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Lynas Rare Earths claims it was involved in takeover discussions earlier this year
A spokesperson for Australia's Lynas Rare Earths said that the company was involved in takeover talks earlier this year, but they did not proceed. Three people said that the talks led Lynas, through Chairman John Humphrey, to suspend its search to find a new CEO for Amanda Lacaze, who retired from her position in June. Lynas plays a major role in developing a Western supply network for metals that are crucial to electric cars, wind turbines and defence systems. It's also a big draw for?Australia. The country has committed to being a key mineral supplier to its allies. Any acquisition by a foreign company must be approved by the regulators of that country. The spokesperson responded in a written statement to a question regarding the takeover discussions that took place earlier this year. Lynas held post-results discussion with investors in Sydney, Melbourne and Brisbane this week. Lacaze left the company on January 13. Humphrey explained to investors why the CEO search took so long. The investors spoke on condition of anonymity due to the sensitive nature of the matter. Humphrey, according to one investor, told him that the CEO search was suspended for 4 1/2 months. How could they not disclose? Another investor agreed. "It is not a short time." Lynas didn't mention in its statement whether the CEO search was suspended. Because the search process had not been completed before Lacaze's retirement, Lynas appointed Pol Le Roux as interim CEO. It said that the CEO search is still ongoing. DIFFERENTIATING SUPPLY CHAINS Lynas had previously been in merger talks with MP Materials, based in the United States. The talks ended in 2024 when the companies couldn't agree on an appropriate valuation. It wasn't immediately clear which company had been involved in the discussions this year. The Australian takeover laws stipulate that an 'listed company' is not required to reveal that the CEO search was suspended. The company is required to disclose the suspension only if it constitutes "market-sensitive information." The news of the talks came as top-developed economies around the world scrambled to support the development and diversification of supply chains away from China, the dominant producer. Lacaze's shoes are likely to be hard to replace. Over her 12-year tenure, she oversaw the 12-fold increase in the?share prices of the company as it grew to a $16-billion company. Lynas reported last week a significant increase in its annual profit. This was aided by a record-high average selling price for?rare earth oxide and a strong demand. However, it fell short of?market expectations. The company also stated that it would expand its global supply chain. It is currently in discussions with mine suppliers from around the globe and will support the development of an American magnet supply chain.
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UK bond yields reach new 18-year high, increasing pressure on Healey
British government bond yields reached new 18-year-highs on Wednesday, following a global sell-off in response to the latest escalation of Iran's war. This added to the challenge faced by finance minister John Healey as he prepares his first budget. The yield on the 10-year gilts reached its highest level since June 2008. It hit 5,268% shortly after 7am GMT, an increase of about 4 basis point on?the day. This is on top of a 15-bps rise on Tuesday. Investors are worried about the inflationary effect of the rising oil prices due to the return of the Gulf conflict. The increase in debt servicing costs for the government comes at a delicate time for Britain's newly appointed Prime Ministers Andy Burnham and Healey, who are preparing their first budget for October 28. Pantheon Macroeconomics economists say that the increase in gilt yields has reduced Healey’s margin of error when it comes to meeting the government’s goals for improving public finances. In a client note, they told clients that "higher interest costs have reduced fiscal headroom to about PS13 billion (18 billion dollars) from PS23.6 in the Spring Statement." The Chancellor must either raise taxes or cut spending by PS11 billion a year to restore the margin of headroom. The markets will be nervous as the 'budget' approaches and the government continues to'make spending commitments. The cost of borrowing for shorter-term periods also rose on Wednesday, with the five-year gilt rate reaching its highest level since October 2023. It increased by 4 basis points to 4.7534%.
