:00:00. > :00:09.This is Business Live from BBC News with Ben Thompson and Sally Bundock.
:00:10. > :00:12.Oil prices fall again as the world's biggest producers once again fail
:00:13. > :00:33.Live from London, that's our top story on the 18th of April.
:00:34. > :00:35.There were high hopes that the world's top oil producers
:00:36. > :00:39.would finally agree to cut production to prop up prices.
:00:40. > :00:42.But there was no deal and it's sent prices even lower.
:00:43. > :00:45.We'll find out why - and what it means for us.
:00:46. > :00:52.The world's major steel producers meet to tackle
:00:53. > :00:54.the massive oversupply - and how to deal with floods
:00:55. > :00:58.And commodity prices take a hit after oil
:00:59. > :01:06.That's putting pressure on the wider market.
:01:07. > :01:13.We meet the man behind L'Oreal's Tech team who's applying
:01:14. > :01:16.new ideas to solve age old problems, like this patch that tells
:01:17. > :01:21.you when you've been in the sun too long!
:01:22. > :01:26.And the British Government claims that leaving the EU would cost every
:01:27. > :01:32.UK household over $6,000 a year in lost income.
:01:33. > :01:34.So we are asking you if a few thousand dollars
:01:35. > :01:37.would swing your vote in a referendum on how your
:01:38. > :01:54.Hello and a very warm welcome to the programme.
:01:55. > :01:55.There was a lot riding on this weekend.
:01:56. > :01:58.The world's top oil producers were meeting in the Qatari capital,
:01:59. > :02:01.Doha, to thrash out a deal to stabilise oil prices.
:02:02. > :02:05.There was no agreement to cap production, saying they
:02:06. > :02:13.That statement was enough to tip oil prices down another 5%.
:02:14. > :02:18.At the moment, more than 1.5 million barrels of crude are produced every
:02:19. > :02:27.That is surplus supply, according to the International Energy Agency,
:02:28. > :02:29.It says that oversupply will fall to 200,000 barrels per day
:02:30. > :02:36.But the agency says freezing at current levels would have limited
:02:37. > :02:39.impact, as both Saudi Arabia and Russia are already pumping
:02:40. > :02:47.And Iran is unlikely to agree to a freeze,
:02:48. > :02:50.as it wants to boost production to the level it was at
:02:51. > :02:51.before international sanctions were imposed.
:02:52. > :02:54.That's about 4 million barrels a day.
:02:55. > :02:58.Saudi Arabia - the key player in all of this - had counted
:02:59. > :03:04.on rock-bottom oil killing off America's shale energy boom.
:03:05. > :03:06.But America's frackers - although they've been hit -
:03:07. > :03:08.are proving more resilient that Saudi thought - and investors
:03:09. > :03:11.are actually putting money back into shale once again.
:03:12. > :03:13.Harry Tchilinguirian is the Global Head of
:03:14. > :03:17.Commodity Markets Strategy at BNP Paribas.
:03:18. > :03:27.He joins me. Good morning. Thank you for coming on. I wasn't surprised to
:03:28. > :03:31.hear there was no agreement. Your reaction? Equally so. I think we had
:03:32. > :03:35.a meeting here that was no starter from the beginning. We had two
:03:36. > :03:40.countries pitted against each other, the Middle East and rival Saudi
:03:41. > :03:47.Arabia and Iran. Saudi Arabia made it clear they wanted collective
:03:48. > :03:50.action, everyone including Iran. The position of Iran was there was no
:03:51. > :03:53.way they would not increase production because they are looking
:03:54. > :03:58.to reclaim the market share they lost during the sanctions, as
:03:59. > :04:02.imposed by the EU and US. Where do we go from here? I guess the market
:04:03. > :04:08.is going to look at the current situation and see producer relations
:04:09. > :04:13.in disarray. With producers unable to operate we cannot expect much
:04:14. > :04:18.from the next meeting in June. At that point it will be down to price
:04:19. > :04:22.adjustments in the market and only the price. I think from now on the
:04:23. > :04:25.only thing to look at is what is going to happen in the United
:04:26. > :04:29.States, with shale oil production. That is the only element of the
:04:30. > :04:33.market that could bring balance back to the market. What price does or
:04:34. > :04:36.we'll need to be out for the shale producers to be breaking even?
