it has to be taken by volkswagen group.swagen group. on the others, there are a lot of opportunities in this direction. there is nothing decided. at the end it has to be done in volkswagen group. matt: it is still interesting to you. as a ceo you think you could run the business well if they sell a chunk of it. oliver: there has been a lot of rumors because of the success story of porsche. porsche stands for a consistent financial situation when you look at the financial results in 2020. the first half of 2021. we have an electrification story . 50% of cars electrified by 2030, then sustainability, carbon neutral by 2030, and then our technological business we do. this combination makes it interesting. there are a lot of rumors in the markets. matt: thank you so much for joining us. oliver bloom, ceo of porsche talking to us at the munich autoshow. guy: good job pushing on that ipo. i notice a big story everybody is focusing on. interesting we spent so much time talking about the concern around internal combustion engines.

volkswagen is reviving its iconic micro bus as a robot.ure investing in our i autonomy driving technology to help move toward self-driving vehicles, a micro bus being tested on german roads volkswagen plans to use the electric vehicle as part of a ride sharing fleet. it's not yet known when the robo taxi service might start up here in the u.s. but looks fun comes a long way from that little bug they haha. well, that's it for kron. 4 news tonight is 6. thank you for being with us, everybody. we'll see you tonight at 8 o'clock have a pleasant evening nicely some days, you just don't have it. not my uncle, though. he's taking trulicity for his type 2 diabetes and now, he's really on his game. once-weekly trulicity lowers your a1c by helping your body release the insulin it's already making. most people reached an a1c under 7%. plus, trulicity can lower your risk of cardiovascular events. it can also help you lose up to 10 pounds. trulicity is for type 2 diabetes. it isn't for people with type 1 diabetes. it's not approved for use in children.

. >> ladies and gentlemen volkswagen. >> reporter: volkswagen wants to overtake tesla with their new electric car in hopes to corner the market by 2025. german leader angela merkel says these cleaner cars are part of the solution to the climate emergency. but activists believe it is all a bit disingenuous say they will still get rich off of gas guzzling suvs. although some vehicles are getting electric makeovers. and companies say the smartest cars will also charge the fastest. >> we will also dc charging from 5% to 80%, which is less than 30 minutes. >> reporter: making it a quick arrive into a greener future. >> president biden once cars sold by 2032 b0 emission. >>> some customers can still escape the checkout lines. whole foods is rolling out new technologies called just walk out. it allows people to get what they need. cameras and sensors will track what is taken off the shelf and shoppers will see the charges on the amazon account. >>> time now for a check of weather with mary lee. >>> tracking lightning strikes and high def doppler, it shows the lightning strike just off the s

it was exposed by us regulators and has already cost volkswagen billions and fines and compensation to car owners out there is dominant cain reports from berlin. its the central theme is this, what was called a dedicated defeat device that was put into the cause which allowed folks fog and to suggest during tests that it's the emissions from these cars were in line with the protocols that they had agreed to when they knew all the time that in fact no, that was not the case and that these calls were far more polluting than, than would be believed if the tests were to be believed in so far as this particular case is concerned. what we have here is 4 executives, people who were in charge of the elements of the vehicles where the testing elements would be seen would be use those people for people in charge of that element of folks foggins drive train team. well, they are in, in court today, they've been in court and they are being accused of tax evasion of fraud effectively. because tax credits were available to people who use these cars and because therefore the cheating was involved here

it was exposed by us regulators and has already cost volkswagen billions and fines compensation to car owners. the government in the philippines is refusing to cooperate with an investigation into the so called war on drugs. the international criminal court approved the inquiry on wednesday, prosecutors will look into allegations of widespread human rights abuses jamila alan, doug reports. now from manila, when it comes to the international criminal court, the philippine government stand is always been consistent. it says it does not recognize. i see jurisdiction over president rodrigo to, to and his government after he has withdrawn as the signatory of the rome statute in 2019. but the have based tribunal has remained defiant and announced it will open a full investigation into detective so called war drugs, which is called thousands of filipinos. the philippine government says at least 6000 people have been killed in police, lead operation since 2016. but whites groups believe that number could go as high as 30000 to tear to drug war is implemented across the country. many of the vic

