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Britains Wpp Investors Adjust To Life Without Sorrell

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LONDON – WPP (WPP.L) entered uncharted territory on Monday after the exit of founder Martin Sorrell left the world’s biggest advertising company rudderless at a time of intense industry change.

Shares in WPP fell 6 percent after Sorrell, the driving force behind 33 years of dealmaking and relentless expansion, stepped down on Saturday after the board investigated an allegation of misconduct.

David Herro of Harris Associates, WPP’s biggest shareholder according to Thomson Reuters data, said Sorrell would be missed.

“Sir Martin is a visionary, a legend in advertising and a skilful businessman,” he said. “The circumstances surrounding this are regrettable as is a leadership transition without Sir Martin’s involvement.

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Boeing Cruises Past Forecasts Sees No Sign Of Cost Trouble

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– Boeing Co’s (BA.N) profit surged past Wall Street estimates in the first quarter and booming demand for commercial jets pushed the world’s biggest planemaker to raise forecasts for cash flow and earnings in what promises to be another record year.

Speaking after the results, Chief Executive Officer Dennis Muilenburg also played down concerns expressed by fellow manufacturer Caterpillar (CAT.N) about rising materials costs which could squeeze profit margins.

Boeing’s core earnings, which exclude certain pension costs, jumped to $3.64 per share from $2.17 per share a year earlier, dwarfing a consensus forecast of $2.58 per share and sending shares as much as 4.5 percent higher.

“We’re not seeing anything there (in costs) that’s a material effect right now,” Muilenburg said.

U.S. President Donald Trump’s crackdown on steel and aluminum imports has constrained supplies in the domestic market, inflating costs of the metals.

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Volkswagen Reaches 335 Million Diesel Emissions Settlement With Maryland

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WASHINGTON – Volkswagen AG (VOWG_p.DE) has reached a $33.5 million settlement with Maryland over state claims related to the German automaker’s excess emissions, court documents show.

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Volatile Ruble Encourages Mcdonalds To Cook Up Russian Fries

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LIPETSK, Russia – French fries at McDonald’s restaurants from Moscow to Murmansk will be Russian from now on, as the American fast-food chain turns to homegrown potatoes to deal with rouble volatility caused by fluctuating oil prices and Western sanctions.

McDonald’s Corp (MCD.N), which opened in Russia in 1990 as the Soviet Union collapsed, has been gradually turning to local ingredients in its Russian outlets for everything from Big Macs to chicken burgers since it opened its doors there.

But till now it had relied on frozen French fries from the Netherlands and Poland as Russian spuds weren’t quite right.

“There was no potato which would suit us in terms of quality – color, taste, size – these are all the details that are important for us,” Khamzat Khasbulatov, chairman of McDonald’s Russia, told Reuters.

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