that is like a dex in terms of what we spent and the benefits we're getting. as was said it's clear we don't need to debate the merits of this. if we want to improve the transportation system bicycling helps. if we want healthier san franciscos bicycling helps and if we want to reduce emissions and greenhouse gas emissions biking helps. there is a whole host of things it helps. the thing i wanted to draw more attention to is the equity piece. we often talk about funding and we talk about these projects but the opportunity is funding the network and like all networks the more et cetera canned it is the better it does for everything it tries to do -- i have 30 seconds to say -- that given that if we really get serious about funding the full build out, not one of the partial plans, but the full build out, the improvements will be much more dramatic and than the half percent we're seeing now. we will get a much larger increase in all of the goods that bicycling provides us so i really hope that you start looking at the recommendations which was to come up with act

the hsbc purchasing managers dex came down from 50.5 from 50.8. fiat shares surging today. to buy the remaining stake in chrysler, owned by the united autoworkers union. the $3.5 billion deal will allow the companies to merge and form the world's second largest automaker. and michael schumacher remains in stable but critical condition. he is in an artificial coma after a skiing accident. let's get more on that story now with greg. that is situation changed over the last few hours? >> no. they give press conferences monday and tuesday. tuesday they said they did a second operation. it reduced the swelling in his brain. they refused to make any prognosis about his future. his personal spokeswoman spoke yesterday and she basically said the same thing. he was stable and there was no change in his medical condition and there will not be any statements until there is a change. things are slightly better but he is not out of danger. doctors always warn with these kinds of brain dramas things can turn very quickly for the better or the worse. we're waiting for the next set of updat

this is despite the overall independence cease being -- independence dexes down in 2013.rall volumes have been down. so the appetite has been good. >> let's talk a little bit about expectations for the price performance there on the stocks exchange now. where do you find the demand coming from? generally speaking do you expect to be good this year as it was last year? > well, last year, the price index was about 3% to 5%. we expect that this year should be better in particular local participation should increase because interest rates have come down in the last few months. local activity is a majority of the turnover about 60% of the turnover. foreigners account for as much as 40%. so foreign activities also significant. >> what about the pipeline there? what about initial public offerings? what are you expecting to see when it comes to that? >> the pipeline is good. we have together with the securities and exchange commission been talking to a number of large unlisted companies to persuade them to list. also in the 2013 budget, the government announced special tax conces