our chief asia correspondent stephen engle is there. steve? stephen: i am here. we will come back after the break with a special guest, that china ceo for j.p. morgan. he is sitting here waiting to be interviewed. of course, jamie dimon, the ceo, he wants 100% ownership of his ventures in china. all wall street banks do, don't they. we will get more on the opportunities and challenges,, coming up. -- this is bloomberg. ♪ yvonne: our coverage of the j.p. morgan global china summit continues. stephen engle is joined by our next guest. take it away. stephen: thanks, ivanka. let's get to it right now. . mark leung is my guest, china ceo for j.p. morgan. and for having us at your global china summit. mark: thanks, steve. stephen:. stephen: that face of opening the china market has been remarkable it has been said. j.p. morgan wants to increase its imprint there. jamie dimon has talked about he wants the j.p. morgan moniker on top of a skyscraper in shanghai, wholly owned. where are we? mark: we do have a local on the building in shanghai tower. [laughter] stephen: 100

we have stephen engle outside hong kong's high court.s is a tense, pivotal moment in terms of testing law. >> absolutely. there are more than 50 people who have been arrested under the national security law. more than 100 have been arrested facing possible charges. this is the first one to go to trial since the law was imposed nearly a year ago. the activities under the microscope today in this trial, the 24-year-old former restaurant employee allegedly rode his motorcycle carrying a banner calling for the liberation of hong kong into a police cordon. that is why he has been charged under the national security law for incitement of secession as well as terrorism, as well as a third charge, dangerous driving causing grievous bodily harm. a lesser charge, but one in case the terrorism charge does not hold muster in court. there is no precedent yet for national security law trials. there is potential conflict between this document, the basic constitution and the national security law. as you rightfully said, about three hours ago, he pleade

let's get the details from stephen engle, with outside hong kong's high court.orter: the proceedings begin in about 10 minutes. we are told he will stand before a panel of three judges in the case will be laid out, over the course of what we are estimating to be about 15 days. this is not a cut and dry case. there are two main charges under the national security law, given the alleged incitement of terrorism. the prosecution is going to have to lay these charges out, and the proof, they're going to have to prove intent of charges like terrorism, because again, there has been a subsequent charge of dangerous driving. intent to cause grievance and bodily harm. in the fact the terrorism will be hard to prove in court. we are speculating right now. we do know the prosecution alleges that he wrote his motorcycle into police on july 1, really within hours of the implementation of the national security law, june 30, the acting in question happened july 1. again, this is going to be a landmark case because there is no precedent. there are inherent conflict between the l

rishaad: stephen engle our chief north asia correspondent.retary-general, backing the g7 agreement on international tax reform and much more. that is coming up later at 7:30 p.m. in hong kong and 7:30 a.m. in the u.s., a look at what we have coming up. that's it for "bloomberg markets: asia." and " daybreak: middle east" is next. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> the following is a paid presentation furnished by rare collectibles tv, llc. announcer: the morgan silver dollar is withou

shery: stephen engle joining us from hong kong.se supermarket giant wumart has ambitious to become that country's answer to walmart. a comparison shows wu-mart as a long way to go. the founder says it can be done if there is consolidation in china's grocery sector. he spoke exclusively with bloomberg's tom mackenzie. >> the supermarket business is so fragmented compared with the united states. i think the total market size is similar. the united states with walmart, walmart has 500 dollars in sales -- $500 million in sales. cosco, kroger, sales easily over $100 million. in china, it is hard to find a company with $100 million rmd sales. i strongly believe this market needs to be consolidated. tom: you would like to replicate that market share in china. >> i hope. walmart has 10% of the u.s. market. we are a ways behind that. if you predict that china will have a retailer with solid rmd sales, $1 trillion, i would not be surprised. it is happening. tom: you are relisting in hong kong. tell me about the timing, why does it make sense

shery: stephen engle there.up next, bitcoin falls over the weekend with china's widening crackdown on crypto miners. the details ahead. this is bloomberg. ♪ shery: bitcoin dropped over the weekend. this as markets focus on chinese mine closures and potential regulatory scrutiny. for more let's bring in tom mackenzie in beijing. how significant are these crypto mine closures? tom: it sounds like this is another major step in this ongoing crackdown by chinese authorities on the crypto space. we are talking about a city in the province of such one -- of sichuan. there were reports officials were going to root out bitcoin and ether mining in that city within a year. that is significant. we have the global times coming out and saying as of this weekend, you're looking at about 90% of china's crypto mining capacity that is been taking out -- taken out, at least in the short term. in this context, the university of cambridge last year put out a piece of research suggesting china was home to 65% of all mining capacity a

