Browse content similar to 28/07/2017. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Rachel Horne and Alice Baxter. | :00:07. | :00:09. | |
Amazon founder Jeff Bezos briefly becomes the world's richest person. | :00:10. | :00:16. | |
But Wall Street nerves about the company's massive spending | :00:17. | :00:19. | |
Live from London, that's our top story on Friday the 28th of July. | :00:20. | :00:49. | |
Sales at Amazon rise - but profits plunge - | :00:50. | :00:51. | |
as the e-commerce giant spends big on expansion overseas. | :00:52. | :00:53. | |
Will the latest figures on the US economy bring President Trump | :00:54. | :00:58. | |
In Europe things getting off to a muted start. | :00:59. | :01:12. | |
And chlorinated chickens, the electric Mini and tech titans - | :01:13. | :01:14. | |
we'll be looking at what's been a busy week in | :01:15. | :01:17. | |
Today we want to know does great wealth bring great responsibility? | :01:18. | :01:22. | |
Yesterday Amazon founder Jeff Bezos was, briefly, | :01:23. | :01:26. | |
the richest person in the world - what would you do if it was you? | :01:27. | :01:30. | |
We start with retail giant Amazon - it has seen its shares fall sharply | :01:31. | :01:42. | |
after its latest figures disappointed Wall Street. | :01:43. | :01:52. | |
The good news - it is raking in huge sums of money | :01:53. | :01:55. | |
The bad news - it's spending a fortune on developing its business - | :01:56. | :02:00. | |
and that is making investors nervous. | :02:01. | :02:01. | |
Total sales in the three months to June jumped almost a quarter | :02:02. | :02:08. | |
compared to last year - to just under $38 billion. | :02:09. | :02:13. | |
Unfortunately - they spent almost all of it! | :02:14. | :02:16. | |
Operating expenses surged to well over $37 billion. | :02:17. | :02:19. | |
That means there wasn't much actual profit - | :02:20. | :02:28. | |
a comparatively measly $197 million - and down | :02:29. | :02:31. | |
Amazon is investing massively in everything from TV | :02:32. | :02:35. | |
and movie content - to new warehouses for the global | :02:36. | :02:37. | |
Like this - the deal it announced last month to buy | :02:38. | :02:48. | |
the supermarket chain Whole Foods for over $13 billion. | :02:49. | :02:50. | |
Amazon has been putting increasing pressure on bricks and mortars | :02:51. | :02:53. | |
Optimism about the company's future has helped to push up | :02:54. | :02:57. | |
Since January Amazon shares have risen by more | :02:58. | :03:02. | |
than 40% to a new record - making the company worth | :03:03. | :03:05. | |
Which has proved very lucrative for this person - | :03:06. | :03:10. | |
the firm's founder - Jeff Bezos. | :03:11. | :03:13. | |
On Thursday, he became the richest person in the world - | :03:14. | :03:16. | |
As the share price has come down again, he has dropped | :03:17. | :03:23. | |
Joining me now is Ben Preston. Amazon don't tend to go for big | :03:24. | :03:42. | |
profits, so why were Wall Street disappointed this time? Well, the | :03:43. | :03:48. | |
shares are indicating they will be down a little today. In the context | :03:49. | :03:53. | |
today I think they're still likely to be satisfied with these results. | :03:54. | :03:57. | |
It's the same old Amazon in lots of ways. The amount they sell gets | :03:58. | :04:01. | |
larger but they don't let those profits fall to the bottom line. | :04:02. | :04:04. | |
They prefer to reinvest into the future. It's a formula that's worked | :04:05. | :04:15. | |
well for them. Building an empire is understating it, he is going global, | :04:16. | :04:19. | |
seems to be getting into every aspect of our lives, TV investment, | :04:20. | :04:23. | |
original content, where do you think they're going to go next? That's | :04:24. | :04:27. | |
right t all started with the smartphone which has redefined the | :04:28. | :04:30. | |
way we live a lot of our lives. We connect with people in different | :04:31. | :04:34. | |
ways. We take public transport in different ways and we shop and pay | :04:35. | :04:37. | |
for things now in different ways. The next thing perhaps is the living | :04:38. | :04:43. | |
room, they've been successful with the Amazon echo device, and he is | :04:44. | :04:49. | |
hoping that will force more of us to engage with Amazon and become prime | :04:50. | :04:53. | |
