said i have an action plan but maybe we will hear a little bit more -- they are definitely online, whichaou have to be at the moment. walmart committing again to china and to the internet in china. anna: that was a fascinating story in itself. give us your thoughts on the retailing sector across europe. more of anh o intra-europe story than it was. >> absolutely. if you consider the hypermarket, you have price wars and competitive, aggressive policies. -- what is you have interesting is the story in spain and italy -- a return to .nflation around 4% i think that is really the story with inflation coming back in europe and that has been reflected. anna: we can talk about inflation somewhere, amazing. charles, emerging markets has been so powerful. china is in an area of weakness right now, but what about brazil? isn't a new market for them. >> they have had good times and bad times. it is a great for brazil at the moment but they had this great format with a hybrid cash and carry. it really strips down stores, buying in bulk, and that is driving sales. it is at 7.6%, much better than compe