The Week: City news - Ford slashes its adspend

Ford halved its worldwide marketing spend in the second quarter of 2008, and reported a record global net loss of $8.7 billion for the period.

The marketing figure, which dropped from $200 million to $100 million, includes advertising and sales promotion across all Ford brands. The company attributed the bad results to soaring petrol prices and its unfavourable volume and mix of full-size pick-up trucks and SUVs. It plans to turn the business around by moving toward producing smaller, more fuel-efficient cars.