2007 Latin America - Telecoms, Mobile and Broadband in Mercosur, Guyana, Suriname, Venezuela

Published by: Paul Budde Communication Pty Ltd

Published: Mar. 28, 2007 - 236 Pages

Table of Contents

1. ARGENTINA

1.1 Key statistics

1.2 Telecommunications market

1.2.1 Overview of Argentina’s telecom market

1.3 Regulatory environment

1.3.1 Background

1.3.2 Regulatory authorities

1.3.3 Privatisation of Entel

1.3.4 Telecom sector liberalisation in Argentina

1.3.5 Universal Service Fund

1.3.6 Multicarrier system

1.3.7 Rate freezes

1.4 Telecom network operators in Argentina

1.4.1 Overview of operators

1.4.2 Telefónica de Argentina (TASA)

1.4.3 Telecom Argentina

1.4.4 Telmex Argentina

1.4.5 Comsat Argentina

1.4.6 Impsat

1.4.7 IPLAN

1.5 Telecommunications infrastructure

1.5.1 National telecom network

1.5.2 International infrastructure

1.5.3 Infrastructure developments

1.6 Internet market

1.6.1 Overview

1.7 Broadband market

1.7.1 Overview

1.7.2 Cable modems

1.7.3 Asymmetrical Digital Subscriber Line (ADSL)

1.7.4 Wireless broadband

1.7.5 Broadband over Powerline (BPL)

1.8 Convergence

1.8.1 Overview of media convergence

1.8.2 Triple play models

1.8.3 Regulatory issues

1.8.4 Pay TV

1.8.5 Digital Terrestrial TV (DTTV)

1.9 Mobile communications

1.9.1 Overview of Argentina’s mobile market

1.9.2 Regulatory issues

1.9.3 Mobile technologies

1.9.4 Major mobile operators

1.9.5 Mobile voice services

1.9.6 Mobile data services

1.10 Forecasting

1.10.1 General

1.10.2 Notes on scenario forecasts

1.10.3 Scenario foreacsts

2. BRAZIL

2.1 Key statistics

2.2 Telecommunications market

2.2.1 Overview of Brazil’s telecom market

2.3 Regulatory environment

2.3.1 History

2.3.2 Regulatory authority

2.3.3 Privatisation of Telebrás

2.3.4 Mirror companies

2.3.5 Telecom sector liberalisation in Brazil

2.3.6 Universalisation goals

2.3.7 Government telecom funds (Fust, Fistel, and Funttel)

2.3.8 Foreign investment

2.3.9 Number portability (NP)

2.3.10 Access

2.3.11 Interconnect

2.3.12 Tariffs

2.3.13 Per-minute billing system

2.3.14 Special Class Individual Access (AICE)

2.3.15 Fixed-line contract renewal - January 2006

2.4 Telecom network operators in Brazil

2.4.1 Overview of fixed network market

2.4.2 Telemar

2.4.3 Brasil Telecom

2.4.4 Telesp

2.4.5 Embratel

2.4.6 Global Village Telecom (GVT)

2.4.7 Intelig Telecom

2.4.8 CTBC Telecom

2.4.9 Sercomtel

2.5 Telecommunications infrastructure

2.5.1 National telecom networks

2.5.2 International infrastructure

2.5.3 Infrastructure developments

2.6 Internet market

2.6.1 Overview

2.6.2 ISP market

2.7 Broadband market

2.7.1 Overview

2.7.2 Cable modems

2.7.3 ADSL

2.7.4 Broadband Powerline (BPL)

2.7.5 Wireless broadband

2.8 Convergence

2.8.1 Overview of media convergence

2.8.2 Triple play models

2.8.3 Quadruple play

2.8.4 Regulatory issues

2.8.5 Pay TV

2.8.6 Broadband TV (IPTV)

2.8.7 Digital Terrestrial TV (DTTV)

2.9 Mobile communications

2.9.1 Overview of Brazil’s mobile market

2.9.2 Privatisation of Telebrás

2.9.3 Regulatory issues

2.9.4 Frequency bands

2.9.5 Mobile technologies

2.9.6 Mobile operators in Brazil

2.9.7 Mobile voice services

2.9.8 Mobile data services

2.9.9 Mobile content and applications

2.10 Forecasting

2.10.1 General

2.10.2 Notes on scenario forecasts

2.10.3 Scenario foreacsts

3. GUYANA

3.1 Key statistics

3.2 Telecommunications market

3.2.1 Overview of Guyana’s telecom market

3.3 Regulatory environment

3.3.1 Background

