ANKURA REPORT: GEOPOLITICAL FAULT LINES, FISSURES, FLASHPOINTS, AND FRACTURES IN 2020. Higher government spending, loose fiscal and monetary policy, low front end yields, and increased central bank balance sheet expansion could naturally be dollar negative, providing support to select emerging currencies and assets. Crisis24 and WorldAware Release 2021 Global Forecast and Risk Maps Posted By PR Channel Team - Gibraltar www.GEOPoliticalMatters.com. An initial soft approach towards China in the US (which gives way to an eventual harder line), coupled with more willingness in Europe to work with China on select issues, could then mean that sections of Asia including Vietnam, India, Taiwan, Australia, and to a lesser extent Philippines and Japan, question the world’s commitment to “containing” Beijing, given that China is a preeminent geopolitical and security concern for these nations. h�bbd``b`� ��`� �� &+ ��2)�� � �x"~��$�H0J�X�@ڦ �H�X��@, !�(Z@:�A� a0����a�A�T'�3�` *m GEOPOLITICAL FORECAST 2021 - MARCH 2021. Certainly, 2020 has been a stomach-churning year. Pessimistic forecast: 89.79 Optimistic: 91.54 Micron stock forecast for 08.04.2021. View Subscription Options. These trends, coupled with a weaker dollar, could result in increased capital flow to emerging markets as investors seek yield, thereby strengthening emerging market currencies and assets. The geopolitical environment in 2021 will be shaped by two global developments: the trajectory of the COVID-19 pandemic and the efforts by U.S. President-elect Joe Biden's administration … The larger, diversified, and fiscally strong emerging markets with ample funding sources will likely witness greater capital flow and thus asset appreciation, even in cases where they have high nominal debt levels (i.e. After four years of disrupting decades of American centered global institutions & international allianc How will the outcome of the US presidential election shake up the geopolitical landscape? In respect to geopolitics we anticipate… The future and forecast of all healthcare segments and geographic markets in 2021, including telehealth, clinical trials, point-of-care testing, enterprise imaging, and artificial intelligence 3. 2021 Predictions: What Experts See in the Year Ahead. Page 1 of 2 - Your 2021 predictions - posted in Science & Technology of the Future: Your 2015 Predictions Your 2016 Predictions Your 2017 Predictions Your 2018 Predictions Your 2019 Predictions Your 2020 Predictions Your 2021 Predictions ←You are here! 34 | KCL Geopolitical Risk Forecast Report 2021 billion barrels of oil, 1,669 trillion cubic feet of natural gas, and 44 billion barrels of natural gas liquids remain undiscovered. China’s geopolitical forecast for 2021. Transcendent social media In 1993 I joined the ‘Internet Club’ in my first year at university where I started a... 3. Of course, experts hope to be wrong, and although growth could pick up in the second half of the year resulting in strong annualised data due to base effects, we are not assuming it to be a given. However, the possibility that China will use 2021 as an opportunity to test the resolve of its adversaries in Washington, Tokyo, New Delhi, Taipei and Canberra cannot be dismissed. Unemployment is up, retail shops and restaurants are experiencing a continued bloodbath, and everyone except Amazon, tech, and grocery chains is suffering. This in turn could result in increased asset price volatility when/if prices come down and the bubbles burst. Alibaba stock forecast for 07.04.2021. endstream endobj 38 0 obj <> endobj 39 0 obj <. Introductory Offer: Subscribe & Save on your first year! P7����b�y9��k��n�8�4T��������'C>A�v�V&m�[O5[�g��hZ�¼��I���1��C-#�U�,�[�4#�W��nc`1�ex` �7� If the developed world fails to see a V-shape recovery materialise, or even some derivation of it, then we can anticipate US fiscal and monetary policy to remain accommodative for longer. 09-12-2020 . The Middle East and North Africa will see continued, if not escalating instability. In this article, Vinay Ravuri, CEO of EdgeQ, a 5G systems-on-a-chip company, shares his 2021 predictions around enterprise 5G adoption, 5G geopolitics, the rise of open network systems, and AI-enabled automation bringing manufacturing back to US. There are a few reasons for this: First, in the developed world, the era of COVID-19 shutdowns will not necessarily cease at the start of this year, especially outside the US, due to possible delays in vaccine distribution and rising case levels. In 2021, supply chain will take centre stage on the business agenda. Feel free to reach out to me at atul.maheshwaridaya@gmail.com#2021 #predcition #astro #nifty #bank nifty #stockmarket #geopolitics #personallofe %%EOF April 6 – Reserve Bank of Australia makes its interest rate decision. Geopolitical tensions will continue to escalate over the course of the next seven years. As a favor to my readers, George is offering the report plus a one-year subscription to his forecast service at a deeply discounted $49. (This is the last report of 2020; the next report will be published on January 11, 2021.) However, smaller markets that have their economies concentrated in one or two sectors, and are highly indebted, may risk having investors pass them over. Find predictions, insights and analysis on global outlook, markets and geopolitics. What’s next in the escalating US-China confrontation? by Tom Williams January 4, 2021, 07:57 35 Views 0 Votes 2 Comments. 