WEBVTT - Fed Rate Cut Chorus Grows; Skydance Set to Win Paramount

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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<v Speaker 1>Hager and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today, Karen.

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<v Speaker 2>Earnings and the FED are clearly in focus for investors

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<v Speaker 2>this week. Tomorrow we get highly anticipated results from AI

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<v Speaker 2>Chips stalwart Nvidia. Inflation figures at the end of the

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<v Speaker 2>week will likely reinforce that long awaited rate cuts are

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<v Speaker 2>coming soon. In fact, in an interview with Bloomberg's Michael McKee,

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<v Speaker 2>San Francisco FED President Mary Daily agreed with FED chair

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<v Speaker 2>Jay Powell's view it's time to cut rates.

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<v Speaker 3>Well, to my mind, we've been on this path of

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<v Speaker 3>ready to adjust policy rates for several months. We just

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<v Speaker 3>needed to get a little more confidence and inflation was

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<v Speaker 3>truly on its path to two percent, and I wanted

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<v Speaker 3>to see the labor market come into balance. But I

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<v Speaker 3>think that's completely happened and the risk to our goals

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<v Speaker 3>are now balanced in the time to adjust policy is

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<v Speaker 3>upon us.

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<v Speaker 2>Francisco FRED President Mary Daily says she and her colleagues

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<v Speaker 2>will seek to prevent restrictive policy from harming the labor market.

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<v Speaker 1>Well, Nathan, as we await those earnings from Nvidia, tomorrow.

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<v Speaker 1>Another one of the so called Magnificent Seven is making

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<v Speaker 1>news this morning. Shares of Apple down about a quarter

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<v Speaker 1>percent in early trading. It's longtime chief financial officer is

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<v Speaker 1>stepping down at the end of the year. Luka Maistrie

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<v Speaker 1>will hand his role to top deputy Kevin Perek after

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<v Speaker 1>more than a decade. The company has described the move

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<v Speaker 1>as a planned transition, with Mystree remaining at the firm

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<v Speaker 1>and a reduced role overseeing information technology and real estate functions.

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<v Speaker 2>Well, Karen, the saga over Paramount Global and its new

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<v Speaker 2>ownership is taking a new twist this morning. Let's get

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<v Speaker 2>the details from Bloomberg's Jeff Bellinger.

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<v Speaker 4>In New York, producer David Ellison, Skydance Media is set

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<v Speaker 4>to become the new owner of Paramount Global. This comes

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<v Speaker 4>after Sigrameir Edgar Bronfman Junior dropped out late last night.

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<v Speaker 4>The Hollywood Studio says it expects to complete the deal

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<v Speaker 4>with sky Dance in the first half of twenty twenty five.

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<v Speaker 4>David Ellison is the son of Oracle co founder Larry Ellison.

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<v Speaker 4>He is aiming to provide a fresh start for the

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<v Speaker 4>parent of CBS and MTV, laden with more than fourteen

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<v Speaker 4>billion dollars in debt. Paramount has struggled to compete in streaming.

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<v Speaker 4>It has also suffered as cable TV audiences canceled their

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<v Speaker 4>subscriptions and abandoned traditional channels like CBS and Nickelodeon. It's

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<v Speaker 4>reducing its US workforce by fifteen percent. Its shut down

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<v Speaker 4>Paramount television studios this month in New York Jeff Bellinger Bloomberg.

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<v Speaker 1>Radio, all right, Jeff, thank you all. In Europe shares

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<v Speaker 1>a BHP at almost one and a half percent. The

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<v Speaker 1>world's biggest mining company posted profit that beat analyst estimates.

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<v Speaker 1>Revenue from iron ore and copper increase despite a deteriorating

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<v Speaker 1>Shinese demand outlook. We spoke with CEO Mike Henry.

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<v Speaker 5>In China a bit of a mixed picture.

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<v Speaker 6>We're seeing strong growth in a number of segments that

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<v Speaker 6>are are portant for commodity demand in China, and that

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<v Speaker 6>includes automobiles, machinery, infrastructure, shipbuilding, but the property sector itself,

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<v Speaker 6>which makes up about twenty percent of steel demand, that is,

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<v Speaker 6>it's been weak for some time. We've seen lower or

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<v Speaker 6>fairly low levels of both sales and news starts. But

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<v Speaker 6>the Chinese government is enacting policies that are intended to.