3.3.2 Regulatory authority

3.3.3 Privatisation

3.3.4 Telecom sector liberalisation in Guyana

3.3.5 Settlement rates

3.4 Telecom network operators in Guyana

3.4.1 Guyana Telephone and Telegraph Co Ltd (GT&T)

3.5 Telecommunications infrastructure

3.5.1 National telecom network

3.5.2 International

3.6 Internet and broadband market

3.6.1 Overview

3.7 Mobile communications

3.7.1 Overview of Guyana’s mobile market

3.7.2 Mobile technologies

3.7.3 Major mobile operators

3.7.4 Mobile voice services

4. PARAGUAY

4.1 Key statistics

4.2 Telecommunication market

4.2.1 Overview of Paraguay’s telecom market

4.3 Regulatory environment

4.3.1 Background

4.3.2 Regulatory authority

4.3.3 Privatisation of Copaco

4.3.4 Telecom sector liberalisation in Paraguay

4.3.5 Foreign investment

4.3.6 Interconnect

4.4 Telecom network operators in Paraguay

4.4.1 Copaco Compañía Paraguaya de Comunicaciones (Copaco)

4.5 Telecommunications infrastructure

4.5.1 National telecom network

4.5.2 International infrastructure

4.5.3 Infrastructure developments

4.6 Internet market

4.6.1 Overview

4.7 Broadband market

4.7.1 Overview

4.8 Convergence

4.8.1 Overview of media convergence

4.8.2 Pay TV

4.9 Mobile communications

4.9.1 Overview of Paraguay’s mobile market

4.9.2 Mobile technologies

4.9.3 Major mobile operators

4.9.4 Mobile voice services

4.9.5 Mobile data services

5. SURINAME

5.1 Key statistics

5.2 Telecommunications market

5.2.1 Overview of Suriname’s telecom market

5.3 Regulatory environment

5.3.1 Background

5.3.2 Regulatory authority

5.3.3 Telecom sector liberalisation in Suriname

5.4 Telecom network operators in Suriname

5.4.1 Telesur

5.5 Telecommunications infrastructure

5.5.1 National telecom network

5.5.2 International infrastructure

5.5.3 Infrastructure developments

5.6 Internet and broadband market

5.6.1 Overview

5.7 Mobile communications

5.7.1 Overview of Suriname’s mobile market

5.7.2 Major mobile operators

5.7.3 Mobile voice services

6. URUGUAY

6.1 Key statistics

6.2 Telecommunications market

6.2.1 Overview of Uruguay’s telecom market

6.3 Regulatory environment

6.3.1 Regulatory authority

6.3.2 Telecom sector liberalisation in Uruguay

6.3.3 Privatisation of Antel

6.4 Telecom network operators In Uruguay

6.4.1 Overview of operators

6.4.2 Antel

6.5 Telecommunications infrastructure

6.5.1 National telecom network

6.5.2 International infrastructure

6.6 Internet market

6.6.1 Overview

6.7 Broadband market

6.7.1 Overview

6.7.2 Wireless broadband

6.8 Convergence

6.8.1 Overview of media convergence

6.8.2 Pay TV

6.8.3 Digital terrestrial TV (DTTV)

6.9 Mobile communications

6.9.1 Overview of Uruguay’s mobile market

6.9.2 Mobile technologies

6.9.3 Major mobile operators

6.9.4 Mobile voice services

6.9.5 Mobile data services

7. VENEZUELA

7.1 Key statistics

7.2 Telecommunications market

7.2.1 Overview of Venezuela’s telecom market

7.3 Regulatory environment

7.3.1 Background

7.3.2 Regulatory authority

7.3.3 Privatisation of CANTV

7.3.4 Re-nationalisation of CANTV

7.3.5 Telecom sector liberalisation in Venezuela

7.3.6 Interconnection

7.4 Telecom network operators in Venezuela

7.4.1 Overview of operators

7.4.2 CANTV

7.4.3 Movistar (Telefónica)

7.4.4 Digitel

7.4.5 NetUno (previously Veninfotel)

7.4.6 New Global Telecom Venezuela (NGTV)

7.4.7 CVG Telecom

7.4.8 Impsat Venezuela

7.5 Telecommunications infrastructure

7.5.1 National telecom network

7.5.2 International infrastructure

7.5.3 Infrastructure developments

