Word: firm
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Dates: during 1990-1999
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Psst! Want to expand overseas--cheap? Well, Mr. or Ms. American Executive, have we got a deal for you! How about a plant to make vans in Thailand? Or perhaps a piece of a debt-burdened South Korean electronics firm? Or some Japanese real estate, seized by banks as collateral on defaulted loans? Hurry, hurry! These deals may not last...
...late summer last year "we told our clients, 'Take all your money out of Asia. Sell short,'" recalls Allen Sinai, chief global economist of Primark Decision Economics, a forecasting and consulting firm. In its worldwide model portfolio, it left only 5% for Japan. Says Sinai: "We doubled the allocation to Japan two months ago and put allocations back into South Korea, Hong Kong, Thailand and Singapore." Though many economists are dubious about how soon and how strongly Japan can recover from a long period of stagnation and now recession, Sinai pronounces himself "somewhat positive" on the outlook, at least...
...opportunities. But the Americans are about to get some help in spotting the good buys. Goldman Sachs has set up a new mergers- and-acquisitions team in Singapore to be headed by Richard Gnodde, one of its top specialists. Jon Corzine, co-chairman of Goldman Sachs, adds that the firm is planning to start a "recovery fund" targeted chiefly at Asia. Goldman's Asia president, Philip Murphy, indicates a major target will be consumer goods, which many others also consider an attractive field for U.S. investment. One reason is that some Asian companies are reorganizing their countries' chaotic distribution systems...
Allen Sinai, chief global economist for Primark Decision Economics, a prominent forecasting and consulting firm, is close to Reaser on overall numbers; he predicts 1999 GDP growth of 2% to 2 1/4%. But his tone is considerably less cheery. Many economists, he notes, would consider a 2.5% increase "a trend rate of growth"--that is, roughly what the U.S. could expect to average over a long period. Sinai, however, belongs to a "new economy" school that believes rising productivity makes a 3% annual average possible. Thus he views next year's likely increase to be significantly below potential--perhaps meriting...
...part because of information gathered by TIME, Southwest has hired an environmental-engineering firm, Air Quality Sciences of Atlanta, to conduct a complete hygiene inspection of the San Antonio center. The building undergoes annual cleanings and monthly inspections, asserts Ginger Hardage, vice president of public relations for Southwest. "We are known as a company that cares for its people," she says...