Ben Powell, chief investment strategist for APAC at BlackRock Investment Institute, said he is turning more constructive on Indian equities after the recent underperformance. In an interview with Himadri Buch, Powell spoke about India as an investment destination, IT stocks and US bond yields, among other topics. Edited excerpts:

Is the worst of the foreign investor selling in India over?

Over the last couple of quarters, Indian equities have had a more difficult time, largely driven by things beyond India’s control. One is the AI super boom, and two is the conflicts in the region and the consequent energy shock. Energy prices have come all the way back down, and oil supply looks quite abundant globally. So, for India, that is good news. India is very close to the top of the list, and you could see a continuation of foreign flow back into India, creating a so-called virtuous circle.

After two years of underperformance, are Indian stock market valuations still expensive right now?
India’s premium has almost entirely disappeared now. So the valuation is more reasonable versus other emerging markets. When we look forward over the next six or 12 months, we can have more confidence in the earnings forecast. That is quite encouraging for Indian equities.

Where does India sit in your emerging markets basket?

We are neutral on emerging market equities. Neutral is not bearish; it means fully invested. We want to take a little bit of profit in some of the AI super boom. It’s not that we are negative on Taiwan and Korea.
So, we are taking emerging market equity to neutral within that mix tactically, and for India, I am turning a little bit more constructive. Within the mix, the relative preference is adjusting more in the direction of Indian equities on the tactical side in the next six months.
What is your assessment of the sharp sell-off in Indian IT stocks?
We will have to wait and see. We call it scarcity and abundance. People are hoping that AI can create an abundant future, but we are not there yet, so we need to treat the world as it is.

There is not much evidence of the impact on jobs, and the US labour market continues to be very strong. For now, it feels the market has a little bit oversold indiscriminately. AI is a big deal, we agree with that. But the skill as an investor is to be more nuanced, to pick your spots.

US bond yields have risen 4.3% to 4.4% with markets expecting the new Fed chair to be hawkish. What will be the interest rate trajectory there?

The Fed is not going to do much is our judgment, because all of us are wrestling with a very complicated world. Their uncertainty and reluctance to move policy is completely reasonable, given a very uncertain path of inflation, growth and unemployment. So the Fed will be on pause for this year, trying to work out what is going on, including the impact of AI.

The uncertainty around inflation is very high, so we think US 10-year yields can go higher, even when the Fed is waiting and seeing.

What does higher US bond yields mean for the AI investment story?
The 10-year yields can go up, and AI trade can continue. We are underweight in US government bonds, long duration, and overweight US equities. The reason is earnings.

Do you see signs of an AI bubble?
We think the AI boom will continue. This should mean we have earnings strong enough to drive these companies and the overall market forward, even as the 10-year yield goes a little bit higher over the next six months.

“Kia Connect is a customer convenience feature, not a certified security vehicle tracker,” the firm told the BBC.

“Therefore, it does not provide live‑tracking functionality for stolen vehicles.

“Release of location details of a vehicle via Kia Connect is possible, however this must be done in full compliance with all applicable laws, in particular GDPR, and the authorities to minimise risk to the customer.”

GPDR is Europe’s data protection law, and an almost-identical version applies in the UK.

According to the Information Commissioner’s Office, Britain’s data regulator, users have the right to access their information and organisations need to respond to the request from someone who can be identified from personal data within one calendar month.

In the event of standard vehicle theft, the police have no formal powers to demand this data without specific consent from the Home Office, which is rarely sought on these occasions, the BBC understands.

It is up to individual car manufacturers to share data with law enforcement depending on their own policies.

Kia does offer a security vehicle tracking service in the US to subscribers who take out its premium package, but this is not available in the UK or Europe.

An 89-year-old family bakery has become the latest high-street casualty of Britain’s mounting cost crisis, closing its doors for good and taking with it one of the more unlikely celebrity business partnerships of recent years.

Coughlans Bakery, which ran a chain of shops across Kent, Surrey, West Sussex and south London, ceased trading on Tuesday after slipping into voluntary liquidation. The comedian Romesh Ranganathan, who became a co-owner in 2024 and once billed the tie-up as “the partnership of the century”, said he was “gutted” by the collapse.

