Baseball coach claims he slept with Larry King”s wife

New York, April 21 (ANI): Hector Penate, a former Little League coach to the sons of Larry King, claims to have had a fling with the CNN star”s estranged wife Shawn Southwick.

He added that King didn”t seem to care much about the affair since he was having an affair with Southwick”s sister, Shannon Engemann.

“I still think to this day that Larry is in love with Shawn”s sister,” the New York Post quoted Penate, as telling In Touch mag.

Penate, 31, says he and Southwick, 50, started having sex two-and-a-half weeks after they met in 2007, when he was the baseball coach for the pair”s sons, Chance, 11, and Cannon, 9.

He said: “We had sex in Larry”s bed — a lot.

“I had sex with Shawn while Larry was on TV. Our sex life was real good.”

According to Penate, Southwick wanted to get pregnant with his child.

He said: “She was trying to fertilize her eggs to do that.”

Penate claims Southwick showered him with gifts, including a BMW 7 Series, and even paid his rent.

Moreover, Southwick asked King to co-sign the lease for Penate”s Studio City, Calif., apartment, says Penate.

Penate said: “She controlled him.

“He just sat there and signed it.”

Penate says King didn”t mind his affair with Southwick as the telly host was romancing her sister, Engemann, 45.

Penate said: “He told me one time, ”Have you ever seen Shannon?” After I said that I had never met her, he said, ”Oh, oh — she”s really gorgeous!” ”

However, Southwick has earlier rubbished all reports of an affair with Penate, and Engemann has denied having an affair with King.

King”s rep has kept mum over the issue. (ANI)

BMW ploughs into house

Police are questioning a man over a crash in Churchlands where a late model BMW ploughed into a house.

The accident happened on Empire Avenue about 10:30 last night.

It appears the driver lost control of the car, which rolled before becoming airborne and plunging into the wall of the house.

No-one was seriously hurt.

Police have interviewed the owner of the car but are yet to lay any charges.

Lover of collapsed MG Rover director paid 1.7-mn pounds for a year’s work

London, Sep 12 (ANI): MG Rover’s director paid his lover 1.7 million pounds for a year’s work, according to a report on the collapse of the car manufacturing giant.

In May 2000, the Phoenix consortium-John Towers, Nick Stephenson, Peter Beale and John Edwards-acquired the business for a nominal 10 pounds from BMW.

BMW ensured that MG Rover could survive for a few years. But from the outset, it was clear that it had no long-term future unless it could find a substantial business partner within the motor industry.

The report into the demise of the giant compiled by Gervase MacGregor, a partner at the accountants BDO Stoy Hayward, and the barrister Guy Newey QC condemns the consortium which made a fortune out of the collapsed car maker, The Independent reports.

They reported that the four directors supplied inaccurate and misleading information about Rover’s finances to MPs, and singled out evidence Beale gave to the Commons trade and industry select committee.

They expressed concern over the plainly excessive fee of almost 1.7 million pounds paid to Dr Qu Li for advice she gave the Phoenix management about potential business partners in China.

For some of the time Dr Li was paid by Rover, she and Stephenson were having an affair. The report protested about the poor “corporate governance” of the Phoenix team: some board members were not invited to several board meetings and inaccurate minutes were taken of discussions.

Despite the failure of MG Rover between 2000 and 2005, the Phoenix Four continued to pay themselves generously right up to the group’s demise in 2005.

Towers, who led the buyout, was paid 8.96 million pounds, Stephenson 8.98 million pounds and Edwards received 9.02 million pounds. Beale, who is accused of misleading the parliamentary inquiry into the company’s collapse, was paid 8.98 million pounds over the four years, while Howe pocketed 5.71 million pounds.

The report cleared ministers of blame for MG Rover’s demise. (ANI)

New BMW showroom and workshop launched in West Delhi by Deutsche Motoren

New Delhi, Sep 2 (ANI/Business Wire India): BMW India announced the opening of the new showroom and workshop facility by Deutsche Motoren in West Delhi.

Located at Shivaji Marg, Moti Nagar, West Delhi, this is the second facility in New Delhi from Deutsche Motoren. The showroom and workshop are headed by Yadur Kapur, Dealer Principal, Deutsche Motoren.

