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Volvo's latest export from Sweden: paid parental leave

STOCKHOLM — Volvo Cars will offer all its employees worldwide 24 weeks paid parental leave in a bid to support female executives and equal parenting. The carmaker, which is based in Sweden but owned by China's Geely Holding, has over 40,000 employees. From next month, all staff who have worked in Volvo plants and offices for at least a year will be entitled to the leave each time they have a child and will receive 80% of their base pay during the period, the company said on Tuesday. Sweden is one of few countries that already offers leave by law for either parent. "Some countries do not offer any paid leave to new parents, or exclude certain groups of parents – the latter is particularly true for fathers," the company, which previously did not have a global policy but adapted to local regulations, said in a statement. Around a third of Volvo's senior managers are currently female. The company aims to raise that share to 50%, a spokeswoman said, adding that Volvo's new policy will improve conditions for staff on parental leave not least in China and the United States. "When parents are supported to balance the demands of work and family, it helps to close the gender gap and allows everyone to excel in their careers," said Volvo Cars CEO Hakan Samuelsson. The global policy applies to either parent and the leave can be taken anytime within the first three years of parenthood. In Sweden, new parents are in general entitled by law to around a year of parental leave on up to 80% pay.  

Paul Newman's overachieving 'Volvette' up for bid

For the longest time, it was the ultimate suburban family hauler. But this particular Volvo wagon had a life far beyond the Wegmans parking lots and high school playing fields. This particular 1998 V90 belonged to no ordinary soccer mom or dad, as Paul Newman owned it. Maybe he raced it around the rural roadways of Westport, Connecticut, with kids is tow or to pick up pizzas. The actor, who owned a race team in and out of three decades and racked up four SCCA National Championships, was given the “Volvette” as a surprise gift from one of his teams in 2007, so-called because it was crammed with a 400 horsepower 6.0-liter Chevy LS2 engine and four-speed automatic found in sixth-generation Corvettes from 2005 to 2007. The car, as well as dozens of artifacts of NewmanÂ’s racing career including rings, medals, art, and memorabilia, are on auction currently at RM Sotheby's online: High Speed: Paul NewmanÂ’s Racing Legacy. Bidding closes June 13. The V90 is one of two Newman machines on the block. Estimated winning bid is expected to be $20,000 to $25,000. NewmanÂ’s affection for Volvos dated back some time: his first pumped-up Swedish example was a1988 Volvo 740 powered by a 3.8-liter turbocharged V6 from a Buick Grand National. The car recently sold on Bring a Trailer for $87,777. The middle-child swapped Volvo was a 1995 960 with a supercharged 5.0-liter Mustang V8. Newman famously convinced friend David Letterman to get one (Letterman once co-owned Rahal Letterman Lanigan Racing). Quipping that Volvo station wagons were “just as ugly as homemade shoes,” Letterman nevertheless ordered one and went on to rave about it. With upwards of 400 horsepower or more, one such modified Volvo 960 tested by Car and Driver was as fast as a mid-Â’90s Mustang Cobra. The hot-rod Volvo currently on offer accommodates Porsche 911 components in the front end and mods to the driveshaft. Says the auctionÂ’s description, “The exterior was kept unchanged, as Newman was known to prefer a stock look with his Swedish station wagons.” Sadly, Newman had not enough years left to sufficiently enjoy the Volvette. He died of cancer at age 82 a year after it was given to him. Related video: Celebrities Buick Volvo Auctions Automotive History Wagon

Volvo sets high carbon price to assess sustainability of new projects

GLASGOW — Swedish automaker Volvo said on Wednesday it had set a price on carbon emissions from its operations of 1,000 Swedish crowns ($116.30) a tonne, part of attempts to ensure all future projects are sustainable. Announcing the move at global climate talks in Scotland as it joined an imitative to phase out fossil fuel cars and vans, the company said it had deliberately set a relatively high price to "future proof" itself. Negotiators at the COP26 talks are trying to finish rules to create an international carbon market. Put simply, it would allow some countries to pay others to cut emissions — with the aim of pushing much-needed cash into green projects around the world. Volvo said it was the first automaker to set such a price across its whole operations, as part of its aim to be a climate neutral company by 2040. The price is double the current cost of carbon in the European Union's carbon trading scheme. Going forward, every new car project would go through a "sustainability sense-check", with a carbon price assigned throughout the life of the vehicle, to ensure it would be profitable even under a much higher government-set price. “A global and fair price on CO2 is critical for the world to meet its climate ambitions, and we all need to do more,” Bjorn Annwall, chief financial officer, said in a statement. “We strongly believe progressive companies should take the lead by setting an internal carbon price. By evaluating future cars on their CO2-adjusted profitability, we expect to accelerate actions that will help us identify and reduce carbon emissions already today.” Also on Wednesday, Volvo signed up to the Glasgow Declaration on Zero Emission Cars and Vans, along with peers including Ford and General Motors, aiming to end production of internal combustion engines by 2040. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.