In an interim management statement, INM says that it has experienced 'extremely tough trading conditions' - especially in advertising - in both September and October as a result of the global financial crisis. The weak economic environment in Ireland, the UK and New Zealand also hit the firm.

The company says that so far this year, its revenues are only less than 1% compared to the same time last year, with strong revenue performances in South Africa offsetting weaker performances in Ireland and the UK.

However, adverse foreign currency movements have resulted in year to date total group revenues - in euro terms - being over 8% behind last year. Group operating profits, in euro terms, are s just over 10% behind last year.

INM says that based on still limited visibility and if the advertising trends seen in the last couple of months continue for the rest of the year, it expects total revenues for the year to be 2% lower in constant currencies and 11% lower in euro terms.

It says that group operating profits are set to fall by between 11 and 13% in euro terms, while group net profits are set to slump between 15 and 17%.

INM is up 25% in Dublin.

In New York, the Dow Jones Industrial Average is up 55 points or 0.60% to 9,209.

The S&P 500 is up 0.5% and the Nasdaq Composite Index rose 0.46%.

In economic data Friday, the Reuters/University of Michigan consumer-sentiment index fell to 57.6 in October, down from September's 70.3 reading. Also, the Commerce Department said that personal consumption dropped 0.3% during September.

Finfacts Report: US consumers cut spending in September and lifted savings in response to the financial crisis

The Institute for Supply Management said business activity in the Chicago area in October fell to its lowest level since mid-2001.

Live US Indices

Bloomberg says European interest rates will drop at a historic pace as central banks try to limit economic damage from the global financial crisis, surveys of economists show.

The European Central Bank and the Bank of England will slash their benchmark rates to 2.5 percent by the middle of next year, lowering them by a total of 1.75 and 2.5 percentage points respectively, according to median forecasts in two surveys. The ECB and Bank of England, which have already cut their rates by half a point, are poised to deliver further half-point reductions on Nov. 6, the surveys show.

The Dow Jones Stoxx 600 Index rose 2.5% Friday and is down 14% in October.

National benchmarks rose in 17 of the 18 Western European markets.

Bloomberg says Barclays Plc, the bank that opted out of a plan to sell shares to the U.K. government, will have Sheikh Mansour Bin Zayed Al Nahyan, a member of Abu Dhabi's royal family, as its biggest investor.

Sheikh Mansour will control as much as 16.3 percent of the London-based bank after putting up 5 billion pounds ($8 billion) as Barclays sells securities to increase its capital, the company said in a statement today.

Barclays Chairman Marcus Agius told reporters that avoiding the U.K.'s 50 billion-pound rescue program, which caps executive bonuses and bans dividend payouts, lets the bank ``be in charge of our own destiny.'' Instead, Barclays may end up one-third owned by sovereign wealth funds in Abu Dhabi and Qatar after selling 7.3 billion pounds in securities to shore up capital depleted by writedowns.

Barclay's shares fell 14% in London.

In Dublin, the ISEQ Index jumped 8%.

Apart from INM's 25% rise, Elan rebounded 16%; Glanbia also rose 16%.

Bank of Ireland jumped 41%.

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