08/03/2017 BBC Business Live


08/03/2017

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This is Business Live from BBC News with Susannah Streeter

:00:00.:00:00.

It's Budget Day in the UK with the Chancellor poised

:00:07.:00:14.

to deliver an "upbeat" speech, but how much money has he got

:00:15.:00:17.

Live from London, that's our top story on Wednesday, 8th March.

:00:18.:00:35.

As the UK prepares to leave the European Union,

:00:36.:00:39.

will the Treasury provide a Budget boost to cushion the blow?

:00:40.:00:42.

We'll speak to an expert for her predictions.

:00:43.:00:46.

Also in the programme, crossing borders and crossing lines!

:00:47.:00:48.

Chinese Telecom giant ZTE has been handed a fine for violating

:00:49.:00:51.

We'll be live in Asia for the latest.

:00:52.:01:02.

This is the situation on the financial markets as they open in

:01:03.:01:07.

Europe. Investors look ahead to the UK Budget.

:01:08.:01:09.

What's the secret behind the world's most successful brands?

:01:10.:01:12.

Is it simply a case of advertising spend or is there more to the story?

:01:13.:01:16.

We'll speak to one of the industry's leading experts

:01:17.:01:18.

It's International Women's Day so let us know who's your most

:01:19.:01:24.

Perhaps it's the head of the world's most powerful Central Bank?

:01:25.:01:35.

Or maybe it's Mary Barra, the boss of General Motors?

:01:36.:01:37.

In a few hours time, the UK's Finance Minister

:01:38.:01:57.

or Chancellor as we call him here, Phillip Hammond, will deliver

:01:58.:02:04.

the country's final Budget before the Government triggers Article 50,

:02:05.:02:07.

and Britain begins its negotiations to leave the European Union.

:02:08.:02:12.

Despite the ongoing uncertainty over Brexit,

:02:13.:02:14.

Philip Hammond received an eve of Budget boost

:02:15.:02:16.

from the Organisation for Economic Co-operation

:02:17.:02:17.

It now expects growth in the UK of 1.6% this year,

:02:18.:02:24.

up from its previous estimate of 1.2%.

:02:25.:02:27.

In theory this means more tax revenue for the Treasury

:02:28.:02:31.

and more money flowing in to the Government's coffers.

:02:32.:02:33.

Despite this, economists are not expecting a spending spree

:02:34.:02:36.

when Mr Hammond announces the UK's fiscal plans for the coming year.

:02:37.:02:38.

Instead, he's expected to put the additional funds to one side

:02:39.:02:42.

in a Brexit war chest as Britain prepares for its divorce

:02:43.:02:44.

Nevertheless, one area which may receive some more attention

:02:45.:02:56.

are the so-called business rates paid on commercial property.

:02:57.:02:59.

Despite the Government's reassurances that Britain

:03:00.:03:01.

remains open for business, some companies will see

:03:02.:03:03.

more than a 40% rise in their property rates.

:03:04.:03:05.

To help cushion the blow, the Treasury has already

:03:06.:03:08.

announced a $4.4 billion transitional relief fund.

:03:09.:03:11.

Also there may be some extra money found for social care in England.

:03:12.:03:21.

Hetal Mehta, Senior European Economist, Legal

:03:22.:03:23.

and General Investment Management is with me.

:03:24.:03:27.

Good morning. So, as ever, we're all trying to figure out what's in the

:03:28.:03:37.

Budget as it were hours before he delivers his speech to Parliament.

:03:38.:03:40.

What are your thoughts? So I think one of the key things is that the

:03:41.:03:44.

economy has performed much better since, not just the referendum, but

:03:45.:03:48.

even since the Autumn Statement we had last November. So the Chancellor

:03:49.:03:53.

has a lot more wriggle room. The tax revenues have been higher so he

:03:54.:03:56.

could use that, but I think he has been quite clear that he is unlikely

:03:57.:04:00.

to go on a spending spree. He will keep that money in reserve. Brexit

:04:01.:04:05.

still hasn't happened yet so if and when the economy does deteriorate

:04:06.:04:09.

then at least the Government has got something up its sleeve at that

:04:10.:04:12.

point in time. Is he wise to do that at this point, do you think? I think

:04:13.:04:17.

so. I think, you might as well, given that the economy is better,

:04:18.:04:22.

keep the money in reserve. We noted back in November that there is a

:04:23.:04:26.

little bit of a discrepancy in terms of the projections further out so

:04:27.:04:30.

the economy was expected to continue doing very well whilst the deficit

:04:31.:04:34.

was going to narrow significantly. Whereas actually this extra money

:04:35.:04:38.

could go to help smoothing that profile out and make the numbers

:04:39.:04:42.

more credible. So he is bound to talk a lot about the state of the

:04:43.:04:45.

economy being better than we all thought it would be, but the

:04:46.:04:49.

uncertainty ahead because of Brexit. How uncertain is it in your view?

