The Wall Street Journal
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What’s News
WEDNESDAY, JUNE 25, 2025
6/25/2025 4:56:00 PMShare This Episode
Shell in Early Talks to Acquire BP
P.M. Edition for June 25. Talks between Shell and rival BP are in their early stages, according to people familiar with the matter, but a tie-up would be the largest oil deal in a generation. WSJ reporter Ben Dummett discusses what each company would get out of a deal. Plus, Wall Street is panicking after Democratic Socialist Zohran Mamdani won the Democratic primary for New York City mayor. We hear from reporter Kevin Dugan about what Wall Street is worried about. And the war between Israel and Iran has revived China’s interest in a pipeline that would import Russian natural gas. WSJ foreign correspondent Georgi Kantchev weighs in on the geopolitical impact of such a move. Alex Ossola hosts.
- Shell in early talks to acquire BP /ʃɛl ɪn ˈɜːrli tɔːks tə əˈkwaɪər ˌbiːˈpiː/ シェルがBPの買収に向けた初期協議中
- tie-up /ˈtaɪ ʌp/ 合併、提携
- largest oil deal in a generation /ˈlɑːrdʒəst ɔɪl diːl ɪn ə ˌdʒɛnəˈreɪʃən/ 一世代で最大規模の石油取引
- Democratic Socialist Zohran Mamdani /ˌdɛməˈkrætɪk ˈsoʊʃəlɪst ˈzoʊrɑːn mæmˈdɑːni/ 民主社会主義者ゾーラン・マムダニ
- Democratic primary /ˌdɛməˈkrætɪk ˈpraɪˌmɛri/ 民主党予備選挙
- Wall Street is panicking /wɔːl striːt ɪz ˈpænɪkɪŋ/ ウォール街が動揺・混乱している
- revived China’s interest /rɪˈvaɪvd ˈtʃaɪnəz ˈɪntrəst/ 中国の関心を再び呼び起こした
- import Russian natural gas /ˈɪmpɔːrt ˈrʌʃən ˈnætʃrəl ɡæs/ ロシア産天然ガスを輸入する
- geopolitical impact /ˌdʒiːəpəˈlɪtɪkəl ˈɪmpækt/ 地政学的影響
- foreign correspondent Georgi Kantchev /ˈfɔːrən ˌkɒrəˈspɒndənt ˈɡeɔːrdʒi ˈkæntʃɛv/ 外国特派員ジョルジ・カンチェフ
- hosted by Alex Ossola /ˈhoʊstɪd baɪ ˈælɪks ɒˈsoʊlə/ ホストはアレックス・オッソラ
Andrew Cuomo（クオモ）ニューヨーク州の元知事であり、民主党の有力な候補者。マムダニに敗北。
Zohran Mamdani（マムダニ）
民主社会主義者（Democratic Socialist）
ニューヨーク市の民主党市長選挙の予備選で勝利。1.6百万軒のドアをノックするなど、草の根の大規模な運動を展開。
Alex Ossola: Shell is in early talks to acquire BP, a potential landmark combination of two multinational oil giants. Plus, Wall Street is stunned over the upset in the primary election for New York City mayor.
Kevin Dugan: People were expecting Cuomo to win, but it did not feel like very enthusiastic support of Cuomo. When it comes to Mamdani, their concerns are primarily over taxes.
Alex Ossola: And why a cheap summer road trip could change consumer's minds about the economy. It's Wednesday, June 25th. I'm Alex Ossola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
We're exclusively reporting that Shell is holding early-stage talks to acquire rival BP and what would be the largest oil deal in a generation. That's according to people familiar with the matter. Shell said after The Journal reported of the talks that the report, "is further market speculation. No talks are taking place." A BP spokesman declined to comment. Reporter Ben Dummett is here to tell us more. Ben, these are two huge companies. What is the significance of this move?
Ben Dummett: I take your point that both Shell and BP are huge energy producers and they have giant market gaps, but when you compare them with the likes of ExxonMobil, then Chevron, they're smaller. And so the combination of these two, both of which are based in the UK, would create this UK energy champion and at the same time give the combined entity the added have to be better positioned to take on the challenge of the so-called super majors like Chevron and Exxon.
Alex Ossola: What's in it for Shell? Why do this?
