Jaguar gets 500m new bank funding October 7, 2009 BELEAGUERED carmaker Jaguar Land Rover (JLR) yesterday revealed it has secured £500m of new funding, easing the pressure on the company after a dramatic slump in car sales during the recession. JLR, which is owned by India’s Tata Motors, said the monies included a £175m loan from the State Bank of India and a new [...]
Mazda fundraising for green cars October 6, 2009 Japanese carmaker Mazda is planning to raise Y96bn (£680m) in a share sale to fund development of hybrid vehicles, as it tries to catch up with “greener” competitors like Toyota and Honda. It said it would offer 363m new shares to investors, equivalent to one-quarter of its outstanding stock, and sell an additional 97m existing [...]
Volvo approached by US group October 4, 2009 China’s Geely Automotive is thought to be readying itself for a takeover battle in the race to snap up Volvo, the loss making Swedish car manufacturer, from owner Ford. Geely, who has been in talks with Ford since September, is now facing competition from a US led consortium, fronted by Michael Dingman, a former Ford [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 1, 2009 FINANCIAL TIMESFORD SELLS AUSTRALIAN LOAN BOOK TO MACQUARIEFord, the US carmaker that underwent a debt-for-equity swap this year to bolster its balance sheet, has quit Australia’s retail car finance market after selling a A$1bn (US$874m) motor loan portfolio to Macquarie Group. The Australian investment bank is expanding its presence in the sector as well as [...]
Vehicle sales at GM fell 45pc in September October 1, 2009 GENERAL Motors (GM) yesterday said its US September auto sales fell 45 per cent, pressured by weak consumer confidence, low inventory levels and the end of the US government “cash for clunkers” incentives. GM said sales fell to 156,673 vehicles in September, from 284,300 a year earlier when company discounts supported sales. But the carmaker [...]
CITY ON THE CUSP OF APPOINTING NICK ANSTEE AS NEXT LORD MAYOR September 23, 2009 UNDER a week to go until the appointment of the man who will replace Lord Mayor Ian Luder at the helm of the City of London. The new boss won’t officially take up residence in his swanky Mansion House digs until his official inauguration in November, though the election – if you can call it [...]
Geely sets sights on expansion September 23, 2009 Goldman Sachs’ $334m (£203m) investment in Geely Automobile will boost the Chinese carmaker’s global ambitions, including a potential bid by its parent for Ford’s Volvo brand it said yesterday. Shares in Hong Kong-listed Geely spiked 26 per cent yesterday after the company said it would issue convertible bonds and warrants to an affiliate of Goldman [...]
Ford to open new China factory September 23, 2009 Ford, the US carmaker, is opening a new factory in China, its third, as it seeks to catch up with rival General Motors. Chief executive Alan Mulally is set to break ground on the new plant in Chongqing tomorrow. It will produce high-end sedans and sport-utility vehicles. Ford was the only major US carmaker not [...]
HORSES FOR COURSES FOR CITY RACING SET September 22, 2009 IT SEEMS barely a moment since the end of the horseracing season, but the City is already gearing up for the bevy of racehorse auction sales coming up over the next few weeks, starting with the Goffs Orby Sale in Ireland next week. Racing buffs might recall that sellers at the spring sales teamed up [...]
Uncommon scents for the autumn September 21, 2009 YOU don’t have to be an absolute expert on knowing your bergamot from your sandalwood or your vetiver from your labdanum, but the modern man cutting a dash about town needs to be able to tell a first-rate cologne when he smells one. As the days get shorter and the temperature cools, you can swap [...]