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<v Speaker 1>Address that, and BHP boss Mike Henry says he still

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<v Speaker 1>expects China to hit its five percent growth target this year.

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<v Speaker 2>Look hearing that news from BHP comes as the firm

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<v Speaker 2>behind the Chinese Online Marketplace team, who suffered a fifty

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<v Speaker 2>five billion dollar stock route as economic headwinds take a

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<v Speaker 2>toll on China's retailers. In the latest warning on the

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<v Speaker 2>health of the Chinese economy, the CEO of PDD Holdings

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<v Speaker 2>Chen Lay, said revenue and profits must inevitably decline. Reacting

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<v Speaker 2>to the news, shares in the e commerce firm plunged

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<v Speaker 2>by twenty nine percent yesterday, in their biggest fall on record,

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<v Speaker 2>Well Nathan.

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<v Speaker 1>The White House is keeping the US China relationship in

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<v Speaker 1>Focustional Security Advisor Jake Sullivan has arrived in Beijing for

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<v Speaker 1>a three day visit, his first at China. He plans

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<v Speaker 1>to meet with Foreign Minister Wangyee and raised concerns over

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<v Speaker 1>China's support for Russia and the Ukraine War. He also

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<v Speaker 1>plans to restate US positions on Taiwan and the South

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<v Speaker 1>China Sea. China is likely to bring up Taiwan as well.

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<v Speaker 1>Along with US tariffs and efforts to cut China off

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<v Speaker 1>from advanced technology.

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<v Speaker 2>As far as the presidential race goes karent, we're getting

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<v Speaker 2>more insights into Vice President Harris's economic vision from her husband.

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<v Speaker 2>Second Gentleman Doug M. Hoff, spoke at a fundraiser in Sagharbor,

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<v Speaker 2>New York last night. He called his wife a pro

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<v Speaker 2>growth capitalist who wants a forward looking economy that helps everyone.

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<v Speaker 2>Am Hoff pointed to his own career as a business lawyer,

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<v Speaker 2>saying she understood exactly what he was doing with his clients.

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<v Speaker 2>Harris has rolled out an economic platform that includes expanded

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<v Speaker 2>child tax credits and twenty five thousand dollars for first

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<v Speaker 2>time home buyers. She has been criticized for not being

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<v Speaker 2>as specific as past presidential campaigns.

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<v Speaker 1>Well Nathan A US appeals court is being asked to

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<v Speaker 1>reinstate the classified A documents case against former President Donald

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<v Speaker 1>Trump and Bloomberg's Nancy Lyons has the latest.

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<v Speaker 7>Special counsel, Jack Smith, is appealing to Florida judge's decision

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<v Speaker 7>to toss out the criminal case charging the former president

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<v Speaker 7>with mishandling classified documents. Judge Aleen Cannon dismissed the case

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<v Speaker 7>last month, saying the appointment of Smith as Special Council

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<v Speaker 7>was unconstitutional. Smith, in his appeal to the Eleventh US

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<v Speaker 7>Circuit Court of Appeals, says Cannon's decision is at odds

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<v Speaker 7>with long standing appointment practices in the Department of Justice

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<v Speaker 7>as well as across the government. Donald Trump's team is

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<v Speaker 7>due to respond to the government's brief in a month.

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<v Speaker 7>Then the government will have another three weeks to reply.

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<v Speaker 7>In Washington, Nancy lyons Bloomberg Radio, all.

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<v Speaker 2>Right, Nancy, thank you. We're planning on covering a space

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<v Speaker 2>launch this morning, but the first ever private spacewalk is

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<v Speaker 2>going to have to wait. SpaceX has scrubbed this morning's

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<v Speaker 2>schedule lift off of Polaris Don with four private astronauts

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<v Speaker 2>on board, due to a roundside helium leake. One of

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<v Speaker 2>those four astronauts is billionaire Jared Isaacman, who's flown with

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<v Speaker 2>SpaceX before and provided the funds for this mission. Isaacman

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<v Speaker 2>and SpaceX engineer Sarah Gillis are planning to step outside

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<v Speaker 2>the spacecraft on the third day of the flight and

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<v Speaker 2>both perform a spacewalk. The next launch window for Pularistan

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<v Speaker 2>is no earlier than tomorrow.

