plus 3, British advertiser WPP reports profits dip - YAHOO!

British advertiser WPP reports profits dip - YAHOO!
Videos From the Web: Car Videos - San Francisco Chronicle
China’s Stocks Rebound, Paring Weekly Loss; Automakers Advance - BusinessWeek
Live Blog: Thousands Rally in San Francisco as Police Detain ... - Daily Californian

British advertiser WPP reports profits dip - YAHOO!

Posted: 05 Mar 2010 02:31 AM PST

LONDON (AFP) – WPP said on Friday that net profit dipped only slightly in 2009 thanks to cost-cutting and a pick-up in advertising revenues during the second half, adding that emerging markets will fuel growth.

The world's biggest marketing company by revenue, said profit after tax reached 437.7 million pounds (484 million euros, 658 million dollars) last year, down 0.3 percent compared with 2008.

Annual group revenue jumped 16.1 percent to 8.684 billion pounds.

"2009 was a very difficult year and a tale or game of two halves," WPP said in its earnings statement.

The Dublin-based group forecast a "more stable" 2010 thanks to revenue earned on the back of major sporting events, including the Winter Olympic Games in Vancouver and the football World Cup in South Africa.

Following the results announcement, the group's share price fell 0.56 percent to 620.5 pence in early trade on London's benchmark FTSE 100 index, which was half-a-percent lower.

WPP added that organic revenue, a closely watched measure in the advertising industry that strips out acquisitions, disposals and currency effects, fell seven percent in the fourth quarter of 2009 compared with a nine-percent drop in the third quarter.

The group owns a number of advertising agencies including Ogilvy & Mather, Young & Rubicam, JWT and also Taylor Nelson Sofres, which it bought for 1.2 billion pounds in late 2008.

Advertising agencies are slowly recovering after enduring a tough 18 months as companies slashed spending in response to the global credit crunch and economic downturn.

"Worries continue about how and when governments and central banks will withdraw the considerable fiscal and monetary post-Lehman stimulus, as well as the likely impact," WPP said in its statement.

"These already approximate to 12 trillion dollars or approximately 20 percent of worldwide GDP of 64 trillion dollars.

"Withdrawal of the automotive "Cash for Clunkers" stimulus in North America, reduced demand for cars and trucks in the United States from an annualised level of 14 million units to 10 million units. This should serve as a warning," WPP added.

On a positive note, the group said emerging markets would help to fuel the group's growth.

"Geographically, there are relatively brighter spots budgeted in Asia Pacific, Latin America and the Middle East and Africa."

It added: "Central and Eastern Europe, as a whole, remains relatively flat (...) Western Continental Europe is budgeted to be relatively weak, with France, Germany and Spain still challenging.

"The United Kingdom is budgeted flat, with the United States showing a little growth. Latin America remains the healthiest region," WPP said.

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Videos From the Web: Car Videos - San Francisco Chronicle

Posted: 05 Mar 2010 01:12 AM PST

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China’s Stocks Rebound, Paring Weekly Loss; Automakers Advance - BusinessWeek

Posted: 05 Mar 2010 12:08 AM PST

March 05, 2010, 3:11 AM EST

March 5 (Bloomberg) -- China's stocks rebounded from their biggest loss in five weeks after brokers and automakers rallied on the prospect of index futures trading starting next month and FAW Car Co. reported higher profit.

FAW Car, the maker of passenger vehicles in China with Volkswagen AG, advanced 5.2 percent after 2009 net income jumped 50 percent. Citic Securities Co. led brokerages higher on a Shanghai Securities News report that index futures and margin trading will begin in mid-April. Gemdale Corp. slipped after Premier Wen Jiabao pledged to crack down on property speculation in the opening session of the annual legislative meeting.

The Shanghai Composite Index rose 7.69, or 0.3 percent, to 3,031.07 at the close. The measure, which slid 2.4 percent yesterday on concern accelerating inflation will lead to higher interest rates, fell 0.7 percent for the week. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, gained 0.3 percent.