2. Each will become a more important foundational chess piece for the geopolitical struggle and global unrest that start to gain pace through investment, R&D and innovation. IRM Global Risk Predictions 2021. The Biggest Macro Economic Time Bombs for 2021 The Biggest Geopolitical Time Bombs for 2021 Thucydides Trap 2021 Update: Sino-American Geopolitical Breakdown and Cold War for Global Military Dominance Post Brexit and Eurozone’s Economic and Political Future in 2021 The Emerging Global Crisis in a Post COVID-19 World The COVID-19 pandemic dominated the focus of international relations in 2020 and effectively changed the course of domestic and international politics for all critical power centers around the world. Crisis24 and WorldAware, GardaWorld companies now acting as one, issue annual report that examines geopolitical, travel and health threats worldwide. Get in Touch. Buy The World Explained in Maps for $24.99 . Executive Summary. Fourth, when/if economic growth begins, fiscal stimulus support may be eased and we could start to see a wave of bankruptcies for entities that no longer have fiscal support. Fawcett is right but only to a point, especially in the context of a forecast about 2021: Law enforcement agencies have picked up consistent signals of a far-right threat to state capitals and federal buildings. h�b```�0V��B ��ea�8�`�ǥ����X�������n��?�X��P2�����'�)�00�Wttt0��w�(�r8n Professor Amelia Hadfield: Dean International, ... shifts are on the horizon, with the departure of German Chancellor Angela Merkel this year (German federal election predictions are as yet unclear), and ongoing ambitions by President Macron regarding European strategic autonomy. Essential Geopolitics: A 2021 Economic Reawakening? 2020 Geopolitical Forecast Contact: Michelle DiGruttolo, Pascale C. Siegel. Much of this will occur in the Indian Ocean. Leading global risk management firm Crisis24, a GardaWorld company, released its annual Global Forecast … By Geopolitical Monitor. Quarterly Geopolitical Risk Forecast: Q1 2021. Early warning indicators as on-going monitoring points to watch out for through 2021. As such, here are our predictions for the ten leading geopolitical risks facing the world in the year 2021: The US-Chinese Cold War: Relations between the world’s two superpowers have fallen to their lowest level in decades. By Joshua Ball Last updated Jun 7, 2019. Geopolitical Futures-March 11, 2021 Tackling the rare earths issue. Further examples of this regionalisation could be seen in the MENA region. However, over time expect any “softer” US approach towards China to give way to a more aggressive posture. Key Dates. Specifically, it is anticipated that the year ahead, and thereafter, will be hallmarked by an increased US emphasis on multilateralism. Despite the As is our custom, in mid-December, we publish our geopolitical outlook for the upcoming year. The Coronavirus “pandemic,” last summer’s Black Lives Matter/Antifa protests/riots, and an exhausting presidential election. These include Pakistan, Iran, and Venezuela. … By Geopolitical Monitor. 2021 will likely be a big year for Chinese development westward. Germany Will Flirt with the Idea of Leaving the EU. In this episode of the Essential Geopolitics … Quarterly Geopolitical Risk Forecast: Q1 2021. Global Forecast (4-6-2021) Forecasts - April 6, 2021. High. None of us can see the future with 100% clarity, but some come quite close—like my friend George Friedman and his Geopolitical Futures team, who have just released their 20-page report, The World in 2021. Outliers to challenge assumptions and encourage anticipation of higher-impact events. Among the most powerfully visceral forces in politics. %PDF-1.6 %���� Other primary drivers of global geopolitical risk in 2021 include great power competition among the US, China, and Russia. 2021 will see the acceleration and public recognition of global ‘Resource Wars’ – water, energy, and food. Situation Reports - March 29, 2021. Over 370 forecasts on issues relevant to security, crisis and geopolitical risk. Global Forecast (3-30-2021) Forecasts - March 30, 2021. Read Declan's Note Global Outlook Macro perspectives and 2021 predictions on markets, geopolitics, business trends and social issues from our senior team members. The first half of the year will be … Put them here, in this thread. Global Forecast (4-6-2021) Forecasts - April 6, 2021. 