E688 | This Week in European Tech with Dan, Mads & Lomax

30:25We've got Klarna. It moves in down on 30%. I should have stuck this at the front so we could have swept it under the carpet. Klarna's down 30%. What's happening here, Mads? There's a spike in credit loss provisions. kind of a fear that maybe some of the credit that's been given isn't as good as people thought 30 is obviously a surprise i look nothing to see here it's yeah okay okay i mean i also do wonder how any of these euro unsuccessful stories are going to hit hopefully a slight push and wave of ipos but i'm sure we'll just ignore that one nothing to see here right big one big topic loads of things happening this week about europe and europe in a changing world we've talked about the mccosa deal this week or last week maybe we saw the eu india trade deal we are looking at stories of a federated europe the new united states europe we've got starmer in china schmoozing away obviously carney i love that mark carney talk i'm still kind of thinking about him and i see him all over the news cycle still i think it's just great obviously with trump having swipes every now and then it brings him back into the news he'd be touched to hear that well of course he would i mean he is on the hotline you know we we speak often and regularly but i i love the fact that he's just in a very decent human way rather than scott besson being incredibly unpleasant or what luttnick being just like incredibly offensive and abrasive and trump doing what trump does Mark Carney just stood out and very calmly and lovingly and generously just spelled it all out.

32:01And I thought it was just such a wonderful statesperson. Boom! Anyway, let's get back to Europe. Matt, why don't we kick off with this story about the EU integration piece? So this is a telegraph story on the United States of Europe. What's going on here? Yeah. Maybe the sender of the article or the author of the article or the place it was published is a bit of a giveaway. So the Telegraph, they've been warning about the United States of Europe for decades, of course, and they had another article about it recently. And it was sort of written, I don't know whether it's sort of intended to be a, look, this is really happening now or be careful it's happening or it really should happen or whatever.

32:45It was not easy to necessarily figure out, but the way it was positioned was, look, there are so many things in terms of the enlargement, in terms of added spending and initiatives that are being taken to try and make Europe stronger and more self-reliant. When you unpack what's actually happening under the surface, so it is said that there are nine nations that are queuing up to join the union. But in reality, only two are really moving forward with any kind of urgency. And many are in the application queue, but it's just not going to happen anytime soon. So I don't really see the speed there.

33:21In terms of moving from unanimity to majority rule, there's been an attempt to try and do that, for example, around freezing the Russian assets, kind of the 210 billion euros of Russian assets, where a kind of a workaround was done using Article 122, which is not really meant to be used for this sort of thing, but a way was found to freeze the assets, even though Hungary wasn't keen. They're obviously famously in the Putin fan club. Look, I don't think we are really meaningfully closer to the United States of Europe yet, despite what the Telegraph is trying to tell us, we can unpack some of that more by looking at what's happening with some of the trade deals, what's happening with the UK, Starmer's been in China, and then some of the other aspects of, I think you were mentioning, war bonds and other bits.

34:15But yeah, I'm not expecting sort of a new European anthem to roll around next quarter. Well, okay. It's just a term by the Telegraph to sort of stir and annoy. Readership, isn't it? I mean, most of the readership of the Telegraph would be horrified here by the United States. Or happy that we're not in it. But I'm with you, Mads. I mean, we can't even get the basics right, let alone go further down the road. And United States of Europe, we can't get a unified tax policy. We haven't managed to push the EU ink through yet. The European-wide digital economy is still inconsistent and essentially more a pipe dream than it is a reality.

34:57So that's meant to make it easy to sell digitally across borders. So, I mean, until some of the fundamentals are fixed, you know, it's going to remain really difficult to do anything on the big tick items, which feeds, of course, into our next topic about the European military. It's also going to be really difficult. I mean, everyone sits here and around the table, including us, and just has this attitude because if ever there was a moment, you know, I mean, the UK is not out of Europe, right? But like if ever there was a moment for Europe to like galvanize itself and get on with it, like now is the time, right?

35:32I mean, does it I mean, or does it need like one step worse? Does it need like an actual? It needs one step worse. And I feel like I feel like Trump has sort of pushed us to open Bandora's box, but we've not climbed inside yet. And it's almost as if, you know, Trump's policies keep us one step before kind of crisis point where we'd really have to make some painful decisions and actually just get on with it. And we're sort of teetering around the edge, aren't we, about these policies? The ultimate crisis would probably be a hot war then, basically. We may yet see it. There we go. See, we do need conflict.

