Sorrell: Europe slow growth decade

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Martin Sorrell fears Europe's growth problem will last more than just one yearCEO of WPP predicts there will be slow growth until 2017 or 2018He remains optimistic for Germany, Poland and Russia, as well as "Next 11" economiesSorrell says it will be "tough sledding" for France, Italy, Spain and the United Kingdom

(CNN) -- The 2013 forecast for European economic growth has turned into a prediction for decay. The European Central Bank on Thursday flipped next year's gross domestic product forecast from growth of 0.3% to a fall of 0.9% next year.

Martin Sorrell, CEO of WPP, told CNN's Richard Quest he fears Europe's growth problem will last more than just one year.

"This is a decade of slow growth. We are halfway through it. Hopefully we are halfway through it," says Sorrell. "And there's going to be another three, four, five years of tough stuff until we get out of it around 2017, 2018."

But Sorrell, head of the world's largest advertising company, said he sees an easier path for Eastern Europe over Western Europe. He is optimistic for the former, citing energy resources in Germany and Poland, and is even "very bullish" on Russia.

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But Sorrell says it will be "tough sledding" for France, Italy, Spain and the United Kingdom.

On Thursday, ECB President Mario Draghi outlined Europe's short-term growth challenges as the eurozone fell back into recession in the third quarter. Poor consumer demand, investor sentiment and "subdued" foreign demand led to the downgrade, Draghi said.

Europe's chronic debt crisis has also loomed as a cloud over the Continent the past few years.

The U.S. fiscal cliff is yet another concern. If Washington fails to stop a series of automatic tax hikes and spending cuts scheduled to kick in on the first day of 2013, the non-partisan Congressional Budget Office says the world's largest economy could fall back into recession and potentially take other countries down with it.

WPP's Sorrell blames the past few years for the problems of the present and the future.

"Given the excesses of the past, given the overexpansion, the overinflation of the money supply, the problems that we had which culminated...in August 2007 in the United States with the subprime crisis -- and really were topped out by the Lehman crisis of September 2008 -- really it's going to take a long time for us to get through that."

Looking forward, Sorrell says his strategy for WPP is "quite clear" and involves expanding further into digital media and into the BRICs -- Brazil, Russia, India and China -- and nearly a dozen other emerging economies such as Indonesia, Egypt and Mexico known as the Next 11.

"We have to fight our way through this."

December 14, 2012 -- Updated 1532 GMT (2332 HKT) Mario Draghi's actions have improved the eurozone's short-term outlook, but fundamental issues remain unresolved, writes Nicholas Spiro. December 14, 2012 -- Updated 1041 GMT (1841 HKT) A lack of jobs and slashed benefits are causing some Greeks to leave the cities for rural living. CNN's Diana Magnay reports.December 10, 2012 -- Updated 2041 GMT (0441 HKT) HSBC's head of FX Strategy talks to CNN about the eurozone crisis and warns that too much austerity may prove counterproductive.December 14, 2012 -- Updated 0121 GMT (0921 HKT) Greece's Golden Dawn party says immigrants are to blame for the country's economic strife. CNN's Diana Magnay reports. December 13, 2012 -- Updated 2245 GMT (0645 HKT) CNN's Diana Magnay takes a closer look at the hardships facing the Greek population amid the the country's economic crisis. December 12, 2012 -- Updated 1010 GMT (1810 HKT) Antakis Antonios hasn't had a job for years, lost his wife to tuberculosis and now struggles to support his three children.December 10, 2012 -- Updated 1818 GMT (0218 HKT) CNN's Diana Magnay profiles one of Greece's best and brightest who has decided to leave her country rather than struggle to get by.December 11, 2012 -- Updated 1245 GMT (2045 HKT) Will the prospect of a Berlusconi return cause investors to steer clear of Italian bonds? Count on it, writes Nicholas Spiro.December 10, 2012 -- Updated 1219 GMT (2019 HKT) Is the three-year-old eurozone sovereign debt crisis nearing its end? Dr. Nicholas Spiro of Spiro Sovereign Strategy believes it just might be.November 27, 2012 -- Updated 1204 GMT (2004 HKT) The European Union and the International Monetary Fund agree on a deal that officials hope will finally relieve the troubled country's debt burden.November 19, 2012 -- Updated 1210 GMT (2010 HKT) For three years Greece has suffered a prolonged period of economic and political crisis magnified by unprecedented austerity measures.November 13, 2012 -- Updated 1906 GMT (0306 HKT) Alexis Tsipras, leader of Greece's far-left Syriza Party, says forgiving Greek debt, not more austerity, is the solution to the country's problems. November 21, 2012 -- Updated 1813 GMT (0213 HKT) A small, wealthy region feels bridled by Spanish centralized rule and high taxes. No, it's not Catalonia 2012, but 16th century Holland. November 15, 2012 -- Updated 1201 GMT (2001 HKT) Greece's banking sector is being snubbed by European investors as the troubled country remains mired in recession.November 20, 2012 -- Updated 1651 GMT (0051 HKT) Why are Spanish workers leaving big city life behind in search of job opportunities in small towns and villages? CNN's Al Goodman reports.November 8, 2012 -- Updated 1516 GMT (2316 HKT) As the bloc's new protagonist, the European Central Bank is facing criticisms it has overstepped its remit, and potentially broken the law.November 8, 2012 -- Updated 2045 GMT (0445 HKT) CNN's Fred Pleitgen reports on one auto parts manufacturing plant in Germany that is being hit hard by Europe's economic headwinds.November 6, 2012 -- Updated 1254 GMT (2054 HKT) The eurozone debt crisis is the latest strain in a tumultuous relationship between Greece and Germany. Is the crisis opening old wounds?October 3, 2012 -- Updated 1028 GMT (1828 HKT) Spain, a eurozone giant, is tipped to seek a full bailout as it struggles with steep borrowing costs and high unemployment. How long can it hold out?Today's five most popular stories

