The UK and Germany bookend Europe,with Italy,Spain and France in distress,according to Sir Martin Sorrell,noted British advertising magnate.We saw a step change downwards in September advertising.There's an overall problem across the world,including some of the fast-growing markets.
Long term indications are starting to show some signs of flipping up.Maybe mid-2013 we will start to see some uptick in the private sector.
We have to get used to this slow recovery in the Western world.It's very uncomfortable for us in the West to come to terms with the growth engines being in the East,Mr.Sorrell admitted.
Industrial and Commercial Bank of China earned the most money in the banking sector last quarter.The bank's 10 billion dollar income was a Q3 record,and the company could set an earnings record on the year as well.The world's biggest bank,ICBC beat the earnings estimate on increased credit demand.Its market capitalisation is about equal to that of JP Morgan Chase,Goldman Sachs and Bank of America put together.
Barclays Capital says China's oil demand will grow 3.6% in 2013.
Sir Martin Sorrell is co-founder and CEO of WPP Group,the world's largest marketing communications company.
Industrial and Commercial Bank of China Ltd(ICBC)
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