Peter Kronschnabl, President, BMW India said, “BMW India dealerships are presently leading in offering high quality services that are at par with international standards. Deutsche Motoren is our flagship dealership in New Delhi, and we are pleased to see further expansion of Deutsche Motoren in order to support our growing sales in the region.”

Deutsche Motoren is fully equipped to manage this 4S facility comprising of sales, service, spare parts and business systems to ensure that customers receive best-in-class pre and post sales ownership experience.

Yadur Kapur, Dealer Principle, Deutsche Motoren said, “Our partnership with BMW India has consistently been successful with premium customers in New Delhi. In order to serve our growing clientele with the same enthusiasm and passion we are proud to launch our second BMW showroom and workshop facility in Delhi.”

The facility is spread over 11,500 sq ft. The showroom can display up to three BMW cars and offers the customers a unique retail environment. The showroom is evolved on the signature-BMW concept of street display and the pavement flanking alongside as the customer area. All operations related to sales are efficiently covered from the space, which ensures comfort to the customer at the point of sales.

The workshop has 3 service bays and offers customers a high quality service experience which ensures comfort at all times. The facility will have a staff of 15 people.

As with every other BMW dealership, Deutsche Motoren has provided its staff intense training in management of sales, service, spare parts and business systems to ensure that customers receive best-in-class pre and post sales ownership experience. A team of service engineers have also been trained at BMW’s training centers in Singapore, Malaysia and Germany. (ANI)

Force India, Fisichella on pole position for Belgian Grand Prix

Spa-Francorchamps (Belgium), Aug 29(ANI): Formula One Racing team Force India, which is backed by liquor baron Vijay Mallya, on Saturday claimed the pole position in qualifying session for Sunday’s Belgian Grand Prix, as Giancarlo Fisichella exhibited an incredible performance to come on top.

It was Force India team’s first-ever pole and the fourth for Fisichella, as he recorded a remarkable qualifying time with a lap of 1 minute, 46.308 seconds to start the Belgian Grand Prix at the front of the grid.

“It’s unbelievable. I didn’t expect to be on pole. It’s amazing. It’s fantastic. I’m so happy. Pole position! Is it true?,” Fisichella said.

“I need to thank the team because they did a fantastic job. I’m really, really happy – and really confident for tomorrow!,” he added.

Meanwhile, Toyota driver Jarno Trulli will start second and BMW Sauber’s Nick Heidfeld will start third following a qualifying session that produced many surprises.

Force India has recently introduced a series of updates to Fisichella and Adrian Sutil’s cars, which showed signs of improvement at last weekend’s European Grand Prix, where both drivers ran well. (ANI)

Beijing has largest number of rich people in China: Hurun Report

New Delhi, Aug 24 (ANI): A new report has revealed that Beijing has the maximum number of rich people in China.

The latest Hurun Report on China’s wealthiest people said that there are 143,000 multimillionaires and 8,800 billionaires in Beijing.

In Shanghai, there are 116,000 multimillionaires and 7,000 billionaires, reports the China Daily.

The report also sheds light on how the super-rich in Beijing want to live their lives.

In Beijing, wealthy people need to spend at least 87 million yuan on property, cars and other luxury goods in order to be regarded as one of the city’s ‘new aristocrats’, or upper class, the report said.

They have at least three dwellings of their own, including a villa, like the 400-sq-m Ziyu Shanzhuang villa costing 24 million yuan, a luxury apartment in the downtown area for work purposes, and a Siheyuan courtyard house probably in Houhai.

The report said that most of them prefer investing in arts and they are willing to spend as much as 50,000 yuan for a year on piano classes.

In their luxury homes, they also have rare porcelain and jade ware collections interspersed with works of ancient or contemporary painters.

The rich in Beijing consider Cartier as the favourite luxury brand. They keep themselves updated on the world of finance with China Business News rather than the 21st Century Business Herald.

The bulk of their expenditures are on property, furnishings and fabrics, according to the report.

“During the past several years, the complexion of the rich in China has changed in many aspects. Many of them say they want to be a sort of upper class, rather than only being rich,” said Rupert Hoogewerf, founder and publisher of the Hurun Report.

The report described the capital’s richest as people who wear haute couture and who carefully choose gifts for parents, spouses and children on special days.

They probably drive a 1 million yuan Mercedes Benz R500 limousine and are also members of Yongfoo Lite, the most popular club for Beijing’s wealthiest.

