2010 offers no Cup of cheer; yourmoney: : ADVERTISING.Byline: CLINTON MANNING EVEN football's money-spinning World Cup will not stop next year being grim for advertising, says industry giant WPP WPP Wire & Plastic Product PLC WPP World Press Photo WPP Web Presence Provider WPP Wolf Pack Productions (anime fan subbing group) WPP Witness Protection Program WPP Wireless Packet Platform WPP Work Package Planning . Boss Sir Martin Sorrell Sir Martin Sorrell (born 14 February, 1945 in London) is an British businessman, currently the chief executive officer of WPP Group and has served in that role since he started the company in 1986. , below, dismissed talk of a V or W-shaped recovery saying he expected it to be more L-shaped, suggesting a long period of stagnation Stagnation A period of little or no growth in the economy. Economic growth of less than 2-3% is considered stagnation. Sometimes used to describe low trading volume or inactive trading in securities. Notes: A good example of stagnation was the U.S. economy in the 1970s. . He said: "The first-half has been very painful for us ... and next year looks like even-Stevens even with the World Cup and the Winter Olympics." His gloomy comments came as he revealed the "severe" recession halved WPP's profits to pounds 179m in the first six months of 2009. The world's biggest ad agency was hit as companies cut their marketing budgets. It has also suffered with the weak pound and the cost of redundancies after axeing almost 8,000 jobs worldwide this past year. |
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