Pub date: 18 May 2012 Europe / Russia Oil & Gas Industry Report
BMI View: A high level of investment will be required to maintain Russian oil output at close to recent record levels, putting pressure on the domestic industry and hindering global ambitions .Gazpro... Read More
Pub date: 18 May 2012 Europe / Croatia Food & Drink Industry Report
With Croatian consumers still facing high unemployment and relatively weak credit growth – in tandem with an increasingly poor economic outlook – we see little scope for improvement in the consumer ... Read More
Pub date: 18 May 2012 Europe / Belgium Telecommunications Industry Report
In the period to September 2011, Belgium's mobile and broadband internet markets recovered some of the momentum lost in the first half of the year. In the case of broadband, however, it was mobile br... Read More
Pub date: 18 May 2012 Europe / Czech Republic Mining Industry Report
As the global economy continues a protracted recovery, demand for metals has bounced back and BMI expects the Czech mining sector to post growth in 2011 as a result. The resumption of growth in 2011 ... Read More
Pub date: 18 May 2012 Europe / Czech Republic Telecommunications Industry Report
The Q212 update to the Czech Republic Telecoms market report contains BMI's forecasts for the mobile, ARPU, fixed-line and internet sectors through to the end of 2016. It also contains analysis of ne... Read More
Pub date: 18 May 2012 Europe / Czech Republic Food & Drink Industry Report
The Czech consumer outlook remains very challenging. As austerity measures continue, both household and government spending are expected to remain in the doldrums over the course of 2012, as they wer... Read More
Pub date: 18 May 2012 Europe / Kazakhstan Food & Drink Industry Report
We continue to view Kazakhstan as one of the most promising emerging markets in the longer term. This view is supported by favourable economic outlook for the country, despite the current slowdown in... Read More
Pub date: 18 May 2012 Europe / Kazakhstan Mining Industry Report
We forecast the value of Kazakhstan's mining industry to grow at an average annual rate of 9.3% in real terms between 2010 and 2015, to reach US$64.2bn. Growth will be led almost entirely by the coal... Read More
Pub date: 18 May 2012 Europe / Azerbaijan Petrochemicals Industry Report
In 2011, petrochemicals and downstream industries reported stellar growth as the industry enjoyed an influx of fresh investment and strong demand. In the first 10 months of 2011, Azerbaijan’s industr... Read More
Pub date: 18 May 2012 Europe / Croatia Defence & Security Industry Report
In terms of the main defence and security issues, Croatia has much in common with other countries in south eastern Europe. An aspirant member of the European Union (which BMI expects Croatia to join ... Read More
Pub date: 18 May 2012 Europe / Poland Defence & Security Industry Report
Poland’s Presidency of the European Union (EU) through H211 should provide the opportunity for the government to promote four major objectives: greater cooperation on defence matters by EU member st... Read More
Pub date: 18 May 2012 Europe / Poland Power Industry Report
BMI View: Although we have made no substantial revisions to our Poland power industry forecasts, we note that risks are to the downside. Prolonged economic weakness in the eurozone could have negativ... Read More
Pub date: 15 May 2012 Europe / Bulgaria Oil & Gas Industry Report
BMI View: Infighting between local authorities and key refinery operator Lukoil hardly bodes well for the downstream oil segment, while upstream prospects rest on early and significant success at Bla... Read More
Pub date: 14 May 2012 Europe / Bulgaria Consumer Electronics Industry Report
BMI expects difficult trading conditions to persist in many segments of Bulgaria's consumer electronics market in 2012. The deterioration in the external environment and persistent concerns regarding... Read More
Pub date: 11 May 2012 Europe / Russia Agribusiness Industry Report
BMI View: Despite recent fears that winterkill would reduce grains output in 2012/13, we still expect a small increase in Russian wheat production. Indeed, the real damage to plantings has been less ... Read More
Pub date: 11 May 2012 Europe / Greece Food & Drink Industry Report
In the first quarter of 2012, Greece averted a disorderly default in the short term as parliament backed further fiscal austerity in return for a second bailout from the troika of the European Commis... Read More
Pub date: 11 May 2012 Europe / Turkey Pharmaceuticals & Healthcare Industry Report
