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In This Issue

Headlines and data appearing in The Punch Line came from widely available publications includingnational and international newspapers, trade journals, economic and industrial bulletins and news websites.

Engines of GrowthEasy money and the timing of the Fed s policy shift continue to dominateacross the globe. Recovery is widely assumed for the next two years. Butdeep-seated weaknesses have also become more evident. Very obviousfinancial vulnerabilities, repercussions from various political stalemates andserious geopolitical concerns are aggravating the problems of clearlyinsufficient growth in the world economy. And let s not forget that many of tchallenges cannot be resolved easily (p

The Return to Normal (p You Can

t Handle the Truth (p Credit (p

Pumping Iron (p The DNA of Business (p Real Estate and Construction (p A New Geography of Business (p Will Life Ever be the Same? (p

Reality CheckUS stocks continue to breach record levels while highly rated government bond yieldsslide - - all with the prospect of continued support from the worlds central banks. Indeed,expectations that the European Central Bank would unveil a package of supportive policymeasures when it meets next week were bolstered by the release of select weakeurozone stats. It must be noted that all this cheap money is finding its way into variousasset classes, most notably equities and debt products. Hence, record levels for WallStreet alongside historically low sovereign bond yields. This wild euphoria is supportedsomewhat by signs of an improving economic environment, notably in the US, butremains way ahead of market fundamentals. U.S. government bonds are heading for afifth monthly gain, the longest since 2006, as growth --- but not rapid growth ---underlined an appetite for long-term debt of all stripes. The new ranking of globalcompetitiveness has just been released and underscores some of the key themes inthese pages. The US leads, Europe struggles to recover, and big emerging marketsgrapple with some new realities. Given the ever tighter spreads and the relentless marchof markets, some, including the European Central Bank, have warned that investors' wild

pursuit of higher returns could be creating new price bubbles, sounding the alarm asfinancial markets chase quick gains. In a strongly worded message they clearlyunderscored concerns that have been penned in these pages as well, There may be anugly downside to runaway market enthusiasm. The ECB cautioned that the dash for higher returns could suddenly unravel, sending the investor herd charging in the oppositedirection. (pg 1)

In This Is sue (pg 2) New World Ranking (pg 3) Dislocation, Dislocation (pg 4) Go Figure (pg 5) Households (pg 6) Briefly Noted (pg 7)

The Likelihood of Unlikely Events... (pg 8)

Contact information:

Abraham Gulkowitz

phone: 917-402-9039 email: abe@gulkowitz.com

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New World Competitiveness Rankings

The World Competitiveness Scoreboard presents the 2014 overall rankingsfor the 60 economies covered. The economies are r anked from the most to theleast competitive

The competitiveness ranking is an annual survey compiled by the IMDinstitute's World Competitiveness Center. For its 2014 ranking, it looked intothe economies of the world's 60 most industrialized countries. IMD has basedits ranking on over 300 criteria, of which about two-thirds are statistics and theremaining third gathered from opinion polls.

http://www.imd.org/wcc/news-wcy-ranking/?MRK_CMPG_SOURCE=wcc-1514005&utm_source=DM&utm_medium=em&utm_campaign=WCC_14_DME_1514005

New World Competitiveness Rankings Select Country RecordsSource: Institute of Management Development, Switzerland; Competitiveness of 59 economies, based on over 330 criteriaCountry 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1990 1980--------------------------------------------------------------------------------------------------------------------------------------USA 1 1 2 1 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 2SWITZERLAND 2 2 3 5 4 4 4 6 8 8 14 9Sweden 5 4 5 4 6 6 9 9 14 14 11 12 12 11 14 14 16 19 14 12 9 -- --Canada 7 7 6 7 7 8 8 10 7 5 3 6 7 9 8 10 8 6 12 13 20 -- --

