suisse misses profit estimates. we will break down the numbers. >> ecb president mario draghi keeps the markets guessing on rates. investors may have to wait another week for mark carney's forward guidance. a recall. we will tell you why. to sell itsagrees pc business. we will have the details, plus their latest earnings.

>> hello. welcome to "countdown." i mark barton. edwards. we have bloomberg reporter standing by ready to deliver your stories. hong kong, watching for sony earnings to break. those are just crossing into bloomberg. hans nichols has the details. >> we are digging into the recall of more than 17,000 luxury cars. the scene for the right decision. and caroline hyde is looking at results from vodafone. she will focus on emerging markets. is coming up, big interviews today on bloomberg, focused on earnings. we will be talking to the head of low, the -- the head of

volvo. >> also, the man in charge at time daimler/ and we will bring you the reactions of credit suisse. >> reactions from switzerland's second-biggest bank. we are joined on the phone from zürich by manas. >> it is a mess. the market was looking for a number just under 400. behind the miss were provisions in two key areas. they have an ongoing investigation with the u.s. tax authority. they have taken a revision of 175 million swiss francs. this is a number that back in 2011. 295 million back in 2011. an additional provision here,

and mortgage litigation, 339. they're working towards a resolution with the sec. this is a big issue in terms of tax litigation. the dividends, if you're a shareholder in credit suisse, $.70. a number to be thankful for. it pays dividends, but it is still below the bloomberg estimate of 75. goingre going to keep with cost savings, on target to deliver 2015 return on equities, that seems to be the top line from the report. if you're an employee, compensation is down overall at the back, down eight percent. if you're an investment banker, you are getting a little less a gravy, down by 10%. when we look inside the business, the investment bank side in the fourth quarter, that was a loss, but a lot of that

had to do with the litigation. we will look at the wealth management side of it as well, because the emerging markets are a critical part of their business. as we speak, that is the latest. >> manus, thanks so much. joining us from zürich. >> we are getting breaking news from sony. a vid, it seems like we have another profit warning? >> yes, although before we get to that, let's first get to the results of the last quarter, set this up. pretty much in line really with expectations as far as estimates. sales over the last quarter ending in december, ¥2.4 trillion, operating profit of 90.3 billion yen, estimates of 74. net income came just about bang in line with estimates of about 27 billion. mark, as you alluded to, we do have the profit warning here

that sony is now saying they think it will be incurring this net loss for the full fiscal 31, ¥110ch ends march billion. the previous forecast was for a profit, a net income of ¥30 billion. the street thinks they should have made, should be making ¥25 billion. i think this is where it gets interesting. obviously they are in the middle of restructuring the business. forecasts take in consideration the restructuring that we have seen across the pc and tv business. they are looking at about 5000 jobs. thear as the pc business, nikkei newspaper about an hour back was reporting that sony had in fact agreed to sell its pc units to japan industrial partners. us is an interesting point because we have several views on this. deutsche bank this morning,

quoting the analyst, saying that sony does not need as many businesses as it currently has. they are not alone in that. sony has to focus and scale back on the things that can make money. i'm from america, merrill lynch saying that sony is right to sell the pc business -- bank of america, merrill lynch saying that sony is right to sell the pc business. it has been bleeding money several years now. the profitu, david, warning from sony, cutting 5000 jobs worldwide, selling its japanese pc unit. after hours, twitter shares were down more than 18% in after-hours trading. the company released its first quarterly earnings report since going public. losses exceeded estimates and user growth slowed unexpectedly, at less than four percent. hans nichols is in berlin with more. take us back to the figures. us the basically told

honeymoon is over. i simply did not add new users fast enough to justify the $36 billion valuation. only 9 million new users for the quarter. you go back and forth and look at what they have done in previous quarters, it simply is not there. the us is what analysts focused on. they looked at the growth of twitter and it appears to be slowing. this quarter. year over year, 30% growth. that is a slowdown from 39% growth. it is really the question of, is the growth there. compared with facebook, facebook had 3.4% growth of users, but they had 1.2 billion users already. this is the question, is the growth there? it was not all bad. the revenue was a little higher than expected. their losses were much higher than expected. on that side it was bad.