The Crawley-born presenter, known for his deadpan stage style, reposted a video from managing director Sean Coughlan to his 1.4 million followers with the caption: “Gutted isn’t the word.” Ranganathan, who is vegan, had first thrown his weight behind the business because of its range of plant-based products.

For Coughlan, whose family firm first opened its ovens in 1937, the arithmetic simply stopped adding up. He laid much of the blame on the government’s decision to lift employers’ National Insurance contributions in April last year, a move that raised the headline rate to 15 per cent and lowered the threshold at which employers start paying, alongside a business-rates bill he said had “absolutely smashed local business”. The change, set out in the National Insurance Contributions (Secondary Class 1 Contributions) Act 2025, has landed hardest on labour-intensive trades such as retail and hospitality, where wage bills dominate the cost base.

Those pressures were then compounded by a spike in fuel prices following the recent conflict in the Middle East, which Coughlan estimated had cost the company an extra £20,000 a week. The summer heatwaves that pushed the South East towards 35C proved, in his words, the “nail in the coffin”. With shoppers staying at home, weekly takings roughly halved while the outgoings, he noted, “remained exactly the same”.

Coughlan was unsparing about the human cost, and generous towards his celebrity backer. “I feel like we’ve absolutely let him down,” he said. “Everything he’s done, it’s been from the heart.” Ranganathan, he added, had been “amazing”.

The affection was mutual among customers. When the comedian appeared behind the counter of the Dorking High Street branch last year, a large queue quickly formed down the pavement. Josie Smith, who works near the Crawley shop, told BBC Radio Sussex she was “really sad” to see it go. “It brings a lot of people together. It is a massive shame.” Her colleague Kaitlin Stinton praised staff who were “dedicated to their jobs, always making you happy”.

Coughlan said the firm had chosen the orderly route of voluntary liquidation specifically so that it could still pay suppliers and employees, a decision that speaks to a proprietor trying to do right by his people even as the shutters came down. “It’s heartbreaking,” he said.

Coughlans is far from alone. Industry data shows three pubs, bars and restaurants now shutting every day as tax and cost rises bite, while the £28bn National Insurance shock has run well ahead of Treasury forecasts. Trade press, too, has tracked the toll, with The Caterer among those charting a wave of closures across food and drink. With high-street closures set to surge as the business-rates burden grows, the loss of a beloved 89-year-old baker is unlikely to be the last story of its kind this year.

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By Jennifer Nash

The economic mover and shaker this week is Friday’s employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change

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HarbourVest Global Private Equity Ltd. (HVPQF) Discusses Investor-Friendly Initiatives and Tender Offer Following Annual Results June 30, 2026 10:00 AM EDT

Company Participants

Edmond Warner
Richard Hickman – Director of Investment & Operation
Stephanie Hocking – Head of Investor Relations & Communications

Presentation

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Operator

Good afternoon, and welcome to the HarbourVest Global Private Equity Investor Presentation. [Operator Instructions] Company may not be in a position to answer every question received during the meeting itself. However the company can review all questions submitted today and publish responses where appropriate to do so. Before we begin, we’d like to submit the following poll. I’d now like to hand over to Ed Warner, Chair. Good afternoon, sir.

Edmond Warner

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Good afternoon. Thank you, and thank you, everybody, for attending this afternoon. Temperatures dropped a little bit, so you’d probably rather be outside than in front of your screen. So we very much appreciate your time today. We’ve had a number of these investor meet company presentations over the last few years. And those of you that have been on a number of them or through all of them will know that we have introduced a series of very investor-friendly measures to the governance of HVPE in recent years, culminating in our most recent announcements, which include a tender offer for 10% of the shares of the company that will be conducted this autumn at a discount of around 10%, which we think is market-leading, certainly in our space within listed private equity and is part of a package of actions that we’ve taken to ensure that we are [indiscernible] focused on the interest of you as investors and shareholders, which I am myself too, to deliver returns which beat the competition, beat the market and enable you to not only diversify your portfolios, but most importantly, to capture all that’s great about private markets opportunities that exist across the world, which you may well not

Walmart is making its first nuclear power play as the retail giant looks to support its growing footprint in Illinois.

The retailer signed a long-term power purchase agreement with Constellation to buy emissions-free electricity from the company’s Dresden Clean Energy Center in Illinois, the companies announced on June 23.

The agreement provides Walmart with about 176 megawatts of power, including 30 megawatts of expanded generating capacity, through two 15-year terms starting in 2029 and 2030.