shery: stephen engle they are joining us from hong kong.upermarket giant has ambitions to become that countries answer to walmart. the owner has been working to boost the business after spending five years in prison for being cleared of financial misconduct charges in 2018. he spoke exclusively to tom mackenzie. guest: the market is huge. but supermarkets are so fragmented compared to the u.s. i think the total market size is similar. but in the u.s. we have seen walmart, i saw their sales. cosco, kroger, target, sales easily over $100 million. in china it is hard to find companies with 100 million -- 100 billion renminbi sales. so i strongly believe this market needs to be consolidated. >> would like to replicate that market share. >> i hope. walmart has i think over 10% of the u.s. market for food. if you predict china will have a retailer with solid roman be sales -- renminbi sales, i would not be surprised. it is reasonable. it is happening. >> the ipo should happen this year? >> i hope so. >> when would you expect consumption to get ba

stephen engle here. you think will be the purpose of tiangong the more recent iteration of the space station? will it be commercial or scientific? what do you think? there is speculation from u.s. military officials about its endgame. what do you think will be its main goal? blaine: we could think about two main goals, scientific research. there are a lot of different experiments that will be conducted on tiangong 3 and a lot of them actually with international partners. there is a document that was published that talks about different scientific experiments. to your earlier point about the size relative to the iss, it is smaller, but it is also built in a more efficient way in some areas, which i think will make it, in terms of the for its buck, the research output will be substantial. the second point will be national pride domestically and internationally. there is potential to fly astronauts from other countries the chinese space station. i think there is also a lot of national pride at the moment in

let's bring in our chief north asia correspondent, stephen engle. what are we expecting from the speech? stephen: it will be about honoring the heroes of the revolution dating back to 1921, and of course when the people's republic of china was founded in 1949. we saw a parade of older gentlemen and women who came up to the steps of the great hall of the people for that speech today. president xi jinping receiving the highest honor. it will be given to those who served the party in an outstanding manner, individuals and groups as well. that is today. we are hearing on thursday, july 1 the actual 100 anniversary of the founding, the president will give what state media are calling "an important speech." perhaps more about china's rise. of course, there will be news about poverty alleviation, which is a cornerstone of the communist party, 72 years in power. today is just the beginning. july 1, obviously, the anniversary. tomorrow is the one year anniversary of the imposition of the national security law in hong kong. haslinda: these metals are called th

let's get the details from stephen engle, who is outside hong kong's high court. re this is due to commence, we have recently heard about how this trial will be conducted. stephen: this is highly watched because it is the first one under the national security law which was promulgated nearly one year ago. the alleged crimes of the person who will be standing trial under two main charges of the national security law, starting later today, at 10:30 here, in the high court. he has been charged with inciting secession as well as terrorism for allegedly riding his motorcycle into a police barricade, carrying a banner that calls for the liberation of hong kong. it is being watched very closely because the alleged crime was committed within 24 hours of the implementation of the national security law which, let's be frank, had very little public consultation before hand, so i'm not saying riding a motorcycle into a police barricade was legal before the national security law but the right to demonstrate with legal in the hours before the promulgation of that law so we are g

we will be going to tom mackenzie and stephen engle.hat was discussed in these talks between china and the u.s.? >> we have had a few more details put out by gina raimondo saying that they had frank discussions around pushing forward trade and investment ties, also saying that she ought of the issue of distorting trade practices by china. underscoring what they want to see on the u.s. side, a level playing field. this follows a couple conversations between the chinese vice premier and catherine who you can see on the screen. and also with janet yellen. in terms of trade, conversations are picking up. the details on exactly how they expect to move things forward, we don't have. but to what extent they can keep trade talks in a separate lane from the kind of emphasis we are seeing from the biden administration on a renewed investigation of the origins of covid-19 and pushing china's humor and i. there will be questions about how far -- human rights. there will be questions about how far they will be able to go. stephen: her counterpart in

