- 12 minutes ago
US President Donald Trump's address on the escalating West Asia conflict offered no clarity on an exit strategy, instead repeating familiar rhetoric and threats. Trump claimed US forces are close to completing their mission in Tehran and insisted America does not depend on the Strait of Hormuz.
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00:00You're watching NewsTrack and I'm Maria Shaquille.
00:02Donald Trump's much-anticipated address
00:04offers no clarity on the escalating West Asia conflict.
00:08The same rhetoric, the same self-praise and the same threats,
00:11it could very well have been a post on his truth social account.
00:15During his not-so-fiery speech, he claimed
00:18U.S. forces are close to completing their mission in Tehran
00:21and insisted that the country is energy abundant
00:24and not reliant on the Strait of Hormuz.
00:27He also warned that Iran could be hit extremely hard
00:31if negotiations fail.
00:32Global markets reacted sharply
00:34and certainly not positively to his remarks.
00:37With energy now the battlefield,
00:39the world watches anxiously as the tensions simmer
00:42with oil markets and geopolitical power all at stake.
00:46So where will this conflict head next?
00:49Before I bring in the guests, here's a comprehensive report.
00:57U.S. President Donald Trump's April 1st address to his country
01:01was keenly anticipated.
01:02Americans and the world were hoping for clarity,
01:05perhaps even an endgame to the conflict raging in the Gulf.
01:09But what they got was more of the same,
01:11a familiar mix of rhetoric boasting,
01:14self-congratulation and outright threats.
01:16It was like Donald Trump was reading his posts on Truth Social.
01:20He claimed U.S. forces are closer to finishing its job in Iran.
01:24As I stated in my announcement of Operation Epic Fury,
01:28our objectives are very simple and clear.
01:32We are systematically dismantling the regime's ability
01:35to threaten America or project power outside of their borders.
02:01He also insisted that the United States does not depend
02:04on the Strait of Hormuz, calling America energy abundant.
02:08The United States imports almost no oil through the Hormuz Strait
02:14and won't be taking any in the future.
02:17We don't need it.
02:17We haven't needed it and we don't need it.
02:22Not just that, Donald Trump threatened to hit Tehran extremely hard
02:26and take them back into the Stone Age if negotiations fail.
02:30If there is no deal, we are going to hit each and every one
02:33of their electric-generating plans very hard and probably simultaneously.
02:40So no road map, no timeline, just ambiguity.
02:44Top military analyst Tom Cooper says Donald Trump has no plan for the war.
02:50In regards of Trump's planning, Trump has no plan for this war at all.
02:57He is essentially following orders, or if you like,
03:01or if you prefer to call them recommendations, from Israel.
03:05And Israel demands him to continue the war.
03:09Because it is in Israel's interest to continue this war.
03:13And it was in Israel's fundamental interest to start this war.
03:17So therefore, Trump does not have a lot to say in this regard.
03:21He has to continue the war.
03:22Now the question is, how is he going to continue this war?
03:43As expected, global markets reacted sharply in the wake of Trump's speech,
03:48triggering volatility across asset classes.
03:51Brent crude surged dramatically,
03:52jumping $6 within just 18 minutes.
03:56While Asian markets slipped into red,
03:59with Tokyo, Seoul and Hong Kong reversing earlier gains.
04:02In India, precious metals saw sharp decline as tensions weighed on the US dollar.
04:06With gold tumbling over 6,000 rupees,
04:09and silver ETFs sliding up to 4% amid weakening prices.
04:13At the same time, stock markets in Australia and Japan came under pressure.
04:17With both markets falling over 1%.
04:21Earlier, former energy advisor to Bush, Bob McNally warned of surging crude prices amid tensions around the state of Hormuz.
04:28Well, I don't think that $100 will be a new floor.
04:32The price of oil is driven by supply, but also demand.
04:38And what we tend to see in history, and I would expect, again,
04:44is that when you have supply disruptions like this, big ones, and oil price spikes,
04:50what happens is demand is weakened.
04:55Particularly economic growth is slowed.
04:57Because economic growth is very oil and gas intensive.
05:01And so when you have recessions or downturns, that tends to quickly destroy growth and demand.
05:10And that causes oil prices to fall.
05:13You see this time and time again, 2008, the early 1980s.
05:19Many recessions were caused or contributed to by an oil price spike.