BMI View: Before 2010, Turkey's pharmaceutical market growth was rapidly driven by modernisation, growing investment and improving awareness about healthcare. Since 2009, Turkey's pharmaceutical ind... Read More
Pub date: 11 May 2012 Europe / Turkey Agribusiness Industry Report
BMI View: On the back of new information from the Turkish Statistical Office, we have increased our forecasts for 2011/12 grains production. Wheat output, in particular, is likely to be higher than ... Read More
Pub date: 11 May 2012 Europe / Turkey Telecommunications Industry Report
This Q312 update to BMI's Turkey Telecommunications Report contains forecasts and market data analysis that draws on the latest data from the regulatory agency, the Information Technologies and Comm... Read More
Pub date: 11 May 2012 Europe / Netherlands Pharmaceuticals & Healthcare Industry Report
BMI View: While the Netherlands is a low risk market from the point of view of multinational drugmakers, the country's modest per capita expenditure on pharmaceuticals relative to other Western Euro... Read More
Pub date: 11 May 2012 Europe / Czech Republic Petrochemicals Industry Report
The Czech Republic Petrochemicals Report examines the competitiveness and potential of the country's well-integrated petrochemicals sector, but warns that there will be a deterioration in the outlook... Read More
Pub date: 11 May 2012 Europe / Uzbekistan Defence & Security Industry Report
The five major Central Asian Republics of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan have commenced a subtle, yet important, realignment of their security policies. This is occu... Read More
Pub date: 11 May 2012 Europe / Poland Tourism Industry Report
2011 Another Strong Year For Polish Tourism According to preliminary data from Poland's Institute of Tourism (Intur), there were 60.75mn foreign arrivals into Poland during 2011 - of which 13.35mn w... Read More
Pub date: 04 May 2012 Europe / Italy Metals Industry Report
Italian crude steel output grew 11.6% year-on-year (y-o-y) in 2011 to 28.66mn tonnes (mnt), securing its position as the EU's second-largest steelmaking country as well as the most impressive growth ... Read More
Pub date: 04 May 2012 Europe / Greece Telecommunications Industry Report
The Q312 update to BMI's Greece Telecommunications Report provides revised forecasts for the country's mobile, broadband and fixed-line sectors. The latest Q411/YE2011 data from the principal operat... Read More
Pub date: 04 May 2012 Europe / Sweden Power Industry Report
BMI View: We have revised our power industry forecasts for the Nordic countries this quarter, after new historical data was released by one of our main reference sources. We have also incorporated BM... Read More
Pub date: 04 May 2012 Europe / Czech Republic Infrastructure Industry Report
BMI View: In line with significantly revised GDP estimates from the Czech Statistical Office, the Czech Republic's construction and infrastructure industry value has become a victim of limited cash f... Read More
Pub date: 04 May 2012 Europe / Latvia Pharmaceuticals & Healthcare Industry Report
BMI View: We have revised downwards our 2012 projections for the growth of the Latvian pharmaceutical market on account of weaker growth towards the end of 2011, combined with ongoing concerns over ... Read More
Pub date: 04 May 2012 Europe / Ukraine Commercial Banking Industry Report
Inconsistent Monetary Policy Creates Additional Risks For Banks BMI View: We retain our bearish outlook towards Ukraine's commercial banking sector due to high levels of FX exposure, problematic liq... Read More
Pub date: 04 May 2012 Europe / Germany Mining Industry Report
We expect Germany's mining sector value will decline over the coming years, falling to US$5.0bn by 2016, from US$5.6bn in 2011. This decline will be driven by falling coal production as the country ... Read More
Pub date: 04 May 2012 Europe / Portugal Telecommunications Industry Report
The Q212 update to BMI's Portugal telecommunications market draws on data from the regulator Anacom and operators for the country's mobile, fixed-line, broadband and pay-TV markets for FY11. This da... Read More
Pub date: 04 May 2012 Europe / Turkey Commercial Banking Industry Report
BMI View: The broad-based improvement in global risk sentiment witnessed since the start of 2012 has prompted us to revise our end-year Turkish banking sector asset and loan growth forecasts up to 10... Read More
Pub date: 04 May 2012 Europe / Germany Power Industry Report
BMI View: Germany is standing at the crossroads of a new energy future. Whichever route the country takes, finding a suitable and rapid replacement for nuclear power will not be easy. An early commit... Read More
