A round-up of today's other stories in brief
Fuel price decline unlikely
The chance of a sustained decline in fuel prices in the near term “remains dim,” said chief executive of General Motors. He was speaking as the US auto industry nears peak summer car shopping season.
Volatility in fuel prices, with limited global reserves and rising demand means the industry can’t rely on oil “forever”, Dan Akerson said.
A surge in fuel prices to between $120 and $130 a barrel was chief among GM’s concerns after the company’s blockbuster initial public offering in November, he said.
His team developed “a $120 plan, he said, adding that the jump in fuel prices came sooner than expected.
Saab reaches cash-making deal
Saab’s parent company Spyker has reached agreement on demands set by the government for backing a deal to free up much-needed cash.
The government has given conditional backing for Saab to sell real estate to Russian businessman Vladimir Antonov and lease it back. Conditions include that Saab get a market price, that questions about Antonov be cleared up and that money for the purchase come from a European bank without links to Antonov.
The deal aims to rescue Saab after a shortfall in 2010 sales meant it hit a cash-crunch.
Business daily Dagens Industrialso reported that Spyker started discussions with two Chinese companies over a long-term solution.
Lexus concept hints at future
Lexus has launched a concept car that hints at the direction of the replacement for the GS model. The LF-Gh mixes the sweeping lines of most premium saloons in its class, with a dramatic difference up front, where a very aggressive spindle-shaped front grille dominates.
“Customers have been waiting for a bold concept like this,” said Mark Templin, Lexus division group vice president and general manager. “We look forward to their feedback and integrating some of these exciting features into future vehicles.”