05:25So, no, it's the balance of supply and demand, and we can go well above $100 a barrel.
05:32We already are, and I think we'll go higher in crude prices.
05:35But at some point, I think there will be a rebalancing.
05:38I think demand is going to be hurt, and I think we will go down below $100 a barrel again.
05:46Iran's blockade of the crucial artery has triggered what many are calling the biggest oil supply disruption in history.
05:52Top American economist Steve Hankey echoes that concern.
05:56If the Hormuz disruption continues, as it effectively is right now,
06:03what oil price range are we realistically heading towards?
06:08Are we looking at a sustained move beyond $100?
06:16Yes.
06:20We are.
06:21Size range, I haven't done any sharp pencil work on that.
06:27But I'm long oil.
06:29It's going up.
06:30That means you don't want to be short oil.
06:33You want to be long oil.
06:34You want to own oil because it will go up in price.
06:38The Iranians do control a Strait of Hormuz, and I think they will continue to control it.
06:46And therefore, we know the price is going up.
06:50That's the main thing.
06:52And as the crisis deepens, the UK has brought together over 40 nations,
06:57trying to find a way to reopen the strait.
06:59India is a part of the effort represented by its foreign secretary.
07:04Because in this conflict, energy is no longer collateral damage.
07:08It is the battlefield.
07:10Which raises the big question.
07:12Is this why Trump's tone swings between threats and talk of truth?
07:17And with no concrete plan, no timeline, and no clarity on peace,
07:22the world is left watching,
07:24as tensions simmer in one of the most critical choke points of global energy.
07:28Because this war may not just be fought with weapons anymore,
07:32but with oil, markets, and the power to control both.
07:35With Maria Shaqeel and Bureau Inputs,
07:39Asa Bharadwaj, India Today.
08:08Asa Bharadwaj, India Today.
08:11And asa Bharadwaj, India Today.
08:13Asa Bharadwaj, India Today.
08:14Joining me on the show tonight,
08:16Soumya Kanti Ghosh is the Group Chief Economic Advisor of SBI
08:20and member of Prime Minister's Economic Advisory Council
08:24and member also of 16th Finance Commission.
08:27We have Nilesh Shah,
08:28part-time member of the Economic Advisory Council
08:31to the Prime Minister
08:33and Managing Director of Kotak Mahindra Asset Management Company Limited.
08:37Mr. Ghosh, you know,
08:38we have been extensively speaking about the oil,
08:41so let's look beyond oil now.
08:43Which sectors in India
08:45are already feeling the impact of this war most sharply?
08:49Aviation, logistics, chemicals, fertilizers.
08:52Where, according to you,
08:53is the stress visible first?
08:56Yeah, thank you, my dear.
08:58I think these are all the industries
09:01which you have mentioned
09:03and all of the second-order impact.
09:05The first-order impact is, of course, the oil.
09:07As you know that the oil sector,
09:10the LNG,
09:11all has now witnessing significant disruptions.
09:14And how long the disruption will continue
09:16will depend on how long the war continues.
09:19Because the second important point is that
09:21the war,
09:21the infrastructure sector,
09:22has also been hit in the Gulf.
09:24So even after the war,
09:25for example,
09:26stops,
09:27if the war stops within the next one week
09:29or two weeks,
09:30the war infrastructure,
09:31the infrastructure sector,
09:33will actually take a long time to rebuild.
09:35This apart,
09:36I think the sectors
09:37which are going to be impacted most
09:39are the fertilizer sector.
09:40Because, as you know,
09:41that fertilizer is a key input
09:43in the Indian agricultural production.
09:45Apart from the fertilizer sector,
09:46there is a petrochemical sector.
09:48There is also the government
09:49has imposed an export tax
09:53on the fuel.
09:55This is basically to divert
09:57the domestic production.
09:59So crude production
10:00is, of course, another one.
10:01The LPG,
10:02the government,
10:03which credit has scaled up significantly.
10:05But to my extent,
10:06I think the most lurking threat,
10:08and given the fact that
10:10there are forecasts
10:11of an El Nino,
10:13which someone,
10:14some people are calling it
10:15a super El Nino this year,
10:17I think the prospect
10:18of a super El Nino
10:19coupled with a disruption
10:20in the fertilizer production
10:22and others
10:22could actually spell some trouble
10:24for the agricultural sector
10:26in this year.