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China reopens highway to Tibet's disaster zone
China has fully reopened a road leading to the Gyirong Border?crossing?into Nepal, one week after sections?were washed out by catastrophic flooding. Heavy machinery can now reach the main disaster area for the first. China airdropped equipment and supplies for frontline rescuers who had trekked through mountains to reach the site. Chinese state broadcaster CCTV reported that a large number of heavy machines, as well as equipment to strengthen search operations, have now arrived in the area where an inspection complex for the Chinese border once stood. CCTV showed footage of rescue crews and excavators and said that they had deployed rescue crews with life-detection equipment and?search dog's. The crews are hampered in their progress by the persistent rain, and difficult terrain. They have to work within a narrow mountain canyon, which is hemmed between unstable cliffs, and a swift-flowing river. The authorities, who have been monitoring the upstream lakes that could cause flooding if they burst said these risks have decreased but landslides are still a concern. Authorities in Nepal said that the hope of finding any more survivors was fading. Nearly 4,000 people are still missing and at least 1,114 have died. Over 30 Latvian tourists believed to be missing China's official death toll in Tibet has remained at 16 since Sunday, with 546 people still missing. This includes 104 Indians and 49 Nepali nationals as well as 33 Latvians believed to have been part of two tour groups. Karlis Eihenbaums said that the Latvian ambassador to China was in constant contact with the Chinese Foreign Ministry and authorities in Tibet for updates. He said that embassy personnel had not visited the Tibetan disaster scene because information from Nepal indicated that the missing Latvians may have been swept away to the Nepali-side. Many of the details about the tragedy in Tibet are only available from specific sources, mostly China's state controlled media. The Foreign Ministry cited the loss of access to roads and communications in the area, as well as the major safety risks posed by secondary disasters as reasons why it had not allowed foreign journalists to enter the 'disaster zones'.
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The FOREX Dollar reaches a two-week high. Middle East conflict, rate paths and the Middle East are in focus
The dollar reached a two-week peak on Wednesday, as investors flocked to the U.S. dollar amid growing concerns over the impact of the energy crisis and diverging monetary policies?across major economies. After the largest exchange of fire for weeks, the U.S. and Iran were back in a war-like situation on Wednesday. The dollar tends to gain from higher oil costs because the U.S. is less vulnerable to energy shocks compared to other major economies. This attracts demand to the detriment of currencies like the euro and the yen. The Federal Reserve faces a growing threat of tightening policy in 2027, even though most economists believe the European Central Bank is nearing the end of their tightening cycle following next week's much-anticipated rate hike. George Brown, Schroders' senior economist, stated that the ECB will finish its rate-hiking cycle by the end of the year while the Federal Reserve is likely to just be beginning. He added that Schroders was positioned to take advantage of a weaker Euro and expected the single currency to drop to $1.10 per dollar by the end of the year. A sell-off of?U.S. Treasuries, which are influenced by inflation fears and concerns over the fiscal trajectory of the United States can have a negative impact on the dollar. Rising debt levels and persistent pressures to reduce prices may also weigh down the dollar. assets. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) rose by 0.11%, reaching 99.76 after having reached 99.808, which was its highest level since August 17. The euro fell 0.16% to $1.1575 after reaching $1.1570 - its lowest level since August 20. The yield on the benchmark 10-year U.S. note reached a high of 4.812% - its highest since November 2023 - before falling to 4.804%. Japan's benchmark yield on the 10-year note extended its rally on Wednesday to 3.01% after reaching a milestone of three decades on Tuesday. According to CME Group’s FedWatch tool, the markets now price in a 70% chance of a Fed hike for September, up from 40% just a week ago. DOLLAR SLAVES BELOW 160-YEN After falling to its lowest level since July 31, the Japanese yen gained 0.45% to 159.50 dollars per yen. The yen was just above the psychologically significant 160-per-dollar barrier as markets weigh up the Bank of Japan rate path. BOJ Governor Kazuo Ueda said consecutive rate increases could be a possibility. The Treasury Department reported that U.S. Treasury Sec. Scott Bessent expressed strong support for "decisive monetary measures" to combat the yen's weakness during a meeting held with BOJ Governor Kazuo Ueda. The U.S. and Japan's rare joint intervention at the end July lifted the yen from its 40-year-low of 163,99, but it has since lost around half the gains made by the joint action. Tony Sycamore is a market analyst with IG. He said, "There seems little chance of a second round of coordinated intervention until the 'Strait of Hormuz' de-escalation takes some heat off of?the oil prices." Even after the central bank of New Zealand raised the official cash rate to 2.75%, the New Zealand dollar fell 1.01% to $0.5844. This is its lowest level since August 13. Analysts say market participants saw the decision as less hawkish that expected.