Australia 17 16 15 9 5 7 7 12 6 9 4 7 10 12 11 11 12 15 21 16 16 -- --Germany 6 9 9 10 16 13 16 16 26 23 21 20 17 13 13 12 15 16 10 6 6 4 4Taiwan 13 11 7 6 8 23 13 1 8 1 8 11 12 17 20 16 17 15 14 18 18 14 22 - - --U.K. 16 18 18 20 22 21 21 20 21 22 22 19 16 17 15 19 13 9 19 15 14 -- --France 27 28 29 29 24 28 25 28 35 30 30 23 25 25 22 23 22 22 20 19 13 - - - -Japan 21 24 27 26 27 17 22 24 17 21 23 25 27 23 21 26 20 17 4 4 3 1 1Korea 26 22 22 22 23 27 31 29 38 29 35 37 29 29 29 41 36 30 27 26 - - - - - -China 23 21 23 19 18 20 17 15 19 31 24 29 28 26 24 29 21 27 26 31 34 -- --

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

IMD ANALYSIS:The overall competitiveness story for 2014 is one of continued success in the US,partial recovery in Europe, and struggles for some large emerging marketsMost big emerging markets slide in the rankings as economic growth and foreigninvestment slow and infrastructure remains inadequate. China (23) falls, partly owingto concerns about its business environment, while India (44) and Brazil (54) suffer from inefficient labor markets and ineffective business management. Turkey (40),Mexico (41), the Philippines (42) and Peru (50) also fall.

The world's biggest economy regained the top sport due to the recovery in itsfinancial sector, more technological innovations and and a wide range of successful companies.Germany was ranked in ninth place, alongside Switzerland and Sweden one of just three European countries which made it into the top 10.

Note that in the early years of the rankings, Chinaand Russia were not even considered.The US leads, Europe recovers, and big emerging markets struggle

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Dislocation, Dislocation, Dislocation

U S Homebuilder ConfidenceUnexpectedly Drops In MayHomebuilder confidence in the U.S. unexpectedly

eteriorated in the month of May, the NationalAssociation of Home Builders revealed in a report onThursday, with the homebuilder confidence index

ropping to its lowest level in a year. The reporthowed that the NAHB/Wells Fargo Housing Marketndex edged down to 45 in May from a revised 46 in

April. The drop surprised economists, who had xpected the index to climb to a reading of 49 fromhe 47 originally reported for the previous month.

f US yields had risen this year as expected,and the dollar strengthened, eurozone

nflation might be higher and the ECB under ess pressure to act

April Existing-Home Sales Showed OnlyModest Improvement Behind Rising Inventories

otal existing-home sales, which are completed transactionshat include single-family homes, townhomes, condominiumsnd co-ops, rose 1.3 percent to a seasonally adjusted annualate of 4.65 million in April from 4.59 million in March, butre 6.8 percent below the 4.99 million-unit level in April013. Total housing inventory at the end of April jumped 6.8 percent to 2.29 million existing homes available for sale,

which represents a 5.9-month supply at the current sales pace,p from 5.1 months in March. Unsold inventory is 6.5 percentigher than a year ago, when there was a 5.2-month supply.

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Go Figure Select Considerations

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Households Brave New World

Prices for meats, poultry, fish, and eggs showed a notable 1.5 percentincrease in April and are now up by 3.9 percent over the last threemonths. A rebound in energy prices also contributed to higher consumer

prices, with energy prices rising by 0.3 percent in Apri l after dipping by0.1 percent in March. Gasoline prices surged up by 2.3 percent in Aprilafter falling for three straight months. Prices for natural gas showed amore modest 0.3 percent increase.

U.S. CPI Core services prices were up 0.3% (2.6% y/y) for a second consecutivemonth. Shelter costs (32% of the CPI) increased 0.2% (2.8% y/y), reflecting asimilar pattern in owners equivalent rent of primary residences (+2.6% y/y).Medical care services prices were up 0.3% (2.7% y/y). Physicians' services firmedto a 0.3% rise in April (+1.4% y/y) from 0.2% in March, while hospital chargesslowed to a 0.5% rise (6.1% y/y) from 0.8% in March. Transportation services,including public transportation and personal vehicle maintenance and insurancecharges, saw a 0.7% price rise (+2.3% y/y), impacted by a 2.6% advance in airlinefares; those had been weak, however, and their year to yearchange is 0.2%.

Walmarts sales and profits fell short of market expectations in its firstquarter under new chief executive Doug McMillon, as the worlds

biggest retailer blamed the effects of severe winter weather in the US.Despite assumptions that bad weather is good for online shopping, asconsumers opt to buy from the comfort of their homes, Walmart said itsown fast-growing ecommerce operation did not see an increase in

business on stormy days. In the quarter to the end of April,Walmarts US like-for-like sales a key measure of its performance fell 0.1 per cent from a year ago, the fifth consecutive quarter in whichthey have declined.

