


Dominic Waghorn - Diplomatic editor

Dominic Waghorn

International affairs editor

@DominicWaghorn

Some of the fundamental principles underlying Western security and prosperity were today abandoned or weakened by the Trump administration.

After 80 years of underwriting security in Europe, America told Europeans they can’t take that for granted anymore.

The principle that aggression cannot be rewarded has been central to the post-war world order.

Today the US told Ukrainians, that Russians will be able to keep some of the land they have taken by force.

A principle of US policy for the last three years has been the West would not negotiate unless Ukraine was involved.

Trump seemed to undermine that commitment today. Read more from Dominic here.

On Wednesday, the US defence secretary delivered a blunt statement on the new US administration’s approach to the nearly three-year-old war.

Read more from Sky News:
Europe must get serious about defence
Hegseth: Big shift in American military policy
Trump welcomes home teacher jailed in Russia

Speaking at a NATO meeting in Brussels, Pete Hegseth said a return to Ukraine’s pre-2014 borders was unrealistic and the US did not see NATO membership for Kyiv as part of a solution to the war.

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Pete Hegseth: Ukraine getting all land back in peace deal ‘not realistic’

“Chasing this illusionary goal will only prolong the war and cause more suffering,” he said.

Separately, the US and Russia agreed to a prisoner swap. America freed a Russian cybercrime boss in return for Moscow’s release of schoolteacher Marc Fogel, a US official said on Wednesday.

Meanwhile at a White House news conference on Wednesday, press secretary Karoline Leavitt said she was “not aware of” Mr Trump putting any preconditions on his meeting with Mr Putin.

Mr Trump said the peace negotiations will be led by secretary of state Marco Rubio, director of the CIA John Ratcliffe, national security advisor Michael Waltz, and ambassador Steve Witkoff.

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‘We are absolutely full’: This hospital is outperforming most – but it is still on its knees

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'We are absolutely full': This hospital is outperforming most - but it is still on its knees

Marina Strange is 90 and lives alone. She had a heart attack last week, her third in two years. It took two hours for an ambulance to reach her. Marina was impressed.

“I was surprised the ambulance came within two hours. I thought that was very good,” she told Sky News.

Marina also has an untreatable tumour, so she’s gotten to know the hospital well over the last few years, and this is the service she’s come to expect.

Marina was one of 7,678 patients to arrive at the care of Royal Berkshire NHS Trust by ambulance so far this winter, where Sky News has spent the past few months speaking to patients, consultants and those responsible for running the hospital.

Far from being an extreme example, the hospital is performing close to or even outperforming the national average in most measures. The experiences we’ve seen are normal for NHS patients in 2025.

Marina Strange, 90, was impressed that an ambulance reached her within two hours after she had a heart attack
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Marina Strange, 90, was impressed that an ambulance reached her within two hours after she had a heart attack

On 9 January we were scheduled to come and film with the respiratory ward. It was too busy for us to come in.

We spoke to Chief Executive Steve McManus about it:

“Our ward occupancy at the moment is running around 99% of our beds, so we are absolutely full,” he said.

“Almost half of [our respiratory unit] has been given over for patients with flu – and we’ve got a lot of very unwell patients at the moment. Each morning over the last few days we’ve been starting the day with another 20-30 patients in the emergency department waiting for beds, so the pressures are really significant.”

Flu and other viruses, like norovirus and now also COVID, tend to peak around the winter months when people spend more time indoors in close proximity to one another.

This year’s surge was particularly bad. It’s on the decline again now, but peaked in early January at a level almost twice as high as last winter.

Bed occupancy in Royal Berkshire has averaged 94.7% this winter.

Again, far from being an outlier, this is only slightly worse than the average across England of 93.6%. The recommended maximum to achieve efficient operations and transfer between emergency care and other hospital departments is 92%, so at least 8% of beds should be free at any one time.

That has only been achieved on ten days out of 60 this winter across England. All of those days were between 21 December and New Year’s Day, so for the entire rest of winter the service has been over capacity.

We came back to Royal Berkshire the next day – 10 January – and spoke to Dr Omar Mafousi, the clinical lead at the hospital. He explained how a lack of beds in the main hospital affects the emergency care his team can provide.

“We say every year it gets a little worse. This year has felt worse than any other year that I remember and I’ve been a consultant for 15 years in emergency medicine.

“We can’t [have patients in A&E long term]. We’ve only got 20 major cubicles but 25 waiting for a bed. Some are on chairs, some are in the waiting room, but we have no space to bring patients off an ambulance to see and examine them.”