crucially, on the mobile app their mobile ad revenues came from mobile ads come up from 70%, and they are per thousand $1.50 timeline views, roughly $.97. there is a little bit of good news, but overall this idea the valuation just is not there, that it had an ipo of $26, all the way up to 75. we will see what it does today. after-hours trading, as you mentioned, down 18%. it will be interesting to watch this stock when it opens in new york later today. >> how did the earnings call go? this is a new experience for a newly listed business. >> not well. the ceo was repeatedly grilled. offaced a fair amount skepticism from analysts, in particular on this point -- will twitter reach 200 million users in the united states?

twitter's argument is what you get hooked, you cannot leave. analysts were asking is, how are you getting people familiar with it, how are you getting them hooked? that is the key question he did not have an answer to. we will see how brutal analysts are later today. >> hans, thank you very much, from berlin. bonde aston martin james car of choice is recalling 75% of cars produced since 2008. ryan chilcote is here. >> we are talking about nearly all cars, left hand drive cars, since 2008, in a most all of the cars produced right-hand drive since last year. the problem is with the accelerator pedal. then martin had outsourced arm that connects the accelerator pedal to the rest of the car. that was to a chinese supplier. saying what was

actually a dupont part was actually a counterfeit heart, not industrial strength. saying.rtin is now they are recalling the car, saying they will fix the problem in all of the cases at the road expense. they say there have been no accident that they are aware of, but it is a concern they will take care of. >> what does this mean technically? when you put your foot on the accelerator, you don't get away like james bond? getaway bond is in his car, and he has his foot on the accelerator pedal, and instead of taking his foot off the pedal, the pedal snaps and he loses his momentum and stops and maybe in this case general chang from "tomorrow never dies" catches up with him. you don't go faster, you basically lose your acceleration until you stop. the issue is somebody could crash into you from behind. >> what does it mean financially? >> not much, really. the company says it is a minimal cost to them. obviously this is a hit for the

british icon. you get recalls from mass manufacturers, although you do not get recalls of this proportion relative to the total volume of cars they made. it is quite rare to have a premium carmaker recall a part. i think that is the big issue here. >> the damage made in china, the part in china? >> that will be an issue. aston martin said they will have this part made in britain. they are bringing some manufacturing back to the united kingdom. that was already theme, not just because of safety concerns or quality concerns but because costs are rising in china. i think that is something to watch. >> anything that james -- damages the james bond franchise? >> on occasion he arty shows up in a bmw from time to time. >> caroline hyde, what are you watching today? >> the second-biggest mobile carrier in the world, vodafone.

today we get an update on the previous quarter and how important has the emerging markets slowdown ban. one third of the revenue comes from india, turkey. clinical turmoil there, how much of a hit on their finances. also, big exposure to southern europe. the us is investing hard. will they be stepping up. we are finding just how much the slowdown in southern europe and the emerging markets hit vodafone, with earnings coming at 7 a.m. >> caroline, thank you very much. we are looking ahead to today's rate decisions. theyext guest says if don't cut rates now at the ecb, it could happen next month. >> plus, we will dig into sony's pc sales slump. find out why dell and hp may be

the next to face this. ♪

>> time for today's company news. telecom italia is proposing a chairman today.

i have been without a chairman since the previous chairman step down and out towbar and the chief operating -- step down in october and the chief operating officer was promoted. a new effort to turn around the company, acc, including a renewed focus on marketing. officerief financial made the comments in a bloomberg interview. straight annual declines in revenue. twitter posted a net loss that was more than double analyst estimates. shares were down 18% in extended trading. twitter's user growth also slowed. welcome back to "countdown." i'm an edwards. >> and i am mark barton. our next guest sees the ecb cutting rates if not now in march. marcus is an economist at deutsche bank. marcus, good morning.

talk, haven'tough we, from mario draghi. do we need confirmed action today? >> i think it would be more efficient today. when you have not much room, for example, to cut rates, the actual policy and the element of surprise, you want to maximize the impact of what you do. rather than do it in march, do it in february. >> market rates have come down from recent highs, data improving on the pmi front for the eurozone because of those two factors. he could wait a month, couldn't a? >> he could, but the job of the ecb is to meet the inflation target. the arty have inflation on the two-year side, one point. you mentioned the right, mario draghi mentioned the market rates, and the second was the projection.

