Ford’s third-quarter profits jump to $1.7bn

US motor company Ford has reported net income of $1.7bn (£1.08bn) for the third quarter, a rise of 68% on the same period a year ago.

The company’s improved performance came as it increased its share of the US market and buyers paid more for its cars and trucks.

It was Ford’s sixth straight quarterly profit.

Ford chief Alan Mulally said that new cars and aggressive cost-cutting had helped to boost profits.

‘Growing product strength’

“This was another strong quarter and we continue to gain momentum with our One Ford [transformation] plan,” said Mr Mulally, Ford’s president and chief executive.

“Delivering world class products and aggressively restructuring our business has enabled us to profitably grow even at low industry volumes in key regions.

Google Steps Up Acquisitions as Some Internal Projects Falter

Google Inc. Chief Executive Officer Eric Schmidt has doubled the anticipated pace of acquisitions this year and expects to maintain that rate after some internal projects have failed to spur growth.

“The opportunities are there,” Schmidt said in an interview from the company’s Mountain View, California, headquarters this week. “We can afford it. We’re in a mode of investment for the long term.”

Google, the search engine with almost two-thirds of the U.S. market, is making acquisitions every couple of weeks –more than the once-a-month pace Schmidt projected when it began buying companies again last year after the recession. Its latest deal was last week’s purchase of Slide Inc., which makes games for social networks.