Last year was the bounce-back year and this year is the consolidation year.

283

Executives might not want to make cuts in travel budgets, but businesses are insisting on it.

255

Business is tough, now people are trying to travel but at much lower cost. (In total) business travel dropped by 12 percent from peak to trough.

254

The stock markets have been doing reasonably well and there's been a big hike in merger activity over the past couple of years that created a huge amount of fee income. There's also been a move toward the higher fee earning elements.

225

In London (the worst) probably is over. The London economy, in our estimates, declined at end of last year and has actually picked up since then, ... For the rest of the U.K., I think probably the worst period is the first half of this year.

73