Volvo to axe 1,500 jobs

Volvo, the Swedish car manufacturer owned by Ford, is planning to axe 1,500 jobs in a bid to cut &£72m of costs. It is understood that a majority of the cuts will be in Gothenburg, Sweden. The company attributes the job cuts to tougher competition and high steel costs.

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Whirlpool buys Maytag

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Whirlpool, the white goods company, has bought rival company Maytag for $1.7bn (&£943m) following a bidding war against private equity company Ripplewood. Maytag had agreed a deal with Ripplewood and has been forced to pay $40m (&£22m) to terminate the deal.

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