:04:37. > :04:44.Because they have been running a loss for some time? Yes, the US
:04:45. > :04:50.shale industry... There are very different types of basins in the US.
:04:51. > :04:54.I would say in terms of price it would be 40- $50. Right now we are
:04:55. > :04:59.looking for decline in US production and the real question is, by how
:05:00. > :05:03.much? If it is sufficient, then the market will get back on its feet. If
:05:04. > :05:07.it's not, the price will have to stay lower for longer to make the
:05:08. > :05:13.adjustments can. Where do you think the price will be towards the end of
:05:14. > :05:18.the year? We are looking between 30- $40, with a view that by the end of
:05:19. > :05:24.the year, as we have some rebound in the market, we can probably achieve
:05:25. > :05:28.in the mid-40s by year end. Thank you for your time, Harry. There is
:05:29. > :05:33.so much more about the Doha meeting, what went wrong and what little went
:05:34. > :05:34.right. Leaders from the global steel
:05:35. > :05:38.industry will meet in Brussels later for crisis talks,
:05:39. > :05:40.as cheap Chinese exports force down prices and threaten
:05:41. > :05:43.thousands of jobs. A slowdown in domestic demand
:05:44. > :05:45.in China, as its economy slows, has prompted Chinese producers
:05:46. > :05:48.to sell steel abroad, The BBC's Alex Forsyth reports
:05:49. > :05:54.from Brussels. Representatives from around 30
:05:55. > :05:58.countries from across the world are gathering here in central
:05:59. > :06:01.Brussels today, to discuss the crisis that's facing
:06:02. > :06:04.the global steel industry. Overproduction, coupled with falling
:06:05. > :06:06.consumption has caused Since 2008 dozens of plants
:06:07. > :06:11.across Europe have closed, and around 70,000 jobs in steel
:06:12. > :06:15.manufacturing have gone. This problem has been brought
:06:16. > :06:18.into sharp focus in the UK by the recent decision of Tata Steel
:06:19. > :06:21.to sell its UK assets, But there is recognition that this
:06:22. > :06:29.is a global problem which requires which requires a global approach,
:06:30. > :06:31.and the hope is the officials taking part in this
:06:32. > :06:34.conference today will be able to agree a series of measures
:06:35. > :06:36.to curb overproduction, specifically looking at the role
:06:37. > :06:40.of governments in shoring up steel-making plants
:06:41. > :06:46.which are producing steel Now it's significant that officials
:06:47. > :06:51.from China are due to attend today to take place in these talks,
:06:52. > :06:53.because cheap Chinese steel is largely blamed
:06:54. > :06:55.for distorting market conditions, so reaching an agreement with China
:06:56. > :06:58.involved will make this Brazil's lower house of Congress has
:06:59. > :07:05.voted to start impeachment proceedings against President Dilma
:07:06. > :07:07.Rousseff. The Brazilian leader is facing
:07:08. > :07:09.allegations that she manipulated It comes as the country's economy
:07:10. > :07:13.struggles in the wake Brazil's GDP fell
:07:14. > :07:19.by 3.8% last year. The first Air France flight
:07:20. > :07:21.has landed in Tehran, after a gap of seven
:07:22. > :07:26.and a half years. The airline suspended flights
:07:27. > :07:29.to Tehran in October 2008, as the UN On board the flight was a delegation
:07:30. > :07:47.of French business leaders There is plenty of story, website
:07:48. > :07:52.page today. The steel crisis. As you heard from Alex, a lot at stake with
:07:53. > :07:56.30 nations represented. Keep across this as the page is updated, they
:07:57. > :08:05.will update you as and when there is news from there.
:08:06. > :08:10.I just stopped talking... It was a lottery of stories on the
:08:11. > :08:16.live pages this morning. Also today you can see the news from Bob
:08:17. > :08:23.Dudley. Last week we brought you the revolt of shareholders over his
:08:24. > :08:28.bonus. BP said it misled shareholders over the pay. A 20% pay
:08:29. > :08:32.rise was afforded to him despite falling sales, a big loss at BP and
:08:33. > :08:36.those thousands of job losses that were announced for employees. They
:08:37. > :08:39.say they got it wrong and have apologised.
:08:40. > :08:41.Thank you. Let's talk about Japan now.
