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Corporate Business

Creditors failing to claim £40m MG Rover cash

Many trade creditors hit in the pocket by the collapse of Longbridge are missing out on a £40 million-plus nest egg – more than four years on from the demise of MG Rover. An unspecified number of potential claims from the UK and overseas – worth nearly half a billion pounds – have not materialized since the Birmingham car firm closed in April 2005, it was revealed yesterday. Administrators Pricewaterhouse-Coopers disclosed in the latest Joint Liquidators Report that up to £464 million of further claims could still be admitted despite the increasing time gap. With two dividends amounting to a total of 6p in the pound already paid to approved claimants some creditors are forgoing sums of many thousands of pounds.
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Corporate Business

MG Rover: Don’t forget the Workers

Whilst the Phoenix Four – via their media spokesperson – engage in an a somewhat unseemly public spat over who was responsible for the collapse of MG Rover four years ago with the loss of 6,300 jobs at Longbridge and several thousand more in the wider economy, we need to remember who really lost out here. I doubt if it was the Phoenix Four, who did rather well out of the whole affair – after all their remuneration, pensions and other benefits ran into the millions. Rather, it is the workers and their families, who deserve some answers as to what went so wrong at MG Rover under Phoenix’s stewardship. Lord Mandelson’s statement earlier this week that the Serious Fraud Office (SFO) is to investigate the circumstances surrounding the collapse MG Rover back in 2005 did genuinely come as a […]
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Corporate Business

Jaguar poised to shut for the summer

Executives at Jaguar Land Rover, the Midlands carmaker, are drawing up plans for an extended shutdown of its UK plants and a new round of staff layoffs as it struggles to cope with the slump in the world car market. Preparation for the closures comes just days after the company released its new flagship, the latest version of the Jaguar XJ beloved by prime ministers and top British executives.
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Corporate Business

Yuman sees similarities between GM and British Leyland

An interesting article from The Yuma Sun …. Stan Gourley is a man who obviously loves cars, particularly his 1970 Triumph TR6. The car sits in his garage, partially restored. “You know,” Gourley said, looking at his jasmine yellow car, “it’s really sad to think that in 20 or 30 years this TR-6 would probably be a Chevrolet Camaro or a Pontiac GTO or an Oldsmobile 442.” Gourley, a man who knows British sports cars, explains that he thinks what happened to the British Leyland Co. back in the ’70s and what is occurring to General Motors now is too similar to be ignored. “They were a giant company that dominated the market for British cars in the ’60s and ’70s, but then they had real labor problems, the government nationalized the companies, then guaranteed billions of dollars in bailout […]
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Corporate Business

Jaguar trying to recapture past glory

Jaguar has emerged from its stuffy, country-club period, the one that saw it essentially remake over and over and over again the original XJ for 41 years. Jaguar now wants to be sexy and modern. Founder Sir William Lyons would most certainly approve. He was never a man to look backwards, to live in yesterday, endlessly reliving the great triumphs of the past. He was a forward-looking, innovative fellow. His cars of the 1950s and into the 1960s were cutting-edge and daring for their time. That’s what Jaguar is trying to recapture. “It’s about making Jaguars that are quintessentially Jaguars,” O’Driscoll said. But this is a nervous business. Jaguar, now part of Tata’s integrated Jaguar Land Rover Group (JLR), is not swimming in dough. Far from it. Tata Motors’ Indian business, which relies mostly on truck sales, made a profit […]
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Corporate Business

Budget MG’s here (or there) at last!

It was understandable that MG should want to mark its return to business in the UK last year by launching a comprehensively-equipped version of the TF sports car, in the form of the LE 500. But all the extra features included with the car ended up taking its price above £16,000 -and into the area occupied by its formidable roadster rival the Mazda MX-5.Now the entry-level version of the TF has arrived and, in retrospect, the Chinese-owned firm may have been better served by going with the standard car from the word go.The new MG TF 135 will retail for £13,511, which in itself is not bad value for a 1.8 litre, mid-engined soft-top sports car. Throw the government’s scrappage scheme into the equation, however, and you can get a new TF for £11,511, plus your old banger as a […]
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Corporate Business

