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GM posts $7.6 billion profit for 2011

General Motors on Thursday posted a $7.6 billion profit for 2011, while recording its smallest quarterly profit of the year in the fourth quarter. Net income for the October-through-December period fell 7 percent from the year-earlier period to $472 million, as a $562 million loss in Europe--the steepest of the year there--weighed on the automaker's bottom line. North American earnings nearly doubled.

Design Contest: Ferrari 'New Concepts of the Myth'

Automotive design students from all over the world gathered in Maranello this week for the award ceremony of the 'Ferrari - New Concepts of the Myth' design competition. The winners were announced and awarded their prizes at Galleria Ferrari, within walking distance of Ferrari headquarters and Ferrari's Fiorano test track. The coveted prizes are six months of exciting and very demanding work at Ferrari and Pininfarina creative centres, under the leadership of Ferrari's Donato Coco (in Maranello) and Pininfarina's Ken Okuyama (in Torino).

Paris bans some cars to cut smog

PARIS is taking drastic measures to combat its worst air pollution in years, banning around half of the city's cars and trucks from its streets in an attempt to reduce the toxic smog that has shrouded the French capital for more than a week. Cars with even-numbered licence plates were prohibited from driving in Paris and its suburbs today, following a government decision over the weekend. Around 700 police were patrolling the morning rush-hour, handing out tickets to offenders.