Their wives usually frequent the Lan Club with friends, wear Bulgari platinum and diamond watches and drive BMW sports cars.

Japan’s Osaka and Tokyo are the top travel destinations for spouses, and they attend musicals and the opera several times a year.

The report said that annual spending of the rich in Beijing is estimated at about 5.7 million yuan, mainly for new cars, collections and about 1 million yuan for donations.

The report also defined the upper class in five other cities including Shanghai, Hangzhou, Shenzhen, Chengdu and Shenyang. (ANI)

Katie Holmes ‘narrowly escapes car fire’

London, July 28 (ANI): Actress Katie Holmes narrowly escaped a serious accident when the car she was sitting in for a movie scene nearly caught fire.

The BMW’s bonnet started emitting black smoke moments after the 30-year-old actress started filming for her upcoming horror flick ‘Don’t Be Afraid Of The Dark’.

The crew rushed into action and removed a smouldering battery.

Katie and husband Tom Cruise’s daughter Suri, two, were by that time in her trailer on location near Melbourne, Australia.

“It’s dreadful to think how serious it could have been,” the Sun quoted an insider as saying. (ANI)

BMW India doubtful about Mini launch

BMW India doubtful about Mini launch

Kolkata, July 9 (IANS) German automobile major BMW AG is doubtful about launching its “Mini” small cars in India this year, a top official said here Thursday.

BMW’s luxury hatchback cars that cost around Rs.20 lakh ($41,068) are coming under the Mini brand.

“Talks are still on regarding the launch of Mini brand over here. Market for such cars hasn’t developed in the country yet,” BMW India president Peter Kronschnabl told reporters during the launch of BMW X6 – a sports activity coupe.

He further said the company would assess the Indian market at the end of 2009 and take a call whether to launch Mini cars in India or not.

The Munich-based car last year decided to postpone the launch of Mini small cars for a year.

“If we decide to launch Mini in India, we have to make significant investment into it as the car having a separate brand identity than other BMW cars, have to be showcased through a separate dealers’ network,” Kronschnabl said.

The company sold 2,908 vehicles in India in 2008 and plans to sell more than 3,000 units in 2009, he said.

At present, BMW India has 13 dealers in the country.

“BMW India will further expand operations in 10 additional cities by the end of 2010, which will include dealerships in the markets of Ludhiana, Bhubaneswar and Jaipur,” Kronschnabl added.

He expressed hope that India’s luxury car market would recover in the second half of 2009.

“We feel factors like political stability, pick-up in the reform process and the likely general recovery of the global economy will help us better in the second half of the year than what the industry achieved in the first six months,” he said.

During January-June, only 7,400 luxury cars were sold in the country, a growth of just two percent over the like period last year.

Out of this, BMW sold 1,747 cars, posting a growth of 12 percent.

“While we have grown satisfactorily, a 2 percent industry growth is worrisome,” Kronschnabl said.

The company plans to source engineering services and components, which involve casting and forging from India for its worldwide ancillaries requirements and would sign deals with India’s engineering, casting and forging companies by the year-end, he said.

The German car maker would launch Z4, a sports car, in the country in October this year, Kronschnabl added. (IANS)

Cops to question Jacko’s personal physician

New York, June 27 (ANI): With initial autopsy results inconclusive, the investigation into Michael Jackson’s sudden death turned its focus towards a mysterious doctor who was with the King of Pop when his heart stopped.

Dr. Conrad Murray on Friday was poised to speak with detectives investigating whether the King of Pop was done in by a fatal dose of prescription painkillers, according to reports.

Cardiologist Murray has been identified as the medical expert who witnessed the 50-year-old icon’s final moments, reports The New York Daily News.

Murray, who was helping Jackson gear up for a grueling 50-show comeback tour, went off radar shortly after the singer was pronounced dead.

Investigators spoke with Murray briefly. Later they towed a BMW with Texas plates from the property near Sunset Blvd., a car registered to Murray’s sister.

Meanwhile, coroners have ruled out foul play surrounding Jacko’s death.

