There is a hardly a piece of good news for anyone putting together a 2009 advertising budget for the IHT.
But for the IHT a couple of headlines caught my eye hard.
Japanese buy less, and European fashion houses suffer
Outlook seen challenging for luxury goods in 2009
Luxury brands, fashion and renewable energy have been the backbone of the IHT's 2008 advertising revenue, and all are in retreat.
Time to re-do those forecasts - again. But where are the cost cuts going to come from? Over at the FT, there is news of 60 layoffs.