francine lacqua in london and i'm tom keene in new york. william barr not testifying to the house today. that is the washington news of the moment. the economic news is the fed meeting yesterday. governor carney joins us. we have really been focusing on the equity markets, the earnings season, revenue dynamics kerry and i want to focus on the bond market. mi and for total return -- mi in bonds -- am i in bonds for total returns or to clip a coupon? you just heard was an honest gentleman. that is white we log -- that is why we like bob. he tells us the truth. it continue. >> from a fixed income standpoint, the numbers have been a lot better than what most people expected at the beginning of the year. had phenomenal performers across high-yield and corporate bonds. that those spreads have come a long way. it's not to say you can't still

i'm francine lacqua.c producers have signaled intent to keep oversize constrained. they have pledged to prevent any genuine supply shortages. suggested that russia is potentially going for a wait-and-see approach. go into arabia will not deviate from our targets for july in anticipation of either a decrease or increase for our target. we are going to commit and take an extra month on our own, and i hope my other colleagues will do the same, will not jump the gun. >> joining us now from jenna's manus cranny. what caught your eye? it seems like the russians are playing a more pivotal role, and saying there's a number of ways we could continue. does this mean they are cooling-off, sticking together with saudi arabia, or is there more nuance? look, i think the russians are still very much part of this. they will not go gung ho, as the nigerian oil minister said last night. the message you want to take away from that is don't be fooled by the price -- stay the course is the byline for this meeting of the gmc.

francine lacqua in london and tom keene in new york. ander to what francine was mentioning, which is the immovable level. bring up the charts to show the path of weakness out to seven. is this within a not floating, whatever the dynamic is -- is this about strong dollar? or week you want? 1% over thes fallen last couple of weeks. think about the start of the year. we had a good g20 meeting in late november, the suggestion that trade deal was going to be done so we had a benign period for financial markets. just over the last two weeks major resale. have seven, we other side effects? chris: yes. if you look at the correlations with asian currencies, activity currencies. the fallout is prompting more dovish policy but you can look around the world. the canadian dollar, even though things are positive for north america, that could come under pressure as well. francine: all right. first, let's get to the bloomberg first world news in new york city. theresa may is facing pressure to quit within days. bloomberg learning her allies realized her

i'm francine lacqua in london.g at movements surrounding brexit and we look at the fallout from the european elections. look at politics with president trump in japan. thecine: them -- tom: market movements are absolutely extraordinary. there is no time to capture the history being made this morning. german yields are absolutely stunning. francine: we are on a second renminbi wrought. viviana: president trump says the u.s. is not ready to make a trade go with china. he says the chinese probably wish that they made the deal that was on the table. he warns the tariffs could go up very easily. the president said eventually the two countries will have a great trade deal. in the u k, nigel farage was the big winner in european parliamentary elections. his brexit party was to take the country out of the european union without negotiating a deal. the vote rattling the uk's two major parties. jeremy corbyn has promised to support a referendum on any brexit deal. conservatives want to replace prime minister theresa may sayi

i am tom keene with francine lacqua. brexit is back front and center. had a terrific briefing by rob hutton who said there is about 15 or 16 people to challenge theresa may in the leadership contest. we think she will put her fourth vote to parliament in june and they will decide on a new leader, a brexit person like boris johnson or someone else. in the backyard -- background, you have nigel farage polling very well. tom: here is sebastian salek. sebastian: labour party jeremy corbyn says compromised brexit talks are over and negotiations with the conservative party have gone as far as they can. may hoped to reach a deal to pass in parliament. lawmakers have rejected her brexit agreement three times. president trump contemplates tension with iran, and is wary of throwing the u.s. in a war with the islamic republic. he campaigned on promises to withdraw the u.s. from wars in the middle east. in china, media is signaling a lack of interest in resuming trade talks with the u.s. focus on the next chance for xi jinping and donald trump to meet at the g20 mee

