Intel Chief Says Global IT Recovery Not Yet In Sight

By Agence France-Presse Intel Corp. CEO Craig Barrett said Aug. 27 there are no signs of a recovery in the global electronics industry in sight with companies reluctant to make new investments. Responding to a question at a news conference in Penang, Malaysia, Barrett said he does not know when any recovery will come. "If you can tell me when corporations will start investing, I can give you a date on when the recovery will be," Barrett said. He is visiting Penang for the 30th anniversary celebration of Intel's presence in Malaysia. On Intel's financial outlook, Barrett said he expects modest earnings growth in the third quarter compared with the second due to little improvement in the IT environment. He also said Intel will continue to make long-term investments and will continue "to take business day-by-day as it comes. "In the past 30 years we have seen nine complete cycles of recession and recovery. What we have noticed is that technology has never slowed down. I don't think successful companies will moderate or slow down their investments for the future. If you do that, that is a prescription for failure," he said. Copyright Agence France-Presse, 2002