let's cross to stephen engle who is standing by with a special guest. >> thanks a lot. our special guest is the secretary of commerce and economic development for hong kong. we are coming to you live from his offices in central hong kong. secretary, thanks for having us and giving us this time. last week, we did hear from carrie lam saying now is the time to consider reviving the hong kong economy. there are a lot of headwinds. we are coming after the protest. we have had covid restrictions and covid to battle. we have had the national security law. these are a lot of challenges for this economy to overcome. how are we going to get to economic revival when the borders are still closed and we have tight restrictions? >> you are exactly right. hong kong has been one of the most internationalized and open city in the world. like many other cities, we are facing a lead of challenges. covid. we are still suffering from the aftermath of the economic recession. things are not entirely that gloomy. if we look at the figures for q1 this year -- >> that is coming off a low base l

haslinda: the vice president brian gu lucidly to stephen engle.e are the latest flash headlines. volvo shareholders are in line for a big payout. the company plans to distribute all of the $2.3 billion from the sale. the deal was reached in october when volvo and izusu agreed to a partnership to develop autonomous driving. one company is building forward to build a chip plant in arizona. the ceo says construction is well underway months after the city improved financial incentives for the project. governments around the world are looking to ramp up local to production in mid a global squeeze. yvonne: taking a look at markets. we are seeing a 12 day of gains for the asia. three months highs when it comes to asian stocks, marginally higher here today. u.s. futures are quiet. the pace of appreciation seems to be stalling amid intervention we have seen from the pboc. crude is around $70 for brent. taking a look at movers. sinovac sexing helping some of these pharma stocks, that is up 1.3%. korean air getting the ok from thailand to buy asiana. taking

stephen engle has been tracking this. steve, some big steps, but so far, so good. ke we are going to get some olympics in tokyo. stephen: we might get it after all. of course the olympics have been delayed a year. they start july 23. we have a bit of time. and the vaccination effort for the elderly in japan has begun and will continue in earnest for some time. there is still broad support for canceling of the game among the japanese public, but still, the organizers and the ioc and others still want to go ahead with the games. the big question is if there will be spectators in the fans. we already know most foreigners not be able to get into japan. they will not get the tourism boom there originally hoped, for what will be a pretty expensive games. we are hearing from a newspaper that the organizers of the japan olympics as well as the ioc and other parties, including sponsors, have been negotiating. they are talking about setting a cap of 10,000 spectators prevent. again, different events would have different sizes of venues. but a final cap is said to be decided b

with the latest, we have our teeth a correspondent, stephen engle in hong kong. atest arrest? stephen: this will be the latest arrest of the daily newspaper's either writer or editor. a few weeks ago we had five key arrest, including the chief of the apple daily. those two under the national security laws. late thursday we got an opinion writer who had penned about 800 different columns for the apple daily, he was arrested. police have confirmed they arrested a 57-year-old man for, quote, "conspiracy to collude to endanger national security." local media, including the national television station, have identified the individual. we have not been able to independently verify that, but various media are reporting it as mr. fung, who was the chief opinion writer for the apple daily. he was arrested reportedly at the airport, heading to the united kingdom according to these various media reports. police said the arrest was linked to the operations on the 17th when those five executives were arrested, as well as the 23rd of june when the opinion columnist was arrested.

stephen engle stir as the assistant attorney general for the office of legal counsel at the department of justice from 20 17th to 2021. he served as a deputy assistant attorney general in that same office from 2006 to 2009 and a previously declared supreme court justice anthonykennedy . by a graduate of yale law school he served as a partner at the deckard law firm. bob bauer served as white house counsel from 2009 2011. before serving in the white house it was general counsel of the 2008 obama presidential campaign. he recently published a book after trump, reconstructing the presidency which was co-authored by jack goldsmith. a graduate of the university of virginia law school she was a professor at the us university school of law . so i've prepared a number of questions for our panelists but as the program was along i hope we will include those of you in the audience will include questions in the chat that we can share with our panelists at the appropriate time. let me start with this question then . what do we mean when we talk of doj independence from the president and the white h