New Top Gear Fan Site

As the new season of Top Gear starts, you can almost feel the excitement on the wires. Well, maybe I exaggerate a bit, but people really are eagerly awaiting the new season of their favorite car show. As proof, check out the new fansite dedicated to Top Gear at site www.topgearshow.com. With subject ranging from the recent Stig reveal controversy to the reviewed cars themselves, there is a ton of good information on the site. (Let’s just hope they devote a nice section to Oliver, my favorite car from the show.) They are trying to create the ultimate fan site that is dedicated to classic moments of May, Clarkson and Hammond, so stop by and take a look. And don’t forget to tune in to Top Gear!
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Corporate Business

Dom Joly stars in Made In Britain

One man… stripped of everything he owns and challenged to just buy British… Join award-winning television comedian Dom Joly on an epic road trip around Britain in an attempt to fill his house from top to bottom with British-made products in the brand new series Made In Britain. As part of this unique experiment, Dom will have his family home turned upside down and stripped of everything he owns that’s not made in the UK. He’s then challenged to go on a remarkable shopping trip, travelling the length and breadth of the country to try and replace all his foreign goods with British-made products. Before the inspectors arrive, Dom’s quaint country cottage in the Cotswolds is a safe haven for foreign merchandise: the Italian coffee machine, a television manufactured in Japan and pants made in Taiwan. In no time at […]
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Corporate Business

MG’s Quiet Revolution

The launch of a new variant model by any car company is relatively common – but the first glimpse of the Longbridge-built MGTF 135 deserves closer scrutiny. This is not just any variant, this is the first standard car – as opposed to a limited edition two-seater – that the famous old Birmingham factory has produced since its closure with the loss of 6,500 jobs back in April 2005. The owners of Longbridge, SAIC/Nanjing, have often lived up to the Chinese reputation for inscrutability in the intervening four years, with a number of false dawns and missed deadlines for model launches. But since Shanghai Automotive Industry Corporation took over Nanjing Automobile 16 months ago, Longbridge would appear to have a more secure future, with deeper pockets and a much more significant resource base.
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Corporate Business

MG is Shanghai Favorite

This MG 6 liftback could herald the return of MG to North America, according to officials from Chinese parent company SAIC. Badged MG 6, the new four-door was the undisputed star of the Shanghai motor show. The MG 6 has been conceived to breathe new life back into the MG brand following its purchase by SAIC. The Chinese automaker also owns the former Rover, known as Roewe, which it bought from the Nanjing Automobile Group in 2007. Although billed as a concept, the MG 6 closely resembles the car SAIC plans to put into production later this year based on the same basic underpinnings the Roewe 550, itself built around a modified version of the Rover 75 platform originally engineered by BMW.
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Aston Martin

Aston Martins On Your Computer

Yes, you can now have an Aston Martin on your computers! Aston Martin has produced a beautiful screensaver that will make you droll on the keyboard. The interactive screensaver contains a selection of current Aston Martin photography, current product information and the latest company news. A feature has been included to allow you to stay up to date with the latest news and content with a live feed. The screensaver is available for both Windows and Macintosh computers and is available at http://www.astonmartin.com/gallery/screensaver.
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Corporate Business

Doubt over jobs at MG car plant

Around a fifth of the workforce at the MG plant in Birmingham could lose their jobs, the car manufacturer has said. MG Motor UK Ltd said 30 employees were at risk of redundancy following a review and restructure of business operations at the Longbridge site. The company, previously Nanjing, said it could not make assurances of long-term employment stability for staff due to the current economic climate. Production of the MGTF sports car restarted at the factory last year. A statement from MG Motor UK said: “The unique trading conditions we are currently operating in make any assurances of long-term employment stability difficult to predict. Following a review and restructure of its business operations the company has abided by the statutory consultation process and placed a number of employees ‘at risk’ of redundancy. “MG UK has always maintained that its […]
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Corporate Business

British car sales still falling

British car sales for the month of March are expected to have fallen by about 28 per cent in stark contrast to other leading European markets that have recently bounced after government “scrapping” incentives. The predicted drop in the sales for last month will reignite calls for the UK to offer incentives for drivers to scrap old cars and buy new, or nearly new, ones. The move has been urged by the car industry and unions for several months amid plunging sales and lengthy factory shutdowns to cut production. The Retail Motor Industry Federation (RMIF), the UK car industry’s retail division, stepped up calls yesterday for a scrappage scheme to be introduced in Britain. Paul Williams, the chairman of the federation, said: “Measures to help to revive new-car sales in the UK, including the introduction of a vehicle scrappage scheme, […]
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Corporate Business