:08:42. > :08:44.A number of key Japanese manufacturers have been forced
:08:45. > :08:45.to suspended production after two powerful earthquakes hit
:08:46. > :08:51.Electronics giant Sony, as well as car makers
:08:52. > :08:54.Honda and Toyota say their plants have been damaged.
:08:55. > :09:00.Karishma Vaswani is in Singapore with more on this.
:09:01. > :09:07.As we said, some well-known names really suffering the fallout of this
:09:08. > :09:11.devastating earthquake? Yes indeed. Thousands of people are also still
:09:12. > :09:15.living without power and many of them left homeless. The government
:09:16. > :09:20.is trying to deploy its resources to be badly affected areas, but as you
:09:21. > :09:24.pointed out, it is time to gauge the cost to the Japanese economy from
:09:25. > :09:29.this horrible disaster. A number of Japanese companies have suspended
:09:30. > :09:34.operations since those two powerful earthquakes struck what was the
:09:35. > :09:42.southern manufacturing hub of the affected area. It is supposedly less
:09:43. > :09:47.prone to earthquakes in this area. This city, quite close to the
:09:48. > :09:51.epicentre, has a large semiconductor industry. It is also home to
:09:52. > :09:54.manufacturers like we were just talking about, Sony and Honda. They
:09:55. > :10:00.have both said there has been damaged at their plants. Toyota says
:10:01. > :10:04.it has suffered as well, and is suspending operations at most its
:10:05. > :10:08.assembly plants across Japan. This suspension will be staggered but it
:10:09. > :10:12.will last about week. That is expected to lead to a drop in
:10:13. > :10:16.production, around 50,000 vehicles. So a real sense that the global
:10:17. > :10:23.supply chain of these companies may be affected as a result of these two
:10:24. > :10:29.powerful earthquakes. Thank you very much. As we heard, a human tragedy
:10:30. > :10:32.and one where the financial impact is filtering across as well. We will
:10:33. > :10:37.keep your Groser as news developments. But now those oil
:10:38. > :10:43.prices over those talks in Doha failed to reach agreement. Brent
:10:44. > :10:50.Crude Down about 5% initially, and still close to that. Light Crude
:10:51. > :10:58.also down about the same. The next meeting is on June the 2nd but no
:10:59. > :11:02.big hopes on any change of output. But of course, all that speculation
:11:03. > :11:06.of a deal had led to some high hopes for banks and mining stocks. That
:11:07. > :11:10.spill over from rising commodity prices would have helped them, but
:11:11. > :11:13.as easy, probably going to take a bit of a hit as a result of this.
:11:14. > :11:18.That's what happened in Asia overnight. I want to take you to
:11:19. > :11:21.Europe, Europe just opened. No surprises, the arrows are red. More
:11:22. > :11:24.on that in a moment, but first began head stateside with details about
:11:25. > :11:27.what is ahead on Wall Street today. US investors will come into work
:11:28. > :11:29.on Monday with plenty America's biggest companies
:11:30. > :11:39.are showing investors how much money they made and lost in the first
:11:40. > :11:42.three months of the year. Morgan Stanley,
:11:43. > :11:43.the investment bank, is expected to show a sharp fall
:11:44. > :11:47.in quarterly profit. Many investors have resigned
:11:48. > :11:50.themselves to the biggest banks suffering their worst
:11:51. > :11:53.start to the year since the It's a different story in soft
:11:54. > :11:57.drinks or snacks, or it should be if PepsiCo
:11:58. > :12:02.meet expectations. It seen its sales in the US
:12:03. > :12:05.boosted, even though the strong US dollar is hurting
:12:06. > :12:08.its overseas business. Other companies reporting
:12:09. > :12:11.include Netflix and IBM, and that's just at the start
:12:12. > :12:13.of the week. Wall Street is definitely
:12:14. > :12:20.getting busy. Joining us is Simon Derrick,
:12:21. > :12:35.Chief Markets Strategist, Nice to see you. Happy Monday. So
:12:36. > :12:40.dominated despite what's coming later, it's all about oil right now?
:12:41. > :12:43.It is. What we have to start thinking about is how this impacts
:12:44. > :12:48.on broader markets. We have seen what has happened to the minors and
:12:49. > :12:52.stock miners. We also expect to see pressure on a lot of the currencies
:12:53. > :12:55.of oil producing nations. Interesting there is possibly a
:12:56. > :13:00.bigger impact, and this comes from what the Federal reserve might do.
