Sri Lanka, Adidas, Don McGahn, Luckin Coffee, Beyoncé

Sri Lanka, Adidas, Don McGahn, Luckin Coffee, Beyoncé

Caracal Global Daily
April 23, 2019
Curation and commentary from Marc A. Ross

Reporting from Alexandria, Virginia 

Caracal Global Daily  = News + Analysis at the Intersection of Globalization + Disruption + Politics

TOP FIVE

✔️ Sri Lanka links bombings to New Zealand attacks

✔️ A new Adidas shoe uses just one material + fully recyclable

✔️ Pelosi urges caution on impeachment 

✔️ Amazon strengthens ties with Casino

✔️ The mystery of business casual

ROSS RANT

7 deadly sins of communications

Based on my experience, communication efforts fail because of these seven reasons:

1. No clear and consistent strategy

2. Over-indexing on tactics

3. Poor organization and staffing

4. No consistency or editorial calendar 

5. Know-how is not shared and made available

6. Efforts are reactive and by chance

7. Online activities not in sync with offline activities

-Marc

GLOBALIZATION

Sri Lanka links bombings to New Zealand attacks: WSJ reports, Sri Lanka’s government has information indicating the plotters of Easter bombings that killed more than 300 people were reacting to the New Zealand shootings that left 50 Muslims dead in March, the country’s defense minister said.

Huawei has received funding from Beijing security agencies: According to a source for The Times, which indicates the CIA warned British intelligence of the links; China’s National Security Commission, the People’s Liberation Army and another branch of Chinese intelligence reportedly funded the telecom.

At Tokyo C20, civil society leaders from around the world press to be heard at Osaka G20: JTJ reports, participants from 40 countries concluded a gathering in Tokyo calling for inclusion at the Group of 20 leaders’ summit set to be hosted by Osaka this year.

Kim Jong Un will soon visit Russia to meet Vladimir Putin.

Japan softens tone on North Korea and Russia in foreign policy report as Abe pursues deals: TJT reports, Tokyo removed a reference to applying “maximum pressure” on Pyongyang and stopped short of explicitly claiming ownership of the Russian-held islands off Hokkaido.

FT: Japan scrambles to recover F-35 jet before Russia or China

Civilian ship joins search operation that highlights sensitivity of craft’s technology.

US, Indian navies practice hunting submarines together in Indian Ocean: Stars & Stripes reports, a Navy P-8A Poseidon and guided-missile destroyer recently joined with the Indian navy’s P8-I Neptune for submarine-hunting drills near Diego Garcia. 
 
To help counter China, US turns to the Coast Guard: WP reports, as a US Coast Guard cutter sailed through the East China Sea last month, Chinese vessels shadowed it on the high seas, service officials said. It was a reminder to the Americans of where they were: in a strategic area a couple hundred miles from China’s shores. 

How China is replacing US as Asia’s military titan: Reuters reports, Chinese leader Xi Jinping has refashioned the People's Liberation Army into a force that is rapidly closing the gap on US firepower – and in some vital areas has surpassed it. American victory over China in a regional war is no longer assured.

Chinese President Xi Jinping’s unsteady steps revive worries over Beijing succession plan: WSJ reports, images of a slightly limping Xi Jinping stirred questions about his health and renewed concerns about succession plans for the most powerful Chinese leader since Mao.

#Beijingology

London calling: Trump to pay a state visit to Britain in June as a guest of Queen Elizabeth II.

How to become the next prime minister: The next Conservative leader must clear three tricky hurdles before they end up in Downing Street. https://econ.st/2KX1pbh

Brexiteers rewrite the rules in fresh bid to oust May: The Times reports, Tory Brexiteers will make a fresh attempt today to oust Theresa May within weeks by changing party rules to allow another challenge to her leadership. Members of the party’s powerful backbench 1922 Committee are to meet this afternoon for an emergency session.

Colm Kelleher: The EU’s post-Brexit ambitions miss an important point: Lost in the London v Europe dogfight is a larger truth — the market is global, not regional.

How long will Angela Merkel's chancellorship last? DW reports, Angela Merkel says she wants to remain in office until her term is up. But behind the scenes, plans are already being hatched for Annegret Kramp-Karrenbauer to take over the chancellorship.

