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although the <unk> and <unk> markets remain mostly bleak akzo has high hopes for some emerging fiber businesses such carbon fibers and <unk> extremely strong fibers used to reinforce tires and metals and to make such products as <unk> <unk> |
akzo 's <unk> <unk> fiber is a distant second to du pont co. 's <unk> which dominates the market |
mr. bergsma said world-wide industry sales of <unk> fibers are expected to total about $ N million this year |
sales growth of N N a year seems possible he said and akzo expects its <unk> business to become profitable in N |
akzo also has spent heavily on acquisitions in <unk> auto <unk> and industrial coatings |
in august for example it completed the $ N million acquisition of reliance universal inc. a u.s. maker of industrial coatings for wood metals and plastics from tyler corp |
mr. bergsma said akzo is likely to see strong profit growth from coatings as it <unk> cost savings and other benefits from its greater scale |
for akzo 's drug business where profits have shown <unk> change for the past five years mr. bergsma predicted moderate profit growth |
akzo is the leading seller of <unk> pills in europe but is still seeking regulatory approvals to enter that market in the u.s. and japan |
mr. bergsma said akzo hopes to have approval to sell its <unk> pill in the u.s. in N |
akzo also has small operations in diagnostic tests generic drugs and <unk> products |
<unk> products are showing especially strong growth mr. bergsma said |
among the leading products is a <unk> shot for horses |
we 're sorry to see nigel lawson 's departure from the british government |
he is a politician with the <unk> of true conviction as in <unk> <unk> exchange controls and in particular slashing the top rate of income taxation to N N |
but in the end his resignation as chancellor of the exchequer may be a good thing especially if it works as he no doubt intends by forcing prime minister thatcher and her counterparts elsewhere to <unk> the genuine intellectual issues involved |
the early <unk> we admit <unk> suggest so <unk> an outcome |
the fleet street reaction was captured in the guardian headline departure reveals thatcher poison |
british politicians divide into two groups of <unk> those with their <unk> cut and those <unk> the sky is falling |
so far as we can see only two persons are <unk> with a dignity recognizing the <unk> of the issues mr. lawson and sir alan walters the <unk> of the chancellor 's difficulties who also resigned as personal adviser to mrs. thatcher |
the problem is that on the vital issue of monetary policy and exchange rates conservative free-market economists divide into at least three <unk> camps |
there are the strict <unk> who believe that floating exchange rates free an economy to stabilize its price level by stabilizing the monetary aggregates |
there are the <unk> <unk> who seek to spread the advantages of a common currency through fixed exchange rates |
and there are the <unk> <unk> who <unk> <unk> to balance trade flows |
this is a problem not only for prime minister thatcher but for president bush as shown in the ongoing <unk> over the dollar between the federal reserve and the mulford treasury |
in the british case mr. lawson is the <unk> thing in london to a <unk> <unk> |
he not only slashed marginal tax rates initially <unk> fresh growth in britain but he wanted to regulate monetary policy by targeting exchange rates indeed joining the european monetary system |
while no doubt agreeing with mr. lawson on everything else sir alan is a <unk> <unk> inclined to defend floating rates to the death |
to make matters even more confusing the earlier u.s. experience made clear that mr. lawson 's tax cuts would have <unk> effects on britain 's international accounts and the value of sterling |
they increased the after-tax rate of return and made britain a far more attractive place to invest producing sudden capital inflows |
by accounting <unk> this had to produce a sudden trade deficit |
as in the u.s. it also produced a sudden burst in the demand for sterling that is a surge in the sterling monetary aggregates <unk> |
at this point the options were crunch money to stop the boost in the aggregates as sir alan surely advised and forget the soaring pound |
to push the pound even lower trying to cure the trade deficit a policy britain has repeatedly proved <unk> |
or to supply enough money to meet the increased demand and stabilize the exchange rate as the chancellor argued and ensure the <unk> of this policy by joining the ems |
faced with a similar situation paul <unk> let the dollar soar though monetary aggregates also grew so rapidly <unk> issued <unk> warnings of inflation |
but this <unk> the u.s. manufacturing sector laying the seeds of <unk> |
mr. lawson though not allowed to join the ems chose to shadow the deutsche mark |
he <unk> inflation along with rapid growth no doubt <unk> sir alan 's predictions in the prime minister 's mind |
but more recently the pound has been falling with high inflation which has also seemed almost <unk> to the high interest rates mr. lawson deployed to stop it |
so the british experience presents a genuine <unk> that reaches far beyond the <unk> of <unk> |
we had been soliciting opinions on it long before mr. lawson 's resignation and offer some of the collection for the benefit of his successor and one-time deputy john major |
to begin with we should note that in contrast to the u.s. deficit britain has been running <unk> budget surpluses |
in pursuit of this mystery <unk> <unk> and <unk> <unk> need not apply |
we should also add mr. lawson 's own explanation as we understand it |
unlike the u.s. britain never achieved even a <unk> reduction in real wages |
the wage <unk> which <unk> studies confirm is particularly high in britain gives its economy a structural bias toward inflation |
inflation is easier to spark and harder to control |
we should also concede that in the british experience the <unk> cause <unk> some of the credibility it lost in the u.s. experience |
nearby paul craig roberts a distinguished <unk> with <unk> <unk> argues the case for sir alan |
perhaps the fiscal shock of tax cuts is after all best absorbed by floating rates though of course in the event mr. lawson resigned over whether to support a weak pound not restrain a strong one |