Spokesman Craig Harvey said “the cause of death has been deferred” until toxicological tests are completed. (ANI)

Super Car Club launched in Mumbai

Mumbai, June 22 (ANI): A mere glimpse of a well-designed and exotic car can “bring smile on the face of the viewer”. With these words as its inspiration, uxury sedan enthusiasts launched a ‘Super Car Club in Mumbai on Sunday.

Now people can watch some of the hot and fastest machines of the world like Ferrari, Audi, BMW, Lamborghini and Porsche under one roof.

“It gives an opportunity to car lovers and car owners to come and meet people who have similar thoughts and hobbies. It also provides a platform to enjoy and share opinion on cars,” said Dinesh Lal, a member of club.

This elite club is the brainchild of industrialist Gautam Singhania.

“I have spoken to the Ministry of Tourism that every year we have a Mumbai Super Car Parade, so many people from all over should come and see it as it happens in many countries of the world. I feel that when you see a super car no matter what mood you are in, it puts a smile on your face,” he said.

This nascent club is in talks with Superstar clubs across Europe and America to organise automotive related events. (ANI)

Trulli leads Toyota double to clinch Bahrain GP pole

Sakhir, Bahrain – Jarno Trulli clinched pole position ahead of team-mate Timo Glock in a first Toyota one-two in qualifying Saturday for Sunday’s Formula One Bahrain Grand Prix. Red Bull’s Sebastian Vettel, the winner in Shanghai last week, was third, ahead of Brawn GP’s Jenson Button, the overall leader.

World champion Lewis Hamilton provided a boost for McLaren-Mercedes with fifth place to start in the third row alongside Brawn GP’s Rubens Barrichello.

There was also improvement for Ferrari, still without a point this season, who had Felipe Massa and Kimi Raikkonen eighth and 10th respectively.

Renault’s Fernando Alonso was seventh ahead of Massa, with Nico Rosberg in a Williams ninth, ahead of Raikkonen.

With the temperature at 38 degrees Celsius at the Bahrain International Circuit, Trulli clocked 1 minute 33.431 seconds to edge Germany’s Glock by 0.281 seconds for his fourth pole position and his first since the US Grand Prix in 2005.

“This is a great result for the team,” said the 34-year-old Italian, whose only Grand Prix victory came for Renault at Monaco in 2004.

“We have worked very hard for this, and I’m very happy. I feel very comfortable ahead of tomorrow’s race.”

Toyota, who have never won a Grand Prix, filled the first row in qualifying for the first time and earned their first pole since Ralf Schumacher was qualifying fastest at Suzuka, Japan in October 2005.

Glock said he was satisfied despite just being edged to what would have been a first pole.

“I was quite happy during qualifying. But then I made one mistake, although I don’t think it would have been good enough for pole. Jarno was just too good today,” he said.

BMW Sauber’s Robert Kubica and Nick Heidfeld meanwhile both failed to make the third and final qualifying stage as the team’s disappointing season continued, while Red Bull’s Mark Webber was a casualty in the first qualifying round.

The Australian – second in Shanghai last week – was held up by Germany’s Adrian Sutil in a Force India, and will start 19th in the 20-car field.

Button leads overall going into the fourth race of the season. The Briton, who won the opening two races in Australia and Malaysia and finished third in China, has 21 points, six ahead of team-mate Barrichello of Brazil.

Vettel and Glock both have 10 points, Webber is on 9.5 and Trulli on 8.5.

Brawn GP lead the constructors’ championship on 36 points, with Red Bull on 19.5 and Toyota on 18.5.(dpa)

BMW India opens new sales and service outlet in Coimbatore

Coimbatore, Apr 30 (ANI/Business Wire India): BMW India announced the opening of Kun Exclusive, Coimbatore a satellite facility of Kun Exclusive, Chennai, Dealership Partner for BMW India in Tamil Nadu.

The new sales and service outlet brings to Coimbatore world-renowned BMW standards of sales and service and the same international experience as any BMW sales and service centre worldwide.

The facility is located on Aerodrome Road near NK Palayam, Ondipudur and is comprised of a fully equipped workshop and a sales outlet at the same location. The facility covers approximately 5000 sq ft of space that includes almost 500 sq ft of new car display area.

Commenting on the occasion, Owen Riley, Director After Sales, BMW India said, “We are proud to announce that our sales and service facility in Coimbatore is now operational. This facility, in partnership with Kun Exclusive, also initiates phase II of our expansion in India and is reflective of BMW’s efforts to connect with customers and prospects across the state to provide high quality services that are at par with international standards.”

