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Caterham sells F1 team

Caterham The Caterham Formula 1 team has been sold to a consortium of Swiss and Middle-Eastern investors following a poor season so far in 2014. Rumours that Caterham would cut its losses have been rife, since team founder Tony Fernandes threatened to quit if things didn't improve this year. The team is currently bottom in the championship and Fernandes hinted of an exit last week, when he tweeted “F1 hasn't worked, but love Caterham Cars.” Graham Macdonald, Caterham Group CEO: “Firstly I want to thank everyone who was involved in the F1 team for all their hard work and dedication since the team’s first days in 2009.

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Transportation secretary Ray LaHood to step down

WASHINGTON -- Transportation Secretary Ray LaHood, 67, who raised awareness about the dangers of distracted driving, said he will leave President Obama's Cabinet after a replacement is confirmed. LaHood, a former Republican congressman from Illinois, has led the Department of Transportation since 2009. He announced his departure today on the agency's website.