:04:50.:04:55.

Are we any clearer at this point than we were say late summer of last

:04:56.:05:00.

year or are we still as much in the dark? We have had a lot, there is a

:05:01.:05:07.

range of outcomes being narrowed. After the referendum people were

:05:08.:05:09.

questioning who will the Prime Minister be? Will it be Boris

:05:10.:05:12.

Johnson? Could it be someone else? Will this trigger another election?

:05:13.:05:16.

A lot of those outcomes have been narrowed, so some uncertainty has

:05:17.:05:19.

been taken away, but we have very little clarity on what negotiating

:05:20.:05:24.

stance of the EU will be going into the Brexit discussions. So in terms

:05:25.:05:27.

of news about spending and which departments will get money, this

:05:28.:05:32.

time, it is likely to be fairly small and token and many are

:05:33.:05:36.

actually say he's storing up all the cash for a big splurge before the

:05:37.:05:41.

next election which is kind of after the Brexit negotiations as well? The

:05:42.:05:45.

timing is actually quite interesting. As you say, 2019, it's

:05:46.:05:50.

when the UK is due to leave the EU and that would be the time that

:05:51.:05:54.

typically governments do go on a spending spree one year ahead of an

:05:55.:05:58.

election and particularly given the Prime Minister has talked a lot

:05:59.:06:01.

about helping people who are just about managing. People who are being

:06:02.:06:05.

hit by the inflation squeeze, we may see a few small measures there just

:06:06.:06:08.

to alleviate that stress, but I think a big give away is further

:06:09.:06:13.

down the line. All right, thank you very much indeed for sharing your

:06:14.:06:17.

thoughts. And needless to say, we're going to be all over this today on

:06:18.:06:22.

the BBC! Whether you like it or not! If you tune in to us, this is what

:06:23.:06:26.

you will be getting online, on radio and on television. There is a lot of

:06:27.:06:30.

reporting going on about the changes to business rates. That's caused a

:06:31.:06:35.

backlash among many small businesses. They're going to see

:06:36.:06:39.

their rates go up, but they have been promised some kind of

:06:40.:06:42.

transitional relief. Keep it with us if you want to be across the UK

:06:43.:06:44.

Budget. China posted its first monthly trade

:06:45.:06:50.

deficit in three years in February as imports surged at their fastest

:06:51.:06:54.

pace since early 2012, driven by its strong demand

:06:55.:06:57.

for commodities from iron ore China's February exports

:06:58.:06:59.

unexpectedly fell 1.3% from a year earlier,

:07:00.:07:04.

but imports expanded 38.1 percent, Chinese telecom giant ZTE has been

:07:05.:07:06.

fined $1.1 billion and will plead guilty to charges that it violated

:07:07.:07:10.

US rules by shipping US-made It is as a result of negotiations

:07:11.:07:18.

between the telecoms giant and US officials. It is the largest fine

:07:19.:07:22.

imposed by a US Government in relation to breaking US sanctions.

:07:23.:07:28.

Let me break down the numbers, ?900 z that's how much ZTE have to pay

:07:29.:07:33.

right now. Another 300 million has been suspended for seven years

:07:34.:07:37.

depending on how the company complies with the plea deal. ZTE is

:07:38.:07:43.

accused of buying US components and putting them into ZTE equipment and

:07:44.:07:49.

shipping them off to Iran and North Korea, it included routers,

:07:50.:07:52.

microprocessors and servers. ZTE is accused to have bought the parts in

:07:53.:07:57.

the US, these are restricted for export because of their potential

:07:58.:08:00.

for military use. The Chinese company also sent about 283 of these

:08:01.:08:10.

shipments to North Korea. On top of that, they lied to US officials

:08:11.:08:13.

while the officials were investigating the company. ZTE does

:08:14.:08:18.

say it acknowledges it made some mistakes and it is working prards z

:08:19.:08:21.

towards improving its procedures. Back to you in London now. Thank

:08:22.:08:24.

you. Insurers rose after Congress

:08:25.:08:44.

introduced the Bill intended to replace the Affordable Care Act.