subscribers. Of course also supermarkets, we mentioned the | :04:54. | :04:57. | |
acquisition of Whole Foods and also they're moving into Cloud services, | :04:58. | :05:01. | |
data storage which is proving incredibly profitable already. | :05:02. | :05:04. | |
That's been a very successful story for them. It's a newer business for | :05:05. | :05:10. | |
them than retail but it's been more profitable. It continues to grow | :05:11. | :05:17. | |
rapidly. How do you compare Amazon to other big tech companies, | :05:18. | :05:25. | |
Facebook, Apple, results from Facebook and from Alphabet already | :05:26. | :05:30. | |
this week, it is a very different business, but they do tend to get | :05:31. | :05:34. | |
grouped together. It's amazing how quickly those companies have | :05:35. | :05:38. | |
continued to grow. The share prices this year have reflected that with | :05:39. | :05:42. | |
strong performances. Amazon is slightly different in that the other | :05:43. | :05:45. | |
companies tend to make a greater share of profits today, whereas | :05:46. | :05:48. | |
Amazon insists on reinvesting that for the future. As a group they've | :05:49. | :05:52. | |
all done fantastically well. Our job as investors is to try to judge how | :05:53. | :05:56. | |
much of that future growth is priced into the shares today and make the | :05:57. | :06:00. | |
investment decision accordingly. Ben Preston, thank you very much. | :06:01. | :06:05. | |
Op other stories making the news. The IT failure at British Airways | :06:06. | :06:13. | |
in May that left thousands unable That's according to | :06:14. | :06:16. | |
the airline's owner IAG. About 75,000 passengers faced severe | :06:17. | :06:19. | |
disruption when BA's system failed over the second Bank Holiday | :06:20. | :06:21. | |
weekend in May. BA said it was caused by an engineer | :06:22. | :06:30. | |
who disconnected a power supply. Air France-KLM is buying almost | :06:31. | :06:33. | |
a third of Virgin Atlantic, leaving Sir Richard Branson's parent | :06:34. | :06:36. | |
company, Virgin Group, with a minority stake | :06:37. | :06:38. | |
in the airline he founded. Sir Richard said he would remain | :06:39. | :06:44. | |
"very much involved" after the deal. Germany's transport minister has | :06:45. | :06:49. | |
announced a recall of 22,000 Porsche cars to remove what he says | :06:50. | :06:51. | |
is illegal He said that luxury make Porsche | :06:52. | :06:54. | |
would bear the cost of the recalls of the affected 3-litre diesel | :06:55. | :07:04. | |
Cayenne models. We have had figures through from | :07:05. | :07:13. | |
Barclays, millions of customers around the world, they've seen a | :07:14. | :07:16. | |
jump in half-year profits but will have to pay out an extra ?700 | :07:17. | :07:22. | |
million to meet compensation claims for mis-selling payment protection | :07:23. | :07:25. | |
insurance, that's PPI. Barclays shares up over 1% on the | :07:26. | :07:37. | |
London markets this morning. Lloyds also having to put aside additional | :07:38. | :07:40. | |
money for claims, as well. Let's cross over to Asia now. | :07:41. | :07:48. | |
Let's go to Asia, where coffee giant Starbucks is splashing out in China. | :07:49. | :07:52. | |
It is buying out its Eastern Chinese partners, spending $1.3 billion | :07:53. | :07:55. | |
on the 50% of the business it doesn't already own. | :07:56. | :07:58. | |
It's the biggest deal Starbucks has ever done. | :07:59. | :08:00. | |
Chase the reaction to this given it's the biggest deal the chain has | :08:01. | :08:11. | |
ever done? Yes, it goes to show how important China has become for the | :08:12. | :08:17. | |
coffee chain, it is in fact the fastest growing market outside the | :08:18. | :08:20. | |
United States. Especially with the number of stores. As you mentioned, | :08:21. | :08:27. | |
they already own 1500 outlets fully but spending 1. 3 billion to buy the | :08:28. | :08:33. | |
rest, 50% stake in 1300 other stores. The goal is to own 5,000 | :08:34. | :08:40. | |
stores in mainland China by 2021. But the announcement came just as | :08:41. | :08:46. | |
the company announced a fall in income for the three months to July | :08:47. | :08:49. | |
because its growth in the United States has been somewhat slowing | :08:50. | :08:53. | |