2021 PREDICTIONS 1. However, this reversion to a “robust” US engagement strategy is unlikely to result in a hardline approach towards China, at least not initially. NASDAQ Forecast: For 2021 and Beyond. 2. As recent nation-state hacks of SolarWinds and other businesses demonstrate , cybersecurity will continue to be a major geopolitical point of contention. When it comes to geopolitics, the key is to build a forecast by first noting the obvious. Dec 15, 2020 | 10:15 GMT. This in turn could suppress yields, at least in the front end (we could see steeper yield curves). 07%, over the forecast years of 2021 to 2028. Inevitably, this would affect emerging markets too. One of the key forces driving geopolitics in 2021 will likely stem from a change in US leadership as this could yield significant shifts on the foreign policy front. 2. In the emerging markets, by comparison, it seems that shutdowns are less of an issue going forward. Geopolitical Risk. I expect there to be a boom from 2021 to 2025 in agritech, and with that disruption to the very nature of how it works globally. Morgan Stanley predicts global EV sales will rise by more than 50 per cent in 2021. If anything, the uncertainty creates a stronger temptation for us to try to forecast the year ahead. Macro perspectives and 2021 predictions on markets, geopolitics, business trends and social issues from our senior team members. April 27, 2020. Making predictions is a tricky business at the best of times, but especially so after a year of upheaval. This panel of FT experts discussed their predictions for the world in 2021. Top healthcare market predictions for 2021 in light of the pandemic and other factors 4. The Quad Comes of Age? “The fusion of the Crisis24 and WorldAware intelligence teams has broadened and deepened our service offering. Meanwhile, we are already seeing indications and hearing about the potential for inflation to pick up amongst these nations. It has had a healthy... Central Asia. Specifically, it is anticipated that the year ahead, and thereafter, will be hallmarked by an increased US emphasis on multilateralism. Markets A look at the most recent business trends and how they are affecting global markets. Low. Podcast: Barclays – Can green bonds and indemnities reduce environmental impact? Predictions 2021, The Year of the Hockey Stick. In this episode of the Essential Geopolitics podcast from Stratfor, a RANE company, we look at the forecast for the U.S.-Mexico border in 2021. The Geopolitics of the Arctic - Camden Conference 2021 Virtual Events Team - GEOPoliticalMatters.com European News & Media Centre Málaga The Camden Conference has taken the current global pandemic seriously and announces that the 2021 Conference will take place, although with a change in format for this year. The latter group of nations could see their refinancing costs increase, and further expose them to sovereign headwinds. 2021-04-07 16:30:00 Gold. April 6 – Reserve Bank of Australia makes its interest rate decision. StanChart Incorporates Loan Market Association’s Green and Sustainability-linked Loan Principles into Trade Financing Framework, 25% of SME exporters halt EU sales 90 days after Brexit, according to a new study, ADB Bolsters Support for Sustainable and Resilient Food Systems, Afreximbank announces landmark phosphate mining term loan facility worth US$350m, SME Barometer: lockdown measures turn down recovery expectations, RFIx – Receivables Finance International Convention 2021, TXF Global Commodity Finance Virtual 2021, VIDEO: Trade Digitalization and Financing: New Hope for MSMEs, Podcast: Standby Letters of Credit (SBLCs) and their role in International Trade, RELEASED: Trade Finance Talks – A pathway towards sustainable trade finance. 2021 Geopolitical Trends . 66 0 obj <>/Filter/FlateDecode/ID[<777B39426AB26F489115862F41CBF923>]/Index[37 49]/Info 36 0 R/Length 122/Prev 276961/Root 38 0 R/Size 86/Type/XRef/W[1 2 1]>>stream As a consequence, these countries may be incentivised to deepen their regional cooperation, while concurrently bolstering their own defence capabilities. But while the US shifts from a hard line, to soft line, and back to a medium line approach with China, there will of course be other nations that choose to court Chinese engagement and proximity to Beijing. Assessing the geopolitics and motives behind emergence of the Quad’s Leadership Summit. In this edition of the Forecast, the PGI Geopolitical Analysis team have identified major changes in international relat… Read More. Second, shutdown related headwinds place even more pressure on policy support, which gives rise to policy misstep related risks. China has played a delicate balancing act in the Middle East for years. Global GDP growth in 2021 is projected at 4-5%, with China contributing roughly one-third of that growth. This indicates