7.6 Internet market

7.6.1 Overview

7.7 Broadband market

7.7.1 Overview

7.7.2 Cable modems

7.7.3 Asymmetrical Digital Subscriber Line (ADSL)

7.7.4 Wireless broadband

7.8 Convergence

7.8.1 Overview of media convergence

7.8.2 Triple play models

7.8.3 Pay TV

7.9 Mobile communications

7.9.1 Overview of Venezuela’s mobile market

7.9.2 Mobile technologies

7.9.3 Major mobile operators

7.9.4 Mobile voice services

7.9.5 Mobile data services

7.10 Forecasting

7.10.1 General

7.10.2 Notes on scenario forecasts

7.10.3 Scenario foreacsts

8. GLOSSARY OF ABBREVIATIONS

Exhibit 1 - The recession of 2000 - 2002

Exhibit 2 - TASA at a glance

Exhibit 3 - Telecom Argentina at a glance

Exhibit 4 - Major submarine cable networks landing in Argentina

Exhibit 5 - The CABASE NAP dispute

Exhibit 6 - PCS auctions - 1999

Exhibit 7 - Movicom BellSouth history

Exhibit 8 - Telefónica Comunicaciones Personales, trading as Unifón history

Exhibit 9 - Subdivision of Brazil into regions and areas

Exhibit 10 - Privatisation of Telebrás

Exhibit 11 - Fixed-line incumbents and mirror companies by region

Exhibit 12 - Regions of Brazil

Exhibit 13 - Telemar Norte Leste (Telemar) at a glance

Exhibit 14 - Brasil Telecom at a glance

Exhibit 15 - Telesp at a glance

Exhibit 16 - Embratel Participações at a glance

Exhibit 17 - Principal subsidiaries of Embratel Participações - February 2007

Exhibit 18 - Vésper history

Exhibit 19 - Major submarine cable networks landing in Brazil

Exhibit 20 - Geostationary satellites operating in Brazil - February 2007

Exhibit 21 - Subdivision of Brazil into regions and areas

Exhibit 22 - Band-A mobile operators and technologies used

Exhibit 23 - Band-B mobile operators and technologies used

Exhibit 24 - Band-D mobile operators and technologies used

Exhibit 25 - Band-E mobile operators and technologies used

Exhibit 26 - Subdivision of Brazil into regions and areas

Exhibit 27 - Vivo group company history

Exhibit 28 - TIM Brasil company history

Exhibit 29 - TIM Brasil company restructure - 2003 - 2006

Exhibit 30 - Claro company history

Exhibit 31 - Major ISPs - 2007

Exhibit 32 - Licensed mobile companies

Exhibit 33 - Licensed ILD operators in Uruguay - February 2007

Exhibit 34 - Major submarine cable networks connecting Uruguay

Exhibit 35 - CANTV at a glance

Exhibit 36 - The creation of CVG Telecom

Exhibit 37 - Major submarine cable networks landing in Venezuela

Exhibit 38 - Mobile telephony in Venezuela - historical overview

Exhibit 39 - Mobile telephony in Venezuela - licensing regions

Exhibit 40 - Movistar company history

Exhibit 41 - Infonet - historical

Exhibit 42 - Digicel - historical

Table 1 - Country statistics Argentina - 2006

Table 2 - Telephone network statistics - 2006

Table 3 - Internet user statistics - 2006

Table 4 - Broadband statistics - 2006

Table 5 - Mobile statistics - 2006

Table 6 - National telecommunications authorities

Table 7 - TASA fixed lines in service and annual change - 2001 - 2006

Table 8 - Telecom Argentina fixed lines in service and annual change - 2000 - 2006

Table 9 - Fixed lines in service, annual change and teledensity - 1996 - 2006

Table 10 - Public phones and annual change - 1996 - 2006

Table 11 - Internet users, annual change and user penetration - 1999 - 2006

Table 12 - Residential dial-up subscribers, free ISP customers and annual change - 2001 - 2006

Table 13 - Residential broadband subscribers, annual change and household penetration - 2001 - 2006