francine lacqua, what will they named the baby? do offline, and then you buy me dinner. it was quite exciting yesterday. everybody loves the royal baby and it is the root of the nation. not translating into brexit talks. break from thece idiocy. we go into the week, it is a side story but it is not. it is a boy. we cannot name the baby emma. francine: no, we can't. tom: let's go to first word news. kailey: shaping up to be a crucial week in the trade war between u.s. and china. beijing's top negotiator will head to washington. it was announced after the trump administration ratcheted up pressure, accusing the chinese of back telling -- backpedaling. the u.s. plans to raise tariffs on 200 billion dollars of products on friday. anadarko has declared occidental's takeover offer better. the federal reserve has ramped up its warnings on the dangers of high risk corporate debt, saying that countries -- companies with the more -- worse -- will they do anything about it? in turkey, the election board overturned a rare defeat. it ordered a

i'm francine lacqua here in london. couple of days away from the european election. we are trying to figure out well, depending on who comes in and the composition of parliament, how changes policies at home. alvarera.back to marco what does it mean for the markets? >> not much, i have to say. , i all of the big following think what matters a lot more for markets are the very long-term trends, in terms of how europe is able to develop and staley from -- stay away from what has been the -- of things also, brexit outcomes, as well as exchange rates and ecb in particular. the main talking point has to be how the ecb perceives the outcome of the election. there is significant danger that this election will once again confirm that there is a disenfranchised middle class who feels very upset about what they are doing and the only way they had to express that is by voting for populist parties. that has implications for government spending. the ecb is concerned about the present, that negative rates are a reality. the last thin

i am tom keene, francine lacqua in london. good morning. i want to go to a little bit of a shift. ed by italy and has a unique jenna will look. -- genoa look. today is the first day on the great italian budget fiscal economic debate. the winds have shifted. francine: the winds have shifted for italy because matteo sell salvini istteo asking over and over again for italy to spend more money. he is still in the same coalition what the five-star, and awkward coalition because they do not have much in common. europeans need to let of spend. we do not want their austerity program. shifting the debate and making investors nervous, i am looking at the spread between germany and italy. it is tangible. tom: i like how you did that chart graphic. what i will say within all of the italian debate as they really go after the idea that they are not greece, and what about france comes up in a lot of conversations with political leadership. first word news and london with sebastian salek. sebastian: the trade war between the u.s. and china as escalating. beijing is putting purchases of soybeans on

we'll bring you that exclusive interview with francine lacqua law. that's next.loomberg. ♪ matt: 30 minutes into the trading day, let's get your top headlines. expect retaliations. stocks fly as chinese media blast the u.s. for wrecking trade negotiations. the foreign ministry says they will wait and see on countermeasures. a formal proposal, renault is going to merge with nissan as profits are expected to slump to the lowest level in a decade. unicredit exclusive. europe tells bloomberg needs bigger banks, but consolidation is a challenge. >> we need a stronger financial market system. and hopefully, the market will continue on one side, and the banking on the other. bringing deeper market. matt: good morning and welcome to bloomberg markets. . this is the european open i'm matt miller in berlin. anna: 30 minutes into the trading day, let's look at how we shakeup. 480 sox -- stocks moving lower. that's how biased toward the downside we are on equity markets. stories on the upside, the rain band maker, eyewear manufacturer, they settled there government thing and

i'm francine lacqua.r brexit and the possible timetable of the resignation of theresa may. ofs is data for the month april. they are down 0.2% instead of down 0.5% we were expecting. the data does seem a lot better when it comes to retail sales for the month of april. if you look at retail sales including fuel, 5.2 instead of the 4.5. pound at the moment seems to be focused a lot on what happens with brexit. barely budging. >> rallies plunging down nearly 42%. they really just opened at the end of the last hour. and now have about six months to come up with a plan, a restructuring of debt. many people are saying that this be bargain shopping. jpmorgan says now would be time to buy stocks. and we could see short covering for the stocks. and royal mail up about 2.75%. goldman sachs has them on a buy. francine: those were some of the main movers in today's trading session. the holding makes the 88-year-old billionaire investor a top 10 shareholder. shares are up 9% this morning with the stock has lost about

francine lacqua and tom keene. markets closed for the bank holiday here. u.s. stock markets closed as well as cash trading. at the memorial day in the u.s. on theeeing a lot screen. this populist backlash was stymied somewhat. positivity in the equity markets. now,tly on the back foot we drop below 112 after two days of gains. giving him the gains we saw on friday when theresa may announced that she would resign. that covering we hold above 127. but brexit risk very much at the for with nigel farage's brexit party doing particularly well. olivia in london. olivia: mainstream parties mostly hold their ground against the nationally supported. we saw the highest turnout in -- resident to macron's party is headed for defeat. the nationalist leak one -- league won 1/3 of the vote. the vote was for politicians with clear pro-or anti-brexit images. , and theof the vote other big winners the pro-european liberal democrats coming in second. a government that tries to force a no deal brexit risks being brought down. colleagu