already 1.3, inflation came in lower than expected, lower than the market expected. they will probably have to cut their two year projection in march. this is the reason why if not now, we think it will be more efficient now, then he will have to do it in march. >> if you think a rate cut today, that is not the consensus view, for what that means. mario draghi does not always follow the consensus, but 62 out of 66 economists surveyed by bloomberg suggest there will be no rate change today, but you think there will be something? >> this is the reason why they should do it today. because people are not expecting. toe i said before, tried maximize the news, surprise the market in february if you don't have to do it in march. obviously, we know the governing council is divided. so it is not easy to make a decision. >> that is one option.

there could be a cut in interest rates. you think this month, some people think next month. another option, explain this to and intore mortals, the sterilization process of the bond purchasing program actually stopped in september 2012. how on earth does that make a difference to the money markets? >> in theory the idea is to create an increase of the money supply. >> that is a quick way of saying it. the s&p, yes, they are sterilizing, so you want to obstruct the money away from the economy. this means the banks can borrow as much as they want. morelization of the s&p is of a symbol. stopping that is a message that the ecb can go farther than that. everything on the table, including q.e. >> q.e. is the big one, isn't it? is it time for the ecb to embark

on the road that has been traveled by other major central banks, the bank of england, the fed, the boj? some think they should start with commercial bank loans. >> mario draghi mentioned that recently and gave us. it is not easy to do that. technically is much harder. there is a price for that on the market. this is why they will try to do something in between. if we see inflation can continue coming up lower-than-expected and inflation two years out is substantially below 1.3 back in september, then qe is a possibility. quantitative easing from the ecb, it might be a european-style type of easing, it will not look like qe es where? -- it will not look like qe elsewhere? >> possibly. the criticism it is slow reacting, slow-moving. the very well done

omt, they could surprise us. >> if the ecb surprises us, will that push the euro lower? absolutely, that is behind the call for the shift down of the policy rate, going negative territory. we know there are counterproductive consequences. for simple, when denmark did it, the lending rate for banks went out. what we are saying is there is a very small cut, i should have an impact on the exchange rate. >> marcus, thank you very much. he will stay with us, the economist from deutsche bank. we will get his thoughts on this and the bank of england rate decision which is also coming out today when we return. ♪

>> welcome back to countdown. >> we are back with marcus of deutsche bank. he used to work at the bank of england before joining deutsche bank, and bank of england is also meeting to discuss interest rates. give us some insight into what we will hear or not hear from the bank of england and the governor. >> i don't think today we will get any big news from the bank of england. there is debate over what to do .or guidance, the threshold

the threshold is we are closer and closer to meeting the threshold. our forecast is in q2 already we will be there. >> what do we think, what next? one option is that he ditches the threshold, moves it to 6.5%, or try something new. >> you have two options. forward guidance and you gave a numeric one. moving that after six months is not -- you risk losing credibility forward guidance because every six months you change it, then what is the point of giving a numeric number? >> the world can change a lot in six months, so if the reason for changing is, well, what happened to the u.k. economy as it took off faster than expected, does that not go some way to the defense of changing it? >> you can change it now. if the economy moves faster, it

could be it is going faster than expected, so how do you square the two things? you have to do something technical and say the long-term unemployment rate is actually lower than when you thought he for -- than what you thought before. the unemployment rate is lower than six months ago, so the gap should stay constant. so it is not we changed our mind about a gap, it is just the target now is lower. >> can a shift market expectations for rights western mark they have been move forward, have they not? >> there is quite a big gap now between inflation. the bank of england, the beginning of next year, ecb, q3, 2016, there is a big gap. he can do something like the fed dead, making clear this is a threshold. marcus, thank you very much.

the ecb and bank of england meeting later on. ahead, sony confirms it will sell its struggling pc business, plans for job cuts. we will begin into the numbers next. ♪

