31.   Chairman Karl C Kwok blamed the severe downturn in the local and regional equity markets last year for the poor result.

32.   Historically, markets rebound quite strongly after a severe downturn suchas we have experienced.

33.   Indonesia is currently battling a severe economic downturn and there are fears of protests and riots as jobs disappear and prices rise.

34.   It cited a severe downturn in demand for dynamic random access memory chips.

35.   Many people view Tung as a puppet of Beijing who has done little to combat two severe economic downturns since the handover.

36.   ONE bank anticipates doing brisk business in mortgage financing despite the severe downturn in the local economy.

37.   The decision to rally together around social issues could spell trouble for Tung, whose administration is struggling with a severe economic downturn.

38.   The move brought harsh international criticism and caused a severe economic downturn.

39.   THE severe downturn of the property market has led to a massive plunge in net profit at Pearl Oriental.

40.   Their action came as Thailand is suffering from a severe economic downturn which they fear may cost the country many manufacturing and service sector jobs.