00:00There has been a global trend of diversification of booking centers that's
00:07been taking place for a number of years now, specifically by our wealth
00:12management customers. So they've been using booking hubs such as Hong Kong, of
00:17course, such as Singapore, such as the UAE, both in Dubai and Abu Dhabi, such as
00:23Switzerland, the UK, the US, and they have naturally been diversifying their
00:29wealth to be managed across multiple of these hubs, partly to be able to benefit
00:33from the expertise that each market brings, and partly as a matter of risk
00:39management. That trend continues insofar that this is, you know, this concerning
00:46the Middle East today. Frankly, we have seen very benign movement. I think the
00:51resilience of the Middle East as a long-term hub for wealth management and
00:56capital has not changed. But, of course, everybody is hoping to see the end of
01:01the current conflict and praying to see the end of the current conflict soon.
01:05You're also a global trade bank. So what do you see in terms of change, if any, of
01:10trade flows? Do you see any of that since this war erupted? And how does it differ from maybe last
01:16year when we were
01:17talking about tariffs? So trade has certainly been disrupted. Now, it's been tariffs of
01:262025 have disrupted trade with the U.S. This time we're seeing a major disruption in trade far beyond the
01:34Middle East, but in particular towards Asia because of the Strait of Hormuz, Florida. We believe there are multiple
01:42hundred, probably up to eight hundred ships that are still locked up in the Gulf. And, you know, of
01:48course, the passage daily 150 ships has dropped to maybe five to ten ships at best. So that is hugely
01:56disruptive. The impact of such will be felt way beyond the Middle East. And that is one
02:05worrying factor for us, not just in price of goods, oil, refined products, LNG and PG, but also
02:15fertilizers, metals, etc. But it's also going to be felt in the availability of such goods. And we worry
02:24that the continuation of this conflict will have that impact globally, way beyond the Middle East.
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