:08:45.:08:53.

Let's look at Europe. The main stock markets fell on opening. Investors

:08:54.:08:56.

are waiting, of course the UK Budget. Some more positive

:08:57.:09:01.

production data from Germany did provide some reassurance after some

:09:02.:09:05.

poor factory numbers came out yesterday causing concern about

:09:06.:09:09.

perhaps brakes being put on Europe's largest economy.

:09:10.:09:12.

Samira Hussain has the details about what's ahead on Wall Street Today.

:09:13.:09:15.

Coming up on Wednesday we see just how robust hiring has been in the

:09:16.:09:23.

private sector in the US when the ADP national employment report is

:09:24.:09:27.

released. This is the precursor to the jobs report issued by the

:09:28.:09:30.

Commerce Department and it often gives us sort of an idea of what we

:09:31.:09:35.

will see on Friday when that latest jobs report is out. Now economists

:09:36.:09:42.

believe the private employers will have added about 190,000 jobs in the

:09:43.:09:49.

month of February after adding 246,000 jobs in January. The annual

:09:50.:09:53.

shareholders meeting for the Walt Disney company takes place in

:09:54.:09:57.

Denver. In February, the Chief Executive said he is open to

:09:58.:10:01.

extending his term as the head of the company. Offering investors a

:10:02.:10:05.

sign of potential stability at the media company as it reported a dip

:10:06.:10:10.

in quarterly advertising revenue at ESPN. Now, remember ESPN is the big

:10:11.:10:15.

money maker for Walt Disney. Joining us is Richard Hunter,

:10:16.:10:21.

Head of Research, Wilson King Richard let me welcome you as the

:10:22.:10:33.

first male on Business Live. That's not by design. That's how it is on

:10:34.:10:37.

this programme on a daily basis. Richard, talking markets, of course,

:10:38.:10:41.

it is Budget day in the UK. Are you going to be hanging on Hammond's

:10:42.:10:45.

every word or is it not that big a deal today? I think generally

:10:46.:10:49.

speaking what happens with the Budget, it has implication for

:10:50.:10:53.

specific sectors usually for example, alcohol companies, tobacco

:10:54.:10:56.

companies, house builders. The usual reaction? Usual reaction. In terms

:10:57.:11:01.

of the macrostuff, the wider picture, it tends to be more of a

:11:02.:11:07.

currency story than moving equity markets apart from those specific

:11:08.:11:12.

sectors. I think it will be one that is going to be closely followed

:11:13.:11:17.

because at the moment the market is scrambling for any clues as to what

:11:18.:11:21.

Brexit might actually mean. The pound being at seven week lows. What

:11:22.:11:26.

kind of currency movements might you expect? Currency market apart from

:11:27.:11:31.

being the biggest in the world is something of a zero sum game. As the

:11:32.:11:37.

dollar strengthens something else has got to weaken and sterling is

:11:38.:11:40.

tending to be in the firing line because of this uncertainty around

:11:41.:11:45.

the referendum. Also, the fact that markets are in a wait and see mode

:11:46.:11:51.

anyway because of next week, the US Federal Reserve meeting. Most

:11:52.:11:54.

believe rates will go up next week. I feel there is a bit of fear in

:11:55.:11:59.

markets. The fact that this global rally that we have seen from

:12:00.:12:02.

November last year when Donald Trump won the US election is perhaps

:12:03.:12:06.

ending and therefore, what's going to happen next? Is it going to be a

:12:07.:12:10.

small correction? A big crash? People are worried. The problem

:12:11.:12:14.

we've got is the US markets, which, of course, have an impact on global

:12:15.:12:18.

sentiment have been hitting record highs and a lot of that is basically

:12:19.:12:24.

trying to anticipate the boost to the US economy, depending on what

:12:25.:12:28.

Trump comes out. That's very well, but we have yet to have any real

:12:29.:12:32.

detail in terms of tax cuts, infrastructure spending and so on.

