1.   An unexpected downward revision to British economic growth in the first quarter handed the government fresh ammunition to resist calls for higher interest rates.

2.   Banks could come out with some big downward revisions at the net level for the full year, James said.

3.   Banco Bansud was also placed under review for possible further downward revision.

4.   A downward revision in corporate profits would deal a blow to optimism regarding the Japanese economy, he said.

5.   Business, especially considering the downward revision in the June retail sales, was still subdued, and that bodes well for a steady monetary policy, analysts say.

6.   But the impact of the increase, the largest monthly gain since June, for the most part was offset by downward revisions in the previous two months.

7.   Charles Hill, director of research at First Call Inc., which tracks corporate earnings, already notes a sharp downward revision in fourth quarter figures.

8.   Compaq Computer, Intel, IBM, Amoco, Chevron, Texaco, Mobil, Atlantic Richfield and Union Pacific account for one-third of the downward revision.

9.   Downward revisions in those expenses will largely offset the impact of the reductions on the bottom line, however.

10.   Downward revisions of basic demand would be bad.