>> i mark barton in london. several senior executives on wall street have resigned, others fired amid a widening probe of possible currency manipulation. the new york financial regulator has asked more than a dozen firms, including goldman sachs, deutsche bank, and citigroup, to document their trading practices. airlines flying to russia have been told to watch out for toothpaste tubes that could be turned into a bomb. the alert comes just before the start of the winter olympics in sochi. inurity at sochi is tight response to terror threats. the european central bank releases its latest rate

decision today. although inflation is at a four-year low, 62 at of 66 economists do not predict a rate cut. bloomberg tv will bring you the rate decision at 12:45 london time. newsent margo draghi's conference will be at 1:30. don't miss it. hello. welcome back. i am mark barton. >> and i am an edwards. let's get the latest on the ecb decision. will there be any policy response. jonathan ferro joins us with more. has the economic data on the ecb more time? we have improving economic data coming from the eurozone. >> the inflation number, you cannot help but think that it

smacks a little like last quarter. a month after a lot of people said, well, the ecb moved, maybe they will wait until next month, then, boom, rate cuts. that is what they did and they surprise the market. i think this is where the debate begins. the target at the ecb is at or below two percent. off, theo far advisement is something has to be done. >> we asked our analyst from deutsche bank to explain bond sterilization, and he said, improving money supply. you are not getting off lightly. i way to properly explain. >> i will say cash neutral. if he got in during the financial crisis, the ecb all the italian bonds in spanish bonds. this is controversy on the time because the bundesbank did not want them monetizing debt. the only way it was going up the front door was to make it cash

neutral, and they did that by sterilizing bond purchases. if i go out and buy 175 billion dollars worth of bonds, i sterilize that by taking the same amount in 61-week equivalent bash in six one-week equivalent bonds. recently they have struggled to reach that target. the bundesbank was worried about inflation. reportedly, the bundesbank has given the nod to and sterilization for bond purchases. this would be incredibly significant. in reverse.qe also, and this is big, something that rbs is talking about, it could open the door to quantitative easing in the eurozone. >> some are calling it quantitative easing by the back door, and the program actually finished in 2012. the impact this will have on financial markets, i have seen one number of 175 billion euros in boost to the financial system.

equivalent of the the liquidity they have been absorbing for weeks. it will no longer be at of the system. it would be a big boost, but i think it is more the reaction of what they are doing. >> what it would symbolize rather than the action itself. >> it is such a symbolic thing, the bundesbank is saying, look, we're not worried about inflation so much anymore. >> the bundesbank has rubberstamped this. if it goes ahead. >> believe me, later on when mario draghi gives the press conference, if they have not started the sterilization, if they don't give a sign of that, you will be pressed so hard on that issue. >> will there be an interest-rate cut, some other kind of measure that smells like quantitative easing? or the deposit rate could go negative. >> let's being talked about, jonathan, thank you. >> be sure to watch the ecb decision later this afternoon. 12:45 the rate decision, 1:30

the news conference. latestier we had the earnings from sony. it forecast a lost for the year and said it will sell its pc business as sales decline. h=p and dell saw a drop in pc sales last year. but get more about the business from a partner who joins us now. something bloomberg has been reporting now 24 hours or so, selling the pc business, how significant is this to your world? from theat significant venture world, from the early start up world, and not unexpected either. the manufacturing base is going to the companies that are able to deal with low-cost margins come which is what is happening in the pc industry. novo is moving its business away from pc's. who will be making them? and should we be talking about pc on the run or should we say pc/tablet, because the pending on how you define the segment,

it has a different trend. >> i would say pc, tablets, and smartphones. the pc industry is in decline. it is gone from 20% increase quarter on quarter to eight quarterly decline of 50%. it is being undercut by the tablets, demand is coming down for the pc, both on the desktop and the laptop. >> why not just sell the whole thing of their lagging from such a small pc market share?\ >> sony has very little market share, two percent. in japan they probably have the most market share, about 12%. there is no reason not to be courageous and get rid of the entire thing. as is the same thing that was happening in the h-p board room. it is their weakest division inside of h-p, four percent margins compared with everything else that is in the teens. these are decisions every sickle pc company has to make to the vest at of those business. -- they areur

reassessing everything. tv, pc manufacturing, cutting jobs, announcing a four-year loss -- full-year loss. the sony in a reversible decline? >> i think it has been on a slow and steady decline. they make designs great. if you thought about them 20 or to go, they were the apple of their generation. they had that kind of iconic status. nothing then, really major has come out with the exception of the playstation. in 2001, apple approach them asking if they wanted to reduce a pc-driven product. apple is not going to make their own notebooks, they were going to rely on sony. sony passed on it, apple had it working. unfortunately, it has become irrelevant as a consumer brand. >> you mentioned the decline of pcs, apple switching over to tablets, all of the things in between -- people switching over