NOW WHAT?US Home Prices had moved too quicklyThe median price for a new home fell 2.1% to $275,800 ( 1.3%y/y) from a downwardly revised $281,700. The average price of a new home declined 2.0% (5.0% y/y ) to $320,100, the lowestlevel since last August.

U.S. Retailers Missing Estimates by Most in 13 YearU.S. retailers first-quarter earnings are trailing analysts estimates by thewidest margin in 13 years after bad weather and weak spending by lower-income consumers intensified competition. Chains are missing projections byan average of 3.1 percent, with 87 retailers, or 70 percent of those tracked,having reported, researcher Retail Metrics Inc. said in a statement today.Thats the worst performance relative to estimates since the fourth quarter of 2000, when they missed by 3.3 percent. Over the long term, chains typically

beat by 3 percent, the firm said. Extreme winter weather through Februaryand March forced store closings and stifled sales, Swampscott, Massachusetts-

based Retail Metrics said. Lower- and moderate-income consumers had littlediscretionary spending power, and chains also faced price competition from e-commerce sites.

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Briefly NotedSmall-caps slip into correction territory amid flight to safety

The Russell 2000 index, home to the USs small-cap shares, fell into correctionterritory as investors shift further into the relative safety of stocks with bigger marketvalues but slower growth. Recent trading brought its losses since a recent March

peak to 10 per cent. The rising risk aversion followed last years gains, which analystswith Citigroup said had tempered the prospect of further advances. In 2013, theRussell 2000 advanced 37 per cent while the Nasdaq Internet index, another closelywatched index, rose 65 per cent.

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The Likelihood of Unlikely EventsEuropean Central Bank President Mario Draghi said Monday that the Bank mbe alert to negative price spirals in the Eurozone and conceded that there wasrisk of deflation in the currency area under certain scenarios. Speaking as part of the keynote address to the ECB's annual Forum on Central Banking in Sintra,Portugal, Draghi also said that there was no debate among members of theGoverning Council with respect to the Bank's main goal of returning inflationtowards 2% in the medium term and said assets purchases could be used if lowinflation were to last for a "too-prolonged" period of time.

Frances attempt to sell warships to Russia is both a sell the rope tohang themselves moment and a comment on U.S. stature these days.

In Asia, Political Risk is Back on the AgendaAfter years in which Asia was seen as an island of

relative stability in the emerging world, political risksare returning to the fore

Thai army imposes martial lawThailands army declares martial law to keep peaceand order and troops deploy on Bangkoks streets aspolitical turmoil continues

Thai army chief summons ousted PM for talks aday after coupThailand's army chief, General Prayuth Chan-ocha, willbegin to govern a polarized country on Friday, a day after heseized power in a bloodless coup in a bid to end six monthsof turmoil. Prayuth launched his coup after factions refusedto give ground in a struggle for power between the royalistestablishment and a populist politician that has raised fearsof serious violence and damage to Thailand's economy,southeast Asia's second biggest. Soldiers detained somepoliticians from both sides when Prayuth announced thecoup after talks he was presiding over broke down. Themilitary censored the media, dispersed protesters andimposed a 10 p.m. to 5 a.m. curfew.

Cyber threats rise up US business agendaReports of cyber risks doubled in the two years before Washington charged five Chinese military officers with stealing trade secrets

General warns of US space vulnerabilityRussias threats to stop the US using itssatellite launch technology have exposed long-existing weaknesses in the American spaceindustry

The keenly priced gas deal signed this week between Russia and China will create a new price benchmark for global markets that putscost pressure on other producers because consumers have a growingnumber of supply sources to choose from. China and Russia signed along-awaited $400 billion gas supply deal this week, providingenergy-hungry China with a major source of fuel and opening up anew market for Moscow as it risks losing European customers over the Ukraine crisis. Russia's state-controlled Gazprom (GAZP.MM)has so far declined to say at what price the deal was struck, butindustry sources say it is between $350-$380 per thousand cubicmeters. That would be similar to what most European utilities payunder discounted long-term contracts signed in the last two years, and several sources said it is as low as Gazprom could have gone beforemaking a loss.

