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Huge storm batters South West

A MAJOR storm has battered southern parts of the UK, with winds of almost 100mph causing flooding and major travel disruption. The Met Office said wind reached more than 99mph on the Isle of Wight at 5am and the Environment Agency has issued 14 flood warnings for the South West, as well as 146 flood alerts for the rest of England and Wales. Both Severn bridges are closed, the A249 Sheppey Crossing in Kent is closed due to strong winds and there are 30mph speed limits on the Dartford Crossing in Kent There are also widespread reports of local roads in Cornwall, Dorset, Hampshire and Sussex blocked or closed due to fallen trees and flash flooding.

Saab: China’s Pang Da & Youngman to invest $7.5 billion. UPDATED

Saab: China to invest $7.5 billion Update: We have now been told by Saab that Pang Da and Youngman are to provide €50 million immediately and €600 million for short to medium finance. Funding for the revised business plan and provide long-term financial stability the new Chinese owners have also budgeted funding for the planned expansion of Saab Automobile’s portfolio and additional operations to be set up in China There will be a reduction of 500 in the employee numbers. Sales targets for 2012 of 35-55,000 cars and 2013 of 75-85,00 and long-term of 200,000 cars a year Interestingly, Saab says that ‘Saab Automobile has not received the funds from Pang Da and Youngman that have been committed for today.’ Oh, well. Although the deal which will see Saab sold to China’s Youngman and Pang Da is still subject to a raft of approvals – Swedish Debt Office, EIB, GM, Chinese Government… – it seems the Chinese have big plans to invest up to $7.5 billion in Saab in the coming years.

Goodwood Revival marks its ten year anniversary

By Nick Eaton Motor Shows 09 September 2008 10:00 This month the grounds at Goodwood will once again play host to what has become the world’s largest historic motor racing festival. The Goodwood Revival will take place on 19-21 September - exactly ten years since it was first held, and sixty years since the legendary Goodwood circuit was opened. The event is an effort to relive the post-WW2 spirit of motor racing as it was between 1948 and 1966.