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Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

2014 Volkswagen Beetle GSR is black and yellow, black and yellow

Way back in 1973, Volkswagen decided it was high time to take the loveable air-cooled Bug racing. No, it wasn't painted in Herbie colors - Volkswagen called its sport-tuned machine the Beetle GSR, "Gelb Schwarzer Renner" or "Yellow Black Racer." Hence, the somewhat shocking paint scheme.
VW is bringing its sporty black and yellow Beetle back for 2014, and you can see live photos of it above. It's got a 210-horsepower turbocharged 2.0-liter four-cylinder engine under the hood (that'd be the hood up front, unlike the car's forebear), and a six-speed manual or DSG automatic transmission sends those ponies to the front wheels. Note that this car's output is up 10 horses on other turbo VWs, and the Jetta GLI and Beetle Turbo for 2013. The 0-60 run takes 6.6 seconds, and top speed is limited to 130 miles per hour.
Besides the in-your-face black and yellow paint, the GSR is outfitted with a large rear spoiler and 19-inch wheels shod with 235/40 tires. The bee-like hue carries over inside, with yellow stitching on black leather. Only 3,500 will be produced, each with its own unique plaque. Pricing has not yet been announced, but you're free to read through the press release below all the same.

BMW, Ferrari, VW cars use tungsten mined by terrorists

Bloomberg Markets is reporting that BMW, Volkswagen and Ferrari have been using tungsten ore sourced from Columbia's FARC rebel terrorists. The extensive story focuses on Columbia's illegal mining trade and calls into question the provenance of the rare ore that is used not only in crankshaft parts production, but is also found in the world's computing and telecommunications industry for use in screens.
The ore is mined by the FARC (Fuerzas Armadas Revolucionarias de Colombia, or Revolutionary Armed Forces of Colombia - People's Army), and exported to Pennsylvania, where it is refined. The refined ore is then sent over to Austria, where a company called Plansee turns it into a finished product. Now, it's important to note that we aren't talking about the world's supply of tungsten here. In 2012, Plansee's American refinery purchased 93.2 metric tons of tungsten, valued at $1.8 million. That's peanuts, with the entire Colombian tungsten mining industry producing just one percent of the world's supplies.
That doesn't make indirectly supporting FARC any more acceptable, though. BMW, VW and Ferrari are all committed to not accepting mineral supplies from the Democratic Republic of Congo, which is also in the grips of a guerrilla insurrection funded, in part, by illegal mining. The same commitment would figure to extend to Colombian mining, but as BMW points out, it's difficult for a multi-national manufacturer to know where every item in its supply chain comes from. A company spokesperson says as much, telling Bloomberg, "These few grams out of the billions of tons of raw materials passing through the BMW supply chain are of no practical relevance."