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Speaker 1: This is the Bloomberg Day ba QT podcast, available every

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Speaker 1: morning on Apple, Spotify or wherever you listen. It's Wednesday,

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Speaker 1: the twenty eighth of February in London.

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Speaker 2: I'm Caroline Hepki.

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Speaker 3: And I'm Stephen Carroll. Coming up today, Executives at some

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Speaker 3: of Wall Street's biggest banks praised Paris but warned that

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Speaker 3: French labor protections could hurt further expansion.

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Speaker 1: Apple ditches it's much hyped plan to build an electric

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Speaker 1: car with some staff going to AI, and.

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Speaker 3: We look at why central bankers who used to keep

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Speaker 3: out of politics are now wading in.

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Speaker 2: Let's start with a round up of our top stories.

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Speaker 3: Wall Street's biggest banks have seen staffing levels surge in

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Speaker 3: Paris since Brexit, but now executives are warning further expansion

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Speaker 3: could be limited by France's strict labor protections. Representatives from JP,

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Speaker 3: Morgan City Group, Goldman Sachs and Morgan Stanley. We're speaking

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Speaker 3: at a Bloomberg event in the French capital. Here's what

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Speaker 3: Cecil Ratcliffe, City Group's chief country officer for France told

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Speaker 3: us one.

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Speaker 2: Hundred and seventy p before breaks it.

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Speaker 4: Now we are more than four hundred and we have

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Speaker 4: extended the office open in a second trending four to

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Speaker 4: be able to coop up to a six hundred without

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Speaker 4: having to move again.

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Speaker 3: Despite the sales Rackliff's updeat Tone, executives also warned that

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Speaker 3: the cost of labor and the difficulties in being able

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Speaker 3: to cut staff on a downturn were factors and considering

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Speaker 3: more hiring. The comments come as the world's largest banks

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Speaker 3: have shared thousands of jobs in recent months. Amid a

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Speaker 3: dearth of deal making.

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Speaker 1: Apple is counseling it's decade long effort to build an

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Speaker 1: electric car. The multi billion dollar project, dubbed Project Titan

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Speaker 1: internally began in twenty fourteen and would have vaulted Apple

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Speaker 1: into a whole new industry. The decision to wind down

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Speaker 1: the unit came as a relief though to investors, who

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Speaker 1: sent shares climbing after Boomberg reported the news. Bloomberg's chief

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Speaker 1: correspondent Mark German broke the story.

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Speaker 5: This is a bombshell development. This is a very rare

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Speaker 5: retreat for Apple. This is a project that they've invested

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Speaker 5: over ten billion dollars in. They've worked on it for

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Speaker 5: over ten years. It's had many fits and starts, it's

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Speaker 5: had many directional changes.

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Speaker 1: Mark Geerman's reporting suggests that as many as two thousand

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Speaker 1: employees currently working on the project will be shifted to

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Speaker 1: the firm's artificial intelligence division. It is understood that there

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Speaker 1: will be layoffs, even if it's unclear how many.

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Speaker 3: The Swedish fintech Klarn is sounding out investment banks ahead

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Speaker 3: of a potential initial public offering of shares in the

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Speaker 3: United States. According to people familiar with the matter, the

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Speaker 3: stock market listing could happen as early as the third

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Speaker 3: quarter of this year and value the buy now, pay

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Speaker 3: later Giant at around twenty billion dollars. Going public might

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Speaker 3: spell the end of a difficult period for the company,

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Speaker 3: which saw its valuation full from forty five point six

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Speaker 3: billion dollars in twenty twenty one to six point seven

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Speaker 3: billion the following year.

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Speaker 1: And now to some macro thoughts, Golbin sachs Is CEO

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Speaker 1: David Solomon says that softer spending by consumers calls into

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Speaker 1: question expectations that the US economy will avoid a recession.

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Speaker 1: Bloomberg's Charlie Pellett reports.

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Speaker 6: Solomon told a UBS Group conference quote the world is

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Speaker 6: set up for a soft landing. He added, the market

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Speaker 6: certainly perceives there's a very very high delta to a

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Speaker 6: soft landing. My own view is it's a little bit

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Speaker 6: more uncertain than that. Solomon said. Business chiefs have told

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Speaker 6: him that with prices still high, a pattern of tightening

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Speaker 6: in paycheck to paycheck spending behaviors has emerged in New York.

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Speaker 6: Charlie Pellett Bloomberg Radio.

