Exodus of big clients, falling profits and dire forecasts raise prospect of a once ‘unthinkable’ breakup

A dark joke is doing the rounds in adland that Wire and Plastic Products, the Kent-based basketmaker that Martin Sorrell bought 40 years ago as a vehicle to build a global advertising giant, might outlast WPP.

For decades the financial success and dominance of WPP – its 100,000 employees service global clients from Ford to Coca-Cola – has been the corporate manifestation of Britain’s shining reputation for creative advertising.

Signs of credit stress send markets in Europe and Asia down, while investors turn to safe haven assets

European stock markets fell on Friday and gold hit a record high after two US regional banks said they had been exposed to millions of dollars of bad loans and alleged fraud.

Signs of credit stress rattled markets across Europe and Asia. In London the FTSE 100 fell 0.9%, Germany’s Dax fell 1.8%, Italy’s FTSE Mib fell 1.5%, the Ibex in Spain was off 0.3% and France’s Cac 40 dropped 0.2%.

Carmaker says reasons for reduction include that some wealthy people ‘are getting out of the country’

Ferrari has cut the number of cars it sells in the UK as wealthy individuals relocate overseas after tax changes and the abolition of non-dom status.

The Italian luxury carmaker reportedly began limiting the number of vehicles it exported to the UK about six months ago, in an attempt to stop a decline in their residual value.

Almost 6% of global workforce will be cut over next two years, including 12,000 white-collar professionals

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Nestlé has said it will cut 16,000 jobs over the next two years as the owner of KitKat and Nescafé attempts to reduce costs and increase sales.

The Swiss-headquartered multinational said the cuts would include 12,000 white-collar professionals and 4,000 in its manufacturing and supply chain, close to 6% of Nestlé’s global workforce.