Ben Dummett: First of all, for Shell to do this, it would be a big challenge. There's a lot of integration. There's complication in terms of bringing together different cultures, selling overlapping assets, but that said, it would basically expand Shell's global trading business and it would dominate, bolster its dominance in areas such as liquefied natural gas. Analysts investors have said that the match-up was good for the companies because of their operations in the Gulf of Mexico.
Alex Ossola: And how about BP? What's in it for them?
Ben Dummett: BP is a smaller entity and it is underperformed Shell for the past several years in terms of its stock market performance. That explains Shell's interest in the sense that timing makes sense because it's in a relatively stronger position to do a deal like this. At the same time, BP, because of its relative weakness, that makes it more susceptible to a takeover. That's particularly true when you've got Elliott Investment Management, the well-known active investor that has over a 5% stake in BP and they're pushing for big changes as the company. One way of achieving that is to go it alone and the other way of achieving that is become perhaps part of a bigger entity.
Alex Ossola: Given the sheer of these companies and their respective market shares, how likely is it that this deal could go through regulators?
- given the sheer ~ /ˈɡɪvən ðə ʃɪr/ ～の大きさ・規模を考えると（"sheer" は「圧倒的な」「純然たる」の意味）
- sheer size（※本文では「the sheer of」となっているが誤り） /ʃɪr saɪz/ 圧倒的な規模（正しくは "the sheer size of these companies"）
Ben Dummett: Well, it would certainly draw the scrutiny of the UK regulators because you are bringing together the country's two biggest energy producers. There's no doubt, because these companies have operations globally, it would necessitate review by regulators all over the world, including the US obviously, where they both have big operations. That said, if you look at oil producers like Aramco for example in Saudi Arabia, you'd be hard-pressed to argue that they would have any real influence on the oil price long term. So I'm not sure that antitrust issues would be a big deal, but at the same time, the UK could look favorably on this type of tie up because you create this national champion and therefore strengthen that entity to ward off possible foreign suitors.
- draw the scrutiny of regulators /drɔː ðə ˈskruːtɪni əv ˈrɛɡjəˌleɪtərz/ 規制当局の精査・監視を招く
- energy producers /ˈɛnərdʒi prəˈduːsərz/ エネルギー生産企業（石油・ガス会社など）
- operations globally /ˌɒpəˈreɪʃənz ˈɡloʊbəli/ 世界中の事業活動
- necessitate review /nəˈsɛsɪteɪt rɪˈvjuː/ 審査を必要とする
- you’d be hard-pressed to argue that ~ /juːd bi hɑːrd prɛst tə ˈɑːrɡjuː ðæt/ ～だと主張するのは難しい、容易ではない
「～とは言い難い」「その主張には説得力がない」といった含み - have any real influence on ~ /hæv ˈɛni ˈriːəl ˈɪnfluəns ɒn/ ～に実質的な影響を与える
- antitrust issues /ˈæntiˌtrʌst ˈɪʃuːz/ 独占禁止法関連の問題（反トラスト問題）
- look favorably on ~ /lʊk ˈfeɪvərəbli ɒn/ ～を好意的に見る、前向きに評価する
- national champion /ˈnæʃənl ˈtʃæmpiən/ 国家代表企業、国策的に支援された企業
- ward off (possible foreign suitors) /wɔːrd ɔːf/ （敵や脅威などを）撃退する、防ぐ ※ここでは「外国の買収者」
Alex Ossola: That was WSJ reporter Ben Dummett. Thank you so much, Ben.
Ben Dummett: Thanks for having me. I really appreciate it.
Alex Ossola: A report from the Commerce Department out today showed that sales of us new single family homes fell 13.7% in May from the month before. The numbers, which were below economists expectations, come amid continued concerns over high mortgage costs.
US stocks hung near record levels today as the Israel-Iran ceasefire continued to hold. Meanwhile, Federal Reserve Chair Jerome Powell gave his second day of testimony on Capitol Hill. Bets on a July interest rate cut have risen modestly in recent days after two fed officials signaled they were open to the possibility. Still, major US indexes ended the day mixed. The Nasdaq was up about 0.3%. The Dow dropped a quarter of a percent, and the S&P 500 stayed flat.