to tablets, all of the things in between, this company has tried .o make this shift what sets apart the companies that manage to transition from pc's into something more mobile and those who do not man'nage? >> the first is software, the second is manufacturing. software, we have all seen ios, a great piece of hardware that they are very light. sony wins tons of award for experience that does not do a good job in terms of the user experience with software. the second bit is manufacturing, squeezing out operating efficiencies at the factory level. at is what samsung has become a machine that doing. forecast, their sales 40 million units, the early forecast was 42 million. more news coming up. interesting you're talking about transition of some of these big bellwethers. how they are transitioning to mobile. accor soft's new chief

executive, it is the big question, is it focusing on the right parts of the business --is microsoft? >> here is my good case and bad case. the server division, which is the heart and soul of microsoft, is also the most technologically progressive part of microsoft. it uses the most outside components, the latest technologies. tucker soft has always had this idea of -- microsoft has always had the idea of invented here, and here they have used the best and brightest outside of the industry. the downside is we are going into a mobile world, consumer world and you have a company that is strong on the business side hiring an exec who is strong at the business side, not very much will the consumer side. it is the consumer side of microsoft that is weak. the xbox is never really made money. the mobile division is still struggling. >> get rid of xbox? >> i have said it on television a couple of times. i think the best thing for microsoft is to split up into

smaller pieces. >> we spoke to an investor in dubai who said he does not think they should sell consumer business because he sees so much innovation coming from that side in terms of many of these technologies. >> but the problem with microsoft is it is such a huge company that these things are they shouldmatic as be. if they were independent companies, they could do the rational thing. it is amazing and 2014 there is no office for the ipad. it is clear the ipad is a productivity tool. we all walk around with it and there is no office suite on it. why? because microsoft wants to link it software and hardware together. they have a fledgling hardware business. >> can bill gates move further from the board room and closer to the product, that is a good thing? >> it is always a good thing when a founder moves back into the business. i'm not so much sure how much more relevant bill is in the industry. we will find out. but if there is one guy who can drive it, it is bill. >> one line on twitter,

overnight loss, user growth slowing year on year. what is your take away? >> twitter has had a ton of euphoria, mostly on the back of advertising and growth. growth is slowing down. it is amazes me, lots of people use twitter, but i don't know if the average consumer is as much into the twitter ecosystem as you imagined. i think they are the facebook ecosystem, but i don't know many average consumers -- >> that is the key, isn't it, proving they are mass-market rather than each? >> --rather than specialized? >> exactly, and we have to watch out, is twitter going to be mainstream? >> and your guess is? >> i don't think so, but i hope to be proven wrong. >> thank you very much for joining us. toup next, we look ahead earnings from vodafone, its dependence on emerging markets could pose a problem for the telecom giant.

♪

>> time for today's company news. the first quarterly profit in almost two years come in that income 134 million euros,

compared with a loss a year earlier. the company also said it received an offer for its enterprise business at alcatel. 4400 plans to eliminate jobs as it reports operating profits that beat estimates. their chief executive will join us. first unveiled its seaport last night near harris. by theart of a move citroen brand. carolina asked the ceo how he thought they would conquer hesitant european buyers. the car is a clear manifesto of the future positioning of our with the characteristic design, more comfort, more useful technology, and the

optimum budget. >> welcome back to "countdown." >> u.k. phone giant vodafone is set to record -- report quarterly sales and about one hour, 15 minutes. investors will be watching for signs of weakness and emerging-market. here is our business correspondent caroline hyde. we are expecting a decline in revenues? >> not looking too cheery, no turnaround as of yet at vodafone. organic service revenues, the money they get from selling you the phone and wireless data, that is expected to fall just shy of five percent. continued quarterly declines, and a lot of focus on the emerging markets. sales comef their from asia, the middle east, africa. in india is where they have the most number of customers in terms of sheer number, but they are very exposed to turkey as well. think about the currents we have seen in these countries.

