FIAT TO SPIN OFF NON-CAR DIVISIONS
Fiat is to demerge its non-automotive divisions from its core carmaking business in a watershed moment for the 111-year-old Italian industrial group. The spin-off will see Fiat’s Iveco trucks, Case New Holland farming and construction equipment, and industrial and marine engines divisions split off from its Fiat, Ferrari and Maserati car brands.
OIL RIG EXPLODES IN GULF OF MEXICO
An explosion at an oil rig owned by Transocean, the world’s largest offshore drilling contractor, in the US Gulf of Mexico has left more than 11 workers missing and seven critically injured as a fire raged about 40 miles off the coast of Louisiana. The rig had been contracted by BP to drill. All six of its employees on board were declared safe. A total of 126 workers were evacuated after the blast.
MEGGITT EYES CHALLENGE IN AIM TO RESUME GROWTH
Meggitt, the aircraft parts supplier, promised it would return to growth in the second half of the year as it sounded a cautiously upbeat tone but warned of a “challenging” first six months. Terry Twigger, chief executive, said he still expected an upturn in civil aerospace markets to start benefiting Meggitt in the second half of the year.
BOSCH CUTS OFF TIES OVER BUSINESS MODEL
One of Germany’s largest industrial groups has cut all business ties with Goldman Sachs, which was accused of civil fraud by the US Securities and Exchange Commission last week, due to concerns about its business model. Bosch decided to stop doing business with Goldman Sachs earlier this year after being angered by the bank’s bonus culture. The decision was taken before the emergence of last week’s civil fraud charges.
‘GOLDMAN SACHS BANKER FABRICE TOURRE TRIED TO GET RENT DOWN’
The banker at the heart of the Goldman Sachs case persuaded his London landlords to reduce his rent because of the credit crunch. The owners of the two-bedroom apartment had no idea that Fabrice Tourre was a high-flying figure in the investment bank, earning up up to $1.5m a year. Goldman transferred Tourre from Wall Street to London after the toxic debt policy that he sold plunged in value.
NETWORK RAIL DEFIES UNION
Network Rail risked angering unions yesterday by revealing that 500 maintenance workers would lose their jobs by the end of next month. The rail infrastructure company said that cuts would be made as part of a voluntary redunancy programme. They come after 235 volunteered in January.
The Daily Telegraph
DEUTSCHE BANK’S ANSH JAIN SELLS STAKE IN IPL’S MUMBAI INDIANS
The millionaire, cricket-mad boss of Deutsche Bank’s huge markets business has sold his stake in one of India’s most successful cricket teams, as the country’s league faces a government investigation into its funding. Ansh Jain, co-head of Deutsche’s global investment bank, has sold his 10 per cent stake in the Mumbai Indians.
3D TV HITS THE SHOPS
The first 3D TVs will go on sale today after retailers and manufacturers brought forward their launch dates in a desperate attempt to lead the way with innovative new technology. Samsung pipped its rivals LG, Panasonic and Sony to the post by dramatically bringing forward the launch of its 3D TVs to today. The group had previously planned to launch its model on 27 April.
WALL STREET JOURNAL
FACEBOOK OFFERS NEW FEATURES
Facebook announced an ambitious plan to get its tentacles further out into the internet by better linking people, places and things, as it looks to turn a massive audience into a pool of well-understood consumers. A centrepiece of the changes involves a simple button, offered to other websites, that says “like”. For free, other websites can install a Facebook “like” button that users can click on.
DRUG MAKER ELAN NARROWS LOSS
Elan reported a much narrower first quarter net loss and forecast an operating profit for the full current year, reassuring investors that its balance sheet is being repaired and that Elan’s two core business divisions can stand on their own independently. The Ireland-based drug maker posted a first quarter net loss of $2m, smaller than the $102.6m a year earlier.