the potential for macroeconomic stability in these names. This report is less a series of predictions as it is a list of potential geopolitical issues that we believe will dominate the international landscape for 2021. The Geopolitics of the Arctic - Camden Conference 2021 Virtual Events Team - GEOPoliticalMatters.com European News & Media Centre Málaga The Camden Conference has taken the current global pandemic seriously and announces that the 2021 Conference will take place, although with a change in format for this year. Pessimistic forecast: 226.78 Optimistic: 236.42 Alibaba stock forecast for 08.04.2021. As we all look towards the year ahead and try and put the global recession of 2020 behind us, I wanted to outline The Hartford’s perspective for the year ahead. It will be divided and flooded for the most part. Our geopolitical team has identified a few strategic trends we believe clients may expect to see in 2020. An emphasis on multilateralism, coupled with rising military and economic powers that feel the need to bolster their own defense capabilities in light of rising emerging security challenges, could ultimately lead to the regionalisation of power of centres, or least continue the evolution towards that end. While China remains an ardent advocate for multilateralism and is set to play an ever-greater role in global governance, it will face grave challenges in 2021 arising from the complex interplay between the Covid-19 pandemic, the global economic recovery, and the changing geopolitics of U.S.-China competition. Geopolitics – Regionalisation to accelerate. Reflections from Teneo’s Chairman & CEO, Declan Kelly, on 2020 and his thoughts on what is in store for 2021. Continuing conflict … Until an effective vaccine is discovered, disruptions caused by COVID-19 will continue into 2021. Key Dates. In respect to geopolitics we anticipate that the shift towards the regionalisation of power centers will continue, and potentially accelerate. The recovery after, however, does indicate how healthy the stock market indices’ future is. BRENDAN SMIALOWSKI/AFP; Mark Makela/Getty Images; ISABEL INFANTES/AFP; PHILIP FONG/AFP via Getty Images . The Perch Perspectives 2021 Forecast is divided into three distinct parts: macro trends, countries, and elections. There is not time to go into all the numbers here, but generally the rate of death per 100,000 in many emerging markets is significantly lower than the developed world. Territory rule. ... Equities Q2 2021 Fundamental Forecast. This does not imply an outright reversal of the past administration’s policies with respect to China, as prior policies affecting tariffs and restrictions on investments and China’s tech sector are likely to stay. 2021 Annual Forecast. FREE. Introductory 12-month offer for new and eligible returning subscribers only. This in turn could embolden Turkey and Saudi Arabia to further bolster their own military capacity as they seek to be the power centres of the region. Ekaterina Zolotova - March 17, 2021. Shifting platforms and algorithms “We shape our tools and afterwards our tools shape us.” so said Marshall McLuhan. What lies ahead for EU-UK relations and the Brexit negotiations? Fighting has resumed between the Ukrainian military and Russian-backed rebels in Donbass who accused the government in Kyiv of preparing for a large-scale offensive.... Read more. The 2021 Vision Book is the ultimate guide for business professionals. Recovering from COVID-19: As in times of war, the rules of the game are simply different during a global pandemic. With that said, many expect, and hope, that investors do not paint all emerging markets with the same brush. Infographics that illustrate our assessments in a clear, digestible snapshot. Although 2020 may have been the year of disruption, 2021 could be the year in which the dust settles and the adjustments made during the pandemic become the new norm. Essentially, emerging markets could be poised to outperform in 2021, particularly those that are large, have diverse sources contributing towards growth and revenue, and have favorable debt metrics. The two scenarios outlined above, as well as their potential impacts, are fleshed out in detail in our 'Geopolitics in a post-pandemic world - Scenarios for 2025' report. PGI's Geopolitical Intelligence team have put together a list of some of the key risks for 2021. The future and forecast of all healthcare segments and geographic markets in 2021, including telehealth, clinical trials, point-of-care testing, enterprise imaging, and artificial intelligence 3. Micron stock forecast for 07.04.2021. 08-01-2021. 