Key regional risks 

* Epidemic of Bird Flu

-  High risk of world wide impact
-  Impact the mobility of people (based on SARS crisis) => huge impact on type consumption
-  Long term impact on global economy, world wide recession

* High oil prices

-  Dampen the consumer demand

* Controlling of inflation

-  A sharp rise in interest rate  could derail the recovery of investment  and significantly affect the already high level household debt

* Major slowdown in world economy

-  Combination of weakening US dollar and higher would interest rates