{"product_id":"sk-pestle-analysis","title":"SK PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSkip the Research. Get the Strategy.\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eUnlock strategic clarity with our SK PESTLE Analysis—three to five concise, evidence-backed sections reveal how political, economic, social, technological, legal, and environmental forces shape SK's future. Perfect for investors and strategists, this ready-to-use report saves time and sharpens decisions. Purchase the full analysis now for the complete, editable intelligence you need.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eKorean industrial policy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSeoul’s industrial policy steers incentives, tax credits and infrastructure toward semiconductors, batteries and bio, which SK can leverage for capex and M\u0026amp;A; South Korea’s R\u0026amp;D intensity remains among the highest globally at about 4.8% of GDP (OECD, 2023). Shifts in subsidy priorities or budget reallocations can re-rank projects across energy, materials and biopharma, altering ROI timelines. Active engagement with ministries and public–private consortia is critical to secure grants and pilot approvals. Policy continuity across administrations matters for SK’s long-horizon investments.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChaebol governance reforms\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRegulators in 2024 tightened disclosure and related-party rules, increasing scrutiny of cross-shareholdings and raising penalties (often exceeding KRW 10bn in major cases), pressuring holding-company economics. SK Inc. must streamline ownership and capital allocation while addressing minority-shareholder demands to unlock value. Strengthening board independence and lifting dividend payout (benchmark peer payouts ~30% in 2024) can narrow Korea’s ~25% market discount. Non-compliance risks fines and reputational damage.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eUS–China tech tensions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eUS–China tech tensions — via tightened export controls and a growing US Entity List (now \u0026gt;1,500 entries) — plus friend-shoring are reshaping South Korea’s semiconductor, materials and equipment supply chains; aligning with US standards can unlock CHIPS Act subsidies ($52bn) but limits China exposure, risking market loss (SK chip exports to China ~$30–50bn\/yr). Dual-track localized supply and compliance-by-design preserve growth; scenario planning for tariff\/escalation shocks is essential.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal subsidy races\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eGlobal subsidy races—IRA's $369 billion clean energy package and the EU Chips Act's €43 billion and Green Deal funding reshape plant siting for batteries, hydrogen and advanced materials; Japan adds over ¥1 trillion in targeted incentives, steering capacity to favorable jurisdictions.\u003c\/p\u003e\n\u003cp\u003eSK Inc. can arbitrage incentives but must meet content\/origin rules; competition raises bid quality and timing risks; monitoring clawback clauses and subsidy conditions protects downside.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eIRA $369B\u003c\/li\u003e\n\u003cli\u003eEU Chips €43B\u003c\/li\u003e\n\u003cli\u003eJapan \u0026gt;¥1T\u003c\/li\u003e\n\u003cli\u003eWatch content rules, clawbacks\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTrade agreements and tariffs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eKorea–US (KORUS, in force 2012) and Korea–EU (in force 2011) FTAs secure preferential tariff treatment for key SK export sectors, while anti-dumping rulings—notably in chemicals and materials—have periodically led to duties that compress margins. Customs compliance and strict rules-of-origin documentation are critical to retain FTA benefits and avoid tariff reclassification. Diversifying export routes reduces exposure to geopolitical chokepoints; pricing contracts should include tariff-volatility clauses to hedge sudden duty changes.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFTAs: KORUS 2012, Korea–EU 2011\u003c\/li\u003e\n\u003cli\u003eVulnerable sectors: chemicals, materials\u003c\/li\u003e\n\u003cli\u003eKey controls: customs compliance, rules-of-origin\u003c\/li\u003e\n\u003cli\u003eMitigants: diversify routes, tariff-hedged pricing\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSeoul backs chips\/batt\/bio; R\u0026amp;D \u003cstrong\u003e4.8%\u003c\/strong\u003e, Korea -\u003cstrong\u003e25%\u003c\/strong\u003e\n\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSeoul steers incentives to chips\/batteries\/bio; R\u0026amp;D ~4.8% GDP (OECD 2023). Tight 2024 disclosure rules (fines \u0026gt;KRW10bn) force ownership\/board reform; peers payout ~30%, Korea market discount ~25%. US–China tech decoupling (Entity List \u0026gt;1,500) links CHIPS Act $52bn to friend‑shoring; SK chip exports to China ~$30–50bn\/yr.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003e2024–25\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eR\u0026amp;D\u003c\/td\u003e\n\u003ctd\u003e4.8% GDP\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMajor subsidies\u003c\/td\u003e\n\u003ctd\u003e$52bn \/ $369bn \/ €43bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEntity List\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;1,500\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how external macro-environmental factors uniquely affect the SK across six dimensions—Political, Economic, Social, Technological, Environmental, and Legal—and how they shape competitive dynamics.