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Volvo pins hopes on its ‘all-in’ car
Six millimetres. It doesn’t sound much, but to Volvo engineers, it was crucial and they fought hard over those few millimetres. That is how much less the overhang – the distance between the front bumper and the wheel – is on the new Volvo XC90 compared with its rival SUV from Germany’s BMW, according to the Swedish carmaker.
Pay gap widens at biggest UK companies
The bosses of Britain’s 100 biggest listed companies are earning on average 143 times more than their staff, according to data that exposes the growing imbalance between how the nation’s work force and its business leaders are rewarded.
Carney warns of interest rate rise before wage increase
The governor of the Bank of England has warned interest rates might start to rise before workers see a sustained real-terms pick up in their pay. Mark Carney said it was possible that borrowing costs – on hold at 0.5% for more than five years – would increase before wage growth caught up with inflation… Inflation has outpaced wage growth for the vast majority of the period since 2008, bringing a prolonged term of falling real pay and living standards for UK workers.
Russia may ban car imports – If the European Union and the United States impose additional sanctions on Russia, Russia may retaliate by banning car imports from Western nations. The impact of such a ban could be softened for many companies however, as those with factories inside Russia would likely be affected to the same extent.
Mercedes fall foul of Chinese law – Mercedes has been found guilty of price manipulation in the Chinese spare-parts market by authorities in China. The verdict comes after weeks of investigations and raids by Chinese anti-competition officials which found that Mercedes is guilty of ‘anti-competitive’ practices such as parts costing more in China than in Europe. Other companies such as Audi, BMW and Fiat are also being investigated.
Alarm will tell drivers to put the phone down – Brazilian scientists have developed a facial recognition system that detects when drivers are using their mobile telephones. The dashboard camera, which was developed by researchers at Santa Catarina State University in Joaçaba, emits an alarm if it detects the driver raising a phone to their ear. Although it is unlikely drivers will install it in their own cars, the system could be used by hire companies and parents worried about their children using a mobile whilst driving.
The Daily Telegraph
Insurance costs decline – Figures from insurance trade body BIBA showing a fall of 5.6% in car insurance costs and a fall of 4.2% in the costs of home insurance. This, coupled with the current inflation rate of 1.9%, means customers have benefited from a real term saving of nearly seven per cent on home and motor insurance over the past 12 months.