WPP profits up as ad market grows
A TURNAROUND in the US advertising market helped drive a jump in half-year net profit for WPP, the world's largest advertising company. The recovery also contributed to the group posting a profit across all its divisions for the first time since before the downturn took hold. Net income rose 39pc from a year earlier to £150.8m (€183.9m), the owner of Ogilvy & Mather and Grey Group agencies said in a statement. Sales rose 3.5pc to £4.44bn.
Anderson offer for Oglesby & Butler
KEVIN Anderson has confirmed that he plans to make a takeover offer for Carlow-based Oglesby & Butler "as soon as possible". Mr Anderson issued a statement to the stock exchange confirming that he had increased his stake in the company above 30pc. This means he is obliged under takeover rules to make an offer for the whole of the company.
Fall in mortgages drives decline
AN 18.5pc drop in UK mortgage lending over the past year provided fresh evidence of a slowing in Britain's housing market as a Bank of England policymaker yesterday warned of a "significant" risk of the economy sliding into a double-dip recession. Figures from the British Bankers' Association showed that new approvals for home loans dipped from 34,575 in June to 33,698 in July, and were well down on the 41,400 seen in July 2009.
Apple in TV talks with News Corp
APPLE is in advanced talks with News Corp to let iTunes users rent TV shows for 99 cents and is in discussions with other media companies about similar deals. CBS and Walt Disney, where Apple CEO Steve Jobs is a board member and largest shareholder, are also in talks about joining the effort.
Medtronic shares fall on poor sales
MEDTRONIC, the world's biggest maker of heart devices, fell the most in more than 21 months in New York trading after lowering its profit forecast, citing slowing sales for defibrillators and spinal products. Medtronic expects fiscal 2011 earnings of $3.40 a share to $3.48 a share down from a forecast of $3.45 to $3.55. Revenue for the first-quarter fell 4.1pc to $3.77 bn.