." >> it's pop yap liederred by martin sorrell, he often used that phrase and when you do a search for where at the phrase began, it began with walter winchell in 1948, and he was talking about how the soviet union was a frenemy of the united states weapon needed them to partner with us and yet they were our competitor. when you look at the advertising world, one way it's being disrupted is by series of what i call frenemies that is to say the people who use -- the publishers who you sell your ads to, or basically say, i want to buy your ads, "the new york times," she ""chicago tribune"," i et cetera, increasingly they have been advertising agencies and they try and bypass the agency and go directly to the client. pr agencies, at newspapers, say we have to get a new revenue source and they become advertising agencies. consulting companies, like delloyd, used to be your accountant, or mckenzie, your adviser, saying we have to get into the advertising business so they become your competitor. google and facebook, with all the dat they have. the agencies sell them enormous amounts of adver

wpp has threatened to take away share awards worth millions from its former chief executive sir martin sorrellks. the dutch firm is facing takeover bids from both wpp and sir martin's new venture, s4 capital. mr sorrell resigned as wpp boss in april after the board said it was investigating claims of misconduct — which he denies. wang jian — the co—founder and chairman of giant chinese conglomerate hna group — has died in a fall in southern france. police say mr wang had climbed on a high parapet to take photographs — they are not treating the death as suspicious. hna employs more than 400,000 people worldwide — with assets including major stakes in deutsche bank, hotel chain hilton and skyscrapers in london the national health service celebrates its 70th anniversary today. when it was created, it was the first time in the world that completely free healthcare was made available on the basis of citizenship rather than payment. dominic hughes has been speaking to three generations of one family who've all had careers in the health service. josh from the communications team, his sister simone, a

sir martin sorrell, the man who built and ran the world's largest advertising agency, has seen off competition, to buy dutch digital production company mediamonks. it's the first acqusition for his new company. sir martin was forced out of wpp earlier this year amid claims of misconduct. let's have a look at china now. we have not talked about it for a while, it normally dominates the headlines and it is the world's second—largest economy. it is in the midst of a trade war with the us, and today the government's just released its latest producer inflation figures. official figures show china s producer inflation climbed to a six—month high of 4.7% injune. katie silver is in our asia business hub in singapore. what does this say about how china is faring now? domestic numbers are looking ok, the consumer price index was1.9%, looking ok, the consumer price index was 1.9%, pretty much the same as in may and firmly within the 3% target set by the people's bank of china for inflation. as we are talking about the tariffs and this trade war with the us, that gives them room to basically loosen moneta

tramp for martin sorrell over his former employee -- employer wpp.ut his almaeat mater in the race to acquire a dutch-based digital production firm. it will pay $352 million in shares and cash. the acquisition allows him to begin rebuilding his reputation after an unceremonious exit from wpp last april. -- the biggest money manager in the country. td bank has agreed to buy greystone manage investment for $603 million in stock and cash. the proposed transaction which is expected to close later this year will bring total assets under management at td bank to about $300 million. greystone shareholders will receive 30% of the purchase price in td shares. -- athe end of an era as real madrid for cristiano ronaldo. he is leaving the spanish ball club to join italian champions. he is real madrid's all-time leading scorer and spent nine years on the team. he leaves the club after leading them to four champion league titles. that's your business flash update. a move that morgan stanley would see how promotions at the bank affect the possible successor to ceo

i was a fan of martin sorrell in that he left very quickly. >> are you supportive of les moonves remainingf ceo during this investigation? >> i think that's a decision for the board to make. and i think right now and i just said it -- >> take a stand. what's your view one way or the other >> i think it's really a board issue. >> but if you could poll every shareholder out there, what do you think the answer would be? >> looking at the information right now, i would think mr. moonves is probably well advised to leave his position. >> you do? >> i don't have the information. i'm not looking -- i'm an outsider and you really need to be an insider to make the judgment i'm not on the jury here i'm in the courtroom looking at it looking at it right now, andrew, when we have a system in this country that says you're innocent until proven guilty >> absolutely. >> in a criminal court but this is business and that's different and the measures are different >> you know, right now the measures are if the allegations are even close to true, it would seem the right thing for mr. moonves to do and not wi

martin sorrell is in talks to make his first acquisition since leaving wpp. to buy media monks. a netherlands digital company. it's unclear how much he will pay to acquire the company, but sources tell the ft media monks is valued at about $233 million. >> he's got that on him, probably. >> back pocket >> most of the time. and, you know, i don't know the details of any of that, but it'd be tough to sell him short with what he did. didn't they make little wires or something? what was wpp that was nothing it was like a little wireless -- >> no. >> they made little wires. it was the subpoena it -- opposite of a wireless company >> it made wires really so it was an industrial turned into an advertising company? >> back in the day >> it was water and plastic products a manufacturer of wire baskets >> media monks could be anything >> yeah. but ten years from now -- i don't know he's a talented. >>> coming up, german chancellor angela merkel looking to avert a political collapse xt'll spak to david miliband ne stay tuned you're watching "squawk box" on cnbc introduc