Table 14 - Corporate broadband subscribers and annual change - 2001 - 2006

Table 15 - Speedy - ADSL subscribers and annual change - 2001 - 2006

Table 16 - Arnet - ADSL subscribers and annual change - 2001 - 2006

Table 17 - FiberTel - cable modem subscribers and annual change - 2000 - 2006

Table 18 - Cable modem subscribers, annual change and household penetration - 2001 - 2006

Table 19 - ADSL subscribers, annual change and household penetration - 2001 - 2006

Table 20 - Cable TV subscribers (million), annual change and household penetration, based on INDEC data - 1997 - 2006

Table 21 - Cable TV subscribers and operators’ market share according to SAT - 2006

Table 22 - CableVisión cable TV subscribers and annual change - 1999 - 2006

Table 23 - Multicanal cable TV subscribers and annual change - 2000 - 2006

Table 24 - Mobile subscribers by operator, technology and annual change - September 2006

Table 25 - Mobile subscribers, annual change and penetration - 1996 - 2006

Table 26 - Mobile operators’ market share - 1999 - 2006

Table 27 - Movistar mobile subscribers (million) and annual change - 1999 - 2006

Table 28 - CTI Móvil mobile subscribers and annual change - 1999 - 2006

Table 29 - Telecom Personal mobile subscribers and annual change - 1999 - 2006

Table 30 - Nextel Argentina mobile subscribers and annual change - 2004 - 2006

Table 31 - Prepaid/postpaid ratio - 1999 - 2006

Table 32 - Fixed lines in service, annual change, and teledensity - 1996 - 2006

Table 33 - Forecast fixed-line growth - lower market scenario - 2005; 2010; 2015

Table 34 - Forecast fixed-line growth - upper market scenario - 2005; 2010; 2015

Table 35 - Mobile subscribers, annual change and penetration - 1996 - 2006

Table 36 - Forecast mobile subscriber growth - lower market scenario - 2005; 2010; 2015

Table 37 - Forecast mobile subscriber growth - upper market scenario - 2005; 2010; 2015

Table 38 - Broadband subscribers, annual change and household penetration - 2001 - 2006

Table 39 - Forecast broadband growth - lower market scenario - 2005; 2010; 2015

Table 40 - Forecast broadband growth - upper market scenario - 2005; 2010; 2015

Table 41 - Country statistics Brazil - 2006

Table 42 - Telephone network statistics - 2006

Table 43 - Internet user statistics - 2006

Table 44 - Broadband statistics - 2006

Table 45 - Mobile statistics - 2006

Table 46 - National telecommunications authorities

Table 47 - Telemar fixed lines in service, digitisation and annual change - 1998 - 2006

Table 48 - Brasil Telecom fixed lines in service, digitisation and annual change - 1998 - 2006

Table 49 - Telesp fixed lines in service, digitisation and annual change - 1999 - 2006

Table 50 - Fixed lines in service, teledensity and annual change - 1998 - 2006

Table 51 - Public payphones and annual change - 1998 - 2006

Table 52 - Internet users, penetration and annual change - 1996 - 2006

Table 53 - Internet users with own computer and annual change - 2000 - 2006

Table 54 - Internet access points - August 2006

Table 55 - Broadband subscribers, annual change, and penetration - 2001 - 2006

Table 56 - Broadband market share by technology - 2001 - 2006

Table 57 - Cable modem subscribers, annual change, and penetration - 2001 - 2006

Table 58 - Virtua subscribers and annual change - 2002 - 2006

Table 59 - ADSL subscribers, annual change, and penetration - 2001 - 2006

Table 60 - ADSL operators’ market share - 2002 - 2006

Table 61 - Telesp ADSL subscribers and annual change - 2000 - 2006

Table 62 - Brasil Telecom ADSL subscribers and annual change - 2001 - 2006

Table 63 - Telemar ADSL subscribers and annual change - 2001 - 2006

Table 64 - Pay TV concessions - 2006

Table 65 - Pay TV subscribers, annual change and penetration - 1999 - 2006

Table 66 - Pay TV subscriber ratio by technology - 2000 - 2006

Table 67 - Cable TV subscribers, annual change, and penetration - 2000 - 2006

Table 68 - MMDS subscribers, annual change and penetration - 2000 - 2006

Table 69 - DTH subscribers, annual change, and penetration - 2000 - 2006

Table 70 - Major pay TV companies market share - 1998; 2003 - 2006

Table 71 - Net Serviços pay TV subscribers and annual change - 2000 - 2006

Table 72 - Vivax pay TV and broadband subscribers and annual change - 2002 - 2006