i'm francine lacqua in london.>> let's start with your next -- next on the upside. this is a major hurdle that is clearing the way. they are in the battle with nasdaq. euronext class to complete the transaction. aims to complete the transaction by the end of june. luxottica is one of the biggest makers and sunglasses. nearlyenkrupp -- senkrupp down nearly 7% today. they are reporting their open to potential partnerships as well as asset deals. much.ne: thank you so let's get straight to the bloomberg first word news with viviana hurtado. viviana: arkin value sliding by $9 billion due in large part to the stake in uber and its ipo flop. the first day of trading open 7% below the ipo price before sliding even further. all eyes are on movers second day on the stock market today. the 6 billion dollar bailout from pakistan from the international monetary fund. deficit triggers a balance of payments crisis for pakistan. and the white house considering judy shelton to fill one of the vacancies on the federal reserve ward.

i am francine lacqua in london.ood morning if you are watching from europe and the u.s., good afternoon if you are watching from asia. one of the interviews from the day, we will be speaking to the ia, cutting growth forecasts after a tough quarter. we are looking at brent and european stocks across the board. they are seeing a little bit of pressure, markets trying to figure out what happens in the trade war next. and the rebound we saw yesterday did just not have the impetus to continue. we are also looking at the renminbi. exclusivelye speak with the ai iv president -- aiib president. but first, let's get straight to first word news in new york city. >> weakness is showing up in the u.s. economy. that is according to jeffrey gundlach. indicatorsasket of have fallen to its lowest level since the financial crisis. this is despite some lofty predictions of growth. he says the chance of a recession in the next two years is extremely high. the next 12 months is quote 50-50. president trump has warned he would send mor

francine lacqua in london. out of pboc. nothing bad. pboc says china's effect on the market is stable and it will prevent any disruptions. justchecking in -- we were talking about that. in retaliation to what the trump administration was doing was that china would do something with renminbi or they would do something with treasuries. reassurance today from the pboc that the moment, they believe the chinese affects market -- fx market is stable. and that they will prevent disruptions. indian stocks have reached an all-time high as prime minister modi looks to win a single party majority. in early vote counting, the bjp party source to a commanding lead. benchmark index touched 40,000. us get to bloomberg's government reporter. is this a landslide victory or are we expected to get it confirmed? or is this a pretty convincing win? >> exactly. earlierls that cannot this week predicted a landslide victory for modi with an average of 300 seats in the 543 seat parliament. modi seems like he's going to surpass that opt

francine lacqua spoke exclusively with the social media giant to discuss those challenges.ompany should be broken up because it is popular. what we are really getting here issuess what are the facing the internet, what are the problems of the internet? we have made a huge amount of investment in the areas of privacy, election interference. nejra: how real a threat is a breakup of facebook? mark: i think it is extremely unlikely. i also did not predict trump would be elected president. so if we go the other way and we get somebody like a senator bernie sanders, elizabeth warren elected president, it is possible we would have greater risk. it would be unprecedented, but not completely unprecedented, but not something we have been seen in decades. it could be possible that they would divest instagram or whatsapp. the chances of that happening are less than 5% i think. nejra: now that the earnings season is behind us, you have written a piece about the threat of regulation. you think it could be a positive. mark: it is a positive, but in the case of facebook, i look at facebook

tom, francine lacqua from london. how do they drive forward the brexit conversation? hat the citizens of the u.k. are looking at, whether they are mad at brexit and what party they want to vote for. it may focus the lines of the labour party and conservative party. both did badly on elections, but in terms of the market, euro area inflation accelerated after a string of upbeat data, so watch for impact on future expectations for the ecb. tom: we will have the data through the day and into the weekend. here is sebastian salek. sebastian: it is about time a woman led the european commission. that is the opinion of one of the candidates for the top job, and she expressed concern over letter turnouts at the election. it often leads to members who do not want to make it work. >> the most important point is to say we need a gender balanced commission and if you look at all of the commission presidents, it is about the time you had a woman heading the commission. the euro: inflation in area accelerated more than expected, capping off a week of encouraging data. consumer price