Pub date: 04 May 2012 Europe / Russia Metals Industry Report
Global Assu mptions ............................................................................................................ .......................... 53 Table: Global Assumptions, 2009-2015 ...... Read More
Pub date: 04 May 2012 Europe / France Power Industry Report
BMI View: Nuclear generation remains the first choice for the French power industry, but there are challenges ahead. A review by the Nuclear Security Authority, published in January 2012, has called ... Read More
Pub date: 04 May 2012 Europe / Turkey Freight Transport Industry Report
Following a year which, according to BMI's estimates, saw mixed dynamics in Turkey's freight modes, 2012 will signal further signs of slowdown in growth, although land-based modes are expected to sta... Read More
Pub date: 04 May 2012 Europe / Croatia Tourism Industry Report
Tourism Overview The recovery in foreign tourism in 2010 (after negative growth in 2009) accelerated last year. Complete preliminary data for 2011 show foreign tourist arrivals grew by a solid 9% ye... Read More
Pub date: 04 May 2012 Europe / Romania Commercial Banking Industry Report
BMI View: Romania's commercial banking sector is likely to struggle by way of growth and profitability in the coming quarters. Beleaguered European parent banks and Romanian subsidiaries' dependence ... Read More
Pub date: 04 May 2012 Europe / United Kingdom Power Industry Report
BMI View: In Britain, the power clock is ticking. Key decisions must be made and new policies implemented. Nuclear is to be a key plank of electricity supply strategy, but does not have public suppor... Read More
Pub date: 04 May 2012 Europe / Russia Mining Industry Report
We expect Russia's mining industry value to reach RUB4.16trn (US$160bn) by 2016. Strong growth during 2009 to 2011 will be followed by years of stagnation as palladium and platinum production growth ... Read More
Pub date: 04 May 2012 Europe / Italy Power Industry Report
BMI View: The Italian public has said 'no' to nuclear, and Italy is now resigned to import dependency, the continued high-level use of costly natural gas for generation and a need to rapidly boost it... Read More
Pub date: 04 May 2012 Europe / Spain Power Industry Report
BMI View: Spain is considering a nuclear and renewables-based future, rather than continued dependence on fossil fuel; however, there is resistance to the building of new reactors. The previous Span... Read More
Pub date: 04 May 2012 Europe / Croatia Insurance Industry Report
Key Insights And Key Risks The Croatia Insurance Report considers the prospects for both life and non-life insurers in that country. The latest statistics from HANFA, the financial regulator, indica... Read More
Pub date: 04 May 2012 Europe / Sweden Pharmaceuticals & Healthcare Industry Report
BMI View: Our five-year forecasts for the Swedish pharmaceutical market show a decline in its overall size, which is expected to fall to SEK42.02bn (US$5.64bn) by 2016. Key reasons for this pessimism... Read More
Pub date: 04 May 2012 Europe / Bulgaria Telecommunications Industry Report
The ongoing sale of the incumbent Bulgarian Telecommunications Company (Vivacom) is the major development in the Bulgarian market in the past quarter. At the time of writing, negotiations for the sal... Read More
Pub date: 03 May 2012 Europe / France Agribusiness Industry Report
BMI View: We expect lower production growth for French grains in 2012/13, as cold snaps have destroyed parts of the wheat, barley and corn plantings. In addition, the recent decision by the country's... Read More
Pub date: 03 May 2012 Europe / United Kingdom Tourism Industry Report
A great number of visitors will be travelling to the UK to attend or be a part of the 2012 Olympics and Paralympics in London. While tourism in 2012 will increase due to the amount of people from aro... Read More
Pub date: 03 May 2012 Europe / Switzerland Telecommunications Industry Report
The Q312 update to BMI's Swiss telecoms market report contains analyses of major developments in the telecoms market. It also contains updates to our five-year forecasts for the mobile, fixed-line an... Read More
Pub date: 03 May 2012 Europe / Czech Republic Tourism Industry Report
Tourism Overview Final data for 2011 record annual growth of almost 8% in foreign visitor arrivals in the hospitality sector. This represents a good pick-up in foreign tourism following a rebound in... Read More
Pub date: 03 May 2012 Europe / Italy Commercial Banking Industry Report
BMI View: Emergency liquidity measures provided by the ECB and the Bank of Italy have staved off the threat of an immediate liquidity crisis, providing the banking sector with a window to restructure... Read More
