Simon MacAllister

And again, you can see from the uncertainty in the US, you know, the EU has pushed really quickly ahead now with Mercosur.

They're trying to do trade deals with other parts of the world and try and de-risk a little bit that US relationship.

The Middle East, we would say, is a region that's sort of in flux between, again, trying to work out where does it lie in the world versus the US versus China.

And actually, it has become a really much more important power in its own right.

And you've seen in different negotiations, whether that's in some of the ceasefire talks, countries like Qatar, who've really come to the fore in that.

And you've got, you know, moving up into places like Turkey, countries that are really emerging economies and in important parts of the world.

And then the last one is in Asia-Pacific, where the Asia-Pacific, a lot of the economies there are really focused on economic security.

And the distance piece works against Asia-Pacific for us, with the exception of some of our exporters.

But Asia-Pacific is about 40% of the world's GDP.

So it's a huge portion of the overall activity in the world.

And a lot of those countries are looking at what trading blocks are they part of, who are they trading with and who is their focus with for the next few years.

Services, I mean, one of the big ones we've come back to is that data point.

So services businesses are, you know, whether it's financial services or tech businesses, the data is a key part of that.

So who is regulating your data?

Who has access to it?

What security services potentially have access to it?

Where is it being housed in terms of the political regime that it's being governed by?

Because we now realise, you know, particularly driven by AI, the data is the lifeblood of every business.