Vasanthi Bhupathi, Managing Director, Kun Exclusive said, “It is a matter of great pride to enhance our relationship with BMW India. We believe that our presence in Coimbatore will provide customers and prospects enhanced reach and service facilities. We view this as an exciting growth of our partnership with BMW”.

As with every other BMW dealership, the staff from this facility of Kun Exclusive will be provided intense training in management of sales, service, spare parts and business systems to ensure customers receive best-in-class pre and post sales ownership experience.

BMW India has now stepped into Phase 2 of its Dealer Network activities. BMW India will further expand operations in 10 additional cities by end of 2010 which will include dealerships in Jaipur, Lucknow, Ludhiana and satellite facility in Coimbatore. (ANI)

Fastest man on earth Bolt survives car crash

London, Apr 30 (ANI): World 100 and 200-metre record holder Usain Bolt has been admitted to hospital, following a motor car accident along the Vineyard Toll section of Highway 2000 in Jamaica.

Bolt’s car had been travelling into Kingston from Clarendon when the accident occurred. The road was slippery from afternoon showers.

Bolt and a female passenger were taken to a hospital in Spanish Town, near Kingston, where the Jamaican sprinter was treated before being sent home.

Bolt’s manager, Norman Peart, said the 22-year-old sustained nothing worse than scratches from thorn bushes when he stepped out of the car on the side of the road. “We are very relieved he’s OK. Everybody is fine,” Peart said.

Bolt is reported to have had a thorn stick him on the soft part of his left foot, after he stepped out of the car, The Guardian reported

Police sergeant David Sheriff reported that Bolt lost control of his BMW M3, a present given to him by his sponsors at Puma after his performances at the Beijing Olympics.

Bolt attended a specialist BMW M driver school at the Nürburgring in Germany last year to learn how to handle the high-performance car. (ANI)

Rooney test drives a 64K pound BMW

London, Apr. 29 (ANI): Manchester United football star Wayne Rooney was spotted test-driving a 64,000 pound BMW after reportedly losing a million pound deal with rival motor giant Mercedes-Benz.

Rooney, 23, showed off the 153mph 7 Series model to teammates at their Carrington training ground, reports The Sun.ooney had a customised CL63 coupe worth 121,200 pounds as part of his Mercedes-Benz sponsorship deal. But the German firm has reportedly dropped him due to the credit crunch.he star is said to have his eye on a luxury family car for when he and wife Coleen, 23, become parents later this year.

An onlooker said: “The BMW would be perfect for all those trips out with the baby.” (ANI)

Toyota and BMW looking for progress at Bahrain GP

Hamburg – The Toyota and BMW-Sauber Formula One teams are looking to challenge at the front of the grid in this weekend’s Bahrain Grand Prix in Sakhir after mixed starts to a so far unpredictable 2009 season.

Both teams will be hoping to leave the rain in Malaysia and China behind them and instead take on the challenge of heat and dust in the Arab Emirate.

Toyota will be the more confident of the two teams after Timo Glock managed a seventh-place finish in China on Sunday to lie fourth in the overall drivers’ standings, 11 points behind surprise leader Jenson Button of Brawn GP.

The German finished out of the points in ninth last year but is expecting better things this time around.

“Last year I was pretty unlucky in Bahrain because I had to back off with a small technical issue when I was sure I would score my first points for the team,” said Glock.

“But this season has started in a much better way compared to 2008 and I am confident I can continue to show that good performance.”

Toyota team-mate Jarno Trulli narrowly trails Glock in the overall standings but managed sixth in China, the same place he achieved last season in Bahrain.

“I am looking forward to racing in Bahrain after the tests we had there over the winter. Bahrain was the first chance I had to really test the TF109 in dry conditions and I knew immediately we had a competitive package, which has proved to be the case now the season has started,” said Trulli.

“In testing the car was strong in Bahrain so I have a good feeling for this weekend and I think we can be competitive.”

While Toyota can claim to have maintained competitiveness in China, it was another disappointing race for the fancied BMW outfit, with Nick Heidfeld only 12th, one place ahead of team-mate Robert Kubica.

BMW’s only points so far this season came in the rain-interrupted Malaysian GP, when Heidfeld finished second behind Button.

