Pepsi has posted its sixth consecutive quarter of double digit earnings growth driven by strong volume gains across every division. Announcing an 18% rise in first quarter net profits to $498m on sales up 8% to $4.54bn, COO Steve Reinemund said: "Our fundamentals are rock solid. We are very comfortable we will be able to sustain our growth algorithm over the balance of the year." The $13.4bn deal to acquire cereals and Gatorade sports drink firm Quaker Oats is expected to close in June. - Coca-Cola has launched a worldwide Life tastes good' ad campaign tailored to individual markets, consistent with Coke boss Douglas Daft's pledge to "think local, act local" (see page 57). {{NEWS }}