In the aftermath of a quiet trading day, the ASX concluded on a downward trend. Jayne Hrdlicka, the CEO of Virgin Australia, revealed her departure from the airline. Meanwhile, Mike Henry, the CEO of BHP, participated in an interview with The Business.
Key events surrounding ASX closing, Virgin CEO, BHP CEO, and Jayne Hrdlicka
Latest News: ASX Closing, Virgin CEO, BHP CEO, Jayne Hrdlicka
ASX closing, Virgin CEO, BHP CEO, Jayne Hrdlicka: Market Overview
**By Nadia Daly**
The ASX 200 is down by 0.08% to 7,659 points, with the Australian dollar also dropping by 0.15 to 65.28 US cents. The Nikkei in Japan decreased by 0.25% to 38,374 points, while the Hang Seng in Hong Kong fell by 0.47% to 16,083 points. Additionally, the Shanghai index experienced a decline of 0.27% to 2,902 points. In the US, the S&P 500 dropped by 0.48% to 5,005 points, while the FTSE in the UK saw a slight increase of 0.22% to 7,728 points. The prices of spot gold remained steady at $2,017 per ounce, while Brent crude oil decreased by 0.12% to $83.46 per barrel. Furthermore, iron ore prices fell by 1.7% to $105.00 per tonne, and Bitcoin showed a slight increase of 0.12% to $51,943. These prices are current as of around 4:35 pm AEDT.
### Live Updates on the Major ASX Indices:
Stay informed with the latest updates on the major ASX indices including ASX closing, Virgin CEO, BHP CEO, and Jayne Hrdlicka.
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This section highlights key events related to the English language, focusing on ASX closing, Virgin CEO, BHP CEO, and Jayne Hrdlicka.
ASX Closing Down Following a Quiet Day on US Markets
6 hours ago, on Tue 20 Feb 2024 at 6:08 am, Nadia Daly reported on the Australian share market’s performance. The market closed down by 0.08% at 7,659, with US markets observing a public holiday. Notably, Strike Energy (-25.86%) and Star Entertainment (-19.64%) were the worst performers on the ASX, while ARB Corporation (+10.20%) and HMC Capital (+9.58%) emerged as the biggest winners. Among the sectors, 6 out of 11 ended higher, with telecommunications leading as the best performing sector. Stay tuned for more updates on business and finance news tomorrow.
Watch BHP CEO Mike Henry’s Interview with The Business
5 hours ago on Tue, 20 Feb 2024 at 5:27 am, Michael Janda reported on BHP’s chief executive, Mike Henry, addressing the mining giant’s recent half-year financial results, revealing an 86% decline in net profits to $US927 million ($1.4 billion). The significant decrease in profits was attributed to two major one-time events: an increased provision for legal expenses and compensation linked to the Samarco dam disaster in Brazil, as well as a devaluation of its Western Australian nickel assets to below zero.
During the discussion with Kirsten Aiken, Mr. Henry acknowledged that the nickel sector has been unprofitable for an extended period, with no immediate expectations of turning profitable for several years. He mentioned, “We anticipate this trend to continue for a considerable time, possibly until the end of the decade, when we anticipate market equilibrium to be restored.”
In response to the ongoing losses in the nickel sector, BHP is contemplating suspending its nickel mining and processing operations in Western Australia, a move that could result in over 3,000 job losses. Mr. Henry also touched upon the future prospects of BHP’s primary iron ore business, as well as its expanding copper and potash production. For the full interview, you can view it here:
[Link to the full interview]
Key Event: ASX closing, Virgin CEO, BHP CEO, Jayne Hrdlicka
Cost of Maintaining BHP’s Nickel West Assets Comparable to Operational Expenses
### Analyzing BHP Nickel West’s Challenges
By Rachel Pupazzoni
Hello, dear blog readers! Today, let’s delve deeper into the situation surrounding BHP Nickel West. As discussed in previous posts, the renowned “Big Australian” faced a setback in its nickel business while unveiling its half-year results. CEO Mike Henry attempted to downplay the impact of this loss, emphasizing that it represents only a small portion of the company’s vast operations.
