AOL, Microsoft and Yahoo! are partnering to cross sell non-guaranteed display inventory in the US, highlighting their need for scale in the face of increasing competition from Google and Facebook

Aggregating unreserved ads via their respective networks may boost share of ad budgets, but the focus on less valuable inventory means any impact is likely to be small

Short of extending the partnership to include all inventory and greater investment in technology there seems little the three companies can do to stop further erosion of display share, though revenues should continue to rise

Nokia has launched its comeback with two very solid Windows Phone devices at €420 and €270. Next year Nokia, like Apple, will have handsets with uniquely appealing industrial design. However, Nokia will not launch in the USA until 2012 and needs to add cheaper smartphones to the portfolio

Nokia and Microsoft face a hard struggle in establishing a third mobile app ecosystem. However, it is not impossible (Google has managed it in 18 months) and given more devices and the right execution they could manage it

2012 will be the critical year. We believe that the flaws in the Android proposition mean there remains a real window of opportunity. However, if Apple launches a cut-price iPhone then the market will be turned upside-down, again

In this report we outline the current state and likely development of the war between mobile platforms. We discuss installed bases and activity levels, the key issues facing Apple and Android, including Android fragmentation and Google's acquisition of Motorola, and go on to look at the tablet market and the outlook for RIM, Nokia and Windows Phone.

Revenues and profits continue to crash at the directory giant as local and small business expenditure shifts to cheaper online media

We believe Yell’s challenges may be less about share of voice, and more about how to absorb the pace of structural change – and to operate its business effectively from a much lower top-line

Tough conditions in all territories – UK, US, Spain and Latin America – have accelerated structural change, but Yell has some advantages over the start-ups, search algorithms and social networks that surround it