WALMART LAUNCHES HARDWARE OVERHAUL, NEW KIDS BRAND IN PRIVATE-LABEL PUSH

The agreement will help power Walmart’s planned high-tech perishable distribution center in Belvidere, Illinois – first announced in 2023 – while supporting upgrades at Dresden that will boost output from the existing nuclear facility without building a new plant.

The deal marks Walmart’s first nuclear power purchase agreement and is among the first of its kind between a large U.S. retailer and a nuclear energy facility, according to the companies.

Walmart, which operates about 175 stores and clubs in Illinois and employs more than 55,000 associates in the state, said the agreement builds on its broader energy strategy.

WALMART WARNS SHOPPERS COULD FACE HIGHER PRICES AS FUEL COSTS SURGE, TAX REFUNDS DRY UP

“Working with Constellation allows us to support new operations in Illinois while advancing our strategy in a way that prioritizes affordable, reliable, and clean energy for our business and the communities we serve,” Shayne Wahlmeier, senior vice president of energy at Walmart US, said in a statement.

 “We’re constantly evaluating new capabilities and energy solutions that help ensure the electricity we rely on is dependable, responsibly produced, and built to support long-term growth,” Wahlmeier added.

Corporate demand for nuclear power has accelerated in recent years, driven largely by Big Tech’s need to power data centers and artificial intelligence (AI) operations.

Ticker	Security	Last	Change	Change %
WMT	WALMART INC.	108.82	-4.44	-3.92%

WALMART TO REMODEL OVER 650 STORES, OPEN ABOUT 20 NEW LOCATIONS

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Meta announced earlier this year that it signed 20-year agreements to buy power from three Vistra-owned nuclear plants in Ohio and Pennsylvania, while also working with Oklo and TerraPower to help develop new nuclear projects.

The deals could supply up to 6.6 gigawatts of nuclear power by 2035, the company’s chief global affairs officer, Joel Kaplan, told FOX Business at the time.

The 2026 FIFA World Cup’s expanded knockout bracket is beginning to take clear shape, with seven nations already assured of a Round of 16 berth following the completion of the first week of win-or-go-home play, while several of the competition’s most storied programs have been sent home far earlier than expected.

The round of 32, a feature unique to this year’s enlarged 48-team format, has produced a string of notable eliminations and compelling results since kicking off June 28. Japan, Germany and the Netherlands have all been eliminated, three programs that entered the tournament as genuine contenders, making Wednesday’s schedule of three additional matches all the more consequential for the teams still trying to ensure their own survival.

The bracket opened June 28 with Canada defeating South Africa 1-0, setting up a Round of 16 matchup against Morocco in Houston on Saturday, July 4. South Africa’s elimination carried particular weight given the team had shocked co-hosts Mexico with a 1-0 victory in the group stage, a result that contributed to weeks of national recrimination in Mexico before El Tri recovered to advance and then beat Ecuador 2-0 in their own round of 32 fixture Tuesday.

Monday’s results were among the round’s most dramatic. Brazil edged Japan 2-1 in Houston in a match that saw Japan push Vinícius Júnior’s side far closer than the final scoreline suggested, before Brazil’s quality in transition ultimately proved decisive. Japan’s exit brought an end to one of the tournament’s most technically impressive groups stage campaigns. Separately on Monday, Morocco outlasted the Netherlands on penalty kicks, 3-2, after the sides finished 1-1 through 90 minutes, eliminating a Netherlands team that had been considered a dark-horse contender entering the tournament. Morocco will now face Canada on July 4 in Houston, a repeat of a 2022 World Cup encounter that the Moroccans won on penalties during their remarkable run to the semifinals in Qatar.

Also Monday, Paraguay pulled off one of the round’s biggest upsets, eliminating Germany on penalties after a 1-1 draw, denying the four-time World Cup winners a place in the Round of 16 in what has already been described as one of the tournament’s most stunning results. Paraguay will now face France in Philadelphia on July 4, a daunting assignment given France’s 3-0 dismantling of Sweden on Tuesday in which Kylian Mbappé scored twice to draw level with Lionel Messi in the Golden Boot standings at six goals apiece.

