QUEBECOR WORLD -- Marriage Made in Heaven

Like the rest of the industry and the national business climate in general, Quebecor World faces a daunting task in dealing with a U.S. economy that, despite its good health over the past two years, hit a wall in the fourth quarter of 2000.

Reisch wonders if the economical blood pressure is as high as the perception, and he believes the "herd mentality" is to blame in part for reduced advertising expenditures, which has been particularly felt by, but not limited to, the magazine industry. He feels the second half of the year will provide more optimism.