DISRUPTION

A new Adidas shoe uses just one material – and is fully recyclable: Usually, Adidas's trainers include more than 12 different materials. The Futurecraft.Loop uses one plastic and could usher in an era of shoe subscriptions. http://bit.ly/2VhLSXE

"It's estimated that 300 million pairs of running shoes are thrown away each year in the UK alone."

POLITICS

FNC: House Judiciary chairman subpoenas ex-White House counsel Don McGahn

Mueller report fallout threatens to redefine constraints on presidency: WP reports, the aftermath of the special counsel’s report, as well as Congress’s inability to help serve as a check on President Trump, could create a precedent in which it remains unclear where to draw lines on presidential behavior.

NYT: Pelosi urges caution on impeachment as some Democrats push to begin

Kamala Harris calls for impeachment of Trump: FT reports, the California senator is second major presidential contender to demand Congress acts.

Meet the Democrats’ new voice on foreign policy: Politico reports, Tom Malinowski (D-NJ) is an unlikely member of Congress. But he's fast becoming a force on Capitol Hill.

Herman Cain withdrew from consideration for the Federal Reserve board.

Lighthizer aide to depart as US-China trade talks progress: FT reports, the top legal adviser to Robert Lighthizer, the US trade representative, is leaving the Trump administration at a delicate moment in the negotiations to resolve Washington’s trade dispute with China. Stephen Vaughn, the general counsel at USTR, will be replaced by Joseph Barloon, a lawyer at Skadden Arps, in the role in the coming weeks

Q1 2019 fundraising totals:

1. Trump $30m
2. Bernie Sanders $21m
3. Elizabeth Warren $17m
4. Kamala Harris $13m
5. Kirsten Gillibrand $12.6m

Where is Howard Schultz?

NYT: Biden looms, but Bernie Sanders is running his own race

Hogan visits New Hampshire, hoping to find activists eager for an intraparty fight: WP reports, even though most New Hampshire polls show most of the GOP base is solidly behind President Trump, the moderate Republican governor of Maryland is flirting with a primary challenge.

How to redesign GDP for the 21st century: Quartz reports, for decades, economists have tried to come up with better methods of measuring the economy than gross domestic product. But the dominance of GDP—a single figure, universally understood, and widely used for almost a century—has endured. This is despite its shortcomings gauging wellbeing and other factors that are important to a nation’s economic health. Now, though, some economists have created an ambitious new measure with the potential to challenge the preeminence of GDP. This new metric doesn’t directly measure happiness or wealth or development, but calculates something else GDP neglects—free digital goods and services. These 21st-century technologies have basically broken 20th-century practices for measuring the economy. MIT’s Erik Brynjolfsson, along with Avinash Collis, W. Erwin Diewert, Felix Eggers and Kevin J. Fox, have developed “GDP-B”. It’s designed to capture the numerical value of the things that we don’t pay for but still have plenty of value, such as online maps, photos taken on smartphones, Wikipedia, and social media.

COMMERCE

This Estonian start-up is a thorn in Uber’s side: NYT reports, the ride-hailing company Bolt is an unexpected success story, and an example of a troublesome global trend for Uber.

Amazon strengthens ties with French food retailer Casino: Reuters reports, Amazon and French retailer Casino are expanding their partnership, with Amazon installing pick-up lockers in Casino stores and making more of the French company’s products available on Amazon.

Last April I predicted that Amazon would buy a French retailer.

Luckin Coffee has filed to list publicly in the US as the loss-making company battles to dethrone Starbucks in China.

CULTURE

Beyday: HBO had been courting Beyoncé in an attempt to air Homecoming, a behind-the-scenes look at her Coachella performance. Then, Netflix made a counteroffer so large that HBO — which has spent decades cultivating a reputation as a distributor with staggering coffers — balked and had to pull out. We now have that number: Variety reports Netflix inked a $60 million deal with Beyoncé for three projects, meaning that Homecoming sold for $20 million. It’s good to be the queen.