\u003c\/p\u003e\n\u003cp\u003eEach section is data-backed, forward‑looking and formatted for executives, consultants, and entrepreneurs to identify threats, spot opportunities, and support strategy, funding, and scenario planning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, visually segmented SK PESTLE summary that’s easily editable for region or business lines, ideal for dropping into presentations, sharing across teams, and streamlining discussions on external risks and market positioning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal demand cycles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eEnergy, chemicals and IT are cyclical: Brent averaged roughly $85\/bbl in 2024, squeezing margins in downturns while upcycles lift cash flow and fund new bets. SK Inc. should balance counter-cyclical M\u0026amp;A with strict capacity discipline to protect spreads and ROIC. Leading indicators such as global manufacturing PMI near 50 and inventory-to-sales ratios guide throughput and pricing. A diversified portfolio cushions sector-specific shocks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest rates and capital costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eHigher global rates such as the US federal funds 5.25–5.50% range raise WACC and screen out marginal SK biopharma and materials projects.\u003c\/p\u003e\n\u003cp\u003eLiability management and green financing—green bond spreads 10–30 bp cheaper (Climate Bonds Initiative 2024)—can lower blended capital costs.\u003c\/p\u003e\n\u003cp\u003eStaged investment gates preserve optionality amid rate volatility, while currency-matched funding for KRW revenues reduces basis risk.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFX and KRW volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eKRW volatility—around 1,300–1,350 per USD in 2024–2025—directly alters translation of overseas earnings and raises imported feedstock costs for SK affiliates. Group-level hedging policies and natural offsets (USD revenues versus USD inputs) have helped stabilize cash flows. Pricing clauses and multi-currency procurement lower transactional exposure, while subsidiary treasury centers improve hedging agility and liquidity management.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCommodity and energy prices\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eOil, naphtha and gas swings (Brent ~80$\/bbl in 2024; naphtha ~650$\/t; EU gas ~€50–70\/MWh in 2024) directly compress chemical margins while battery metals (lithium carbonate ~15–20k$\/t in 2024) shift advanced materials economics; dynamic sourcing plus long‑term offtakes with price floors\/caps protect spreads, and data‑driven procurement improves timing; pass‑through needs strong customer contracts.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCommodity exposure: oil\/naphtha\/gas\u003c\/li\u003e\n\u003cli\u003eBattery metals: input volatility\u003c\/li\u003e\n\u003cli\u003eMitigation: long‑term offtakes + floors\/caps\u003c\/li\u003e\n\u003cli\u003eCapability: data-driven procurement\u003c\/li\u003e\n\u003cli\u003eRequirement: robust pass‑through contracts\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eM\u0026amp;A and valuation cycles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eLower multiples in downturns can unlock accretive bio and tech services deals as buyers face cheaper entry; buyer discipline and integration metrics (synergy tracking, KPI cadence) determine whether target value is realized. Venture and growth equity windows swing with liquidity—Fed funds at 5.25–5.50% (July 2025) tightens exits and opens opportunistic M\u0026amp;A. Active portfolio pruning reallocates capital to higher-ROIC (\u0026gt;15%) assets.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMultiples down → accretive buy opportunities\u003c\/li\u003e\n\u003cli\u003eIntegration discipline + synergy tracking = realized value\u003c\/li\u003e\n\u003cli\u003eLiquidity (rates) controls VC\/growth windows\u003c\/li\u003e\n\u003cli\u003ePruning shifts capital to \u0026gt;15% ROIC\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSeoul backs chips\/batt\/bio; R\u0026amp;D \u003cstrong\u003e4.8%\u003c\/strong\u003e, Korea -\u003cstrong\u003e25%\u003c\/strong\u003e\n\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eGlobal rates (Fed funds 5.25–5.50% July 2025) and Brent ~80–85 $\/bbl in 2024–25 raise WACC, pressuring chemical margins and screening marginal biopharma projects. KRW ~1,300–1,350\/USD amplifies imported feedstock costs; green bonds 10–30 bp cheaper reduce blended costs. Active hedging, staged gates and \u0026gt;15% ROIC target sustain capital discipline.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eFactor\u003c\/th\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eImpact\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRates\u003c\/td\u003e\n\u003ctd\u003e5.25–5.50%\u003c\/td\u003e\n\u003ctd\u003e↑WACC, tighter VC exits\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOil\u003c\/td\u003e\n\u003ctd\u003eBrent 80–85 $\/bbl\u003c\/td\u003e\n\u003ctd\u003eCompresses chemical margins\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFX\u003c\/td\u003e\n\u003ctd\u003eKRW 1,300–1,350\/USD\u003c\/td\u003e\n\u003ctd\u003eHigher input costs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGreen finance\u003c\/td\u003e\n\u003ctd\u003e10–30 bp\u003c\/td\u003e\n\u003ctd\u003eLower blended capital cost\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eSame Document Delivered\u003c\/span\u003e\u003cbr\u003eSK PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact SK PESTLE Analysis document you’ll receive after purchase—fully formatted, professionally structured, and ready to use. The layout, content, and headings visible in the screenshot match the downloadable file you’ll get immediately after checkout. No placeholders or teasers—this is the finished product.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"PortersFiveForce","offers":[{"title":"Default Title","offer_id":56162447196537,"sku":"sk-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0914\/5276\/8633\/files\/sk-pestle-analysis.png?v=1762701002","url":"https:\/\/portersfiveforce.com\/products\/sk-pestle-analysis","provider":"Porter's Five Forces","version":"1.0","type":"link"}