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<v Speaker 1>Well Nathan wall Street is beginning to sour on the

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<v Speaker 1>outlook for crude next year, Goldman Sachs and Morgan Stanley

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<v Speaker 1>both lowering price forecast. The two banks now foreseeing global

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<v Speaker 1>benchmark Brent averaging less than eighty dollars a barrel in

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<v Speaker 1>twenty twenty five. Both expect that the crude market will

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<v Speaker 1>be in surplus, with prices trending lower over the twelve months.

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<v Speaker 1>And checking oil right now, West Texas Intermediate is down

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<v Speaker 1>six ten sive percent at seventy six dollars ninety three

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<v Speaker 1>cents a barrel. Brent is at eighty one dollars two cents.

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<v Speaker 1>And it's time now for a look at some of

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<v Speaker 1>the other stories making news in New York and around

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<v Speaker 1>the world, and for that we're joined by Bloomberg's Michael

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<v Speaker 1>Barr Michael good Morning, Good Morning.

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<v Speaker 8>Care and New Yorker has been told to keep their

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<v Speaker 8>windows closed over the next few nights because the city

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<v Speaker 8>will be spraying for mosquitoes to stop the spread of

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<v Speaker 8>the West Nile virus. There are now six confirmed cases

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<v Speaker 8>in New York City. Plans are to continue spring in

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<v Speaker 8>Brooklyn Wednesday night into Thursday morning. This New Yorker is

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<v Speaker 8>happy to hear about the spring.

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<v Speaker 5>They love me. It's something about my juicy blood. They

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<v Speaker 5>definitely like the song. Concerned.

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<v Speaker 8>At least thirty states have now reported cases of West Nile.

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<v Speaker 8>A form was held in Butler, Pennsylvania, examining the attempted

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<v Speaker 8>assassination of former President Donald Trump and involves a bipartisan

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<v Speaker 8>group of representatives. Republican Representative Mike Kelly of Pennsylvania, there's.

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<v Speaker 9>Not one person on this conference that's identifying just as

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<v Speaker 9>a Republican or a Democrat. Where identify as members of

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<v Speaker 9>Congress on a task force with a task to restore

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<v Speaker 9>the faith and trust and confidence the American people have

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<v Speaker 9>to have in our system.

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<v Speaker 8>With the congressman Kelly was Democratic Florida Representative Jared Muskowitz.

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<v Speaker 10>I look forward to getting the facts of what failed

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<v Speaker 10>that day.

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<v Speaker 9>We were inches away from an American catastrophe.

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<v Speaker 8>Meanwhile, the Harris and Trump campaigns are arguing over where

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<v Speaker 8>the microphone should be muted except for the candidate whose

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<v Speaker 8>turn it is to speak during upcoming debates. The next

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<v Speaker 8>one is scheduled on ABC September tenth. A tragic start

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<v Speaker 8>to the new schooled year at Rice University. A student

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<v Speaker 8>was found shot to death in her dorm room yesterday

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<v Speaker 8>and what appears to be a murders suicide. The victim

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<v Speaker 8>has been identified as a junior from Maryland, Andrea Rodriguez Avilla.

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<v Speaker 8>Rice University President Reginald the Roach.

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<v Speaker 11>I want all of our students, all parents in the

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<v Speaker 11>entire Rice community to know that the Rice campus is

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<v Speaker 11>safe and there is no media threat, and tonight we

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<v Speaker 11>will wrap our arms around our students.

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<v Speaker 8>Authority say. The body of the shooter was also discovered

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<v Speaker 8>in the dorm room with thelf inflicted gunshot wound and

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<v Speaker 8>a note. Campus authorities believe the two were in a relationship. Finally,

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<v Speaker 8>the NYPD boosted security as the US Open is underway

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<v Speaker 8>in for the first time ever. Organizers expect more than

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<v Speaker 8>a million tennis fans to attend. We'll have more with

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<v Speaker 8>Sports and Dan Schwartzman, straight ahead global news twenty four

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<v Speaker 8>hours a day and whenever you want it with the

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<v Speaker 8>Bloomberg News. Now. I'm Michael Barr, and this is Bloomberg Karen.

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<v Speaker 1>All right, Michael Barr, thank you, and it is time

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<v Speaker 1>now for the Bloomberg Sports Update with Dan Schwartzman.

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<v Speaker 10>Dan, good morning, Good morning, Karen, Yankees opening up a

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<v Speaker 10>three game set in Washington of a five to two

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<v Speaker 10>win over the Nationals. Yankees getting solo home runs from

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<v Speaker 10>Jazz Chisholm, Galaber Torres and Austin Wells.