### The Dominance of BHP’s Iron Ore Business
Despite the challenges faced by its nickel division, BHP’s iron ore business remains the primary revenue driver, contributing a substantial 77% to the company’s earnings. However, the Australian nickel industry is grappling with significant difficulties due to the influx of nickel from Indonesia, which has led to a decline in global nickel prices, rendering it challenging for Australian producers to stay competitive.
### Expert Insights from Hayden Bairstow
In a recent discussion with Hayden Bairstow, the head of research at Argonaut, an investment firm specializing in the resources sector, he echoed Mr. Henry’s sentiments regarding the unexpected growth in Indonesia’s nickel production. Bairstow highlighted the rapid expansion of Indonesia’s nickel output, projecting a potential oversupply in the market if current growth trends persist.
### The Dilemma of Nickel West’s Future
During an investor briefing, Mr. Henry hinted at the possibility of placing the entire Nickel West business, including its mines, concentrator, smelter, and refinery, under care and maintenance in the coming months. Bairstow noted that this decision carries significant costs, potentially equivalent to operating the business at a loss. The complexity lies in weighing the financial implications of sustaining a struggling operation against the expenses of closure or maintenance.
### Government Support and Industry Challenges
Amidst these uncertainties, both federal and state governments have introduced relief measures for the struggling nickel sector. These initiatives include nickel’s inclusion in the critical minerals list, enabling access to funding, and the deferral of royalty payments by the WA government. However, Bairstow expressed skepticism about the adequacy of these measures to salvage the industry, especially for entities already facing financial distress.
### Looking Ahead
As the situation unfolds, the fate of the 3,300 employees at BHP Nickel West remains uncertain. While governmental support offers some respite, the long-term viability of the nickel sector hinges on strategic decisions by industry players. Stay tuned for more insights on this topic in tonight’s episode of “The Business.”
In conclusion, the challenges faced by BHP Nickel West underscore the complexities of the global nickel market and the need for strategic responses to navigate turbulent times. Stay informed for further developments in this evolving narrative.
Virgin to initiate hunt for new CEO following departure of Jayne Hrdlicka
### Virgin Australia CEO Jayne Hrdlicka to Depart, Global Search for Successor
#### By Nadia Daly
In a recent development, Virgin Australia disclosed that its CEO, Jayne Hrdlicka, will be stepping down. The airline clarified that while a replacement for Hrdlicka has not been identified yet, they will initiate a worldwide quest to fill the position.
Virgin Australia’s chairman, Ryan Cotton, praised Hrdlicka’s leadership during challenging times, emphasizing her role in steering the airline back to profitability after more than a decade. Cotton highlighted the significance of Hrdlicka’s efforts in reshaping the company as a value carrier and setting the stage for future growth and enhanced margins. He underscored the extensive organizational restructuring and talent development undertaken during Hrdlicka’s tenure, which positioned the airline for sustained success.
The decision coincides with Virgin Australia’s anticipated return to the ASX in the near future, marking a pivotal moment for the airline’s trajectory. This development underscores the importance of strategic leadership in navigating the competitive Australian market landscape.
Key Event: ASX closing, Virgin CEO, BHP CEO, Jayne Hrdlicka
Virgin Australia CEO, Jayne Hrdlicka, resigns from position
### Virgin Australia CEO Jayne Hrdlicka Steps Down
By Nadia Daly
In recent news, Virgin Australia has made a significant announcement regarding its CEO, Jayne Hrdlicka. After almost four years at the helm, Hrdlicka has decided to step down from her position. This decision comes after her appointment in 2020 following the airline’s acquisition by Bain Capital post-administration.
The airline has confirmed Hrdlicka’s departure and has disclosed plans to initiate the search for a new CEO promptly. In a statement, Hrdlicka expressed her thoughts on the transition, stating, “I have decided the time is right for me to signal CEO transition for this great airline and ultimately to pass the baton on.”
Hrdlicka acknowledged the challenges faced during her tenure, emphasizing the ongoing transformation program and the upcoming IPO. She highlighted the need for a new leader to navigate the airline through the next phase of growth, which she anticipates will span over the next 3-5 years.
This move marks a pivotal moment for Virgin Australia as it prepares to embark on the next chapter of its journey under new leadership. Stay tuned for updates on the CEO transition and the airline’s future endeavors.
