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Senate approves tax break for auto loan interest

The U.S. Senate voted on Monday to make loan interest and sales taxes on vehicle purchases deductible from federal income taxes. The proposal, championed by the National Automobile Dealers Association, was added to an economic stimulus bill under debate in the Senate.

Hungarian GP qualifying: Rosberg on pole for Mercedes – Hamilton out of qualifying after car fire

Hungarian GP qualifying: Rosberg (pictured) on pole for Mercedes Lewis Hamilton seems to have had most of the unreliability problems that have hit Mercedes this year, but a fire in his car before he even set a time in qualifying for the 2014 Hungarian Grand Prix today in Budapest was a cruel blow to his title chances. Hamilton managed to limp his stricken car in to the pits as flames licked round the back after what appears to have been a fuel leak, but that means Hamilton will start from the back of the grid tomorrow, making it incredibly difficult to get even close to Rosberg who finished qualifying on pole. Behind Rosberg, Sebastian Vettel managed to put the Red Bull in second, with Williams’ Botas in third during a final qualifying that saw rain drench the first corner, nearly claiming Rosberg and sending McLaren’s Magnussen in to the tyre barrier and out of Q3.

U.S. sales rise 9 percent in July

U.S. demand for light vehicles continued to defy mostly weak economic indicators by rising 9 percent in July. Big sales gains at Japan's and Europe's top automakers--Toyota, Honda, Nissan and Volkswagen--offset declines at Ford Motor Co.