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Chancellor Gordon Brown is banking on a global upturn in the economy and took the risk of keeping borrowing and other revenue-raising measures to a minimum in yesterday’s budget, according to KPMG. The group’s chief economist for the UK, Andrew Smith, says that Brown is hoping that an early economic recovery will provide revenues to… Continue reading Brown’s Budget Banks On Global Upturn

Rupert Murdoch has finally fulfilled his ambition to break into the US satellite market by agreeing a deal to take control of the television company, DirecTV. The mogul’s media enterprise, News Corporation announced last night that it had negotiated a $6.6 billion package with General Motors, which currently owns the broadcaster. Under the terms of… Continue reading Murdoch Seals Acquisition Of DirecTV

The economy of the European Union (EU) and the eurozone ended on a very weak note in 2002 and continued sluggishness is expected into the first half of this year, according to forecasts from the European Commission (EC). The EC’s outlook for 2003 predicts that the average eurozone GDP growth rate will be just 1%,… Continue reading EC Sees Weak Economic Growth In 2003

The Chancellor stood up at 12.30pm. Economic growth in 2002 was 1.8%. Growth forecast for 2003 revised downwards from 2.5%-3.0% to 2.0%-2.5%. Research and Development tax credit to be expanded. One pence on a pint of a beer; duty on spirits and cider and sparkling wines frozen. Four pence increase on a bottle of wine.… Continue reading Budget 2003 Coverage – The Chancellor’s Speech As It Unfolds

US consumer expenditure on electronic media and entertainment passed the $100 billion mark in 2002, and is expected to rise by more than $20 billion by 2010, according to an upcoming report from Informa Media Group. Informa says that the growth comes despite the cyclical nature of the games industry, the impact of piracy on… Continue reading US Entertainment Spend To Pass $120bn By 2010, Says Informa

Rupert Murdoch’s News Corporation could finally clinch a deal to take control of US satellite group, DirecTV, with commentators claiming that an agreement could be signed as early as today. According to report in the Times newspaper, which is ultimately owned by News Corp, the $7 billion (£4.5 billion) deal would give the company a… Continue reading News Corp All Set To Wrap Up US Satellite Deal

Shares in global advertising group, WPP, toppled by 33.5% yesterday, after one of its key clients, the Ford motor company, announced plans to reduce non-production-related costs by 20%. This reduction will include, at least to some degree, expenditure on marketing and advertising. Ford is understood to plough 80% of its advertising and marketing spend into… Continue reading WPP Stock Plummets As Ford Looks To Cut Marketing Spend

Capital Radio’s lynchpin presenter, Chris Tarrant, has told the Financial Times that he does not intend to leave the station before his contract expires in 2004, adding that he is not looking to leave even after that. “I will stay. I like it here,” Tarrant is quoted as saying in today’s edition of the paper.… Continue reading Good News For Capital As Tarrant Plans To Stay

Forecasters at ZenithOptimedia have downgraded their European advertising predictions, with hopes that real growth would emerge this year now all but gone. ZenithOptimedia had previously forecast that the top-five European advertising nations would see a 1.8% rise in revenues in 2003 (see European Advertising Forecasts From Zenith Optimedia); it is now anticipating growth of just… Continue reading ZenithOptimedia Downgrades European Ad Forecasts

ITV companies, Carlton and Granada, are to be allowed to run extra advertising minutes in order to make up for losses caused by augmented news coverage of the war in Iraq. As part of this coverage, ITV1’s nightly news bulletin has been moved from 10pm to 9pm during the conflict and has attracted record audiences… Continue reading ITV May Receive Extra Ad Minutage To Offset War Effect