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CHINA CLOSE TO VOLVO DEAL

GEELY, the Chinese carmaker, has secured funds for its planned purchase of Volvo Cars from US rival Ford from Chinese financial institutes and regional authorities, according to reports yesterday. Ford said late last year it had agreed terms to sell its Swedish unit Volvo to Geely for around $2bn (£1.3bn). Volvo employs 22,000 workers worldwide, including 16,000 in the Scandinavian country.