down. So I guess this big announcement in China going to prove | :08:54. | :08:58. | |
to investors how important China is and how it's going to grow even more | :08:59. | :09:02. | |
in the Chinese market. Thanks. Let's stay in the region. | :09:03. | :09:10. | |
Asian stock markets sagged on Friday - | :09:11. | :09:14. | |
that's after US tech shares retreated from recent rallies. | :09:15. | :09:16. | |
In Tokyo, the Nikkei closed lower as the market was dragged down | :09:17. | :09:19. | |
by some disappointing earnings reports and that fall | :09:20. | :09:21. | |
Across the pond, the tech-heavy Nasdaq's streak of all-time high | :09:22. | :09:26. | |
closes ended Thursday with Apple, Google-parent Alphabet and Netflix | :09:27. | :09:31. | |
One bright spot though over in China - with stocks ended higher | :09:32. | :09:37. | |
on with the Shanghai benchmark index recording the sixth consecutive | :09:38. | :09:40. | |
week of gains, bolstered by recent solid economic data. | :09:41. | :09:49. | |
Shares in Europe ending on a muted note. | :09:50. | :09:56. | |
In a few hours, the United States will announce second-quarter | :09:57. | :09:59. | |
Gross Domestic Product numbers, while consumer spending, | :10:00. | :10:00. | |
manufacturing and service-sector data are due next week. | :10:01. | :10:03. | |
Smaira has more now on what's ahead on Wall Street Today. | :10:04. | :10:09. | |
On Friday we get the latest growth figures for the economy. The GDP is | :10:10. | :10:17. | |
expected to have gone up to 2. 6% for the last three months of this | :10:18. | :10:21. | |
year. That would be a big improvement on the previous | :10:22. | :10:26. | |
quarter's GDP, which came in at just 1. 4%. As a candidate for President, | :10:27. | :10:33. | |
Donald Trump campaigned on bringing the GDP to 4-5%. Sips then. Since | :10:34. | :10:43. | |
then they have tempered anticipation. Among companies | :10:44. | :10:50. | |
reporting on Friday is the world's largest publicly traded oil | :10:51. | :10:56. | |
producer, Baker Hughes, the second largest oil fields services | :10:57. | :11:01. | |
provider. Goodyear and American airlines. | :11:02. | :11:04. | |
Joining us is James Bevan, Chief Investment Officer at CCLA | :11:05. | :11:06. | |
Thank you for coming in. Let's pick up talking about US GDP. We had that | :11:07. | :11:16. | |
1. 4% figure for the first three months. President Trump and his | :11:17. | :11:21. | |
advisors hoping for 3% for the second three months of the year. We | :11:22. | :11:26. | |
have had strong data, some strong corporate earnings out, do you think | :11:27. | :11:29. | |
they might do it? Absolutely not. It's great to hope but that is not a | :11:30. | :11:33. | |
number that I can get to. I think if you stretch all the numbers and say | :11:34. | :11:36. | |
let's be optimistic, you could say we get to 2. 9 but actually if you | :11:37. | :11:40. | |
think about the lower case numbers we have also seen, could be as low | :11:41. | :11:46. | |
as 2. 2 but I don't think we are going to see three. The run rate for | :11:47. | :11:50. | |
the US economy is much lower and I think this is going to be a year | :11:51. | :11:59. | |
that looks like 2014, 2015, 2016, no real change, bad luck, Mr Trump. | :12:00. | :12:03. | |
Some analysts saying that number was achievable at the height of the tech | :12:04. | :12:09. | |
bubble. Absolutely, the one - I think probably thought to himself I | :12:10. | :12:13. | |
don't want to asroi the boss and say it's going to go back to where it | :12:14. | :12:18. | |
came from, I am going to have to pitch a number less than the promise | :12:19. | :12:22. | |
made but I guess that's where it came from. I can't get that number | :12:23. | :12:26. | |
myself in terms of the lead indicators and if you look at the | :12:27. | :12:29. | |
structural content of the US economy it doesn't have the capacity to | :12:30. | :12:32. | |
drive that growth right now. What would the US need to do to achieve | :12:33. | :12:36. | |
that number? Invest heavily, it could be a greater output, more | :12:37. | :12:40. | |
productivity improvements. At the moment we have a challenge in that | :12:41. | :12:44. | |
there is not enough investment, companies have been using cash to | :12:45. | :12:49. | |
buy back their own shares. That's great if you are a chief executive, | :12:50. | :12:55. | |
