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Volkswagen hits back, weighs making a bid for Porsche

Volkswagen is considering an audacious reverse-takeover bid for its majority shareholder, Porsche, in a twist in the drawn-out struggle for control between the two German carmakers. The Volkswagen Group's supervisory board is said to be weighing the possibility of purchasing Porsche AG, in a move that would relieve its holding company, Porsche SE, of massive debt that industry analysts suggest the company may not be able to fund should the world's financial crisis drag on well into 2010--a scenario put forward this week by the International Monetary Fund. The secret plan emerged as shareholders were set to convene at Volkswagen's annual meeting on Thursday, and it comes after Porsche revealed that it is carrying some 9 billion euros ($11.73 billion) in debt, most of it owing to interest on loans taken out to purchase its 50.8 percent stake in VW.

U-turn for wheelchair row taxi firm

A TAXI firm that refused to pick up wheelchair users has had to perform a U-turn. Middlesbrough-based Boro Cars, the largest taxi firm in the North East, had originally said refusing disabled passengers was "morally wrong", but it brought in the policy anyway. The firm insists that minibuses cost drivers more to rent and that the standard fares, which are the only fares that can be charged to disabled passengers, are not high enough to earn operators any money.

General Motors emerges from bankruptcy

A historic fresh start for General Motors began today, as the remade company has emerged from bankruptcy with fewer brands, factories and workers. The No. 1 U.S.