10:28So you are saying
10:29that there will be
10:29some kind of super El Nino effect
10:32and that's likely to be felt
10:34during the summer months
10:36when...
10:37Yes.
10:37There are forecasts
10:38which are...
10:39There are forecasts
10:40which is actually saying
10:42that the El Nino this year
10:43could be actually severe.
10:45We hope that forecast
10:47doesn't hold true,
10:48but if there is
10:51scanty rainfall
10:52and coupled with that
10:53is what if it...
10:54Even if it continues
10:55for the next two weeks
10:57or three weeks,
10:58I think that could create
10:59some disruption problem
11:01for the economy
11:01from the...
11:02At least from the rural side.
11:03Okay, so let me bring in
11:05Nilesh Shah now.
11:06Nilesh Shah,
11:07how does this conflict
11:09according to you
11:10hit manufacturing
11:11and automobiles?
11:12Because I've been reading
11:13multiple articles
11:14which talk about
11:16input costs
11:17and also disruptions
11:20in supply chain.
11:21Are we looking at
11:22a slowdown in production
11:24and demand then?
11:26Undoubtedly,
11:27we are looking at
11:28slowdown in production.
11:30The impact could be
11:32first order,
11:33second order
11:34or even third order.
11:36For example,
11:37semiconductor chips
11:38require helium
11:39and one third
11:41of global helium
11:42was produced in Qatar.
11:44Now, obviously,
11:45that helium is not moving.
11:48It can come and impact
11:49even MRI machine
11:51in hospital
11:52which would have been
11:54very difficult to believe
11:55the hospital MRI
11:56getting impacted
11:57by the helium shortages.
12:01Coming to automobile,
12:02they are facing challenges.
12:04So far,
12:05the challenges
12:06is on the supply side
12:08because input prices
12:09have gone up
12:10of metal,
12:11of plastic,
12:13of other components
12:14like semiconductor chips.
12:17And soon,
12:18there could be impact
12:19even on the demand side
12:20as at some point of time
12:23petrol prices could rise.
12:25There could be
12:26slowdown in economy
12:27which automatically
12:28will impact demand.
12:29So,
12:31between first year
12:32direct impact
12:32on oil marketing company
12:34or from an economic
12:36point of view,
12:37price of oil
12:38as well as
12:39availability of oil
12:40to second order impact
12:42where inputs
12:44come into play
12:45from petrochemicals
12:46to chemicals
12:47to phosphate
12:48for fertilizer
12:49to third order impact,
12:52undoubtedly,
12:53Indian economy
12:54is facing
12:54the headwinds
12:55of higher oil prices
12:57not only
12:58in terms of price
12:59but also
13:00in terms of
13:00availability of supply.
13:02Okay.
13:03So,
13:03how quickly
13:03do you think
13:04this will translate
13:05into stress
13:07for consumption sectors
13:08like the FMCG,
13:10the retail,
13:10the rural demand?
13:12Does higher
13:13transport cost
13:15start hitting demand
13:17almost immediately?
13:18Or do you see this
13:20perhaps unfolding
13:21in the next quarter?
13:22So,
13:24as of today,
13:25government
13:25and oil marketing
13:26companies
13:27are absorbing
13:28most of the
13:29impact of
13:30increase
13:31in cost
13:32of energy.
13:33The pump
13:34petrol prices
13:35and diesel prices
13:36has not been
13:37revised upwards
13:38except for
13:39commercial
13:41entities.
13:42So,
13:42bulk of the
13:43hit is taken
13:44in the fiscal side
13:46or in the
13:46oil marketing
13:47company's
13:48balance sheet.
13:49And hence,
13:50we are not seeing
13:51material impact
13:52on consumption
13:53as of now.
13:54But are people
13:55concerned undoubtedly?
13:57And probably
13:59after state election
14:00when the petrol
14:01and diesel prices
14:02are revised upwards,
14:03there will be
14:04some impact
14:05on the consumption
14:06also.
14:08Okay.
14:09Swamya Kanthi Ghosh,
14:10please come in now
14:11because we are looking
14:12at the markets as well.
14:14Which sectors
14:15are markets
14:15most worried
14:17about right now?
14:19Aviation,
14:20autos,
14:21cement,
14:22chemicals,
14:23where do you see
14:24the sharpest
14:25downside risk?
14:27Yeah,
14:28I think
14:28that's a very
14:29interesting point.