36:06Lomax, you've got some notes on this, haven't you? No, I'm just saying that ultimately maybe that is what the EU at the moment has got itself to a position where it has achieved many things since its inception. It has, in a way, kind of just been probably the original mission has crept and kept creeping where it needs to the point where it needs an actual formal reset now, which may be to kind of double, triple down on it and say, well, if we're going to do this bloody thing, let's do it properly, right? Which is actually, and, you know, United States of Europe is a branding thing. You can brand it as something different.

36:44But ultimately, like, maybe there is, like, the conclusion is this actually only works where you do adopt a more United States of America type model, right? And this is in a way what Draghi was saying with his report. It's actually we do need to integrate much more tightly. And actually there is a big upside here, which is this is one of the biggest free trade unions in the whole world, right? The combined GDP is a superpower. But maybe you need to have that attitude and people need to just get on with it. Yeah. Europe is extraordinary. Let's not forget. I mean, it's unknown in the history of the world for countries to work together and to create this union that has been created.

37:30So it's very easy to bash, you know, to look at all the negative as it always is. But it's an extraordinary achievement over the last 50 years. Get you being positive. Well, no, I'm just calling it as it is. It is extraordinary. And it has largely prevented any cross-continental war within European countries, which was partly the institution after the Civil War. And if you do layer in initiatives like a capital union, where you actually fuse capital markets, Europeans historically, unlike Americans, are savers, which is both good and bad. But if you actually can consolidate and liberate that and allocate it wisely rather than chasing, for example, example, US equities out of that, there is a huge opportunity.

38:16But I think the disconnect on the, you said the right word Lomax, I think, which is branding. And the United States of Europe is, as far as I can see it, only ever going to be branding. I mean, it's an aspiration, but the problems you see within Europe when it comes to policymaking are rooted culturally quite often. And I've always felt very strongly that Europe is best configured and best at economic ties. And you have to accept that the history is not – the US has a shared history, and even it has problems between its states. And they have a far more coherent history than Europe does between the different countries.

38:57So I think it's a bit of a pipe dream that the United States of Europe, in any form that resembles the United States of America, would ever work or ever come to fruition. But I think we can keep pushing economic ties together. Well, there is an irony in this, by the way, which is a historical reference, was that, you know, the states of America could not have, like, combined. And if they suddenly tried to do it now, it would be a very, very awkward thing to do, right? In the same way that suddenly the European states tried to, you know, combine now. It wasn't easy in the first place, though, Max.

39:28No, no, but ultimately what galvanized them was the British, the common enemy, right? Yeah, back to war. It's kind of a big role reversal now. There is a sort of an age-old tension between in the integration, whether you go broad or whether you go deep. And you go back 25 years, there was a huge discussion about kind of this big bang, Eastwood enlargement. Should we bring in all these new democracies in Central and Eastern Europe into the union? And people on both sides of the debate had strong arguments for and against. You know, in the UK, there was a view that actually we should accelerate that integration eastward because it'll mean two things.

40:03It'll broaden up kind of the market, more market access that'll be good economically, but it'll also make it much harder to go deep on integration so we can avoid this United States of Europe. And of course, one of the implications of that was that we then had the very high level of immigration into the UK that ultimately was one of the triggering factors for Brexit. So it sort of came back to bite us at the time. Whereas on the other hand, there were people saying, listen, we shouldn't expand so quickly. We should take it more slowly and we should go deeper on the integration to move closer to a federal model.

40:37I think like you, Lomax, I mean, if we can find ways to combine and capture markets union and other things, it could unlock so much for us. But without a crisis to drive it, it's hard to see what will get us there. Think about some of the things that enabled the federalization of the U.S. I mean, as you said, it was the common enemy that was Britain, but it was also kind of all the losses of the war bonds that were raised by the U.S. states. And where Hamilton, he sort of pushed for, look, we'll federalize the debt. And in exchange, we'll create a federal reserve bank in the U.S. and we'll federalize a lot of these economic policies because we'll take on the debt the individual states were forced to take on when they fought the British.

41:30So there was that swap. And is it that kind of crisis that will lead to similar integration here? And it probably is. And I think you're right, Andrew. We probably haven't seen something that's at quite the level yet. yet it has to be for us to take that next step. I mean, you can't escape the heritage. And really, it was a Franco-German project designed to stop them tearing each other apart and to stop Germany becoming the only rich country in Europe after the war. That's the truth of it. And there were only very few voices back then who ever were harping on about the United States of Europe.

