STANLIB Podcasts

In this podcast, STANLIB’s Chief Economist, Kevin Lings, focuses on recent US labour market data, which is key to the performance of the economy. Labour market conditions appear to have improved in the last two months, with the economy adding an impressive number of jobs, despite the Middle East conflict and investment in AI. STANLIB is an authorised Financial Services Provider in terms of FAIS and a registered manager in terms of CISCA.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, discusses the below-forecast 2% q/q growth in US GDP in the first quarter, which indicates the economy is being largely sustained by AI investment. He also discusses recent global central banks’ decisions to hold interest rates, and how this is likely to influence the SA Reserve Bank. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, discusses the factors that influenced the surprisingly low increase in US PPI data for March, which is showing no second-round effects from tariffs and the higher oil price. However, he cautions it is still early to predict the direction of US interest rates. He also examines latest Chinese economic data, which shows manufacturing activity growing strongly, but weak consumer spending. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, analyses the increase in US inflation in March to 3.3% from 2.4%, largely due to oil price pressure – gasoline prices rose 21% in the month. Inflation is likely to stay above 3% for some time, above the US Federal Reserve 2% target. Inflation concerns are reflected in consumer confidence data. He also looks at the implications of the long-term decline in South African manufacturing data. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, unpacks the SA Reserve Bank’s three scenarios for inflation and interest rates, depending on the duration of the Middle East war. He also discusses SA’s April hikes in petrol and diesel prices – the biggest increases that SA has ever seen in one month – and their implications. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

South Africa’s infrastructure requires urgent investment after 30 years of underspending. How can private equity and private credit work together to bridge the significant funding gap? In the ninth episode of "The More You Know," Marisa Bester (COO of Infrastructure Investment at STANLIB) and Johan Marnewick (Head of Fixed Income Private Markets) join host Jeremy Maggs to discuss mobilising capital for the life and pension funds industry. They explore how private equity and private credit can mobilise capital to meet the risk, return, and impact requirements of the life and pension funds industry. STANLIB is an authorised Financial Services Provider in terms of FAIS and a registered manager in terms of CISCA.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, discusses the effect of the oil price on SA fuel prices, currently pointing to petrol increasing by around R6.50 a litre and diesel by R11 a litre in April. This is expected to cause shocks in the consumer and business sectors and feed into inflation, taking the inflation rate from a comfortable 3% to over 4.5%. The Reserve Bank is expected to keep rates on hold, but to issue a hawkish statement. He also discusses interest rate developments around the world, where about 15 significant central banks have held meetings, and most have opted to keep rates on hold. However, they have signalled that if oil prices remain elevated and feed into broader inflationary pressures, they may be forced to hike rates. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, discusses how the war in the Middle East, now in its 17th day and going on longer than most people anticipated, continues to affect the oil price. At over $100 and with no end in sight to the war in the short term, there are implications for inflation, with most central banks not contemplating interest rate cuts and a risk-off trade unfolding on markets. US inflation data still looks good, but has yet to factor in the oil price. He also discusses SA’s GDP performance for the fourth quarter, which brought SA’s economic growth to 1.1% last year. A substantial increase in petrol and diesel could undermine SA’s growth dynamics. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, discusses two topics: The latest developments in the Middle East and their effect on the oil price; and disappointing US labour market data. Escalation of the Middle East conflict has resulted in a dramatic increase in the oil price, which could see petrol and diesel prices shoot up in April and cause upward inflation pressure. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, discusses two topics: the potential effects of the escalating war in Iran; and broadening private sector credit demand in SA. The war has triggered a rise in safe-haven assets, including gold, and in the oil price. For SA, the effect may be to push inflation higher, deferring interest rate cuts. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB Asset Management’s deputy head of fixed income, Sylvester Kobo, highlights key positives in the National Budget that caused bond yields to firm. Investors welcomed the announcement of a cut in debt issuance and credit rating agencies are expected to respond with an upgrade to the country’s credit rating later this year, which should provide further support for the rand and bond yields. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA.

