We now think that (U.S.) crude oil could reach $61 before a meaningful sell-off occurs. Long-term price patterns point to even higher prices.

Record setting wet weather in key Western Canadian producing regions and industry activity levels in the North American oil and gas service sector have restricted access to land and equipment in an unprecedented way this year,

Domestic demand has been nowhere close to strong or impressive.

An acquisition looks financially viable and is in line with National Grid's stated U.S. strategy. National Grid has shown that it has a decent U.S. acquisition track record.

We have limited information on the disaster. Our immediate focus and concern are for the well-being and safety of Morgan Stanley employees.

We must work out if one year of increased spending is enough to boost growth and brand positioning, or will 2007 guidance come under further pressure.