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In Europe, a Push for Higher Phone Fees

AppId is over the quota AppId is over the quota BERLIN — When the authorities have tinkered with European telecommunications rules, it has usually been to lower prices for consumers, whether through retail price controls on mobile roaming fees or mandatory cuts in regulated interconnection charges.

But this year, to encourage more investment in high-speed broadband networks, regulators are considering helping the biggest operators increase a main source of income: the rent they receive from rivals that lease their landline grids.
The architect of the plan, Neelie Kroes, the European Union’s digital agenda commissioner, has pitched the increases as part of a broader package to stimulate spending while preserving competition and consumer choice.
The plan, however, has alarmed operators that would have to pay the higher charges, like the British mobile operator Vodafone. Vittorio Colao, chief executive of Vodafone, said that the plan to increase the fees collected by former monopolies, including BT, Deutsche Telekom, France Télécom, KPN, Telecom Italia and Telef?nica, could lead to a “re-monopolization” of the business.
Mr. Colao said he was worried that landline operators would use the additional revenue to lower their own prices and try to squeeze competitors like Vodafone.
“Increasing the incentive to invest is a good thing,” Mr. Colao said. But now Ms. Kroes must “demonstrate that these new criteria won’t contaminate the competitive arena in Europe,” he said.
Under the plan, the European Commission, the executive arm of the European Union, would begin regulating the fees that mobile operators routinely pay to lease the grids of landline operators.
In much of the world, running telecommunications lines to homes and businesses has traditionally been the domain of a local monopoly, or sometimes a duopoly in the case of telephones and cable television in the United States. Until 1998, countries in the European Union were allowed to maintain national monopolies for this “local loop” to the consumer.
With deregulation, however, the former monopolies were required to unbundle the cost of the local loop and offer it to competitors, thus allowing companies like Vodafone to enter the market.
Despite 14 years of deregulation, and the addition of more than 100 mobile operators in Europe, the former monopolies still supply the majority of fixed-line services in their home countries. In Spain, Telef?nica has more than 70 percent of this business.
Until now, these unbundling rates have been set by national regulators, and the average monthly cost per customer in the European Union stands at €8.62, or $11.35. The fee typically makes up a third or more of monthly landline phone bills in Europe and also influences wireless prices because it affects mobile operator costs. The fee ranges from €4.20 in Slovakia to €12.41 in Ireland.
Mrs. Kroes proposed to lower, not raise, unbundling fees in September 2011, to make the old landline networks less profitable for big operators and to encourage them to invest in new networks. But the former monopolies protested, and after personal appeals from executives at big operators, in some cases accompanied by their investors, she reversed course.
Ms. Kroes is proposing that each country within the European Union be required to set its fee within the range of €8 to €10 per month, according to a copy of her proposal obtained by the International Herald Tribune. The new range would most likely require 10 E.U. countries where the fee is currently below this range to raise it, in some cases only slightly, and in others, sharply.
The increases would in all likelihood be passed on to consumers. The rise in fees could be greatest in Eastern Europe, where regulators have been most aggressive in setting low leasing rates to encourage competition. The level of leasing charges could double in Estonia, Latvia, Poland and Slovakia.
Mr. Colao, the Vodafone chief executive, said Ms. Kroes needed to tighten the legal safeguards in her plan to prevent big operators from exploiting access to landline networks. 