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Keywords: ASX closing, Virgin CEO, BHP CEO, Jayne Hrdlicka
ASX closing: CBA predicts potential decrease in interest rates by September
### Analysis by Nadia Daly
The **Commonwealth Bank** anticipates a potential interest rate reduction by the Reserve Bank of Australia (RBA) in September, based on recent RBA statements. The bank holds a more positive outlook on the timing of rate cuts compared to other institutions. According to the RBA meeting minutes, inflation is stabilizing faster than expected, and the job market is showing signs of easing.
Gareth Aird, the **head of Australian economics at CBA**, expressed his views on the matter. He mentioned that while the decision to maintain current rates was widely predicted for February, there was an expectation for the Board to discuss the possibility of raising the cash rate. Aird emphasized the importance of consistency in messaging, especially given the mild tightening bias observed in the February statement.
Looking ahead, CBA forecasts a reduction of 75 basis points towards the end of 2024, with an additional 75-point decrease in 2025, aiming to bring the cash rate to 2.85%.
Stay informed with the latest updates on the **ASX closing**, insights from the **Virgin CEO**, updates from the **BHP CEO**, and developments involving **Jayne Hrdlicka**.
Experts Forecast RBA’s Future Rate Adjustment to Decrease, Amidst Stage 3 Tax Cuts Confusing the Schedule
3 hours ago, on Tue 20 Feb 2024 at 3:28 am, David Chau reported that Westpac’s CEO, Peter King, and other senior economists are anticipating a potential interest rate cut by the Reserve Bank. The implementation of stage 3 tax cuts might postpone any rate adjustments as the RBA assesses their impact on inflation. The Reserve Bank, known for its data-driven decisions, will closely monitor the upcoming ABS data, specifically the Wage Price Index, to gauge the average pay increase for Australian workers in the last quarter of the year. For further insights, delve into David Taylor’s latest analysis.
Why it’s Crucial for Numerous Households Experiencing Financial Strain to Maintain Stability for a Few Additional Months
RBC Capital Markets finds BHP outcomes ‘not unexpected’ amid ASX closure, Virgin CEO, and BHP CEO changes
### Analyzing BHP’s Earnings Report
#### By Nadia Daly
Readers following this blog may be curious about the recent earnings report of BHP, which showed an 86% decrease in net profit without a significant impact on the share price.
According to RBC Capital Markets analyst Kaan Peker, the lack of a substantial share price reaction can be attributed to the fact that most key metrics were in line with what analysts had predicted.
Despite the sharp decline in net profit, BHP’s underlying profit figures aligned closely with expectations.
As of this afternoon, BHP’s shares have experienced a slight decrease of 0.22%, currently trading at AUD $45.93.
Tonight, BHP’s CEO Mike Henry is scheduled to appear on The Business with host Kirsten Aiken. The interview will be broadcast live at 8:44 pm AEDT on the ABC News Channel.
Stay tuned for more updates on key events such as the ASX closing, Virgin CEO news, BHP CEO updates, and developments related to Jayne Hrdlicka.
Minutes reveal RBA’s contemplation of rate hike this month
### RBA Considers Interest Rate Hike in February Meeting
The Reserve Bank of Australia (RBA) recently disclosed the minutes from its February meeting, shedding light on some intriguing developments. During the meeting, the central bank contemplated raising interest rates by a quarter of a point. However, after evaluating the progress made in terms of inflation and the unexpectedly rapid loosening of the job market, the RBA opted to maintain the status quo.
### Governor Michele Bullock’s Cautious Stance
Governor Michele Bullock has been cautious in her recent statements, emphasizing that she cannot definitively predict whether another rate hike is on the horizon. The key takeaway from the meeting is that while the RBA is currently content with the progress, it requires additional time to ascertain if inflation is indeed trending downwards before ruling out a future rate increase.
### Market Projections and Analyst Insights
NAB economists are optimistic that the current trajectory of inflation will deter any immediate rate hikes. However, they anticipate that the RBA will not rush into rate cuts. According to their projections, a gradual reduction in the cash rate to approximately 3% by the end of 2025 is plausible.
BMI, a division of Fitch Group, concurs with this sentiment, forecasting that the cash rate will remain steady at 4.35% before commencing a downward trend later this year. Similarly, ANZ Research economists foresee no further rate hikes until November, with the possibility of rate cuts looming due to a cooling labor market and unexpected inflation trends in the fourth quarter.