Kubica, who took his first career pole in Bahrain last season before finishing third in the race itself, said while he found the Bahrain circuit “not really challenging” he was still looking forward to racing there and finally getting some points on the board.

“The Bahrain International Circuit has a couple of long straights and three characteristically low-speed corners that require heavy braking,” said the Pole.

“Last year we performed quite well in Bahrain – after securing pole position in qualifying I managed to finish the race on the podium.”

BMW motorsport director Mario Theissen, meanwhile, said he hoped to bring the first major overseas stint of the season to a positive end before the F1 caravan moves to Europe for the Spanish GP.

“It also marks the end of the second set of back-to-back races within five weeks,” said Theissen.

“After our appearance in Shanghai we are now heading for another region that is important to BMW. For us as a manufacturer in the premium sector the Middle East is also a very significant market.” (dpa)

China’s Brilliance Auto aims for 10 pct ’09 growth

SHANGHAI, April 20 (Reuters) – Brilliance Auto, parent of Brilliance China Automotive Holdings (1114.HK), aims for 10 percent growth in vehicle sales this year after an 18.6 percent increase in the first quarter from a year earlier, its chairman said on Monday. Brilliance Auto Chairman Qi Yumin said at the Shanghai Auto Show that the company, a partner of BMW (BMWG.DE) in China, sold 71,300 cars in the January-March quarter. (Reporting by David Lin; Writing by Edmund Klamann; Editing by Jacqueline Wong)

Button seeks hat-trick in now legal Brawn By Elmar Dreher

*

Jenson ButtonShanghai – Jenson Button will be out for his third straight season win at the Chinese Formula One Grand Prix on Sunday now that his fast Brawn GP car has been declared legal.

The governing body FIA said on Wednesday that diffusers used by Brawn, Toyota and Williams meet F1 rules, forcing other teams to play catch-up which could take several weeks.

The diffuser is an aerodynamic feature which channels air out of the back of the chassis. It affects the car’s downforce which in turn enhances speed and performance, allegedly making the car half a second faster than others over one lap than one without the diffuser.

“That could be the decision of the year,” said German driver Nick Heidfeld from BMW Sauber, one of four teams which had appealed before FIA against the diffuser.

Heidfeld named Button favourite again for the Shanghai race because “he has won the first two races and the diffuser is legal.”

Ex-champ Fernando Alonso of the Renault team warned ahead of the ruling that the championship “could be more or less decided” because “the Brawns are going to be nearly unreachable for any other team.”

Brawn was naturally happy with the FIA decision which confirmed the Briton Button as championship leader on 15 points from two races ahead of his Brazilian team-mate Rubens Barrichello (10).

“The decision … brings this matter to its conclusion and we look forward to continuing on the track the challenge of what has been a very exciting start to the 2009 world championship,” said Ross Brawn, the boss of the team formerly run by Honda.

Button was in full command at the season-opener in Brazil and also won the Malaysian race which could not go the full distance due to torrential rain.

While Brawn, Toyota and Williams are tipped to carry the diffuser advantage at least through the Shanghai and Bahrain (April 26) races, the others have to come up with a similar device as soon as possible, but with no testing allowed between races.

The ruling is especially bad news for the big players Ferrari and McLaren-Mercedes.

Ferrari sit on zero points in the standings in a terrible start to the campaign and McLaren are not much better off with one point from world champion Lewis Hamilton’s seventh place.

Ferrari boss Ferrari boss Stefano Domenicali promised that his team will “double our efforts” while Mercedes motorsport chief Norbert Haug called for patience.

“You can’t do in nine weeks what others took nine months to achieve,” said Haug, still hoping for “another small step forward” in Shanghai.

Hamilton won last year’s edition on the 5.451-kilometres Shanghai International Circuit, but also bowed to the realities when he said “it would be very encouraging if we could qualify a little further up the grid and be regularly challenging for points.”

However, McLaren must also do something for their reputation which has been badly dented over Hamilton’s disqualification from the Australia race for misleading race stewards. The team faces a FIA hearing on April 29 and possibly sanctions over the incident.