i am tom keene, francine lacqua with me. she should be on assignment in transylvania but is not. ons, let's park . a lot of people in charge at the commission will no longer be in charge of the commission when brexit happens, unless it happens in seven days. they are there to talk about tariffs, trade, and iran. europe is stuck in the middle between the u.s. and iran. whatarchie or archibald, should it have been? francine: i think it is archie. tom: jonathan ferro had me up all night. francine: that, and football. tom: here is kailey leinz. kailey: the u.s. and china resumed trade talks but the negotiations are overshadowed by the threat to raise tariffs. last night in florida, the president put the blame on china. >> you see the tariffs we are doing? they broke the deal. they broke the deal. so they are flying in the vice premier tomorrow, a good man, but they broke the deal. kailey: the president will meet with the vice minister only if they make progress. president trump is putting more money on iran to keep them from developing nuclear weapons, banning the purchase of iranian

with me is francine lacqua in london. or the fabulous taxis. francine: there is also an app sponsored by volkswagen. you see a lot of the established carmakers trying to get in, because evaluations from lyft and mover. it is all -- uber. it is all about pricing. it is difficult to compete on pricing at the moment. we do not have lyft yet. the interview of the day at some point. emily speaks with the uber chief executive. startsesharing company trading at the new york stock exchange. tom: we will see the dynamics at that moment. kailey: president trump fired the latest shot in the trade war with china and carried out his threat to raise tariffs on more than $200 billion of chinese products. beijing is vowing to retaliate. there was little progress on trade negotiations. they resume this morning. onres of uber begin trading the stock exchange after the likely largest ipo of the year. uber is trying to avoid the which --fered by lyft, we will talk with the uber ceo later at 12:30 new york time. the trumplearned administration

i'm francine lacqua in london.orget one of the big things we're watching out for, boe day. i will be heading out to do equation reports. and we will see mark carney and how he dances around brexit. we will get an update on what brexit means for interest rates since it has been delayed. at the same time, we do have news, we think, from labor and theresa may that they could be nearing an agreement. we need to keep an eye on what happens with the boe. i have a great chart that we will show you in a second. data out of the u.k. has been better than expected. aprilmi for the month of also beating expectations. 50.5 is better than the 50.34 forecast. interesting stories with the chief executive. let's get to bloomberg first word news in new york city with viviana hurtado. viviana: jay powell is pushing back on president trump's call for interest rate cuts. he says inflation will rebound and the economy will stay healthy without fresh out from the central bank. he added that the economy and financial markets don't appear

i am francine lacqua in london.hat stocks in europe are down zero point 2% after the ratcheting up of tensions between president trump . in the communiquÉ, they did not mention huawei specifically, but they talk about chinese telecommunication companies they. 2.2, and similar moves for the u.s. and tenure german bonds. in terms of equities, let's look cook, shares plunging by quite a lot, 20% of its market value lost, down some 17%. will have more on the equity movers. gary johnson -- guy johnson also spoke to the chief executive. coming up on bloomberg surveillance, we have a good lineup. will speak to the former brought just champion garry kasparov about a.i., and the ericsson chief executive, and then the world champion sprinter usain bolt. anglewas also a business with some of the scooters he is promoting in paris. now let's get straight to the first word news in london with olivia howe. >> theresa may will meet with colleagues who wants to asked her, rank-and-file members of her own party. . the question is whe

i'm francine lacqua in london. straight to the bloomberg business flash with viviana hurtado. hsbc considering eliminating hundreds of investment banking jobs. we have learned a chief executive john flint is pressuring the top managers to cut costs. at least 500 jobs could go between global banking and markets. the reductions are expected to begin mid june. is repairing major job changes in london. offering voluntary redundancy to about 500 directors and managing directors. that is roughly a quarter of the workforce in the city. financial firms have been expanding abroad. now many are in cost-cutting mode. lng agreeing to sell the insurance business for nearly 250 million pounds. it includes payments over three years. they say proceeds from the sale will be reinvested in the financial services warm -- firm core business. breaking news out of mike pompeo who is in germany at the moment. he says germany should take action against china. it is unclear if he is talking about huawei technology. the former united states

