Jan 21

Hmmh.


Audi, BMW and VW ranked in the bottom 10 of a study into engine reliability



- German cars ‘among worst for engine failures’ (Auto Express, Jan 18, 2013):

German-made cars are not as reliable as many believe, according to new research. Warranty Direct has studied its claims data to compile a list of the manufacturers with the most reliable engines – and Audi, BMW and Volkswagen all finished in the bottom 10 out of a total 36 makers.

In fact, the only firm whose cars had a worse engine failure rate than Audi was MG Rover. MINI wasn’t much better, finishing third from bottom, while its parent company BMW came seventh from bottom. And, despite its reputation for rock-solid reliability, Volkswagen came ninth from bottom.

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Mar 04

The carmaker wants £3billion from European governments to keep factories open, with Belgian and German plants most at risk

The European operations of General Motors will run out of cash within weeks unless they get government support, the American carmaker said yesterday, adding that a collapse would put up to 300,000 jobs at risk.

Fritz Henderson, the chief operating officer of GM, said that the division, which includes Opel in Germany and Vauxhall in Britain, would hit liquidity problems early in the second quarter.

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Jan 13

- Economy could lose 2M jobs in ’09 – report (CNN Money)

- China’s Exports Decline by Most in Decade on Global Recession (Bloomberg)

- Royal Bank of Scotland May Face LyondellBasell Losses (Bloomberg):
Jan. 12 (Bloomberg) — Royal Bank of Scotland Plc is the biggest lender to bankrupt chemical maker Lyondell Chemical Co. and may face losses on its $3.47 billion of loans to the U.S. chemicals company.

- Royal Bank of Scotland Selling Bank of China Stake (Bloomberg)

- Saab, Volvo Must Be ‘Carved Out’ To Win Aid-Swedish Official (CNN Money)

- Commercial property rents collapse in London hedge fund areas (Independent):
Rents for plush offices in Mayfair and St James’s plunged almost 30 per cent last year, hammered by the declining fortunes of many of their hedge funds tenants.

- Stephen King: You can’t buy confidence when the economy is in a state of collapse (Independent): Stephen King is managing director of economics at HSBC

- German bond sale’s fate signals trouble ahead (Financial Times):
A German sovereign bond auction failed (!!!) on Wednesday as investors shunned one of the most liquid and safe assets in the world in a warning for governments seeking to raise record amounts of debt to stimulate slowing economies.

- Bernard Madoff Will Remain Free on Bail, Judge Rules (Bloomberg)

- U.K. Slumps Most Since 1989 as Home Sales Drop, Surveys Show (Bloomberg)

- Zimbabwe introduces $50 billion note (CNN):
HARARE, Zimbabwe (CNN) — Zimbabwe’s central bank will introduce a $50 billion note — enough to buy just two loaves of bread — as a way of fighting cash shortages amid spiraling inflation.

- Taxpayer will own nearly half of super-bank (Independent):
Taxpayers are set to own almost half of the “super-bank” created from Lloyds TSB’s rescue takeover of HBOS, the two banks confirmed today

- Job losses accelerating to levels not seen since World War II (Memphis Commercial Appeal):
“There is no indication that the job situation would stabilize anytime soon,” said Sung Won Sohn, economist at the Martin Smith School of Business at California State University.
“This could turn out to be one of the worst economic setbacks since the Great Depression,” he said.

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Dec 01


The Volvo V70

General Motors and Ford Motor have approached Sweden’s government about financial aid for their lossmaking Saab and Volvo brands.

Related article: Ford Says It May Sell Volvo, Its Last European Brand

GM and Ford want to bolster the two marques’ finances in anticipation of selling them as the Detroit carmakers grapple with a cash crunch that threatens their survival.

Stephen Odell, Volvo’s chief executive, and Saab’s managing director Jan-Ake Jonsson have separately spoken to Maud Olofsson, Sweden’s industry minister, and other officials about securing funds, according to several people familiar with the discussions.

Ford and GM will both tell the US Congress they have long-term plans to dispose of the brands this week when they present detailed business and financial plans to support their request for $25bn of emergency funding.

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