Despite the improved revenue outlook, market conditions remain broadly unchanged as significant promotional activity is required to maintain seat factors.

Despite challenging market conditions, we remain focused on margin enhancement at Reuters, with a 12 percent operating target in 2002.

The outlook remains unchanged, but the business has to pedal faster on subscriber growth to offset falling average revenue per user in order to meet expectations.

I believe the market has reached a state of equilibrium and the conditions we see now are likely to remain for some time.

We remain cautious in our outlook for the remainder of the fourth quarter. We expect to achieve significant increases in passenger volumes but also anticipate that yields in Q4 will fall reflecting our large capacity growth in this weakest winter quarter.

Copper is often perceived to be the barometer for market conditions and therefore a significant fall in copper prices could remove speculative support from other metals.