"Auto stocks are cheap and will still record earnings growth this year, so a rebound is deserved," said Dai Ming, fund manager at Shanghai Kingsun Investment Management & Consulting Co. "It looks like there's no sign from the government it will ease its tightening yet, which will weigh on the market and limit any rebound."

The Shanghai index has dropped 7.5 percent this year on concern faster inflation will prompt the central bank to raise borrowing costs for the first time since December 2007.

Premier Wen

In today's speech, Premier Wen affirmed a target of 8 percent growth this year, along with a 3 percent inflation target and a "basically stable" currency. He said a moderately loose monetary policy and a proactive fiscal stance will continue, adding that government "must not interpret the economic turnaround as a fundamental improvement in the economic situation."

FAW Car climbed 5.2 percent to 23.22 yuan, the biggest gain since Feb. 23. Net income rose 50 percent to 1.63 billion yuan ($239 billion) last year on a 37 percent sales gain.

Chongqing Changan Automobile Co., the partner of Ford Motor Co. and Mazda Motor Corp., rose 1.2 percent to 12.64 yuan. Anhui Jianghuai Automobile Co., a unit of China's biggest light-truck exporter, added 0.8 percent to 10.53 yuan.

Citic Securities, China's biggest listed brokerage, rose 1.8 percent to 27.12 yuan. Haitong Securities Co., the second largest, added 1.6 percent to 16.94 yuan. Huatai Securities Co. advanced 6.9 percent to 22.25 yuan, the biggest gain since its debut on Feb. 26.

Index Futures

China plans to begin trading of stock-index futures in mid- April, the Shanghai Securities News cited Shang Fulin, chairman of the China Securities Regulatory Commission, as saying. Margin trading will start earlier than that of futures, Shang said, according to the report.

China's stocks aren't a bubble and will gain by the end of the year as the government takes measures to prevent the economy from overheating, said Bob Doll, BlackRock Inc.'s chief investment officer for global equities.

"I wouldn't characterize China stocks as a bubble," Doll, who helps oversee about $3.35 trillion at New York-based BlackRock, said in a telephone interview. "There will be gains predicated on a slowdown in growth being successful and this will be completed before not too long."

LGT Investment Management Ltd. recommended investor buy Chinese shares on any sell-off following the National People's Congress meeting.

Buy on Dips

"It's unlikely that we're going to get some very market friendly news to drive the market immediately higher so I think if anything, the market is setting itself up for a bit of disappointment," Ben Pedley, managing director of LGT Management, said in a Bloomberg Television interview. "While we still like mainland stocks very much, buying on dips in the wake of this meeting is probably the preferred strategy."

Gemdale, the country's fourth-largest developer by market value, dropped 1.1 percent to 12.39 yuan. China Vanke Co., the listed, lost 0.3 percent to 9.36 yuan.

China will cautiously scrutinize housing loans this year, said China Banking Regulatory Commission Chairman Liu Mingkang. Real estate "is a highly speculative industry, so we should pay attention to their behavior," Liu told reporters before the National People's Congress meeting.

Dead Cross

The Shanghai index is poised to form a so-called dead cross pattern, a "bearish" indicator that may signal further losses for stocks, according to Schaeffer's Investment Research and CIMB Investment Bank Bhd.

The index's 30-day moving average is set to intersect its 200-day moving average for the first time since February 2008. The last time this occurred, the Chinese gauge tumbled 61 percent before reaching a low in November that year, according to data tracked by Bloomberg.

The following companies were among the most active in China's markets. Stock symbols are in brackets after companies' names.

Shipping lines: The Baltic Dry Index, a measure of shipping costs for commodities, rose 7.2 percent yesterday, the biggest advance since July and the sixth consecutive gain.

China Cosco Holdings Co. (601919 CH), the world's largest operator of dry-bulk ships, gained 2.7 percent to 13.13 yuan. China Shipping Container Lines Co. (601866 CH), the country's second-largest carrier of sea-cargo boxes, rose 2.9 percent to 4.95 yuan.

