Intel chief says the end of the downturn is in sight

Intel's CEO Craig Barrett has given fresh hope to the beleaguered technology sector by announcing that the end of the current slump is in sight.

Speaking at a conference in Seville, Spain, Barrett said he predicts the general gloom to lift in early 2003 - though warned it may take a further six to 12 months before the telecoms sector sees a change for the better.

Barrett told the conference: "I have never been more optimistic on the future than I am right now, even in the middle of a recession."

However, he made it clear that the onus is still on the tech companies to chart their own way out of trouble, and insisted that a self-pitying culture within the industry must now be left behind.

Barrett is quoted in the Herald Tribune as saying: "Stop feeling sorry for yourself. The future's bright. Just go out and do something about it."

Barrett's upbeat words are in stark contrast to the messages coming out of Intel last month. The chip giant warned that third quarter sales will miss the lower end of expectations.