francine lacqua sat down with facebook's vice president for emea in london. >> i think what we are really here today, what are the issues facing the internet, the problems of the internet? and if you look, we have made a huge amount of investment over privacy, over election interference, and through those investments to our different platforms, if a bad activity is happening, we can flush it through. we don't think we are perfect. there's more we can do. but we are making progress. francine: do you think regulators understand you an exact we what the internet is? nicola: i think so. but we want to work more actively with regulators around the world. we have been clear about that. mark zuckerberg was in paris last week, working with the french government and working with president macron, reviewing the work we have been doing around hate speech on the internet and content regulation, sharing what we are doing and what else we can do. that's a good model, but we would like to see more around the world. francine: will mark zuckerberg testify in the u.k.? nicola: i don't know. he doesn't have

he told francine lacqua that mergers might make sense for the sector, but it is unlikely that many willrgers in europe would be very difficult to put together, because there's a lot of things which need to be followed. first, they need to be controlled, execution, risk, and governance need to be appropriate. there will not be many measures in the foreseeable future. >> domestically and cross-border? >> domestically and cross-border, yes. >> where does that leave the banking landscape if you don't have much m&a? because of rates, because of a lot of the banks not having a clear plan of what the tenures will be like, it will be tough. -- they will become in 10 years, it will be tough. >> it is interesting to be a european bank. you mentioned negative interest rates, which are a consequence of low growth. that being said, european banks can reach decent profitability by going slightly at the speed of european growth, transforming their activities in their networks and managing risk properties. we will have decent growth, probably lower than what we see in the u.s., but the banking sector i

i'm francine lacqua in london.xecutive of bp tells bloomberg that world market will be tight in 2019. bob dudley also shared his thoughts on where prices are heading. >> you can't always do it right. we try to do it on the fundamentals rather than the short-term reaction. the markets are tight this year, fundamentally. ise a look at what unfolding. venezuela defying economic gravity and reports of more violence in libya. these things approach fundamentals. if you look at the production growth, it is still bottlenecked . it feels kind of tight right now. your biggest worry about oil prices for the rest of 2019? >> we plan the company on $55 a barrel. i think if i worry about it short-term, not longer-term we end up with either a spike or a drop and that is not good for the world or good for planning. but i think we will be in the sphere way of 60 to 75 for 2019. talk to me about integration of bhp assets. what are you learning in terms of the u.s. shale market? has great assets and great people. we took over the fir

francine lacqua in london, tom keene in new york. newport, california. you go out to pimco and chat them up, that is a good thing. given where markets and bonds are, this is remarkable. it centers around discussions with manny roman and dan iversen. look for that throughout the day. right to first word news. white house national security adviser john bolton says there is no reason for iran to break the nuclear treaty unless it is trying to build atomic weapons. he is meeting with officials from the emirates, and said iran is almost certainly behind attacks on oil tankers in the gulf. china found a new way to battle the u.s. on trade. it is gearing up to weaponize its dominance of rare earth. china may restrict rare earth exports to the u.s.. the u.s. gets 80% of those minerals from the chinese. it has been a rare outburst of tornadoes in the u.s. over the last month. more than 500 twisters have been logged as severe weather hit from the rocky mountains to the mid atlantic. yesterday was the 12th day with reports of at least eight tor

blackrock vice chairman philipp hildebrand spoke exclusively with francine lacqua about the importancerming a european banking union. >> being a bank in europe is tough at the moment. scale is one of the answers, but it is not the only answer. you have to have the right, the appropriate business model. but i think all countries should recognize that, for their own respective banks, to operate at scale across the entire european market would be a tremendous advantage. it would also allow shifting the focus away from being too exposed in the u.s. and having more of a scaled up, huge market you could tap into at the european level. >> this has to be cross-border, right? do you have to do domestic champions first? >> no, i don't think the journey has to go by domestic champions. you have to first have an integrated european market, otherwise it doesn't work. and then you have to have players in the starting position to move into that market. and they will tend to be the biggest domestic players currently. but i don't think we need to think of it as first being a domestic champion in order