Jiangsu Lianyungang Port Co. (601008 CH) gained 4 percent to 7.77 yuan, the biggest advance since Jan. 14. Shenyin & Wanguo Securities Co. rated the stock "outperform" in its initial coverage in a report today, saying the local government plans to upgrade the city's port.

--Zhang Shidong. Editors: Allen Wan, Richard Frost

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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Live Blog: Thousands Rally in San Francisco as Police Detain ... - Daily Californian

Posted: 04 Mar 2010 09:37 PM PST

This is a live-blog of the Daily Cal's updates about today's protests throughout the Bay Area. If the main Daily Cal Web site does not load, check the Daily Cal's Twitter or Facebook for updates.

7:20 p.m. SAN FRANCISCO

Protesters involved in the march have largely dispersed, but small contingents continue to trek north on Market Street.

7:07 p.m. SAN FRANCISCO

The crowd has shrunk to about 200-300 people, who after converging upon Union Square elected to continue eastward Powell Street.

7:04 p.m.

UC President Mark Yudof has released a statement outlining his reaction to the day's events:

"My heart and my support are with everybody and anybody who wants to stand up for public education. I salute those who are making themselves heard today in a peaceful manner on behalf of a great cause."

Read the rest of the statement here.

7:00 p.m. SAN FRANCISCO

The crowd reportedly has sprinted up Pine Street. Though initially confused on where to go, crowd members apparently have decided upon Union Square.

And the mantra, "No cuts, no fees, education must be free," continues to be echoed across the Bay Area and California.

6:47 p.m. SAN FRANCISCO

Interactions between police and protesters in the City have been peaceful, according to Jose Antonio, a junior history major from Canada College in Redwood City, Calif.

Marchers have turned northward on Kearny Street.

6:35 p.m. SAN FRANCISCO

Amid chants of "save our schools," about 500 protesters are marching through the City and have blocked northbound traffic on Market Street near Powell Street, though southbound traffic appears to be unimpeded.

About twelve police officers on motorcycles are riding ahead of the march, while four motorcycles and a police SUV are bringing up the rear.

5:41 p.m. OAKLAND

Traffic appears to be moving slowly again near the 980-880 interchange in both directions. Roughly all of the 100 protesters that rushed onto the highway have been detained and are being transported away on a bus.

5:35 p.m. SAN FRANCISCO

Across the bay in San Francisco, the mood at the rally is reportedly upbeat as protesters have blocked off Polk Street near City Hall. Organizers have said about 25 different schools are being represented.

5:28 p.m. OAKLAND

Between 20-30 people have been detained by police in Oakland. Earlier, another group of protesters had broken off the highway crash barriers and pushed them toward police on the highway ramp.

5:20 p.m. OAKLAND

A protester reportedly attempted to leap from Highway 980 onto a nearby tree, but failed to complete the jump and fell to the ground. He is currently being treated by paramedics.

5:17 p.m.

While anarchists are being handcuffed in the East Bay, thousands of protesters are rallying at City Hall in San Francisco.

5:06 p.m.

Several protesters have been detained by police, which have amassed more than 50 officers to the scene on Highway 980 near 9th Street and Broadway.

5:02 p.m.

Police have halted traffic westbound on Highway 980 and nearby exits have been blocked as protesters continue to march.

4:55 p.m.

In defiance of police orders, the protesters are continuing to advance up the off-ramp against the flow of traffic.

4:53 p.m.

Police are telling protesters to freeze because they are attempting to walk against traffic onto the Highway 980 off-ramp.

4:41 p.m.

The group of 100 protesters has left UCOP, heading west on 11th Street. A contingent of about 30 police officers clad in riot gear are marching in formation behind the group.

4:39 p.m.

There are four UCPD officers guarding the entrance to UCOP as protesters hold signs reading "Occupy Everything" just feet away from them.

