We maintain our constructive stance on Philippine long-term foreign currency bonds and dollar-peso forecast of 50 by year-end.

It's a dollar more than last year.

We continue to maintain a bullish stance towards European stocks for 2006. The combination of still low valuations and the prospects that earnings will continue to grow suggests a continued positive stance.

Our stance is to maintain peace and stability, and to reach settlement through dialogue,

Most of the bondholders probably bought these bonds cheaper than 80 cents on the dollar and they may be inclined to exchange at least some of what they own to help the company along -- and then their remaining bonds would be more valuable.

This hasn't changed our view that the New Zealand dollar is in a serial decline. The currency is on a depreciation cycle, regardless of whether interest rates go down or not.