:00:00. > :00:00.This is Business Live from BBC News with Ben Thompson
:00:07. > :00:11.Slashing tax to encourage investment.
:00:12. > :00:16.As the UK prepares for a future outside the EU, could lower taxes be
:00:17. > :00:35.Live from London, that's our top story on Monday 4th July.
:00:36. > :00:39.Is life about to become a little less taxing for UK firms?
:00:40. > :00:43.The UK Finance Minister George Osborne says he wants to reduce
:00:44. > :00:47.corporation tax from its current 20% to under 15% but is it enough
:00:48. > :00:55.Also in the programme - Australia in limbo.
:00:56. > :00:58.With the country's election currently too close to call, markets
:00:59. > :01:10.are on edge about the prospect of a hung parliament.
:01:11. > :01:14.After last weeks record sessions, but well in the week bring in the US
:01:15. > :01:20.markets? -- what will. And we'll be talking to a seafood
:01:21. > :01:23.company which is battling the weak pound amid fears it might struggle
:01:24. > :01:30.to find enough workers once It was ten days ago but it still
:01:31. > :01:36.dominates headlines. We want to know what you are doing to take a break
:01:37. > :01:38.from Brexit? Do not say watching this programme!
:01:39. > :01:53.Why would anybody want to take a break from Brexit? Welcome to the
:01:54. > :01:57.new week. Let us get started. The UK's Chancellor, George Osborne,
:01:58. > :02:00.has proposed a massive tax cut for business to encourage more
:02:01. > :02:03.investment in the UK after it Mr Osborne says he wants
:02:04. > :02:11.to slash corporation tax He'd already announced plans
:02:12. > :02:15.to lower the rate to 17% per cent in 2020 but the extra cut
:02:16. > :02:20.is being seen as a major sweetener for firms preparing
:02:21. > :02:25.for life outside the EU. The UK is currently a top
:02:26. > :02:30.destination for foreign investment but there are concerns that leaving
:02:31. > :02:33.the European Union could affect the number of firms wanting
:02:34. > :02:35.to set up or invest here. Its thought Britain has received
:02:36. > :02:38.more than a ?1 trillion - that's $1.3 trillion -
:02:39. > :02:41.of foreign direct investment. That makes it the biggest
:02:42. > :02:44.recipient in Europe, and globally behind only
:02:45. > :02:49.the US and China. But investors could be less
:02:50. > :02:54.willing to send their money here after the UK leaves the EU,
:02:55. > :02:57.with some reports forecasting a fall of more than 20% over
:02:58. > :03:00.the next ten years - something the Chancellor
:03:01. > :03:05.is keen to prevent. Stephen Adams is a Partner
:03:06. > :03:20.at the strategic advisory Let us start with that. If the UK
:03:21. > :03:24.had attempt to corporation tax rate, the lowest for any major economy, is
:03:25. > :03:31.this enough to keep his Mrs here and attract new business? It depends on
:03:32. > :03:35.how much corporation tax you pay and depends on how important corporation
:03:36. > :03:44.tax is for you as a business. Relative to other things. It is only
:03:45. > :03:49.one of the many taxes businesses pay and more importantly, as we know,
:03:50. > :03:55.value is a reflection not just of a cost like tax but also a reflection
:03:56. > :03:59.of prospects and the big issue is one that tax cut looks like when you
:04:00. > :04:03.put that against the greater uncertainties of the unknown is
:04:04. > :04:06.about the UK's forward trading framework with the EU and the rest
:04:07. > :04:11.of the world and that is a trade-off. Is also an issue for
:04:12. > :04:17.Chancellor and the Finance Minister because across the water you have
:04:18. > :04:23.Ireland, 12.5% corporation tax, that is lower, and that is in the EU. Do
:04:24. > :04:30.I go with Ireland, plus it is in the EU? It might be one of the lowest
:04:31. > :04:36.tax rates for a large developed country, not the lowest tax rate in
:04:37. > :04:40.the EU, the UK, London has other attractions for businesses, one of
:04:41. > :04:46.the reasons the UK has prospered even alongside Ireland inside the EU
:04:47. > :04:52.but it certainly would not be the lowest corporation tax rate in the
:04:53. > :04:56.EU. What is it UK can offer to foreign companies wanting to invest?
