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GM posts quarterly net income of $1.96 billion

General Motors Co., in its final financial snapshot before next week's initial public offering of stock, posted third quarter net income of $1.96 billion on revenues of $34.06 billion. The results, released Wednesday, were in line with a forecast issued last week. GM now has earned $4.16 billion on revenues of $98.71 billion through three straight profitable quarters this year--a dramatic swing after five consecutive annual losses.

Volkswagen designer gets 2011 lifetime achievement award

Volkswagen Group designer Walter de'Silva was chosen for this year's Lifetime Design Achievement Award at EyesOn Design, which ran over Father's Day weekend in the Detroit area. About 260 invitation-only vehicles were in attendance at Sunday's car show on the grounds of the Edsel & Eleanor Ford House in Grosse Pointe Shores. They were chosen based on this year's theme of "Designing for the Future." Only car designers who have previously won the Lifetime Design Achievement Award were allowed to vote on a winner for 2011.

'Ambulance chasers' face new controls

THE CULTURE of "ambulance-chasing" lawyers and bogus whiplash claims could come to an end following new measures set out by the Government to crack down on insurance fraud. Lawyers will be banned from offering accident victims incentives such as money or free iPad computers to encourage them to make a claim and courts will be given powers to throw out compensation actions where claimants have been dishonest. The reforms by the Ministry of Justice (MoJ) aim to tackle the rise of the compensation culture and reduce the amount being paid out unnecessarily by insurance companies - which can lead to higher premiums for honest customers.