### Looking Ahead
The RBA’s upcoming meeting is scheduled for March 18-19, where further decisions regarding interest rates and monetary policy will be deliberated. Stay tuned for more updates on the ASX closing, Virgin CEO, BHP CEO, and Jayne Hrdlicka in the English language.
Strategies Employed by Coles and Woolworths to Sustain Dominance in Australia’s Grocery Sector
### Coles and Woolworths: The Changing Narrative
By David Chau
Coles and Woolworths have long positioned themselves as the champions of consumers – the fresh food people or the go-to destination for everyday low prices. However, this perception has started to shift in recent times, with customers, employees, and farmers experiencing the impact of the dominance of these two retail giants.
In a recent investigation by Four Corners, insights from industry insiders, experts, and even the CEOs of the supermarket chains themselves shed light on the inner workings of Coles and Woolworths. This exploration delves into the realities of how these corporations function in the market.
To gain a deeper understanding of this evolving narrative, delve into the detailed account by Angus Grigg, Elise Potaka, and Carla Hildebrandt. This investigation sheds light on the dynamics at play within the Australian retail landscape, providing valuable insights for consumers and stakeholders alike.
For more information on the ASX closing, Virgin CEO, BHP CEO, and Jayne Hrdlicka, stay tuned for further updates.
Understanding Supermarket Strategies: Specials, Phantom Brands, and Price Matching
Supermarkets employ a variety of tactics to attract and retain customers. From offering specials to introducing phantom brands and implementing price matching policies, these strategies play a crucial role in shaping consumers’ shopping experiences. By delving into the intricacies of these tactics, shoppers can make more informed decisions when navigating the aisles.
ASX closing, Virgin CEO, BHP CEO, Jayne Hrdlicka
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ASX Closing in Negative Territory During Lunch Break
20 hours ago on Tue 20 Feb 2024 at 1:20 am
Author: Nadia Daly
Midday sees a slight dip in the Australian sharemarket, with energy and utilities sectors experiencing losses while telecommunications services shine.
For real-time updates, refer to the top of this blog.
At midday, the ASX 200 index is down by 0.15% to 7,653.9.
Notable gainers include ARB Corporation (+11.9%) and Reliance Worldwide Corporation (+8.19%).
On the flip side, Star Entertainment Group (-20.08%) and Sims (-9.37%) are among the top losers.
Yesterday, the NSW casino regulator announced a second investigation into Star’s Sydney casino operations.
ASX Closing, Virgin CEO, BHP CEO, Jayne Hrdlicka
Passing the Baton to Nadia Daly for the Afternoon
Published 11 hours ago on Tue 20 Feb 2024 at 1:00 am by Michael Janda.
I will be away from the blog for the remainder of the day, but you are in good hands with Nadia Daly, who will guide you through the end of the trading day.
ANZ’s Stock Decline Post Legal Victory in Acquiring Suncorp’s Banking Business
Published by Michael Janda 12 hours ago on Tue 20 Feb 2024 at 12:55 am
Why did the market react negatively to ANZ’s recent court victory?
Troy, your question is quite valid.
Typically, analysts and savvy investors approach takeovers with skepticism. There’s a common belief that buyers tend to overpay, face challenges in integrating the acquired company, and often realize fewer benefits than expected. Moreover, there’s a perception that some acquisitions are driven by executives and boards aiming to expand their empires rather than creating genuine value.
These concerns are relevant to the ANZ-Suncorp deal, as highlighted by Azib Khan, the executive director of banks research at E&P Capital. He anticipates that ANZ’s share price performance will be impacted by the acquisition, limiting potential capital returns and requiring ANZ to manage integration challenges for the next three years with minimal EPS accretion. Additionally, the acquisition is expected to exacerbate ANZ’s cost issues without significantly altering its capital allocation strategy, which heavily favors its lowest ROE division, Institutional.
In essence, the $4.9 billion ANZ is investing in Suncorp’s bank cannot be utilized for shareholder returns like share buybacks or special dividends.
