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Although growth in Iran's mobile market slowed in 2011, it was not as slow as expected and we estimate the market expanded by around 13% y-o-y, raising penetration to over 100%. MTN Irancell, the country's second largest operator, had a strong Q411 with more than 1.3mn net additions, and updated info on its market share led us to revise our estimates for rival MCI, owned by incumbent operator TCI. We estimate MCI's subscriber base grew by 10.6% y-o-y in 2011, lower than 16.6% growth posted by Irancell but enough to keep its dominant market position. As a result, we have amended our forecasts. We continue to expect the market will exhibit slowing y-o-y growth rates, and now predict penetration will be just under 130% by 2016.

The Russian cement market follows the trend of the country's construction market, during both the review and forecast periods. The cement market recorded a significant reduction in production and demand when the global financial crisis hit the Russian economy from late 2008 onwards. Many impending construction projects were suspended, and the cement market was adversely affected. The cement industry in Russia grew at a CAGR of 6.70% during the review period. During the review period, the cement clinker category was the largest cement type and accounted for 34.5% of the total cement industry. The growth is primarily attributed to the government's spending on infrastructure and the growing residential and commercial construction market. Wet cement manufacturing is the dominant production process for cement in Russia. Most plants in Russia are dated and in need of modernization, and the wet process also involves substantial energy input. Most new companies setting up plants in Russia are therefore opting for dry process plants. The Russian cement market comprises more than 50 cement manufacturers. The largest companies in the industry include JSC Eurocement Group, Sibirsky Cement, Lafarge, Alpha-Cement (a subsidiary of Holcim), Novorosstcement and the Park Group.

GlobalData's clinical trial report, "Thromboembolism Global Clinical Trials Review, H1, 2012" provides data on the Thromboembolism clinical trial scenario. This report provides elemental information and data relating to the clinical trials on Thromboembolism. It includes an overview of the trial numbers and their recruitment status as per the site of trial conduction across the globe. The databook offers a preliminary coverage of disease clinical trials by their phase, trial status, prominence of the sponsors and also provides briefing pertaining to the number of trials for the key drugs for treating Thromboembolism. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData's team of industry experts.

The telecommunications market represents a large ecosystem with multiple players, solutions, applications, technologies and relationships in a multi-billion dollar industry.

BMI View: Oil and gas exports form one of the key pillars of the Indonesian economy although the outlook for the sector is becoming increasingly uncertain given dwindling oil reserves in the country's maturing fields. The government has recently put in place measures to incentivise oil companies to conduct deep-sea exploration in a bid to increase total reserves. Greater domestic consumption leading to higher imports and lesser exports will be a key trend in the years to come.

BMI View: We reiterate that Swiss banks will continue to face significant challenges in the coming quarters, which will weigh on their asset growth and profitability. In addition to tougher regulatory requirements, a precarious global growth outlook, and the ongoing eurozone sovereign debt crisis, many Swiss banks now face the additional risk of indictment by the US authorities over aiding tax fraud. In line with our long-held view that the Swiss banking sector is set to face a growing number of challenges in the coming years, we believe that the sector's growth and profitability will remain weak in the coming quarters. The tough regulatory framework imposed on Swiss banks combined with an increasingly weak macroeconomic backdrop, and severe global growth risks stemming from the ongoing eurozone sovereign debt crisis have already weighed on the country's two largest banks, UBS and Credit Suisse, which collectively own around 52% of total assets, in recent quarters. As many of the global risks which weighed on these banks in 2011 remain unresolved, we believe that financial market volatility, and increasing calls for the Swiss government to loosen its strict banking secrecy laws (as many cash-starved countries seek to clamp down on tax evasion), will further harm the sector's profitability. Adverse Conditions Weigh On Grossbanken Both UBS and Credit Suisse posted weak results in Q411, with the latter posting a CHF637mn loss for the quarter (compared to CHF841mn profit in Q410) and the former seeing profits decline 76% y-o-y to CHF393mn (from CHF1.7bn in Q410). Credit Suisse's full-year net profits were CHF2.0bn and UBS's were CHF4.2bn. Both banks blamed market volatility, increasingly risk averse clients and the banks' attempts to keep up with regulatory and capital requirements as reasons for the weaker performance. In addition, the depressing effect of the Swiss franc's strength throughout 2011 has continued to weigh on both banks' overseas earnings. Indeed, this subdued profitability reinforces our long-held view that the Swiss government's insistence that Swiss banks raise large amounts of capital in order to bolster the nation's banking sector stability, would ultimately harm profitability. While under Basel III banks will be required to move towards holding 10.5% of total capital (7% of which must be common equity), the Swiss government's decision to implement significantly more stringent capital requirements on its banks, requiring them to hold 19% in total capital (10% of which must be common equity) will continue to weigh on profits. As we expect both Grossbanken to continue to restructure, looking to exit several of the more risky business lines and seek to further reduce risk-weighted assets, we reiterate our view that Switzerland's largest banks are set to continue moving away from proprietary trading in the coming years, and seek to focus their business towards private banking and asset management. While

The operating environment for New Zealand's non-life insurance segment continues to evolve in the wake of the enormous natural disasters of 2011. A year ago, in the aftermath of the main Christchurch earthquake of February 22, 2011, a key challenge for the non-life insurers was access to reinsurance and processing claims. As of April 2012, the newsflow indicates that the processing of claims by the insurers, and the Earthquake Commission (EQC) has been going well. Meanwhile, it appears that the non-life insurers are - at worst - securing reinsurance cover on a year-to-year basis. Three months ago, we observed that the main problem appeared to be 'a lack of confidence on the part of households and businesses which will likely hamper the growth of premiums over the next year or so'.

"Enagas S.A." Analysis Across the Oil and Gas Value Chain is an essential source for data, analysis and strategic insight into "Enagas S.A.". The report provides key information relating to oil and gas assets of the company along with its operations across the value chain. The report examines the company's business structure, operations and products, and provides an analysis of its key revenue lines.

GlobalData's report, Chlorine Industry Outlook in the UK to 2016 - Market Size, Company Share, Price Trends, Capacity Forecasts of All Active and Planned Plants provides an in-depth coverage of the UK Chlorine industry. The research presents major market trends affecting the Chlorine industry in the UK. The report covers the UK Chlorine plants and presents installed capacity by key feedstock, process and technology. In addition, it presents Chlorine demand and production forecasts, end use demand forecasts, price trends, trade balance data and company shares of the major Chlorine producers in the UK. Overall, the report presents a comprehensive coverage of the UK Chlorine industry including all the major parameters.

GlobalData's clinical trial report, "Hemostasis Global Clinical Trials Review, H1, 2012" provides data on the Hemostasis clinical trial scenario. This report provides elemental information and data relating to the clinical trials on Hemostasis. It includes an overview of the trial numbers and their recruitment status as per the site of trial conduction across the globe. The databook offers a preliminary coverage of disease clinical trials by their phase, trial status, prominence of the sponsors and also provides briefing pertaining to the number of trials for the key drugs for treating Hemostasis. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData's team of industry experts.