it's already cost volkswagen. billions in fines and compensation for civilians have made history going into orbit on a space. ex flight with no professional astronauts on board. they've lost it off in cape canaveral in florida. rob reynolds has a story lift off for inspiration for lasting, the world's 1st all civilian crew into orbit. the space ex falcon 9 rocket took off from florida on a 3 day mission that will take it 575 kilometers above the earth. higher even than the orbit of the international space station, on board businessman and pilot jared isaac, men who chartered the rocket from space ex isaac men, has piloted a variety of aircraft and will be at the controls. i just really felt at the time, inspiration for was created and knowing that this was, this was going to be a 1st and there's a lot of responsibility that comes with that. that, you know, we had to send a message that there real, real problems and real obligations we have to pay attention to here on earth in order to earn the right to make progress for tomorrow. the price tag to the flight was not disclosed. but isaac

the trial of 4 former volkswagen executives has begun in germany. they are accused of using manipulated software on millions of cars that allowed vehicles to cheat emissions test. it was exposed by u. s. regulators that has already cost volkswagen billions in fines and compensation to car owners. dominic cane is following the store force from berlin. so don't know what the central beam of his trunk its the central theme is this, what was called a dedicated defeat device that was put into the cause the cause you were mentioning that and which allowed folks fog and to suggest during tests that it's the emissions from these cars were in line with the protocols that they had agreed to when they knew all the time. that in fact no, that was not the case. and that these calls were far more polluting and then would be believed if the tests were to be believed in so far as this particular case is concerned. what we have here is for executives, people who are in charge of the elements of the vehicles, where the testing element would be seen would be use those

it was exposed by us regulators and has already cost volkswagen billions and fines and compensation to car owners, ex seo martin ventercore and will have his day in court at a later date, due to ill health. much needed fuel has arrived in lebanon to ease widespread shortages. the 1st of several truck convoys carrying a radiant fuel from syria was arranged by the arrival back, has been group shipments violate us sanctions imposed on radio sales zeros and a hot reports. now from a route the us sanctions, iranian fuel arrives in lebanon. rock overland from syria, also under american sanctions, has below which arranged the shipment to help alleviate the widespread fuel and diesel shortages in the country sees this as victory again, united states. and if we assume we have enough supplies for september and october, and then we decide if there is a need for 5th, 6th, and 7th ship importing from iran, risks us action under the current sanctions. that is why the iranian backed lebanese armed group says it chose to offload at a port in syria and bring the supplies through illegal crossings. so l

i'm playing volkswagen which will be the number seller of electric cars in the world maybe next quarterinitely next year number one they put 50 billion in, far more than gm, far more than ford. and they are one of the largest car sellers with the largest market share in china where others have been unable to succeed. so it's a true global brand that had the vision of electric far before any of the others and it's also dirt cheap at about 7 times earnings. that's the one i'm playing and, you know what, if the ford family gave up control of the company i'd be more inclined to buy ford but at the end of the day bill farley answered to the ford family, including the young fords that have just been put on the board. that's what makes me not so crazy about it one more thing, brian. >> yeah. >> i have so much upside if volkswagen spins outs porsche whichout sells in growth of ferrari with ferrari at 40 times earnings at porsche owning 53% of volkswagen seven times earnings >> quickly on that -- cheap plug on cnbc.com i did a 500 mile road trip talking about the charging challenging, the takan

>> we are working together with the walks -- the volkswagen group.ent is for the top segment of the batteries. we think to invest there, high-powered energy density, new technology, fast charging and therefore we are investing their pew -- investing there. some conductors is another story. we are fighting to get the right volume. we have to rethink the whole supply chain because the demands of semi conductors will be even higher in the future and we are working together with our colleagues from the volkswagen group to rethink how to organize the supply chain. haslinda: the porsche ceo speaking to bloomberg's matt miller. let's look ahead to key stories investors are watching in india. we are expecting the fa da to release auto retail data. technical indicators suggest the rupee is set for a pullback of the recent rally. we are tracking nifty futures currently up, suggesting a flat open. sales jumped 6% month on month. i had of a union representing lic employees is opposing plans for what could be india's biggest ipo on record. we speak next to find o

