The Week: People news - Levy predicts more gloom

The global advertising market is weakening faster than previously feared, according to Maurice Levy, the chairman and chief executive of Publicis Groupe.

The holding company chief was quoted on Capital magazine's website as saying: "The advertising market is locked into a downward spiral. Since the beginning of the year, the indicators haven't stopped getting worse. In February, I foresaw a global decline of about 3 per cent. It is now accepted the drop will be even stronger."