Nevertheless anything which has influenced the thinking of Fed Chairman Alan Greenspan which the new paradigm appears to have done this year cannot be
Nevertheless, anything which has influenced the thinking of Fed Chairman Alan Greenspan, which the new paradigm appears to have done this year, cannot be dismissed lightly, and some aspects of the optimists' case probably make some sense. For example, the focus on increasing returns to shareholders has clearly boosted the sustainable valuation of Wall Street. But this week I want to examine the optimistic macro-economic aspects of the new paradigm. It would not be right to glorify the new paradigm with the title of a novel economic theory - rather it consists of a series of assertions, mixed in with a few empirical observations, and topped off with a healthy dose of optimism. Although it has not yet crossed the Atlantic, the financial markets in the United States are obsessed with a new economic "paradigm" which is held to explain why inflation has remained so low in recent years, and why equity and bond prices have been so buoyant.
However, roles for Ms Newell and Janet Fogg, chief operating officer of Interbrand UK, have not yet been finalised.Mr Sorrell said INS would be unique. "Interbrand has pioneered new techniques and processes in the fields of brand strategy and Newell and Sorrell is recognised as one of the most inspiring and effective identity consultancies," he said.Interbrand, founded 23 years ago and with 500 staff world-wide, has done work for Hob Nobs, Zeneca and Volvo. Omnicom bought the business in 1993, turning its founder, John Murphy, into a millionaire.-Cathy Newman. The Union Jack logo was ditched in favour of ethnic art from around the world as part of BA's pounds 60m revamp. However, critics said the airline had lost its British identity and should have focused on settling industrial action by its cabin crew rather than wasting resources on its image.Husband-and-wife team John Sorrell and Frances Newell have been responsible for creating some of the country's best-known brands, including the InterCity swallow. They set up shop in 1976 and now have offices in London and Amsterdam, devising and developing brands for clients such as Boots, Waterstone's and Schweppes.Mr Sorrell, chairman of Newell and Sorrell, becomes chairman of the new company. Omnicom, the international advertising network, has bought Newell and Sorrell, the design consultancy that created British Airways' controversial new corporate identity.
Newell and Sorrell is to be merged with Omnicom's wholly-owned subsidiary, Interbrand UK, which developed the Metro, Maestro and Montego names for British Leyland in the Seventies. Tom Blackett, deputy chairman of Interbrand, said the enlarged company, Interbrand Newell and Sorrell (INS), would be the largest brand consultancy in the world, with a turnover of pounds 20m and 200 staff in the UK.He said Newell and Sorrell was "an extremely good corporate identity business" but would not be drawn on how much Omnicom had paid for it.Newell and Sorrell ran into controversy earlier this year when it redesigned BA's corporate image. He is said to have wanted the operation, which the Mossad chief in Jordan also advised against, as "a holiday gift" for Israel. Defending itself against a mounting storm of criticism the government said yesterday that the security and intelligence chiefs make recommendations to the prime minister and not the reverse. Mr Yatom may well be forced to resign whatever the details of what happened. Mr Netanyahu will probably survive, but with a damaged reputation.Israel expects Jordan to hand back the two Mossad agents held in Amman, but King Hussein may want the release of more Palestinian prisoners in Israel in addition to Sheikh Yassin, the spiritual leader of Hamas, who was freed last week. The Jordanian press says that King Hussein last week sent his brother, Crown Prince Hassan, to show President Clinton in Washington a video of the confessions of the captured Mossad agents.Sheikh Yassin, whose health seems much better than suggested by first reports, says he plans to leave Jordan and return to Gaza today. "God willing, tomorrow we are heading for Gaza," he said in a telephone interview from his hospital bed in Amman, where he has been treated since he was freed last Wednesday from an Israeli jail.The damage to Mr Netanyahu is likely to be greater than from previous scandals because the abortive assassination will have serious long-term affects. Mr Cadbury is a scion of the chocolate dynasty although he has never worked in the business.While at Morgan Grenfell he was involved in advising United Technologies/Sikorsky on the reconstruction of Westland, advising Scottish & Newcastle on its acquisition of Matthew Brown and Minorco on its contested offer for Consolidated Goldfields and sale to Hanson.At Close Brothers he will find a client list which includes more than 80 quoted companies such as Brent Walker, Logica and PizzaExpress.-John Willcock.
