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Hamilton tops the time sheets as F1 season kicks off

LEWIS HAMILTON recovered from the misery of completing just half a lap on his opening run to move to the top of the timesheets on the first official day of the new Formula One season. Less than five minutes into the year's first practice session at Melbourne's Albert Park, and on his maiden installation lap, Hamilton's Mercedes ground to a halt due to a sensor calibration problem that cut out the power unit. That was it for Hamilton until the start of second free practice, when he more than made up for lost time and underlined his status as championship favourite in the wake of Mercedes' impressive form in pre-season testing.

Democrats cut deal on cash-for-guzzlers measure

Democratic lawmakers have proposed a cash-for-guzzlers bill that would provide vouchers of up to $4,500 to people who trade in cars and trucks for new, more fuel-efficient vehicles, Rep. John Dingell said. The measure, if approved by Congress and signed by President Barack Obama, would lead to about 1 million new-vehicle purchases, the Michigan Democrat said in a statement.

Ferrari posts record sales despite economic uncertainty

Global economic waters are far from calm, but Ferrari has managed to steer clear of the turmoil. The Italian automaker has released sales figures for the first six months of 2012, and they’re impressive by any measure. Revenues for the first half of the year are up nearly 12 percent, and net profits have risen 10 percent to over $130 million.