Fitch Ratings said the deal "sets a new benchmark for what China is willing to pay for natural gas over longer term contracts". The deal also opens up a huge newmarket for Gazprom, which so far generates around 80

percent of its revenues from Europe, where demand isstagnating and profits are falling.

Russias investment slump extended into a fourthmonth and wage growth fell short of economistexpectations as the U.S. and Europe threatened totighten sanctionsover Ukraine.

Russian economy to gro w by 0.5 percent in 2014

Far ri ght, Euroskeptics sweep EU voteMany parties promote anti-immigrant, anti-EU policies; EuropeanCommission head calls on pro-EU groups to come together

The Department of Agriculture has warned of sticker shock facinghome chefs on the eve of the Memorial Day holiday weekend, theunofficial start of the U.S. summer grilling season. The agencysaid conditions in California could have "large and lasting effectson U.S. fruit, vegetable, dairy and egg prices," as the most

populous U.S. state struggles through what officials are calling acatastrophic drought.

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Engine Drivers

China's auto sales rebounded in April despite slowing economicgrowth as expectations of tighter ownership curbs to fightsmog prompted buyers to rush to make purchases. Passengervehicle sales rose 11.6 percent to 1.6 million vehicles,according to figures released by the China Association ofAutomobile Manufacturers, an industry group. That was up fromMarch's 7.9 percent growth. Sales growth in China, thebiggest auto market by number of vehicles sold, has cooledsteadily since peaking above 40 percent in 2009. Sales areforecast to grow by 8 to 10 percent this year.

Eurozone GDP grew 0.2% (q/q) in Q1 2014, unchanged fromQ4 2013, according to flash estimates. Germany expandedat the fastest pace since early 2011, with GDP growthdoubling to 0.8% from 0.4% Q4, while Frances GDP growthwas unexpectedly flat after expanding 0.2% in Q4.Meanwhile, the Italian economy shrank 0.1% percent afterrecovering from recession in Q4. On an annualized basis,Eurozone GDP increased by 0.8% (q/q saar) following Q4s0.9% increase.

Ford warns carmakers overexcess capacity in EuropeAlan Mulally, chief executive of Ford, haswarned that European carmakers need to

cut back further the numbers of cars theycan build as excess capacity on thecontinent remains at dangerous levels.Idle production lines and underproductivefactories have plunged almost all of Europes big carmakers into billion-dollarlosses in recent years after annual sales onthe continent fell by about 4m cars between2007 and 2013. In an interview with theFinancial Times, Mr Mulally said that theclosure of a handful of European factoriesover the past year was not enough to bringcapacity down to a sustainable level

German Consumer Confidence To Stay At 7Year High

FRANCE: The Court of Auditors, which oversees thegovernment's accounts, said the Elysee Palace'sforecasts of tax revenue in 2013 were so wildlyinaccurate that they cast doubt on its forecasts forthisyear.

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The Return to Normal ?

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You Cant Handle the TruthLet's Take the Con out of Econ omics

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Credit Matters-Know RiskMany Excel in Strategy, Few in the Management of Risk

U.S. banks share of leveraged loans to middle-marketcompanies contracted to 9% of overall middle-marketvolume last year, according to LCD. Thats down from 12%in 2012 and nearly 20% in 2011.

Investors in loans made to US junk-ratedcompanies are giving up basic protection as theyscramble for higher-yielding securities in a market

that regulators warn could be overheating. Callprotection penalizes corporate borrowers forrepaying their loans at an early stage and was once abasic feature of most leveraged loans to companiesbelow investment grade. Investors generally like thecall protection since it means they do not have toreinvest their money. But in recent months thebalance of power has tipped further in favor ofcorporate borrowers, who can now dictate the termsof loans. With demand for loan securities high,investors have been willing to buy higher-yieldingloans with fewer safeguards known as covenants and with shorter call protection periods. One-yearcall protection that was once considered the marketstandard has been overtaken by protection that lastsfor just six months, according to Xtract Research.