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<v Speaker 12>Pitch is hit in the air to Deep Rite oh

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<v Speaker 12>Black close the right fielder. You can forget this one.

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<v Speaker 12>Austin Wells takes out his frustrations from two strikeouts with

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<v Speaker 12>an absolute bomb to right field.

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<v Speaker 10>Kersey, a wfan Nestra Cortez picking up his eighth winn

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<v Speaker 10>of the season, pitching six and two third strong innings.

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<v Speaker 10>Yankees moving two full games ahead of the Orioles in

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<v Speaker 10>the America League East as Baltimore was idle Yankees and

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<v Speaker 10>NAT's back at it tonight, Garret Cole taking the mound

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<v Speaker 10>versus Patrick Corbin Mets coming off and off day there

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<v Speaker 10>in Arizona tonight facing the Diamondback Sean and Aya is

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<v Speaker 10>on the hill for the Mets facing Eduardo Rodriguez Metts

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<v Speaker 10>starring the day three games back at the Atlanta Braves

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<v Speaker 10>to the final National League Wild Card slot.

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<v Speaker 5>NFL cut Day is today.

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<v Speaker 10>All teams must pair their rosters from ninety to the

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<v Speaker 10>fifty three men they'll be carrying into the regular season.

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<v Speaker 10>The year's final Grand Slam in tennis, the US Open,

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<v Speaker 10>getting underway in New York, with defending women's champions second

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<v Speaker 10>seed Coco Golf moving on to the second round in

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<v Speaker 10>straight sets along the third seeded Arena Sablenka. Top ced

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<v Speaker 10>Gus fiat Tek plays for first round matches afternoon versus

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<v Speaker 10>Camilla Rakimova. In the men's draw, second seed Novak Djovkovic

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<v Speaker 10>beginning his quest for his twenty fifth Grand Slam trophy

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<v Speaker 10>with a straight sets win. Top seed Gyanick Center and

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<v Speaker 10>third seed Carlos al Karaz They begin their tournaments today.

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<v Speaker 10>That's your Bloomberg Sports Update on Dan Schwartzman, Karen and Nathan.

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<v Speaker 8>Coast to coast on Bloomberg Radio nationwide on Sirius XM,

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<v Speaker 8>and around the world on Bloomberg dot Com and the

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<v Speaker 8>Bloomberg Business app.

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<v Speaker 5>This is Bloomberg Daybreak.

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<v Speaker 2>Good morning, I'm Nathan Hager. San Francisco. Fed President Mary

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<v Speaker 2>Daily says it is time for the Federal Reserve to

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<v Speaker 2>cut interest rates. She is just the latest Fed official

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<v Speaker 2>to echo J Powell's duvish Jackson Hall remarks. Speaking with

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<v Speaker 2>Bloomberg's Michael McKee. Daly said she thinks rate cuts are

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<v Speaker 2>coming next month in part because of concerns about the

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<v Speaker 2>labor market. We now bring you part of their discussion.

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<v Speaker 3>We've been on this path of ready to adjust policy

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<v Speaker 3>rates for several months. We just needed to get a

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<v Speaker 3>little more confidence and inflation was truly on its path

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<v Speaker 3>to two percent, and I wanted to see the labor

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<v Speaker 3>market come into balance. But I think that's completely happened

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<v Speaker 3>and the risk to our goals are now balanced in

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<v Speaker 3>the time to adjust policy is upon us.

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<v Speaker 5>Is there anything that could derail in September, So.

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<v Speaker 3>In my mind that would be hard to imagine. At

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<v Speaker 3>this point, I do see that adjusting policy is appropriate.

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<v Speaker 3>We don't want to get ourselves into a situation where

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<v Speaker 3>we're keeping policy highly restrictive into a slowing economy. And remember,

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<v Speaker 3>every time inflation comes down, the policy gets more restrictive.

0:12:19.880 --> 0:12:22.360
<v Speaker 3>And I think that's a recipe, if you will, for

0:12:22.440 --> 0:12:26.280
<v Speaker 3>overtightening and injuring the labor marketing growth.

0:12:26.520 --> 0:12:30.000
<v Speaker 13>Well, the Chairman and basically the Open Market Committee said

0:12:30.040 --> 0:12:32.800
<v Speaker 13>coming out of the meeting that the downside risks are

0:12:32.840 --> 0:12:37.640
<v Speaker 13>greater to unemployment than to inflation. How big are the

0:12:37.679 --> 0:12:40.160
<v Speaker 13>downside risks to employment right now?