Currently, ANZ’s share price has dropped by 3.5% to $27.51, while Suncorp’s has risen by 5.5% to $15.22, indicating the market’s preference. Bendigo and Adelaide Bank’s share price has also increased by 2.4% to $9.95, as it was a potential alternative buyer for Suncorp’s bank if the ANZ deal had fallen through.
ACCC Acknowledges Tribunal Approval of ANZ’s Suncorp Banking Acquisition
**ACCC Responds to Australian Competition Tribunal’s Approval of ANZ’s Takeover of Suncorp’s Banking Division**
**By Michael Janda**
The Australian Competition and Consumer Commission (ACCC) has issued a response following the Australian Competition Tribunal’s decision to greenlight ANZ’s proposed acquisition of Suncorp’s banking arm for $4.9 billion. The ACCC has not yet indicated whether it intends to challenge this ruling in the Federal Court.
ACCC’s Stance on the Acquisition
In a statement released by the ACCC, they expressed initial concerns regarding ANZ’s acquisition of Suncorp Bank, fearing it could solidify the dominance of the four major banks in the market. However, after reviewing the provided information and some additional data, the Tribunal concluded that the transaction would not significantly diminish competition in any relevant market.
The Tribunal acknowledged that while some of the public benefits put forward by ANZ and Suncorp were not deemed as such or were not directly linked to the acquisition, the potential drawbacks were uncertain and unlikely to outweigh the advantages of integration.
ACCC Chair, Gina Cass-Gottlieb, acknowledged the Tribunal’s decision and stated that the process highlighted the regulatory oversight involved in merger approvals. The Tribunal’s assessment highlighted key concerns, such as the existing coordination within the national home loans market and the persistent barriers to entry and expansion. Nevertheless, the Tribunal did not foresee a substantial impact on the likelihood of coordination resulting from the proposed acquisition.
Next Steps for Approval
The deal is still subject to approval from the federal treasurer under the Financial Sector (Shareholdings) Act. The ACCC will continue to evaluate the decision and its implications.
In conclusion, the ACCC’s response to the Tribunal’s approval of ANZ’s acquisition of Suncorp’s banking division underscores the complexities of competition regulation in the financial sector. This decision sets the stage for further scrutiny and evaluation as the deal progresses towards final approval.
ASX Closing Sees Ansell Shares Decline Following Results
Analysis of Ansell’s Recent Performance
Written by Michael Janda
Ansell is poised for a comeback, as humorously suggested by Scruffy.
Currently, Ansell shares have experienced a 3.7% decline, settling at $23.25, attributed to a decrease in profit and dividend payouts.
Scruffy lightens the mood by jesting about Ansell’s potential rebound.
While tempted to make a pun about “rubbery figures,” it’s important to note that these financial reports are meticulously audited and mandated by the ASX, ensuring their credibility.
For those unfamiliar, Ansell stands as one of the leading global manufacturers of rubber and latex products.
Although previously known for their condom production, Ansell divested that sector years ago to concentrate on gloves and other protective gear.
Implications for ASX Closing, Virgin CEO, BHP CEO, Jayne Hrdlicka
Market Overview: ASX Closing, Virgin CEO, BHP CEO, Jayne Hrdlicka
### Market Update by Michael Janda
In the latest market update by Michael Janda, here are the current figures:
– ASX 200: Down by 0.1% to 7,660 points
– Australian dollar: Decreased by 0.2% to 65.31 US cents
– S&P 500: Markets closed for the holiday
– Nasdaq: Markets closed for the holiday
– FTSE: Increased by 0.2% to 7,729 points
– EuroStoxx: Rose by 0.2% to 492 points
– Spot gold: Dropped by 0.2% to $2,017/ounce
– Brent crude: Maintained at $83.56/barrel
– Iron ore: Declined by 3.8% to $126.30/tonne
– Bitcoin: Fell by 0.6% to $51,782
*Prices are current as of around 11 am AEDT.*
### Live Updates on ASX Indices
Stay informed with live updates on the major ASX indices.
For more information and real-time updates, keep an eye on the market trends.
ASX Closing as Miners Relinquish Some of Yesterday’s Advancements
11:49 pm on Monday, February 19, 2024, By Michael Janda
Today’s trading session on the ASX 200 index saw a slight decline of 0.2%, resembling yesterday’s market trends. Sectors such as energy (-1.1%), utilities (-1%), and basic materials (-0.9%) were the primary contributors to this dip.