In this podcast, STANLIB Asset Management’s chief economist, Kevin Lings, analyses the main features of the 2026 Budget Speech, which was welcomed by equity, bond and currency markets. The Budget showed further progress in fiscal discipline in six critical parameters, including cutting the budget deficit, keeping government expenditure below revenue, and introducing a fiscal anchor. However, a more urgent focus on growing the economy is needed.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, discusses disappointing US Q4 2025 GDP growth of 1.4% q/q, which was largely due to the 43-day government shutdown. Underlying growth, at 2.2% y/y, is below long-term averages. However, latest US core PCE inflation was above expectations, at 3% y/y, exceeding the Federal Reserve’s 2% target, which may deter aggressive interest rate cuts. In SA, headline CPI rose slightly more than expected in January, but at 3.5% y/y is generally under control, Kevin says. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this episode of The More You Know, Jeremy Maggs interviews STANLIB Asset Management CEO, Derrick Msibi, who argues that Africa has the potential to attract capital more broadly than only to the Johannesburg Stock Exchange (JSE), which many investors mistakenly treat as a proxy for the entire continent. He proposes three key policy moves that would help to move the continent onto the investment radar. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, looks at US headline consumer inflation, which was below market expectations, at 2.4% y/y in January, with little evidence of a build-up of pressure. At the same time, job creation was above expectations. This should help the US achieve 2% GDP growth this year. Latest South African mining and manufacturing output data was disappointing, due to lingering infrastructural and policy constraints. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, analyses latest US ISM manufacturing and labour data. The manufacturing index increased significantly to above 50, normally indicating expansion in the sector, but Kevin believes this reflects shorter-term factors, including anticipation of greater consumer spending ahead of tax cuts. US labour data continues to soften as businesses may be holding back on creating new jobs due to policy uncertainty and AI adoption. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, focuses on the latest decisions by the US and SA central banks to hold interest rates unchanged. In SA the decision reflects the SARB’s determination to lower inflation expectations, as well as risks to inflation from food and energy. In the US, the decision was widely expected. Instead, attention focused on the nomination of Kevin Warsh as the next Fed chair and what it means for monetary policy. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, examines the factors that lifted SA’s headline inflation rate slightly to 3.6% y/y in December, though it remains subdued. The SARB is expected to stay cautious, but there is room for an interest rate cut. Low inflation encourages confidence and investment. At the same time, SA’s retail spending is growing faster than the overall economy, partly due to controlled inflation. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In the eighth episode of The More You Know, Rademeyer Vermaak, Head of Systematic Solutions, discusses why cryptocurrency is important and how it is evolving in response to the needs of the global financial system. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA. Please refer to MDD/Factsheet available on www.stanlib.com for additional information. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, focuses on latest US inflation and Chinese GDP data. US December headline inflation was unchanged at 2.7% y/y as shelter costs are moderating but food prices are rising. Inflation is less of a concern for the Fed than the labour market. In China, GDP grew by 5% y/y in 2025, exactly in line with government’s target. Most of the growth was in production for export to markets other than the US while consumer activity was relatively weak. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, unpacks recent geopolitical events, including the US intervention in Venezuela and its threatened moves into Greenland and Iran. Surprisingly, this has had little effect on financial markets. He also explores latest US employment data and why SA’s manufacturing output continues to struggle. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, unpacks SA’s GDP growth and the latest US ADP report on US private sector employment. The local economy grew by an encouraging 2.1% year on year, largely because historical data was revised higher, but he warned this is not a sustainable growth rate – that is probably closer to 1-1.5%. In the US, the ADP report for November showed a loss of 32 000 jobs, all in small businesses, which are absorbing higher US tariffs. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, examines latest US retail sales data, including Black Friday. Black Friday sales, both in-store and online, were up 4% y/y, which is not particularly buoyant. He also looks at how corporate credit is driving the recent acceleration in SA’s growth in private sector credit. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, considers the factors that are restraining SA’s inflation rate and have influenced the Reserve Bank in cutting the benchmark interest rate by 25 bps at its latest meeting. He also analyses latest US jobs data, which showed an increase in unemployment to 4.4% from 4.3%, and changing expectations about the next US Federal interest rate cut. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In the seventh episode of our “The More You Know” series, Mark Lovett, STANLIB Head of Investments, shares his experience of other market bubbles to help put the current AI hype into context. He emphasises the need for investors to identify the winners and losers in this new technology wave and discusses how AI is affecting the asset management industry. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA. Please refer to MDD/Factsheet available on www.stanlib.com for additional information about the Fund. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, examines the reasons why S&P decided to revise SA’s credit rating from BB- to BB, while Fitch kept its rating unchanged. SA’s weak GDP growth rate remains a concern for all credit rating agencies but while S&P took a more positive view, Fitch wants to see that growth significantly higher. Kevin also discusses how markets have reacted to recent positive developments. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB Asset Management Chief Economist, Kevin Lings, explores seven key positive aspects of the Medium-Term Budget Policy Statement (MTBPS) that indicate government finances are moving into a better position. These points will encourage both investors and credit rating agencies. He also discusses the implications of SA moving to a lower 3% inflation target. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This podcast should not be construed as advice.