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Speaker 3: The Bank of England Deputy Governor Dave Ramsden says the

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Speaker 3: central Bank might sell off its entire QE portfolio. It's

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Speaker 3: a move that would split the Bank of England off

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Speaker 3: from the FED and the ECB and could mean bond

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Speaker 3: sales worth hundreds of billions of pounds coming to Marcus Bloomberg.

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Speaker 3: James Wilcock has more.

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Speaker 7: The BWEY launched Quantitative Easy in two thousand and nine

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Speaker 7: during the financial crisis to avoid a depression. Rates were low,

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Speaker 7: and in the early years the bank made a profit

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Speaker 7: of one hundred and twenty four billion pounds, which the

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Speaker 7: UK government gladly spent. But now it's becoming a political risk,

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Speaker 7: with potential net losses of one hundred billion pounds that

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Speaker 7: would be covered by the taxpayer. This might explain both

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Speaker 7: Ramsden's comments and why the bank's selling bonds at nearly

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Speaker 7: twice the rate of the Fed and the ECB. The

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Speaker 7: question is how much of its seven hundred and thirty

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Speaker 7: five billion pound portfolio will we put on the market

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Speaker 7: in London? James Wilcock, Bloomberg Radio.

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Speaker 1: And finally, a return to office policy at Deutsche Bank

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Speaker 1: is sparking backlash from employees. The bank told staff two

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Speaker 1: weeks ago that all employees would be required to come

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Speaker 1: in at least three days a week starting in June.

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Speaker 1: According to a memo seen by Bloomberg, a large number

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Speaker 1: of workers criticized the move, prompting CEO Christian Saving and

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Speaker 1: COO Rebeccah Short to plan renewed discussions about the changes.

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Speaker 1: The criticism is largely from staff in Germany, where a

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Speaker 1: labor union is demanding a fourteen and a half percent

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Speaker 1: wage rise for staff in several units.

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Speaker 2: Now, in a.

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Speaker 1: Moment, we'll bring you more about what top bankers are

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Speaker 1: saying around their expansion plans for Paris Plus, while European

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Speaker 1: central bankers are stepping into unknown territory.

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Speaker 2: When it comes to politics.

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Speaker 1: But first, in terms of that news about Apple dropping

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Speaker 1: the project to develop an electric car. It is really

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Speaker 1: worth a read. There's a piece out on it also

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Speaker 1: by our opinion columnist Dave Lee. I mean still try

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Speaker 1: to work out exactly why Apple made this surprise move.

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Speaker 1: Perhaps lack of progress.

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Speaker 3: I've really enjoyed Dave could of delving into the fantasy

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Speaker 3: world of what could have been with Apple's self driving car,

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Speaker 3: talking about perhaps they may have been the first ones

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Speaker 3: to go to full self driving. That was one of

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Speaker 3: the things that's been reported about this project over the

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Speaker 3: years as well. He said his favorite report of all

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Speaker 3: time was Apple looking into a deal with McLaren that

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Speaker 3: could have created a British supercar with Apple's help as well.

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Speaker 3: And he sort of says that there could always, even

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Speaker 3: with the cancelation of this project now, that there could

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Speaker 3: be rumors of an Apple car being worked on somewhere

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Speaker 3: in the bottles of Coopertino for years to come.

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Speaker 1: But that's the fantasy vehicle, right, I mean, if it

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Speaker 1: were as slick as the Apple life, which no doubt

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Speaker 1: that's what Apple would want. The reality though, of creating

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Speaker 1: that vehicle perhaps a little bit more difficult.

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Speaker 3: Well, for now, anyway, that project is on ice well

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Speaker 3: let's get more now. In our top story in the

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Speaker 3: evolution of Paris's financial industry, major banks have added staff

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Speaker 3: in the French capital since Brexit, but they're warning that

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Speaker 3: they're hesitant to hire more because of French labor protections.

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Speaker 3: Senior executives from Goldman Sachs, Morgan Stanley and JP Morgan

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Speaker 3: have been speaking at Bloomberg's Paris office.

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Speaker 8: The labor market is complicated in France, you know, having

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Speaker 8: more flexibility something that is important to all of us,

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Speaker 8: and when you grow headcounts in a Nepal where it

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Speaker 8: becomes more and more important.

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Speaker 7: We are cyclical industry and that we need to be

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Speaker 7: able to be flexible on the headcount.

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Speaker 5: You need to tell the juniors, the graduate if you

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Speaker 5: want to have an international career, you can go to London,

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Speaker 5: you can go to New York, but you can also

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Speaker 5: go to Paris, because Paris is becoming much more international now.