you keep earnings roughly where they are and everything is fine. However | :12:56. | :12:58. | |
in terms of building a bigger economy they have to be investing in | :12:59. | :13:03. | |
plant and machinery, that's not happening. Thank you. You are going | :13:04. | :13:09. | |
to take us through the business papers later. | :13:10. | :13:11. | |
We will look at a busy week in the world of business. | :13:12. | :13:18. | |
You're with Business Live from BBC News. | :13:19. | :13:28. | |
Barclays has reported a heavy loss in the second quarter, | :13:29. | :13:30. | |
hit by the one-off costs of a big disposal in Africa and a further | :13:31. | :13:34. | |
knock from mis-selling payment protection | :13:35. | :13:35. | |
Theo Leggett joins us from the Business Newsroom with more. | :13:36. | :13:40. | |
They're pretty significant but you have to move away a little bit from | :13:41. | :13:50. | |
that headline figure, if you look at the day-to-day operations of the | :13:51. | :13:54. | |
bank and operating profit, and that was ?2. 3 billion, that's up from ?2 | :13:55. | :14:00. | |
billion last year, an increase of about 13%, not bad but less than | :14:01. | :14:04. | |
analysts were expecting. Operating costs have gone up quite a bit. | :14:05. | :14:09. | |
There are a lot of reasons for that. One of them being increased security | :14:10. | :14:13. | |
to protect against cyber attack. But of course those headline figures | :14:14. | :14:18. | |
will be dominating and the story of the bank's restructuring is also a | :14:19. | :14:23. | |
big story today. That is where the Africa business comes in. Barclays | :14:24. | :14:28. | |
has had to write off a significant amount of money, it lost ?1. 4 | :14:29. | :14:34. | |
billion on the sale of a 33% stake in Barclays Africa group and it also | :14:35. | :14:40. | |
lost another billion on the value of its remaining 15% stake but this | :14:41. | :14:44. | |
kind of brings to an end the process the chief executive had implemented | :14:45. | :14:49. | |
of trying to narrow Barclays focus, focus and zoom in on core businesses | :14:50. | :14:54. | |
and increase profitable. He says that process is at an end and | :14:55. | :14:57. | |
shareholders are going to start to benefit. Barclays has announced it's | :14:58. | :15:03. | |
to pay out more for the mis-selling payment protection insurance to UK | :15:04. | :15:08. | |
customers. It has, this goes on and on. It is going to pay out another | :15:09. | :15:14. | |
?700 million or at least provide another ?700 million against future | :15:15. | :15:18. | |
claims. Barclays had already set aside more than ?9 billion for this | :15:19. | :15:24. | |
kind of thing, it has used ?7 billion of it, so still ?2 billion | :15:25. | :15:29. | |
in the Kitty. The pace of claims has been accelerating, it's up since the | :15:30. | :15:33. | |
same period last year so it is setting aside another ?700 million | :15:34. | :15:37. | |
to make sure there is enough in the cupboard to meet future claims which | :15:38. | :15:41. | |
it expects will go up. Incidentally, Barclays isn't the only bank doing | :15:42. | :15:44. | |
this. Yesterday we had Lloyds saying much the same thing, also setting | :15:45. | :15:48. | |
aside a further ?700 million against PPI claims. | :15:49. | :15:49. | |
Thank you. Check out the tablet to all the | :15:50. | :15:59. | |
latest headlines. Sales at Amazon rose in the three | :16:00. | :16:19. | |
months to June but profits plunged as the company invested in global | :16:20. | :16:28. | |
expansion. The boss briefly became the world's chip man but went back | :16:29. | :16:35. | |
to second place. -- richest man. A quick look at how | :16:36. | :16:38. | |
markets are faring. And now let's get the inside | :16:39. | :16:43. | |
track on the other big Philip Hammond has told business | :16:44. | :16:59. | |
leaders he wants companies to have full access to the single market and | :17:00. | :17:04. | |
Customs union for two years after Brexit. The Chancellor of fixture | :17:05. | :17:09. | |
has been talking to the BBC and emphasise the importance of the | :17:10. | :17:13. | |
transition day. My view on transition is well known. I believe | :17:14. | :17:18. | |
it will be in the interests of Britain and the EU if, after we | :17:19. | :17:22. | |