37 0 obj <> endobj Same Risk, Better Resiliency. The general theme has been “On the Gripping Hand.” Science fiction writers imagined a three-handed alien race with a left hand, right hand, and a very strong Gripping Hand. Then there are countries that might not be allies or partners of China, but will continue to seek areas of cooperation, including the European Union, Turkey, Russia, and some nations in Africa. OR Purchase a subscription to Geopolitical Futures and recieve a FREE copy of The World Explained in Maps. Shifting US foreign policies on everything from trade to aid have created uncertainty among our allies, and has contributed to a deceleration in global growth and … Brexit may be all the rage now, but all eyes will be … Our predictions also show that many pandemic-driven changes look set to stay even after the virus is under control. No, Russia and Ukraine Are Not About to Come to Blows. 12 Predictions for Global Geopolitics for 2019 through 2025—and Beyond Across the globe, governments and institutions face increasing threats to their legitimacy and authority. While there is an expectation that the incoming Biden Administration in Washington will attempt to alleviate tensions between the two giants, flashpoints such as Taiwan, Hong Kong and the … But it does mean a potentially less bellicose approach (at least publically), and instead one with more dialogue at the sub-executive level (there are indications that members of the new US cabinet may function as backdoor diplomats with China). 2021 Geopolitical Risk: The year ahead. Brazil). Third, policy missteps could also manifest in the form of asset bubbles – ongoing monetary stimulus has forced investors into risk assets, which have already inflated prices. endstream endobj startxref This, amongst other factors, leads to less support for future shutdowns in these markets, and in turn implies that emerging markets could see an economic recovery sooner than other areas. Political experts anticipate the US refocusing on traditional alliances, reposition troops in South Korea and Germany, and reaffirming its commitment to NATO. In emerging markets, especially those where/if the recovery takes hold sooner, fiscal spending may be curtailed sooner. Even so, that didn’t stop people from trying their hand at reading the crystal ball. Geopolitical Risk. Many believe that the US will not want a confrontational or contentious relationship with Beijing at the start of a new administration. A global pandemic, increased geopolitical risk, conflict, bushfires, Brexit, flooding and political unrest – the Institute of Risk Management asks its senior members from our Special/Regional Interest Groups (SIGs/RIGs) and Global Ambassadors about their views on the outlook for risk management in 2021. What this framework represents, in short, is a regionalisation of power structures as countries build their own capabilities, recognising that the world’s “approach” towards China is not binary. Geopolitics – Regionalisation to accelerate One of the key forces driving geopolitics in 2021 will likely stem from a change in US leadership as this could yield significant shifts on the foreign policy front. While the report only focuses on these two scenario possibilities, the full scenario catalogue contains many more scenarios of varying probability and impact. While there have been some predictions about when a vaccine might be available, in truth, we cannot be 100 per cent certain. But we could see a division between large emerging markets and the developed world. The nation will also have many misfortunes at sea, and it will lose its colonies in the east. Accordingly, it is possible that the economic recovery remains choppy with a few fits and starts, which could take us all the way through 2021. This means less solo proclamations on the US’s intentions, fewer surprises and quick decisions, advanced telegraphing of major policy changes, and working with traditional allies to promote foreign policy goals, all while attempting to bridge divides with emerging partners. Past is precedent in Israeli election, Secretary-General Guterres warns on the financial stability of the developing world, and troubling signs of a civil war in Myanmar. 42 | KCL Geopolitical Risk Forecast Report 2021 is targeting Trumps and Republicans. On the economic front, economic advisers no longer anticipate a V-Shaped economic recovery in the first part of 2021 and have a slightly more sanguine outlook than others. Shailesh is a Head of Country, Credit and Economic Research at The Hartford. One of the key forces driving geopolitics in 2021 will likely stem from a change in US leadership as this could yield significant shifts on the foreign policy front. Meanwhile, on the economic front, many industry experts expect emerging markets to witness a strong year. The U.S.