:04:57. > :05:00.We talk about technology expertise, skills and innovation, we cannot
:05:01. > :05:05.compete on Labour costs or manufacturing, what can we offer? We
:05:06. > :05:09.can offer a comparatively high skills base, up to this point it has
:05:10. > :05:15.always been able to offer the extraordinary advantage of being a
:05:16. > :05:19.bridgehead to the single market and that is now an advantage that we
:05:20. > :05:28.almost certainly lose to some extent, it is unsure to what extent.
:05:29. > :05:34.Very strong cluster of skills in London and elsewhere. A very
:05:35. > :05:36.long-standing tradition of being a place to do business and a
:05:37. > :05:40.reputation for being very well network into the global markets. We
:05:41. > :05:45.don't lose all of those things with Brexit but all of those advantages
:05:46. > :05:51.have been dulled perhaps by the effect of leaving the EU. And very
:05:52. > :05:57.briefly, there is talk of investment into the UK, will it continue to be
:05:58. > :06:01.stalled or put on hold until the investors out there and corporations
:06:02. > :06:06.can see what the endgame is? That could take some time? It depends on
:06:07. > :06:10.the extent to which the business you are investing in is focused on the
:06:11. > :06:14.domestic market and there is a question of the economic impact on
:06:15. > :06:18.the UK domestic market but if you use the UK for a base for trading
:06:19. > :06:22.with the rest of the world, at the moment you have a very big question
:06:23. > :06:25.hanging over the extent to which the UK will retain access to the single
:06:26. > :06:29.market or on what terms it will retain that and of course it is
:06:30. > :06:32.trading framework for the rest of the world that have been established
:06:33. > :06:38.through the vehicle of EU membership and they are up for negotiation and
:06:39. > :06:44.that is a big uncertainty and it is ultimately about setting the cut in
:06:45. > :06:47.corporation tax against that uncertainty about the horizon. We
:06:48. > :06:49.really appreciate your time. Thank you for joining us.
:06:50. > :06:55.Shareholders in the London Stock Exchange Group will vote in the next
:06:56. > :06:58.hour on whether to approve a $26 billion merger with German
:06:59. > :07:03.The two companies insist the deal should go ahead, despite uncertainty
:07:04. > :07:09.The merger is designed to create one of the largest market
:07:10. > :07:12.companies in the world, to compete with rivals in Asia
:07:13. > :07:17.Russian crude exports look set to hit a record this year,
:07:18. > :07:20.which is intensifying competition in Europe as Iran boosts
:07:21. > :07:26.Exports were up nearly 5% to 5.5 million barrels a day
:07:27. > :07:31.Russia's output has risen every month since July 2014, according
:07:32. > :07:40.National Bank of Abu Dhabi is merging with rival
:07:41. > :07:44.First Gulf Bank in a deal that will create a regional powerhouse
:07:45. > :07:53.First Gulf Bank shareholders will hold 52% of the combined
:07:54. > :08:07.company, and the firm will retain the National Bank of Abu Dhabi name.
:08:08. > :08:21.I am looking for a story that is not about exit! I have been away for a
:08:22. > :08:27.week. The story about the future for Hinkley Point in the South of
:08:28. > :08:30.England. There was to be a vote and all the repercussions of that Brexit
:08:31. > :08:34.photo but whether that will get the go-ahead and it could be one of the
:08:35. > :08:41.first casualties of the vote for the UK to leave the European Union. OK.
:08:42. > :08:46.There is an article about... Don't smile at the camera! Worries over
:08:47. > :08:51.European farmers. Here in the UK. There are plenty of stories on their
:08:52. > :08:54.body a lot of it is related to Brexit. Can I talk about where I
:08:55. > :08:56.come from? Now to Australia, where there's
:08:57. > :08:58.political limbo ensuing as there's still no result
:08:59. > :09:01.in Australia's general election. Most ballots have now been counted
:09:02. > :09:06.but it could be Tuesday before And there are concerns the country's
:09:07. > :09:19.credit rating might be downgraded. Explain this. Why is this taking so
:09:20. > :09:24.long and why are the markets nervous? It is uncertainty after
:09:25. > :09:31.Brexit, that is the last thing you want, more uncertainty and this time
:09:32. > :09:36.Australia is bracing for what will be more uncertainty because of the
:09:37. > :09:41.General Election. That results in deadlock. Today is a first training
:09:42. > :09:45.days since the open -- the poll and the market has been swinging from
:09:46. > :09:50.early losses to moderate gains and now the major party has won enough
:09:51. > :09:54.seats to form a majority government and the coveted AAA credit rating
:09:55. > :10:00.could be in jeopardy but the markets seemed pretty calm at closing.
