Ann: Company Positioning and Business Strategy Update, page-11

What Bob means by global tightening is the fact that global central banks around the world are increasing interest rates. Lately the federal reserve of the USA was tipped to pause on interest gates but received some good economic news last week. So at the next Fed meeting pundits are now.tipping a small rate hike.

I think Bob will be using this scenario that high and increasing world interest rates is putting pressure on companies to stay in the black. Lately commodity prices are actually dropping which may mean our clay in reality (not forecasted) will also drop in price. Not looking that good for both BFS and DFS.

All of the above and other scenarios like bank failures will eventually set up a world recession. This is exactly what I have been worried about for years. The longer this project is delayed the worse off it will be for ADN shareholders.