if you're trying to cell phones, not only are the customers put off by very high inflation, any sales you get in turkish lira or in india will not have as much bang for your buck when you turn them into euros. >> what about these emerging-market economies, then, the likelihood there will be competition closer to home, not just the emerging markets? >> you are right, and southern europe has continued to be a key component for vodafone. they have promised in 2014 they will see growth again, return to growth in southern europe. the big exposure to italy, spain, or competition has been rising in italy in particular. and in germany. all parts of europe have a bit of a concern, but they're still splashing cash in that area, spending phenomenal amounts. 16 billion pounds over the next two years, including in project spring, trying to get investors onto 4g, very fast for

broadband. they are hoping that if you don't buy your phone and southern europe, you will go to vodafone because you with best service. they certainly have the money to be throwing at this, $130 billion they are said to get this quarter, due to their stake in verizon wireless. he can outspend their rivals. will they, though, turn that into revenue? >> or will somebody come in and snatch them up. >> caroline, thank you. before yesterday, nobody knew this man was a billionaire. he is patrick druggie. in his first broadcast into view, he spoke with our middle east editor. elliott joins us. was this your super sleuthing that revealed his worth? >> i wish it was, but it was more prosaic. the company he listed on the netherlands stock market last

week was worth 6 billion euros. he had a 70% stake. did the complicate math, turns out he is worth several billion euros. revealed he is worth 6.5 billion dollars, making him one of the top 10 richest people in the world. draghi comes across as affable, amiable, riding his bicycle. he says it is not about the money, he just ever since he was a boy wanted to be his own boss. >> my dream when i was very young and school to be the ceo of a worldwide company. dutch-based h aid group. after one year working there, i liked it very much, but i thought maybe not. therefore, i decided to be my own ceo, open my company when i was 29, and i had to survive. so i did. hard,lot of wish to work

and now i'm happy to be the head of a big company. bit of a way to go before he is worth the same. altice is worth 6 billion. >> you mentioned the ipo of altice. fill us in on the background of that. >> a lot of people suggesting, look, this is really just to help him get his hands on sfr, which they have said they do not want to sell, he simply plans to spin it off. it has been raising some money, several billion euros worth to help spin off the company. drahi says the ipo allows them to have the currency, eager international profile. they are in nine countries right now, operations in the dominican republic, israel, france, portugal, and this is a way to have a higher public profile and

give them the currency to do deals. certainly as far as sfr is concerned, they may not won a deal now but drahi says he will bide his time. he has patience. >> thank you very much, elliott. prince arrived in london. he is therefore the rock 'n roll hall of fame. he's keeping his performance is smaller this time around. stay tuned. that is next. ♪

>> welcome back. >> time for the newspapers. i want to hear about his royal purple-ness. >> prince launches himself on london. be performing in layton, a suburb of east london. i'm sure the size of this was less than the 20,000 or so that the 02 arena holds, where he launched his last u.k. tour which holds 20,000 people. this time he arrived after a gig in new york on sunday. he arrived in london. there was a great deal of excitement because nobody knew

where he was going to play. a lot of able still don't, a lot of secrecy, but he started off in a living room. it was not an ordinary living room, it was a singer's living room. then he moved on to the electric ballroom also in london, which seats about 1000 people. he said little low key this time. but i thought this appeal to you, mark, a sign of the times. >> he releases music on his own label now. now? he prince >> he is no longer squiggly, he is back to prince. ryan? >> google has reached a deal with the eu regulators. the is an interesting story. the google search engine to find a product, surprise, surprise, it does not search all of the products out there to find you the cheapest

product. and now searches the ones that advertise through google. according to this deal they struck with regulators, they will have to show not cheapest products necessarily out there but they have to show the ads from three competitors, and have to give them comparable and really visible sort of estate on the website. >> inside the algorithm. >> i just thought it was showing me the best deals. >> aw, you need to be more cynical than that. >> caroline was very upset at the newspapers today. >> my heart bleeds. cut off from the rest of the united kingdom as the railway has been totally destroyed. ,he storms have been ravaging particularly somerset. amazing pictures, this man carried piggyback the safety and somerset. i have been going there since i was 4, this particular village

near kingstown, people evacuated. terrifying stuff. " continues.n next hour, the credit suisse chief executive's insight. ♪ . .

1 asked welcome to." -- >> come to1."

>> the company's numbers coming in lower than the market had been looking for, lower than analyst estimates. manus cranny spoke with the roush -- the group's cheeked executive. here is what he told us. >> for the whole year. >> it was a good performance, strong performance in 2013 doubled up results in 2012. 10% are only on an operating basis. overall i think fourth quarter was solid. it beat expectations. overall i think, a strong end to the year. >> there is two pieces here, the fcc peace -- how far advanced are you with the fcc in getting resolution over these tax management? can we expect it before