we recall that mr. roberts not only <unk> the chancellor for being too easy because of a desire to <unk> sterling but also led the chorus saying that mr. <unk> was too tight when he let the dollar rise |
somewhere in between there must be a golden mean perhaps measured by <unk> but perhaps measured by purchasing power parity |
the <unk> tend to think mr. lawson ran onto technical <unk> |
in <unk> rates the choice of initial <unk> is crucial for example and perhaps he picked the wrong <unk> rate |
for that matter perhaps he fixed to the wrong currency |
we <unk> with mrs. thatcher 's reluctance to tie her currency to one <unk> by the domestic political <unk> of west germany |
perhaps the shock would have been less if they 'd fixed to another <unk> <unk> <unk> economy |
alan reynolds of <unk> adds his <unk> that the <unk> <unk> <unk> is the budget surplus |
those who can shake <unk> ghosts out of their heads might recognize that the retirement of <unk> for cash is equivalent to an <unk> <unk> operation indeed it is the definition of an open market operation to expand the money supply |
mr. reynolds also notes that since british banks have no reserve requirements high interest rates are less likely to curb inflation than to cause recession |
we would add that in political terms mrs. thatcher 's problem was failing to decide between the chancellor and her adviser |
in the end neither policy was followed and instead of learning anything we are left with a mystery |
in particular <unk> a currency is anything but <unk> it is an open announcement that the exchange rate target has no credibility |
all the more so when strong voices are heard opposing the policy |
better to have a true <unk> policy just for the experience |
so mr. lawson had to resign |
in the end his move was sparked by remarks in <unk> from sir alan 's <unk> in the american economist a <unk> academic journal |
but it was the underlying situation that became <unk> |
what mr. major and mrs. thatcher will do now remains to be seen |
they <unk> <unk> inflation and a sagging economy that is to say <unk> |
this can not be solved by <unk> a further downturn reducing the supply of goods does not solve inflation |
our advice is this immediately return the government surpluses to the economy through <unk> tax cuts and find some monetary policy target that <unk> both supply and demand for money which neither aggregates nor interest rates can do |
this was the version of <unk> economics that in the late 1970s and early '80s worked in america and world-wide to solve a far more serious <unk> than <unk> britain today |
ogilvy & mather whose declining profitability prompted its takeover by wpp group earlier this year will see its profit margins bounce back to the N N range in N said graham phillips the agency 's new <unk> |
the ad agency 's pretax profit margins were slightly under N N at the time of the takeover according to analysts london-based wpp 's goal is to increase margins to N N |
mr. phillips made his comments during an interview detailing his plans for the agency |
<unk> the <unk> ogilvy veteran was named last week to succeed kenneth roman who is leaving by year 's end to take a top post at american express an ogilvy client |
surrounded by <unk> of paper two computers and photos of himself <unk> and flying mr. phillips laid out several changes he hopes to make at the agency |
first and <unk> mr. phillips said he hopes to improve client service |
ogilvy under the <unk> mr. roman gained a reputation as occasionally being <unk> in its treatment of clients of <unk> what strategy a client should indeed must follow |
and some of its top <unk> executives including mr. phillips were <unk> to the point they were <unk> with administrative duties with little time to see clients |
but mr. phillips recently freed himself up to spend more time with clients by <unk> much of his administrative work to a deputy |
he also plans to get to know clients that mr. roman was closer to such as <unk> brothers american express and seagram |
the two men are planning joint visits to a number of clients to attempt to smoothly hand over the reins |
clients want to see more of our senior people involved in the business not once a month but two or three times a week he said |
mr. phillips also hopes to finally implement a reorganization announced earlier this year but put on hold by the wpp takeover |
the reorganization is supposed to make <unk> shopping buying advertising public relations and design all in one place or ogilvy <unk> in <unk> a reality |
under the reorganization ogilvy plans to name one executive on each account as a client service director to work as the client 's single contact for all those services |
there is little or no integration of our work quality is <unk> there is no single focus mr. phillips complained to staffers in march when the reorganization was announced |
now mr. phillips says he hopes to have the new system in place for several clients including american express american telephone & telegraph and ryder by year 's end |
industry executives and analysts are divided on whether mr. phillips is up to the task |
he is n't as well-known to clients as is mr. roman |
under his watch office <unk> was often rampant in the agency 's new york operation and the office there has had a dismal <unk> record for more than a year |
and while last week the agency hired a top <unk> executive bill hamilton to try to bolster its work graham has to get the revenue of that new york office moving says james <unk> an analyst with county natwest securities |
the one thing mr. phillips clearly does have going for him is <unk> although it is n't certain if that will be enough |
as mr. <unk> says the last thing they need is enormous disruption at the top and graham is obviously a long-term member of the ogilvy mafia as we call it |
mr. phillips and mr. roman are indeed quite similar in substance if not in style |
while mr. roman is a <unk> <unk> mr. phillips would rather delegate leaving him time for his interests outside the office |
mr. roman by contrast seems rarely to cut loose at all although he did appear at ogilvy 's halloween party friday <unk> out in duck feet and a duck hat <unk> as a <unk> duck |
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