Table 73 - TVA pay TV and broadband subscribers and annual change - 2003 - 2006

Table 74 - Mobile subscribers by operator and technology and annual change - September 2006

Table 75 - Mobile subscribers, annual change and penetration - 1996 - 2006

Table 76 - Operator’s market share - 2003 - 2006

Table 77 - Band A, B, D, and E subscribers - 2000 - 2006

Table 78 - Band A, B, D, and E ratio - 2000 - 2006

Table 79 - Mobile subscribers by technology - 2002 - 2006

Table 80 - Market share by technology - 2002 - 2006

Table 81 - Annual change by technology - 2003 - 2006

Table 82 - Mobile operator’s market share - 2003 - 2006

Table 83 - Evolution of ARPU - major operators and annual change - 2005 - 2006

Table 84 - Vivo subscribers and annual change - 2002 - 2006

Table 85 - Vivo subscribers per subsidiary (historical) - 2002 - 2005

Table 86 - TIM Brasil subscribers and annual change - 2003 - 2006

Table 87 - TIM Brasil subscribers per subsidiary (historical) - 2002 - 2005

Table 88 - Claro subscribers and annual change - 2002 - 2006

Table 89 - Oi subscribers and annual change - 2002 - 2006

Table 90 - Amazônia Celular subscribers and annual change - 2002 - 2006

Table 91 - Telemig subscribers and annual change - 2002 - 2006

Table 92 - BrT Mobile subscribers and annual change - 2004 - 2006

Table 93 - CTBC subscribers and annual change - 2003 - 2006

Table 94 - Sercomtel subscribers and annual change - 2003 - 2006

Table 95 - Nextel Brasil mobile subscribers and annual change - 2004 - 2006

Table 96 - Prepaid subscribers, annual change and market share - 2002 - 2006

Table 97 - Fixed lines in service, annual change and teledensity - 1998 - 2006

Table 98 - Forecast fixed line growth - lower market scenario - 2005; 2010; 2015

Table 99 - Forecast fixed line growth - upper market scenario - 2005; 2010; 2015

Table 100 - Mobile subscribers, annual change, and penetration - 1996 - 2006

Table 101 - Forecast mobile subscriber growth - lower market scenario - 2005; 2010; 2015

Table 102 - Forecast mobile subscriber growth - upper market scenario - 2005; 2010; 2015

Table 103 - Broadband subscribers, annual change and penetration - 2001 - 2006

Table 104 - Forecast broadband growth - lower market scenario - 2005; 2010; 2015

Table 105 - Forecast broadband growth - upper market scenario - 2005; 2010; 2015

Table 106 - Country statistics Guyana - 2006

Table 107 - Telephone network statistics - September 2006

Table 108 - Internet user statistics - 2005

Table 109 - Broadband statistics - 2005

Table 110 - Mobile statistics - June 2006

Table 111 - National telecommunications authorities

Table 112 - Fixed lines in service, annual change and teledensity - 1997 - 2006

Table 113 - Internet users and user penetration - 1997 - 2005

Table 114 - Internet subscribers, penetration, and annual change - 1999 - 2005

Table 115 - Mobile subscribers, annual change, and penetration - 1998 - 2006

Table 116 - GT&T mobile subscribers and annual change - 1998 - 2006

Table 117 - Country statistics Paraguay - 2006

Table 118 - Telephone network statistics - 2005

Table 119 - Internet user statistics - 2005

Table 120 - Broadband statistics - 2005

Table 121 - Mobile statistics - September 2006

Table 122 - National telecommunications authorities

Table 123 - Fixed lines in service, annual change and teledensity - 2000 - 2005

Table 124 - Internet users, user penetration and annual change - 1997 - 2005

Table 125 - Internet subscribers, penetration, and annual change - 2000 - 2005

Table 126 - Multicanal cable TV subscribers and annual change - 2001 - 2006

Table 127 - Mobile subscribers by operator and technology and annual change - September 2006