advoc volkswagen is a cheaper stock, by a multiple turn this year and next year.e yield. they have great exposure in china with leading market share there, but, most importantly, they have committed $50 billion to evs way before gm or anybody else and were the leading ev seller in the world. at the end of this year or next year their models are excellent the whole line is going to be ev way before gm. that's why i like it growing faster, in the right spot, and if they ever spin out porsche, i mean you have volkswagen at a six multiple you have ferrari at a 40 multiple the value would be humongous >> jim, your guy was riding shotgun with you and now he bailed on you. >> yeah, but i thought this was going to be like a pitcher versus batter duel now i feel like i'm playing baseball and he is playing cricket. i think he is doing something different. let me give you the thesis on gm the electric vehicle platform is extraordinarily strong and robust, and it is technology they can license and will license to others. the autonomous vehicle unit, crews could be spun off. i

and finally, at an event ahead of the 2021 munich auto show volkswagen in argo. a i gave the 1st look at an electric autonomous vehicle, the id buzz. now the van is built around the concept of the iconic v w micro bus. but the bird, this virgin unveiled in munich is covered in high tech centers to bolster itself driving capability. the company say the id buzz will be tested on public roads in munich, as well as a private track in the city, with hopes of being the backbone of volkswagen plan for a commercial ride hailing and delivery platform. they are looking to launch in germany in 2025, back in 2019 v w invest in $2600000000.00 in pittsburgh base the argo a i as part of a, quote, global alliance with the board to co develop electric and autonomy vehicles reducing the r a d costs for the automakers. unfortunately, this one doesn't look like that classic micro bus that we're so used to seeing a kind of a hippie situation there. rachel, i say it does look cool. i'm interested in come to fruition and that's it for the time you get boom bus on demand in the portable

german manufacturers like bmw and volkswagen have been dragged kicking and screaming into the electrica after a huge diesel scandal and under very strict eu regulations. plus they've been motivated by the giant market cap of tesla. germany's political parties also continue to pay lip service to the green revolution with bonuses for electric car buyers as well as targets that they've set. for example aiming for 15 million ed sales -- tv sales -- ev sales by 2030. >> plans for better resale will take time. >> we are accelerating our path toward full electrification and we are really going to go for and see if we can convert our whole portfolio. matt: electrification doesn't necessarily help with the job cuts. a quarter of the industries jobs will be obsolete within the next 10 years. of course the green revolution doesn't stop with electrification. brands like audi and volkswagen believe the shift to automated driving could be even more transformative than the movies -- than ev's. buzzwords like a green and digital are on the lips of many politicians as they head into elections next mont

volkswagen suvs unlike all honda or subaru suvs a volkswagen come into your volkswagen dealer today ande 2021 tiguanes for just 269 a month. wins and over three quarters of a million dollars. is he unstoppable 10,600 next jeopardy tonight at 7 only on abc 7 hispanic heritage month is underway and abc 7 is committed to bringing you stories of heritage and culture all month long tonight the story of a bay area latina who's sharing her passion with her community. it's a love of cars lowriders to be exact. my mom and her car it always felt like no one else mattered nothing else mattered. it was just us all together. pure love having a good time. and you know, my mom was a young mom and me my brother my sister were all year apart. so if you can imagine you had these little kids three four five year olds with the 18 19 year old in the car, you know driving the car driving this boat if anybody knows the 77 money cardinals things are boats. she not only taught us about low riding, you know cruising around being with your family, but she otto also taught us about definng odds. she went back to s

volkswagen struck division has become the latest -- volkswagen's truck division has become the latestn jeopardizing deliveries. [indiscernible] will be significantly lower than planned. this is downbeat with quarterly earnings seasons. netflix is buying the roll doll story company. -- roald dahl story company. including developing a series based on charlie and the chocolate factory. this is subject to regulatory approval. the u.s. house of representatives has approved a bill that will let angst do business with cannabis companies without fear of penalties. the safe banking act would be approved for marijuana companies which have had trouble with obtaining cash because of federal restrictions. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. ♪ >> we are in a debt super cycle, where there are good times and bad times and the rates are rising. tom: -- jonathan: it was fantastic to catch up with him. you can catch that interview online. great work yesterday at the greenwich econo