Good results would do the team good in Shanghai, where two practice sessions are scheduled for Friday, another practice and qualifying on Saturday and the 56-lap race on Sunday. (dpa)

UPDATE 1-Auto supplier Noble seeks bankruptcy protection

Cites frozen credit, volume declines

* European, Asian, Mexican units excluded

DETROIT, April 15 (Reuters) – Auto parts supplier Noble International Ltd (NOBL.O) filed for Chapter 11 bankruptcy protection for its North American operations on Wednesday, citing a steep decline in auto production and tight credit.

Noble is the latest U.S. auto parts supplier to seek bankruptcy protection as a result of the decline in U.S. vehicle sales to their lowest level in nearly 27 years and the increasing financial strain on Detroit’s automakers.

The Troy, Michigan-based company, which makes laser-welded blanks and roll-formed products and other steel components, has supplied parts to General Motors Corp (GM.N), Ford Motor Co (F.N) and Chrysler LLC.

“The frozen credit markets and diminished volumes have limited our ability to effectuate a solution outside of bankruptcy,” Noble Chief Executive Andrew Tavi said in a statement.

The company said three of its customers recently moved to buy laser-welded products from other suppliers.

Noble said in March it was seeking short-term funding from Detroit’s three automakers, and that without help it was unlikely to maintain operations to March 23.

The auto supplier defaulted on a debt payment on March 1.

Noble’s European, Asian and Mexican affiliates are excluded from the bankruptcy.

Noble provides steel structural components to the auto industry, including parts that increase vehicle body strength and reduce weight. Customers also include Daimler AG (DAIGn.DE), BMW (BMWG.DE), Fiat SpA (FIA.MI) and Honda Motor Co Ltd (7267.T).

The U.S. auto industry is suffering from its worst downturn in decades, with industrywide sales about 40 percent in the first three months of 2009. (Reporting by Soyoung Kim; Editing by Gary Hill)

ABB inks frame agreement with BMW Group

ABB, a leader in power and automation technologies, has signed a frame agreement with BMW Group to support the carmaker’s operations in Germany, the U.K. and the U.S.

Under the arrangement, ABB will supply 2,100 industrial robots over five years, beginning 2010 and commission a variety of robot models for BMW, including the IRB 6640, 6620, 7600 and the new mid range robot IRB 4600; a compact, light-weight industrial robot with the longest vertical reach in its class.

The robots will be applied in parts handling, gluing and spot welding on car-body assembly lines for BMW’s 1-series, 3-series, X5-series and Mini models.

ABB claim that its industrial robots are reliable, strong, accurate and easy to maintain. Till date, the company has installed more than 160,000 robots worldwide.

The scrip of ABB closed on Monday at Rs 495, up 8% compared to previous close of Rs 459.

BMW CEO says used car values steadying -paper

FRANKFURT, April 10 (Reuters) – German carmaker BMW’s (BMWG.DE) chief executive said residual values of used cars have been steadying since the beginning of this year, according to a newspaper interview.

“Prices for used cars in the United States and in Great Britain have stabilised. But I would not want to deduce a turnaround from that yet,” Norbert Reithofer told Sueddeutsche Zeitung in an interview to be published on Saturday.

Carmakers including Chrysler and General Motors (GM.N) have halted or cut back their leasing business because falling residual values of cars coming off leases can mean big losses.

BMW absorbed a 1.6 billion euros ($2.13 billion) hit last year after hiking provisions for risky leasing deals, substantially more than peer Daimler’s (DAIGn.DE) 465 million euros impairment charge.

In the global auto industry as a whole, Reithofer said he saw a recovery from 2010 that would strengthen in 2011.

“We are currently seeing a slight improvement, but we do not expect a significant market recovery this year.”

He said he expected that unit sales declines seen across the industry could remain in a double-digit percentage range throughout 2009.

He said BMW could weather the storm of the global economic crisis for a while longer thanks to more than 20 billion euros in equity capital.

“Hypothetically, we could manage one or two years with relatively high losses,” he said.

He also reiterated that he could imagine expanding BMW’s cooperation with Daimler to further parts of the business.

BMW has been pooling component purchases with Daimler’s Mercedes-Benz, but this encompassed less than 100 parts that are not relevant to the brand image.

Reithofer previously said he wanted to expand this cooperation wherever possible without diluting the strong differentiation in brands. ($1=.7530 euros) (Reporting by Maria Sheahan; editing by Mike Nesbit)