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China's Geely buying majority stake in Lotus

Geely, the Hong Kong car company that owns Volvo, is acquiring control of British car company Lotus. Geely is purchasing a 51-percent stake in Lotus from struggling Malaysian car company Proton, and a 49.9 percent stake in Proton itself. Etika Automotive will gain the other 49 percent of Lotus. France's PSA Group and Japan's Suzuki had apparently also been interested in acquiring Proton. Geely says it plans to revive both Proton and Lotus. "The agreement lays the foundation for a wider framework for both Geely Holding, Proton and Lotus to explore joint synergies in areas such as research and development, manufacturing and market presence," Geely said in a news release. Those joint synergies will be highlighted by the lightweight chassis technology Lotus is known for, which could help Geely improve fuel efficiency. Geely CFO Daniel Donghui Li said the company aims to "unleash the full potential of Lotus Cars" by expanding and accelerating new products and technologies. Proton was nationally held but was privatized in 2007 to Malaysian conglomerate DRB-Hicom, which is owned by tycoon Syed Mokhtar Al-Bukhary. It was supposed to be the flagship for Malaysia's economic development.Though it owns two factories, Proton mainly rebadges foreign-made cars and sells them in Malaysia. What it has, what Geely presumably wants, is a distribution network in Southeast Asia to pit Chinese cars against Japanese automotive dominance in the region. Retaining a 50.1-percent stake in Proton is seen as a face-saving move. "Proton will always remain a national car and a source of pride, as Proton will still have a majority hold of 50.1 percent," Malaysian finance official Johari Abdul Ghani said. "Our very own much-loved brand now has a real chance in making a comeback, a huge one I hope." Related Video:

U.S. issues new tariff threat, this time against British-built cars

WASHINGTON — Britain is the United States' closest ally but their long friendship may be sorely tested as the two countries try to forge a new trade agreement after Britain's exit from the European Union. U.S. Treasury Secretary Steven Mnuchin said on Saturday in London that he was optimistic that a bilateral deal with Britain could be reached as soon as this year. But Mnuchin gave up no ground after a second meeting with his UK counterpart, Sajid Javid. Javid has insisted that Britain will proceed with a unilateral digital services tax, despite a U.S. threat to levy retaliatory tariffs on British-made autos. Mnuchin told reporters after Saturday's meeting that such taxes would discriminate against big U.S. tech companies like Alphabet Inc's Google, Apple, Facebook and Amazon. The UK Treasury declined to comment on the private meeting. The divide highlights the challenges ahead as the Trump administration seeks a new bilateral agreement with Britain, part of a broader push to rebalance relations with nearly all its major trading partners. The stakes are high — British Prime Minister Boris Johnson has pegged the trade deal with United States as a way to ease the pain of breaking with Europe, Britain's largest trade partner. U.S. President Donald Trump, has promised a "massive" trade deal to support Brexit, the product of a populist movement similar to his "America First" agenda. The goodwill and special relationship the two countries have enjoyed for decades may not count for much, experts say. "Trump is not going to be doing Johnson any favors," said Amanda Sloat, a senior fellow with the Brookings Institution in Washington. "He's not going to give him a trade deal without major concessions." Even before the digital tax issue arose, the Trump administration threatened to tax foreign car imports, which could hit British-made Jaguar, Land Rover, Mini, and Honda Civic hatchback cars. Stiff U.S. trade demands include increased access for U.S. farm goods, concessions that will be difficult for Britain's entrenched natural food culture to swallow. The United States also wants Britain to change the way its National Health Service prices drugs and allow in more U.S. pharmaceuticals, which could prove politically unpopular for Johnson's government. Washington's demand that London block Chinese telecoms equipment maker Huawei Technologies Co Ltd for national security reasons could also cloud talks.

2015 Japanese Grand Prix is a little Mercedes, a lot of zen

Just one week on from the issues in Singapore Mercedes-AMG Petronas appeared to have solved its clamp problems and everything else. Daniil Kvyat at Infiniti Red Bull Racing took the two Free Practice scalps on Friday, but when it came time for qualifying the front of the grid looked really familiar: Mercedes' Nico Rosberg took his second pole position of the season, Lewis Hamilton next to him in second. Kvyat had a hand in that, too, the Russian getting into a big accident in Q3 when he put two wheels on the grass heading into the hairpin and veered into the tire wall so hard that he flipped. That ended qualifying before a number of drivers had a chance to improve their times, Hamilton among them. That's how Valtteri Bottas got in third for Willliams ahead of Sebastian Vettel fourth for Ferrari. Felipe Massa had the second Williams in fifth, ahead of Kimi Raikkonen in the second Ferrari. Daniel Ricciardo lined up sixth for Infiniti Red Bull Racing, a team we're going to have to enjoy watching for the rest of the season since it might not exist come 2016. Romain Grosjean gave Lotus some good news by getting into eighth, the team so strapped for cash that it couldn't get into its hospitality area, so it held press conferences outside and ate at Bernie Ecclestone's Paddock Club. Sergio Perez took ninth for Sahara Force India, and Kvyat slotted into tenth after not setting a time. The Russsian's race would begin from the pit lane once his mechanics rebuilt his car. It wouldn't be a Formula One start lately without someone at the front having clutch problems. This time it was pole man Rosberg, whose power unit got too hot and put him a few horsepower down on Hamilton through Turns 1 and 2. That's half of how Hamilton took the lead from the lights going out, and the Brit kept it throughout the race. Rosberg, however, said his race was lost when Hamilton pushed him wide through Turn 2, a move Hamilton defended. Rosberg finished almost 19 seconds behind his teammate, a gap that probably isn't fully explained by that opening incident. Hamilton's race was so uneventful that we almost never saw him on camera – that is, we saw him so much less than we usually see him when he's out in front and unpressured that Nikki Lauda said he'd ask Ecclestone why the cameras avoided him. The conspiracy theory holds that FOM was punishing Mercedes for not supplying Red Bull with engines next year.