jonathan: and years to come, that was volkswagen.rom new york city, good morning, alongside lisa abramowicz and kailey leinz, i am jonathan ferro. your equity market shaping up as follows, totally unchanged. this is where the lift is. yields, treasuries. yields are higher by four basis points. lisa, yields are higher, a steeper curve. lisa: people thinking it has to do with the fed remaining on hold for longer that allows inflation to rise. i wonder at what point this becomes a concern for equity investors and other risk assets. jonathan: that is the theme this morning. another theme is in munich with matt miller. this is a day in the life of matt miller. i am not even sure we can call this work for you. good morning. matt: if you love your job, then you cannot call it work, jonathan. my first time back at an auto show since march of 2019. i am happy to be back in my element. but this show is less about cars and much more about tech than it has been before. i am talking with cristiano amon , the ceo of qualcomm. it is great to talk t

she is driving an old volkswagen golf. she goes to the supermarket herself with security. she has a shopping list and goes there. if you're lucky, you can run into her. she is a very down to earth person. she probably will -- she will enjoy the life out of the spotlight. my guess is we will not see her taking up a high-profile post after she has left government. host: you mentioned defense issues a while ago. so much focus on the u.s. withdrawal from afghanistan. how was that viewed in germany? what was the german level of commitment with the nato mission? guest: the pullout of afghanistan was one of her low points. this was in the last throes of her chancellorship. the way it happened, how hastily it was organized, the way the u.s. pulled out and the allies had to follow suit. that did not help her a lot. our failures in afghanistan, we left behind locals who had helped the germans there. we are not able to arrange that properly and get them out before the taliban were taking over. we know this happened unexpectedly. it was rapid. still, she got a lot of heat for not prep

a lawsuit is demanding that german carmakers volkswagen, daimler, and bmw pledge to reducing greenhouse gas emissions. daimler says it has already started to implement a pathway toward climate neutrality. singapore will maintain its current level on pandemic restrictions despite a rise in cases. the country has one of the best vaccination rates. an official says they are moving into a phase called living with covid and that there is no need to impose more curbs. they will start increasing testing and begin booster shops for vinyl workgroups. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm karina mitchell. this is bloomberg. ♪ greg: welcome to bloomberg markets. i'm greg bonnell. matt: i'm matt miller. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world. in u.s. jobs miss. the reaction to the august payrolls report with afl-cio chief economist william spriggs. plus, we discuss the state of the hospitality industry as bars

a lawsuit is demanding that german carmakers volkswagen, daimler, and bmw pledge to reducing greenhousessions. daimler says it has already started to implement a pathway toward climate neutrality.

we know how desperately >> specifically, the groups want automakers bmw, daimler, and volkswagen to stoproducing combustion engines by 2030, five years earlier than an effective been proposed by the eu. dismissing the cease and dest letter, daimler and bmw have already reiterated their commitments to the 2015 paris climate accord while vw pointed to 25 billion euros of investment in its bid to bome a world leader in electric vehicles. however, coming just months after a dutch court ordered oil giant shell to cut emissions by 2030, the groups feel they have momentum on their side. >> we are of the opinion that a serious disssion can and should take place. if no satisfactory declaration is issued accordingly, we will file a lawsuit. >> in munich, climate campaigners have promised action, threatening protests to disrupt the event. >> the eu has reached a deal to end its legal battle with astrazeneca. the pharmaceutical giant had contracted with the european commission to deliver 300 million jobs by june 2021. its failure to meet the deadline sparked a political crisis as europe's vaccinatio

i'm actually looking for the exit volkswagen got down to about $30. to me, that's an obscene level particularly compared with the other auto companies dick's i just added to this morning and that was down on the nike news, yet dick's is doing quite well extraordinarily cheap and the guise is very good and put some cash back to work i don't believe we're out of the woods yet in terms of the market because we've now seen two name-brand companies and by that i mean fedex and nike come out and talk about supply chain issues which according to the companies i'm talking to are worsening and not getting better and we're also seeing margins under pressure due to labor. so to me that will be more of the message during the quarter which will take some of the multiple things that we've seen out of the market. so i will probably go back to high cash levels and i'm adding it positions that they have and dial it back to core levels. >> what a difference a handful of days make >> yes, you have yields that are moving higher on the issue that there will be a q4 rally