- stocks hung near record levels /stɑːks hʌŋ nɪr ˈrɛkərd ˈlɛvəlz/ 株価が過去最高値付近で推移した
- ceasefire continued to hold /ˈsiːsˌfaɪər kənˈtɪnjud tə hoʊld/ 停戦が維持されている（破られていない）
- Federal Reserve Chair Jerome Powell /ˈfɛdərəl rɪˈzɜːrv ʧɛər ʤəˈroʊm ˈpaʊəl/ 連邦準備制度理事会議長 ジェローム・パウエル
- testimony on Capitol Hill /ˈtɛstɪˌmoʊni ɒn ˈkæpɪtəl hɪl/ 米議会（連邦議会）での証言
- bets on a July interest rate cut /bɛts ɒn ə ʤʊˈlaɪ ˈɪntrəst reɪt kʌt/ 7月の利下げを見込んだ市場の予測・投資行動
- modestly /ˈmɑːdɪstli/ 控えめに、緩やかに（上昇・変化の程度）
- signaled they were open to the possibility /ˈsɪɡnəld ðeɪ wɜr ˈoʊpən tə ðə ˌpɑːsəˈbɪləti/ 可能性に前向きな姿勢を示した
For many Americans, summer is road trip season. And this summer, people hitting the road might find less pain at the pump than they expected. The average price of a gallon of gas is $3.21 Nationally, about 23 cents cheaper this summer than it was last year thanks to plentiful supply. And as of yesterday, oil prices were lower than before Israel and Iran's conflict began. Reporter Roshan Fernandez says the reduced prices would be a boon for consumers and may boost their confidence in the US economy.
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pain at the pump はアメリカのニュースなどでよく使われる比喩表現で、ガソリン価格が高いことによる家計の負担を表します。
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boon は「恵み」「利益」の意味で、経済や市場ニュースで「プラス材料」
- road trip /roʊd trɪp/ 車での長距離旅行（特にレジャー目的）
- hitting the road /ˈhɪtɪŋ ðə roʊd/ 旅に出る、出発する（口語表現）
- less pain at the pump /lɛs peɪn æt ðə pʌmp/ ガソリンスタンドでの負担が少ない（ガソリン価格が安いという比喩）
- the average price of a gallon of gas /ði ˈævərɪʤ praɪs əv ə ˈɡælən əv ɡæs/ ガソリン1ガロンあたりの平均価格
- nationally /ˈnæʃənəli/ 全国的に、全米で
- plentiful supply /ˈplɛntɪfəl səˈplaɪ/ 豊富な供給、潤沢な在庫
- oil prices were lower than before /ɔɪl ˈpraɪsɪz wɜr ˈloʊər ðæn bɪˈfɔːr/ 原油価格が以前より下がっている
- conflict began /ˈkɑːnflɪkt bɪˈɡæn/ 紛争が始まった
- a boon for consumers /ə buːn fər kənˈsuːmərz/ 消費者にとっての恩恵、好材料
- boost their confidence /buːst ðɛr ˈkɑːnfɪdəns/ 信頼感や自信を高める
- the US economy /ði ˌjuːˈɛs ɪˈkɑːnəmi/ アメリカ経済
Roshan Fernandez: Gas prices have a pretty big influence on your perspective on the economy, just given the fact that people drive a lot so they see their gas prices pretty regularly at the pump. They see them on the roadside signs. So it's a pretty strong indicator in a lot of people's minds of how well the economy is doing. One good example, a recent survey from the National Association of Convenience Stores showed that just over two thirds of people would drive five minutes out of their way just to save five cents to the gallon on gas.
- gas prices /ɡæs ˈpraɪsɪz/ ガソリン価格
- a big influence on your perspective /ə bɪɡ ˈɪnfluəns ɑn jʊər pərˈspɛktɪv/ あなたの見方・捉え方に大きな影響を与える
- at the pump /æt ðə pʌmp/ 給油の場面で（ガソリンスタンドで）
- roadside signs /ˈroʊdsaɪd saɪnz/ 道路脇の看板（＝ガソリン価格表示のサイン）
- strong indicator /strɔːŋ ˈɪndɪˌkeɪtər/ 強力な指標
- how well the economy is doing /haʊ wɛl ði ɪˈkɑːnəmi ɪz ˈduːɪŋ/ 経済の状態（どれほど良いか）
- survey /ˈsɜːrveɪ/ 調査、アンケート
- National Association of Convenience Stores /ˈnæʃənl əˌsoʊsiˈeɪʃən əv kənˈviːniəns stɔːrz/ 全米コンビニエンスストア協会
- just over two thirds /ʤʌst ˈoʊvər tuː θɜːrdz/ 約3分の2強
- drive five minutes out of their way /draɪv faɪv ˈmɪnɪts aʊt əv ðɛr weɪ/ 遠回りして5分かけて走る
- save five cents to the gallon on gas /seɪv faɪv sɛnts tə ðə ˈɡælən ɑn ɡæs/ ガソリン1ガロンあたり5セント節約する
Alex Ossola: Coming up, why Wall Street is panicking over the prospect of a socialist mayor of New York City. That's after the break.
