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FCA issues warning on logbook loans

VULNERABLE people who use their car as security to take out a loan are finding themselves squeezed even harder financially and even threatened, the City regulator has found. The Financial Conduct Authority warned it will put firms offering logbook loans out of action if they do not "dramatically" improve their standards, after finding evidence of poor behaviour including little or no affordability checks being carried out and some applicants being encouraged to manipulate details of their income. It said lenders are failing to properly spell out exactly how expensive such debts will be, with the true cost often masked by an emphasis on "low" weekly repayments and key terms and conditions buried in small print.

SkyTran to trial maglev two-seater transport system in Israel

California-based skyTran has signed an agreement with Israel Aerospace Industries (IAI) to build a test version of its patented maglev transport network.  The 500 meter-long demonstrator will begin operation late next year, and is designed to prove the system's potential for reducing road congestion by lifting passengers above the highway, into space that's not currently utilized. The skyTran system is a network of computer-controlled, two-person vehicles that use maglev technology. Users will request one of the system's two-seater pods to the nearest available station using a smartphone app.

Fiat and BMW ready to announce deal

[ad#ad-1] Don’t mention the war, Basil! The Germans and Italians look like they’re getting in bed together again, but this time the axis could provide some goodies for us all, and some cost saving benefits for both BMW and Fiat. Fiat, in a strong position after posting their best ever figures for 2008, is on a bit of a rampage at the moment, looking to take advantage of the problems in the car industry that could end up pushing them up the car makers league table, even to the heights of the #1 car maker in the world, Toyota.