leave the European Union and the single market, and the customs | :17:23. | :17:29. | |
union, on 29th of March, 2019, there is then a period, call it | :17:30. | :17:37. | |
transitional interim period, during which we will allow our economies to | :17:38. | :17:39. | |
adjust to the new situation rather than having a cliff edge in March, | :17:40. | :17:44. | |
2019, which will cause immense disruption to businesses and | :17:45. | :17:52. | |
citizens. How significant is this? It is quite a move. There has been a | :17:53. | :17:58. | |
two stage process in the past was that you get March and then you have | :17:59. | :18:04. | |
a transitional period. Then the next period, the full deal you do | :18:05. | :18:10. | |
overtime. What he is saying is, on the day after the 29th of March, | :18:11. | :18:13. | |
everything stays pretty much the same. If you were going through the | :18:14. | :18:20. | |
borders he would not notice. You stay in the single market and the | :18:21. | :18:25. | |
customs union. He is saying you come out of those you behave as if it has | :18:26. | :18:30. | |
not happened. Some people say it looks like a duck and it sounds like | :18:31. | :18:34. | |
a duck, it is still a duck. What you don't want our hold-up at the port. | :18:35. | :18:41. | |
He said this is the easiest way he was saying this morning to the BBC | :18:42. | :18:48. | |
he has indicated he thinks he has Cabinet support for this. There have | :18:49. | :18:56. | |
been split between Liam Fox, Boris Johnson, David Davis, the minister | :18:57. | :18:58. | |
responsible for getting us out of the European Union. They have always | :18:59. | :19:04. | |
been a bit reluctant. It looks as if he is beginning to win the argument | :19:05. | :19:09. | |
with the help of business leaders. Is this his version of the | :19:10. | :19:13. | |
transition deal? This is his deal. In a way you would not notice what | :19:14. | :19:20. | |
has changed. The fact he has managed to win over... If he has managed to | :19:21. | :19:26. | |
unite the Entire Cabinet behind his version of a Brexit deal, this is a | :19:27. | :19:31. | |
real achievement for him. Liam Fox is in Washington and to reason me is | :19:32. | :19:41. | |
out of the country. -- chorizo me. It looks like business leaders are | :19:42. | :19:48. | |
feeling a bit more relieved that the least disruptive path is the one the | :19:49. | :19:55. | |
Chancellor wants to find. When it comes to negotiating post-Brexit | :19:56. | :19:58. | |
trade deals, you have mentioned things like chlorinated chicken, all | :19:59. | :20:04. | |
of which we have highlighted in how compensated all of this will be. The | :20:05. | :20:12. | |
chlorinated chicken and the hGH powers, this has shown how difficult | :20:13. | :20:20. | |
it is to do. -- cows. Sometimes it is Corine and sometimes something | :20:21. | :20:23. | |
else that you do not get all the problems you can. -- chlorine. There | :20:24. | :20:33. | |
will be some harsh truths. What I would point out is we already export | :20:34. | :20:38. | |
25% of all about goods and services to the US. This is not the trade | :20:39. | :20:44. | |
relationship which is broken. It does work pretty well. There will be | :20:45. | :20:50. | |
trade off. If we want to export our beef, will we have to take their | :20:51. | :20:54. | |
chicken? 40 years worth of relationship with the EU which has | :20:55. | :20:59. | |
the own standards which we have been beholden to, it will be very | :21:00. | :21:05. | |
difficult. When you say we can get a trade deal done, I am sceptical. | :21:06. | :21:12. | |
Let's talk about Amazon. It is now worth half $1 trillion. What is your | :21:13. | :21:17. | |
reaction? Everybody says their shares went down to is that this is | :21:18. | :21:25. | |
part for the course for Amazon. -- their shares went down as well. | :21:26. | :21:31. | |
Amazon has been able to say quick you just wait for your money. I will | :21:32. | :21:37. | |
reinvest. When they have made a profit, in the first ten or 20 | :21:38. | :21:40. | |
years, they have sunk everything back in. Now it is coming at us as a | :21:41. | :21:47. | |
company from all sides. I expect the boss will not have to wait very long | :21:48. | :21:52. | |
before he is the richest man in the world again. | :21:53. | :21:55. | |