:10:01. > :10:06.Despite the unexpected closeness of this context, the Austrian dollar is
:10:07. > :10:10.trading higher against the US dollar, recovering from an initial
:10:11. > :10:15.drop of 0.5% and helped by a survey showing inflation picked up at the
:10:16. > :10:18.fastest pace since December 2013 and analysts say investors are quick to
:10:19. > :10:23.shrug off the election results as economic fundamentals for the nation
:10:24. > :10:26.as they remain fundamentally unchanged and that is not something
:10:27. > :10:30.Australians have not seen before. This is a nation that has had four
:10:31. > :10:35.prime ministers in under three years. Good stuff, thank you. Let's
:10:36. > :10:37.look at the numbers. The FTSE 100 posted its best week
:10:38. > :10:45.since 2011, in the US, the S 500 also managed
:10:46. > :11:00.to post its best week But given the collapse in value of
:11:01. > :11:04.the Blind, it makes a market look better. -- the pound.
:11:05. > :11:07.Markets are closed in the US for the Independence Day holiday
:11:08. > :11:09.and that means European markets may be a little quieter than usual.
:11:10. > :11:12.In Asia, the main focus was on that Australian election -
:11:13. > :11:15.that's failed to produce a clear winner.
:11:16. > :11:18.The big risk now is that any delay in forming a new government
:11:19. > :11:20.could undermine the Australian economy and the Ozzie dollar.
:11:21. > :11:23.In the UK, Bank of England governor Mark Carney was quick to reassure
:11:24. > :11:26.markets that the central bank remained ready to act
:11:27. > :11:29.to keep markets stable, and help ease worries over Brexit.
:11:30. > :11:31.But the big test will be whether other central banks around
:11:32. > :11:37.We'll discuss that more in a moment - but first,
:11:38. > :11:40.despite the public holiday today, Samira has the details about what's
:11:41. > :11:48.On Monday the US celebrates its July the 4th holiday commemorating its
:11:49. > :11:53.declaration of independence from Great Britain. Stock and bond
:11:54. > :11:59.markets are closed as the government offices. The July the 4th holiday is
:12:00. > :12:03.America's top beer drinking holiday, 150 million hot dogs will be
:12:04. > :12:07.concerned, within 40% the country will watch firework displays and the
:12:08. > :12:15.value of American firework imports is about $324 million. And most of
:12:16. > :12:19.those fireworks come from China. Some other things happening- the US
:12:20. > :12:24.Federal Reserve will release the minutes from its last policy meeting
:12:25. > :12:29.and on Friday they get the latest employment results. The economy
:12:30. > :12:32.added only 38,000 jobs in the month of May, the lowest game since the
:12:33. > :12:39.autumn of 2010. Go on! Joining us is Manji Cheto, Africa
:12:40. > :12:50.analyst from Teneo Intelligence. Calm down in the gallery! Can we
:12:51. > :12:54.start with oil? The Russian output is expected to be another record,
:12:55. > :13:02.churning more of the black stuff. It will continue to suppress the price
:13:03. > :13:07.and you have it run adding more and Nigeria had a rebound? -- Iran. Most
:13:08. > :13:11.of the market was driven by the Nigerian market owing down and now
:13:12. > :13:17.Russia is going back up oil prices hovering around $50 per barrel, is
:13:18. > :13:20.this equilibria for the medium outlook because we have been asking
:13:21. > :13:24.questions about whether equilibria is for the oil price is? We should
:13:25. > :13:31.explain, we talk about the difference between the FTSE 100 and
:13:32. > :13:37.the 250, the 250 has more UK focus so there is more vulnerability. Why
:13:38. > :13:41.do we see such good figures on the 100, given the collapse in the value
:13:42. > :13:46.of sterling and that is having a big effect on the overall market? The
:13:47. > :13:51.dollar is a lot stronger, the pound is quite weak so earnings have gone
:13:52. > :13:55.up significantly for dollar companies but this is just a blip
:13:56. > :13:58.because the next few weeks we shall get company results of company is