Conversely, the real estate sector, which has been struggling, managed to climb by 0.6%, accompanied by a 0.3% increase in financials within the first half-hour of trading. Notably, Suncorp experienced a significant surge of 7.2% to reach $15.47. This surge followed the Australian Competition Tribunal’s approval of the $4.9 billion sale of Suncorp’s banking division to ANZ, dismissing the competition concerns raised by the ACCC.
Interestingly, ANZ’s shareholders appeared disappointed with the outcome, leading to a nearly 2% drop in its shares to $27.95. On the other hand, Bendigo and Adelaide Bank observed a 3% increase to $10.01, as investors perceived the court decision as a favorable development, considering it as a potential buyer for Suncorp’s banking division.
Among the major banks, Westpac stood out with a 2.3% increase in its share price. Meanwhile, BHP witnessed a 0.6% decline following the announcement of an 86% decrease in net profit, primarily attributed to anticipated write-downs.
In a contrasting move, Star Entertainment faced a substantial drop of almost 24% to $0.4275 as regulatory authorities in NSW revisited its eligibility to retain a casino license in the state.
At 10:50 am AEDT, the ASX 200 index displayed a mix of top and bottom movers, reflecting the dynamic nature of the market. The top movers included BHP, while the bottom movers featured Star Entertainment. Stay tuned for more updates on the ASX closing, Virgin CEO, BHP CEO, and Jayne Hrdlicka.
ANZ’s Acquisition of Suncorp Bank Pending Approval from Treasurer
**ANZ’s Victory in Australian Competition Tribunal**
**By Michael Janda**
The recent ruling by the Australian Competition Tribunal in favor of ANZ against the Australian Competition and Consumer Commission marks a significant milestone in the bank’s endeavor to acquire Suncorp’s banking division. Despite this positive development, there remains a potential scenario where the ACCC may choose to challenge the ruling in a higher court. Additionally, given the nature of the transaction within the financial sector, it is imperative to obtain approval from Treasurer Jim Chalmers.
**Treasurer’s Statement on the Acquisition**
In response to the Tribunal’s decision, Treasurer Jim Chalmers stated that the acquisition of Suncorp Bank by ANZ Group Holdings Ltd aligns with the criteria outlined in the Competition and Consumer Act 2010, effectively overturning the ACCC’s previous decision from August 2023. However, ANZ still needs to secure further approval under the Financial Sector (Shareholdings) Act 1998 to progress with the acquisition. Chalmers emphasized that stakeholders, including applicants and other interested parties, have the option to seek a review by submitting an application to the Federal Court.
Chalmers further mentioned that upon receiving ANZ’s FSSA application and advice from the Treasury, he will thoroughly evaluate whether the proposed acquisition aligns with the national interest under the FSSA before announcing a decision in due course. Notably, being a representative from Queensland, Chalmers’ decision will face heightened political scrutiny, especially considering that the state government endorsed the ANZ deal following commitments made by the major bank regarding job security and investment in Queensland.
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Court greenlights ANZ’s $4.9 billion acquisition of Suncorp bank
### Australian Competition Tribunal Overturns ACCC Decision
On Monday, February 19, 2024, at 10:35 pm, Michael Janda reported that the Australian Competition Tribunal has made a significant decision. They have overturned the Australian Competition and Consumer Commission’s (ACCC) ruling that initially blocked ANZ’s proposed acquisition of Suncorp’s banking division.
The ACCC’s rejection of the deal was based on concerns about potential reduced competition in the banking industry. Currently, the four major banks in Australia already dominate more than three-quarters of the market share. Despite these reservations, the Australian Competition Tribunal’s decision means that ANZ’s $4.9 billion takeover of Suncorp’s banking business can now move forward without hindrance.
Suncorp, on the other hand, intends to utilize the proceeds from the sale to bolster its primary insurance operations. This move comes as the insurance sector faces escalating challenges from the increasing frequency of adverse weather events attributed to climate change.
For more updates on ASX closing, Virgin CEO, BHP CEO, Jayne Hrdlicka, and other related news, please visit our site 60time.com. Also, please don’t forget to follow us on social media at ([email protected]) for more industry insights and updates.
