THE DAILY BRIEFING
FRAUD ARREST Indian tycoon Vijay Mallya has been arrested in the UK over fraud allegations in his home country.
Mallya, 61, co-owner of the Force India Formula One team, faces fraud charges linked to the collapse of his airline, Kingfisher. At a preliminary hearing, Mallya was granted conditional bail and the case was adjourned until May 17.
FALKLANDS RELIEF Argentine billionaire Eduardo Elsztain has dropped a bid to take control of key industries in the Falklands after its local government intervened.
He was interested in FIH Group, the island’s largest retailer and a significant landowner. But he changed his mind after the Falkland Islands Government warned it could strip the firm of its special permission to buy land without a licence.
CASH CALL Shareholders in Cobham have authorised a rights issue to help get the manufacturer out of debt. More than 80pc voted yesterday in favour of the £512m fundraising – its second in a year.
GEM JOB Diamond producer Gem has appointed Rio Tinto’s former energy chief Harry Kenyon Slaney as chairman. The 56-year-old will replace Roger Davis, who is stepping down on June 6.
RIVAL DEAL UK-based electronics manufacturer STI Enterprises Limited has been bought by a rival in the Philippines. Integrated Micro-Electronics is buying an 80pc stake.
WELL PRODUCTION Trinidad focused oil and gas firm LGO Energy has started producing from its second well in the Goudron Field. Shares rose 3.9pc, or 0.08p, to 2p.
SITE SALE The owner of the Daily Mail has sold its American news website Elite Daily to Bustle Digital Group. The sale is aimed to enable
DMGT to focus on Mail Online, which grew its revenues by about 20pc in the six months to March. Shares fell 1.4pc, or 10p, to 706.5p.
CLASS ACT Schools provider Wey Education reported its first ever profit. It revealed a maiden profit of £11,224 in the six months to February 28 from a loss of £466,582 in the same period the year before.
PROFIT BOOST Growth at its core VW brand helped Volkswagen to a 28pc jump in profits in the first three months of the year.
Group operating profit came to £3.7bn, compared with £2.9bn a year earlier.