stephen engle is in hong kong standing by with our next guest. >> that is right.e are going to have a full slate of interviews this morning and tomorrow including later, we will have the asia-pacific ceo of jp morgan. coming up in the 9:00 hour hong kong time. we are kicking things off with the president and vice chairman of a chinese ev maker. he joins us now. good to see you again. good numbers for may. 5687 deliveries in may. that is on top of another 5000 plus in april. this is coming off a record first quarter were you had 13,340. you know them deep down. what does this tell you about demand and how you're going to fair the rest of the year? >> [indiscernible] shery: it seems we are losing our guest but we will try to go back and hear about their business performance. we will have more guests from the jp morgan global china summit. will be speaking to the bank's asia-pacific ceo and the vice chairman of global banking. this is bloomberg. ♪ haidi: the chinese president has urged officials to declare a trustworthy, livable and respectable in a bridge for the co

we will hear the details from stephen engle. quite a significant relaxation. t is, considering they had some of the strictest regular and in place as the rest of the world is opening up. this is something that the jp morgan asia ceo told me, that he was worried hong kong and other parts of asia are being left behind as other parts of the world open up. hong kong is significantly, after a bash -- after a backlash, some frustration that had welled up, is going to relax this. the 14 day quarantine. up to 21 day quarantine. can be reduced down to seven days for vaccinated hong kong resident returnees. they also must attest positive for antibodies. we also note -- we do not know what the threshold is. is it just a little bit? is it a medium amount? there are still a bunch of variables to be worked out. but there are going to -- but they are going to allow this seven day quarantine in a hotel, even from high-risk places such as the u.s., u.k. u.k., and also medium risk, which includes the u.s., canada, japan, and to singapore, key destinations for hong kong people an

we are joined by stephen engle. one year on, where are we? n: we were reassured back then that it would only affect a small minority of this population but i think all of us can agree that we have been touched by it in some ways. some would say it has put a chill obviously on the pro-democracy movement. many have been arrested under the national security law. there has been an alleged chill on the news media. we saw what happened to apple daily. it was not normal journalism. that is still open for debate in this society. some say this has been a chill on the arts as a new law was brought down to bring more censorship to the movies. the big question is what are the red lines? the government likes to say that the law is very clear and there are these four main parts. collusion with foreign powers, state authority, terrorism. within each of those subsectors is some ambiguity. they will be up to the courts perhaps to decipher that ambiguity and if there are any conflicts between the basic law and national security law. we have the first case alrea

or more we are joined from hong kong by our chief north asia correspondent stephen engle. ? stephen: they have been working on the trade and investment framework agreement with between china -- between taiwan and the u.s. since the late 1990's. but politics have gotten in the way. different administrations have gotten in the way. the biden administration is that would wants to push these talks back up higher. official talks have not been announced but antony blinken earlier this week indicated they want to restart talks and other media are reporting those talks between the u.s. trade representative and her taiwanese counterparts could begin as early as today to begin the process of restarting negotiations or talks on this trade and investment framework agreement. some in congress want the u.s. to eventually go as far as to have talks on a free-trade agreement, a bilateral agreement between taiwan and the u.s. that is far more politically sensitive with china. but this would be a first step. it comes on the heels of the u.s. military plane landing on taiwan soil, which china

for more, let's bring in stephen engle, who has been following this. ephen: it looks that according to sources, apple daily has about two weeks cash on hand and a lot of those to pay. it is a capital-intensive business to run a printing press, you have to pay for inc. and paper -- ink and paper and staff. it is compounded by the fact that suppliers have been urged and warned by authorities in hong kong, allegedly to not deal with the bank accounts of next digital, the parent of apple daily. that compounds the problem. a long time advisor to the owner, serving a 20 month jail sentence for illegal assembly, not under the national security law, the advisor tells us the board of next digital will meet monday to decide whether or not whether to shut down the pro-democracy newspaper. that would be a drastic turn of events, but given the financial trouble and the freezing of assets and arrest of five editors and executives last thursday, it would not be an unsurprising move either newspaper and next digital. yet another challenge to the empire, the media empir

