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Friday Run DownBack

BBC News

 

Swiss offer EU solution for Britain swiss brexit

The former Swiss president has said the UK should work with her country to find a way to balance freedom of movement with single market access. Micheline Calmy-Rey said the two countries shared a common purpose out – or planning to be out – of the European Union. But both still want a good trade relationship with the union. She also urged the European Union to become more “flexible” on the issue of immigration or risk “exploding”.

Its “very rigid” approach to free movement was not the correct response to the new pressures it faced following the UK vote to leave, she said, adding that Switzerland had found it very difficult to negotiate with the EU on the issue.
In 2014, Switzerland voted against free movement in a referendum.

Full story:         http://www.bbc.co.uk/news/business-37312807

 


The Financial Times

 

Entrepreneurs embrace Trump’s vision
Polls show that the bulk of US small-business owners, who vote in high numbers, back Donald Trump. Many want a pro-business president to undo some of the policies of Barack Obama.

 

Hammond pledges to protect top bankers from EU migration curbs
Philip Hammond has pledged to maintain free movement for top bankers after Britain leaves the EU, as he attempts to reassure the City that the financial services industry will be protected during Brexit negotiations. The Chancellor responding to pressure from Japan and leading banks, promised to maintain a flow of European talent to UK-based financial services companies, regardless of new rules to curb migration.

 

Big increase in zero hours contracts stirs debate on workers’ job security
The number of people working on zero hours contracts has surged by a fifth in the past, fuelling the debate over job insecurity in Britain’s economy.

Official data show the number of people who say their main job involves one of these hyper-flexible contracts, which do not guarantee a minimum number of hours, has risen 20 per cent over the past year to reach 903,000 in the three months to the end of June. Half of the increase was announced for by workers aged 25 and over.

 

Fox opens for business but experts warn of obstacles in way open for business
Britain’s new Department for International Trade is “open for business”, said its secretary of state, Liam Fox, as he faced questions from parliament for the first time yesterday. But while Dr Fox was upbeat about the trade deals he plans to strike across the world, politicians and trade experts question how much progress he will make over the next two years before the UK formally leaves the EU.

 

Companies & Markets

 

Report of sharp fall in inventories lifts crude
Oil prices leapt yesterday after a report showed stocks of US crude dropped by the most since 1999, pushing Brent crude close to the $50-a-barrel mark.

 

 

The Guardian

 

Interest rates unchanged as ECB predicts weaker outlook
The European Central Bank has left interest rates in the Eurozone unchanged but kept the door open for further cuts in the months ahead and renewed calls on the politicians to do more to support the bloc’s economic recovery.

 

The Daily Telegraph

 

Porsche anger at new outback speed limits nt speed limit
Porsche has criticised officials in Australia’s Norther Territory over plans to impose a speed limit along stretches of an outback highway where drivers can currently drive as fast as they wish. Accusing the territory’s government of creating a “nanny state”, the German car maker said that introducing a speed limit of 130kmh (81mph) would damage the area’s reputation and discourage international car firms from using the highway to test vehicles or to film advertisements.

 

Automotive News

 

Nissan, Hyundai named in China’s green car subsidy scandal

China has accused more than 20 additional carmakers, including Nissan Motor Co. and Hyundai Motor, of breaking rules on green car subsidies, according to a state media report, widening a scandal over a $4.5 billion annual payout program.

On Thursday, China’s Ministry of Finance punished at least five carmakers, accusing them of cheating its program to promote electric and plug-in hybrid vehicles, receiving roughly 1 billion yuan ($150 million) in illegal subsidies.

“This is a major blow to the industry and also has a large impact on the country’s policy enforcement,” Xu Yanhua, a vice secretary for the China Association of Automobile Manufacturers told a news briefing.

The ministry said it would revoke the production license of Suzhou Gemsea Coach Manufacturing, while the other four firms would be fined. The companies named included a subsidiary of Chery Holding, owner of the seventh most popular Chinese passenger car brand.

The scandal has cast a pall over China’s drive to use subsidies to combat heavy pollution which affects large swathes of the country. This drive helped sales of electric and plug-in hybrids more than quadruple last year to 331,000 vehicles.

 

BMW recalls 110,000 cars in Japan over Takata airbags BMWLogo

BMW Group said today it is recalling about 110,000 cars in Japan over potentially faulty airbag inflators made by Takata Corp., as part of the auto industry’s largest ever global call back.

The automaker recalled 44 models including its 1-series 116i and 118i hatchbacks and the 3-series 320i sedan to replace passenger-side airbags made by the supplier, according to a filing to Japan’s transport ministry. Affected vehicles were produced between 2004 and 2012.

 

VW says it did not break EU consumer rules in emissions scandal 

Volkswagen has rejected suggestions it may have breached European Union consumer rules in connection with its emissions-cheating scandal. The company said it does not see the need to compensate affected car owners. EU Consumer Commissioner Vera Jourova said on Monday that the European Commission was assessing whether Volkswagen had violated two EU consumer directives. Several EU officials have also urged the VW to draw up a compensation scheme for affected drivers in Europe similar to the one it has agreed to with U.S. authorities.

In a letter to Jourova dated Sept. 7 and seen by Reuters on Thursday, VW said a technical fix had been found and was already available for more than 50 percent of the affected vehicles across the 28 EU member states.

Posted by Paul Carpenter on 09/09/2016