:13:01. > :13:05.The US central bank. They were very cautious about market turmoil at the
:13:06. > :13:08.start of the year, including weak oil prices. If they see this as
:13:09. > :13:12.another reason for market disruption, which they may possibly
:13:13. > :13:17.do, does this mean that they will be even more cautious about hiking
:13:18. > :13:20.rates this year? In which case we have a very different world and
:13:21. > :13:25.dollar to the one we experience last year. No huge surprise they didn't
:13:26. > :13:31.come to a deal in Doha this weekend. Is this a perfect example of
:13:32. > :13:35.mis-selling the facts? We were expecting they might pull something
:13:36. > :13:38.out of the bag, markets were a little excited something would
:13:39. > :13:42.happen and then you look at the numbers today... If you go back to
:13:43. > :13:46.this time yesterday morning, all the talk was about a deal being struck.
:13:47. > :13:50.Reports of draft agreements and perhaps there was going to be a
:13:51. > :13:56.freeze on production. They may have been hopes lifted. I think the way
:13:57. > :14:01.this has broken a little bit after the start of market trading in Asia
:14:02. > :14:06.possibly caught a few people unawares. Was it a case of
:14:07. > :14:18.mis-selling the facts? Were we really that surprised? And markets
:14:19. > :14:22.just throwing things around? There is never a dull moment. Still to
:14:23. > :14:25.come, global tech and cosmetics collide.
:14:26. > :14:29.We meet the man who heads up L'Oreal's Tech team and find out
:14:30. > :14:31.what new ideas are being used to help out with some
:14:32. > :14:40.You're with Business Live from BBC News.
:14:41. > :14:43.Research published by the Treasury this morning says the UK economy
:14:44. > :14:46.will be 6% smaller by 2030, if Britain leaves the EU.
:14:47. > :14:48.Chancellor George Osborne will say the country will be ?4,300
:14:49. > :14:51.But Vote Leave campaigners say Mr Osborne's economic predictions
:14:52. > :14:56.Our Economics Editor Kamal Ahmed joins us.
:14:57. > :15:03.Kamal, how significant is this report?
:15:04. > :15:10.Well, I have just come back from the International Monetary Fund meeting
:15:11. > :15:17.in Washington actually with the Chancellor and I think what he is
:15:18. > :15:22.trying to do here is just keep trying to get this fact into the
:15:23. > :15:26.public's mind that there will be a shocking economic cost if Britain
:15:27. > :15:29.were to leave the European Union. I think there are lots of issues with
:15:30. > :15:32.this document. It has been done by treasury economists. It has taken
:15:33. > :15:37.months to put together and the biggest issue is the fact that this
:15:38. > :15:42.forecast is for 2030. Can you imagine if a forecast had come out
:15:43. > :15:49.in 20002 about what the economy would be like today, how strongly if
:15:50. > :15:55.we went back do the 2002 document, how clear would it be about what the
:15:56. > :15:58.economy would be like now? This is the period that the document is
:15:59. > :16:02.looking and it is difficult to predict by 2030 what the economy
:16:03. > :16:05.will look like. The other issue is they are saying there will be this
:16:06. > :16:12.contraction to the economy. Let's be clear though, this is not actually
:16:13. > :16:19.about ?4300 costs to each individual household's income, it is a global
:16:20. > :16:22.Figg simply divided by the 26.5 million households there are in the
:16:23. > :16:28.UK, but the big point that George Osborne wants to make and the point
:16:29. > :16:32.he was making at the IMF in Washington and he will be making in
:16:33. > :16:36.his speech today, there is an economic cost, it is long-term and
:16:37. > :16:40.it will, if we leave the European Union, permanently damage the UK. As
:16:41. > :16:43.you say, those who say that Vote Leave, those who support us leaving
:16:44. > :16:49.the European Union say that actually we would be more prosperous, if we
:16:50. > :16:55.left the European Union, and also that forecasts at this far into the
:16:56. > :17:01.future are not really worth the 200 pages that they are written on.