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Gulf Stocks Fall after US-Iran Exchange Strike
Gulf equities fell in the early trade on Wednesday, after the United States and Iran exchanged strikes over night. This dampened hopes for a rapid easing of tensions?in?the Middle East. Washington claimed to have carried out airstrikes overnight on Iranian targets, provoking a reaction from Tehran. This is the most serious escalation of tensions between the two nations in recent weeks. Iran's Revolutionary Guards claimed to have?fired missiles at an American military base in Jordan and alleged that they?had inflicted severe casualties. Iranian state media reported that a drone attack was also carried out on a U.S. military base in Bahrain as a retaliation to the U.S. attacks. Dubai's main index fell 0.6% with the majority of constituents in negative territory. Blue-chip ?developer Emaar Properties lost 1.3%, ?while toll-road operator Salik declined 1.1%. Qatar's benchmark fell 0.5% with almost all stocks trading lower. Industries Qatar dropped 1.2% while Qatar National Bank was down 0.5%. Saudi Arabia's benchmark stock index fell 0.3% due to a decline in utilities, healthcare and materials stocks. Saudi Arabian mining fell by 1.4% and ACWA Power by 1.3%. The National Shipping Company of Saudi Arabia and Rabigh Refining and Petrochemical Co. bucked this trend, both?increasing 2.1%. IFR reported that Saudi Arabia also raised $3.25bn through a two tranche sale of U.S. Dollar sukuks, its "second debt market transaction" this year. Orders were in excess of $15 billion and proceeds will be used to fund general budgetary requirements. Abu Dhabi's benchmark indices fell?0.7% led by shares in telecom, technology and industrial companies. First Abu 'Dhabi Bank, the UAE’s largest lender, dropped 1.3% while conglomerate Alpha Dhabi Holding fell 2%.
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What are Iran's options for retaliation as the US and Iran resume open warfare?
The United States launched another wave of attacks against Iran on Tuesday evening, six months after the conflict was declared deadlocked. This prompted Iran to fire missiles at what it called U.S. assets located in Jordan, Bahrain Kuwait and Iraq. Iran could retaliate in other ways if the conflict escalates or a U.S. The campaign to choke Iran's economic system intensifies. IRAN COULD 'EXPAND' ATTACKS on GULF STATES Iran has struck its neighbours repeatedly in response to U.S. strikes and has threatened to retaliate to anyone who takes part in U.S. attempts to strangle the economy of the country with "earthquake force". Since the beginning of the war on February 28, it has repeatedly targeted Jordan and Gulf states, focusing mainly on U.S. military bases. However, they have also hit energy infrastructures and other targets. Attacks on upstream oil and gas facilities could cause energy prices to rise, causing political damage to the Trump administration. It may also be more difficult to reverse attacks against shipping. The targeting of power and desalination plant in this hot, parched area would pose a serious risk to the U.S.-aligned Gulf countries that serve as important?financial centers for the global economic. IRAN COULD STOP MORE ENERGY LEAVING THE MIDDLE ESTATE Mohsen Rezaei is the former Revolutionary Guards Chief and Secretary of Iran's Supreme?National Security Council. He has threatened to stop oil exports, which was one of Tehran's major strategic approaches during the conflict. He stated that if the economic war continues, no oil will be shipped through the Strait of Hormuz and from anywhere else in the Persian Gulf. Iranian attacks and threats against shipping have already halted most traffic through Strait of Hormuz. This waterway carried a fifth of the world's energy prior to the conflict. Although some oil tankers passed through the Strait in recent weeks there is still a very small volume. During the six-month conflict, tankers attempting to leave the Gulf were repeatedly targeted by missiles, drones or speedboats. This has led to a rise in oil prices. The Houthi allies of Tehran have also restricted Red Sea shipping by threatening to block all Saudi Arabian shipping that carries crude oil to Asia via the Bab el-Mandeb strait, past the group's Yemeni base. According to industry sources, while the initial attacks only stopped a few vessels, more than half were still passing through'mid-August. The situation is 'difficult' for shippers, as Chinese shipping companies are now rerouting their ships away from Bab el-Mandeb. Additional attacks, like the one which targeted a vessel near the main Saudi Red Sea oil terminal in Yanbu, last week, or the drone strike near Suez Canal, early August, could increase oil market anxiety and crude oil price. IRAN COULD ATTACK WESTERN NATIONS DIRECTLY The Revolutionary Guards are willing to use alternative methods of attack, even though they cannot reach the West. U.S. officials said that Tehran is likely responsible for cyber attacks against water plants in Minnesota. Iran has not responded to these allegations. Western security services have also accused Iran recruiting locals to stage attacks in the West or try assassinations. Iran denies that.