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Speaker 3: That was Macdanglo from Goldman Sachs and Annual Goldstein from

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Speaker 3: Morgan Stanley and Alexis Steinman from JP Morgan, all of

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Speaker 3: whom lead there banks French operations. They were speaking to

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Speaker 3: our editor at large, Francine Lack Gwen Franz joins us.

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Speaker 3: Now morning to you, fran These are Wall Street banks

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Speaker 3: have all expanded rapidly in Paris, says Bragg. So it's

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Speaker 3: something that couldn't have been imagined a decade ago. Are

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Speaker 3: they happy with their moves in France? And is their

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Speaker 3: room for further growth?

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Speaker 4: That's a million dollar questions Stephen. And So I was

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Speaker 4: in Paris actually to watch the French newsletter of our bureau,

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Speaker 4: and it was incredible to see so many bankers all

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Speaker 4: together trying to speak to each other. We had a

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Speaker 4: full room. I think people were standing at the bank.

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Speaker 4: It was interesting speaking to the heads of a City group.

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Speaker 4: We had Goldman, we had JP Morgan and others, and

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Speaker 4: they were saying, look, it's amazing how much, as you say,

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Speaker 4: maybe unthinkable just a couple of years ago, how much

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Speaker 4: they've grown their headcount. I mean Citygroup now has four

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Speaker 4: hundred people in the French capital. JP Morgan has nine hundred.

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Speaker 4: Morgan sent and they expect more, you know, staff for example,

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Speaker 4: and quantum research. And they were making the point that

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Speaker 4: because of French innovation, but also because of French education,

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Speaker 4: they're very good quants out there. What was interesting in

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Speaker 4: the conversation going forward is that these were country heads saying, look,

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Speaker 4: it's been brilliant. We've had the staff we've had, we've

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Speaker 4: been able to relocate people want to come and live

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Speaker 4: in Paris compared to other cities. But there's always going

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Speaker 4: to be a plateau unless the labor reform changes. So

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Speaker 4: it was interesting because it was quite a candid conversation,

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Speaker 4: and they were talking about the fact that it's not

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Speaker 4: really difficult to get bankers to come to Paris and

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Speaker 4: move to Paris, but it's difficult back home, you know,

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Speaker 4: New York or their head offices and their chief executives

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Speaker 4: are of the big group banks, to convince them to

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Speaker 4: have more staff and pairs, just because of the labor

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Speaker 4: laws being so restrictive. So it's expensive, it's difficult to

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Speaker 4: fire people. And so they say, you know, the main

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Speaker 4: barrier is basically the overall of treatment of workers, and

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Speaker 4: they said it's very important, but maybe white collar workers

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Speaker 4: could be treated differently to some of you know, the

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Speaker 4: workers that need more protection.

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Speaker 1: Well, that sort of sets up quite some clash, doesn't it,

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Speaker 1: between the sort of standards that the US has versus

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Speaker 1: the labor protections that France has president and manner in

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Speaker 1: Macon's government has put a lot of effort into trying

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Speaker 1: to make France more attractive to these sorts of businesses.

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Speaker 2: You know, is their flexibility.

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Speaker 1: What is being said about, you know, the warning around

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Speaker 1: the rigidity of labor protections.

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Speaker 4: Yeah, so that was number one thing, Caroline that really

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Speaker 4: came out. And it was incredible to have all five,

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Speaker 4: of course people on the panel really supporting McCown saying, look,

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Speaker 4: none of this would have been possible without Macomb. Of course,

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Speaker 4: Emanue Macon also former banker, and it's very clear that

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Speaker 4: when he came into power and he saw opportunities for Bregett.

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Speaker 4: Remember the famous word I'm rolling out the red carpet

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Speaker 4: that made so many people back mad in London. And

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Speaker 4: so again the move is quite complicated because if you

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Speaker 4: look at the move of bankers to Paris, two people

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Speaker 4: on the panel actually said, you know, I was happily

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Speaker 4: living in London for seventeen years. I didn't really want

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Speaker 4: to come back to Paris, but they were obliged by

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Speaker 4: their banks. But the move comes as there has been

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Speaker 4: this fight between Paris and Frankfurt and Madrid and Dublin

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Speaker 4: and others to be financial hubs and because of incentives,

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Speaker 4: for example, bankers that returned to France have better tax

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Speaker 4: advantages for the first five years they've been able to

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Speaker 4: do so, but then going forward it's unclear how much

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Speaker 4: many and Macom wants to give of course to you know,

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Speaker 4: banks and financial services without changing labor reforms as a whole.