This morning, the world's epicenter of capitalism woke up to find it may soon have a socialist mayor. Democratic socialist, Zohran Mamdani, who up to a few weeks ago was considered a long shot candidate, won at the Democratic primary for New York City's mayor over former governor Andrew Cuomo. Kevin Dugan covers the culture of Wall Street at the Journal. Kevin, I'm curious about what Wall Street's reaction was to this win.
- epicenter of capitalism /ˈɛpɪˌsɛntər əv ˈkæpɪtəlɪzəm/ 資本主義の中心地（＝ニューヨークを指す）
- woke up to find /woʊk ʌp tə faɪnd/ ～して目覚める、～という現実に直面する
- may soon have a socialist mayor /meɪ suːn hæv ə ˈsoʊʃəlɪst ˈmeɪər/ 近い将来、社会主義者の市長を持つかもしれない
- Democratic socialist /ˌdɛməˈkrætɪk ˈsoʊʃəlɪst/ 民主的社会主義者（左派的思想の政治家）
- long shot candidate /lɔːŋ ʃɑt ˈkændɪˌdeɪt/ 勝ち目の薄い候補者
- won at the Democratic primary /wʌn æt ðə ˌdɛməˈkrætɪk ˈpraɪˌmɛri/ 民主党予備選で勝利した
- former governor Andrew Cuomo /ˈfɔːrmər ˈɡʌvərnər ˈændru ˈkwoʊmoʊ/ 元州知事アンドリュー・クオモ
- covers the culture of Wall Street /ˈkʌvərz ðə ˈkʌlʧər əv wɔːl striːt/ ウォール街の文化を取材・報道している
- I'm curious about /aɪm ˈkjʊriəs əˈbaʊt/ ～について知りたい、興味がある
- what Wall Street's reaction was /wʌt wɔːl striːts riˈækʃən wəz/ ウォール街の反応はどうだったか
Kevin Dugan: On Wall Street, the people who I've been talking to are very surprised at this, but there's some nuance to this. They are also seeing that the Cuomo campaign was based on a feeling of confidence that the former governor was going to take this over. And people underestimated the ground game that Zohran Mamdani brought to New York City in order to win.
Alex Ossola: You mentioned that Wall Street was really backing Cuomo. What kinds of concerns did they have over Mamdani's platform?
Kevin Dugan: People were expecting Cuomo to win, but it did not feel like very enthusiastic support of Cuomo. When it comes to Mamdani, their concerns are primarily over taxes. He wants to raise taxes on people who are making more than a million a year, as well as some general quality of life issues, crime in the city, the homeless population, how is he going to deal with that and how is he going to keep New York City to be a livable place. People are concerned that some of those issues are going to get worse.
Alex Ossola: Given this less than enthusiastic support of Cuomo, were there any pockets of Mamdani support within Wall Street?
- Given this less than enthusiastic support /ˈɡɪvən ðɪs lɛs ðæn ɪnˌθuːziˈæstɪk səˈpɔːrt/ この熱心とは言えない支持を考慮すると
- less than enthusiastic /lɛs ðæn ɪnˌθuːziˈæstɪk/ あまり乗り気でない、熱心とは言えない
- support of Cuomo /səˈpɔːrt əv ˈkwoʊmoʊ/ クオモ氏への支持
- pockets of support /ˈpɑːkəts əv səˈpɔːrt/ 一部の支持、小さな支持層
- within Wall Street /wɪˈðɪn wɔːl striːt/ ウォール街の中で
- were there any pockets of ~? /wɜːr ðɛr ˈɛni ˈpɑːkəts əv/ ～の一部の存在はありましたか？（控えめに尋ねる表現）
Kevin Dugan: They're small, definitely the minority, but you're seeing in the data from the Campaign Finance Board that there were plenty of people who worked at some of Wall Street's biggest banks who were donating to Mamdani. Often, these were people who were not in financials, although you do occasionally see them. These are typically software engineers, people who work in administrative roles. It speaks to how different Wall Street banks have become, where they rely so much on technology, broader services, to encompass more of the general population.
