maike currie is investment director at fidelity international. great timing. you're south african.h african. we want to ask you about this — junk status by fich and standard and poors. that's what they have issued to south africa. junk status, just to south africa. junk status, just to explain, junk will make it awfully expensive for south africa to service its debt and to borrow more money? absolutely. what investors demand they want a higher return to actually lend to a country. now, what has been interesting from an investment point of view is that despite the junk status investors have been piling into south african bonds so that's pushed up the price, the yields and the income return has fallen. now the income return has fallen. now the question is whether this is about the political reactions in south africa or whether this wb short—lived which i doubt. i think it is more symbolic of a broader optimism around emerging markets. so what would be interesting if you look at the performance of emerging markets since the beginning of the year, they're markets since the beginning of

joining us now is maike currie, investment director, for fidelity international.t compete with the online competitors? well it has to compete with the online competitors. this is not about creating an online store, it is about creating a malted product, multichannel store. what customers want is they want to buy online and also off—line. companies like amazon only services one of those needs and our boss wants to get into the space and look at both needs of customers. what about starbucks? they are blaming it on brexit, do you think that is fair?l do not think it is entirely fair. starbucks has suffered from combination of problems. the coffee market is intensely competitive, and if you are an office worker and you p0p if you are an office worker and you pop out for your lunch break, you will know that competition for that lunchtime trade is intense from the likes of costa coffee, greggs, prep and others. consumers are becoming more cautious, cost conscious and there are other issues. starbucks has had immense negative publicity. it has had a lot of brand damage.