Pub date: 30 Apr 2012 Europe / United Kingdom Information Technology Industry Report
BMI View: UK IT spending is expected to reach US$86.2bn in 2012, up 2%, with BMI downwardly revising its forecast, following continued signs of market weakness in Q411. The overall outlook for UK IT... Read More
Pub date: 30 Apr 2012 Europe / Russia Information Technology Industry Report
BMI View: Russian IT spending is expected to reach US$11.7bn in 2012, up 19%, with BMI upwardly revising its forecast after the PC market reported double-digit growth in 2011. IT services vendors re... Read More
Pub date: 27 Apr 2012 Europe / United Kingdom Autos Industry Report
Renewed optimism in the vehicles production segment in the UK could be making way for a gradual revival of the local supplier segment and the UK's automotive production hub status. Nissan Motor's com... Read More
Pub date: 27 Apr 2012 Europe / Slovakia Power Industry Report
BMI View: Thanks to subdued demand growth, Slovakia should have reduced its net power import requirement significantly in 2011. The expansion of nuclear capacity from around 2013/14 should diminish ... Read More
Pub date: 27 Apr 2012 Europe / Uzbekistan Telecommunications Industry Report
The Q212 update to BMI's report on telecoms markets of Kazakhstan and its four Central Asian neighbours incorporates new mobile subscriber data for the three months ending December 31 2011. Using th... Read More
Pub date: 27 Apr 2012 Europe / Turkey Shipping Industry Report
BMI View: GDP Slowdown Expected in 2012 Having benefited from the economy's strong growth, particularly in the first half of 2011, the Turkish ports and shipping sector is likely to be affected by a... Read More
Pub date: 27 Apr 2012 Europe / Germany Metals Industry Report
The German steel market is losing momentum and steelmakers are likely to review their operations in the country over coming months, with the likelihood of temporary blast furnace closures and reduced... Read More
Pub date: 27 Apr 2012 Europe / United Kingdom Telecommunications Industry Report
BMI had expected another quarter of strong growth in the mobile market in Q411 given the uptick in the market in Q311 and the traditionally strong Q411. However, the market grew more slowly than we ... Read More
Pub date: 27 Apr 2012 Europe / Poland Mining Industry Report
Restructuring efforts in the coal mining sector and a general lack of new base metal prospects lead us to forecast a slow decline in Poland's mining industry. We expect industry value to decline to P... Read More
Pub date: 27 Apr 2012 Europe / Spain Agribusiness Industry Report
BMI View: Severe droughts in Spain's main growing regions in recent months have severely affected grain crops during plantings. As a result, we have revised down our forecasts for wheat, corn and bar... Read More
Pub date: 27 Apr 2012 Europe / Hungary Power Industry Report
BMI View: Hungary is currently subject to modest power demand growth, relatively high electricity pricing and must make some tough decisions over the timing and type of supply expansion programme it ... Read More
Pub date: 27 Apr 2012 Europe / Kazakhstan Power Industry Report
BMI View: Kazakhstan has near-term issues because of its inadequate power supply and longer-term decisions to make over nuclear power. Demand growth is healthy, reflecting economic expansion. Curren... Read More
Pub date: 27 Apr 2012 Europe / Czech Republic Commercial Banking Industry Report
BMI View: We maintain a sanguine view on the Czech Republic's commercial banking sector and believe it will remain one of the most stable in the CEE region. Strong risk metric readings, subdued but ... Read More
Pub date: 27 Apr 2012 Europe / Finland Telecommunications Industry Report
In this quarter's update of BMI's Finland Telecommunications Market Report, relatively few changes have been made to our forecasts for the country's mobile sector as the latest results reported by th... Read More
Pub date: 26 Apr 2012 Europe / France Metals Industry Report
The French steel industry is set for a contraction in 2012 as exports contract and the domestic market comes under pressure, although it will remain one of the better performing in Europe with constr... Read More
Pub date: 26 Apr 2012 Europe / Netherlands Metals Industry Report
The Dutch steel industry will face a decline in market activity in 2012 due to the impact of the eurozone crisis with a corresponding fall in output, but BMI's latest Netherlands Metals Report envisa... Read More
Pub date: 26 Apr 2012 Europe / Netherlands Telecommunications Industry Report
