In brief: US market drives growth at WPP
WPP has reported its fastest growth in a decade, driven by an American economy behaving "more like an emerging market than a mature one".
The world's biggest advertising agency announced third-quarter revenue of £2.253bn (€2.59bn) yesterday. The 7.5pc like-for-like growth was the highest quarterly rate since the fourth quarter of 2000. Martin Sorrell, WPP's chief executive, said that the US had recovered more strongly than expected, with like-for-like revenue growth of almost 10pc in the third quarter.
Judge limits gains in Citigroup case
IF Guy Hands wins his case against Citigroup, he will have to settle for only a fraction of the £5bn (€5.76bn) that he was claiming, after a judicial ruling yesterday. Judge Jed Rakoff ruled that even if Mr Hands succeeds in proving that the American bank defrauded him over the purchase of EMI, through his Terra Firma private equity company, he will be entitled to only £1.5bn -- the amount that he paid for EMI in 2007. The judge rejected arguments that Citigroup should be potentially liable for the higher amount.
Profit at Sony raises full-year forecast
Japanese electronics giant Sony has reported a quarterly profit and raised its full-year forecast due to strong profits at its games and computer businesses. The maker of Bravia televisions and Cyber-shot cameras reported a profit of 31 billion yen (€276m) in its second financial quarter, compared with a 26.3 billion yen loss a year ago. Car firm Honda said its net profit more than doubled to $1.7bn (€1.2bn) for the three months to September, and upgraded its full-year forecast.
High five for Apple as Nokia share falls
Apple Inc became one of the world's top five mobile phone vendors in the third quarter, while market leader Nokia Oyj's share fell, two industry research groups said. Apple vaulted past Research In Motion Ltd and Sony Ericsson to fourth place, helped by the introduction of the iPhone in new markets, International Data Corp and Strategy Analytics reported yesterday. If Apple produced an iPhone for Verizon Communications Inc's CDMA network, that could boost it further, Strategy Analytics wrote.