LEADER: Rebound looks less likely for agencies

<p>Further proof that times are volatile and are likely to get more so </p><p>as the year progresses for the advertising industry in Hong Kong. A </p><p>recruitment consultancy has predicted that marketing talent will cost </p><p>more. If this is indeed the case, then advertising agencies can expect a </p><p>spillover into their industry. </p><p><BR><BR> </p><p>Juxtaposed against this is the fact that Hong Kong's first quarter </p><p>single-digit adspend growth looks sluggish next to the blistering pace </p><p>China has set. The biggest fear is that Hong Kong can't bank on a </p><p>second-half spending spurt that rescued bottom lines last year. The </p><p>internet bubble has burst and the telecoms and insurance climate is </p><p>noticeably cooler. </p><p><BR><BR> </p>