0:12:40.320 --> 0:12:42.439
<v Speaker 3>So we definitely have to keep that in mind, because,

0:12:42.440 --> 0:12:45.080
<v Speaker 3>as you know, the labor market, when it starts to adjust,

0:12:45.320 --> 0:12:49.720
<v Speaker 3>often has adjusted abruptly and significantly. But right now we

0:12:49.720 --> 0:12:52.400
<v Speaker 3>don't see any signs of that. You look at initial

0:12:52.400 --> 0:12:56.800
<v Speaker 3>claims for unemployment insurance, you look at early indications of layoffs.

0:12:56.840 --> 0:13:00.000
<v Speaker 3>They're just not present, and so that's not giving us

0:13:00.040 --> 0:13:03.840
<v Speaker 3>any signs that there's a deterioration. Importantly, as you know,

0:13:03.880 --> 0:13:06.240
<v Speaker 3>the Reserve Bank presidents spend a considerable amount of time

0:13:06.240 --> 0:13:10.360
<v Speaker 3>talking to contacts, businesses, workers. We're really not hearing signs

0:13:10.400 --> 0:13:13.520
<v Speaker 3>that firms are poised for layoffs. What they are doing

0:13:13.559 --> 0:13:17.000
<v Speaker 3>is managing headcount, making sure that they really want to

0:13:17.040 --> 0:13:19.560
<v Speaker 3>refill a job before they do it. But at this point,

0:13:19.559 --> 0:13:22.480
<v Speaker 3>I don't see any morning signs of weakness. But we

0:13:22.520 --> 0:13:26.240
<v Speaker 3>want to make sure that we are adjusting policy as

0:13:26.240 --> 0:13:28.280
<v Speaker 3>we go so that it's ready for the economy we

0:13:28.360 --> 0:13:31.160
<v Speaker 3>have and for the economy we're likely to get, and

0:13:31.320 --> 0:13:33.640
<v Speaker 3>ensure that we don't end up in that situation where

0:13:33.640 --> 0:13:34.680
<v Speaker 3>we see real weakness.

0:13:34.840 --> 0:13:36.400
<v Speaker 5>All right, let's talk about tactics.

0:13:36.679 --> 0:13:39.079
<v Speaker 13>Markets are now pricing one hundred basis points it cuts

0:13:39.080 --> 0:13:40.480
<v Speaker 13>by the end of the year, but there are only

0:13:40.480 --> 0:13:42.839
<v Speaker 13>three meetings left, which would imply at least one to

0:13:42.880 --> 0:13:45.840
<v Speaker 13>fifty basis point cut. Do you think the markets are

0:13:45.840 --> 0:13:48.840
<v Speaker 13>wrong or is a good possibility we see a fifty somewhere.

0:13:49.000 --> 0:13:49.600
<v Speaker 5>Well, I think.

0:13:49.480 --> 0:13:53.680
<v Speaker 3>Everyone's looking at the economic projections and then making a decision.

0:13:53.720 --> 0:13:55.280
<v Speaker 3>For me, what I'm going to be doing is looking

0:13:55.320 --> 0:13:58.000
<v Speaker 3>at the incoming information. As you said, we have another CPI,

0:13:58.360 --> 0:14:01.360
<v Speaker 3>another labor market report discussed with my colleagues, talk to

0:14:01.400 --> 0:14:04.240
<v Speaker 3>our contacts and fashion the policy that's right for the

0:14:04.280 --> 0:14:07.120
<v Speaker 3>economy that we see. So it's too early to know

0:14:07.200 --> 0:14:10.200
<v Speaker 3>exactly what the tactics will be. We do know one thing,

0:14:10.679 --> 0:14:14.320
<v Speaker 3>the direction of changes down, and we need to do

0:14:14.360 --> 0:14:17.079
<v Speaker 3>it in a way that is responsive to the economy

0:14:17.080 --> 0:14:19.760
<v Speaker 3>and not let the economy get in a position of weakness.

0:14:20.120 --> 0:14:22.040
<v Speaker 5>Well, let me quote the FED back to you.