Table 128 - Mobile subscribers, penetration and annual change - 1998 - 2006

Table 129 - Mobile operators market share - 2003 - 2006

Table 130 - Country statistics Suriname - 2006

Table 131 - Telephone network statistics - 2005

Table 132 - Internet user statistics - 2005

Table 133 - Broadband statistics - 2005

Table 134 - Mobile statistics - June 2006

Table 135 - National telecommunications authorities

Table 136 - Fixed lines in service, teledensity and annual change - 1997 - 2005

Table 137 - Internet users, user penetration and annual change - 1997 - 2005

Table 138 - Internet subscribers, penetration, and annual change - 1997 - 2005

Table 139 - Mobile subscribers, penetration and annual change - 1997 - 2006

Table 140 - Country statistics Uruguay - 2006

Table 141 - Telephone network statistics - 2005

Table 142 - Internet user statistics - 2005

Table 143 - Broadband statistics - 2006

Table 144 - Mobile statistics - September 2006

Table 145 - National telecommunications authorities

Table 146 - Fixed lines in service, teledensity and annual change - 1997 - 2005

Table 147 - Internet users, user penetration and annual change - 1997 - 2005

Table 148 - Anteldata ADSL subscribers and annual change - 2003 - 2006

Table 149 - Pay TV subscribers, household penetration and annual change - 1998 - 2005

Table 150 - Mobile subscribers by operator and technology and annual change - June 2006

Table 151 - Mobile subscribers, penetration and annual change - 1997 - 2006

Table 152 - Mobile operators’ market share - 2003 - 2006

Table 153 - Ancel mobile subscribers and annual change - 1999 - 2006

Table 154 - Movistar mobile subscribers and annual change - 2000 - 2006

Table 155 - CTI Móvil mobile subscribers and annual change - 2004 - 2006

Table 156 - Country statistics Venezuela - 2006

Table 157 - Telecom revenue and investment statistics - 2006

Table 158 - Telephone network statistics - June 2006

Table 159 - Internet user statistics - 2006

Table 160 - Broadband statistics - 2006

Table 161 - Mobile statistics - 2006

Table 162 - National telecommunications authorities

Table 163 - Fixed line market share by operator - 2003 - 2006

Table 164 - Fixed-line prepaid/postpaid ratio - 2001 - 2006

Table 165 - CANTV fixed-lines in service and annual change - 1998 - 2006

Table 166 - Movistar WLL lines and annual change - 2004 - 2006

Table 167 - Fixed lines in service, annual change, and teledensity - 1997 - 2006

Table 168 - Public payphones and annual change - 1997 - 2006

Table 169 - Internet users, annual change, and user penetration - 1998 - 2006

Table 170 - Internet subscribers, annual change, and penetration - 1998 - 2006

Table 171 - Dial-up/broadband subscriber ratio - 2000 - 2006

Table 172 - Broadband subscribers, annual change and penetration - 2000 - 2006

Table 173 - CANTV ADSL subscribers and annual change - 2001 - 2006

Table 174 - Pay TV subscribers, annual change, and penetration - 1997 - 2006

Table 175 - Mobile subscribers by operator and technology and annual growth - September 2006

Table 176 - Mobile subscribers, annual change and penetration - 1997 - 2006

Table 177 - Mobile operators’ market share - 2003 - 2006

Table 178 - Movistar mobile subscribers and annual change - 2000 - 2006

Table 179 - Movilnet mobile subscribers and annual change - 2000 - 2006

Table 180 - Mobile prepaid/postpaid ratio - 1997 - 2006

Table 181 - SMS messages and annual change - 2002 - 2006

Table 182 - Fixed lines in service, annual change, and teledensity - 1997 - 2006

Table 183 - Forecast fixed line growth - lower market scenario - 2005; 2010; 2015

Table 184 - Forecast fixed line growth - upper market scenario - 2005; 2010; 2015

Table 185 - Mobile subscribers, annual change and penetration - 1997 - 2006

Table 186 - Forecast mobile subscriber growth - lower market scenario - 2005; 2010; 2015

Table 187 - Forecast mobile subscriber growth - upper market scenario - 2005; 2010; 2015

Table 188 - Broadband subscribers, annual change, and penetration - 2000 - 2006

Table 189 - Forecast broadband growth - lower market scenario - 2005; 2010; 2015

Table 190 - Forecast broadband growth - upper market scenario - 2005; 2010; 2015

Abstract

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