42:07I'm pretty sure Churchill was one of them. Well, there's a big debate, isn't there, about whether he just viewed it as Europe should go and do this or whether the UK should ever be involved. No, I'm pretty sure he thought Europe should just go and do this and the UK shouldn't be involved. But let's not forget, I mean, he's the child of Britain that was the most powerful country in the world that had a massive empire, and that's not exactly where we are today. Yeah, so then you overlay sort of the kind of Benelux plumbing, but there was never early talk or planning long-term for a European army or even a unified tax system, you know a centralized sort of treasury with any significant power and that that shared political identity was always a sort of botched wasn't it it was never really manifested in a sensible way at the beginning so i don't think that's going to happen but i would love to see europe work better but to lomax's point that probably needs some hard hard questions about where are we going and and changing what's already been put in place and as we know that's extremely difficult does anyone think Starmer's going to come back with anything useful or relevant from China?

43:12Well, other than being able to go there on holiday with no visa. Is the bar that low, Andrew? That's where we're starting. Dan, I mean, a couple of the other news pieces was we had the EU doing the Mercosur trade deal recently, and then the India trade deal this week. And I think it's instructive.

43:34We were Took a long time to get this deal in place, but it's not a bad deal. You have car tariffs down to 10%. Which one is this, Mads? Is this the India one? Is this the EU India? Is the India deal much better than what the UK got? Just showing that market gravity beats negotiating speed. There was this fantasy that the UK could get better trade deals outside of the EU. And that is, of course, a pure fantasy. You can compare that to some of the other countries that are also sort of smaller, you know, smaller countries trying to go it alone. Switzerland and one, but they have more than, in reality, more than 120 bilateral agreements with the EU that are bound by a guillotine clause, which means that if Switzerland terminates one, they will all be cut.

44:17And it means that Switzerland is completely tied to the EU. So I think, you know, this is just another example of what a fantasy this UK going it alone really was. And now, of course, Starmer's going to China and is trying to create better relationships. I think there could be something important coming out of it around financial services. It's been really, really hard for other countries to negotiate with China and get something meaningful out of it. I think the Australians, they got some lobster exports and the Germans didn't get very much at all when they tried. In France, they tried and they got a panda and, I don't know, some pigs they could export, but they didn't get some of the aircraft sales they wanted.

44:59But China genuinely, I think, would like to work with the UK for the London financial services market because they're trying to get the Chinese currency to become a more important currency internationally. And London is an important center for global effects. So there is potentially some leverage there. Will the renminbi become the new reserve currency? Ooh. I'll take that as a no. And hasn't the UK government just agreed to the mega Chinese embassy in London? I think there. Hasn't it? I'm sure there'll be some kissings in the ear. Andrew, one of yours next. We're looking at defence spending in Europe.

45:42Europe is tooling up. Maybe NATO isn't dead. Maybe we can go alone without the Yanks. Where did you want to take this one, Andrew? Well, I think from a startup technology point of view, this trend isn't going away. And I think that's interesting when we look at what we want to invest in, because the military and the defense industry touches every part of technology. And that's good news for the tech ecosystem. I mean, there are some big headline numbers here around, you know, the German industrial will be producing more artillery shells than the whole of the US combined. That's probably a good thing if we do end up in a hot war.

46:16But fundamentally, we're going to have to keep at it for a while and be persistent in our policies and government spending if we want to catch up and be compelling as a war fighting continent. just because we're still so far behind the US on independent capability. You know, if you look purely capability-wise at sort of the tip of the spear, figuratively and literally, you know, we know the key areas that we lack, surveillance and reconnaissance and intelligence, and a lot of that's driven by military satellites. The US have nearly 300. We've got, you know, a couple of dozen. If you're thinking about projecting power and how to attack maybe things deep inside Russia, we have no strategic bomber force the americans have over 150 we have we can't refuel our aircraft but we've got about 150 tanker aircraft versus the americans over six seven hundred tanker aircraft strategic airlift is a problem the americans have hundreds we've probably got less than 100 that you can actually deploy to lift heavy stuff and take it somewhere such as your soldiers or tanks and the same with recon aircraft as well so if you want to go and see what's happening or if you want to you know electronic jamming and that sort of stuff the americans probably ISR aircraft will be nudging 150, will probably be a quarter of that.

