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News watch August 2010: today's industry news
Thu, 26 Aug 2010Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hourTuesday 31 August 2010• HSBC has sold its US car loan business to Spanish bank Santander, for an estimated £2.6bn in cash and assumed debt. The move sees the bank further distance itself from the collapsed US sub-prime market (Financial Times, subsription required) • Toll roads do not improve congestion, according to the Campaign For Better Transport. Its claims M6 toll road operator Midland Expressway Ltd is losing ‘tens of millions of pounds’ each year, while conditions on the original M6 have failed to improve (Campaign for Better Transport) Friday 27 August 2010• Spyker, which bought Saab earlier this year, has posted a €139m loss after tax in the first half of 2010 it announced today (Financial Times)• Fiat CEO Sergio Marchionne says the business is performing strongly in the third quarter – and has ruled out selling Alfa Romeo.
U.S. set to raise fuel-economy standard
Tue, 19 May 2009Government regulators will get their prize of higher fuel-economy standards, and automakers will get the certainty of a national emissions standard, under new rules to be proposed Tuesday by President Barack Obama. The fleet average fuel economy for automakers will rise to 35.5 mpg in 2016 under the president's proposal--10 mpg more than today's mandate. At the same time, the president's proposed rule will cut carbon emissions, thought to be a key factor in global warming.
Meguiar's condition improves to stable
Thu, 19 Aug 2010Avid car collector and TV host Barry Meguiar is in stable condition and his health is improving, according to a statement from Meguiar's Inc., the car-care-products company that bears his family name. Meguiar, 67, was hospitalized in Monterey, Calif., last weekend while attending the Pebble Beach Concours d'Elegance, and on Wednesday, his condition was reported as serious. The company statement, released on Thursday afternoon, said Meguiar had contracted an undiagnosed virus recently while recording his TV show, "Car Crazy," outside the United States.
