Coca-Cola was losing the Philippines, where failure might have been the beginning of the end of our global business. By 1981, the nation was the world’s 10th-largest soft-drink market, but Pepsi had a 2-to-1 market share and the Coke bottler, owned by the Soriano family’s San Miguel Corp., warned that it could no longer sustain its losses unless Coke shared the burden.
I was the first non-German since 1933 to head Coca-Cola in stoic, sophisticated West Germany, which was then vying with Japan to be the company’s largest international division. As division president of Central Europe, I also had Switzerland and Austria under my auspices. But Germany was the focus.
Alabama Power Co. must face a U.S. lawsuit claiming it violated the Clean Air Act by modifying three coal plants without proper permits, a federal appeals court ruled, reinstating a case dismissed by a trial judge.
Federal Reserve Bank of Atlanta President Dennis Lockhart said there would be a high hurdle for the start of more asset purchases after the central bank finishes buying $600 billion of Treasury securities in June.