- definitely the minority /ˈdɛfɪnətli ðə maɪˈnɔːrəti/ 間違いなく少数派
- Campaign Finance Board /kæmˈpeɪn ˈfaɪnæns bɔːrd/ （NY市の）選挙資金委員会
- plenty of people who worked at ~ /ˈplɛnti əv ˈpiːpəl hu wɜrkt æt/ ～で働いていた多くの人々
- donating to Mamdani /ˈdoʊneɪtɪŋ tə mæmˈdɑːni/ マムダニ氏に寄付している
- not in financials /nɑːt ɪn faɪˈnænʃəlz/ 金融部門に属していない（部署）
- administrative roles /ədˈmɪnəˌstreɪtɪv roʊlz/ 事務職、管理職
- speak to ~（speak to how ...） /spiːk tə/ ～を示す、物語る（文脈を説明する表現）
- encompass more of the general population /ɪnˈkʌmpəs mɔːr əv ðə ˈʤɛnərəl ˌpɑpjəˈleɪʃən/ より幅広い一般層を含む、取り込むようになる
Alex Ossola: That was WSJ Reporter, Kevin Dugan. Thanks, Kevin.
Kevin Dugan: Thank you.
Alex Ossola: President Trump said he doesn't think a nuclear deal with Iran is necessary after the US strikes on three Iranian nuclear sites. Speaking at a press conference at the end of the NATO summit today, he added that there would be talks with Tehran next week and that he would be asking the Iranians for the same thing as before Israel attacked Iran, that Tehran does not develop nuclear weapons. Trump also pushed back on a leaked intelligence report that said the US strikes on Iran's nuclear facilities only set back Tehran's nuclear ambitions by a few months. Defense Secretary Pete Hegseth said the FBI has started a probe into how the preliminary assessment became public.
- nuclear deal /ˈnuːkliər diːl/ 核合意（核開発を制限するための協定）
- US strikes on three Iranian nuclear sites /juː ˈɛs straɪks ɑn θriː ɪˈreɪniən ˈnuːkliər saɪts/ 米国によるイランの3か所の核施設への攻撃
- press conference /prɛs ˈkɑːnfərəns/ 記者会見
- NATO summit /ˈneɪtoʊ ˈsʌmɪt/ NATO首脳会議
- talks with Tehran /tɔːks wɪð təˈrɑːn/ テヘラン（イランの首都）との会談
- push back on ~ /pʊʃ bæk ɑn/ 〜に反論する、反発する
- leaked intelligence report /liːkt ɪnˈtɛlɪdʒəns rɪˈpɔːrt/ 流出した情報（機密情報）報告書
- set back Tehran's nuclear ambitions /sɛt bæk təˈrɑːnz ˈnuːkliər æmˈbɪʃənz/ テヘランの核開発計画を遅らせる
- preliminary assessment /prɪˈlɪmɪnɛri əˈsɛsmənt/ 当初の評価、予備的な評価
- FBI has started a probe /ˌɛfbiːˈaɪ hæz ˈstɑːrtɪd ə proʊb/ FBIが調査を開始した
- how the preliminary assessment became public /haʊ ðə prɪˈlɪmɪnɛri əˈsɛsmənt bɪˈkeɪm ˈpʌblɪk/ 当初の評価がどのようにして公になったか
The war between Israel and Iran has revived China's interest in a pipeline that would import Russian natural gas. That's according to people close to Beijing's decision-making. The countries already do have one pipeline called the Power of Siberia, which opened in 2019. This newer project would be a bigger pipeline that could significantly boost the supply of natural gas that Russia sends to China. For more, I'm joined now by WSJ foreign correspondent, Georgi Kantchev. Georgi, why does China want to turn to Russia for natural gas?