“Almost every single bay is full, there’s just one free at the moment. There are patients waiting to be transferred to the wards, and while we’ve been here in the last couple of minutes two more patients have been brought in by ambulance. Things in the emergency department change very very quickly”.

Dr Omar Mafousi has been a consultant in emergency medicine for 15 years
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Dr Omar Mafousi has been a consultant in emergency medicine for 15 years

Accident and emergency

We’d first spoken to Dr Mafousi in the emergency department on Wednesday 4 December. It was at the beginning of winter and the number of flu cases had yet to really spike.

At 1pm 191 patients had already come through. Dr Mafousi says these kind of numbers are the “new norm”.

“We probably see about 480-500 patients a day on busy days, sometimes over 500 on really busy days. That’s becoming more and more frequent.

“Attendances are going up and up and up year-on-year and we are struggling. We are trying to cope as best we can and give patients the best care we can, but that’s not always possible.”

In 2010 NHS England set a standard of no more than 5% of patients waiting more than four hours to be admitted, transferred or discharged.

That target hasn’t been met in a decade. Every winter since COVID it’s gotten higher than 20% – four times higher than the target.

In December it was 28.9%. At major A&Es (not speciality centres or minor injuries units), it was 44.7%, almost one in two.

Again Royal Berkshire is fairly normal – 5,293 of the 11,972 patients at the major A&E (44.2%) waited longer than four hours.

At the time we were there, 14 patients had been waiting over 15 hours.

“Without a doubt that is too long,” said Dr Mafousi. “That’s not what anyone wants. No one in this Trust wants that to happen.”

There used to be a bit of respite in summers, when more beds were free from winter virus patients and people could flow more quickly and easily through the system.

Waits in the middle of summer now are worse than even the most dangerous winter peaks of years gone by.

The Royal College of Emergency Medicine estimated that waits longer than four hours at A&E had contributed to 23,000 excess deaths in 2022.

Ambulance handover delays

A&E delays don’t just affect the patients who are at hospital, they also make it more difficult to treat new patients. Part of the reason it takes so long to get ambulances out to people like Marina when they have heart attacks is because of “handover delays”.

The NHS guidance allows a standard of 15 minutes from the ambulance’s time of arrival at A&E to having handed over care of the patient to A&E staff.

If A&Es are full, ambulances can’t offload their patients, so they aren’t available to get out to see new patients.

At Royal Berkshire this winter the average has been 25 minutes. That’s not far off double the time it should take, but again that’s better than average. In England as a whole it’s 40 minutes, up from 32 minutes over the same dates last year.

One in seven ambulance handovers now takes over an hour. That figure has more than trebled in just the last four years.

As well as meaning potentially worse care for the patient in the ambulance, handover delays ultimately contribute to delayed response times as well.

Ambulance calls are of course categorised by seriousness, with the most serious life-threatening cases put into Category 1 – usually for people that aren’t breathing.

People experiencing heart attacks, like Marina, should usually go into Category 2 – emergency cases. The target is that an ambulance should arrive for these patients within 18 minutes.

In December the average wait across England for these patients was over 47 mins, almost three times as long. That was slightly worse than last year, but in fact better than December 2022 and 2021. In 2022 it peaked at a scarcely believable 1 hour and 32 minute average.

In the last pre-pandemic year it was 27:57 in December and 20:55 in January – still over target but not to the same scale as now.

In total, more than 600,000 hours have been lost to ambulance handover delays this winter. The cost to the ambulance service of 600,000 hours of time is upwards of £100m.

Crumbling infrastructure

Part of the problem is capacity. Royal Berkshire opened in 1839 and parts of that original building are still in use to this day. Other parts can’t be used anymore because they’ve fallen in to disrepair.

One building hasn’t been in use for more than ten years. £2.5m has been spent to keep it from collapsing. £15m would need to be spent to make it useable. The Trust is now considering filling the building with concrete to make it safer.

A hospital that is running out of space and money has no alternative but to waste both.

Plans have been approved for a new hospital at a different site, to replace Royal Berkshire, as part of the previous government’s plan to deliver 40 new hospitals by 2030.

Labour have since branded those plans “uncosted and undeliverable”, and have said work can’t start at that site until 2037 at the earliest.

The estimated cost is already over £100m and could be four times higher by the time it’s ready.

But it’s not just the main hospital where space is short.

Colin Waters is another Royal Berkshire patient we spoke to. He’s been there ten days after a car ran him over, fracturing his leg and dislocating his ankle.

