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MPs call for parking charge reports

COUNCILS should publish annual parking-charge reports to show where revenue comes from and where it is being used, MPs said today. The use of parking charges and fines specifically to raise revenue was "neither acceptable nor legal" said Louise Ellman, chairman of the House of Commons Transport Committee. Launching a report by her committee into local authority parking enforcement in England, Mrs Ellman said: "There is a deep-rooted public perception that parking enforcement is used as a cash cow, so it's essential that local authorities apply stringent transparency." The committee said local authorities in England had a collective parking surplus in the hundreds of millions of pounds, but that the exact amount was subject to debate.

Saab turns down takeover offer from Chinese investors

Swedish Automobile, owner of Saab, has turned down a takeover offer from China's Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. Youngman and Pa Dang signed a nonbinding memorandum in July to take a combined 53.9 percent stake in Swedish Automobile for about $338 million.

GM delays innovative new diesel truck engine

General Motors' deteriorating financial situation has caused the company to delay one of the most advanced engines that it has ever designed, a 4.5-liter diesel for light-duty trucks. "We have to make tough decisions right now," GM Powertrain spokeswoman Susan Garavaglia said. Truck enthusiasts were eagerly awaiting the engine, which would have started production next fall at GM's plant in Tonawanda, N.Y.