:12:33.:12:36.

So, what increasingly we are afinding, of course, we're kind of

:12:37.:12:39.

balanced on a knife edge because there is a lot that needs to be

:12:40.:12:44.

delivered now to catch up with the expectations that the markets have

:12:45.:12:47.

already priced in. Richard will be back. He'll name his most

:12:48.:12:50.

inspirational female leader in business. Do tell us yours. We will

:12:51.:12:56.

hear from Richard. We will hear from you hopefully.

:12:57.:12:59.

Still to come, what's the secret behind the world's

:13:00.:13:02.

Is it simply a case of advertising spend or is there more to the story?

:13:03.:13:06.

We'll speak to one of the industry's leading experts

:13:07.:13:08.

You're with Business Live from BBC News.

:13:09.:13:17.

Controversial security firm G4S has published their first set of full

:13:18.:13:22.

year results since the riot in their Birmingham prison in 2016.

:13:23.:13:26.

Revenues have risen 6.6% and profits are up 9.4%.

:13:27.:13:29.

Theo Leggett is in our business newsroom.

:13:30.:13:34.

You have been cumplging the numbers. Theo, what else do they show? Well,

:13:35.:13:42.

these numbers, if you take away all the reputational issues facing G4S

:13:43.:13:46.

they are looking good. This was the first increase in revenues for four

:13:47.:13:49.

years for the company. Pretty healthy figures. Only increased by

:13:50.:13:54.

1.5% in the UK. That's one of its weaker regions. Remember, this is a

:13:55.:14:02.

colossal company. Where it is doing best is the United States where

:14:03.:14:07.

revenues were up more than 12%. And pre-tax profits up around 13%. So

:14:08.:14:11.

good there. The company says the improvement is largely down to a

:14:12.:14:15.

restructuring effort which it launched three years ago which

:14:16.:14:19.

included selling off non performing businesses, trying to win new

:14:20.:14:23.

contracts well, while at the same time retaining existing contracts

:14:24.:14:27.

and that does seem to have reaped rewards. But it is G4S, it is a

:14:28.:14:31.

controversial company and what there doesn't seem to be any sign of in

:14:32.:14:35.

the results is any mention of the Birmingham Prison riot last

:14:36.:14:39.

December. You might remember the Justice Secretary Liz Truss said

:14:40.:14:44.

that G4S would have to pay for the cost of introducing special crack

:14:45.:14:47.

squads of officers who are brought in to quell the riot. There has been

:14:48.:14:51.

controversy over its handling of children's services, some of its

:14:52.:14:55.

detention centres. G4S in the process of goating rid of that

:14:56.:14:58.

business. These results, they just show the financial figures which

:14:59.:15:01.

look robust. The reputational problems still exist.

:15:02.:15:06.

As ever, we give you no warning about this next question! So we're

:15:07.:15:12.

asking today is stands out in business in terms of women leaders?

:15:13.:15:17.

Who is that for you? Mary Barra.

:15:18.:15:23.

There are women standing around, generally to make the cars look

:15:24.:15:29.

good. But she has succeeded in a man's world.

:15:30.:15:33.

Good for you, thanks for sharing. We have asked for your inspirational

:15:34.:15:37.

women in business, send them on Twitter, a lot of stories on the

:15:38.:15:42.

website and stories other than the Budget, this is about record sales

:15:43.:15:46.

for Nintendo witch. Read all about it.

:15:47.:15:51.

Our top story: In a few hours' time, the UK's Finance Minister -

:15:52.:15:55.

or Chancellor, as we call him here - Phillip Hammond, will deliver

:15:56.:15:58.

the country's final Budget, before the Government triggers

:15:59.:16:00.

And Britain begins its negotiations to leave the European Union.

:16:01.:16:05.

Despite the ongoing uncertainty over Brexit, Philip Hammond received

:16:06.:16:07.

an eve-of-Budget boost from the Organisation for Economic

:16:08.:16:09.

It now expects growth in the UK of 1.6% this year,

:16:10.:16:14.

up from its previous estimate of 1.2%.

:16:15.:16:22.

Philip Hammond is due to address Parliament in a few hours' time.

:16:23.:16:25.

We'll have more coverage of the UK Budget both on-air and online.

:16:26.:16:29.

