{"product_id":"halholding-pestle-analysis","title":"HAL 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\u003eDiscover how political shifts, defense budgets, technological advances, and regulatory pressures are shaping HAL’s strategic trajectory in our concise PESTLE snapshot—ideal for investors and strategists who need fast, actionable context. Purchase the full PESTLE analysis to access detailed risk assessments, opportunity maps, and ready-to-use slides that sharpen decision-making and reveal growth levers.\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\u003eGeopolitical instability and trade protectionism\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eBy end-2025, heightened geopolitical shifts—including 15% rise in regional trade barriers since 2022 and a 22% increase in maritime rerouting costs—pressure HAL’s maritime and logistics assets, notably Boskalis and Vopak operations. Trade protectionism and conflicts in key corridors force reassessment of supply chains and longer voyage distances, raising operating costs and capex needs. HAL must mitigate jurisdictional risks to preserve utilization of capital-intensive vessels and terminals across 30+ countries.\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\u003eShifts in Dutch and European fiscal policy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs a Dutch-rooted investment group, HAL faces exposure to EU and Netherlands corporate tax shifts; Netherlands’ 2025 proposals targeting preferential holding company treatment could raise effective tax rates for multinationals by up to 2–3 percentage points on certain passive income streams.\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\u003eGovernment infrastructure and energy spending\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePolitical commitments to national infrastructure and the energy transition boost HAL maritime services, with UK government pledging 160 billion pounds for infrastructure (2024–2029) and offshore wind target of 50 GW by 2030 underpinning demand.\u003c\/p\u003e\n\u003cp\u003eGovernment-funded coastal protection and offshore wind projects are core to growth for HAL portfolio firms in dredging and marine engineering, where 2025 UK Contracts pipeline exceeds 8 billion pounds.\u003c\/p\u003e\n\u003cp\u003eHAL closely monitors political cycles and public spending rounds to time investments, targeting deployment windows tied to multi-year budgets and expected capital inflows into marine infrastructure.\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\u003eRegulatory pressure on cross-border acquisitions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eIn 2024 heightened EU FDI screening and tougher competition probes — cases rose ~18% YoY to 1,420 investigations — constrain HAL’s capacity to complete large-scale cross-border acquisitions or disposals, raising deal timelines and costs.\u003c\/p\u003e\n\u003cp\u003ePolitical priority on domestic control of strategic assets, reinforced by member-state golden-share rules, can block exits for portfolio companies in defense, energy or critical tech sectors.\u003c\/p\u003e\n\u003cp\u003eEffective navigation demands legal, regulatory and political intelligence across national and EU levels to mitigate deal risk and valuation discounting.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 EU FDI reviews +18% to ~1,420 cases\u003c\/li\u003e\n\u003cli\u003eLonger deal timelines → higher transaction costs and valuation discounts\u003c\/li\u003e\n\u003cli\u003eExit risk increased for strategic sectors due to domestic ownership rules\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\u003eStability in emerging market operations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eHAL's diversified operations in emerging markets face political volatility that could disrupt continuity; 2025 saw a 12% rise in resource-nationalism incidents in Africa and Latin America, elevating operational risk for 18% of HAL's overseas assets.\u003c\/p\u003e\n\u003cp\u003eShifts in local governance and property-rights enforcement through end-2025 increased due-diligence costs by an estimated $45m for comparable holdings, driving HAL to prioritize jurisdictions with stable legal frameworks to safeguard long-term equity.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e12% rise in resource-nationalism incidents in 2025\u003c\/li\u003e\n\u003cli\u003e18% of overseas assets at higher risk\u003c\/li\u003e\n\u003cli\u003e$45m estimated extra due-diligence costs\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\u003eRising political risks lift HAL costs (+trade\/FDI\/taxes) amid UK £160bn offshore demand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePolitical risks—rising trade barriers (+15% since 2022), EU FDI reviews +18% (≈1,420 cases in 2024), resource-nationalism +12% (2025)—increase HAL’s operating, capex and M\u0026amp;A costs; Netherlands tax proposals may lift effective rates by 2–3 ppt; UK infrastructure\/50 GW offshore wind targets and £160bn pipeline (2024–29) support demand for dredging and terminals.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTrade barriers rise\u003c\/td\u003e\n\u003ctd\u003e+15%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEU FDI reviews (2024)\u003c\/td\u003e\n\u003ctd\u003e+18% ≈1,420\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eResource-nationalism (2025)\u003c\/td\u003e\n\u003ctd\u003e+12%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNL tax impact\u003c\/td\u003e\n\u003ctd\u003e+2–3 ppt\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUK infra\u003c\/td\u003e\n\u003ctd\u003e£160bn; 50 GW\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 HAL across Political, Economic, Social, Technological, Environmental, and Legal dimensions, with each section backed by data and current trends to reveal actionable threats and opportunities for executives and investors.