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Strong dollar weighs down on industrial metals, causing copper and zinc to fall
Copper and zinc declined?on Wednesday as a stronger dollar and concerns?of higher interest rates for longer weighed down on the wider industrial metals complex. This offset support from tight supply. The benchmark three-month copper price on the London Metal Exchange fell 0.86% to $14,152 per metric tonne by 0700 GMT. Shanghai Futures Exchange's most traded copper contract fell by 1.35%, to 108.040 yuan (16,069.97 dollars) per ton. The dollar held steady after overnight gains as renewed hostilities erupted in the Middle East, pushing oil prices higher. Inflation concerns were revived and the bond market was sparked by a sale. Analysts from Sucden Financial wrote in a report that "base metals were under pressure due to the strong dollar and U.S. 10 year yield around?4.8%, which outweighed the support of tight physical conditions." The stronger the greenback, the more expensive commodities are for buyers who use other currencies. Data showing the?U.S. The factory activity in August slowed due to high input prices. This also affected demand expectations. In recent months, copper and zinc prices have been boosted by the tightening of supply. Both metals recorded their best month in August since January. LME zinc dropped 0.82% Wednesday, while SHFE Zinc was down 1.46%. Zinc marked for withdrawal means material under cancelled?warrants The highest level in over a year was reached on Tuesday when the tally of 30,875 tonnes. Base metals were also affected by the rising rate-hike expectations. According to CME's Fedwatch, rate traders now price in a 70% chance that the U.S. Federal Reserve is likely to raise interest rates during its September meeting. This was up from 37% just a week earlier. Kevin Warsh's hawkish remarks last Friday raised expectations of rate hikes. The impact of higher interest rates on metal demand can be felt by economic activity. Nickel dipped by 0.09%, and tin fell by 1.09%. Aluminium, lead, nickel and tin all fell on the SHFE.
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Sources say that aluminium producers are offering Japanese buyers lower Q4 premiums.
Four sources said that the top?global aluminum producers offered Japanese buyers a premium of $310-$325 per metric tonne for primary metal shipments in October and December, down by 18%-22% on the current quarter. Japan is the largest importer of light metals, and the premiums it agrees to each quarter for primary metal shipments over the London Metal Exchange cash price are the benchmarks in the region. Japanese buyers had agreed to pay a premium of $395 per ton for the period July-September The increase was between 12% and 13% compared to the previous quarter. A source from a Japanese trading firm said that the lower offers for October-December are due to a positive report on Middle East production, and softening premiums in Europe. The opening offers, while closer to "realistic" levels than the previous round, remained too high, given the weak spot prices, said another source from a Japanese rolling-mill. They added that buyers would be looking for a price below $300, as Asia's supply-demand balances are improving, in part due to increased Indonesian shipments. Aluminium stocks still at Japan's major ports According to Marubeni, the number of tons produced fell to a record low of 201,000 at the end July. Concerns over shipment disruptions due to the Iran war, coupled with strong demand for semiconductor-related products in Japan, ?continue to support the market, a producer source said. Because the discussions were private, sources refused to be identified. According to the?International Aluminium Institute, global primary aluminium production fell by 1.7% in July compared to last year, and Gulf production was down by 44%. In March, two smelters located in the Gulf region, which accounted for?9% global primary aluminum capacity, were attacked by Iran. This prevented them from exporting metal via their usual?channels. The quarterly negotiations between Japanese purchasers?and global manufacturers including Rio Tinto South32 and others began last week and will continue until the end of this month.
Analysis finds that the Patriot missile used in the Bahrain attack was likely US-owned.