One Thing is Shoring Up Europe

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Wall Street Week Ahead: Rally's stamina hangs on Europe

Traders work on the floor of the New York Stock Exchange June 8, 2012.
Credit: Reuters/Brendan McDermid 

NEW YORK (Reuters) - Investors celebrated U.S. stocks' best week in 2012 on Friday, but a cloud hangs over Wall Street, and it's what may happen in debt-plagued Europe this weekend.
Spain is expected to ask the euro zone for help with recapitalizing its banks, a deal that could ease markets' most immediate concern about the region's financial crisis.
The euro zone's deputy finance ministers will hold a conference call on Saturday to discuss the request, five senior European Union and German officials told Reuters on Friday.
At a minimum under adverse scenarios, several of Spain's banks would need about 40 billion euros or $50 billion of capital to meet core Tier 1 requirements under the Basel III standards, the International Monetary Fund said in a report released on Friday night.
"All eyes are on what will happen with Spanish banks over the weekend. The level of uncertainty is high and the fear in the market has certainly elevated," said Amy Wu, equity derivatives strategist at RBC Capital Markets in New York.
Wu noted that the volatility skew in options, which had decreased gradually throughout the week, has moved back up. Volatility skew, which is affected by sentiment and the supply-demand relationship, measures the premium for downside puts compared to upside calls.
Christine Lagarde, managing director of the IMF, said it is urgent that Europe fix its banks and create a system for more unified bank supervision with a single deposit insurance fund.
"Let me be clear: The heart of European bank repair lies in Europe. That means more Europe, not less," she said, in prepared remarks released Friday night. The speech was set for delivery before a Leaders Dialogue in New York.
Investors and U.S. policymakers worry Europe's political and financial woes will threaten the fragile U.S. economic recovery.
Besides Spain's weakened banks, parliamentary elections are scheduled in Greece on June 17. The results could decide whether the country continues austerity measures it agreed to as part of an international bailout or whether Greece leaves the euro zone.
BAD NEWS PRICED IN
Wall Street has been hit hard by other concerns, including signs of a slowdown in U.S. growth and shrinking demand in China, the world's No. 2 economy.
But some market participants said investors have priced in bad news out of the euro zone.
"I don't think a lot more downside is in the cards at this point" unless there is another shock, said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Maryland, whose firm manages about $13 billion in assets.
The broad S&P 500 index fell 6.3 percent in May, its largest percentage drop since September. The Dow's 6.2 percent drop and Nasdaq's 7.2 percent loss in May were their largest monthly declines in two years.
On June 1 the S&P 500 ended below its 200-day moving average for the first time this year, but the index clawed its way back above the key level and rallied later in the week on hopes Europe would find solutions to its problems.
"The market has been basically expecting bad news since earlier this year, so we have been pretty well hedged to the downside. Now, it's the rally that is scaring people." Wu said.
"You don't want to be that person having to explain to your boss why you missed the rally."
For the week, the Dow advanced 3.6 percent, the S&P 500 rose 3.7 percent and the Nasdaq jumped about 4 percent - their best weekly percentage gains since December.
The U.S. economic calendar in the coming week includes data on the Producer Price Index and retail sales on Wednesday. Reports on the Consumer Price Index and initial weekly jobless claims are set for Thursday. Data on Friday includes the Empire State manufacturing index, U.S. industrial production and the preliminary reading for June on consumer sentiment from the Thomson Reuters/University of Michigan surveys.
(Wall St Week Ahead runs every Friday. Comments or questions on this column can be emailed

What (Not) to Wear in Europe: Men's Edition

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AppId is over the quota

By Rachel Felder

Gearing up for a summer getaway is certainly exciting; figuring out what's appropriate to wear on your trip, well, not so much. Whether you're heading to a vibrant European capital or an ultra-relaxing beach resort, knowing what to pack can be a daunting task. For men, the safest plan, regardless of destination, is to keep things simple, packing versatile basics in neutral shades of navy, gray, khaki, black, and white.

"I would definitely bring an unlined blazer that's comfortable and more casual but still gives you the look of a tailored jacket," suggests Matt Marden, Fashion Market Director at DETAILS magazine. "Something like a navy suit or a gray suit is also great to bring because you can break up the pieces and dress them up or down with a white button down or a navy blue t-shirt."

Marden also suggests bringing jeans in dark denim (since it's more polished than lighter washes), a pair of comfortable dress shoes, and a pair of classic white sneakers, which can be worn with a suit (to give it a more casual feel) as well as shorts and a simple tee.

