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Show Page THE DAILY HERALD, Provo, Utah, CIO Thursday, October 13, 1994 IMF, World Bank boldened finance ministers, to brush off market sentiment and declare that the good times are here By KEITH M. ROCKWELL Journal of Commerce F ItlVfc mill i ' E 1 stress global economy MADRID Crisis was not a word springing from people's lips here last week at the annual meetings of the World Bank and International Monetary Fund. In fact, finance ministers and international monetary officials basked in the glow of an economic environment the likes of which they have not enjoyed in more than a decade. Yet against the backdrop of bustling optimism there is great skepticism from markets that remain to be convinced that the world's biggest economies are prepared to take the tough policy decisions in trade, fiscal and monetary policy needed to ensure economic stabili- to stay. "The significant thing right now is that the world is really doing terrific. It's really quite amazing," said one senior official from a Group of 7 industrial country. The IMF recently revised upward its projections for growth in the world economy to 3.1 percent for this year and 3.6 percent for next, the highest levels since the There are difference between that time and now, however, which make the current situation more positive than 10 years mid-1980- s. ago. For one thing the frightening overhang of debt in the developing world has been alleviated. Moreover, the escalating trade frictions of the 1980s have eased somewhat through the successful negotiation of the Uruguay Round, history's most complex and wide reaching trade accord. ty. The wild swings in equity and bond and to a lesser degree formarkets are testieign exchange this to of uneasiness. sense mony But a wealth of positive data em Fresh statistics from the General Agreement on Tariffs and Trade, the Geneva-base- d body that oversees most world trade in goods forecast gains in global economic growth of some $500 billion a year by the middle of the next decade stemming from the benefits of the trade pact. The GATT study reports that trade volumes from industrial nations will grow 7 percent to 8 percent due to the deal, while in the developing world trade flows will jump by 14 percent. Even the exchange rate fluctuations that have seen the dollar lose roughly 20 percent of its value against the yen over the past 18 months seem to have smoothed out in recent months as a period of relative stability has enveloped exchange markets. "Things are better than they've been for a great while," said Treasury Secretary Lloyd Bentsen last weekend. With inflation in most countries under check and growth prospects good, Michel Camdessus, managing director of the IMF, told finance ministers that he had not seen such a rosy outlook for the global economy since he carrie to the fund in 1987. He conceded to reporters that the world had entered an unusual atmosphere of optimism when he said last Thursday "bullishness is a term not frequently in the vocabulary of the fund." Despite the sharply improved economic conditions, however, there is grudging acknowledgement that not everybody has grown fat from this burst of prosperity. Unemployment in Europe remains stubbornly entrenched at more the than 10 percent, with Spain host country of these meetings recording an alarming rate of 24 . percent. A prominent official from one of the largest industrial countries said he found the confluence of good . economic news ' 'eerie. " 0MEWEEH AP Photo racially integrated workforce in a region where old racial attitudes still surface are being breeched, by companies like Delta Wire Co. in Clarksdale, Miss. Plant manager Freddie Williams inspects a wire A Six months interest free, payments begin March 1995 drawing machine. " Firm makes changes to 'plantation' By DAN SEWELL Associated Press Writer - Bob CLARKSDALE, Miss. ;Topper supposedly got a education, although he was more likely to be found in the barn 1 Oth-gra- de milking cows than inside a classroom cracking books. "I was busy working Daddy's farm. I didn't spend much time on school," says Topper, now 48. "But they kept passing me on up." Jesse Sims, 38, didn't get in much .studying either during a youth spent chopping cotton for $7 3 day. Nearly everyone he knew did that kind of work. "I thought that's what I'd be doing." Sims says. But low-ski- ll agricultural work has steadily shrunk in Mississippi's Delta region as mechanization, technology and the decline of small farms have accelerated. A few decades ago, 75 percent or more of the workforce labored on farms. Now, farm jobs account for 15 percent or less. "It's an area that's been in tranfor a long, long time," sition said Ron Hudson, executive director of the Coahoma County Cham- - ber of Commerce. The problem is: Transition to what? Enter a Massachusetts Yankee into King Cotton's court. George Walker came to this land of blues music, soft drawls and ; intense poverty 12 years ago, bringing Northeastern industrial experience, a clipped Worcester accent and a vision for a different a vision that may be Delta sparking a trend. "I could sense that the world was changing," Walker recalled. "To compete, you would have to offer s world-clas- quality." .Walker started by trying to create a world-clas- s workforce in this rural town of 