This is good news for private equity in India. It shows large deals can get done and will attract other buy-out firms to the country. However, we fully expect the volume of deals to continue to mainly come from smaller growth-oriented transactions.

The average private equity deal size has gone up to about $20 million from $14 million during the same period last year.

Like in the case of the public stock markets, we are witnessing historically high investment levels in the PE (private equity) industry as well.

Deals still get done, but at lower valuations.

If you net out the impact [of the end of long-term ad deals], 2003 will be, on an operating basis, an up year, ... We don't want to make light of disappointing numbers. But as to the question of has AOL bottomed out yet as a business, we think the answer is yes.

Consumers will buy less online when faced with fewer free shipping offers and percentage-off deals,