14:30In fact,
14:31the extent
14:31of the severity
14:32of the
14:33financial markets
14:35can be gaussed
14:36from the fact
14:36that in the last
14:37fiscal year,
14:37we just ended
14:38on March 31st,
14:39the total amount
14:40of portfolio
14:41capital flows
14:42were the lowest
14:42since 1991.
14:44So I think
14:45it was a 34-year low
14:46and the March
14:47capital outflows
14:48was the lowest
14:50after March 20.
14:51So basically,
14:53I think there
14:53has been significant
14:54decline in capital
14:56flows to India.
14:58If that is the case
14:59and the points
15:00which you just mentioned
15:01in terms of the sectors,
15:02I think construction sector
15:04as you rightly mentioned
15:05could be one of the hit.
15:06Already there are impacts
15:08of the migrant workers
15:09going back,
15:10so construction
15:11activities could be hit.
15:12The second important
15:13point is the
15:14petrochemical sector.
15:16The third important
15:17point is the
15:17transport sector
15:18and there is also
15:20the fertilizer production
15:21which I mentioned
15:22at the beginning
15:23because that actually
15:24is the crucial input
15:25from the farm side
15:27to the output side.
15:29So if that is actually
15:30hit and that is also
15:32having a significant
15:33fiscal cost
15:33because the government
15:34actually has absorbed
15:35all the cost
15:36in terms of an increase
15:37in the urea prices.
15:38So if I take
15:39all these factors
15:40into consideration
15:41and in terms of
15:42the FM2G sector
15:43I think the demand
15:44that it is still
15:45to play out
15:46because the government
15:47has absorbed
15:47all the costs
15:48but beyond the point
15:49of time
15:49I think there will be
15:50price increases.
15:51If that is the case
15:53there will be
15:53some slowdown
15:54on demand
15:55and the rural demand
15:56will be the first
15:57one to be impacted.
15:58And again
15:59so how soon
16:00are we looking at that
16:01because the LPG
16:03crisis is already
16:04being felt?
16:06No, I think
16:07with credit
16:08the government
16:08has ramped up
16:09the LPG production
16:10as of now
16:11we are not seeing
16:12significant impact
16:14on the household
16:14but on the commercial
16:15sector
16:16because it is
16:16a cross-subsidation
16:17the government
16:18has allowed
16:19the household sector
16:20to have some leeway
16:21at the expense
16:22of the commercial sector
16:23but my sense
16:24is that
16:25if the war continues
16:26for say maybe
16:26around two
16:27and three weeks
16:28it will become
16:29very harder
16:29and maybe
16:30in the next
16:31one month or so
16:32I think we can see
16:33the impact
16:34actually starting
16:35to play out
16:35in a more
16:36disruptive manner
16:37Okay, so it will be
16:39disruptive
16:39that is the phrase
16:40that you are using
16:41if this war continues
16:43for another
16:43two to three weeks
16:45with no clarity
16:46on exit
16:47as of now
16:48Nilesha
16:48from Donald Trump
16:50he has given
16:51enough and more
16:52signals
16:53or should I say
16:53mixed signals
16:54that this is going
16:55to be
16:56a prolonged war
16:57perhaps we do not know
16:59an endless war
17:00than in India
17:02because we are
17:03speaking to
17:04two experts
17:05who are experts
17:06on the Indian economy
17:07and also
17:08members of the
17:09Prime Minister's
17:10Economic Advisory Council
17:11is India's growth
17:13now heading
17:14for a slowdown
17:14are we heading
17:15for a slowdown
17:17So from
17:18economic point of view
17:20higher oil prices
17:22are like
17:22Rahukal
17:23in India's
17:24economic kundaline
17:25it impacts
17:27inflation
17:28because higher
17:29oil prices
17:30will invariably
17:31push up
17:31inflation