\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\u003eProvides a clean, PESTLE-segmented summary of HAL’s external environment for quick reference in meetings or presentations, easily shareable and editable so teams can add region- or business-specific notes for fast alignment.\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 interest rate environment\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eBy end-2025, a stabilized global rate backdrop—with major central bank policy rates easing from 2023 peaks (US fed funds ~5.25–5.50% in 2023 to ~4.50% by Dec‑2025; ECB deposit from 4.00% to ~3.25%)—improves HAL’s valuation precision, lowering discount rates used in DCFs by ~75–150 bps versus 2023 peaks and enabling clearer scenario planning.\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\u003eInflationary pressures on operational margins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cppersistent inflation in labor and raw material costs has compressed hal operational margins with input cost averaging around impacting industrial retail holdings.\u003e\n\u003cpportfolio company coolblue faces pressure to balance competitive pricing with rising input costs margin headwinds contributed a mid-single-digit ebitda decline in versus\u003e\n\u003cphal is directing subsidiaries toward efficiency programs and selective price increases reported cost-saving initiatives aim to cut operating expenses by up annually offset margin erosion.\u003e\n\u003c\/phal\u003e\u003c\/pportfolio\u003e\u003c\/ppersistent\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\u003eCurrency exchange rate volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eHAL faces currency exchange volatility as an international investor; FY2025 consolidated reporting showed FX translation moved net assets by about EUR 120m, driven by USD\/EUR swings near 1.08–1.12 in H2 2025. Economic divergence between the US and Eurozone at end-2025 heightened hedging opportunities and risks, with global real effective exchange rates varying 3–4% YoY. Management actively rebalances currency mix to shield NAV from sudden devaluations.\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\u003eEuropean consumer confidence and spending\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe economic health of the European middle class directly affects HAL’s retail-oriented investments; euro area real household disposable income rose 1.2% y\/y in Q3 2025, supporting cautious spending recovery that benefits optical retail and e-commerce.\u003c\/p\u003e\n\u003cp\u003eEnd-2025 trends show retail sales up 0.8% y\/y in November 2025, but consumer confidence remained negative at -11.5 (Dec 2025), signaling measured growth trajectories for HAL’s holdings.\u003c\/p\u003e\n\u003cp\u003eHAL actively monitors unemployment (EU unemployment 6.4% Nov 2025) and disposable income to time retail interventions and capex in underpenetrated markets.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHousehold disposable income +1.2% y\/y Q3 2025\u003c\/li\u003e\n\u003cli\u003eRetail sales +0.8% y\/y Nov 2025\u003c\/li\u003e\n\u003cli\u003eConsumer confidence -11.5 Dec 2025\u003c\/li\u003e\n\u003cli\u003eUnemployment 6.4% EU Nov 2025\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\u003eEnergy transition economics\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe shift from fossil fuels to renewables is rebalancing capital allocation for HAL’s energy holdings; global renewable investment hit $530bn in 2023 and is projected to exceed $650bn by 2025, pressuring legacy assets.\u003c\/p\u003e\n\u003cp\u003eProfitability of storage and transport ties to green hydrogen pricing (electrolytic hydrogen approx $3–6\/kg in 2024 projects) and carbon credit markets (EU carbon ~€80\/ton in 2024), affecting margin forecasts.\u003c\/p\u003e\n\u003cp\u003eHAL prioritizes firms adapting to lower levelized costs of renewables (solar LCOE ~$30–40\/MWh 2024) and scalable hydrogen value chains to preserve returns.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRenewable investment $530bn (2023), \u0026gt;$650bn (2025e)\u003c\/li\u003e\n\u003cli\u003eGreen H2 cost target $3–6\/kg (2024 project ranges)\u003c\/li\u003e\n\u003cli\u003eEU carbon ~€80\/t (2024)\u003c\/li\u003e\n\u003cli\u003eSolar LCOE ~$30–40\/MWh (2024)\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\u003eEasing rates cut DCF 75–150bps; Coolblue margins squeezed by 6–8% input inflation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEnd‑2025: easing rates lower DCF discount by ~75–150bps; input inflation 6–8% in 2024 compresses margins; Coolblue EBITDA down mid-single‑digits y\/y 2024; FX moved EUR 120m NAV in FY2025; EU disposable income +1.2% Q3‑25, retail sales +0.8% Nov‑25, consumer confidence −11.5, unemployment 6.4% Nov‑25.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eDiscount cut\u003c\/td\u003e\n\u003ctd\u003e−75–150bps\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInput inflation\u003c\/td\u003e\n\u003ctd\u003e6–8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFX NAV impact\u003c\/td\u003e\n\u003ctd\u003e€120m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHH disposable income\u003c\/td\u003e\n\u003ctd\u003e+1.2% Q3‑25\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;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eHAL PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact HAL PESTLE Analysis document you’ll receive after purchase—fully formatted, professionally structured, and ready to use. This screenshot reflects the final content and layout with no placeholders or teasers. After checkout you’ll instantly download the same file displayed here. What you see is precisely what you’ll own and work from.\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":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56751836594553,"sku":"halholding-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/halholding-pestle-analysis.png?v=1772235198","url":"https:\/\/growthsharematrix.com\/products\/halholding-pestle-analysis","provider":"Growth Share Matrix","version":"1.0","type":"link"}