Business Leaders, Top Economists See Rebound in US Capital Spending: Economic Outlook Debated at May 2nd Forum of The Economist.Business/Technology Editors NEW YORK--(BUSINESS WIRE)--May 15, 2002 US capital expenditure will rebound again soon, although hard-hit sectors such as telecommunications will be slower to recover, says a group of experts who gathered recently for a day of discussion led by The Economist. The forecast was made by 25 prominent business leaders, policymakers and economists who attended the May 2nd gathering of The Global Agenda, a private forum led by Bill Emmott, Editor-in-Chief, and other senior editors of The Economist. Participants generally agreed that US capital spending could scarcely have been called weak during the past six quarters of tepid or non-existent GDP GDP (guanosine diphosphate): see guanine. growth, having managed on aggregate to remain positive. But a rebound--perhaps as early as November--could return capital expenditure to levels at which investment is again growing faster than GDP, they predicted. The Global Agenda is an invitation-only gathering hosted by The Economist, at which influential thinkers, corporate leaders and senior policymakers discuss important issues shaping global business in an off-the-record forum. The May 2nd gathering, which took place at the Carlyle Hotel in New York, probed the outlook for the global economy; the potential for corporate reforms in the wake of the Enron debacle; the leadership and design of the company of the future; and prospects for Europe as a single market. Participants from the policymaking pol·i·cy·mak·ing or pol·i·cy-mak·ing n. High-level development of policy, especially official government policy. adj. Of, relating to, or involving the making of high-level policy: and academic worlds included: Paul O'Neill, US Treasury Secretary; Glen Hubbard, Chairman of the Council of Economic Advisors; Paul Volcker, former Chairman of the Federal Reserve The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States and one of the most important decision-makers in American economic policies. ; Alan Blinder, Co-director of the Center for Economic Policy Studies at Princeton University and a former Vice-chairman of the Fed; Jeffrey Garten, Dean, Yale School of Management The Yale School of Management (also known as Yale SOM) is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, United States. The School offers M.B.A. and Ph.D. degree programs. and Robert Mundell, recipient of the Nobel Prize in Economics The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics. . Corporate participants included: Alfred Berkeley, Vice-chairman, NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on ; Robert P Brace, Executive Vice-president and CFO See Chief Financial Officer. , Duke Energy; Steve Case, Chairman, AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Time Warner; Howard E Cosgrove, President, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Conectiv; Thomas Datillo, Chairman, President and CEO, Cooper Tire & Rubber Company; Ken Favaro, Chief Executive, Marakon Associates; Jacob Frenkel, Chairman, Merrill Lynch International; Paul B Grosse, Head of Region The Americas; President and CEO, Deutsche Telekom; Alan G Hassenfeld, Chairman and CEO, Hasbro; Jeremy Isaacs, CEO, Europe and Asia, Lehman Brothers; Michael D Lockhart, Chairman and CEO, Armstrong Holdings; Donald B Marron mar·ron n. See Spanish chestnut. [French; see maroon2.] , Chairman, UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System America; David M Rubenstein, Co-founder, The Carlyle Group; David B Wohleen, President, Delphi Corporation; Greg Smith, President, Ford Credit, Ford Motor Company; Andrew H Tisch, Chairman of the Executive Committee, Loews Corporation. The Global Agenda was sponsored by Marakon Associates, an international management consulting firm, and Oracle Corporation. It is an on-going forum, with gatherings planned for fall 2002 in London and New York. About Economist Conferences Economist Conferences is a leading provider of highly interactive meetings--including industry conferences, management events and government roundtables--for senior executives seeking new insights into important strategic issues. Participants exchange views and compare experiences with other decision-makers and with specialist speakers from relevant fields. About Marakon Associates Marakon Associates is an international management consulting firm that works with CEOs and their executive teams to deliver distinctive strategies and organizational capabilities that maximize the long-term value of their companies. Many of its clients rank among the world's largest and best-performing companies. Chief Executive Ken Favaro and Managing Partner Scott Gillis helped shape the topics for discussion and contributed their perspectives at the forum. About Oracle Corporation Oracle Corporation (Nasdaq: ORCL ORCL Oracle (stock symbol) ) is the world's leading supplier of software for information management, and the world's second largest independent software company. With annual revenues of more than $10.9 billion, the company offers its database, tools and application products, along with related consulting, education, and support services, in more than 145 countries around the world. |
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