:13:59. > :14:01.giving the first hint as to whether the uncertainty affects earnings
:14:02. > :14:05.longer term and that might be the beginning of when we might see new
:14:06. > :14:09.volatility returning to the markets of anybody who was happy at the
:14:10. > :14:14.moment, older horses, we not quite there. Will you come back to take us
:14:15. > :14:18.through the papers? Great! Senior Editor. Some other non-Brexit
:14:19. > :14:21.stories. Still to come... As the pound falters,
:14:22. > :14:23.we're meeting the businesses The boss of importer
:14:24. > :14:26.New England Seafood will be here to talk Brexit fears,
:14:27. > :14:29.fishing and finding enough workers You're with Business
:14:30. > :14:42.Live from BBC News. Our top story: The British Finance
:14:43. > :14:52.Minister says he wants to cut a key tax on business profits
:14:53. > :15:03.following last month's There has been a workplace
:15:04. > :15:07.demonstration to call for legally guaranteed protection to help the
:15:08. > :15:13.two million EU migrants who work in the UK. Let's speak to one of the
:15:14. > :15:17.campaign organisers. Your response from Foreign Secretary, Philip
:15:18. > :15:22.Hammond who said it is absurd to promise EU nationals that they can
:15:23. > :15:25.remain in the UK. Look, these are real people, real families with real
:15:26. > :15:28.lives who have been contributing so much to the British economy for many
:15:29. > :15:31.years and you can't expect people to live in uncertainty. They will make
:15:32. > :15:35.their choices about where they want to go. The narrative really has been
:15:36. > :15:38.very negative about migration. Obviously for years, but
:15:39. > :15:43.particularly in this very divisive campaign. We want to, you know, show
:15:44. > :15:47.how much we value the contribution that EU migrants make to Britain.
:15:48. > :15:52.They're working hard to make Britain great. They represent 7% of the
:15:53. > :15:56.total UK workforce and pay way more into Britain than they take out and
:15:57. > :16:01.they are feeling really rejected right now. It is possible for all
:16:02. > :16:06.the Conservative leadership candidates to make a clear pledge. I
:16:07. > :16:10.know that pledges are not something they particularly like to do, but it
:16:11. > :16:14.is possible por them to say, "Look, for those people who are living and
:16:15. > :16:23.working here right now, their future will be secure."
:16:24. > :16:26.I hope you don't mind me saying, a little birdie said your partner is
:16:27. > :16:30.from France. You're concerned about this, on a personal level? My
:16:31. > :16:34.husband is a French national. We have been here for ten years and
:16:35. > :16:37.we've go two kids and we've set up and we are seriously considering our
:16:38. > :16:40.options about whether to stay or not. This isn't my Britain, the
:16:41. > :16:44.negative narrative about migration isn't Britain. You know, I think
:16:45. > :16:48.this is all about showing that we don't have a fear of foreigners, we
:16:49. > :16:54.value the contribution that EU migrants make, in fact all migrants,
:16:55. > :17:01.but this is about the EU migrants. Thank you, Emily, we appreciate your
:17:02. > :17:05.time. Cheers. Osborne pledging to cut corporation
:17:06. > :17:08.tax, there is more on the website. Also the Business Live page, we talk
:17:09. > :17:12.about it a lot, but it is a really great place to check out the stories
:17:13. > :17:16.we can't necessarily fit into this programme!
:17:17. > :17:22.Our top story: The British Finance Minister says he wants to cut a key
:17:23. > :17:23.tax on business profits following last month's
:17:24. > :17:25.referendum decision to leave the European Union.
:17:26. > :17:30.The Chancellor of the Exchequer, George Osborne, has outlined plans
:17:31. > :17:33.to reduce corporation tax from 20% to under 15%, giving the UK
:17:34. > :17:38.one of the lowest rates of any major economy.
:17:39. > :17:42.A quick look at how markets are faring.
