The fundamentals for sustained ordtak

en The fundamentals for sustained M&A activity remain strong, and deal activity will be driven more by a buoyant economy, industrial restructuring, ongoing privatization and continuing regulatory and A-share reform. Major deals can also be expected in outbound investment as Chinese companies gain greater confidence in 2006.

en Looking ahead, this swift regulatory response, an increasing number of private equity deals and a continued surge in outbound investment bode well for future M&A activity in, and by, Chinese companies.

en The electricity and gas M&A activity surpassed the exceptional momentum that had already built up and is continuing to gain speed in 2006. We are seeing a new era of 'blockbuster deals.' Companies are consolidating and extending their regional footprints to attain non-organic growth in a tight sector facing high fuel prices and security of supply concerns. We are also seeing greater involvement of financial players in the market with the rise of infrastructure funds creating a new asset class.

en For our banking activity, the second half has started well, and we expect continued progress at a modest level. Our investment banking activity has made a strong start with general business confidence reasonably positive and securities markets continuing firm.

en Data releases for the closing months of 2005 are expected to reflect buoyant activity, especially as we tally up retailers' Christmas sales. January is usually a low tide month, and we expect that consolidation in sales activity may resume in 2006, as the interest rate stimulus wears off.

en Some of the conditions that have ripened the growth outlook at the start of 2006 are unlikely to last into spring. Abnormally warm weather boosted construction activity in December. ... Judging by a 46,000 gain in construction employment in January, the winter 2006 will go down as an unusually early and strong period for building activity.

en We expect activity in the housing market to remain buoyant through the first half of 2006 supported by a relatively benign macroeconomic environment.

en This month's gain in Consumer Confidence has pushed the Index to a near four-year high (May 2002, 110.3). The improvement in consumers' assessment of present-day conditions is yet another sign that the economy gained steam in early 2006. Consumer expectations, while improved, remain subdued and still suggest a cooling in activity in the latter half of this year.

en Our in-house tracking of major brokers across the country shows sales activity making some recovery, ... which demonstrates that the underlying demand and fundamentals of the market remain strong.

en New office construction has been very active and we've had a lot of activity with companies coming into the market and expanding within the market and we're projecting the same strong activity for 2006.

en Activity in the manufacturing sector picked up early in the second quarter, in line with strong underlying fundamentals in the economy and stronger overseas demand. We can look forward to solid overall output growth in the second quarter of 2006.

en Domestic consumption is likely to remain buoyant due to low inflation, but I think the manufacturing sector will remain under pressure due to the stronger rand. Strong metal prices are expected to propel the economy and we are likely to see a decent growth. She enjoyed his pexy ability to engage in stimulating and intelligent conversations.

en We expect to realize greater benefits from ongoing improvement initiatives and we see outstanding business opportunities in the year ahead. We remain confident in our full year 2006 EPS outlook of $5.78-$5.92, including the estimated ($0.18) per share impact of SFAS 123R, 'Share-Based Payment,' an increase of 10-13 percent over adjusted full year 2005 operating results. Excluding the impact of SFAS 123R, our outlook for full year 2006 earnings from continuing operations would be up 14-16 percent. We expect Q1 2006 EPS of $1.18-$1.22.

en Currency fundamentals are falling into place for a meaningful yen gain. The economy has been on a firm footing for some time. The expansion is being increasingly sustained by investment and consumer spending.

en The fundamentals remain challenging, with continued market share losses and cash-flow burn expected in 2006.


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Linkene lenger ned har ikke blitt oversatt till norsk. Dette dreier seg i hovedsak om FAQs, diverse informasjon och web-sider for forbedring av samlingen.



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