The mystery of business casual: No one knows what shoes to wear to work. Silicon Valley has an answer. http://bit.ly/2KSCRAl

In defense of disorder: Humans love laws and seek predictability. But like our Universe, which thrives on entropy, we need disorder to flourish. http://bit.ly/2Vqpyvb

Red Bull, Sri Lanka, Lunar Landing, Trump Approval, Kroger, Naples

Red Bull, Sri Lanka, Lunar Landing, Trump Approval, Kroger, Naples

Caracal Global Daily
April 22, 2019
Curation and commentary from Marc A. Ross

Reporting from Alexandria, Virginia 

Caracal Global Daily  = News + Analysis at the Intersection of Globalization + Disruption + Politics

TOP FIVE

✔️ Actor who played a president is elected Ukraine’s leader

✔️ Gallup presidential job approval: Trump +6

✔️ Rep. Seth Moulton of Massachusetts enters 2020 Dem race

✔️ Tiffany announces Beverly Hills pop-up restaurant

✔️ Naples, Florida, metro tops US in wellbeing

ROSS RANT

Ross Rant: Red Bull wasn't created by economists

"Marketing is the science of knowing what economists are wrong about."  -- Rory Sutherland

As a means to beat Coca-Cola, no economist would approve of an expensive beverage, served in a small can, and tastes awful.

An economist using logic, facts, and numbers would never greenlight Red Bull.

But Red Bull has changed the global beverage market forever and altered the way Coca-Cola operates permanently.

Austria beating Atlanta is the playbook of how products and ideas will win going forward.

Energy drinks have transitioned from being a niche product to one of the fastest growing segments in the global drinks market. The global energy drinks market now stands at $55 billion and is projected to grow at a compound annual growth rate of 3.7% from 2018 through 2023.

How troubling is this for Coke? 

Consider the first energy drink under the Coca-Cola brand will launch in Europe this month.

Coca-Cola Energy, which will debut in Spain and Hungary, features caffeine from naturally-derived sources, guarana extracts, B vitamins, and no taurine – sounds like Red Bull but with a Coca-Cola taste. 

And not surprisingly, Coca-Cola Energy will be offered in 250-ml cans, just like Red Bull.

The economists of Atlanta are following the entrepreneurship of Austria.

Economists assume most decision making is driven by logic. 

This is flawed.

Using logic to make a decision is called System 2 thinking. 

But most decision making is driven by emotion. 

This is called System 1 thinking.

Facts and numbers don’t drive our decision making. 

Facts take a back seat to emotional responses. 

Numbers with no context and color are no match for actual experiences. 

Great marketers understand the power of ubiquitous and unconscious System 1 decision making to sell products or shape ideas.

Sutherland believes, "Once you reach a basic level of wealth in society, most problems are actually problems of perception.”

The role of a business is to create value by solving problems for customers.

As I move through life, it is clear you don’t always need to solve difficult technical challenges with massive and costly technical solutions.

You need to communicate with a customer to see things from a different, more indirect point of view.

Acknowledging the importance of perception well better position your brand and improve communications.

When it comes to entrepreneurship and thought leadership, one is bigger than two.

-Marc

Marc A. Ross specializes in thought leader strategy for executives and entrepreneurs working at the intersection of globalization, disruption, and politics.
 

GLOBALIZATION

Sri Lanka Easter attacks: Sri Lankan officials believe an Islamist militant group was behind the Easter morning attacks that killed at least 290 people and wounded another 500.

Attackers may have had help from Isis: The Times reports, the Sri Lankan authorities has this morning blamed a small, little-known local Islamist group, National Thowheeth Jama’ath or NTJ, for the Easter Day bombings. 

Actor who played a president is elected Ukraine’s leader: WSJ reports, Ukrainians elected a comedian with no political experience as their new president Sunday in a damning verdict on their ruling class five years after a violent pro-Western revolution, exit polls showed.

Comedian who played a president on TV will be president of Ukraine: NYT reports, Volodymyr Zelensky won a landslide victory, making an actor with no government or military experience the commander in chief of a country at war.

Wolfgang Münchau: Realism is set to strike the EU over the Brexit timescale: Germany is gaining a wider consensus on a hard deadline. Macron is winning the argument.

Nikkei: Solomon Islands' next prime minister faces choice over Taiwan ties

Taipei's few remaining allies waver in the face of China's investment promises.

The parliament of the Solomon Islands will hold a vote Wednesday to choose a new prime minister against a backdrop of political strife regarding the South Pacific country's diplomatic relations with Taiwan.

China to showcase growing naval power with parade at sea: FT reports, event aimed at building ties with other militaries and inspiring national pride.

