giulio: good morning. we raised the dividend, as you noticed.lowing our policy that we take 50% of our net income -- that we pay 50% of our net income. we are clearly interested in looking into acquisitions. as usual, we look at acquisitions, we want to have a cultural fit. in the case that we cannot take all of these, we go back to paying dividends in excess or to paying buybacks. fundamentally, nothing has changed in our philosophy in a regards to capital management. manus: in terms of the kind of targets that you may be focused on, there is a lot of competition out there at the moment. there is a lot of distressed sellers. just how picky and disciplined can you be at the moment? the market is pretty much on your site at the moment, isn't it -- on your side at the moment, isn't it? giulio: absolutely. the market is on our side because we have great results. we are looking into m&a. we're also looking into acquisition in asset management, especially acquisitions that might add to the capabilities that we already have. it is definitely on the to

giulio. nothing gets. written receptive then restored to it. i mean there's the restart. the connection. not really we have been running for a couple of days on one battery and that was great but now. all of the better reese just drained extremely quickly and we don't know why. this month for the loved. ones is not good enough to use already so we're really on the come to this place. we just horribly behind get it in the big jumps and. here's the knife. and yours in his fitness reach none last night i fall the day before was quite good you didn't have any and i know this went. well that's something good. to rake it up until you have truly lost or just bloody my. it is it's a new season it's a good disease to have. i think it's one. there isn't one large contingency and that's the aerospace with already said. you would have just launched a balloon with a big shiny bore underneath full of computational couldn't without the paperwork a lot of paperwork i think. to be safe. we will get a new battery tomorrow morning. because we really don't want it's a fame ha ha for somethin

giulio. nothing yet. written receptive then restored to it. i mean there's the restart. the connection. not really we have been running for a couple of days on one battery and that was great but now. all of the better reese just drained extremely quickly and we don't know why. this month for the video just load. was not good enough to use already so we're we're really on the come to this place. we just horribly behind get it in the big jumps and. here's the knife. and yours in his fitness reach none last night i fall the day before was quite good you didn't have any and i know this went. well that's something good. to rake it off until you have treated last but just bloody my. does it say new zealand it's a good disease to have. i think it's one. there isn't one large contingency and that's the airspace with or he's new one just launched from a balloon with a big shiny ball underneath full of computational equipment without the paperwork a lot of paperwork i think. to be safe. we will get a new battery tomorrow morning. because we really don't want it's a failure. hoffer

of nine hundred eleven be a talley an aviator giulio gov ati hand dropped history's first bombs on libyan rebels. the colonial world became the playing field for the pioneers of bombardment the imperial powers of italy britain and france. each was facing its own rebellion by supposed savages the peoples of libya syria india and iraq shortly after world war one a british officer named arthur harris served in iraq and was impressed at how air power could keep large stretches of territory under control. he noted in forty five minutes a village committee wiped out under third of its inhabitants killed. injured. in. this news excited military commanders bombers would revolutionize was thrilled strategists began calculating on the potential advantages of this new sort of warfare. they spoke of aerial domination of swift and decisive victories. even as ever more imposing prototypes crisscrossed the sky ordinary europeans continue to believe that the threat of bombing was distant and theoretical. up but the danger was drawing near. when he took power in one nine hundred thirty three adult hitler