The latest Q212 update to BMI's Netherlands Telecoms Report contains analysis of the latest trends and developments in the telecommunications sector, a regional overview and our forecasts for the mob... Read More
Pub date: 26 Apr 2012 Europe / Ukraine Power Industry Report
BMI View: Ukraine's dependence on Russia for gas is a problem, as it exposes the country to import volatility and ongoing price disputes - exacerbated by the government's power price subsidies. Domes... Read More
Pub date: 26 Apr 2012 Europe / Spain Metals Industry Report
The outlook for the Spanish steel industry is poor, with the repercussions of the current adverse economic circumstances likely to be felt for years. In the first 10 months of 2011 Spanish crude ste... Read More
Pub date: 26 Apr 2012 Europe / Sweden Metals Industry Report
The Swedish steel industry has capitalised on its niche markets to stage a strong come-back, but rising costs and falling product prices will squeeze margins according to this latest Sweden Metals Re... Read More
Pub date: 26 Apr 2012 Europe / Turkey Autos Industry Report
The Turkish Automotive Industry Association (OSD) reported an 8% drop in vehicle manufacturing in January 2012, when compared to the same month in the previous year. This led to overall vehicle prod... Read More
Pub date: 26 Apr 2012 Europe / United Kingdom Metals Industry Report
We expect the sudden growth in steel production in the UK in H111 to be short-lived as the country experiences a sluggish domestic recovery and external trade headwinds caused by the slowdown in the ... Read More
Pub date: 25 Apr 2012 Europe / Romania Power Industry Report
BMI View: While Romania's plans to greatly expand its nuclear generation capacity are in disarray, there is growing support for the country's wind power programme. Low electricity prices threaten in... Read More
Pub date: 25 Apr 2012 Europe / Russia Power Industry Report
BMI View: Russia's power sector faces a host of challenges. There is no disputing the size of the market and the potential for domestic and foreign companies alike to invest. However, infrastructure ... Read More
Pub date: 25 Apr 2012 Europe / United Kingdom Real Estate Industry Report
There are a variety of factors weighing heavily on the UK's real estate market. The commercial sector is under pressure as a result of the country's economic woes, though it has remained more stable ... Read More
Pub date: 25 Apr 2012 Europe / Bulgaria Defence & Security Industry Report
The government of Bulgaria remains focused on an armed forces modernisation initiative, which was launched to enhance compatibility with NATO, and to re-orientate these forces away from their former ... Read More
Pub date: 25 Apr 2012 Europe / Czech Republic Power Industry Report
BMI View: The future of the country's power sector is largely dependent on nuclear and renewables, although gas has a key role to play over the medium-term, as it helps reduce reliance on coal in el... Read More
Pub date: 25 Apr 2012 Europe / Greece Defence & Security Industry Report
The Greek defence budget is expected to experience a serious reduction of around 16% compared to 2011 figures as austerity measures begin to bite. Savings are expected to be found in the reduction o... Read More
Pub date: 20 Apr 2012 Europe / Sweden Information Technology Industry Report
BMI View: Swedish IT spending is expected to reach US$16.6bn in 2012, up 2%, with BMI downwardly revising its forecast as the possibility of a eurozone recession is expected to mean more moderate gro... Read More
Pub date: 20 Apr 2012 Europe / Romania Autos Industry Report
The Romanian auto industry is currently falling into a standard pattern for countries in Central and Eastern Europe (CEE). Namely, a very large domestic production capacity and limited domestic cons... Read More
Pub date: 20 Apr 2012 Europe / Greece Commercial Banking Industry Report
BMI View: The foundations of the Greek banking sector are crumbling as corporate and retail depositors continue to withdraw funds on mass and rush for the exits. Only the supply of cheap and easily ... Read More
Pub date: 20 Apr 2012 Europe / Ireland Food & Drink Industry Report
Further fiscal austerity, falling house prices, and household deleveraging will combine with a weaker external demand environment to ensure the Irish economy contracts over the course of 2012. A swif... Read More
Pub date: 20 Apr 2012 Europe / Germany Agribusiness Industry Report
BMI View: After 2011's wheat harvest disappointed due to adverse weather conditions, more of the same is expected for 2012. The very cold winter weather in the early part of 2012, followed by a lack ... Read More
