He put a perverse twist on the repurchase trade, routinely used in the past to squeeze some additional income out of the Treasury securities that are traditionally on hand as part of normal business operations.

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Dry water resembles a very fine powder (like icing sugar or flour) that has a slightly more liquid-like appearance when it flows, and if you squeeze some of it in your hand hard enough the powder combines to give you a few drops.

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To protect the company from the danger that cheap new computers will squeeze the margin on refurbished ones, Mr McKie is developing direct sales of more powerful second-hand machines to non-profit bodies, such as charities and schools, and to individuals.

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