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"The margin will have to come down," particularly for operators of older casinos, said Gavin Ho, a gambling analyst at CLSA, an Asian investment bank.
E.ON, a German firm that runs power stations in Britain, forecasts that, in the absence of new power stations, the margin will have eroded entirely by around 2015 (see chart).
Only the samples out of the ±ε margin will have a non-zero slack variable, so they will be the only ones that will be part of the solution left| {y - f(x)} right|_{varepsilon } : = max left{ {0,left| {y - f(x) - varepsilon } right|} right} (1).
Because the position along the line-circle vector is determined by Procrustes superposition, a leaf with a toothed or wavy margin will have the same score on this vector as one with a smooth margin of the same overall shape, whereas its increased perimeter will give it a much lower (more linear) value for CSF.
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"Retailers may get the sales but their profit margins will have seen an impact.
Industry executives reckon that retail investors will pay more attention to fund-management fees in the coming years, and margins will have to come down.Costs at fund-management firms have not fallen much.
Granted, banks will have to lend a lot more before credit truly reflates the economy, and interest margins will have to fatten before they make much money from loans.
And shareholders know what a new chairman (Andrew Higginson) and a new chief executive (to be recruited) usually bring in these circumstances: a cut in the dividend and a warning that profit margins will have to fall even further.
Martin Brand of Blackstone, a private-equity giant that has bought three refineries in America in recent years, thinks margins will have recovered in ten years' time, and in the interim there will be plenty of efficiency gains to be made.Others are sceptical.
"To justify this price, margins will have to be bigger than we think they will be," he says.
Many industries, now operating on very thin margins, will have no choice but to hike their own selling prices.
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