Tuesday’s remaining results set up what should be a fascinating Round of 16 weekend. Norway defeated Ivory Coast 2-1, advancing Erling Haaland’s side to face Brazil on July 5 in East Rutherford, New Jersey, in what many analysts are already framing as a potential match of the tournament. Mexico’s 2-0 defeat of Ecuador, built on goals by Julián Quiñones and Raúl Jiménez, extended the co-hosts’ unbeaten record at the Estadio Azteca in World Cup competition to 10 matches and ended 40 years of knockout-stage futility for El Tri, who had not won a World Cup knockout game since beating Bulgaria at the same venue in 1986. Mexico will now face the winner of Wednesday’s England vs. Congo DR match at the Azteca on July 6.

Wednesday’s schedule includes three critical fixtures. England face Congo DR at Mercedes-Benz Stadium in Atlanta with kickoff at noon ET, a match that will determine whether England, who were eliminated in the quarterfinals at the last World Cup, can advance to face Mexico in what would be one of the most anticipated Round of 16 matchups in the tournament. Belgium face Senegal at Lumen Field in Seattle at 4 p.m. ET, with the winner facing the survivor of the USA vs. Bosnia and Herzegovina match, which kicks off at 8 p.m. ET at Levi’s Stadium in Santa Clara. The United States’ fixture carries enormous domestic significance for the co-hosts, with co-host status translating into a guaranteed World Cup appearance but no guarantee of deep advancement in a field packed with quality opposition across the bracket.

The remaining Round of 32 fixtures spread across Thursday, Friday and into the following weekend. Thursday brings Spain vs. Austria at SoFi Stadium in Inglewood, California, at 3 p.m. ET, followed by Portugal vs. Croatia at BMO Field in Toronto at 7 p.m. ET, a heavyweight European clash that could determine whether Cristiano Ronaldo, who scored twice against Uzbekistan in the group stage, continues his own pursuit of tournament milestones. Switzerland vs. Algeria closes Thursday’s schedule at 11 p.m. ET at BC Place in Vancouver.

Friday’s schedule includes Australia vs. Egypt at AT&T Stadium in Arlington, Texas, at 2 p.m. ET, followed by Argentina vs. Cape Verde at Hard Rock Stadium in Miami Gardens at 6 p.m. ET, a match that will almost certainly feature Messi and represents what many expect to be a straightforward advancement for the 2022 champions into the Round of 16 and another opportunity to add to his record tournament goal tally. Colombia vs. Ghana closes the round of 32 at Arrowhead Stadium in Kansas City at 9:30 p.m. ET.

The full Round of 16 schedule runs July 4 through July 7, with Canada vs. Morocco and Paraguay vs. France both on July 4, followed by Brazil vs. Norway and Mexico vs. England or Congo DR on July 5, and Spain or Austria vs. Croatia or Portugal and Belgium or Senegal vs. USA or Bosnia on July 6, before Australia or Egypt vs. Argentina or Cape Verde and Switzerland or Algeria vs. Colombia or Ghana round out the last 16 on July 7. The quarterfinals follow on July 9, 10 and 11, with the semifinals scheduled for July 14 and 15, a third-place match July 18, and the World Cup final set for July 19 at MetLife Stadium in East Rutherford, New Jersey.

NEW YORK — The Nasdaq Composite Index fell more than 200 points Tuesday, closing at 26,012.68 as investors booked profits in technology shares and assessed mixed signals from corporate earnings and economic data.

The 0.77 percent decline reflected caution in growth-oriented stocks after a period of strong gains driven by artificial intelligence enthusiasm. Major technology names contributed to the downside, though broader market losses were contained as other sectors showed relative resilience.

Trading volume was steady as participants navigated the transition from second-quarter earnings season into the heart of summer. The session highlighted ongoing rotation between growth and value segments, with defensive areas finding some support.

Technology’s heavyweight influence on the Nasdaq amplified the index’s move. Chipmakers and software firms faced pressure amid concerns over valuations and near-term spending trends in data centers. However, several companies reported solid results, suggesting fundamentals remain intact for many leaders.

The S&P 500 and Dow Jones Industrial Average posted more modest changes, underscoring divergence across market segments. Blue-chip industrials and financials provided a buffer against technology weakness.

Economic indicators released around the session offered a nuanced picture. Inflation measures aligned with expectations, while consumer spending data pointed to resilient demand. Federal Reserve officials continued emphasizing a data-dependent approach to future policy decisions.