:17:02. > :17:05.Thank you, Kamal. More from him online. If you want to
:17:06. > :17:10.read more detail about the 200 page document. Full details on the live
:17:11. > :17:14.page. Check it out now. Our top story, major
:17:15. > :17:17.oil exporting nations, meeting in Qatar, have failed
:17:18. > :17:23.to secure an agreement They had been hoping to strike
:17:24. > :17:26.a deal that would limit output to try to boost prices which have
:17:27. > :17:29.slumped dramatically Let's get the inside track now
:17:30. > :17:41.on a digital innovation that could quite literally change
:17:42. > :17:52.the face of an industry. Technology has already taken
:17:53. > :17:57.the fitness market by storm with all sorts of wearable devices
:17:58. > :17:59.and lifestyle trackers. Well, now it's the turn
:18:00. > :18:01.of the beauty sector. L'oreal's latest innovation,
:18:02. > :18:04.from its Tech lab in San Francisco is a wearable patch that measures
:18:05. > :18:07.how long you've been in the sun. And the man behind it
:18:08. > :18:21.all is Guive Balooch, And you have got one on your hand?
:18:22. > :18:25.Yes, I do. That's wearable tech. I guess once you've got it on, you
:18:26. > :18:31.don't know it is there, do you? It is interesting because what happened
:18:32. > :18:34.now with wearables you have been able to take electronics and make
:18:35. > :18:38.them so thin, you can put them on the body and they feel like a second
:18:39. > :18:42.skin. How does it tell you what you need to know? You open the
:18:43. > :18:46.application and you will take a photo of the heart itself and it
:18:47. > :18:49.will let you know on the app what the level of exposure you have to
:18:50. > :18:54.the UV at the moment and how long you have been exposed during the day
:18:55. > :18:59.and it will tell you with a graph, the amounts of time you have had UV
:19:00. > :19:02.exposure and at what moments you have had the highest levels of
:19:03. > :19:05.exposure and give you tips and lifestyle tips in terms of living a
:19:06. > :19:10.better life in the sun. I can't imagine there is much need for that
:19:11. > :19:16.in the UK! We don't get much sun! Talk us through how you would use
:19:17. > :19:20.that on a day-to-day basis, do you wear it over the course of your
:19:21. > :19:25.holiday? The idea is if it is a special few days that you are at the
:19:26. > :19:29.beach or if you want to go out on a day-to-day and your comments about
:19:30. > :19:35.the UK, a lot of times you're getting UVA and it is cloudy outside
:19:36. > :19:39.and you don't know the level of exposure because you feel you're not
:19:40. > :19:46.gettingks posed. There is the bad type of UVA and the OK type, do you
:19:47. > :19:51.differentiate? You can get a good amount of vitamin D when it comes to
:19:52. > :19:55.UV, it is to give you education in terms of how much exposure you are
:19:56. > :19:59.getting on a day-to-day. The education is very much needed. So
:20:00. > :20:03.the technology itself is free so we're providing this as really an
:20:04. > :20:06.empowerment tool to let people educate themselves in terms of the
:20:07. > :20:16.amount of UV exposure they have and to use the products of an innovative
:20:17. > :20:19.brand we have around dermatology and UV exposure. We talk about
:20:20. > :20:23.technology being a new solution to age old problems, but it is
:20:24. > :20:26.applicable across-the-board, it is about how you can technology. The
:20:27. > :20:30.thing you've got on your hand there, it is tiny, it is really thin, there
:20:31. > :20:35.is all the electronics embedded within it. The opportunities for the
:20:36. > :20:39.way you do things now are, the potential is huge? Yeah, I think
:20:40. > :20:43.that technology provides really a moment where consumers can become in
:20:44. > :20:47.the centre of the experience. So in the beauty industry what we want to
:20:48. > :20:52.do in L'Oreal, we are trying to be in the front when it comes to being
:20:53. > :20:55.able to use technology as a way to empower consumers to choose better
:20:56. > :20:59.products and to be able to use the best products for them. So I think
:21:00. > :21:03.that this is really an area where you will see wearables, virtual
:21:04. > :21:07.reality and augmented reality and this new tech innovation in the
:21:08. > :21:11.middle of the consumer experience where they can empower consumers for
:21:12. > :21:14.can yous tomorrowised choices and for better lifestyle and the
:21:15. > :21:20.potential is really huge among the markets, I think. Now, I was asking
:21:21. > :21:23.for another question, but I am not allowed. We are out of time
:21:24. > :21:27.unfortunately. No problem, thank you for having me. There was so much
:21:28. > :21:30.more to talk about, it is fascinating. Thank you.