47:32So there are lots of areas where companies will be able to make money if the governments decide they want to spend the money. And that includes drones and everything else as well. So, yeah, I mean, they have increased the budgets, but that's got to continue. And that will have to continue for years if we're serious about... It's sticky, it's committed, it's slow. Well, what happens if Trump does not get in? what happens if one of trump's disciples doesn't get it and then there's suddenly a renaissance of sort of rhetoric and friendliness of the united states in three years time we won't believe them andrew that the american public no trump is a symptom not a call well my take is half the population of the states voted this man in this could well happen again i mean i don't believe that anyone is waiting in his wings with his charisma and his ability to do what he's done I don't think Vance for sure can do that.

48:25But, you know, this is not him. This is a country that has shown their potential true colours. So I think the trust has been broken, personally. Whoever comes in, whoever appreciates what. I do think you underestimate how... I mean, look, the headline numbers have been put out there and commitments have been made in the future. I mean, don't forget that if you take the case of the UK, the increase in defence spending as a percentage of GDP has been committed to increase, but increases don't kick in until 2027. Basically, there's plenty of scope for politicians to do what they always do, which is fudge things and kick stuff into the long grass, right?

49:05And if Trump rattles the saber a bit less, if Ukraine cools down, even though the fundamental issue at the core of what Andrew and all of us have been saying is still going to be there, it will be easier for politicians to kick it into the long grass Because, you know, with the aging economies, like problems are going to arise in, quite frankly, in balancing the books in all of these economies going forwards now, right, where you haven't got the economic growth that you need to increase your tax revenue, etc. That could, you know, fund all of this stuff. So I do think that is a risk, Dan, even though at the moment, you know, European defense budgets are scheduled to grow 6.8 % year on year over the next 10 years.

49:50It's like that stuff should be there. It's kind of set. But, you know, there's going to be parliament changes. Lots of things can change these things, right, over time. Well, you've hit the nail on the head, Lomax, which is, you know, what is the first budget to get cut often in these situations if there isn't a war on and there isn't the threat of an imminent war? And that is the defence spending. So I just have, I don't have a huge amount of faith that we're going to be consistent on this stuff. You know, ageing populations. We have supply chain issues which are going to, you know, where we're at the mercy of tariffs or, you know, prices going up.

50:20or rare earth metals. One of the advantages the US has is that it's pretty self-sufficient actually, you know, both in terms of core manufacturing ingredients, but also its own capabilities. And I think Europe is a lot less resilient. One thing I think is good for, I mean, part of the US strategy is basically re-industrialization of the military industrial complex, right? And actually Europe has that as a status strategy too. And now, you know, I think all core components, there's a cap of 35 % of non-European supply chain that can be in critical components within defense, right? So I think that there is an opportunity.

51:03Clearly, some of that will be great for the existing incumbents like Rheinmetall, et cetera. But I think it would also be good for startups building in the space. Mads, who's spending what where? That's a good question. is what you're considering with that, is it sort of countries in Europe or is it US versus Europe? No, US-Europe. US-Europe was my thinking. Yeah, okay. So the US is spending about 900 billion a year on their defense and Europe spends about half right now. And I think that begs the question, what type of defense is it we want and need? I think Mark Rutte, he was out saying 5%, forget 5%, we need 10 % to rival and build up capabilities that are comparable to the US.

51:43But the question is whether that really is what we need. I mean, the U.S. has got awesome, I mean, truly awesome power projection capabilities. They've got 11 carrier groups. They can maintain three full-throttled theatres to project power around the planet at the same time, right? So they can run one in the Atlantic, one in the Pacific, one in the Middle East simultaneously. Is that really what we need in Europe? Just about. I think even they would struggle to do that on an act of war footing. At least that's what they are designed to do. That's what they are. That's the stated aim. And, you know, we have seen Trump saying that he wants to increase their annual spend to 1.5 trillion.

52:26And maybe he feels, well, that's what they need to get there. But that's how they think about defense is being able to project power in that way. Is that what Europe needs? Probably not. I think if we could just defend ourselves to begin with, as you say, Andrew, have some of the capabilities we need to, for example, defend Ukraine. and make sure that we can keep the peace on our borders, that seems like a more important first step. And that probably doesn't need to cost quite as much as 10 % of GDP. So I think there's a path to get this done. But Andrew, I, like you, worry, especially if we don't federalize it, because then it's going to be down to individual states.

