BMW recalls 1.3 million 5 and 6 series models worldwide

(bbc) -- German luxury carmaker BMW is recalling some 1.3 million cars worldwide because of potential battery problems that could, in extreme cases, result in a fire.

The cars involved are 5 and 6 Series models built between 2003 and 2010. The company said it had received nine reports of the defect, but was not aware of any injuries resulting from the fault.

Owners should take the vehicles to authorised dealers for repair. It said the battery cable cover may be incorrectly mounted. A company statement said: "In order to carry out a quality measure, BMW is recalling all BMW 5 and 6 Series models of the previous generation, built between 2003 and 2010 and still on the market, for repair at authorised dealers.

"This can result in the electrical system malfunctioning, the vehicle failing to start and, in some cases, to charring or fire." It said it would write to all owners and that checks would take about 30 minutes and be free of charge. Earlier this month, the company reported record profit margins in its core car business for 2011.

Its profits jumped by 51% last year to 4.9bn euros (USD6.43bn; GBR4.1bn) compared with 3.24bn euros from the year before. Sales rose 14% to 68.82bn euros.

MRC

(basf) -- BASF is planning to sell its CONICA Sports Surfaces business area. The intention is to divest the site at Schaffhausen (Switzerland) along with the business in order to create the conditions for the retention of jobs. Furthermore, production and production-related services - for example logistics - for other product lines currently based at Schaffhausen will be transferred to another BASF site. BASF now employs some 150 people at Schaffhausen.

⌠We have a strong position with CONICA Sports Surfaces in the European home market, said Dr. Tilman Krauch, head of BASF's Construction Chemicals Division. ⌠However, growth opportunities for sports surfaces are mainly to be found outside of Europe. Furthermore, there are only few synergies with other BASF business areas that we can use to further expand the business. This is why we want to sell CONICA Sports Surfaces to a new owner who can offer the best possible chances for a long-term, profitable growth of the business.

The CONICA Sports Surfaces business area includes the development, production and marketing of surface systems for running tracks, gymnasia, tennis courts and playgrounds as well as solutions for artificial turf and molding binders. A little less than half of the Schaffhausen staff is employed in that business area. BASF acquired the business in 2006 in the course of its takeover of Degussa's construction chemicals activities.

MRC

(Reuters) - Japan's naphtha imports for the petrochemical sector fell 23 percent in February from the same month a year ago, government figures showed on Tuesday.

Imports of naphtha for ethylene production totalled 1.11 million tonnes last month, down from 1.43 million tonnes in the same month a year earlier, the Ministry of Economy, Trade and Industry said.

MRC

(finance) -- Momentive Specialty Chemicals Inc., the global leader in thermoset resins, today announced the start-up of its Transportation Research and Application Center in Duisburg, Germany.

TRAC researchers will develop and test custom lightweight structural composite solutions for clients in the automotive, aerospace and mass transportation markets. The laboratory will complement existing research and development (R&D) facilities worldwide where Momentive business units have been working with these industries for many years, creating new resins, products and solutions, and providing technical support.

The Transportation Research and Application Center (TRAC) will be sited at Momentive Specialty Chemicals' Duisburg plant, already an important epoxy production and R&D facility which develops new formulations for a range of end uses. The availability of fast-reacting formulations now allows slow Resin Transfer Molding (RTM) processes to be replaced with fast-molding methods.

Driving down cycle times for composite components can help minimize cycle times for automotive applications. The new lab will house a state-of-the art dosing/injection unit and press from Cannon, specifically engineered for the rapid production of small-batch epoxy composite test components conforming to a wide array of process and customer conditions.

MRC

(plastemart) -- Asia saw oil prices fall below USD107 on news of an agreement to meet on April 13 between Iran and six world powers- United States, Britain, France, Germany, Russia and China.

News of this meeting has spread optimism of a negotiated resolution to the current dispute over Iran's nuclear program. Brent crude for May delivery dipped to USD125.5 per barrel in London. Rising crude inventories in developed countries and quickening inflation and weaker consumer demand caused by soaring fuel costs could also bring oil prices lower.

Saudi Arabia has pledged to increase production to replace Iran's lost output, but that would leave little global spare capacity.

MRC