It’s barely a month since former WPP boss Sir Martin Sorrell called his new business venture a “peanut” that could not rival his, industry giant, previous employer. But, as the advertising heavyweight also later said: "It does occur to me that some people have peanut allergies."
In it’s first acquisition, Sir Martin’s S4 Capital captured Dutch digital agency Media Monks Multimedia Holding for around €300 million (Dh1290m) – a move that beat out WPP and other competitors.
The move reportedly angered WPP executives and Sir Martin could now risk not receiving millions in bonuses after failing to adhere to an agreement with the company.
At the fiery WPP AGM last month shareholders were split over the fate of Sir Martin, who abruptly resigned in April from the company he built, amid allegations he misused company money and verbally abused staff. WPP Chairman Roberto Quarta divulged little over the murky circumstances citing confidentially clauses. He did say, however, that Sir Martin had been found not guilty of gross misconduct and would continue to receive the £19 million in long-term bonus payments as such.
For many shareholders at the AGM they were ambivalent over the money despite the claims against Sir Martin. They felt it was deserving for a man who had powerful vision had propelled WPP to the top and given them strong returns. They were, however, concerned that he had set up a new, seemingly rival company that could harm WPP profits at a time when its status was precarious.
One shareholder seemingly predicted future events in a question to the WPP chairman: “I see he intends to set up in competition with us. Surely, that must constitute gross misconduct if he’s competing with the company?”
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Read more:
Martin Sorrell makes his first deal after WPP exit
WPP requires total overhaul after Sorrell's shock exit, says stand-in chief
Thirty per cent of WPP shareholders object to ex-CEO financial package
Martin Sorrell quits as head of WPP advertising agency
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Mr Quarta laughed off any suggestions the new venture, citing Sir Martin’s comments, could rival a global giant like WPP, but appeared to send a veiled threat to his former colleague. “All the management off WPP have confidentiality agreements and obviously Martin would not want to jeopardise the terms and conditions of that.”
Included in Sir Martin’s agreement was a clause that he could not pursue targets WPP had previously considered when the former chief executive was in charge, or his £19m worth of bonus payments would not be paid.
The BBC reported that Media Monks was one of those companies and that WPP lawyers had written to Sir Martin to say they would stop the payment. He insisted his own lawyers had advised he was not breaking any clauses.
Observers also said that he vastly overpaid for Media Monks, with rumours swirling he offered as much as €50m more than WPP and competitors as he sought to get one over on his previous company.
At last month’s AGM the WPP leadership said they were keen to focus on creativity and technology. As investors began to worry about its ability to adapt to changing market shifts, WPP attempted acquisition of Media Monks was likely an attempt to remedy these fears.
Instead it is Sir Martin who has won out, even at a cost. In a statement he said the next move will be to build out the Media Monks platform further, to add “meaningful data analytics and digital media buying.” He said: “This represents a significant step in building a new age, new era, digital agency platform for clients.”
WPP insiders said Sir Martin's move had "something of the vendetta about it" in comments to the BBC. Others questioned whether he bore a grudge against his former employers and, as such, his business judgement was clouded. Sir Martin rebuffed these accusations and said WPP was simply concerned at the power S4 Capital had – it was going from a peanut to a "coconut."
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Specs
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What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Ferrari
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Poacher
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PLAY-OFF%20DRAW
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THE%20HOLDOVERS
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The Specs
Engine 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp (542bhp in GTS model)
Torque: 730Nm
Price: Dh649,000 (Dh549,000 for GTS)
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Dengue%20fever%20symptoms
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Common%20symptoms%20of%20MS
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The%20specs
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ROUTE%20TO%20TITLE
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The%20specs%3A%202024%20Mercedes%20E200
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65
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
QUARTER-FINAL
Wales 20-19 France
Wales: T: Wainwright, Moriarty. Cons: Biggar (2) Pens: Biggar 2
France: T: Vahaamahina, Ollivon, Vakatawa Cons: Ntamack (2)
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
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Rating: 3.5/5
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
