GEELY COMPLETES VOLVO PURCHASE

CHINESE carmaker Geely has completed the purchase of Swedish rival Volvo from Ford for $1.5bn (£944m). The deal, which was agreed in March, ends the US firm’s involvement in overseas car brands. Li Shufu, Geely’s chairman (above), said former Volkswagen America chief executive Stefan Jacoby would take over as chief executive at Volvo on 19 August.