British Car Industry Hits The Skids

The number of cars built in Britain slumped 60% last month as manufacturers slammed the brakes on output. Just 65,647 cars and vans rolled off production lines compared with nearly 110,000 in February 2008, according to the Society of Motor Manufacturers and Traders (SMMT). This is the biggest fall since 1970 and the fifth month in a row that output levels have been in reverse. The grim figures were released 24 hours after the industry scrapped the British International Motor Show due to take place in London next year. SMMT chief Paul Everitt said canceling the show was a tough decision but stressed it would be revived in future. “The global credit crunch has placed the industry under unique pressure and created a level of uncertainty that deters manufacturers from committing to large-scale international events.” In January, Business Secretary Lord […]
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Corporate Business

Jaguar’s Quality Rating Cheered

Ford Motor Co.’s Bennie Fowler cheered last week when Jaguar finished in a tie for No. 1 on J.D. Power and Associates’ long-term vehicle dependability study. “I happen to know the guy who was the COO at Jaguar in 2003 when we started making improvements,” said Fowler, who was, indeed, COO of Jaguar in 2003. Today, Fowler is Ford’s group vice president of quality. Back then, Fowler and a team of executives put Ford processes in place at Jaguar to improve quality. Ford sold Jaguar and Land Rover to Tata Group in 2008, but J.D. Power’s dependability study evaluates three-year old, or 2006, models. From Freep.com
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Corporate Business

British Bailout Buys a Land Rover LRX

In an attempt to turn Land Rover an environmentally friendly shade of British Racing Green, the U.K. government is giving the SUV-maker £27 million ($38 million) to defray the cost of developing a compact SUV based on their LRX concept. Land Rover says the new two-door (which they call a “cross coupe”) will be the “smallest, lightest, and most efficient” the company has ever produced. With the exception of the County Classic, we think it might be the most attractive as well. Whatever superlatives it claims, it could very well show up as a 2011 model after it gets an official go-ahead from management. “We welcome the Government’s support for this project, which would form a key part of our future product plans and which we very much want to put into production,” Land Rover Managing Director Phil Popham said […]
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Aston Martin

Aston Martin Expects 2009 Sales To Slow

British sports car maker Aston Martin expects to sell fewer cars this year compared to last year due to the economic crisis, the company’s chief executive told German newspaper Die Welt in an interview. Aston Martin sold 5,800 sports cars last year, which was the second-best year in the company’s 95-year history, Ulrich Bez told the paper in an article published on Saturday. “In light of the current weakening in consumer spending we expect 4,500 to 5,000 unit sales this year,” Bez said. Islamic investment firm Investment Dar (TIDK.KW) owns a controlling stake in Aston Martin. The fund was part of a consortium that bought the automaker for about $950 million from Ford Motor Co (F.N) in March 2007.
Aston Martin 4x4 at Geneva Autoshow
Corporate Business

British Motor Show Is Cancelled

The British International Motor Show planned for 2010 in London has been cancelled because of the global slump in demand for cars, according to the U.K. Society of Motor Manufacturers and Traders. “The economic downturn and the unprecedented challenges facing the industry, both in the U.K. and around the world, have made it impossible for exhibitors to commit to a 2010 event,” the trade group said today in a statement. The event has attracted an increasing number of visitors and the decision to cancel was “extremely difficult,” SMMT President Paul Everitt said in the statement. The move followed a thorough consultation with the industry, the group said. The SMMT is pressing the U.K. government to boost aid to automakers, including direct incentives to trade old cars for new ones. Carmakers across Britain have slowed production in response to declining demand. […]
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Corporate Business

Delay In Carbon Emissions Cut

British car manufacturers have won a four-year delay to the introduction of European rules designed to force them to reduce carbon dioxide emissions from new cars. Jaguar Land Rover was granted a special deal after Britain joined ranks with other car-producing EU states to water down fuel efficiency targets proposed last year. The highest levels of fines for failing to comply with the targets will not come into force until 2019, not in 2015 as previously proposed. The deal means manufacturers will be able to delay investing in expensive carbon-reduction technology for several more years. MEPs and the 27 EU member states have agreed to abandon plans to force the industry to reduce average CO emissions from around 158g/km last year to 130g/km by 2012.