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Ferrari family won't sell stake in company

Ferrari may be splitting off from the Fiat Chrysler Automobiles group and launching its IPO independently, but those stocks it's going to float are coming out of Fiat's hands. The small portion still held by the Ferrari family looks destined to stay in their control for the time being. According to the latest report from Reuters, Enzo's son Piero says he has no intention of selling any of the 10 percent interest he and his family hold in the company founded by his late father. "I have never sold and I have no intention of doing so," said Piero, as quoted in the report. Piero Ferrari is the illegitimate son of Enzo Ferrari and his mistress Lina Lardi. His half-brother Dino died in his twenties from complications associated with muscular dystrophy, and in accordance with Italian custom, Piero was only acknowledged as Enzo's heir after the death of the father in 1988. Representing the family's holdings, Piero still acts as vice-chairman of the company but devotes his day-to-day to running aerospace manufacturer Piaggio Aero. News Source: ReutersImage Credit: Marco Vasini/AP Earnings/Financials Ferrari stock piero ferrari

Race recap: 2016 Bahrain Grand Prix was everything good and bad about F1

Nothing was as it seemed heading into Bahrain. We were told team bosses had nixed the qualifying experiment that flunked every test by every measure in Australia, but that didn't happen. The FIA didn't give the teams the option of a wholesale return to the old format, the governing body only held a vote on whether to revert back to the old format in Q3 but stick with elimination gimmicks in Q1 and Q2. McLaren and Red Bull dissented, denying the chance for hybrid rounds. We're surprised none of the smaller teams voted against since elimination qualifying is hardest on them. Given the chance to fix the system again in Bahrain, Formula 1 failed again. The FIA and Bernie Ecclestone don't want to go back to the old system – because the race promoters don't want to go back to the old system – so all we know for sure is that there will be more meetings. We also thought Fernando Alonso would race in Bahrain after being given medical clearance, but a follow-up scan by the FIA showed fractured ribs and a damaged lung, ruling him out. And we thought Ferrari might have the pace to conquer Mercedes-AMG Petronas this year – and they might yet, but not on Saturday. That's why the Bahrain race began with another Mercedes one-two, Lewis Hamilton ahead of Nico Rosberg, Ferrari drivers Sebastian Vettel and Kimi Raikkonen behind. The Australian outback is plagued with rabbits, which must have something to do with how Daniel Ricciardo keeps pulling them out of his helmet; the Aussie got his Red Bull up to a surprising fifth on the grid. Williams drivers Valtteri Bottas in sixth and Felipe Massa in seventh would need to get him out of the way quickly to show what the car can do after an unsatisfying race in Australia. Nico Hulkenberg lined up in eighth for Sahara Force India. As proof the qualifying format failed again with its sophomore attempt, the last five minutes of Q2 were disappointing. Hulkenberg had the track completely to himself for his quali run, the only two cars on track after him were the Williams duo who weren't setting a time, but getting a set of soft tires ready to start the race on. As for Q1, the only reason for on-track action in the last three minutes was because Hamilton flubbed his first timed run. Romain Grosjean continued Haas F1's fruitful start to the season with ninth place, ahead of Max Verstappen in the Toro Rosso closing out the top ten. At the end of a long red light to start the race, Rosberg claimed his right to victory before Turn 1.

Ferrari rated world's most powerful brand ahead of Apple

Ferrari has nabbed the honor of becoming the world's most powerful brand from Apple. According to Brand Finance, the Italian automaker earned the highest rating among all brands on the Global 500 list despite being worth considerably less than its competition. But the ranking takes into account more than just a company's bottom line. Brand Finance also looks at margins, average revenue per customer and less tangible notions like brand affection and loyalty.
There's no disputing those latter two categories, and this year saw Ferrari enjoy the best financial results in the automaker's history. In 2012, the company's revenue jumped by eight percent to 2.43 billion euro thanks in part to a 4.5 percent increase in deliveries worldwide.
Meanwhile, Apple squeaked out ahead of Samsung to earn the top spot as the most valuable brand at $400 billion. You can check out the Brand Finance press release below for more information.