He’s stable now and doesn’t actually need to be on the acute ward anymore, but he still needs some care.

Colin Waters has been at Royal Berkshire for ten days, after a car ran him over, dislocating his ankle and fracturing his leg
Image:
Colin Waters had been at Royal Berkshire for ten days when we spoke to him, after a car ran him over, dislocating his ankle and fracturing his leg

He’s due to be transferred to a community hospital where he can receive physiotherapy and start his rehabilitation, but no space has opened up.

There have been an average of over 200 patients a day across Buckinghamshire, Oxfordshire and Berkshire who are “fit to be discharged” but still occupying a hospital bed because no safe alternative care setting is available. It peaked on 25 January at over 300 patients.

Across the country it peaked on 1 February. There were a total of 13,894 patients remaining in hospital who no longer needed to be there. In many cases, like Colin’s, they will not be receiving the specialist care they actually need at that time.

All of those full beds contribute to patients not being able to flow through the system from A&E, which adds to the ambulance handover delays. But they also mean that people have to wait longer to book in operations they need.

The waiting list for routine operations currently stands at 7.5m – or more than one in eight people in the country. 221,889 people on that list have been waiting for treatment for over a year.

That number is 120 times higher than before the pandemic.

Among Royal Berkshire’s patients alone, there are more than 60,000 on the list and almost 3,000 of them have been waiting over a year.

The ailments people need operating on to fix don’t go away while the wait goes on. They affect quality of life at a minimum, and in many cases will require ongoing care from other NHS services, or could reach the level where it becomes an emergency that adds to the pressure on the ambulance service or A&E.

Simon Shurey, another patient we spoke to, is a classic example of someone with a multitude of complex and competing healthcare needs that affect him daily, but also occasionally extend to requiring emergency care.

He’s had asthma all his life. Five years ago he was diagnosed with COPD, a lung condition that makes breathing difficult. And six months ago he was put into a coma after developing sepsis following a kidney infection.

He says he’s waited up to two days for a ward bed on previous visits.

When we spoke to him on 19 December, he had been in hospital for five days, having been rushed in by an ambulance because of flu.

He had to be kept in a side room to stop his infection spreading to other patients. Like Marina, he’s also grateful to healthcare workers sensitive to the pressures on them, despite the multitude of health concerns he’s facing.

“Every time you come in – and I use the hospital a fair bit lately, sadly – it’s getting worse for them. There seems to be so much pressure on them.”

Health anxiety

One of the reasons for the increased pressure on healthcare workers in recent years – in addition to increased medical issues – is because people are more concerned and aware of their health, in a way in which they weren’t before the pandemic.

Dr Amrit Sharma runs four GP surgeries near Royal Berkshire. He says that since COVID there has been an increase in health anxiety, and people presenting with physical symptoms that extend from mental health issues.

“The level of appointments have changed significantly. That’s got to be around anxiety. That’s what we see every day. People are more fearful and anxious about their health.

“Some awareness [of personal health] is needed to catch things like cancers, but our concern is that we’re seeing young people coming in with self-limiting illnesses, or symptoms that are physical but related to mental health conditions, like chest pains or palpitations or breathing problems.”

More than a million people who tried to reach their GP in December couldn’t get through, despite there being more appointments than ever before.

There were 40m appointments in December 2024, compared with less than 30m in 2018.

Health anxiety is something that Dr Mafousi says also contributes to more pressure and longer waits in emergency care.

“I see people who don’t need to be here, I see people who need to be here but have come here a bit late, I’ve seen people who are just concerned, I see people sent by their friends because their friends are concerned, there’s a combination of all this.

“There’s a lot of anxiety after Covid and we’ve seen that. Young people with chest pain which they’ve had for a few minutes and are concerned they’ve had a heart attack. There’s a lot of little things which before would have been nothing but now are something.”

Whether it’s increased anxiety or increased illness, the demand on the NHS is at unprecedented levels and it simply isn’t able to cope. Targets are being missed in pretty much every department, and the ultimate result of missed targets is worse health or an increased chance of death for patients all over the country.

There are hundreds of other stories like Marina’s, Colin’s and Simon’s that could be told every day from all parts of the country.

We’ve spent time in just one hospital. And it’s a hospital that is performing in a fairly typical way, for England in 2025. Thousands of patients are seeking treatment every day in hospitals that are performing worse than this.


The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open-source information. Through multimedia storytelling, we aim to better explain the world while also showing how our journalism is done.

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