52:59No, it needs to. You always have the, well, I can, you know, the freeload of symptom, right? I can cut my defense spending because others are going to take care of it. So can I give you a little bit of a bull case, which is we talk about preparing for the modern warfare, right? And there's tons of good examples in the US now where you've got Enduro, Silicon Valley startup that's developing weapon systems for the modern age, Saronic in the context of the Navy as examples, right? And we don't really have a little bit of that in Europe. You have Helsing, but you know where the real cutting edge technology is being developed in modern warfare is in Ukraine.

53:40as and when there is a resolution that, you know, TBC, what happens, you know, and if there is a kind of more of an assimilation of Ukraine within the EU or within European NATO, whichever kind of how you want to describe it, actually, those guys are at the cutting edge. And if they become kind of part of this more federalized like European system, then suddenly you've kind of, at least for the europeans who are weighed down by the laggard you know primes at the moment you know have this kind of more nimble battle trained battle ready um skill set at its fingertips i mean that's a that's a very um rose-tinted view of it but it's definitely um possible there's potential there's opportunity last on my list was i want to do a quick flyby of the of the social media bans obviously Oz, France, potentially UK banning social media for youngsters.

54:36I was reading some of the science on this and it's not always clear-cut. I think the only thing that is scientifically proven and obvious and extremely worrying is the effect it has on young women and I I was reading one scientific study which incredibly scarily proves that young girls reach puberty faster because of social media. And I read this as that. Well, hang on a second. How the what the heck? How does that even correlate? and I'm going to not do it a great service but it's along the lines of when the body is under stress the biology our biology or young girls biology is designed to reproduce faster because it's not in an environment of safety so therefore it doesn't have the time to grow mature learn it has to have babies sooner so young girls because of the cortisol and the fear response and the anxiety inducing social media are hitting puberty a lot earlier than they were pre-2012 when front-facing cameras hit the iPhone 4S and we were all rather than sharing stuff and finding our network and our friends on social media we became presenters and we became the the object rather than the rather than part of our communities and that was incredibly distressing to read however aside from that, on the social media front, where we're seeing a bunch of the tech giants, even in the US, this isn't a European thing, but even in the US being taken to court for addiction and for problems caused in society and for young people with social media, the science isn't as clear cut as it, whether it's correlation or causation as to whether young people are being distressed and there is more depression, anxiety and stress because of social media.

56:35However, we'll see how the court cases pan out. But did anybody want to take this? I didn't want to spend too long on this, but did anyone, maybe Lomax, have you got some notes on this? There's an interesting rollout here of how this might play out, right? In the context of social media, which is the Europeans, generally the non-Americans are taking this as a, you know, designating this an important public policy matter, and they're coming out with policies and rules around it right and france has just you know banned social media for under 15s america australia did it earlier this year there are certain other countries within europe who are making steps towards it so they're actually doing it at the legislative level america kind of just leave it to the free market effectively and now we have people you know bringing legal cases against snapchat tiktok and settling either settling out of court you know before that happens or it goes to the courts and you know judge orders you know compensation which we know in the us with punitive damages can be extremely high so in a way the americans are laying well people just figure it out horizontally and the europeans and the australians and actually elsewhere in southeast asia you know places are being much more vertical and prescriptive about it which you can you can make an argument for both but to be honest i think you know given i know you say the science may be fuzzy but but i mean my personal view is like social media for under 15s is a very dangerous thing and the government actually should be getting involved yeah yeah i i'm not sure you can ban social media i i think i think teenagers will find a way but that but that's a separate that's the reports in australia that's a separate thing dan i'm just talking about like that's an enforcement like practical matter it's more just like should we as conceptually be endorsing this as a society i i normally veer towards the more libertarian side of things but on on this i'm um i i think something needs to be done What's the point of having a law that just feels like, I mean, isn't it just more optic signaling?

58:35That's the wrong expression. What, because for the reason? Virtue signaling through sort of laws that are unenforceable and don't work. I mean, cursory reports from Australia, a lot of kids are still using it and report it being unaffected. Are they using VPNs or they're putting in a fake age? I mean, I think if you roll out this law and you want it to work and you mean it, then you've got to do it in a way that means it's enforced. I don't know how you do that. but as a second question, otherwise don't bother. It's a 50 million Aussie dollar fine for the social media company that enables it or allows it.