17:32that in turn
17:33impacts
17:34monetary policy
17:35and interest rates
17:36as interest rate
17:37needs to be raised
17:38to manage
17:39inflationary
17:39expectation
17:40higher oil prices
17:42also dents
17:43current account
17:44deficit
17:45we import
17:46about 5 million
17:47barrels of oil
17:48every day
17:49a $10 increase
17:50means $50 million
17:51every day
17:53current account
17:54deficit
17:55widening
17:56impacts
17:56rupee
17:57depreciates
17:58to maintain
17:58fair value
18:00or real
18:01effective
18:01exchange rate
18:02higher
18:04crude prices
18:05also dents
18:06GDP growth
18:07which widens
18:08fiscal deficit
18:09so rupee
18:10interest rate
18:12and equity
18:13all gets
18:13adversely
18:14impacted
18:15by the higher
18:16oil prices
18:17now to some
18:18extent
18:19government
18:19can reduce
18:20the impact
18:21of higher
18:21oil prices
18:22by taking
18:23counter cyclical
18:24measures
18:25some deficit
18:26financing
18:27some reforms
18:29but overall
18:30impact
18:31on growth
18:32will be there
18:33now is it
18:34half percent
18:35one percent
18:36that depends
18:37upon how
18:38severe
18:38is the
18:39length
18:40of the crisis
18:41as well as
18:43how hard
18:44is the impact
18:44on energy
18:45prices
18:46a thumb rule
18:47remains that
18:48about $10
18:49increase in oil
18:50takes away
18:51about 25
18:52to 30
18:53basis point
18:53of our
18:54GDP growth
18:54but do
18:56remember that
18:56$10 should be
18:57for a full
18:58year
18:58so for us
19:00it is the
19:00length
19:01and the
19:02severity
19:02of crisis
19:03which will
19:04determine
19:04what will be
19:05the impact
19:06on growth
19:06and to some
19:08extent
19:08widening of
19:09deficit
19:10and reforms
19:11can take away
19:12partial adverse
19:13impact
19:14so are you
19:16then saying
19:16that these
19:17sectoral
19:17shocks
19:19could actually
19:20hurt
19:20India's
19:21growth
19:21more than
19:22crude prices
19:24themselves
19:25no this will
19:26all be driven
19:27by the crude
19:28prices
19:28and then there
19:29will be
19:30secondary
19:30and third
19:31impact
19:32also
19:32the impact
19:35will be felt
19:36across the
19:36sector
19:37in some
19:38sector it
19:38will be felt
19:39not because
19:40energy prices
19:41matter much
19:43but because
19:43interest rates
19:44have gone up
19:45in some
19:46sectors it
19:46may impact
19:47because credit
19:48growth may not
19:49be credit
19:49may not be
19:50available at
19:51the price
19:51at which
19:52they wanted
19:52so there
19:53will be
19:53multiple
19:54impacts
19:55driven from
19:56the higher
19:56oil prices
19:57across
19:58rupee rate
19:59and equity
19:59market
20:00and that
20:01combined effect
20:02will be felt
20:03in the economy
20:04unless the
20:05length and
20:06the severity
20:07of this
20:07crisis is
20:08smaller
20:09or the other
20:10way to look
20:11at this
20:11is that our
20:12oil intensity
20:13has come
20:14down from
20:15about mid
20:16single digit
20:17oil import
20:17as a percentage
20:18of GDP
20:19now it is
20:20low single
20:20digit
20:21to that
20:22extent our
20:22ability to
20:23bear pain
20:24is there
20:25but at the
20:26end of the
20:26day there
20:27will be pain
20:27no doubt
20:28about it
20:29okay so we
20:30are looking
20:30at long
20:31term pains
20:32and with
20:33you know
20:34the rising
20:35logistics and
20:36input costs
20:38the overall
20:39price would
20:41be going up
20:42as well and
20:43we are looking
20:43at beyond
20:44oil with
20:45sectors are
20:46likely to
20:46face the
20:47maximum margin
20:48squeeze if
20:49that happens
20:50so let me
20:50give you the
20:51last word to
20:52both of you
20:52Swamyakanti
20:53Ghosh and
20:53Elisha starting
20:54with you Mr.
