From GMM
A company has filed a $650 million lawsuit against formula one.
Bluewaters Communications Holdings claims it was the high bidder to buy the sport in 2005.
It is claimed CVC, F1's current owner, was the lower but successful bidder
because of F1 chief executive Ecclestone's alleged bribes to the now-jailed former banker Gerhard Gribkowsky.
Gribkowsky, CVC and the German bank BayernLB were all named as defendants in the New York suit, the
Financial Times, Bloomberg and
cityam.com report.
Bluewaters claims it offered in writing to pay 10 per cent more than all other bidders, but gave "no commitment" to keep Ecclestone in the top job.
But when asked on Monday why the bid failed, Bernie Ecclestone said: "No idea. They probably didn't give enough money."
Aleris has announced it has signed a contract with FAW-Volkswagen to provide aluminium for several Audi models to be produced in China.
Audi will begin offering 3.0-liter V-6 diesel engines in the A8, A7 and A6 cars and the Q5 crossover beginning next year. The four TDI diesel-equipped models will make their debuts next week at the Los Angeles Auto Show.
While you're invariably reading this piece on some manner of digital device, Autoweek's roots lie in a physical magazine printed on an offset press. Hell, Competition Press was our original name.
Brad Keselowski won his first NASCAR Sprint Cup title on Sunday -- along with Roger Penske's first cup title as a team owner -- with a 15th place finish in the final race of the year at Homestead-Miami Speedway in Florida.
A deal between President Barack Obama and Congress to avoid the fiscal cliff is critical to the United States economy's health and to Ford Motor, the company's executive chairman said today.
Illinois Tool Works CEO David Speer has died, the company said. He was 61. COO E. Scott Santi, 51, was named the permanent CEO today after being chosen the acting CEO last month, the company said in a statement.
News
19 Nov, 2012
The millionth Fiat 500 has rolled off Fiat's production line in Poland
To say it's been a tough couple of weeks for residents of New Jersey would be an understatement. Many are still without power, while thousands more are coping with devastating damage to their homes and businesses.
New vehicle sales in Indonesia jumped by just under 24% to a new monthly record of 106,807 units in October, compared with 86,345 units a year earlier, according to data released by Indonesian automotive industry association Gaikindo.
Fuji Heavy Industries now sees itself lifting US auto sales to 350,000 units in fiscal 2013, two years sooner than originally planned, president Yasuyuki Yoshinaga said.
Daimler's financial services business aims to grow profitably in 2013 after forecasting a record EUR1.3bn (US$1.65bn) in operating profit for the current year, the company said on Monday.
News
19 Nov, 2012
The new Dacia Sandero supermini is now available from £69 a month
Daimler's commercial vehicle division and Russian truck manufacturer Kamaz, have signed a contract covering the supply of engines and axles for the Russian company's lorries and buses.
Mitsubishi Motors president Osamu Masuko said the carmaker has abandoned plans to expand its business tie-up with Proton.
Honda has raised its sales target at home in Japan in the next fiscal year ending March 2014, up 16% to 850,000 vehicles.
Honda's rebound in the United States will continue through 2012's final months, helping the carmaker boost sales about 25 percent this year even after Hurricane Sandy reduced October gains, said sales chief John Mendel.
Fuji Heavy Industries President Yasuyuki Yoshinaga has become a market darling for something he failed to do: build a factory in China.
Russian Railways (RZD) says its recent purchase of 75% of PSA Peugeot Citroen's Gefco logistics division will see "most" of the current management and staff retained, although it does not rule out 'efficiency' changes.
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