for more, we are joined from hong kong by our chief north asia correspondent, stephen engle. ne conclusion that it will be dropped? stephen: not necessarily a foregone conclusion but it states pretty clearly that if that company that has been having a trading halt -- for 50 days, that of course was because it did not release its 2020 earnings. then that company must be dropped from the msci indices within three trading days of that 50 day threshold so these next three days could bring some more bad news for them and that would impact etf's, exchange traded funds, with $210 billion worth of assets that track msci benchmarks and yet it is another in a string of bad news and weighing on investor sentiment, definitely. obviously, we can bring up this bloomberg terminal chart. 3966. we can see the correlation between the trading halt at the top line and the bonds that have plunged while equity investors have been kind of locked out of the market and delaying those 2020 results has cast serious doubt on the financial health, whether it will default on those bonds. worries built abou

for the latest, let's bring in stephen engle in hong kong. is this it for the apple daily? n: oaks like it is, and whether you loved or loathed the apple daily, it is the top story in hong kong today and for what it represents under this national security law, crackdown, if you will, and the first trial ended the national security law also coinciding with this crackdown, just starting yesterday, of course. this is the final paper here. i'm not here to celebrate necessarily the end of this newspaper or, you know, applaud the paper, but we have to talk about it because it is something on the minds of a lot of people in hong kong. the from page is basically saying hong kong or's come out in the rain to say that painful goodbyes. normally, this has a circulation of 86 thousand per day. there's 630,000 page subscriptions and that includes online. today's -- last night's midnight press run was for one million copies and people have lined up at the headquarters in the new territories to say their goodbyes and also add new stands to gobble up copies of the final round of the apple d

shery: north asia correspondent stephen engle.adio to hear more from newsmakers and get in-depth analysis. listen via the out, or -- via the app or bloombergradio.com. plenty more ahead. this is bloomberg. ♪ shery: here's a quick check of the latest business flash headlines. netflix assigned director steven spielberg -- has assigned director steven spielberg to a multi-year deal. his production company and partners build on existing relationship. the to have teamed up before, last on the trial of the chicago seven and another in preproduction. the marvel series, loki, help downloads of the disney out rise 9% last week according to bloomberg analysts. the series the latest for the superhero brand. according to the ceo, loki was the most watch on disney plus during its opening week. a member club for creative industry executives is poised for an ipo in york. the organization owns 28 soho house clubs and nine spaces and a retailer. mcr, which has not turned a profit, warns of its indebtedness and says it parent -- plans to pay down $

for the latest, let's bring in stephen engle in hong kong. is that it then for the apple daily? n: looks like it and people good turnout in the rain in hong kong this morning as the press stopped at midnight and the last circulation of up to one million copies have been distributed in the early hours of this morning. normally, the daily circulation is 86,000 so they have printed one million including this one right here. we have gone to video now but you can see the front page right here of the apple daily newspaper. it is a photo of their headquarters and people lining up outside in the wee hours of the morning to get a copy of this newspaper like this that basically says hong kong came out in the rain to say their painful goodbyes. as i drove into work this morning, i do drive past the headquarters. i did see at least one person carrying a stack of newspapers under his arm across street in front of me. this is a very polarizing issue and we are not here to glorify the apple daily or laud its achievements were anything like that because if you ask any two people in hong kong the

our chief asian correspondent stephen engle. also joining us is matthew booker. l start with you. we saw the outpouring of support from the hong kong community on what's been going on with "apple daily." stephen: whether you love the paperwork loathe it, it is the news of the day in hong kong. jimmy lai's 26-year-old apple daily which was known for its investigative journalism into communist party officials, into alleged malfeasance of hong kong officials, but it was also a tabloid. that delved into traditional tabloid fare, racy exposÉs of the entertainment world, crime, and celebrity gossip. so, whether you liked it or hated it, it serpas somewhat of a purpose in hong kong -- it served somewhat of a purpose in hong kong. and it really, even if you hated this paper -- i've talked to a lot of people who hate this paper, but they said we at least respect it because they go after authorities and they go after stories other newspapers perhaps wouldn't tackle. today they had their final run at midnight last night the presses stopped. normally they have 86,000 circulat