20,000 for his Delta Wire Corp. twin ,,!. mmwwmm. i it mind-se- t Mississippi State University and the county community college worked with Walker to develop training courses ranging from basic reading and math to learning how to use statistics methodology for quality control. Workers such as Topper, who shunned classrooms in his youth, were paid to study. And Delta Wire paid its employees more than some double the local average 10 times more than Sims once got for chopping cotton. $279 $379 JVC VCR with VCR Plus JVC Features random assemble editing, multi-bran- d remote control, digital tracking and four-hea- d system for noiseless stills and slow motion; HRV412. Major Electronics Features "I like factory work a lot better," said Sims. "It's a better job, more pay, more benefits, and they sent us to school." 14444 supplier " I IH Fi stereo Hyper-Bas- s control, noiseless still tracking and VCR sound, VCR Plus, jogshuttle and slow motion, digital timer; HRVP612. J or-- i ; high-carbo- "best-of-class- Hi-- rJ The company has grown from n 10 workers making steel wire to 120, and its office walls boast such honors as a Good- year '""w - JVC compact VHS camcorder JVC compact VHS camcorder auto focus, assemble random remote editing, control, character generator, flying erase head and auto head cleaner; GRAX37. With "In this area, Delta Wire is known as one of the best places to work," said plant manager Freddy Williams, who represents another 12x zoom, d two-spee- j, $799 $699 award and the 1993 Governor's Cup award from the Southern Growth Policies Board. Among its customers have been NASA and AT&T. ''tfmte&tjtmmm,. full-ran- 1 2x zoom, d color title head and viewfinder, generators, flying erase high speed shutter; GRAX70. Features two-spee- H 4 native innovation. The of nearby Benoit is black, heading an integrated workforce in a region where old racial attitudes still sur- 7 face. ) 3 "Not too long ago, this would have been virtually unheard of," Williams said. "This company sets an example." Just to the south, in Shelby, attorney G. Rives Neblett considered Delta Wire's training efforts three years ago as he mulled closing his Shelby Diecasting Plant and producshifting its money-losin- g tion to its profitable sister plant in Fayette, Ala. $549 $099 JVC 27" diag. stereo color TV JVC 31" diag. stereo color TV With 500 lines of horizontal resolution, 180 channel cable tuner, universal remote, matrix surround sound, sleep timer, home sitter and seven-jac- k inputoutput panel; AV27B5. Features 700 lines of horizontal resolution, universal remote control and matrix surround sound; AV31 BM5. starts search for top corporate execs FBI all-o- ut f -t- -" By JAMES MCNAIR Knight-Ridde- r Newspapers interested. The agency has 675 new slots to fill in the federal year beginning Oct. , 500 in each of the two years thereafter. "We've been in a hiring freeze the last three years, so we decided to open it up," said George Crane, applicant coordinator for the FBI's Miami Division. "People are coming from every direction: Lawyers and accountants, people being laid off, people who want to get out I 1 I 1 Another big day at the office. You put on a nice suit. Grab the briefcase and turn on the cellular phone. Oh, and don't forget the gun. Responding to the national wave of corporate layoffs and cutbacks, ' the Federal Bureau of Investiga-- ; tion is looking at the private sector ; for new special agents. Usually, the FBI gets its agents 'from law enforcement, the mili-- ; tary, job fairs, professional associations and colleges. Now, with many companies dumping middle 1 $3ca $3C3 JVC micro component system With six-di- reverse tape deck, Hyper-Bas- s y and speakers; from behind a desk." tuner, auto sound system changer, sc UX-C- two-wa- JVC compact component system With 25 watts per channel, CD player, digital tuner, auto reverse tape deck and two-wa- y speakers; MX-S2- 0. 7, ; g pro-- , managers in FBI is opening its doors the gramji, to qualified corporate executives. I If you're a U.S. citizen between Ihc a$ts of 23 and 37, have a four-yea- r cost-cuttin- degree from an accredited college and can get yourself into quick shape on the fitness course and pistol range, the FBI might be The aging of the FBI's work force and a bigger budget from Congress led to the need to recruit. 'IM- our Extras plan on Olober 13, 14and15, 1994 in Majix Elednxiiu: 1150 minimum purchase. There will be no payments due of finance thdtff assessed on this merchandise unlil March, 1 995. After thai regular opOon account terms apply. (Minimum payment of 10 of the balance will be due each rrwxith and a Balance will be assessed.Th corresponds to an monthly finance charge of 1 .5 of the Average Daily Annual Percentage Rate of 18 ) All purchases are subject to credit approval and all accounts must be in good Handing. "We're looking across the country to find qualified applicants, quite possibly those who are or downsized being out of a position, and letting them know there's an opportunity with the FBI that they might not have thought about," said FBI spokesman Paul Miller, himself a special agent in Miami. !z o:m i Shop Saiukimy 10 a.m.-cm. (ixupt Saii Law Diavniown, Ocxhn ano ZCMI Okoik hy i'iNi: In Saii Lam, iisiwmiki in Uiah and in tut U.S., au stokis Monoav vmmxm 9 579-660- Saiikimy 10 a.m.-- 7 p.m.). Qosio Sunday. |