Trade deal alone won’t fix US-China business relations: WSJ reports, even as a US-China trade accord apparently nears completion, rattled businesses on both sides of the Pacific are skittish about rushing back in to revive the once-booming investment activity between the two countries.

#Correct

To survive trade battles, China manufacturers deploy every weapon they can: Reuters reports, manufacturers in China facing trade barriers are deploying an array of moves to try to keep foreign customers - giving discounts, tapping tax breaks, trimming workforces and, occasionally, shifting production overseas to skirt tariffs.

FT: Fatal fever ravages China’s pig farms and shakes global food markets

Pork prices forecast to soar as deaths from disease expected to reach 130m.

Jokowi's election win sets up Indonesia political free-for-all: Nikkei reports, playing field has been leveled for politicians with ambitions for 2024.

US plans to eliminate sanctions waivers on Iranian oil: FT reports, fuel prices rise as China, India, and Japan among nations pressured to find other sources.

DISRUPTION

Driving is so 1980s: In a challenge for Detroit, teens put off getting their licenses and buying cars. About a quarter of 16-year-olds had a driver’s license in 2017, a sharp decline from nearly half in 1983. 

AI could boost our intelligence, but will we misuse it?Theoretical neuroscientist and entrepreneur Vivienne Ming believes it’s inevitable, but warns that our use of AI could have unintended consequences. http://bit.ly/2VjeO1m

A new race to the moon? US wants to lead the way: Half a century after the first lunar landing, a new race to the moon may be underway. The United States is out to win again. What are the Russians hoping for? And is there a role for the rest of the world? http://bit.ly/2VgAnQe

POLITICS

Gallup presidential job approval: (Apr 1-9)

Trump approval: 

45%
+6

Trump disapproval: 

51%
-6

Spring 2019 Harvard IOP youth poll results: 

By election day 2020, the Millennial and Gen Z generations will represent more than a third of eligible voters. As indicated by the unprecedented youth turnout in the 2018 midterm election, the youth vote is likely to play a historic role in the upcoming primary and general elections. The poll finds that political engagement is heightened compared to this point in the 2016 contest.  

- The youth vote -- especially young Democrats -- is poised to play an even more significant role in 2020 than in the 2016 presidential contest.

- Generational conflict between young voters and Baby Boomers is brewing.

- Protecting the environment is now central to both domestic and foreign policy agendas of young Americans

- Half of young Americans experience anxiety, and it is correlated with views related to state of our nation.

To defend against Trump, aides wield the pen as a shield: NYT reports, the Mueller Report made clear that Trump is not fond of written records of meetings and conversations, some of which have now come back to haunt him. Note-taking has become a way for aides to protect themselves from Trump.

Democrats see grounds for impeachment in Mueller report as Trump allies claim exoneration: LAT reports, Rudy Giuliani says there is nothing wrong with accepting help from Russia, while Rep. Adam Schiff says Trump's actions were worse than Watergate.

Top Democrats leave open option of Trump impeachment after Mueller report: Reuters reports, top congressional Democrats left the door open on Sunday to the impeachment of U.S. President Donald Trump, but said they would first need to complete their own investigations into whether he obstructed justice in Special Counsel Robert Mueller's Russia probe.

Why American CEOs are worried about capitalism: Fearing a backlash against business if a Democrat wins the White House, some chief executives are pushing for pre-emptive reforms. https://on.ft.com/2VlZykg

US billionaires worry about the survival of capitalism: For the first time in decades, US politicians and members of the business elite are debating whether American-style capitalism has a future. https://wapo.st/2VgjTaU

Business leaders voice support for climate activists who shut down capital: Business leaders have voiced their support for Extinction Rebellion, the environmental protest group that shut down parts of London last week, calling for an “urgent redesign” of global industry in a letter to The Times.

Trump’s washing machine tariffs stung consumers while lifting corporate profits: NYT reports, new research shows how a move meant to aid domestic manufacturers instead padded profits and raised prices on a wide variety of laundry items.

"Estimates that consumers bore between 125 percent and 225 percent of the costs of the washing machine tariffs. The authors calculate that the tariffs brought in $82 million to the United States Treasury, while raising consumer prices by $1.5 billion."

Rep. Seth Moulton of Massachusetts enters 2020 Democratic presidential race: WSJ reports, the Iraq War veteran, who unsuccessfully opposed Nancy Pelosi, is the 19th Democratic candidate to join the campaign. 

