, this reserve will make sure that consumers are more likely to benefit directly from increased ompetition in all parts of the country, in all parts of the country -- rural, suburban, and urban. with that, i'll be happy to take your questions. paul? >> mr. chairman, would it be fair to say that in the holdings order, you have not gotten the third vote if you had not agreed to the compromise sought by the commissioner? >> so, you know, i think it's mportant that we focus on what the results were. i just laid out the incredible results that for the first time, there has been a spectrum eserve throughout the country. it's interesting. i don't know whether you saw one of the late ex-partes that came in. at&t indicated that they thought that they would be bidding -- of a dollar and a half per mega hertz pop that they would be bidding for 20 to 40 mega hertz across the market. now, if i do my math right and i've tried it a couple of times so i'm sure as the are the right numbers, that means nine to 18 billion dollars. at that kind of number, we have blown past in debate as far as lower spectrum

it will increase our .ompetitiveness that should improve profitability somewhat. also for the first quarter we saw an extremely good trajectory. we are outperforming the average a prettyrket with significant margin. we are confident we can go alone, but we think this will be an additional advantage. >> you have done a lot of work on green shipping. of where get a sense you are over the past two years. it. weontinue to push think it is win-win because we can reduce co2 emissions quite a showing the way for the rest of the industry, and in doing so we also cut our consumption so we get more competitive. we continue to invest in that and the newest vessel we are taking delivery of now uses 50% less fuel per container than what we used to a couple years ago. there is a lot to be done, and we still think it is very exciting. you with mehave this morning. that was a fairly all-encompassing interview. joining me for his perspective on the markets is the chief investment officer who oversees more than 2 billion pounds in assets. great to have you with me. listening to the

once this regulatory process developed that would allow ompetition, but that doesn't mean we are heading toward a liberalized market will stop that means there was an incentive to encourage some competition and i think what we're seeing now is very much an oligopoly. there are three big gas companies in russia and we saw the development in the domestic market. now we are starting to see in the export market and gas prom --gazprom market share and inability to do a deal with china was mother. what we have seen is the lng export monopoly broken in a very controlled manner. the legislative -- legislation is very specific. if you're a state company with offshore gas you can develop lng, if you're a company with lng defined in your license, you can develop lng. those are two very specific projects. it is very limited. nonetheless, it was a catalyst for action, if you like. it said to gazprom, get your act together. it's interesting that nova tech side of the deal and sold it before gazprom signed a deal. i think what we are seeing the balance between the commercial, political, and vested inte