4:31 p.m.

A group of protesters including some of the anarchists appear to be headed toward the UC Office of the President located at 1111 Franklin St.

Alameda County Sheriffs are lined up along Franklin as motorcycle cops clear traffic ahead of the group, which is heading the wrong way down the one-way street.

Members of the crowd were heard saying "Two blocks from UCOP, you know what happens when we get there."

4:22 p.m.

About 75 anarchists clad in black are dancing in the middle of the intersection of 14th Street and Broadway. Meanwhile, 30 police officers have barricaded the west and south entrances of the intersection.

4:05 p.m.

The Oakland rally has concluded amid familiar chants of "No cuts, no fees, education must be free."

The protest now sets its course westward to San Francisco.

3:35 p.m.

"Our enemy is one and the same: university, authority and capitalism," said Tomoko Horaguchi, vice president of the Hosei University branch of the All-Japan Federation of Student Self-Government Associations, at the rally. "No violence can ever break solidarity of students."

While the Oakland rally continues in earnest, the buses departed from Sacramento have returned to the UC Berkeley campus.

3:09 p.m.

Marika Goodrich, who was also arraigned Monday for charges relating to last week's Southside riot, is now addressing the crowd.

"Repression is just a tactic to scare and silence, but we are not afraid," she said. "Today, March 4, we will not be silenced."

3:00 p.m.

The City Hall protest is now in full swing as 1,500 people fill Frank Ogawa Plaza. A speaker addressing the crowd, which had already been demonstrating in Oakland, invited them to "make some noise for Berkeley" upon the marchers' arrival.

2:56 p.m.

The marchers have arrived at the corner of 14th and Broadway, just one hundred yards from Oakland's City Hall.

Police officers with riot helmets and batons have blocked off 14th Street to the east and Broadway to the south, leaving marchers with a single pathway to their destination.

2:48 p.m.

Protesters are now approaching 19th Street. Leaders are attempting to get everyone behind protest banners as they near their destination while shouting, "The people united will never be divided!"

2:42 p.m.

About 20 Oakland Police officers sporting riot helmets have barricaded 14th Street and Broadway across from City Hall.

2:38 p.m.

The banner has been removed, and the march continues.

2:30 p.m.

The anarchists have draped a banner on the CVS billboard affixed to a building located at the intersection of 25th Street and Telegraph, which reads, "Fight back today, may day, everyday."

2:23 p.m.

Downtown Oakland is in clear sight as the crowd marches across 33rd Street on Telegraph.

2:09 p.m.

About 12 elementary school students have joined the protesters at the intersection of 42nd Street and Telegraph, chanting "Save our schools! SOS!"

The march has about 26 blocks left to go.

1:58 p.m.

About 100 self-described anarchists are marching 100 yards ahead of the larger thrust, led by a black van with the words "Occupy Everything" written on it.

Blanca Misse, who is leading the main march, said she is attempting to create distance from the anarchist faction.

"They have the right to come in and be separate from us, but people also have the right to disassociate from them," she said.

1:48 p.m.

While briefly stopped at the intersection of 55th Street and Telegraph Avenue, marchers chanted, "Strike! Take over! Occupy everything!" before proceeding.

1:44 p.m.

The march has just crossed into Oakland jurisdiction. Other than the front line, the marchers are reportedly proceeding quietly.

According to Miller, this is to "conserve energy."

1:37 p.m.

Police efforts to clear a lane for traffic have evidently failed, as protesters are occupying both lanes as they continue to march south.

"Now we are going good," said Zachary Miller, who has been negotiating with police. He was arraigned Monday for charges in relation to last week's Southside riot. "We got both lanes, we got three miles to go. We are in pretty good shape."

1:28 p.m.

Police are reportedly attempting to reclaim half of the street to allow for traffic flow, but protesters are rallying marchers to "hold the line."

1:22 p.m.

The crowd is now chanting "Whose streets? Our streets!" as they cross 66th Street, just shy of the Berkeley/Oakland border.

