so, plenty of room for interpretation ther eand not a great deal of detail but mcquarrie saying it isaining his cautious stance, looking at high inflation and high interest rates again. nothing we did not really already know. conspicuous by its absence any mention of air -- one of mcquarrie's businesses, industry watchers have been thinking maybe they might sell in the coming 12 months. it has an 88% stake in the business that it bought for $3 billion less bloomberg estimate had -- closer to u.s. $8 billion in if we saw sale of that business in 12 months it would be a big hit for the bottom line and perhaps that is why we sing a little bit of it seesawing in the share price this morning. >> that is paul and sydney. let's get more stories we are focusing. sony and apollo are making a $26 billion bid for pearman global. sources say the offer is a nonbinding expression of interest and it all cash offer for paramount shares and the assumption of debt. paramount has been weighing a merger from david ellison, the head of sky dance media. bloomberg's learned that nomura and mizhuo are facing