ITALY NEEDS DEEP REFORM, SAYS INDUSTRY
Italy’s centre-right government must take advantage of a three-year period without elections – a relative rarity for a country often at the polls – to steer through radical reform or face long-term decline and falling competitiveness, the head of the employers’ federation has warned. Confindustria said economic reforms were essential.
KYRGYZSTAN IN TURMOIL
Violent clashes between thousands of anti-government and Kyrgyz troops left dozens dead and threw control of the strategically important central Asian nation into doubt as opposition leaders took control of state television and declared they had taken power. The increasingly repressive regime of Kurmanbek Bakiyev, the country’s president, was declared all but toppled last night.
GLOBAL SALES OF SERVERS SEE BOOM
The global computer-server industry is witnessing a once-in-a-decade sweet spot of sales growth, boosted by a rare alignment of economic recovery, big technological advances and soaring data-handling needs. Servers, the heart of computer networks, are seldom regarded as at the racy end of the information technology sector. But after a difficult 2009, server manufacturers are suddenly seeing strong growth as recession recedes.
LUFTHANSA STRIKE OFF
Lufthansa pilots have called off strike action planned for next week after agreeing to arbitration with the German airline. The announcement late last night averted, at least temporarily, a four-day stoppage that could have cost Lufthansa tens of millions of euros. Vereinigung Cockpit, the trade union, says pay and conditions are being undermined by Lufthansa’s increasing reliance on foreign subsidiaries.
EX-BRIXTON BOSS ADMITS ERROR OVER SKI HOLIDAY
The former chief executive of Brixton admitted yesterday that he made an error of judgment by taking a skiing holiday while the struggling industrial property group was preparing for an emergency rights issue in February last year. Tim Wheeler, who was dismissed in March last year and is suing Brixton for unfair dismissal, conceded that his refusal to cancel a 10-day holiday to?Japan put pressure on colleagues.
GOOGLE BUYOUT OF ADMOB FACES LEGAL CHALLENGE
US regulators are poised to block Google’s proposed acquisition of the mobile advertising company AdMob. The decision would restrict the search giant’s intention to extend its dominance of the internet advertising market.
The Daily Telegraph
‘SAFETY DEAF’ TOYOTA MAY FACE MORE FINES IN US
Toyota could face further fines from the US government, despite already being hit with the largest-ever civil penalty over its failure to inform safety regulators of problems with its accelerator pedals. Ray LaHood, the US transport secretary, said the?Japanese car maker was “safety deaf” and warned this week’s $16.4m (£10.7m) fine may not be the last.
BILLIONAIRE STEVE COHEN’S EX-WIFE WANTS SAC STAKE
Billionaire Steve Cohen’s ex-wife, Patricia, is going for the jugular. After initially wanting a mere $300m (£196m), she is now demanding a controlling interest in SAC Capital, the $13bn hedge fund he started three years after divorcing her. Patricia Cohen claims her former husband cheated her out of a share in SAC.
WALL STREET JOURNAL
US AIRWAYS AND UAL IN TALKS
UAL’s United Airlines and US Airways have resumed discussions of a potential merger that would create a new global airline behemoth, people familiar with the matter said yesterday. The talks are the latest in a decade-long dance between the two big airlines and have recently heated up after months of off-and-on conversation, these people said.
TURKEY MULLS AIRLINE STAKE SALE
Turkey’s government is considering selling part of its remaining stake in rapidly growing Turkish airlines, transport and communications minister Binali Yildirim told reporters yesterday. Turkey will list part of the government’s remaining 49.1 per cent share in the airline, but it will keep a stake in the business, which it considers too “strategic” to privatise entirely.