Now, if you're old enough to cast your mind back at least 40 years,

:16:30.:16:32.

you might be able to recall a time when the concept of "branding"

:16:33.:16:35.

Yes, branding is more than just a name, it's now a whole industry,

:16:36.:16:43.

covering everything from corporate strategy and design to the value

:16:44.:16:45.

And it is, of course, everywhere - from the TV or smartphone you might

:16:46.:16:52.

be watching this programme on, even to the name BBC itself.

:16:53.:16:57.

And our next guest knows a thing or two about the concept.

:16:58.:17:00.

In 1974, John Murphy founded what was then

:17:01.:17:05.

the world's first name creation company, called Novabrand.

:17:06.:17:10.

Five years later, it became Interbrand, as it moved

:17:11.:17:12.

beyond coming up with names to create a whole brand

:17:13.:17:14.

image for its clients, a story told in his new book.

:17:15.:17:19.

That is certainly a brand name you have, with! How did it begin? You

:17:20.:17:37.

started this name creation organisation and when was it that

:17:38.:17:42.

you realised you could put a value on the brand itself? I was working

:17:43.:17:45.

for Dunlop and I was desperate to get out and is to start my own

:17:46.:17:50.

business. This was in the mid-19 70s. I had a problem at the Dunlop

:17:51.:17:55.

finding an international name for a new product, new tyres. I thought if

:17:56.:18:00.

I had that problem and nobody could help, the advertising agencies,

:18:01.:18:04.

nobody, so I started this naming the business. We saw top names. We did

:18:05.:18:09.

the trademark law and we added graphic design. And I started to

:18:10.:18:16.

realise we were doing more than just being, what we might call

:18:17.:18:20.

wordsmiths. We were creating things called brands. And the word brand

:18:21.:18:24.

was little used. They were product managers in business, but not brand

:18:25.:18:30.

managers. And I realised we were creating personality of the product.

:18:31.:18:35.

And people like the advertising agencies, they were given this and

:18:36.:18:39.

they had the job of communicating. We were at the start of the process,

:18:40.:18:45.

we were brand creators. So at the time, even with the first to do

:18:46.:18:51.

this. This is back in the 1970s, no internet, no social media, no means

:18:52.:18:54.

of communication from that point of view. How did you get it out to

:18:55.:18:58.

companies like Mars who became your clients at that time? It was mainly,

:18:59.:19:07.

we spent hours with trade lists and we typed up lists and we photocopied

:19:08.:19:13.

them and we sent mailshots out. And we did a lot of PR. We were very

:19:14.:19:19.

nicely treated by the financial and the business press, but they all

:19:20.:19:24.

thought we were a bit loopy. We were the funny slot. But there was always

:19:25.:19:28.

somebody who had a serious problem, they had just launched a new

:19:29.:19:32.

product. And the day they were launched, they got a writ from

:19:33.:19:34.

somebody saying, the name you are using is ours, and they came to us

:19:35.:19:40.

to solve their problem. Did you predict it could become as big and

:19:41.:19:46.

important and industry as it is now? I did not have the slightest idea, I

:19:47.:19:51.

just wanted to make a living and to survive at first. Increasingly, and

:19:52.:19:56.

you that what we were doing was important and increasingly, this

:19:57.:20:00.

sounds big headed, what the advertising industry was doing was

:20:01.:20:04.

trivial. We were the ones at the start of the process, we were

:20:05.:20:07.

creating the brand, their job was simply to think up some adverts. And

:20:08.:20:12.

at the time, the city did not factor in the value of the brand in their

:20:13.:20:16.

valuation of companies and their assets. No, the brands were simply

:20:17.:20:23.

regarded as goodwill, there was this catchall phrase, goodwill. And we

:20:24.:20:26.

came up and said, no, goodwill in the case of many companies is mainly

:20:27.:20:32.

brand names, it is the brands, and we can value those and put a

:20:33.:20:37.

monetary value on them. Your company started in the UK and expanded

:20:38.:20:42.

globally and it went from several numbers of people working for you in

:20:43.:20:46.

many cities around the world and you sold that business at the age of 50

:20:47.:20:51.

and you have bought brands and you own a beer company. I bought one

:20:52.:20:56.

brand, which would Plymouth gin, with two friends and we sold it. And

:20:57.:21:03.

about the same time, I started a brewery which I still own, Saint

:21:04.:21:08.

