11.   The firms would earn higher commissions if they bring in the revenues faster.

12.   The firm earned lucrative underwriting fees from companies whose securities Grubman was aggressively recommending.

13.   The firms earn hundreds of millions of dollars in fees for structuring, selling and trading such supermaturity securities.

14.   These firms earn much of their profit from money management and mutual funds and by working with individual investors.

15.   With Sam Snyder overseeing the engineers and Jim Snyder in charge of sales and administration, the firm has earned a reputation as a pioneer in its field.

16.   As foreign investment in the countries could fall markedly and local demand is shrinking, the foreign securities firms could not earn enough to cover their operating costs.

17.   Finance Undersecretary Milwida Guevarra, however, downplayed the slight drop, saying most firms were still earning profits.

18.   In addition, export firms have earned large quantities of Chinese yuan by selling their foreign exchange earning to banks.

19.   Cybank clients would be able to download the system from the Internet free of charge and the firm would earn revenues by collecting commissions from banks, he said.

20.   Western analysts said decentralisation would be an important measure because it would allow private firms to earn hard currency, encouraging them to in turn boost exports.