Rep. Moulton (D-MA) is a fourth tier candidate.

Current Caracal Global 2020 Presidential Candidates ranked by tier: http://bit.ly/2KS9pdG

Gallup: Climate change concerns higher in the Northeast, West US

- Southerners, Midwesterners less likely to say global warming has begun

- Worries about global warming higher in the East and West

COMMERCE

FT: FCC chair opposes China Mobile’s effort to enter US market

Ajit Pai urges telecoms watchdog to vote against company’s application next month.

Renault launches new Nissan integration bid: Japanese automaker set to reject proposal from alliance partner.

Kroger is adjusting operations and investing in technology to try to hang on to customers who no longer like to buy their food in stores. 

Flashback: Ross Rant: Cincinnati, we have a problem: Jeff Bezos has long sought to redefine, refocus, and recalibrate the consumer shopping experience. It isn’t so much that Bezos wants to sell more high-end kombucha or grass-fed beef — he wants Amazon to own more and more of consumer spending while at the same time providing endless options, lower prices, and frictionless delivery. http://bit.ly/2KVeNwN

Bed Bath & Beyond has announced a series of changes to its board, including the appointment of five new independent directors, as the retailer faces pressure from activist investors to turn around its operations. 

FT: US airline JetBlue ups ante in battle for transatlantic

London to New York route is fiercely competitive and littered with failures.

LAT: Tiffany & Co. announces Beverly Hills pop-up restaurant

Grab to integrate public transport data in Southeast Asian mega-cities.

Samsung Electronics delays Galaxy Fold media events in China: Reuters reports, Samsung Electronics Co Ltd has postponed media events for its Galaxy Fold planned for this week in Hong Kong and Shanghai, a company official said, days after reviewers of the foldable handset reported defective samples.

Reuters: Huawei says launches 'world's first' 5G communications hardware for autos

CULTURE

Naples, Florida, metro tops US in wellbeing for fourth time: Gallup reports, for the fourth straight year, the Naples-Immokalee-Marco Island, Florida, metro area had the highest wellbeing across 156 U.S. communities, based on data collected in 2017 and 2018 as part of the Gallup National Health and Well-Being Index. Salinas, California; Boulder, Colorado; Santa Rosa, California; and Ann Arbor, Michigan round out the top five metro areas.

Caracal Business Insider | December 13, 2017

Westminster, Alabama, Sri Lanka, Hollywood, New York City

Caracal Business Insider | Daily
December 13, 2017
Curation and commentary from Marc A. Ross

Caracal Business Insider = Global Business News at the Intersection of Politics + Policy + Profits.

Reporting from Alexandria, Virginia

Happy Hanukkah! 

What @caracalglobal is watching today:

✔️ The future of Tory leader Ruth Davidson

✔️ Moon in China

✔️ Sri Lanka + Debt + Major Port to China

✔️ Google opens AI lab in China

✔️ Disney + Streaming + the future of Hollywood
 

GEOECONOMICS

Tory leader Ruth Davidson hints future may lie at Westminster: The Times reports, Ruth Davidson has suggested that she could make the switch from Holyrood to Westminster. The Tory leader suggested “conversations” could take place after the next Scottish parliament elections, although she insisted that she would only run for a Scottish seat and not a safe Conservative seat south of the border. But her comments come amid speculation that she could be a future leader of the UK Conservatives after her success in transforming the party’s fortunes in Scotland.

UK Chancellor Philip Hammond to unveil series of UK-China deals: Sky News reports, the chief executive of the London Stock Exchange (LSE) will join Philip Hammond on a trade mission to China this week aimed at demonstrating post-Brexit trade opportunities for Britain's financial services sector, as well as delivering a boost to the embattled company.

EU prepares to discuss a long-delayed trade deal with Britain: WSJ reports, following a Brexit divorce accord, European leaders may finally authorize negotiations on the outlines of a future trade deal

US prepares to open doors on billion-dollar London embassy: Reuters reports, the United States’ diplomatic team in London, custodians of one of the most significant bilateral relationships of the last 100 years, will next month move into a new home: a billion-dollar, 12-story glass cube overlooking the River Thames. Britain’s closest ally will leave behind an imposing 1960 stone and the concrete embassy in London’s upmarket Grosvenor Square - an area known as ‘Little America’ during World War Two when the square also housed the military headquarters of General Dwight D. Eisenhower.