CLO sizes have increased steadily in the U.S. this year, with upsizes nowmore the norm than the exception. And following a discussion among CLOmanagers at the IMN conference in New York last month about the

possibility of a $1 billion vehicle, Onex Credit Partners last week priced a$1 billion CLO via Bank of America Merrill Lynch More billion-dollar CLOs could emerge, with Ares Management understood to be working on atransaction of a similar size via J.P. Morgan for pricing next month,according to market sources.

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Pumping IronThe Old Economy Revisited

U.S. Industrial Production ShowedUnexpected Decrease In AprilWith utilities output falling sharply as demand for heatingreturned toward normal levels, the Federal Reservereleased a report showing an unexpected drop in U.S.industrial production in the month of April. The Fed said industrial production fell by 0.6 percent in April following anupwardly revised 0.9 percent increase in March. Economistshad expected production to come in unchanged compared to the0.7 percent increase originally reported for the previous month.

Demand for OPECs crude will be higherin the second half of the year than previously estimated as inventories indeveloped economies remain depleted,according to the International EnergyAgency. The Organization of PetroleumExporting Countries will need to provide anaverage of 30.7 million barrels a day in thesecond half, or 800,000 a day more than it

pumped last month, the IEA said today. Thiscalls for 140,000 more barrels of OPECcrude than the IEA forecast in April asstronger-than-expected demand has keptstockpile levels tight in advanced nations,the agency said. OPEC controls about 40

percent of global supplies. Forecast

balances call for a significant rise in OPEC production from current levels for the second half of the year, the Paris-based adviser tooil-consuming nations said in its monthlyreport. While OPEC has more than enoughcapacity to deliver, it remains to be seenwhether it will manage to overcome theabove-ground hurdles that have plagued some of its member countries lately. Brentcrude futures have been steady this year,trading near $110 a barrel in London today,as concern that the crisis in Ukraine maylead to a disruption in Russian energysupplies, and the protracted disruption toLibyan exports, are countered by slowingeconomic growth in emerging nations such

as China.OPEC ReboundProduction among OPECs 12 membersrebounded from a five-month low in April,

by 405,000 daily barrels to 29.9 million,largely because of a recovery in Iraqi outputand increases by Saudi Arabia, according tothe report. Members are expected to keeptheir formal target of 30 million barrelsunchanged at their next meeting on June 11in Vienna, according to the IEA.

Surging imports from Russia and the U.S. mean the premiumEuropeans pay for diesel will stay down this summer after plunging

to the lowest level for the time of year since 2003.

Rubber fit to burst as supply glut expandsOversupply rises to a nineyear record,sending prices close to a fiveyear low

Platinum has risen to its highest level since September on concerns that a crippling four-month strikeat South African mines will not be resolved soon. The precious metal, which is used in vehiclecatalytic converters and jewelery, climbed 1.7 per cent to a nine-month high of $1,489.20 a troy ounce,as the stalemate between producers and unions continued.

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The DNA of BusinessReconfiguring Industries to Define Growth

Truck Driver Coercion Rule Puts Spotlight on Shippers, Supply ChainsFor years, truck drivers have complained about

being pushed by dispatchers and others to violatefederal regulations to meet unrealistic deliverydeadlines. Soon, truckers may have a way to push

back.

The Federal Communications Commission recently voted infavor of advancing a proposal that could dramatically reshape theway consumers experience the Internet, opening the possibility of

Internet service providers charging Web sites for higher-qualitydelivery of their content to American consumers. The plan,approved in a three-to-two vote along party lines, could unleash anew economy on the Web where an Internet service provider such as Verizon would charge a Web site such as Netflix for theguarantee of flawless video streaming. The proposal is not a finalrule, but the vote on Thursday is a significant step forward on acontroversial idea that has invited fierce opposition fromconsumer advocates, Silicon Valley heavyweights, and Democratic lawmakers. The FCC will now open the proposal to atotal 120 days of public comment. Final rules, aimed for the end of the year, could be rewritten after the agency reviews the publiccomments.

