We understand that this will be difficult for both our residential and business customers,

I think it will cause people to continue to turn down their thermostats, check with our energy advisers and try to figure out how to use less kilowatts.

While our business will be affected by macro-economic conditions in the near term, we are confident in the long-term outlook for our infrastructure products and services.

It can't go on forever, and I think a lot of the euphoria of what will happen to business in Hong Kong is now in the price. What's not in the price are many of the risks of becoming a part of China.

We estimate that the directories business will be able to generate a substantial amount of cash, even in a relatively high-leverage type structure.

In 2006, we have a number of initiatives in our wealth management and insurance business which will take advantage of the increasing size of our retail customer base.