Bond yields moved modestly, influencing equity valuations particularly in rate-sensitive sectors. Treasury markets reflected balanced views on growth and inflation risks.

Corporate news flow remained active. Several large technology firms updated guidance, with some citing strong AI-related demand while others noted cautious enterprise spending. The mixed tone contributed to selective selling in the sector.

Analysts noted the Nasdaq’s recent run had left some stocks extended. Profit-taking after strong performance is typical, though underlying demand for innovative technologies persists.

The index’s decline erased some recent gains but left it well above year-ago levels. Year-to-date performance remains positive, supported by earnings growth in key constituents.

Broader market context included geopolitical developments and fiscal policy discussions. Investors monitored potential impacts on corporate supply chains and consumer confidence.

Smaller companies in the Russell 2000 showed mixed results, with some benefiting from rotation away from mega-cap names. Market breadth was neutral to slightly negative on major exchanges.

Looking ahead, participants await further earnings reports and economic releases. The upcoming employment situation report will be closely watched for labor market signals that could influence monetary policy expectations.

Technology’s dominance in the Nasdaq means sector-specific news often drives index moves. Artificial intelligence infrastructure spending continues as a major theme, with companies positioned in chips, software and cloud services remaining focal points.

Valuation concerns have surfaced periodically, with some metrics elevated compared to historical averages. However, earnings growth has justified premiums for many high-quality names.

Tuesday’s trading reflected typical midweek dynamics, with no single catalyst dominating. Instead, cumulative positioning and position squaring influenced flows.

The session’s loss leaves the Nasdaq navigating technical levels that could attract buyers on further weakness. Support areas are watched closely by chart-focused participants.

Longer-term, demographic trends, productivity gains from technology and global digitization support secular growth in the sector. Short-term volatility is expected as economic cycles unfold.

Federal Reserve policy remains a key variable. Markets have priced in limited near-term rate changes, focusing instead on the trajectory over coming quarters.

Corporate capital expenditure on AI and digital transformation provides a tailwind for many Nasdaq constituents. Supply chain improvements and efficiency gains could support margins.

Tuesday’s close at 26,012.68 caps a period of consolidation after earlier advances. The index has shown resilience in the face of periodic pullbacks.

Investors continue balancing optimism around innovation with macroeconomic caution. Diversified portfolios help manage sector-specific risks.

The technology sector’s evolution includes artificial intelligence, cloud computing and cybersecurity. Companies adapting successfully are rewarded with premium valuations.

Broader equity markets benefit from technology leadership when growth expectations are high. Periodic rotations provide opportunities for other sectors.

As summer trading continues, liquidity may thin, increasing volatility potential. Major events could shift sentiment quickly.

The Nasdaq’s performance remains a barometer for investor risk appetite and growth expectations. Tuesday’s decline was orderly, with no signs of panic selling.

Market strategists emphasize focusing on fundamentals amid daily fluctuations. Strong balance sheets and competitive advantages position leaders for long-term success.

Tuesday’s session contributed to ongoing narrative around technology’s role in the economy. Innovation cycles drive productivity, though adoption timelines can vary.

The index’s movement Tuesday underscores the importance of diversification. While technology leads in bull markets, other areas provide stability during rotations.

Participants will monitor upcoming data for confirmation of economic soft landing or other scenarios. Corporate guidance will further shape sector outlooks.

In summary, the Nasdaq’s 0.77 percent decline reflected measured profit-taking in technology amid a complex market backdrop. The session highlighted the index’s sensitivity to sector dynamics while broader markets remained relatively stable.

Colorado’s unique climate — dry summers, snowy winters, and everything in between — creates specific challenges for home carpet maintenance.

From tracking in mud and road salt to dealing with pet hair and high-altitude dust, Colorado homeowners face a year-round battle to keep their carpets clean, fresh, and healthy. Understanding when and how to invest in professional carpet cleaning can make a significant difference in both your home’s appearance and your family’s wellbeing.

Why Colorado Homes Need More Frequent Carpet Cleaning

The Front Range’s semi-arid climate means homes accumulate fine particulate dust that settles deep into carpet fibers. Unlike humid climates where dust tends to clump and stay near the surface, Colorado’s dry air allows particles to penetrate further into pile, making vacuuming alone insufficient for maintaining truly clean carpets.