59:09Well, I don't know if that's per case or if that's on a class. I don't know how that's going to be affected, but that's the... Anyway, listen, anyone, Mads, do you have any thoughts on this one? Yes. So in the United States, they've had a way to protect the platforms. They've had a way to protect their ability to put and publish content under this section 230, which effectively is the thing that gets them to get out of jail free by saying, look, we don't take editorial responsibility for the content on our platforms. We just provide a platform and people can post stuff and it's sort of their responsibility.

59:47And what's interesting around some of these new lawsuits that are being filed is that they're not going to the content. They're going to the design choices made by the platform. And we know what they are. They're about engagement maximization, right? It's about creating a model and a set of algorithms that encourage people to spend as much time on the platform as possible. And that is now what is being litigated. So it's a very interesting legal angle that's being taken. We know that TikTok and Snapchat, they've both been settling out of court before trials begun. So they don't want to get anywhere near a discovery or a process here in court.

1:00:26But we also know that there are some holdouts and Meta is one of them. So this is potentially sort of tobacco litigation territory we're coming to. It could be tens of billions in damages. And you could have executives understand, design documents exposed. This could be very, very explosive stuff. So certainly very interesting cases for those businesses. I think especially for Meta. Google, which is also going to be on trial, obviously has a much wider business model. So they'll be less susceptible. But this is 98 % of Meta's revenue here that is being charged. Now, comparing contrast to what's happening in the EU and in Europe, where the EU slapped a fine on X because of the bad stuff that has been happening, especially around Grok and some of the very inappropriate images that have been created there.

1:01:17Mosky sort of did take a view that, well, we'll comply. But he also complained and said, you know, we should disband the EU and their bad people. But it's interesting, right? In the US, you have the courts and litigation. And in Europe, it's been regulatory agencies that have been trying to step up here. I also saw this week very, very quickly that the UK government has pledged to train 10 million UK residents how to use AI. And I thought this was kind of cool. So the domain is aiskillshub.org.uk. It wasn't for discussion unless anybody has any points to raise, but I thought this was quite a speedy response and very ambitious.

1:02:01And I don't know how effective it's going to be. I don't know what the uptake will be. I've not seen in any of the main news feeds, but I thought it was kind of cool. They want to get 10 million people retrained on AI. Before we move on to deal of the week, anyone got anything to say on this? I think directionally, it's right. I don't know if you saw today, it was also discussed that there should be new welfare programs for sectors and people affected by AI. And kind of you're talking about kind of universal income. And I think it's troubling that in a situation where we now, we have more young people on welfare and kind of transfer payments than ever before, right?

1:02:43that we see further welfare programs as the solution here. So yeah, I think definitely training, providing skills, giving people the tools and instruments to help themselves become proficient with the new tools seems like a much better strategy than just trying to force more people or put more people on passive income. I thought that was kind of cool. I'm going to keep an eye on and see what the uptake is. Right, Lomax, deal of the week. Sword, over to you. sword health out of portugal has acquired kaya for 285 million so sword health digital health company now valued at 4 billion has acquired one of its counterparts originally there were three kind of companies vying for supremacy in this in this market which is digital health for a physio effectively physiotherapy and there was a hinge health hinge health um sword health and kaya out of germany hinge health has gone on to ipo last year as you might remember sword health is is on its tail on its tail i think a couple hundred million of revenue now kaya clearly hasn't necessarily quite worked out and it's been acquired for 285 million kaya raised 125 million and it's a great actually great coup for sword health which is becoming a bit of a consolidator now in that market because it gives access to the German market.

1:04:0670 million people covered by the German national health system. And it's regulated as a kind of under the Germany's what they call DIGA, which is the digital health reimbursement pathway. So that's an exciting exit slash consolidation within digital health market. Very nice. Congrats, SORD. Mine was SORD in video and alphabet backing Synthezia at their 4 billion VAL, which I thought was kind of cool. Andrew have you got a deal of the week? Well I actually stole my thunder and some music it's fantastic for Victor and the team and just very painful because we passed on it back in 2019 No! Passed on Elvis Mads did you have a deal of the week?

1:04:50Nothing for you squad Well then we are done my fine humans I will see you next week Thank you so much for your brains and your insights Ciao ciao Bye bye Love the doll

1:05:07I'm sorry.