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Financial Times

GM recalls another 2.7m vehicles in US over faults – General Motors yesterday recalled a further 2.7m vehicles in the US, on top of at least 4.1m it has recalled worldwide this year, in the latest sign of the carmaker’s efforts to reform its processes. The bulk of the recall involves 2.44m Chevrolet Malibus and some other sedans built between 2003 and 2012 for potentially faulty brake light wiring. Other vehicles were being recalled for faults with their headlamps and a fault that might increase vehicles’ stopping distance.

The Guardian

Sterling takes hit as Carney keeps rates low – The pound fell against other currencies yesterday after the Bank of England quashed growing City speculation of an early increase in rates to rein in the economy… Mark Carney, the Bank’s governor, said there was still spare capacity to use up before interest rates would be increased from their record low of 0.5% adding that, even when policy was tightened the action would be “gradual and limited”.

Unemployment at five-year low amid jobs boom – Britain’s jobs boom accelerated in the first three months of the year as unemployment reached a five-year low, fuelled by a surge in self-employed workers.

Financial Times

Banknote printing would stop, warns Osborne – Scottish banks would be stopped from printing sterling banknotes and Scots would need to hold on to currency that crossed the border if the country continued to use sterling after declaring independence, George Osborne has said The chancellor told the cross-party Scottish affairs committee yesterday that if Scots wanted to continue using the pound, they would do so without the authority of the Bank of England.

Companies & Markets – Renault and Volvo near trust rules – France and Sweden are close to winning a battle to delay by 10 years EU legislation that could make trust designs safer and more efficient, as they look to protect national manufacturers Renault and Volvo. The legislation, which would also open up the European truck market to US competition, will come into force only in 2025 because of the lobbying by France and Sweden, according to documents by the Financial Times.

The Times

Jaguar to re-create six of the best classic E-Types – Jaguar is relaunching the most desirable versions of its celebrated sports car, the E-Type… Jaguar will make six Lightweight cars. Each one of them will be hand-build and will be identical to the original 1963.
The Daily Telegraph

Fall in car insurance premiums hits Admiral – Motor insurance group Admiral has reported a 7% drop in revenue for the first three months of 2014, despite covering more drivers. The premiums in the UK car insurance market fell 19% in the first quarter, according to a survey from Towers Watson.

Posted by Sue Robinson on 16/05/2014