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Speaker 4: And then you of course then have the budget here

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Speaker 4: in the UK with the Chancellor thinking of extremely compelling arguments.

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Speaker 4: He was saying, for example, he was very attracted to

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Speaker 4: the idea of creating a tax free savings account and

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Speaker 4: that would really boost you know, the struggling stock market

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Speaker 4: in the UK, and that's something that Paris would probably

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Speaker 4: look get quite jealously.

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Speaker 3: Frank, Was there a conclusion from your panel that peak

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Speaker 3: Paris has been reached or is this something that there

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Speaker 3: could be further to go on?

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Speaker 4: Yeah, I mean I think the panel was a little bit,

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Speaker 4: if not downbeat. They said, look, we've had it really

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Speaker 4: good and now it's going to be much more difficult

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Speaker 4: to grow from here. I think the only I guess

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Speaker 4: green Troots of Hopes is that twenty twenty three was

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Speaker 4: very an extremely difficult year for all banking because of

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Speaker 4: the mismatch in some of the prices that they're trying

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Speaker 4: to buy, because the capital markets was basically frozen because

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Speaker 4: they've had to buire of course, you know, or get

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Speaker 4: rid of a large number of headcounts because of the

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Speaker 4: slack also in pipelines and IPOs. And if you look

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Speaker 4: at that, you know, globally, I mean, I think we

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Speaker 4: had like hundreds of thousands of layoffs for someone like

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Speaker 4: Paris that is doing quite well in Europe but is

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Speaker 4: actually losing a lot of staff to New York or

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Speaker 4: Hong Kong or other hubs, maybe Singapore more than Hong Kong.

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Speaker 4: They were seeing, you know, the first green shoots of

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Speaker 4: twenty twenty four saying it's going to be a better

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Speaker 4: year for the banking system as a whole, and so

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Speaker 4: Paris will obviously benefit from that. But I think unless

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Speaker 4: the labor reforms, you know, change, it will be probably

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Speaker 4: difficult for these group heads to hire more.

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Speaker 1: Okay, Fancine, thank you so much for joining us. Our

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Speaker 1: editor at large, Francis Laco that in Paris.

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Speaker 2: Well.

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Speaker 1: Fran mentioned that you can read all Bloomberg's coverage from

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Speaker 1: France in a new weekly Paris edition newsletter. You can

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Speaker 1: sign up at bloomberg dot com Slash Newsletters.

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Speaker 3: Now, Bloomberg has learned that Apple has abandoned its decade

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Speaker 3: long effort to build an electric car and will shift

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Speaker 3: some of the team's two thousand staff to its generative

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Speaker 3: AI division. Investors cheered the move, with Apple shares ending higher.

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Speaker 3: Bloomberg's chief correspondent, the man will always gets the exclusives

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Speaker 3: on Apple. Mark Garmant joins us now from More Morning

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Speaker 3: to you, Mark, can you talk us through what we

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Speaker 3: know about this decision by Apple.

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Speaker 5: We know that Apple Tuesday morning in California time announced

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Speaker 5: internally amongst Special Projects Group, that's the team that has

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Speaker 5: been developing the car for the better part of the decade,

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Speaker 5: that the project is winding down. Some of the people,

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Speaker 5: like you said, would be moving to Apple's AI teams.

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Speaker 5: Other people would be working on Apple's core operating system

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Speaker 5: and software teams. Other people would be laid off, and

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Speaker 5: other people are going to have to search for new

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Speaker 5: jobs within the company, particularly those working on car hardware.

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Speaker 5: This is a bombshell development, a significant revelation for the

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Speaker 5: company coming to this decision. The car has many fits

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Speaker 5: and starts, it's been mind by leadership failures, in fighting

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Speaker 5: amongst executives, different opinions on what types of technologies Apple

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Speaker 5: should use. And they're finally, so to speak, pulling the

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Speaker 5: plug here or the electric plug I should say on

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Speaker 5: the car project?

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Speaker 1: Okay, and they didn't actually produce a car. Is this

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Speaker 1: a defeat for Apple? Is it a strategic move?

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Speaker 2: How do we think about it?

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Speaker 5: Oh, it's one hundred percent of defeat for Apple. It's

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Speaker 5: being spun as a strategic move in terms of how

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Speaker 5: they're reallocating resources. The idea though, is that they are

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Speaker 5: only reallocating these resources because they don't need them with

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Speaker 5: the car anymore, because they're not making a car. You know,

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Speaker 5: it's a chicken in the egg question or the egg question.