20:55Ghosh these
20:56are tough
20:57times but if
20:59we were to
20:59make this
21:00comparison with
21:01COVID what do
21:03you think where
21:04do we stand
21:05vis-a-vis
21:06COVID times
21:07I think
21:08Maria on a
21:09positive note
21:10I think on
21:11COVID if you
21:11remember in
21:12COVID when
21:13the COVID
21:14started we
21:15actually the
21:15growth was
21:16as weakened
21:17significantly but
21:18this time we
21:19are actually
21:19coming over a
21:20very strong
21:20growth last
21:21year last
21:21year we
21:22have expanded
21:22by 7.6%
21:23that may be
21:24revised so
21:24therefore there
21:25remains some
21:26amount of
21:27headwind for
21:27India to
21:28absorb the
21:28shock and
21:29till now I
21:30think we
21:30have absorbed
21:30the shock
21:32quite well
21:33there are
21:33disruptions but
21:35on the
21:35negative side
21:36I think
21:36every $1
21:37increase in
21:38barrel adds
21:39to around
21:39$2 billion to
21:40increase import
21:42of crude
21:43so last year
21:44the crude
21:45prices were
21:45averaging 70
21:46and the
21:47higher this
21:47disruption
21:48happens the
21:49longer crude
21:50will stay at
21:50a higher level
21:51say 90 or
21:52100 so from
21:53that point of
21:53view there
21:54could be a
21:55$50 to $60
21:56billion impact
21:56on the
21:57current account
21:57deficit this
21:58year and that
21:59is one thing
22:00we need to
22:00watch out for
22:01but I still
22:02believe that if
22:03the war is over
22:04within the
22:04next one
22:04month or
22:05so and it
22:05takes another
22:06one or two
22:06months for the
22:07hormones to
22:08come to the
22:09normal I think
22:10things could turn
22:11out to be
22:13status quo at
22:14least towards the
22:15end of the year
22:16but as of now we
22:17are keeping all
22:18our fingers crossed
22:18but given the
22:19fact that there
22:20has been permanent
22:21damage to
22:22multiple oil
22:25refineries how
22:26will that affect
22:27are we looking at
22:28a long term
22:29impact
22:29yes we are
22:30looking at
22:31even if the
22:31war ends in
22:33a month or
22:33so yes that
22:35is true there
22:36has been significant
22:37impact on the
22:38war infrastructure
22:38that's the point
22:39which I mentioned
22:40at the beginning
22:40so that means
22:41that the crude
22:42prices will stay
22:42at higher levels
22:43for longer so
22:44therefore on the
22:45negative side the
22:46impact on the
22:46current account
22:47deficit could be
22:48around as much
22:49as 50 to 60
22:51US billion which
22:53in rupee terms
22:53could be around
22:545.5 to 6
22:55trillion so that's
22:56not a small
22:56number okay last
22:59word to you
23:00Nilesha what are
23:01we looking at in
23:02the next few
23:03weeks so I'll try
23:05to take a longer
23:06term guess when
23:08times are tough
23:09tough gets going I
23:11hope India focuses
23:12now on
23:13electrification of
23:15our economy from
23:17ice engine driving
23:18our passenger and
23:19commercial vehicles
23:20we move towards
23:21electric and hybrid
23:22vehicles from
23:24cooking gas and
23:25pipe gas powering
23:26our homes we go
23:28to induction this
23:31will require higher
23:32energy consumption
23:33I hope we invest
23:35in thermal renewable
23:37and nuclear as well
23:39as solar rooftop to
23:41ensure there is
23:42local power source
23:44available for
23:45electrification of
23:46India this crisis
23:48will bear the pain
23:49but whenever next
23:51crisis come our
23:52oil intensity
23:53should be lower
23:55power and we
23:56should be energy
23:57independent through
23:58electrification of
23:59our economy
24:00but electrification
24:02will take a longer
24:03time Mr. Shah
24:05undoubtedly but if
24:06we don't begin now
24:07next crisis will be
24:09as vulnerable as it
24:10is today
24:15thank you for joining
24:16us there is a piece
24:17of breaking news
24:18which is coming in
24:19now Donald Trump
24:19has in fact hailed
24:21strikes on biggest
24:22bridge in Iran
24:24Mr. Trump has put
24:26out a tweet in which
24:27he's saying that the
24:27biggest bridge in Iran
24:29has come tumbling
24:31down never to be used
24:33again those are his
24:34words much more to
24:35follow it is time for
24:37Iran to make a deal
24:38before it is too late
24:39and there is nothing
24:40left of what still
24:42could become a great
24:44country those are the
24:45words of US President
24:46Donald Trump
24:47remember in his
24:49address to the nation
24:50he has spoken about
24:51the ongoing West Asia
24:52conflict but has given
24:53no clear end game or
24:55exit timeline
24:58that's all from me on
24:59this edition I'll be
24:59seeing you tomorrow
25:00thanks so much for
25:01watching
25:03I'll see you tomorrow
25:04next time
25:05I'll see you tomorrow
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