Pub date: 20 Apr 2012 Europe / Russia Freight Transport Industry Report
Following a year which saw the recovery continue, according to BMI's estimates, 2012 will signal further growth, albeit less pronounced, and, in one of the freight modes, a return to pre-downturn lev... Read More
Pub date: 19 Apr 2012 Europe / Turkey Tourism Industry Report
Tourism Overview Final provisional figures for 2011 show annual growth in foreign tourism broadly slowed during the course of the year but remained strong at just under 10%. Although growth slowed t... Read More
Pub date: 19 Apr 2012 Europe / Russia Shipping Industry Report
Russia's two bellwethers, the port of Novorossiysk (the country's largest port in terms of total throughput) and the port of St Petersburg (its main box facility), are set to hold their respective to... Read More
Pub date: 19 Apr 2012 Europe / Ukraine Shipping Industry Report
The Port of Odessa is set to hold the top position in Ukraine's maritime sector in terms of both total tonnage and container throughput in 2012 after overtaking the Port of Illichivsk in terms of box... Read More
Pub date: 19 Apr 2012 Europe / Germany Defence & Security Industry Report
The defence posture of Germany has been controversial domestically since the end of World War II, and little is likely to change in this regard in the future, given the pacifistic nature of a signifi... Read More
Pub date: 19 Apr 2012 Europe / Belarus Pharmaceuticals & Healthcare Industry Report
BMI View: We continue to believe the Belarusian pharmaceutical market has long-term potential due to the country's favourable geographic position, demographic profile and low per capita spending. No... Read More
Pub date: 19 Apr 2012 Europe / Italy Defence & Security Industry Report
Along with several other countries in the eurozone, Italy is currently in the middle of a severe financial crisis that is causing its government to make some tough decisions regarding defence spendin... Read More
Pub date: 19 Apr 2012 Europe / Ukraine Tourism Industry Report
The medium-term macroeconomic outlook across emerging Europe has improved considerably since the beginning of H209, when Central and Eastern Europe (CEE) was facing the worst macroeconomic crisis si... Read More
Pub date: 19 Apr 2012 Europe / Russia Consumer Electronics Industry Report
Russia's consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and AV products, is estimated at about US$23.95bn in 2011. Volume sales of mobil... Read More
Pub date: 19 Apr 2012 Europe / Slovenia Information Technology Industry Report
BMI View: Slovenian IT spending is expected to reach US$1.0bn in 2012, up 4% on 2011, when IT services vendors reported a slightly improved situation in the Slovenian market, with increased demand, ... Read More
Pub date: 19 Apr 2012 Europe / Denmark Telecommunications Industry Report
The Q212 telecommunications market report for Denmark provides an analysis of operator performance and market development based on operator data for the country's mobile, broadband, fixed-line and pa... Read More
Pub date: 19 Apr 2012 Europe / Serbia Consumer Electronics Industry Report
Serbia's consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video, audio and gaming products, is forecast to stand at around US$1.2bn in... Read More
Pub date: 13 Apr 2012 Europe / Greece Real Estate Industry Report
The Greek government has overcome a number of key obstacles in recent weeks that have averted a potentially disastrous and disorderly default. Despite pulling back from the brink, enormous political ... Read More
Pub date: 13 Apr 2012 Europe / Germany Real Estate Industry Report
The high level of exposure to the ongoing eurozone debt crisis suggests a more challenging economic outlook for Germany. However, barring another major recession as seen in 2009 (not our core scenari... Read More
Pub date: 13 Apr 2012 Europe / Russia Telecommunications Industry Report
BMI's Q212 report on the Russian telecommunications market provides analysis of operator performance and market development based on operator data for the country's mobile, broadband, fixed-line and ... Read More
Pub date: 13 Apr 2012 Europe / France Real Estate Industry Report
France's business environment remains among the best in the world. This is underpinned by a welleducated and highly skilled workforce, strong institutions and advanced transport and communications i... Read More
Pub date: 13 Apr 2012 Europe / Belgium Oil & Gas Industry Report
BMI View: Subdued oil demand growth means the prospects for refiners and fuels distributors - which are already facing strong competition and a need to maintain investment for environmental reasons -... Read More