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General news updateBack

FT

Financial Times

Fiat targets increased liquidity in US – Fiat- Chrysler plans to sell treasury shares and its holding in sister company CNH Industrial to US investors, as its chief executive looks to drum up interest in both companies. Fiat-Chrysler Automobiles, which hopes to list in New York in October, would sell both its treasury holding of about 3.5 per cent and its 2.5 per cent holding in CHH Industrial to US investors, said Sergio Marchionne, chairman of CNH and chief executive of Fiat.

Halewood to build sporty Land Rover – Jaguar Land Rover will hire 250 more workers at its factory near Liverpool to build the carmaker’s latest model, in another boost to Britain’s car industry. JLR, which has seen production surge thanks to strong overseas demand particularly in emerging markets like China, said it would invest £200m in the plant to support the Land Rover Discovery Sport SUV.

Japan carmakers expand recalls over faulty airbags – Japanese carmakers have expanded recalls on fresh fears of an airbag defect, taking the total number of cars call back over the issue to more than 6m in the past two years. Honda announced yesterday that it was recalling 2m vehicles over concerns about airbags supplied by Japanese manufacturer Takata, in addition to the 1.1.m it recalled in 2013.

AA cranks up new priorities after flotation – The 109-year-old AA became a public company yesterday after its private equity owners completed the sale of their shares in a listing that values Britain’s largest roadside recovery service at nearly £1.4bn. The group’s owners, CVC, Permira and Charterhouse – who controlled the company through buyout vehicle Acromas – received binding offers of £930m from 10 cornerstone institutions, including Aviva and BlackRock, to buy 69 per cent of the business.

The Times – Hedge funds fuel oil price rise as Isis advances – Hedge funds have staked their biggest bet that oil prices will keep rising amid the fighting in Iraq, as analysts warned that their positions would create a self-fulfilling prophecy. Speculators took out a net long position of 356 million barrels in the US oil price last week, a 4.3 per cent jump on the previous week and the largest long bet since records began in 2006, according to US government figures.

The Times

Rolls-Royce payout eases investor pain – Rolls-Royce has cheered investors by handing back £1billion after deciding against a big acquisition. The engine maker had been examining a bid for Wartsila, the Finnish maker of ship and power plant engines, but said that it was instead returning to shareholders the proceeds of the sale of its energy gas turbine and compressor business to Siemens.

The Guardian

Audi has blueprints for range of electric cars – Audi has drawn up blueprints for a range of high-performance electric cars to take on US firm Tesla Motors, according to sources at the German carmaker. Consumers have shunned battery-powered vehicles because of tier high price tags and limited driving range as well as the scarcity of charging stations. But many analysts predicts sales will rise sharply by the end of the decade.

Daily Mail

Bank will not ‘hold back’ on rate rise – The Bank of England again warned that an interest rates rise is on its way as a senior official said it must not ‘hold back too long’. Ian McCafferty became the latest member of the central bank’s rate-setting monetary policy committee to suggest that the first hike since 2007 is fast approaching.

 

Posted by Sue Robinson on 27/06/2014