Winter months bring additional challenges. Road salt, de-icing chemicals, and wet snow tracked in from outside can leave residue that attracts more dirt over time, creating a cycle of rapid re-soiling. Pet owners face compounding issues — pet dander, hair, and odors are amplified in Colorado’s dry indoor air, particularly during heating season when homes are sealed tight.

Signs It’s Time for a Professional Clean

Many homeowners wait until carpets look visibly dirty before scheduling a professional cleaning — but by that point, significant fiber damage may already have occurred. Watch for these early indicators:

• Persistent odors that don’t respond to vacuuming or deodorizing sprays
• Allergy symptoms that worsen indoors, particularly in carpeted rooms
• Traffic lane darkening — the visible paths where foot traffic concentrates
• Stains that reappear after surface cleaning (a sign of wicking from deep within the pad)
• Matted or flattened pile in high-use areas

Industry guidelines from the IICRC recommend professional hot water extraction cleaning every 12 to 18 months for average households, and every 6 to 12 months for homes with pets, children, or allergy sufferers.

What to Expect from a Professional Carpet Cleaning Service

A quality professional carpet cleaning service goes well beyond running a machine over your floors. The process typically includes pre-inspection of fiber type and existing damage, pre-treatment of high-traffic areas and stains, hot water extraction at professional-grade temperatures, and post-cleaning grooming to restore pile direction and speed drying.

For pet owners, specialized enzyme treatments break down the proteins in urine and dander that cause persistent odors — something standard cleaning cannot address. Upholstery cleaning is often available as an add-on, extending the same deep-clean benefits to sofas, chairs, and area rugs.

Choosing a Certified Provider in the Denver Metro Area

Not all carpet cleaning companies are equal. IICRC certification is the industry’s gold standard, ensuring technicians have been trained in proper cleaning methods, fiber chemistry, and equipment operation. When evaluating providers, look for transparent pricing, clear communication about what’s included, and a track record of consistent results.

For Castle Rock and Denver Metro homeowners, Colorado Choice carpet cleaning Castle Rock delivers IICRC-certified residential and commercial carpet care with a focus on thorough, lasting results. Their services cover everything from routine maintenance to move-in/move-out deep cleans, pet odor treatment, and area rug cleaning across Castle Rock, Parker, Highlands Ranch, and surrounding communities.

Protecting Your Investment Between Professional Cleanings

To maximize the time between professional visits, adopt a few simple habits: place quality doormats at all entry points, implement a no-shoes policy in carpeted areas, vacuum high-traffic zones at least twice weekly, and address spills immediately with blotting (never rubbing) and cold water. These steps won’t replace professional cleaning, but they’ll significantly extend the life of your carpets and keep your home looking its best year-round.

Final Thoughts

Professional carpet cleaning is one of the most cost-effective ways to maintain your home’s comfort, appearance, and air quality. For Colorado homeowners dealing with the region’s unique climate challenges, partnering with a certified local provider ensures your carpets receive the care they need to last for years to come.

Lyn Rees
CEO & Executive Director

Good morning, everyone, and welcome to our 2026 AGM Management Presentation. As ever, I’d like to thank all shareholders in the room with us today in Paris and joining us remotely for your continued support.

The presentation team today is myself and Steve. We’re going to be talking through some of the highlights of the 2025 period, updating you on some post-period events and talking through the numbers as ever.

So before we do that, I thought we’d just jump into a quick update of the Novacyt Group. A lot of you have seen this slide before. The new addition is the Southern Cross Diagnostics logo in the middle of that diagram.

As an organization, we’re an international molecular diagnostics company with a portfolio of clinical assays, instrumentation and research tools. We focus predominantly in reproductive health care, precision medicine and infectious disease. And when you look at the diagram, basically Yourgene Health, the box on the left-hand side is all of the clinical IVD assays, anything to do with DNA size selection, our range of technology and all of our products in this space have to go through the IVDR regulatory approval.

The middle box is our newly acquired Southern Cross Diagnostics business, a distributor of life science products, which gives us more opportunity to sell third-party products throughout our organization. And then we have on the right-hand side, Primerdesign, which is a bit of a cash cow, very high-margin business, nonregulated, so in the research use market space only, where we’re selling qPCR kits for pathogen detection in things like infectious disease, veterinary, et cetera.