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President Obama has in two short months set the nation in a new direction when it comes to transitioning to a clean energy economy, stopping global warming and protecting the environment.

Digital media is profoundly transforming consumer behaviour and traditional media business models. While creating new opportunities, its disruptive influence is being accelerated by the global recession.

At the vanguard of this digital revolution are teenagers. While their habits will obviously change (especially when they start employment), understanding their mindset seems an excellent way of assessing how the media landscape will evolve. To this end, we asked a 15 year old summer work intern, Matthew Robson, to describe how he and his friends consume media.

In today’s economically challenging times, advertisers and their agencies appear to be moving their online display ad dollars from CPM campaigns that require payment based on the number of people exposed to the campaign to “payfor-performance” programs (“CPC” or “CPA”) that require payment when the consumer performs some desired action such as clicking on an ad.

Data from Competitive Media Reporting shows that total online display advertising spending (CPM and CPC/CPA) increased by 8% Y/Y during the first half of 2008, while the Internet Advertising Bureau reported a 15% increase.

In contrast, Nielsen, whose data only includes CPM spending, reported a 6% decline in display advertising over the same time period. Clearly, these data imply that online ad dollars are being moved from CPM to CPC/CPA programs.

What do we know about climate change? What is the relationship between trade and climate change? How does trade affect greenhouse gas emissions and can more open trade help to address climate change? What is the range of national measures that can contribute to global mitigation efforts? These are just some of the questions discussed by Trade and Climate Change by the World Trade Organization and the United Nations Environment Programme.

Over the past two years, the world has seen turmoil in a relatively small segment of the U.S. credit markets morph into a severe global economic and financial crisis. Although aggressive monetary policy, fiscal stimulus, and guarantee programs to shore up the banking industry have begun to stabilize financial markets and slow the pace of economic contraction, policy makers face an extended battle to revive the global economy.

Going forward, national and international policy makers must support emerging signs of recovery with persistent, robust efforts to restore confidence in the financial system and transform the adverse feedback loop between the financial sector and the real economy into a positive one.

This is the fourth PricewaterhouseCoopers survey on foreign banks in China. Based on interviews conducted in April and May 2009 with chief executive officers, senior executives and branch managers of 41 foreign banks in Beijing, Hong Kong, Shanghai and Shenzhen, the survey focuses on the strategic and emerging issues surrounding foreign banks' expanding activities in China.

Dear Reader,
Over the past 20 years, Roland Berger has conducted more than 80,000 interviews in China with people from all walks of life, giving us unprecedented access to the way Chinese consumers see their world. We have found out about their preferences and dislikes, their hopes and fears, their aspirations and what they are happy with in the status quo.