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Speaker 5: Did Apple do this to put resources on generative AI

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Speaker 5: or Apple do this because they needed somewhere to stick

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Speaker 5: all these people after the generative AI efforts failed, And obviously,

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Speaker 5: in my view the latter, they have a soft landing

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Speaker 5: for these people because they're talented and useful for the

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Speaker 5: AI efforts, for other software engineering efforts. But this only

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Speaker 5: happened because Apple failed to build the car, not because

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Speaker 5: they needed those people.

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Speaker 3: Is this symptomatic of a broader move from Apple away

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Speaker 3: from big, bold, new projects. You know, it's often referred to,

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Speaker 3: you know that since the iPhone, have the development's been

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Speaker 3: of the same scale. Is this a you know, a

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Speaker 3: bigger change in behind the scenes and Apple?

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Speaker 5: I don't think there's a bigger change. I think Apple

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Speaker 5: is still a company that relies on blockbusters or new

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Speaker 5: Harvard products.

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Speaker 4: Right.

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Speaker 5: Hardware is still where they get eighty percent of their

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Speaker 5: annual revenue. And the only way to really grow that

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Speaker 5: revenue in a meaningfulm and significant way was the car.

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Speaker 5: So from that standpoint, they need to do some soul

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Speaker 5: searching now about what the next big initiative of the

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Speaker 5: company's going to be. We know it's no longer the car,

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Speaker 5: but what else can add two trillion dollars to your

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Speaker 5: underlying market cap? In my view, nothing, But I'm sure

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Speaker 5: they'll come up with another direction, and if they don't,

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Speaker 5: it's not going to be so pretty.

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Speaker 1: No story about in the ev space would be would

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Speaker 1: be complete without a little reference to Elon Musk, who

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Speaker 1: did send out a post on x on on Twitter.

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Speaker 1: I mean sort of not critical, but just an emoji

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Speaker 1: that looked as if you know he was looking quite

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Speaker 1: pleased about what happened in terms of Apple's failure. But

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Speaker 1: even you know, his business has found it quite difficult

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Speaker 1: in the electric vehicle space, right It's it took off

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Speaker 1: incredibly well, it's had difficulties this year, oh.

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Speaker 5: You know, and lost business has had difficulties. But don't forget.

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Speaker 5: They're still raking at one hundred billion dollars a year

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Speaker 5: on these cars. They're still shipping in products. They've still

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Speaker 5: figured out a way to get it done, whereas Apple

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Speaker 5: certainly is not figured out would he get it done

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Speaker 5: in the car?

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Speaker 9: Ser?

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Speaker 3: Does this mean this project could never be revived? Could we,

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Speaker 3: perhaps under a different leadership team seeing the idea of

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Speaker 3: Apple coming back to its car.

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Speaker 5: Certainly could he revived. I don't anticipate that happening. More

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Speaker 5: likely would be Apple acquiring an existing car maker and

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Speaker 5: then put resources around that sort of built around an acquisition,

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Speaker 5: rather than go at it alone. I think the ship

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Speaker 5: is sailed on the car. They've had too many fits

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Speaker 5: and starts, and you can't really put the genie back

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Speaker 5: in the ball.

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Speaker 2: Why did it not work? Mark?

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Speaker 1: I mean, you know that they make so many other

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Speaker 1: bits of hardware and you can you get the proposition right,

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Speaker 1: the kind of sleek list of an Apple iPhone, but

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Speaker 1: car version with driverless you know, capabilities, why couldn't they

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Speaker 1: kind of deliver on the actual product.

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Speaker 5: There was in fighting amongst executives. Really came down to

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Speaker 5: do the inegility to create a car that would term

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Speaker 5: and solid the profit. You have concerns that the technology

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Speaker 5: would be readily available, You had concerns about certain levels

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Speaker 5: of autonomy, You had concerns about safety and testing, and

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Speaker 5: you had concerns that you ever actually able to bring

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Speaker 5: it to market in the or even the end of

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Speaker 5: this decade. So there were issues from to end on

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Speaker 5: this project.

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Speaker 3: Mark, what's the next big challenge for Apple? The headlines

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Speaker 3: of course being dominated by this move. We've also been

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Speaker 3: reporting about the meeting with the Department of Justice in

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Speaker 3: a bid to avoid an antitrust suit. You know, you know,

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Speaker 3: wh Where does Apple go from here? What's going to

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Speaker 3: be the next big issue for the company.