Energy companies have investors fired upPrivate equity groups are finding oil and gas industryattractive again

In 2007 David Foley, head of energy investing for Blackstone, passed on joining in the biggest leveraged buyout of all time: the $48bn bid for TXUthe Texas utility. Just over a fortnight ago his decision was vindicated.It was not an easy decision. Stephen Schwarzman, the founder ofBlackstone, was deeply concerned, say people familiar with the matter.Goldman Sachs, KKR and TPG, Blackstones great rivals, were leadingthe bid. If it was good enough for them, he asked, was Mr Foley missingsomething? Long before TXU, since renamed Energy Future Holdings,filed for bankruptcy on April 29, it had become clear that Mr Foley wasright. Equity initially valued at $8bn is now worth almost nothing, andabout $26bn of debt will be written off in the planned restructuringThat spectacular disaster has tended to obscure a much brighter story for

private equity investors elsewhere i n the energy sector. Since 2010, Mr

Foley has been writing big cheques and making an average return of 6times his money on his energy investments, according to confidentialletters to investors. The demonstration effect of successful deals done byBlackstone and other groups, including KKR, has led to an upsurge of

private equity interest in the sector. Private equity investment in energy,including oil and gas, power plants, utilities, and renewables such as windfarms, dropped from $19.3bn worldwide in 2012 to $13.1bn last year,

because of a sharp slowdown in oil and gas deals, according to Dealogic.However, it has rebounded, already reaching $5.9bn in the first fourmonths of 2014.

Short sellers targeted organic retailers

HP may cut up to 16,000 more jobs asresults disappoint

Pfizer admits defeat in AstraZeneca bid

Month-long battle ends as US pharma groupabandons offer

Noteworthy switch from paperto polymer

De La Rues full-year results are likely to babout two Ps: paper and plastic. The banknomaker will unveil details of its performance inyear that featured a profit warning and the departurof its fresh-faced chief executive, Tim CobbolThere is unlikely to be any news of who will replacMr Cobbold and become the companys fourth chieexecutive in a decade. But investors will be keefor an update on the banknote paper market, which overcapacity has been something of running theme for De La Rue. Commercial anstate rivals including India have been uppintheir output of the cotton-based paper sheets used itraditional tender. That increased competition anits effect on prices was the cause of the warning iOctober, since when the companys shares havfallen more than 15 per cent.

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Real Estate and Construction OutlookThe Architecture Billings Index (ABI) hasreverted into negative territory for the last

two months. As a leading economic indicator of construction activity, the ABI reflects the approximate nineto twelve month lead time between architecture billings and construction spending. The American Institute of Architects(AIA) reported the [April] ABI score was 49.6, up slightlyfrom a mark of 48.8 in March. This score reflects a decreasein design activity (any score above 50 indicates an increase in

billings). The new projects inquiry index was 59.1, up f romthe reading of 57.9 the previous month. The AIA has added anew indicator measuring the trends in new design contracts atarchitecture firms that can provide a strong signal of thedirection of future architecture billings. The score for designcontracts in April was 54.6.

New construction starts in April rose 3% to a seasonallyadjusted annual rate of $533.7billion, according to McGrawHill Construction, a division of McGraw Hill Financial. Theincrease maintained theupward movement establishedin March, which followedsluggish activity at the outsetof 2014. By major sector,

April gains were reported for nonresidential building andhousing, while nonbuildingconstruction (public works andelectric utilities) retreated.Through the first four monthsof 2014, total constructionstarts on an unadjusted basiscame in at $153.8 billion,unchanged from the sameperiod a year ago.

More REITs Eyeing Self-Storage Market

The challenge for Vancouver and cities like it is that foreigninvestment isnt an unalloyed good. Its great for existinghomeowners, who see the value of their homes rise, and for thecitys tax revenues. But it also makes owning a homeimpossible for much of the citys population. And the tendencyof foreign buyers not to inhabit investment properties raises thespectre of what Yan has called zombie neighborhoods. Arecent study he did found that a quarter of the condos in aluxury neighborhood called Coal Harbour were vacant oncensus day.

MALTA, NY -- The $10 billion expansion of Fab 8, theGlobalFoundries computer chip factory , is happening sorapidly that the company is going to use as many as 200workers from IBM to help complete the project.GlobalFoundries has 2,200 employees at Fab 8, as well as600 contractors working to help the plant with theexpansion of its 300,000-square-foot clean room.Although it is in hiring mode, the company will be addingas many as 200 IBM employees from Dutchess County and Vermont to help install and prepare manufacturingequipment in the clean room. The first piece of newequipment -- called "tools" in the industry -- will be put instarting Thursday.

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Will Life Ever Be the Same?

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