0:14:22.840 --> 0:14:26.400
<v Speaker 13>If the economy evolves as we expect, as you always say,

0:14:26.800 --> 0:14:29.000
<v Speaker 13>would that imply a twenty five basis point cut in

0:14:29.040 --> 0:14:30.240
<v Speaker 13>September versus fifty.

0:14:30.480 --> 0:14:32.360
<v Speaker 3>So I think of it as his scenarios, if I

0:14:32.400 --> 0:14:36.320
<v Speaker 3>may so, the scenario that is my most likely outcome,

0:14:36.560 --> 0:14:38.720
<v Speaker 3>and what I see in the data and the projections

0:14:39.080 --> 0:14:41.560
<v Speaker 3>is that we continue to get gradual slowing in inflation,

0:14:41.960 --> 0:14:46.200
<v Speaker 3>and we continue to get that study sustainable pace of

0:14:46.280 --> 0:14:48.960
<v Speaker 3>growth in the labor market. If those things happen, then

0:14:49.040 --> 0:14:54.120
<v Speaker 3>adjusting policy at the regular normal cadence seems reasonable. But

0:14:54.160 --> 0:14:56.800
<v Speaker 3>if we see a further deterioration or we haven't seen

0:14:56.840 --> 0:14:59.160
<v Speaker 3>any deterioration yet in the labor market, if we should

0:14:59.160 --> 0:15:02.800
<v Speaker 3>see deterioration or any signs of weakness, then being more

0:15:02.800 --> 0:15:06.280
<v Speaker 3>aggressive to ensure that we don't see that it would

0:15:06.280 --> 0:15:08.600
<v Speaker 3>be appropriate. So I think it's too early to know,

0:15:09.160 --> 0:15:11.600
<v Speaker 3>and I don't want to make a declaration when none

0:15:11.640 --> 0:15:14.480
<v Speaker 3>is necessary. The direction of changes down and the time

0:15:14.520 --> 0:15:16.640
<v Speaker 3>to adjust is now. In my opinion, some.

0:15:16.600 --> 0:15:19.160
<v Speaker 13>Of your colleagues at the regional banks told me in

0:15:19.400 --> 0:15:23.560
<v Speaker 13>Jackson Hole that they want to see a methodical, step

0:15:23.600 --> 0:15:27.160
<v Speaker 13>by step process and that companies want to see that

0:15:27.240 --> 0:15:29.640
<v Speaker 13>as well. What markets are reading into a little bit

0:15:29.640 --> 0:15:31.880
<v Speaker 13>of what Jay Pile said when he did not or

0:15:31.880 --> 0:15:33.960
<v Speaker 13>did not say because he didn't use the word patient,

0:15:35.160 --> 0:15:37.840
<v Speaker 13>do you think that there is a sort of bias

0:15:37.960 --> 0:15:41.320
<v Speaker 13>to maybe do more if the labor market is a

0:15:41.320 --> 0:15:43.320
<v Speaker 13>little bit weaker than anticipated.

0:15:43.600 --> 0:15:46.720
<v Speaker 3>Well, let me speak about myself. And I see further

0:15:47.640 --> 0:15:50.400
<v Speaker 3>signs that the economy or the labor market is slowing,

0:15:50.680 --> 0:15:53.240
<v Speaker 3>is unwelcomed, and I do not want to see that.

0:15:53.440 --> 0:15:56.240
<v Speaker 3>That's a that's not what we're looking for. We're looking for,

0:15:56.280 --> 0:15:58.440
<v Speaker 3>and the Chair said this in this speech. We're looking

0:15:58.480 --> 0:16:01.720
<v Speaker 3>for inflation to come down, can be sustainably down to

0:16:01.760 --> 0:16:04.280
<v Speaker 3>two percent, and for the labor market to stay right

0:16:04.320 --> 0:16:06.360
<v Speaker 3>about where it is. We don't want to see additional

0:16:06.600 --> 0:16:09.760
<v Speaker 3>weakness because that's actually what we're trying to prevent. Ultimately,

0:16:09.800 --> 0:16:12.680
<v Speaker 3>have two goals, christability, full employment. We're trying to get

0:16:12.720 --> 0:16:16.680
<v Speaker 3>those two goals to simultaneously exist, and adjusting the policy

0:16:16.760 --> 0:16:19.400
<v Speaker 3>rate to ensure that happens is what we will need

0:16:19.440 --> 0:16:19.640
<v Speaker 3>to do.

0:16:20.280 --> 0:16:23.200
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