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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.

'Ambulance chasers' face new controls

THE CULTURE of "ambulance-chasing" lawyers and bogus whiplash claims could come to an end following new measures set out by the Government to crack down on insurance fraud. Lawyers will be banned from offering accident victims incentives such as money or free iPad computers to encourage them to make a claim and courts will be given powers to throw out compensation actions where claimants have been dishonest. The reforms by the Ministry of Justice (MoJ) aim to tackle the rise of the compensation culture and reduce the amount being paid out unnecessarily by insurance companies - which can lead to higher premiums for honest customers.

New concepts to be revealed at Pebble Beach

The international auto show in Frankfurt is but a few weeks away, yet for important new cars in the American market there's further proof that traditional auto shows such as Detroit are being shunned as launch venues in favor of more exclusive and pretigious events. That's because Cadillac, Infiniti, Lexus, Lotus and possibly a few others are set to reveal new production and concept cars at the Pebble Beach Concours d'Elegance later this week. Lexus is set to unveil its production GS350 (previewed by the Lf-Gh concept in New York earlier this year), the fourth generation of its luxury sports sedan, on August 18, while Cadillac's 2013 ATS will also be revealed.