According to an academic analysis, the Patriot air defense system operated by the United States likely fired the missile that caused the pre-dawn blast in Bahrain which injured dozens and destroyed homes 10 days after the start of the war against Iran. Both Bahrain and Washington blamed the March 9 explosion on an Iranian drone. The Gulf kingdom reported that 32 people were injured, including some children, in the blast. U.S. Central Command stated on X on the day after the attack that an Iranian drone had struck a residential area in Bahrain. Bahrain acknowledged on Saturday, in response to questions, that an Iranian Patriot missile was responsible for the explosion over the Mahazza neighbourhood on Sitra Island, off the coast of Manama, which is also home to a refinery. A Bahraini spokesperson stated that the missile intercepted a drone in mid-air and saved lives. The spokesperson stated that the damage and injuries were not caused by a direct impact of the Patriot interceptor on the ground or the Iranian drone. The incident at Mahazza was not linked to an Iranian drone, according to either Washington or Bahrain. It has been a hallmark of the war to use expensive, advanced weapons in order to defend against drone attacks. This incident highlights the limitations and risks of this strategy. The powerful Patriot's?blast,? whether or not it intercepted the drone, caused widespread damage and casualties. Bahrain's air defences were unable that night to prevent attacks on the nearby refinery which declared force majeure a few hours later. The Pentagon did not respond to any questions when asked about the incident. Instead, it referred them to Central Command. A senior U.S. Official responded to White House questions by saying that the United States is "crushing" Iran’s ability to produce or shoot drones and missiles. The official added that "we will continue to address this threat to our country and allies." He also said the U.S. Military "never targets civilians". An Iranian girls' school was directly hit on February 28, the day after U.S. attacks against Iran. Two U.S. officials told the news agency that investigators at the U.S. Defense Department believed U.S. troops were probably responsible for the first report, perhaps because of outdated target data. The video of the aftermath of Bahrain's Mahazza explosion, verified by, shows rubble in and around homes, a thick dust layer in the streets, as well as screaming residents. Bahrain and the United States both operate U.S. Patriot batteries in the Kingdom. The kingdom is a close U.S. ally located on the Persian Gulf, which hosts the U.S. Navy Fifth Fleet as well as the regional U.S. Naval Command. According to Bahraini oil company Bapco, on the night of the Mahazza explosion, Iran attacked the refinery in Sitra. Smoke was seen rising from the facility in videos taken on the morning of March 9. Bahrain did not explain in its statement why it hadn't mentioned that a Patriot was involved at the time. The Iranian mission at the United Nations didn't immediately respond to an inquiry about the incident. The Patriot, produced by Raytheon as part of RTX Corp. is the primary high-to medium-range interceptor system for the U.S. Army and is a key component of the air defenses of the United States and its allies. Raytheon did not respond to an inquiry about the incident. Bahrain's government refused to confirm whether the missile detonated March 9 was fired by Bahraini forces or the United States. The Middlebury Institute of International Studies in Monterey, Professor Jeffrey Lewis and research associates Sam Lair, Michael Duitsman concluded that they had a moderate to high level of confidence that the missile likely was launched by a U.S. Patriot Battery located approximately 4 miles (7km) southwest of the Mahazza neighbourhood. The conclusions reached by the three American researchers in open-source intelligence and munitions, which were reported for the first-time here, were based upon their analysis of commercial satellite images and visuals from open-source sources. Two target-analysis specialists and a Patriot system missile researcher were shown the Middlebury analysis, but they found no reason for them to disagree with its conclusions. Wes Bryant - a former senior policy analyst and targeting advisor at the Pentagon - said that Lair, Duitsman, and Lewis's conclusion was "pretty unquestionable". Bahrain, a small Gulf state plays a crucial role in the safety of the Strait of Hormuz. This chokepoint carries about one fifth of all the world's oil, and is now almost completely closed by Iran. The Middlebury analysis relied heavily on a video taken from an apartment and shared via social media. The video shows a Patriot suspect roaring through the night sky on a northeastern course at low altitude. The Patriot then turned downwards and disappeared from view. It was detonated 1.3 seconds after a flash of light appeared in the distance. Hany Farid is a professor at University of California at Berkeley who specializes in digital forensics. He reviewed the video to determine if the video was generated using artificial intelligence. He found that "there is no obvious evidence" that the video was fake. Lair, Duitsman, and Lewis geolocated it to a neighbourhood in Riffa. Geolocation was confirmed. The video was posted online as early as 2 am local time, on 9 March. The analysis concluded that "the Riffa site’s location and orientation is consistent with" the trajectory of the Patriot suspect. Multiple videos shared on social media in the morning of 9 March show damage to homes in