:21:31. > :21:33.As India overtook China as the world's fastest growing
:21:34. > :21:38.economy, there's been renewed focus on the government's attempts
:21:39. > :21:40.to boost investment and that push could be paying off.
:21:41. > :21:43.The IMF has just confirmed its optimistic outlook for India,
:21:44. > :21:45.despite much gloomier predictions for the world economy.
:21:46. > :22:00.Here's Finance minister Arun Jaitley.
:22:01. > :22:03.I don't think in a globally adverse situation that exists today, double
:22:04. > :22:06.Countries can reach their target when the
:22:07. > :22:08.global tail winds are all supportive, but when they are
:22:09. > :22:17.But even within the present limitation of the world economy
:22:18. > :22:19.growing slowly, volatility being there
:22:20. > :22:20.and unpredictability being there
:22:21. > :22:22.and commodity prices being low, I think if
:22:23. > :22:23.we have a good monsoon and
:22:24. > :22:28.if we are able to address several domestic reforms including
:22:29. > :22:31.strengthening the Indian banking system which is what we are trying
:22:32. > :22:35.to do, for us to grow over the 7.5% that we have reached is reasonably
:22:36. > :23:01.We asked you to get in touch with regards to the story in or out of
:23:02. > :23:05.Europe. Peter says the countries need closer union. Big question
:23:06. > :23:10.there. Lisa says, "George Osborne sounds like he is threatening the UK
:23:11. > :23:12.instead of offering balanced and honest information." Keep your
:23:13. > :23:17.comments coming in. The Wall Street Journal reports that
:23:18. > :23:19.Verizon's pursuit of Yahoo has received a boost as several
:23:20. > :23:22.prominent suitors opted not to make Business Insider meanwhile claims
:23:23. > :23:25.that Britain's house prices are going to soar
:23:26. > :23:27.because there's too little housing The Telegraph looks at a study
:23:28. > :23:33.which says that increasing regulatory interference means
:23:34. > :23:35.competition problems are now considered to be the biggest threat
:23:36. > :23:41.for global mergers and acquisitions. Joining us again is Simon Derrick,
:23:42. > :23:53.Chief Markets Strategist, Where do you want to start Simon?
:23:54. > :24:00.Shall we start with Yahoo? Go on. The lack of suitors for Yahoo, it
:24:01. > :24:04.was only a week ago, we were talking about The Daily Mail and here we are
:24:05. > :24:09.struggling to find buyers. It is a measure of the pace of change in
:24:10. > :24:13.technology, it is only 10 or 15 years ago when Yahoo was the bright
:24:14. > :24:20.and shining light. Here we are, it is nowhere and struggling to find a
:24:21. > :24:28.buyer. Interesting time life. I seem to remember they were tied up with
:24:29. > :24:34.one of the greatest sensations of the dotcom boom which was buying
:24:35. > :24:38.AOL. Yahoo's results are out later this week and the deadline for bids
:24:39. > :24:44.for Yahoo was timed before the earnings came out. Watch this space.
:24:45. > :24:48.Let's talk about housing. This is something that surprises me. The
:24:49. > :24:51.house price surge in the UK will get worse because builders are running
:24:52. > :24:57.ot of land. If you get a train between any city in the UK, you see
:24:58. > :25:01.how much spare land there, yes, some of it is green belt and some of it
:25:02. > :25:04.is protected, but we are not short of land in the UK? You have got to
:25:05. > :25:08.remember 60 million people in this country. Compare that to France
:25:09. > :25:13.which is not a huge amount of difference in terms of population,
:25:14. > :25:16.twice the land area that we have. Actually relatively speaking
:25:17. > :25:19.compared to a lot of Continental Europe, we are a crowded nation.
:25:20. > :25:23.Throw into this the fact that we are going to have interest rates going
:25:24. > :25:26.nowhere fast in the UK for a long period of time, people are going to
:25:27. > :25:32.still be looking to property as they always do in the UK as a hard asset.
:25:33. > :25:36.I think it means further upward pressure on house prices. And upward
:25:37. > :25:41.in terms of building. We might see more high rise rather than low rise?
:25:42. > :25:46.That's true in London. That's been the ski story for a while. Simon.
:25:47. > :25:51.Thank you for being with us today. That's it from us on the team. We
:25:52. > :26:00.will see you same time, same place tomorrow. Have a great day. Bye-bye.