:17:43. > :17:50.After what was a volatile week last week, a mixed picture opening up
:17:51. > :17:55.across Europe. We have seen a little rally in the
:17:56. > :17:59.pound. I don't think rally is the word. Some gains. It is a slight
:18:00. > :18:02.uptake is the description! We're continuing our special series
:18:03. > :18:05.this week, looking at the firms affected by the UK's vote
:18:06. > :18:07.to leave the EU. And today we're assessing
:18:08. > :18:09.the impact on importers. New England Seafood is one
:18:10. > :18:11.of the UK's biggest importers of fish and it has already having
:18:12. > :18:14.to face challenges posed The firm has a turnover
:18:15. > :18:17.of about $133 million a year and imports from dozens of countries
:18:18. > :18:20.around the world before processing and supplying the seafood
:18:21. > :18:23.to British supermarkets. They say importers of wild salmon
:18:24. > :18:26.could be facing price rises of up to 30% as a result of the weaker
:18:27. > :18:30.pound and the rising costs With 480 staff from more than 30
:18:31. > :18:36.different countries, the firm is also worried it may
:18:37. > :18:39.struggle to find enough workers once Dan Ahearn, CEO of
:18:40. > :18:54.New England Seafood. Dan welcome to the programme. Not
:18:55. > :19:02.one stitch of anything you brought in with you? No, I didn't. No fish
:19:03. > :19:06.and chips for us in the morning. Dan, there are three key area,
:19:07. > :19:09.aren't there, that you're concerned about as an importer. We have just
:19:10. > :19:12.mentioned them, but there is the value of the British pound...
:19:13. > :19:17.Absolutely. Migrant workers and the other? Duty tariffs. Whatever they
:19:18. > :19:22.maybe. Whatever they maybe depending on what we do. What's the biggest
:19:23. > :19:28.risk for you? The biggest risk really is the impact of sterling on
:19:29. > :19:32.volume. So inevitably, you know, a business such as ours, a food
:19:33. > :19:37.business, we are reliant, we work on pretty fine margins, it is a volume
:19:38. > :19:40.game. It is an efficiency game. You know, food manufacturing counts for
:19:41. > :19:52.16% of manufacturing turnover in the UK. It is the largest sector,
:19:53. > :19:54.automotive combined with the aerospace industry, food
:19:55. > :20:00.manufacturing, it is a massive area for us. You know, businesses like
:20:01. > :20:09.ours, rely on the ability to invest, in innovation, and efficiency and
:20:10. > :20:14.productivity and when you see sterling deappreciating, that's ?7
:20:15. > :20:23.million on a business that would aim to make 3% to 4%. The Chancellor's
:20:24. > :20:27.possible cut in corporation tax to 15%. That would be a boost for a
:20:28. > :20:32.company like yours, no? Well, you have got to make the profit to spend
:20:33. > :20:38.the tax. For us, you know, a 5% break in tax on a ?3 million profit,
:20:39. > :20:42.?150,000 pails into insignificance when you're staring at up to ?7
:20:43. > :20:45.million inflation on the cost of goods. Clearly, the issue of
:20:46. > :20:49.managing that through the chain, you've got supermarkets who are
:20:50. > :20:51.reluctant to pass inflation on to their consumers given how
:20:52. > :20:57.competitive that industry is. It really puts a squeeze on, I think,
:20:58. > :21:01.the food industry and in real term consumers will see the price of
:21:02. > :21:05.their shopping baskets going up as a result of the decision. Looking at
:21:06. > :21:10.the pictures we showed earlier of people working in your sites. I
:21:11. > :21:13.imagine you rely on a lot of migrant workers and you are worried about
:21:14. > :21:18.being able to get those workers if and when the UK leaves? It would be
:21:19. > :21:28.a concern. We employ 476 I think at the last count. 117 British, 176
:21:29. > :21:31.Polish, pull garian, Romanian and Lithuanian 130 and more
:21:32. > :21:34.nationalities making up the balance. These are people who have worked
:21:35. > :21:39.with us for 15 years. They have built lives in the UK and moved to
:21:40. > :21:42.within management positions within the business and they've contributed
:21:43. > :21:47.hugely. The UK food industry employees 400,000 people which of
:21:48. > :21:51.which food manufacturing, 25% of those are non-UK EU migrants who
:21:52. > :21:56.have come to work in the UK. And we're looking for 110,000 more
:21:57. > :22:01.employees in the next five years. How are we going to find those if we
:22:02. > :22:07.start to close the gates? Dan, good to talk to you, thank you for your
:22:08. > :22:08.take on that. Best of luck with the business.