In this podcast, Sylvester Kobo, STANLIB Asset Management Deputy Head of Fixed Income, highlights positive aspects of the Medium-Term Budget Policy Statement (MTBPS) for bond investors, including the lower inflation target, better revenue collections, a small improvement in the budget deficit and a reduction in government bond issuances. He briefly discusses how the MTBPS influences the outlook for bond yields and interest rates. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This podcast should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, discusses the latest move to end – at least temporarily - the US government shutdown, which is now the longest in history. Among other effects, the shutdown has reduced the flow of economic data, making policy decisions harder. He also looks at SA’s upcoming MTBPS and a potential improvement in the country’s credit rating. You can listen to the podcast [here]. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, examines the US Federal Reserve’s (Fed) decision to cut interest rates by 25 bps and the caution about future cuts that the Fed expressed in its press conference. He also highlighted SA’s encouraging fiscal position, with tax revenue collection ahead of budget across all major categories, and government spending likely to remain within budget. You can listen to the podcast here. STANLIB Asset Management (Pty) Ltd is an authorized Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

Traditionally, bonds make for steady portfolios when equities falter and vice versa. But recently, South African bonds have surged at the same time as a resource-driven lift in the JSE All-Share Index, while global bonds have weakened. In the sixth episode of our “The More You Know” vodcast series, Peter van der Ross, Deputy Head of STANLIB Multi-Asset, discusses the factors that have alarmed investors about global bonds and attracted investors, including global investors, to South African bonds this year. He also pinpoints the specific areas of the market that are most attractive to the team at present. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA. Please refer to MDD/Factsheet available on www.stanlib.com for additional information about the Fund. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, looks at US September CPI, which went up less than expected, to 3% from 2.9%. He analyses why it is showing only a modest impact from tariffs, and how it will influence US interest rates. In SA, September CPI went up to 3.4% from 3.3%, but Kevin expects it will move higher in coming months. To listen to the podcast, click here. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB Chief Economist, Kevin Lings, discusses why the Financial Action Task Force decided to remove SA from the grey list today and how this development could contribute to economic growth in 2026. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, looks at the economic disruption as the US government shutdown enters its third week, with no resolution in sight. He also considers the slowdown in SA’s retail sales in August, which appears to be largely due to the tapering off of two-pot withdrawals.

In the latest episode of our The More You Know vodcast series, Sylvester Kobo, Deputy Head of Fixed Income at STANLIB Asset Management, counsels investors to “get comfortable with discomfort” for the foreseeable future and avoid focusing on short term ups and downs. He also discusses the factors that have driven a 14% return from the local bond market in 2025. He explains how the Fixed Income team is actively managing duration to respond to the volley of new information and filtering out what is not relevant. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA. Please refer to MDD/Factsheet available on www.stanlib.com for additional information about the Fund. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, considers the likely implications if the US government shutdown continues for an extended period. He also touches on export restrictions announced by China on certain rare earth minerals and the US response to threaten higher tariffs on China, which suggest the trade war could escalate. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, discusses the reasons for and impacts of the US government shutdown, including on economic activity and business confidence. He suggests that, given current political tensions in the US, it is likely to drag on for a while. He also looks at SA’s government revenue collection in August, which was better than expected. To listen to the podcast, click here. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In the fourth episode of our Corporate Conversations series, Eulali Gouws, Head of Money Market at STANLIB Asset Management, talks briefly about how bond and money market participants should be adjusting benchmark rates from JIBAR to ZARONIA, for both legacy and future contracts. She also explains the steps that regulators are taking to facilitate the transition. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA.

In this episode, STANLIB Asset Management Multi-Asset portfolio managers Warren Buhai and Peter van der Ross talk to Jeremy Maggs about the paradox of equity markets in the US and SA scaling new highs while global and local economic growth stutters. They explain how the STANLIB Asset Management Multi-Asset team’s structured process and forward-looking scenarios are helping to anticipate and manage risk in this environment. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA. Please refer to MDD/Factsheet available on www.stanlib.com for additional information about the Fund. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, discusses the South African Reserve Bank (SARB) decision to keep interest rates on hold, despite a surprising slowing of inflation in August to 3.3% y/y from 3.5%. He considers underlying trends in inflation and the dilemma facing the SARB. He also discusses the rationale for the 25 bps cut in the US and the future trajectory for US rates. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA. Please refer to MDD/Factsheet available on www.stanlib.com for additional information about the Fund. This should not be construed as advice.