let's get the details from stephen engle, who is outside hong kong's high court, and we learned over st day or so that this would not be a jury trial. stephen: that's right. the application to have a jury trial was heard by the appellate court yesterday afternoon and they denied his request to have a trial by jury. under the new national security law which came out nearly a year ago, article 46 to be late that the second -- has a right to request the judiciary to hold the national security law cases without a jury so as to not pose difficulties to the family and relatives of the accused as well as to not undermine the administration of justice. so he appealed for that to be overridden because of article 86 of this, the basic law, the constitution, which states common-law right of trial by jury in criminal cases shall be maintained and this is one of the big issues here, the conflict that the national security law trials, this being the first one in the high court, that have conflict with the basic law, and we are hearing -- we don't have a president yet. this is the first trial that w

shery: our chief north asia correspondent stephen engle joining us from hong kong.check of the latest headlines. google says it will let android mobile software users opt out of being tracked by advertisers on their smartphone applications. it follows an earlier move to increase iphone privacy. bloomberg reported google has been mulling a way to give android users more control over add tracking with a less stringent approach than apple. the option will become available late 2021. china has given jack ma's ant group the green light to start operations. ant is transitioning to becoming a financial holding company. the new unit will allow an to continuet -- will allow ant to continue consumer lending operations. tesla stock fell by more than 5%. monthly net orders in china fell to 9800 in may from more than 18,000 in april. tesla is facing recalls on some model three and y vehicles. up next, our interview with the former federal reserve bank of new york president. his outlook is next. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tom

tom mackenzie joins us and stephen engle.rty story over years . tom, what can we expect from the president today? tom: what we are expecting to hear from him is reiterates of what people argue is the case he will make for the chinese communist party and the achievements they have made in the last central. he can point to some remarkable economic achievements but it's also about projecting china and getting it to a place where it is retaking a major role on the global stage as a country with strength, economic power, wealth, and economic -- and economic strength. there is a marching parade and we have seen some helicopters fly by. this is about underscoring the idea that china is regaining its place on the world stage. but the challenges economically internationally or acute -- our acute. -- are acute. shery: we see record negative views from a broad about china and the chinese leadership. -- from abroad about china and the chinese leadership. tom: at of 70 nations surveyed, 15 are at a record high about disapproval of china a

stephen engle is here in hong kong to talk us through this.t seems there is a growing sense that the new normal is to live with the virus. >> perhaps stamping out every flareup is not the way to go. it is living with the prospect of the virus but making sure there is not large flareups in the economy and the borders can reopen in part of that as well as getting people inoculated in hong kong is having a big problem getting more people vaccinated. out of 7.5 million people, only about 13% have received both doses of either sino tech -- sinovac's or beyond tech. the stiffest quarantine in the world, 21 days in a hotel, costing 3000 u.s. dollars hotels are not cheap in hong kong. it has raised a lot of concern in public that bankers and senior executives of listed companies can apply for a quota to be exempted from them. carrie lam, i just got back from listing to -- the think she had to say, and she is defending this decision to allow senior executives and is the wider public to live for those exemptions. she says it will not be a free-for-all w

kathleen: stephen engle watching the latest in the space race, also waiting to see if stocks are takingtch in hong kong, suspended from trade, executives from apple daily newspaper has been arrested but china is resuming trade in the city following the takeover, $3 billion, 31.6% close at five hong kong dollars apiece, that is a discount. ahead of that yield, china shares are rallying nearly 50% last week, the most since they went public in 2007. haidi: coming up, a hawkish fed could ease -- we have vincent for the market open. -- we will get the outlook next, with equity strategist sean darby. that is it for daybreak asia, market coverage continues, we are looking at the, shanghai and shenzhen. this is next -- this is bloomberg. ♪ look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the s

let's go back to hong kong where stephen engle is joined by our next guest. >> thanks a lot.he jp morgan global china summit a two and our first guest is john oyler, the ceo and chairman of beijing founded global pharmaceutical and biotech company. good to see you and have you on bloomberg television coming i believe from the united states through the global china summit of jp morgan. i went to rescue obviously we are into your two of this global pandemic. i note you are an oncology specialist company, but i believe in the last interview we had with you in august of 2020 it talked about you have certain expertise that could lend to covert therapies down the road. do you have progress on that front? >> we have been working a little bit trying to help companies with relevant technologies or clinicians that have ideas. it is not really in our sweet spot. we are focused on oncology but we do have manufacturing and clinical capabilities and have been trying to help out some people from that perspective as a collaborator. we will not be a source unfortunately have anything exciting