Today's results reflect a solid third-quarter performance for our core business.
We have further enhanced the core by releasing significant product upgrades this quarter that prepare us well for 2006.
Europe has the problem today, with low growth for example. But the US should not get complacent. If the trade and budget deficits continue on its current course, the US will have a problem in the next ten years.
The Internet was not invented just to show a replica of yesterday's newspaper with a few banner advertisements. We cannot be the choke-hold, blocking the new creators in a bid to protect our legacy businesses. There is no doubt that our businesses will be stronger if we employ a more collective and open-minded approach to content.
Fast Forward has delivered revenue growth at Reuters for the first time in four years.
We see another challenging two years ahead of us, ... I do want to caution you against forecasting too early a recovery.
[The response had to be immediate.] Straight after taking over, we just started pulling costs out, ... We pulled out a little over £400 million, and that was just to stay alive. It wasn't very strategic, we just saw that the ship was taking on water, so we said 'let's start baling and not get too refined about which cabin we do first'.
Despite challenging market conditions, we remain focused on margin enhancement at Reuters, with a 12 percent operating target in 2002.
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