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Speaker 5: Well, I think they have enough on their plate right

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Speaker 5: now between the car and the Department of Justice, the

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Speaker 5: tental lawsuit in the United States against Apple, certainly in

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Speaker 5: the European Union of the Digital Markets Act coming into

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Speaker 5: effect on March seventh. So certainly I think they have

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Speaker 5: a lot of other plate right now, and I can't speculate

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Speaker 5: what their next issue is, but if I were to,

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Speaker 5: you know, you can add China and whatever's.

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Speaker 1: Going to happen next for this absolutely, Mark, thank you

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Speaker 1: so much for being with us. Great to have you

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Speaker 1: on the program and for your reporting breaking this huge

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Speaker 1: important story around the abandoning of this decade long effort

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Speaker 1: by Apple to try to build an electric vehicle. As

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Speaker 1: Mark was describing, not exactly sure what's going to happen

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Speaker 1: with the two thousand staff. Yes, some will be redeployed

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Speaker 1: into AI, but as Mark was sort of saying, you

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Speaker 1: know that that's more necessity really than strategy, and that

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Speaker 1: it definitely is a defeat for them in a new market,

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Speaker 1: something that would have been a new market for Apple

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Speaker 1: if they'd managed to get an EV car to market.

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Speaker 3: Yeah, thank you to our chief correspondent Marc Gumman bringing

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Speaker 3: his details of his exclusive reporting.

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Speaker 1: Now.

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Speaker 3: Central bankers around the world have traditionally been scrupulous about

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Speaker 3: insisting on their independence from politics, but the rise of

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Speaker 3: anti democratic groups and populists around the world has spurred

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Speaker 3: European policy makers in particular, to step into the fray.

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Speaker 3: Our managing editor for European Economy and Government, Ben Sales,

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Speaker 3: joins us now for more on this story. Morning to you, Ben.

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Speaker 3: What is going on? What are these policymakers up to.

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Speaker 9: Well, we've seen a series of interventions both from Christine Lagard,

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Speaker 9: the president of the ECB, and senior officials from the

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Speaker 9: Bundesbank in Germany and make really quite ordinarily political statements.

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Speaker 9: We had Regard speaking at the Bloomberg House in Davos

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Speaker 9: who said that, you know, Donald Trump is effectively a

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Speaker 9: danger to the European economy and one which the Europeans

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Speaker 9: should prepare for by kind of essentially going going on

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Speaker 9: the offensive. We had a senior Bundesbank executive actually appear

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Speaker 9: at and speak at a anti fascist rally in Frankfurt

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Speaker 9: earlier this month, where she essentially came out and said

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Speaker 9: the the AfD, which is rising in the polls in Germany,

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Speaker 9: is a threat, is a threat to Germany, a threat

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Speaker 9: to the economy. And this is really quite extraordinary for

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Speaker 9: central bankers who, you know, as you as you rightly said,

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Speaker 9: have been extremely wary of getting anywhere close to politics

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Speaker 9: until recently.

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Speaker 1: So it's really unusual. I suppose why is it happening now?

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Speaker 1: It does seem to be that these central bankers are

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Speaker 1: you know, they're trying to make it normal. The idea

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Speaker 1: of you know, defending common values democracy. Is that the

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Speaker 1: sort of thrust of what they're saying.

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Speaker 9: Yeah, I think so the Bunder's Bank. We asked the

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Speaker 9: bunders Bank what they're thinking was, and they said that

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Speaker 9: they thought that it was entirely justified for them to

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Speaker 9: speak out against what they called anti democratic forces. It's

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Speaker 9: not quite that simple, ow is it? Because the AfD

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Speaker 9: might have some some policy positions which are objectionable to

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Speaker 9: some people, and you know, I would obviously their their

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Speaker 9: plans for expelling large numbers of migrants is something that

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Speaker 9: lots of people would oppose, and their plans for tearing

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Speaker 9: down windmills is pretty it's pretty foolish, to be frank.

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Speaker 9: But they also have a lot of support from voters.

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Speaker 9: And if voters decide that they want to see hundreds

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Speaker 9: of thousands of migrants expelled from Germany, it might be

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Speaker 9: an objectionable position, but I don't think that's necessarily anti democratic.

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Speaker 3: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 3: stories making news from London to Wall Street and beyond.

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Speaker 2: I'm Caroline Hepka and.

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Speaker 3: I'm Stephen Carroll. Join us again tomorrow morning for all

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