In this episode of The More You Know, Chetan Ramlall explores how exponential data growth is transforming investment strategy. With global data volumes nearing 200 zettabytes, the challenge is no longer access, but interpretation. Learn how systematic investing blends fundamentals, sentiment, and macro context to build smarter portfolios. The future isn’t man versus machine. It’s man and machine. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA. Please refer to MDD/Factsheet available on www.stanlib.com for additional information about the Fund. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, explores the factors that drove the 0.8% q/q growth in SA’s GDP in Q2 2025, which was above expectations and better than the Q1 performance. He also looks at the underlying drivers of the rising trend in US inflation – which are not at present high import tariffs – and the US Federal Reserve’s changing approach towards interest rate cuts. Click here to listen to the podcast. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, explores a wide range of data on the US labour market. The statistics show that, as a result of President Trump’s tariff policies, jobs are being lost and the economy is under pressure. In response, the US Federal Reserve is expected to cut interest rates twice this year and again in 2026. Kevin also discusses whether these higher tariffs are likely to stimulate US manufacturing. Click here to listen to the podcast. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In episode 2 of The More You Know, Rademeyer Vermaak explains how STANLIB Asset Management’s systematic investing approach blends data, discipline and human insight to build resilient portfolios. Watch now to rethink how equity portfolios are built. STANLIB is an authorised Financial Services Provider in terms of the FAIS Act and a registered Manager in terms of CISCA. Please refer to MDD/Factsheet available on www.stanlib.com for additional information about the Fund. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, talks about revenue and expenditure data for July, with revenue holding up well and expenditure slightly behind budget. He also discusses concerns that the US’s 30% tariff could hurt SA’s export performance. Click here to listen to the podcast. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

South Africa’s money market industry is well-developed and globally competitive, with active trading in instruments like floating rate notes linked to local benchmarks such as JIBAR. Although floating rate notes are common in markets such as the US and UK, South Africa’s market exhibits distinct structural features and investor preferences. In this episode of STANLIB Corporate Conversations, Charlene Klöhn, Head: Corporate Cash Solutions engages with Eulali Gouws, Head of Money Market, to unpack the fundamentals of money market instruments, and how they serve as essential tools in meeting the diverse requirements of managing a money market fund, from liquidity management and capital preservation to yield optimisation and regulatory compliance. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB Chief Economist, Kevin Lings, talks about Federal Reserve Chair Jerome Powell’s recent address at the Jackson Hole Symposium, where he indicates a notable shift in the Fed’s policy emphasis from managing inflation risks to addressing emerging weaknesses in the US labour market. This could signal the beginning of a new interest rate cutting cycle, with markets now pricing in a high probability of a rate reduction at the upcoming Federal Open Market Committee (FOMC) meeting. Kevin also discusses SA’s July Consumer Price Index (CPI) data, noting a significant month-on-month increase driven by electricity, water, fuel, and food prices. While core inflation remains contained, the upward trend in headline inflation raises concerns about sustained price pressures in the months ahead. Click here to listen to the podcast. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

Head of STANLIB Multi Asset, Marius Oberholzer, chats to Jeremy Maggs about the prevailing highly charged sentiment in markets. A once-in-a-generation structural shift is occurring, says Marius, and it is not the time to stay out of the market. He discusses how STANLIB responds to risk, and touches on key themes such as US tariffs, China’s economic outlook and commodities price surges.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, looks closely at underlying US inflation and labour trends. Inflation shows a clear drift upwards as a result of tariffs, while labour market signals are uncertain, presenting a dilemma for the US Federal Reserve in determining interest rates. Kevin also examines SA’s surprising uplift in economic performance in Q2 2025. Click here to listen to the podcast. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.

In this podcast, STANLIB’s Chief Economist, Kevin Lings, explores some of the outstanding issues in US tariff implementation. He also discusses the early signs of how the effective tariff into the US of 18.6%, against below 3% a year ago, will affect consumer spending, inflation, economic growth and interest rates. Click here to listen to the podcast. STANLIB Asset Management (Pty) Ltd is an authorised Financial Services Provider in terms of the FAIS Act. This should not be construed as advice.