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you can see a red car in that video and that's a red volkswagen. that's the car of the victim and the cars partially on the railing. that's how intense this crash was. a person drove westbound in the eastbound lanes of highway 80 right after the bay bridge and that's where it connects to 5.80, the person hit another driver head-on, killing them on scene. again, the person who was killed was driving a red volkswagen. >> chp is still investigating this deadly wrong-way crash. but officers do believe alcohol is involved. the wrong-way crash happened just after one this morning chp got multiple reports of a wrong-way driver when officers arrived. witnesses said the driver in the chevy took off from the scene on foot towards the bay bridge leaving the car behind later officers located and arrested that person. i asked chp before they clear the scene. how is it possible someone drove the wrong way on that overpass. connectors. >> that combination of different like i said, we believe that and a lot more. so all we can say publix. please don't drink and dr

volkswagen is reviving its iconic micro bus as a robot taxi. the manufacturer investing in argo. ai. autonomous driving technology to help move toward self-driving vehicles. a micro buses being tested on german roads volkswagen plans use electric vehicle as part of the ride sharing fleet not yet known when the robo taxi service will be available here in the u.s. rescue is in a small coastal city and today came to the aid of a lost penguin torres first reported seeing the penguin which prompted the rescue crew to come out. >> the currents reportedly carried the bird away from its habitat. it was taken to a veterinary clinic where it was care for when the penguin was strong enough, it was released into an area with a large number of other penguins. these king of penguins. king a pink so found in the wild in the coastal areas of chile and peru you know, any dressed up for the so they but that tuxedo at the surf. that's gonna wrap up kron 4 news at 10 o'clock. thank you for being with us. have a nice evening. we'll be back tomorrow, everybody. good night tonight. wet dishes? residue?

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. >> reporter: volkswagen wants to overtake tesla with their new electric car and opens to corner the. german leader angela merkel says these cleaner cars are part of the solution to the climate emergency. but activists believe it's all a bit disingenuous, saying carmaker also still get rich off of gas guzzling suvs. although some vehicle are getting electric makeovers, and companies say the smartest cars will charge the fastest. >> we will offering a d.c. charging from 5% to 80%, which is less than 30 minutes. >> reporter: making it a quicker ride into a greener future. ian lee, cbs news. >>> and that is the "overnight news" for this monday. for some of you, the news continues. for others, check back with us later for "cbs morning." gayle, tony and nate will be coming to you from the studios in times square. reporting to you from the broadcast center in new york city, i'm jericka duncan. >>> good morning. this is cbs news flash. >>> for the first time in 18 months, nearly 1 million new york city public school students return to the classroom today. students, teachers, and staff of th

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. >> reporter: to mark familiar cars like the volkswagen beetle. these are so beautiful.hey catch your eye. >> it's the air stream land yacht. it has everything you need. it doesn't have extra frills. you have your stove, your kitchen sink, your toilet, a bed and a couch. >> reporter: andrew gardener is one of the show's curators. a car can be so many things to different people. memories, nostalgia. >> it's really remarkable when you think about the ways cars can bring different kinds of audiences into a place like momo. that's a really good feeling. >> reporter: the show features cars as art, and also art inspired by cars. like this painted hood by judy chicago. >> i think she was really fascinated with the fact that cars were stereo typically male objects. but embedded in their form and the shape and the kind of sumptuous details of the car was this very fem nightly newsed approach to car, car design and car culture. >> reporter: or this sketch by frank lloyd wright. >> he was obsessed by cars. >> reporter: you can feel the optimism, the hopefulness. >> he was looking t

and in the absence of resources, they're willing to volkswagen incubator in this war. poor shape. this shortage of math love medicine and baby foods. have the lease is the uni seth representative enough. gone is is visiting this hospital to see what are the most urgent needs. the lease is struggling to address the ever growing needs of health facilities. enough gone is done, and with each passing day, afghan children are dying of disease. and mon attrition. while there is always life at the end of the tunnel and that's what we do. we do if there was no life again, at the end of the tunnel, we will not be here. can the government officials have other priorities? taliban leaders are desperate for international recognition and financial assistance for the gun is big donors remain captain of the taliban. in the meantime, the health system is on the verge of collapse. doctors and nurses brave. they were long away, but they are short staffed and overwhelmed with the number of children who are treated here every day. and who suffer from measles and bundle, tristan. and in many cases, bec