:22:09. > :22:13.Dan Ahearn There. The fall in the value of the pound
:22:14. > :22:16.post Brexit Vote has For British companies
:22:17. > :22:19.which are export-focussed, it's been a gift because it's
:22:20. > :22:21.made their goods cheaper abroad. The British Hovercraft Company,
:22:22. > :22:24.based in Kent, has reported a wave of new enquiries from abroad
:22:25. > :22:26.over the past week. Its owner, Emma Pullen,
:22:27. > :22:29.is now planning a worldwide export drive, saying Brexit has opened
:22:30. > :22:31.up a "brave new world" I'm from the British
:22:32. > :22:41.Hovercraft Company. We make small hovercraft
:22:42. > :22:44.and we sell about 100 a year throughout the world
:22:45. > :22:46.for leisure use instead of a boat or a jet ski or for commercial use
:22:47. > :22:50.so people will use them for rescue We use a lot in Kuwait
:22:51. > :22:54.and in the Middle East for some of those things and in some
:22:55. > :22:57.of the colder countries for ice The fall in the value of sterling
:22:58. > :23:01.was excellent for our business I had 25 new enquiries by Saturday
:23:02. > :23:05.afternoon from Jamaica, I have also had enquiries
:23:06. > :23:09.from Africa, and India again has A lot of people that had previously
:23:10. > :23:13.been considering buying from us realised that the pound having
:23:14. > :23:16.a massive drop was great for them. My vision is now we are a single
:23:17. > :23:20.country on our own and very soon be able to trade much simpler
:23:21. > :23:22.with other countries, I want us to expand to a much bigger
:23:23. > :23:26.global market and I feel that this is very possible working as the UK
:23:27. > :23:29.dealing with countries such as India I think we're going to able
:23:30. > :23:36.to create trade deals that allows us to do business and to trade
:23:37. > :23:38.with these countries so much easier and it is a brave
:23:39. > :23:48.new world out there. What other business
:23:49. > :23:54.stories has the media been Manji Cheto, Africa analyst from
:23:55. > :24:06.Teneo Intelligence joins us again. The headline is, "Companies in legal
:24:07. > :24:10.challenge to Brexit"? They want to set this legal challenge, you can't
:24:11. > :24:15.leave the EU without an Act of Parliament, is that right? The point
:24:16. > :24:19.is we have so much uncertainty facing us and we're only at the
:24:20. > :24:24.point where we're trying to decide when do we activate Article 50? For
:24:25. > :24:28.me, I mean, I think, I'm really frustrated because I'm like let's
:24:29. > :24:31.just get on it, keep calm, carry on, we've had a vote already, let's get
:24:32. > :24:35.on with it and start the negotiation which is uncertain. I think, you
:24:36. > :24:39.know, I understand why companies are going down this route, but at this
:24:40. > :24:42.point you've got to decide what's best for the national interests and
:24:43. > :24:47.moving forward... Some leadership would be good. Some leadership
:24:48. > :24:53.giving us a rudder. You're asking for too much. Let's talk Wall Street
:24:54. > :24:57.Journal. This is a non-Brexit story. VW rejecting cash offer for European
:24:58. > :25:01.car owners. This is only interesting because they've offered cash if
:25:02. > :25:05.you're in America, but if you're in Europe, you won't get it. I don't
:25:06. > :25:10.think it is a question of saying Europeans are not going to get it,
:25:11. > :25:17.it is a question of will Europeans get compensation similar to what US
:25:18. > :25:21.customers are getting and VW's position is no. If they give
:25:22. > :25:25.compensation to European customers, they could be paying out additional
:25:26. > :25:29.40 billion euros. This is a moral thing, they say we can get away with
:25:30. > :25:33.not paying it in Europe, we can't get away with not paying it in
:25:34. > :25:36.America? I'm not sure it will fly with European authorities, but at
:25:37. > :25:40.the moment VW made it quite clear where they stand, so we will see
:25:41. > :25:44.where this goes. I wonder if it will impact future sales within Europe.
:25:45. > :25:49.If Europeans go, "You don't care about us, take your cars to America,
:25:50. > :25:52.and we ain't buying anymore." Thank you for your messages, another
:25:53. > :26:01.viewer says, "I'm getting on with life. Head down. Ignore Brexit." On
:26:02. > :26:03.that, thank you for your company. We will see at the same time and the
:26:04. > :26:04.same place tomorrow. See you