Volkswagen takes £725m hit from motor finance scandal Banking The finance arm of Volkswagen has taken a mammoth hit from the motor finance scandal plunging it to a loss for the year. Volkswagen Financial Services UK (VWFS) set aside £725m for expected expenses under the City watchdog’s industry-wide car finance redress scheme, according to new account filings. The provision swung the firm to a [...]
Carlyle announce deal with Formula 1 team Red Bull Sport Business Global investment firm Carlyle has announced a multi-year strategic partnership with Formula 1 team Red Bull in a first-of-its-kind deal. The Nasdaq Carlyle Group, with a market cap of $23bn, will use its partnership with the Formula 1 team title sponsored by Oracle to “open new avenues” for engagement, global connectivity and technology. And their [...]
Selfridges stocking rare vintage Formula 1 clothing this week Sport Business Oxford Street stalwart Selfridges will stock rare, vintage Formula 1 clothing for a fortnight to celebrate 75 years of the motor racing series. F1 75 Years in Motion opens today and runs through until 6 July, and will sell garments stemming from some of Formula 1’s most recognisable moments. Within the collection are 1980s Benetton [...]
FIA wants key ethics and audit committee rules changes December 3, 2024 The governing body of Formula 1 the FIA wants to change a number of rules to limit how its leadership can be held to account after a number of complaints against the president Mohammed Ben Sulayem. Ben Sulayem has been criticised by drivers over a number of issues and has faced questions over his private [...]
Alpine looks to Mercedes as Renault halt F1 engine operations September 30, 2024 Renault will stop making Formula 1 engines from 2026, leaving Alpine on the hunt for a new provider. The French organisation, which first entered Formula 1 in 1977, will close its works engine programme at Viry-Chatillon. It means their sole engine user, Alpine – whose shareholders include Ryan Reynolds, Michael B Jordan, Anthony Joshua and [...]