Georgi Kantchev: China has ultimately seen that it needs other alternatives. China overall buys around 90% of Iran's oil exports, so definitely that war has increased concerns in Beijing about the reliability of those deliveries. This is definitely a long endeavor, and that's why this pipeline wouldn't be a short-term solution, but China's thinking long-term because there's other reasons why China would need more gas. China is also looking to gas as a bridge fuel between the current exposure to hydrocarbons in the future where you have renewable energy for most of your energy needs.
- ultimately /ˈʌltəmətli/ 最終的に、結局
- alternatives /ɔːlˈtɜrnətɪvz/ 代替案、選択肢
- overall /ˌoʊvərˈɔːl/ 全体的に、概して
- exports /ˈɛkspɔrts/ 輸出品、輸出
- concerns /kənˈsɜrnz/ 懸念、不安
- long endeavor /lɔːŋ ɛnˈdɛvər/ 長期的な取り組み、努力
- short-term solution /ʃɔrt tɜrm səˈluːʃən/ 短期的な解決策
- long-term /lɔːŋ tɜrm/ 長期的な
- bridge fuel /brɪdʒ fjuːəl/ （エネルギーの）橋渡し燃料、移行期燃料（主に化石燃料の使用から再生可能エネルギーへの過渡期に使われる天然ガスなど）
- current exposure to hydrocarbons /ˈkɜrənt ɪkˈspoʊʒər tə ˌhaɪdroʊˈkɑrbənz/ 現在の炭化水素依存（使用状況）
- renewable energy /rɪˈnuːəbl ˈɛnərdʒi/ 再生可能エネルギー
Alex Ossola: What would the geopolitical impact be of this kind of endeavor?
Georgi Kantchev: It's really important for Russia because Russia has in the past been the biggest supplier of gas to Europe. After its war in Ukraine, Russia has lost most of that market. So now it wants to redirect that gas. China is logical place. Also, Russia needs the cash to fund its war in Ukraine and reconstituting its army. If such a pipeline is agreed, it's going to be a big sign that the China and Russia leadership managed to bind those countries closer together, meaning the alliance is pretty strong. And from the Chinese perspective, of course, they would get definitely cheaper gas and they will diversify their deliveries of gas, for sure.
- supplier of gas /səˈplaɪər əv ɡæs/ ガスの供給者
- lost most of that market /lɔst moʊst ʌv ðæt ˈmɑrkɪt/ その市場の大部分を失う
- redirect that gas /ˌriːdəˈrɛkt ðæt ɡæs/ そのガスの流れを変える（別の方向に向ける）
- logical place /ˈlɑdʒɪkəl pleɪs/ 論理的な場所、妥当な選択肢
- needs the cash to fund /nidz ðə kæʃ tə fʌnd/ 資金を調達する必要がある
- reconstituting its army /ˌriːˈkɑnstɪˌtjuːtɪŋ ɪts ˈɑrmi/ 軍を再編成する
- if such a pipeline is agreed /ɪf sʌtʃ ə ˈpaɪplaɪn ɪz əˈɡrid/ もしそのようなパイプラインが合意されれば
- a big sign /ə bɪɡ saɪn/ 大きな兆候、重要なサイン
- bind those countries closer together /baɪnd ðoʊz ˈkʌntriz ˈkloʊsər təˈɡɛðər/ 両国の結びつきをより強くする
- alliance is pretty strong /əˈlaɪəns ɪz ˈprɪti strɔŋ/ 同盟関係はかなり強い
- from the Chinese perspective /frʌm ðə ˈtʃaɪniz pərˈspɛktɪv/ 中国の視点からすると
- definitely cheaper gas /ˈdɛfənətli ˈtʃipər ɡæs/ 明らかにより安価なガス
- diversify their deliveries of gas /daɪˈvɜrsɪfaɪ ðɛr dɪˈlɪvəriz ʌv ɡæs/ ガスの供給先を多様化する
Alex Ossola: That was WSJ foreign correspondent Georgi Kantchev. Thanks, Georgi.
Georgi Kantchev: Thank you.
Alex Ossola: And that's What's News for this Wednesday afternoon. Today's show is produced by Anthony Bansie, with supervising producer Michael Kosmides. Additional support by Coleman Standifer. I'm Alex Ossola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.