there was also a message from the volkswagen head of corporate whole corporate affairs, the very much the boss he was saying it isn't just the electric call. that's the big breakthrough. that's pretty easy stuff. the issue is autonomous driving. that's really the big one for the future major investment going there. we can see all over this venue examples of autonomy in driving. of course, the regulations, the government regulations, the case of all of that. also, the government regulations on the sale, all that recalls 2035 is the main european government ruling on the phasing out of petrol and diesel cause of that sort of messaging is very key. but as far as the climate protest is concerned, that's not enough. they've been protesting in many parts of the city from the very outset. andrew, thank you very much for that. andrew simmons reporting their life from the unique motor show. still ahead on al jazeera enforce europe scope as whole their nerve to pull off a red t victory in the united. ah, the news news. news. news, [000:00:00;00] news with me. ah ah ah, i'm not a santa thank you

emission scandal cheating, scandal known as diesel gate has begun in germany for former executives of volkswagen, accused of using manipulated software to make emissions appear lower. those, all the headlines were backing off. and right now it's the stream. how many nukes there's too many new america has in many ways driven the arms race parties are much more like the british parties down to the there are fewer regulation to own a tiger than there are to own a dog. how can this be happening? we take on us politics and, and that's the bottom line. ah, i am josh rushing in for me. okay. and you are in the stream. is afghanistan's health care system on the verge of collapse. but 1st look, if you're to an extent you to be sure to chime in when she is over here. ok, share your comments, your questions, and we'll try to address them during our live discussion. now here's the situation . international aid. money needed to keep the health care system going has been held up because of the taliban international designation as a terrorist group. out here. as charles trappers recently filed this devastating

the car of the victim is the red volkswagen. it was hit so hard. it's partially. >> on the side reeling completely crumbled. the victim died on scene. chp is still investigating this deadly wrong-way crash. but officers do believe alcohol is involved. the wrong-way crash happened just after one in the morning, chp got multiple reports of a wrong-way driver when officers arrived witnesses said a man driving a chevy took off from the scene on foot towards the bay bridge 15 to 20 minutes later we contacted the name of individual witnesses said was left the scene. >> just before chp cleared the scene. i asked how is it possible someone drove the wrong way on the overpass. the culmination different like i said, we believe i was in law so. all we can say public's, please don't drink and drive. as you can see, one person as a result drinking and driving as cause of the talent or i hopefully the images from this horrific scene give you a sobering reminder. >> you shouldn't think i've ever especially on a chp is increasing patrols through midnight to look o

there was also a message from the volkswagen head of corporate, whole corporate affairs, the very much the boss he was saying it isn't just the electric cough. that's the big breakthrough. that's pretty easy stuff. the issue is autonomous driving. that's really the big one for the future. major investment going there, we can see all over this venue examples of autonomy in driving. of course, the regulations, the government regulations, the keith of all of that, coming up in the road to cut off 2022 found all the world qualifying actions and alter ahead. the new form of storytelling, drawing attention that is venice film festival. a ah ah ah ah ah ah ah a time before santa thank you very much for the well, we'll start with the road to next year's woke up here in cuts are plenty of qualify as are happening across the globe and europe and zone it was and no or now no, no problem for portugal without the captain who is suspended, it is still impressed with a 3 no way when over as are be done or not the silver and silver on the school sheet before the break. and joe, go who got gold. number

i mean the guy looks like he can bench press a volkswagen gigantic home. are one back of the giants with nine games left to play you could really make the case that the a's late season downfall started the day that chris bassett got hit in the face by a line drive. that was five weeks ago. amazingly bassett was back on the mountain. after undergoing surgery on the broken bones in his face bassett starting this afternoon with the a's secret handshake went three strong scoreless frames allowed one hit fan for i want to talk about giving your team a boost. the guy's face was busted up the a's looked energized early sean murphy wax a solo home around the fourth apo taco a's jump out to a 4-1 lead, but in that has been repeated far too often the bullpen fails louise torrens takes jake deakman downtown seattle jumps ahead. 6-4 they hold on to win six five. they sweep the a's their playoff hopes are basically toast at this point and fasted so frustrated later that he couldn't do more. i'm proud of this group, even though we've sucked last month. it is what it is.