SALES DOWN: sales of new cars in western Europe were down 3.5 per cent in February compared with the same month last year, the European Automobile Manufacturers Association (ACEA) said.
In total 1,016,454 new cars were registered in western Europe, compared with 1,053,541 in February 2002. Irish sales for the first two months were down 5.5 per cent.
PROFITS UP: BMW says its net profit sped ahead by 8.3 per cent to a record €2.02 billion last year, driven by favourable business in all divisions.
Pre-tax profit edged forward by 1.7 per cent to €3.297 billion, also a new record, on a 9.9-per cent rise in sales to €42.282 billion. In the cars division profits rose by 3.3 per cent to €2.88 billion, and sales were up 13.8 per cent at €38.18 billion. In the motorbikes division, pre-tax profit was up 1.7 per cent at €60 million on 6.7 per cent increase in sales to €1.13 billion.
EXAMINE THE OPTIONS: General Motors has cast doubt on whether Fiat would exercise an option under an agreement between the two companies dating back to 2000, under which GM bought 20 per cent of Fiat's auto arm.
GM faces being forced to buy all of Fiat Auto in 2004 under the option granted to Fiat three years ago. However, in a filing to the US Securities and Exchange Commission, GM states: "It is uncertain as to whether the put would ever be exercised due to the possibilities that it could be affected by subsequent agreements of the companies. It could become non-exercisable under other provisions of the agreement. It could be rendered unenforceable by reason of actions Fiat may have taken." While GM and Fiat have discussed potential alternatives to the 2000 deal, no changes to it have been agreed upon.
LET THE GAMES BEGIN: as Athens gears up for the 2004 Olympic Games, one of its two top hotels, the Grande Bretagne is reopening this month after massive refurbishment.
One of the hotel's claims to fame is that Brigitte Bardot once rode a motor bike down the grand staircase in 22.8 seconds. The hotel proclaims this as a world record,unlikely to be broken.