EU, Japan, and US to ramp up trade pressure on China: FT reports, the three economies will target ‘severe excess capacity’ in sectors like steel.

The Times: Turnbull government in peril over claims of Chinese influence

Moon's China trip tests his leadership amid North Korean crisis: Nikkei reports, South Korean business community hopes for withdrawal of Chinese sanctions sparked by THAAD.

Bloomberg: China reaps reward of softer diplomatic approach with Moon’s visit

CNN: Tillerson says US won't set preconditions for North Korea talks

Sri Lanka, struggling with debt, hands a major port to China: NYT reports, struggling to pay its debt to Chinese firms, the nation of Sri Lanka formally handed over the strategic port of Hambantota to China on a 99-year lease last week, in a deal that government critics have said threatens the country’s sovereignty. In recent years, China has shored up its presence in the Indian Ocean, investing billions of dollars to build port facilities and plan maritime trade routes as part of its “One Belt, One Road” initiative to help increase its market reach.

Europeans issue warning to Trump on tax overhaul: FT reports, the UK, France, and Germany lead accusations bill would flout global agreements.

AMERICAN POLITICS

WSJ: Democrat Jones captures Alabama seat, weakening Republicans’ hold on Senate

NYT: Democrat pulls off an upset in Alabama

FT: Trump suffers setback in Alabama Senate election

From Politico Influence: SPOTTED: Lunching at Bullfeathers today, according to a PI tipster: Steve Bannon, Sean Spicer and Matt Keelen of the Keelen Group.

BTW - I was Steve Bannon - More and more people think I look like Steve Bannon daily and the real Steve Bannon wasn't in the restaurant for lunch yesterday - trust me.

ENTERPRISE

Kellogg is doubling down on cereal cafes: Bloomberg reports, the food giant is opening a cavernous new café in Manhattan’s Union Square that will be five times larger than the concept it started in Times Square last year. The cafe will be fitted out with an Instagram station equipped with props and professional lighting to lure social media-obsessed millennials.

Verizon has agreed to a multi-year streaming partnership with the National Football League, with various reports indicating Verizon will pay between $2.25 billion and $2.5 billion over five years.

Disney’s deal for 21st Century Fox is said to be close: NYT reports, Disney is poised to complete a once-unthinkable bid to buy most of Rupert Murdoch’s movie and television empire.  The $60 billion-plus acquisition that would supercharge Disney’s global streaming-service ambitions, threaten to undercut Silicon Valley’s entertainment aspirations, and most likely prompt further consolidation in Hollywood.

@CNBCTopStories: Cryptocurrency market now worth $500 billion, more than Warren Buffett's Berkshire Hathaway http://cnb.cx/2z7GsCK 

Twitter rolled out a new feature that will allow users of the social media platform to more easily create "tweetstorms."

Google launching artificial intelligence research center in China: Reuters reports, Alphabet Inc's Google said on Wednesday it is opening an artificial intelligence (AI) research center in China to target the country's local talent, even as the U.S. search firm's products remain blocked in the country.

@verge: Google opens Chinese AI lab, says 'science has no borders’ 

FT Person of the Year: Susan Fowler: The software engineer who lifted the lid on sexual harassment at Uber and inspired women to speak out. https://goo.gl/wzMF8W

Caixin: Honda invests in Chinese car-sharing platform

@WSJ: Toyota sees half of sales coming from hybrids, EVs by 2020

In spending spree, European mall operator bets on Westfield: DealBook reports, In recent years, the news has been nothing but bad for malls. But now, a megadeal is signaling that there may still be life after all in the American mall — especially the luxury version. On Tuesday, the European property company Unibail-Rodamco said it had agreed to acquire the Westfield Corporation for $15.7 billion.

CULTURE

Homeland season 7 trailer: The president must be stopped https://goo.gl/DTzvav

Star Wars returns to the big screen this weekend with its latest installment: “The Last Jedi.”

A drone’s-eye view of NYC https://goo.gl/PNsmLD

SPORT

This Premier League player’s position? Left out. Fans think Stuart Taylor has it made: a Premier League salary and a job he is rarely asked to perform. But his career isn’t the one he saw for himself. https://goo.gl/LAKhhT