Oakland police now estimate between 500 and 1000 people are marching.

1:15 p.m.

With the traffic now cleared, the crowd is once again on the move.

1:12 p.m.

The march has again been halted as Berkeley police begin to clear traffic ahead of the intersection of Ashby and Telegraph avenues.

1:07 p.m.

The march, which spans seven city blocks, is now at the intersection of Russell Street and Telegraph Avenue.

12:57 p.m.

The march was momentarily halted at the intersection of Telegraph Avenue and Ward Street due to an AC Transit bus blocking the road way.

A camper with protest slogans painted on it named "St. Rita" has been leading the march down Telegraph, and driver Ramon Quintero, a UC Berkeley senior, has navigated around the bus.

"We cannot keep moving in a direction that privileges the few at the expense of the many," he said.

12:54 p.m.

About 4 police officers on bicycles and 4 police on motorcycles are escorting the marching crowd, which has just crossed Parker Street heading southbound on Telegraph Avenue.

12:42 p.m.

The crowd has just begun to march south on Telegraph Avenue to join other protesters at a rally being held in Downtown Oakland.

Currently, hundreds of high school students have gathered in front of the Oakland City Hall to speak on behalf of the protest.

12:31 p.m.

Other Southside businesses are not faring too well either.

Subway Manager Rigoberto Alonso said the sandwich shop is also taking a loss today.

12:15 p.m.

Ro Rabelo, owner of the Desi Dog hot dog truck that typically sets up shop near the intersection, said he's only made $2 today despite the huge crowd gathered around the truck.

"I'll take the loss to support the cause," he said.

12:19 p.m.

The number of protesters has swelled to about 800 as speakers address the crowd in preparation for the march to Oakland.

11:55 a.m.

Two individuals were throwing water balloons at the protesters. UCPD asked the individuals to stop.

The crowd at the intersection dispersed briefly to allow the buses to go through.

A group of 10 people from Tohoku University and Hosei University in Japan, among other locales, are protesting with students at UC Berkeley for international solidarity.

11:53 a.m.

About 400 people are demonstrating at the intersection of Bancroft Way and Telegraph Avenue singing "Don't Stop Believing" by the band Journey.

11:48 a.m.

About 200 people are currently protesting and dancing at the intersection of Bancroft Way and Telegraph Avenue, blocking seven cars and two buses.

Protesters have moved away from Sather Gate and are marching towards the intersection.

11:42 a.m.

About 35 people are marching west from Boalt Hall on Bancroft Way and impeding traffic. One individual is carrying a sign, "Berkeley Law - We Object." One police officer on a motorcycle is following the group and another police officer on a motorcycle is in front of the group.

11:40 a.m.

About 25 Boalt Hall School of Law students are rallying around Boalt Hall to gather people to go to Upper Sproul Plaza.

11:23 a.m.

About seven members from the Muslim Student Association are protesting at Sather Gate with other student groups including a Chicano group Mechxa de UCB.

11:16 a.m.

A group of individuals calling themselves SCAB (Strategic Counteractivism Brigade) are staging a mock protest in front of Sather Gate. The individuals are holding several signs, one of which reads, "Diversify Your Portfolio, Not Your Student Body," and saying "I am compliant, please privatize me university."

11:12 a.m.

An individual is waving a flag on top of Sather Gate.

11:09 a.m.

A midterm for L&S 140B was interrupted in Valley Life Sciences Building. Protesters are now heading toward Oxford Street.

11:05 a.m.

About 25 protesters have entered the main auditorium and smaller classrooms in the Valley Life Sciences Building.

11:03 a.m.

The fire alarm was activated in Wheeler Hall and people are exiting the building. At least five police officers are on scene.

The banner which reads, "Money For Jobs + Education, Not for War + Incarceration" has been hung up across Sather Gate.

10:59 a.m.

Protesters are hanging up a banner across Sather Gate.

10:52 a.m.

