Category: Car
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Moody’s warns car finance scandal could cost lenders £30bn
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A growing scandal over mis-sold car financing could leave lenders facing compensation bills of up to £30bn, according to a warning from leading credit rating agency Moody’s. This estimate is the highest to date and raises concerns that the issue may mirror the Payment Protection Insurance (PPI) debacle, which ultimately…
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How difficult is it to drive an automatic car?
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I have many years of driving experience, but have only driven cars with manual gearboxes. The car I’m planning to buy now is an automatic. How difficult is it to learn how to drive it? What do I need to know? ss The good news is that your driving is…
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I am a family man with Sh43,000 net pay. How can I afford a home and a car?
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My name is Derek. I earn a total of Sh60,000. After statutory deductions, I take home about Sh43,000 but end up borrowing. My family’s household expenses are as follows: Rent – Sh11,000, School fees for my child per month – Sh10,000, Transportation – Sh5,000, Shopping – Sh5,000. Can you advise…
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Used car sales climb as consumers shy away from new vehicles
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The UK used car market continues to grow, with more money-conscious consumers choosing used cars over new ones, according to the Society of Motor Manufacturers and Traders (SMMT). Transactions in the used car market rose by 4.3% year-on-year from July to September, with 1.96 million sales recorded. It is worth…
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UK car finance industry faces major disruption as lenders halt deals over commission ruling
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Following a landmark Court of Appeal ruling, the UK car finance industry is facing major disruption as major lenders temporarily suspend new finance deals. The unexpected decision has placed lenders under greater liability for not disclosing commission payments, leading to urgent consultations with regulators and ministers to find a quick…
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Mercedes car earnings plunge as China shuns luxury
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Written by Andrei Sychev (Reuters) – German luxury automaker Mercedes-Benz said on Friday that third-quarter profits at its core auto division fell 64%, significantly below analyst estimates, as Chinese consumers continued to cut back on purchases of luxury goods in a weak economy. “The third-quarter results do not meet our…
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Trump Pushes Tax Break on Car Loans as He Courts Auto Industry
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Breadcrumb links BMN Business Donald Trump has vowed to boost the US auto industry by making interest on auto loans fully tax-deductible and renegotiating a trade deal with Mexico and Canada as he seeks to court business and labor leaders in the swing state of Michigan. Article writer: Bloomberg News…
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Electric car makers and heat pump firms ‘deserve net zero tax break’
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The Confederation of British Industry (CBI) has urged Chancellor Rachel Reeves to deliver significant tax cuts for manufacturers of electric cars, heat pumps and biofuels to accelerate the UK’s path to net zero. The business group is calling for the corporate tax rate on companies operating in these sectors to…
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California enacts car data privacy law to curb domestic violence By Reuters
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Written by Dan Levin and Christina Cook (Reuters) – California Governor Gavin Newsom signed a bill requiring automakers that sell connected cars to do more to protect survivors of domestic violence, a move that could expand those safeguards across the country. As automakers add ever more sophisticated technology to their…
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Car parts supplier Forvia cuts 2024 outlook again, to speed up job cuts By Reuters
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Written by Nathan Fevlin (Reuters) – French auto parts supplier Forvia cut its annual sales and profit forecasts for the second time in three months on Friday, reflecting weakness in European and North American markets and a delay in China. “We have lost, compared to last year, about 2 million…
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Regulator stopped from fixing car insurance prices
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The Court of Appeal has barred the Insurance Regulatory Authority from setting minimum premium rates for motor vehicle insurance, saving customers the cost of doubling their underwriting fees. The Court of Appeal found that the Individual Retirement Administration’s 2009 auto insurance guidelines, which set the minimum premium at seven per…
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How will EU car stocks react to central bank easing? By Investing.com
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European auto stocks may not see an immediate boost in the wake of interest rate cuts by central banks, despite hopes of increased affordability of new vehicles, Morgan Stanley noted in a note to clients on Wednesday. Historically, the sector does not react quickly to interest rate cuts, and weak…
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How do I manage my Sh103,000 monthly salary to buy a car and land?
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My name is Travis, I am 35 years old. I work and earn a net salary of Sh103,000 per month. I have a family. My monthly budget is as follows: Rent and water Sh28,000, school fees per term for two children Sh45,000, transport Sh8,000, family activities and emergencies Sh10,000, haraambee…
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China’s BYD plans car plant in Karachi as part of Pakistan entry By Reuters
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KARACHI (Reuters) – Chinese electric vehicle giant BYD on Saturday announced plans to open a car manufacturing plant in Pakistan where it will also start selling three models through a partnership with Mega Motors. BYD is the first major company to enter the new electric vehicle space in the Pakistani…
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China’s BYD plans car plant in Karachi as part of Pakistan entry By Reuters
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KARACHI (Reuters) – Chinese electric vehicle giant BYD on Saturday announced plans to open a car manufacturing plant in Pakistan where it will also start selling three models through a partnership with Mega Motors. BYD is the first major company to enter the new electric vehicle space in the Pakistani…
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I spent Sh1m savings on a wedding, how can I raise money for a house and car?
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I am Wilson, 29 years old. I earn $1,237. I pay five percent withholding tax every month because the company is foreign and not registered in the country. So, they use another partner company that is registered locally. They receive dollars and pay me in Kenyan shillings at the current…
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How Technology Is Making Car Battery Testing Easier and Safer
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One of the critical factors that directly affects the reliability and performance of a vehicle is the battery. In the past, determining the condition of a battery required laborious procedures involving load testing and hydrometer data. Although valuable at the time, the subjective nature of these methods often led to…
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Which are the best car tyres? Fat tackies or pizza cutters
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All tires of a given diameter come in a variety of sizes, from “fat tires” to “pizza tires.” Wider tires are the dominant choice in terms of design, but beyond that, what are the actual advantages and disadvantages? What factors should determine the choice? –DRG The technical details of different…
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China’s Old Car Trade-in Push Met With Doubt Amid Soft Demand
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Breadcrumbs Path Links PMN Business Electric carmakers have welcomed China’s move to double cash subsidies for replacing internal combustion engine vehicles, while others have expressed doubts about China’s ability to stimulate consumer demand for large purchases. Article author: Published on July 26, 2024 • Read for 2 minutes You can…