i'm francine lacqua here in london. these are your mark

francine lacqua has an exclusive conversation with unicredit. they reported profit last week.the ceo with you. take it away. >> thank you so much. years, unicredit's chief executive has cut costs in efforts to get the bank on more solid footing. now he faces a harder risk. joining me for an exclusive conversation is, as you are saying, the ceo of unicredit. thank you so much. what is your biggest concern? what is going to be the most difficult thing you will have to achieve? costs are down. is that going to be the thing that will go through? >> we have achieved most of our targets already from 2019. you mentioned costs. the reduction of nonperforming , aets and profitability threshold of 9%. seeing aid, you are boost of the negative interest rate. the topline equation is a key focus. >> how do you grow revenue? you are the end of a turnaround plan which was successful. what would be the pillars of that growth? >> we keep activity with all our clients. anywhere you can specifically generate growth? >> outside italy we generate growth in germany. we diminished clients with small

francine lacqua, hard at work in our studio. tune in, this is bloomberg. ♪ matt: welcome back to the european open. 15 minutes away from the start of cash trading and it looks set to be a very down day in europe. european futures, ftse futures up .6%. dax futures, down more than 1%. his a look at today. 9:00 a.m., growth data out of italy and the big news will be rome's response to the eu over news that the bloc is considering sanctions. the key concern for brussels is italy's debt load. 11:00 a.m., angela merkel welcomes the u.s. secretary of state in berlin. that is before mike pompeo heads to the netherlands to meet the dutch prime minister. german inflation data for may, expected to come in softer than last month, another warning sign for europe's biggest economy. 5:00 p.m. london time, john williams talks about monetary policy and rates at a conference celebrating the 50th anniversary of the journal of money. for the termt day of the ecb chief economist. he will be succeeded by the irish central bank head philip lane. slump

up next, francine lacqua is coming with bloomberg surveillance.from me on "bloomberg radio." check that out on digital in the city area. if you are in the u.s., you can check us out on sirius or on bloomberg.com. always get the radio on the website or your mobile device. this is bloomberg. ♪

anna: that was francine lacqua speaking with facebook's vice .resident for em ea up next on the europeann, oil is on the rise as tensions bubble. will lose wobbles in the middle east dominate the opec summit? this is bloomberg. ♪ ♪ anna: welcome back to the "european open." a negative session a foot for the european equity markets. oil is on its biggest winning streak. prices fairly flat this morning. that is on the overall trend is tensions flare up in the middle east. saudi arabia accused iran of ordering a drone attack on pumping stations. meet thists allies weekend. for a deep dive into what we can expect, annmarie hordern joins us on the oil story. what can we expect from this meeting? and there, -- plus will be one party notably missing. annmarie: the one-party notably missing will be the one they will be talking about and that is the wrong and the question is whether or not -- iran and the question is whether or not they will fill the supply gap with iran facing sanctions or whether they will keep the cap on the production quotas. the first time we will be hearing them since the i

. ♪ ♪ bloomberg "surveillance," francine lacqua in london, tom keene in new york. equity market, the correlation into the other markets. dollar-yen, we are ready to get a 109. a real indication of some of the risk off feel. ,utures have rolled over negative nine on s&p futures. has been someone of relative sanity and looking at e.u. banking where he writes blistering notes. what is the sweat level for commerzbank now? announce when will you the next round of job cuts would be the question. ed continues to flatline, rates are not going up, and as credit nots begin to rise, that offset the savings they deliver next year. what is your next trick? has to be costs. everybody else is doing costs as well, but there is the relationship with government. what is the tangible difference between commerzbank's discussions with german regulators versus deutsche bank's? jonathan: deutsche bank is three times as high. it has pretty underlined lossmaking. they are a proper restructuring story, they need to shrink the u.s., shrink spain, shrink germany. francine: thank you so much,

lacqua," we meet guy hands, the chairman of terra firma. guy hands, thank you for speaking to bloomberg tv. guy: thank you very much for inviting me. francine: how has the private equity world changed in the last 20 years? guy: it has gone from being entrepreneurial to very institutional. you have seen that across every asset management business. if you go back 20 years, there were lots of companies at roughly the same level. today, you have the top 10, probably 80% of the industry, and then another 2,000 to 4,000. amongst that, you have some really entrepreneurial players, but the top 10 have to give good institutional performance, which means they are very risk-averse, a diverse portfolio, focus on institutionalizing processes, and they are very good, but they will not give you great returns. francine: is it less exciting if you have an institutional way of looking at risk? are they fighting for the same thing? do they miss opportunities? guy: they miss opportunities, but they take less risk. for me, that is less interesting. but for them, particularly for the people of other companies, it is much more profitable. you make your money by g