Now, it hasn't been the easiest of summers for British Airways. | :21:56. | :21:58. | |
You'll probably remember the chaos at Heathrow back in May | :21:59. | :22:00. | |
when thousands of people were stranded because of a big | :22:01. | :22:03. | |
They've also had several walkouts from cabin crew staff over pay. | :22:04. | :22:07. | |
But this morning, the company that owns them - | :22:08. | :22:15. | |
IAG or International Airlines Group - has said it made a profit | :22:16. | :22:25. | |
of around a billion dollars in the first half of the year. | :22:26. | :22:31. | |
The problem was caused by disconnection of power and the | :22:32. | :22:35. | |
unauthorised and reapplication of the power which caused a power surge | :22:36. | :22:40. | |
and damaged the physical infrastructure of the data centre. | :22:41. | :22:44. | |
We have addressed the issue. We clearly apologise to all our | :22:45. | :22:49. | |
customers who were disrupted. The results we have released today show | :22:50. | :22:53. | |
the underlying performance of the airline is excellent. Passenger | :22:54. | :22:57. | |
numbers continue to grow well in excess of the capacity we are | :22:58. | :23:02. | |
adding. The airline has strengthened its financial performance and its | :23:03. | :23:07. | |
competitive performance. The airline has taken a hit. We have also seen | :23:08. | :23:11. | |
some very strong competition. There are issues we need to address. Some | :23:12. | :23:16. | |
of these have been handled well and some of them we could have handled | :23:17. | :23:21. | |
much better. We will get better going forward. The measure of | :23:22. | :23:26. | |
success is how it can sustain increase in competition and | :23:27. | :23:30. | |
challenges over a long period of time. Five years from now I would | :23:31. | :23:35. | |
expect British Airways to be in the top ten of airlines worldwide. We | :23:36. | :23:44. | |
can be confident that we will be one that is performing well. That was | :23:45. | :23:45. | |
the chief Executive of IAG. What other business | :23:46. | :23:47. | |
stories has the media been James is back to talk this through | :23:48. | :23:56. | |
the business pages. This headline from the Seattle Times. A lot of the | :23:57. | :24:02. | |
newspapers are covering this story that the boss of hours and briefly | :24:03. | :24:06. | |
became the world's richest man before slumping back down to number | :24:07. | :24:14. | |
two. Do great riches come with great responsibility? What should we be | :24:15. | :24:21. | |
doing with these levels of wealth? If I were him I would use my money | :24:22. | :24:28. | |
in scientific research to help find a cure of AIDS. A couple of other | :24:29. | :24:32. | |
tweets have also suggested a similar tack. That is interesting. Amongst | :24:33. | :24:39. | |
the world of the super rich here is unique in his lack of philanthropy. | :24:40. | :24:44. | |
I'm not sure that is necessarily true. We should acknowledge that | :24:45. | :24:51. | |
people like Mr Gates has given around 30 billion, he has made a | :24:52. | :24:54. | |
vast contribution to philanthropy. There is a history in the United | :24:55. | :25:00. | |
States of leading players providing large sums of money. He is spending | :25:01. | :25:08. | |
around $1 billion a year on his rocket business. It is all very well | :25:09. | :25:11. | |
saying he should give the money away. He would have to sell the | :25:12. | :25:16. | |
shares. Why should he want to do that when he is still building the | :25:17. | :25:22. | |
business? If you were to say what is the real motivation of Jeff Bezos, | :25:23. | :25:26. | |
it would be to build a ghastly successful business. Amazon has | :25:27. | :25:30. | |
changed Varsity over the years. It started selling books online. -- | :25:31. | :25:38. | |
boss glee. The business is transformational. They will sell | :25:39. | :25:41. | |
more close this year than Macy's. I think he will do this he did tweak | :25:42. | :25:47. | |
it, what should my stance be on philanthropy question I think he | :25:48. | :25:51. | |
will do a lot more. I do not think we should criticise him for lack of | :25:52. | :25:57. | |
progress. We will have to leave it there. | :25:58. | :26:15. | |
Still no signs of hot, summery weather on the | :26:16. | :26:16. |