Peter's brewery. Is the theme here alcoholic beverages? I did have a

:21:09.:21:13.

certain interest in the subject! My latest is Male grooming. The beauty

:21:14.:21:17.

business. Yes, Andy chain of barbershops, which is going

:21:18.:21:23.

gangbusters and I have bigger brand owners. Real fun! So you sound like

:21:24.:21:28.

a serial entrepreneur. Thank you for coming. We appreciate your time,

:21:29.:21:31.

really interesting. Thank you. Carlos Ghosn, one of the most

:21:32.:21:36.

influential leaders in the global auto industry, made headlines a few

:21:37.:21:38.

weeks back, announcing he'd give up his role

:21:39.:21:40.

as Chief Rxecutive of Nissan. He remains chairman of the Japanese

:21:41.:21:45.

car maker, but the reshuffle is to allow him to focus on Nissan's

:21:46.:21:48.

alliances with Mitsubishi We caught up with Mr Ghosn

:21:49.:21:51.

at the Geneva Motor Show and asked about his new roles

:21:52.:22:00.

and responsibilities. On the 1st of April,

:22:01.:22:04.

I will be Chairman of Nissan. So when you say 'in your new role',

:22:05.:22:12.

I'm going to obviously be much more involved into the business

:22:13.:22:18.

in Renault, while in Nissan and Mitsubishi, I'm going to be more

:22:19.:22:24.

supporting the management team and guiding them for

:22:25.:22:27.

the growth of the company. But I feel good about what's going

:22:28.:22:29.

on at the level of the industry. I think we're going to

:22:30.:22:32.

have an environment - yes, competitive, yes,

:22:33.:22:35.

difficult - but it's a good environment because we're seeing

:22:36.:22:37.

growth and a lot of opportunities. What other business

:22:38.:22:41.

stories has the media been Joining us again is Richard Hunter,

:22:42.:22:43.

Head of Research, at Hello, Richard. We have been asking

:22:44.:22:57.

all morning, who is your most influential women in business, who

:22:58.:23:00.

you think is a shining light, what have you come up with? I think you

:23:01.:23:04.

would be hard-pressed to better Janet Yellen in the United States,

:23:05.:23:09.

and in terms of Europe, somebody like Christine the guard, head of

:23:10.:23:14.

the IMF. And in the UK, if you want rape from loving success

:23:15.:23:44.

Wall Street journal looks at the expense of problem of but a look at

:23:45.:24:08.

theMarch following Donald Trump's election as US President. Today,

:24:09.:24:14.

they are supposed to take a day without women's only have a sense of

:24:15.:24:19.

the cost of not having women in the economy. A lot of women cannot take

:24:20.:24:28.

off. The goal is to show the world what life would be like without

:24:29.:24:32.

them. The problem is, as the article says, the kind of executives, not

:24:33.:24:40.

difficult for them to go missing 24 hours, but at the other end of the

:24:41.:24:45.

food chain, as a's had they cannot afford to do. A nice idea, but might

:24:46.:24:52.

have limited success on that basis. Today is the day night he says it

:24:53.:24:57.

will shrink a high-performance huge up for Muslim athletes, for women

:24:58.:25:04.

who face barriers in sport, why has it taken until now to launch this? I

:25:05.:25:10.

totally agree. It is one of the more obvious things, you would have

:25:11.:25:15.

thought. And in terms of the design, they are making it super stretchy so

:25:16.:25:18.

it can be personalised. And with the Middle Eastern climate, it is one of

:25:19.:25:25.

them all breathable technologies, given the inevitable higher

:25:26.:25:28.

temperatures. But the question has to be, why so long? You have two

:25:29.:25:35.

daughters? What are they up to, their aspirations? One is travelling

:25:36.:25:38.

the world and she is in New Zealand. The other is at home developing

:25:39.:25:43.

applications to become a programmer, running internet companies with her

:25:44.:25:50.

other half. So maybe next year, I can mention her as well. Many

:25:51.:25:51.

thanks. It was a very mild start across

:25:52.:26:11.

Southern parts of the country this morning, but rather cloudy, damp,

:26:12.:26:17.

outbreak of light rain. Through the day, a 3-way split, Southern areas

:26:18.:26:20.

cloudy and damp,

:26:21.:26:22.

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