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EU formally questions French government assistance of Peugeot's finance arm

Recently, the finance arm of PSA/Peugeot-Citroën was in such debt trouble that it was pricing itself out of the car loan market. The rates it was paying to service its debt, which was rated one step above junk, were so high that it was forced to charge car-buying customers higher rates than they could find elsewhere. This was adding to Peugeot's already impressive woes by sending revenue out the door to competitors.
Two months ago a deal was worked out with the French government whereby the state would provide 7 billion euro ($9 billion USD) in bonds to guarantee the finance arm's loans. The French government could nominate someone to join the Peugeot board, Peugeot would guarantee more French jobs, and on top of that deal, other banks would provide non-guaranteed loans. The government would take no equity stake in the car company.
Although not yet finalized, the arrangement is meant to create some breathing room for Peugeot Finance to lower its interest rates for customers, and a government-nominated board member, Louis Gallois, was recently named to Peugeot's supervisory board. The arrangement was also openly questioned by at least three competitors: Ford, Renault - which is 15-percent owned by the French government after it received state aid - and the German state of Lower Saxony, itself a 15-percent shareholder in Volkswagen.

All 25 James Bond movies ranked only by their cars

There is no shortage of lists ranking the best James Bond movies. Ditto lists about the best or worst James Bond cars. I know, I've written some of them. As such, why not combine the two ideas into one new list that ranks all 25 official James Bond movies based exclusively on their cars, or more accurately their car content. I would then pull from my 25 years of James Bond nerddom plus the excellent "Bond Cars: The Definitive History" and our interview with long-time Bond special effects supervisor Chris Corbould to provide tidbits and factoids about the cars and their roles in the movies. And yes(!), this list now includes "No Time to Die," which impresses by adding plenty of car content to the series. It's now available on Blu-ray and download. To determine the list, I considered the inherent coolness of the cars as well as their importance to Bond, film and car history. I considered their importance to the story as well as the quality/excitement of the chases and scenes they participated in. Finally, I tried my best to divorce the car content from my opinions about the movies in general. That my personal list of best James movies looks nothing like this shows I was at least partially successful.     25. 'Moonraker' There are virtually no cars in "Moonraker." None. Oh, there's a gondola on wheels that makes a pigeon do a double-take, but that's not the same thing as a car. Neither is a golf cart. Or an ambulance. Or a space shuttle.   24. 'From Russia With Love' The literary James Bond mostly drove an ancient Bentley, and "From Russia with Love" is the only film in which it appears. It stays parked and the coolest thing that happens (by 1962 standards) is 007 answers its car phone. Thereafter, we get some old cars (even by 1962 standards) driving around Istanbul and a yellow truck. So yeah. Classic Bond film, a must-watch, just not for its car content.   23. 'Dr. No' History records that the first "Bond car" is the Sunbeam Alpine in "Dr. No." The car itself was literally borrowed from a Miss Jennifer Jackson of 53 Lady Musgrave Road in Jamaica for 10 pounds per day for two days during filming. Also, the stunt where it drove under an excavator blocking the road was entirely conceived because the filmmakers showed up to the road they intended to film on and discovered an excavator blocking the thing. Sadly, those are really the only two things interesting about the Alpine, which is a pretty small and dainty thing by Bond car standards.

Ford Announces Four Recalls, 1.4M Vehicles Affected

Ford is taking a bit of the spotlight away from General Motors, announcing a major group of recall campaigns, covering a total of 1.4 million vehicles built between 2006 and 2013. Let's start with the big one, which covers the Ford Escape, Mercury Mariner and, according to The Detroit News, Ford-built Mazda Tribute CUVs. 915,216 vehicles are covered, all of which were built in model years 2008 to 2011. 736,000 vehicles are in the US, while Canada then Mexico make up the vast majority of the remainder. The problem is due to an issue with the torque sensor in the steering column, which could lead to sudden power steering failure. Manual steering would still be available, though. "Dealers will perform one of three service fixes, depending upon what diagnostic codes are shown when the vehicle is taken to the dealer," Ford spokeswoman Kelli Felker wrote to Autoblog in an email. "They will either update software for the power steering control module and the instrument cluster module; replace the torque sensor; or replace the steering column, which includes upgraded power steering control module software." The most recent generation of the Ford Explorer is suffering from a similar malady, thanks to an intermittent electrical connection (we think that means short circuit) in the steering column. Like the Escape and Mariner, manual steering would still be available in the event of a power failure. Ford will recall 195,527 examples of its Explorer, 177,500 of which are in the US. This recall covers model years 2011 to 2013. According to Automotive News, the National Highway Traffic Safety Administration has stated that Ford will inform owners of affected vehicles by July 25. Ford is also recalling 200,000 Taurus sedans, over a corrosion issue in the license plate lamp. This particular recall, which covers vehicles from model years 2010 to 2014, is limited to drivers in northern climes. Vehicle owners in southern states are free to pass on the recall. Finally, 82,576 Fusion, Mercury Milan and Lincoln Zephyr/MKZ sedans from 2006 to 2011 are being recalled because of floormats that can interfere with the accelerator pedal. Dealers will replace the offensive floormats with newer examples. "Ford is committed to providing our customers with top quality vehicles. We are equally committed to addressing potential issues and responding quickly for our customers," Felker wrote.