Both flying pickets, which were previously headed towards the Campanile and Le Conte Hall, have returned to Sather Gate.

10:47 a.m.

An individual has mounted Sather Gate in what appears to be an attempt to hang up a banner across the gate.

10:44 a.m.

Protesters that were part of the flying picket that entered Wheeler and Pimentel Halls are now heading toward Le Conte Hall. Protesters part of the other flying picket that entered Dwinelle Hall are now heading toward the Campanile.

10:42 a.m.

Protesters in Dwinelle Hall are opening doors on the second floor drumming on a trash can and chanting, "Teach your class on the picket line!"

10:40 a.m.

About 25 protesters walked on to the stage in Wheeler Auditorium and subsequently left.

10:34 a.m.

About 25 protesters from the group that are walking into Wheeler Auditorium interrupting an ongoing lecture, chanting "Today we strike, tomorrow we go to school." Nine police officers are standing outside Wheeler Hall.

As part of a second flying picket about 20 protesters led by Miller are also interrupting classes in Dwinelle Hall.

10:24 a.m.

Another group of protesters are circling in front of Sather Gate with banners that read "Occupy Everything." Students from Oakland High School have joined the protesters, and are holding a banner that reads "Oakland Youth Demand Equal Education."

10:21 a.m.

The marching crowd entered a lecture hall in Pimentel Hall and interrupted an ongoing lecture. Members of the crowd told students to leave the hall and fight for their right of education.

Professor Muller asked the protesters to leave.

"I think you made your point, it's time to leave," Muller said. "You're welcome to stay, sit down and improve your education."

Police officers followed the crowd into the lecture hall, but took no action.

10:17 a.m.

About 30 protesters left the Sather Gate picket and formed flying picket. The protesters walked past Barrows Hall toward the Campanile saying, "Whose university? Our university!" and "Fight back!" Two police officers are following the protesters.

10:14 a.m.

The number of people picketing at the intersection of Telegraph Avenue and Bancroft Way with signs indicating their affiliation with United Auto Workers and the American Federation of State, County and Municipal Employees increased to about 35 people. Some picketers are chanting, "they say furlough we say hell no." People are crossing the picket line unopposed.

9:55 a.m.

A dispute between 20 protesters and an individual carrying an "Impeach Barack Obama" sign was resolved as some of the protesters and the individual carrying the sign embraced each other and said they understood each other.

9:47 a.m.

About three individuals holding "Impeach Barack Obama" signs are being physically pushed by protesters at Sather Gate.

"You're not here for the same reason, we don't support you, get out," some protesters said to the individuals carrying "Impeach Barack Obama" signs.

9:12 a.m.

Students are crossing Strawberry Creek in lieu of being able to pass through Sather Gate.

9:05 a.m.

One individual appeared to get into a verbal confrontation with demonstrators as he attempted to pass through the gate.

8:48 a.m.

Additional police officers have arrived on scene. The two arrested at Friday's riots, Marika Goodrich and Zachary Miller, are at Sather Gate. Miller, a UC Berkeley alumnus and organizer for the "Rolling University" activist group, appears to be leading chants. Goodrich is a graduating UC Berkeley senior.

8:35 a.m.

The crowd at Sather Gate has grown to about 100 people. Some individuals are chanting, "ain't no power but the power of the people cause the power of the people don't stop."

UCPD officers have arrived on scene. One officer is at Golden Bear Cafe, as well as some more near Sather Gate itself.

8:03 a.m.

Sather Gate is currently blocked off by a sitting group of about 65 demonstrators who have linked arms and are chanting, "no cuts, no fees, education must be free."

7:35 a.m.

The March 4 day of statewide action launched at about 7:02 a.m. today, with picket lines forming at various entrances to campus.

One line of about 25 people with signs indicating affiliation with the United Auto Workers has formed at the intersection of Telegraph Avenue and Bancroft Way.

Tags: SATHER GATE, MARCH 4 DAY OF ACTION, UNITED AUTO WORKERS

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