On the other hand, some of the initial ebb would be offset by foreign inflows.

ECONOMIST: Opening South Africa

Volumes were buoyed by the sales of Nokia's low-end dual-SIM models in emerging markets like Southeast Asia, but were a little soft overall, as initial shipments of Microsoft Lumia phones could not offset declining Symbian sales.

ENGADGET: Strategy Analytics: Nokia tops global handset shipments, Apple sees quarterly surge

But, the initial signs are that the gains will also be largely offset by the loss of Champions League revenue next season.

FORBES: The Starting Eleven - Thoughts and Opinions