Block 602 Mahazza. Researchers first geolocated visuals by using landmarks which appeared to match satellite imagery and street addresses. The geolocation was independently verified. Researchers then tracked the suspected missile's trajectory from Block 602 back to the U.S. Patriot Battery, which they determined based on satellite imagery. The battery is located less than half-a-mile from where the video footage of the missile was recorded in Riffa. The battery is made up of a radar, a control hub, and eight launchers. It can be used to track, detect and intercept missiles and aircraft. Researchers used commercial satellite imagery to determine that five launchers could be seen at the Riffa location two days prior to the incident on March 9. Satellite imagery indicates that the battery has been in place since at least 2009. According to a Lockheed Martin release, the Bahraini Defense Force didn't start operating their own Patriot systems until around 2024. Researchers said that the Riffa site had features that were both unique to U.S. Patriot battery sites in the region, and different from known Bahrain-operated Batteries, such as protective walls, unpaved streets, and a complete lack of permanent structures. The researchers concluded that based on these features, the battery was likely operated by the United States. Patriots are used to defend the naval sites of Bahrain. Researchers were unable with certainty to determine what caused the Patriot's explosion. They added that, based on available evidence including the pattern of damage and the spread on the ground, they believed it to have detonated in mid-flight. The analysis concluded that it is possible that the Patriot was aimed towards a drone that was flying low and that both the missile and the drone exploded together to cause the explosion. The analysis concluded that if this scenario was true, it was an irresponsible attempt to intercept the drone as the missile and drone were both blown up in the air. This is what Bahrain's spokesperson claimed happened. The analysis stated that the direction of the damage, and the absence of evidence of a nearby drone, suggested a different scenario. "The explosion was caused by the detonation" of the Patriot's warhead, and unexpended propellant. The researchers could not independently confirm the presence of an Iranian drone in the area during the incident. According to the analysis, videos and photos released by the?Bahrani government after the incident show that blast damage is concentrated on four streets in Mahazza. The analysis stated that a Bahrain television news broadcast from March 9 and a press release by the government showed an extensive damaged home located about 400 feet (120 metres) away from the main blast zone. Interior photos of the house revealed holes created by shrapnel. Robert Maher, a audio specialist who analyzed the video on request, confirmed that his analysis supported the approximate location of explosion. The video begins with a flash, which is visible for eight seconds. However, the explosion does not occur until 19 seconds after the clip ends. This is because light travels more quickly than sound. The explosion must have been more than four miles from the person who recorded the video based on the time it would take for the sound to reach him. The homes that were damaged were located about 4.6 miles away (7.4km), which is consistent with the timing. Middlebury's analysis found that when all of the damage was taken into account, it matched what would be expected if a Patriot rocket exploded over a neighborhood road intersection. The analysis stated that pieces of the missile flew 120 meters and struck another house. Maher claimed that he did not hear any drones or missiles in the audio of the video, even though their sounds would be faint or unaudible at distances greater than four miles from where the footage was shot. Maher, after reviewing Middlebury's analysis, said that he did not see anything inconsistent with his observations. Defense officials and industry experts say Patriot misfires happen. One example was a 2007 errant missile that struck a farm in Qatar. U.S. Central Command called the Iranian and Russian reports that the incident in Mahazza, was caused by a Patriot failure a "LIE" on March 9th. It claimed an Iranian drone had struck a residential area. Middlebury researchers and I were unable to get or examine any visual evidence of drone or missile fragments. We tried to reach witnesses in Bahrain but many people refused to talk, citing fears of reprisals. Human Rights Watch documented the arrests in Bahrain of people who posted videos of attacks on social media during the war. The researchers determined that the Patriot appeared to be passing a steeper smoke trail in the video of the suspected missile as it flew. This likely came from a previous interceptor. Patriots are sometimes fired in pairs, to increase the chance that one will hit the target. Researchers and could not determine what happened to first missile. Researchers said that the low trajectory and deviation of the second missile from the original launch route could indicate a problem. They could not, however, rule out that the missile was deliberately fired in this direction. Bahrain's spokesperson stated that any claim of misfiring or malfunction of Patriots in Bahrain was "factually incorrect." (Reporting and editing by Jonathan Landay). Pell and Travis Hartman, Additional reporting by Arthur Wei and Samia Nkhoul in Dubai; Andrew Mills and Idrees Al in Washington, Sarah Cahlan, and Frank Jack Daniel.
(source: Reuters)