- Mexico border has been a source of geopolitical tension for decades. As we all look towards the year ahead and try and put the global recession of 2020 behind us, I wanted to outline The Hartford’s perspective for the year ahead. Read More. Crude Oil Prices Choppy, Rising Geopolitical Risks to Spark Oil Volatility. Estimated Average Forecasted Micron Price: 91.08 Negative intraday dynamics of the instrument is expected with 1.910% volatility is expected. In this edition of the Forecast, the PGI Geopolitical Analysis team have identified major changes in international relations in several regions, along with political violence and civil unrest related to election activity and COVID-19. The political repercussions of the COVID-19 pandemic, which can be attributed to mismanagement by … Start your subscription today! KEY FINDINGS The global security robots market is projected to record a CAGR of 9. Governments will be slow to act so start to see their concern rise post-2021 and look for signals in investment, R&D, and consumer preference changes through 2020. 0 This is what I would like to focus on in my 2021 outlook (I am not attempting to make predictions). Estimated Average Forecasted Alibaba Price: 232.24 Positive intraday dynamics of the instrument is expected with 4.077% volatility is expected. This then means that we could see a division between emerging markets too, with some significantly outperforming others. Perch Perspectives First Annual Forecast, 2021. If countries are slow to approve fiscal stimulus, or the distribution of it, it could present an additional drag on growth. This is partly driven by Turkey’s desire for strategic dominance in the region, which would otherwise come at the expense of Saudi Arabia. Markets A look at the most recent business trends and how they are affecting global markets. This will be the third part of my 2021 Forecast Series. The differing economic outlooks could also result in differing policy responses. 54 MIN READ Jan 3, 2021 | 21:37 GMT. The three key trends we believe will shape 2021 are. In response, it’s possible that some emerging market central banks start to tighten rates in 2021, adding upward pressure on their yields while strengthening their local currencies. India has been at the centre of various conflicts and developments which have significant geopolitical risks associated with it. In other words, while we are positive on emerging markets, fundamentals matter, and some will potentially perform better than the rest. However, there is plenty they can do on the quantitative easing front, and could potentially continue or even ramp up purchases and security maturities over the next year. « Back. Accordingly, we anticipate investors to likely be more discerning of actual fundamentals, at least more so than what we saw in the summer of 2020 when just about every asset class in every emerging market saw demand. 2021 is likely to witness an acceleration of ongoing geopolitical shifts, while some emerging markets may experience significant growth tailwinds. Turkey has recently shifted its foreign policy seeking closer defense ties with Russia, despite Ankara being a member of NATO. Get an annual subscription to Worldview and receive a special discount for being a podcast listener. A map is essential in this regard. Part of this may be attributed to supply dislocations, coupled with demand surging faster than anticipated, coupled with rising commodity prices. Amongst these, India and Australia are best positioned to present a credible military deterrence (given their existing capabilities), whereas Japan could continue down the path of revising its constitutional commitment to pacifism as the nation strives to build robust military offensive capabilities down the road. The world never fails to surprise, so we undertake this challenge with humility, but also with … British Pound to Euro Outlook 2021-2022: GBP/EUR Exchange Rate to Strengthen to 1.1900-1.2050 Amid Vaccine Optimism April 02, 2021 Bitcoin Technical Analysis: BTC Price Prediction… 2020 will likely bear witness to Washington’s continued retreat from multilateralism on a gradual but steady glide path toward moderate isolationism. Both nations are US allies, but ties with each could well slide in the coming years. 2021 is the year of the Gripping Hand, and COVID-19 is what’s gripping us. A threat to even the slenderest … Share. The risk to this though is if there is a bursting of asset prices in the developed world, for the reasons noted above. Specifically, it is anticipated that the year ahead, and thereafter, will be hallmarked by an increased US emphasis on multilateralism. Top Risks 2021 When the world's most powerful country is as divided as the United States is now, the G-Zero geopolitical recession is sure to deepen. - Intelligence - Risk portal. Trade Finance Global's latest free e-magazine, Introduction to Letters of Credit | 2021 Guide, The new role of banks in closing the trade finance gap sustainably, Model Law on Factoring: UNIDROIT’s Approach to Receivables Financing, TFG Weekly Trade Briefing, 6th April 2021. We already know that the Fed will be on hold and keep rates at 0 percent for the next two or three years, per their comments in September.