One of the City’s best-known fund managers has joined Ukip as the business world continues to pick sides over Europe.

Ivan Menezes celebrated his success landing the job as boss of the world's biggest drinks company, Diageo, with a glass of Johnnie Walker Blue Label whisky on the flight from London to New York. The promotion of the chief operating officer and company insider didn't scare the horses in the City as the shares barely twitched. But as he sipped the £130 liquor on the plane Mr Menezes might well have pondered the shoes he will have to fill when Paul Walsh, the FTSE 100's third longest-serving boss, departs.

Outlook Is your glass half full or half empty? In the marketing, PR and advertising industries, it's not just half full. It's wow look at this marvellous, mega, super-duper drinky thing I've still got loads of. Half full? Half full? It's doubleplus half full, that's what it is. And don't get me started on how cool that dinky little cocktail brolly is!

Statements of the obvious can be fraught with peril. Just ask Gerald Ratner, who wiped £500m off the value of his jewellery business by admitting that many of its cheap-as-chips products were, in fact, "total crap".

Channel 4 is facing the prospect that the world's biggest advertising group could, from January, pull all its ads in a major test of strength over the cost of TV airtime.

Channel 4 is facing the prospect that the world’s biggest advertising group could, from January, pull all its ads in a major test of strength over the cost of TV air-time.

Today

In profit ...

WPP, the world's biggest advertising group, has raised fresh fears of a global economic slowdown as it warned of a marked change in behaviour by clients since September.

The advertising giant WPP has confirmed it is moving its tax base from Ireland back to the UK in a long-awaited decision that will be a boost for the Chancellor, George Osborne.

First came Coca-Cola's free sample bearers. Then the trotting Samsung flag distributors and the Lloyds TSB streamer wavers. And finally, with a broad smile as he bore the fiery symbol of sporting purity, came the millionaire ad man who knows the power of a brand more than any other.

Maurice Levy claims the President won't help the economy, but unlike Sir Martin Sorrell he has no plans to leave home

For comedy purposes only, we return, with great reluctance, to Sir Martin Sorrell. Here's the man some call June 21st – that's the shortest (k)night – discussing the fuss over his gigantic pay: "We understand what people are concerned about and the board will be consulting widely with shareholders to find out specifically what they have in mind."

Outlook Seconds out: round two. Chime Communications yesterday unveiled the terms of the sale of its public relations and lobbying businesses to Lord Bell, who is also Chime's chairman, for close to £20m.