Of course, some of what needs to be packed depends on where you're going. Here are Marden's tips for the most popular types of summer destinations:

"If you're going to be in a city in the summer, it's great to get key items in fabrics like cotton and linen," Marden advises. "They have an effortless feel to them and look chic even if they get wrinkly." What not to pack? "I would not bring anything like a flip-flop, any sort of gym shorts unless you're going to run in them, or graphic t-shirts or destination t-shirts. Most quote unquote 'tacky tourists' wear a lot of logos, so I would avoid logos at all costs, even on your luggage."

For this type of trip, the goal is to look relaxed and lowkey "I love wearing a pair of shorts—more of a tailored short, nothing 'cargoey' with tons of pockets—with a dress shoe if you're going to a small town," Marden says "Another great thing is bringing a grey sweatshirt, because that looks good with khakis and it's super comfortable, easy, and breathable if you're running all around. If you're sightseeing in the morning and it's cool you can wear it, then wrap it around your waist or shoulders as it gets warmer later in the day."

"Unless you're a male model or an Olympian—or have the body of either—you don't want to be rocking a Speedo on the beach," Marden laughs, suggesting that swim trunks should fall between mid-thigh and just above the knee. "Grown men should not be wearing any sort of board shorts because that gets to be a little goofy."

For the journey to and from your destination, Marden says the priority is ease. "I love a chino on the airplane, or a dress pant, because they're comfortable," he says. "Jeans get to be too heavy sometimes. A slim fitting cargo pant also would work." He also suggests wearing a cardigan sweater, since planes can get drafty.

For up-to-the-minute hotel and restaurant recommendations, as well as the best planning advice, check out our Europe Travel Guide.

But although it's important to be comfortable, particularly for long haul flights, Marden says not to take that goal too far. "I would never wear sweatpants," he says.

Photo Credits: Chic European City: TommL/iStockphoto.com; Small Town:

View the original article here

What (Not) to Wear in Europe: Men's Edition

AppId is over the quota
AppId is over the quota

By Rachel Felder

Gearing up for a summer getaway is certainly exciting; figuring out what's appropriate to wear on your trip, well, not so much. Whether you're heading to a vibrant European capital or an ultra-relaxing beach resort, knowing what to pack can be a daunting task. For men, the safest plan, regardless of destination, is to keep things simple, packing versatile basics in neutral shades of navy, gray, khaki, black, and white.

"I would definitely bring an unlined blazer that's comfortable and more casual but still gives you the look of a tailored jacket," suggests Matt Marden, Fashion Market Director at DETAILS magazine. "Something like a navy suit or a gray suit is also great to bring because you can break up the pieces and dress them up or down with a white button down or a navy blue t-shirt."

Marden also suggests bringing jeans in dark denim (since it's more polished than lighter washes), a pair of comfortable dress shoes, and a pair of classic white sneakers, which can be worn with a suit (to give it a more casual feel) as well as shorts and a simple tee.

Of course, some of what needs to be packed depends on where you're going. Here are Marden's tips for the most popular types of summer destinations:

"If you're going to be in a city in the summer, it's great to get key items in fabrics like cotton and linen," Marden advises. "They have an effortless feel to them and look chic even if they get wrinkly." What not to pack? "I would not bring anything like a flip-flop, any sort of gym shorts unless you're going to run in them, or graphic t-shirts or destination t-shirts. Most quote unquote 'tacky tourists' wear a lot of logos, so I would avoid logos at all costs, even on your luggage."

For this type of trip, the goal is to look relaxed and lowkey "I love wearing a pair of shorts—more of a tailored short, nothing 'cargoey' with tons of pockets—with a dress shoe if you're going to a small town," Marden says "Another great thing is bringing a grey sweatshirt, because that looks good with khakis and it's super comfortable, easy, and breathable if you're running all around. If you're sightseeing in the morning and it's cool you can wear it, then wrap it around your waist or shoulders as it gets warmer later in the day."

"Unless you're a male model or an Olympian—or have the body of either—you don't want to be rocking a Speedo on the beach," Marden laughs, suggesting that swim trunks should fall between mid-thigh and just above the knee. "Grown men should not be wearing any sort of board shorts because that gets to be a little goofy."

For the journey to and from your destination, Marden says the priority is ease. "I love a chino on the airplane, or a dress pant, because they're comfortable," he says. "Jeans get to be too heavy sometimes. A slim fitting cargo pant also would work." He also suggests wearing a cardigan sweater, since planes can get drafty.

For up-to-the-minute hotel and restaurant recommendations, as well as the best planning advice, check out our Europe Travel Guide.

But although it's important to be comfortable, particularly for long haul flights, Marden says not to take that goal too far. "I would never wear sweatpants," he says.

Photo Credits: Chic European City: TommL/iStockphoto.com; Small Town:

View the original article here