Next-generation mid-sized Volvo S60 has been unveiled at the Geneva Motor Show.

The Volvo S60, which is a replacement for the original S60 that was launched in 2000, has new steering column created from solid steel that provides more precise steering.

The new car is equipped with stiffer bushings than the S80. Its re-engineered front struts resist cornering forces in a better way.

Original S60, which hit the roads in 2000, had gained some attraction in the beginning but later on lost that attraction too.

British defense firm BAE Systems PLC announced on Friday that it had sold half of its 20.5 per cent stake in Swedish defense group Saab to Investor AB in a deal worth 1.066 billion kronor (equivalent to £120 million).

The deal, which is a part of BAE's divestment process, will convert London-based BAE's voting A-shares into non-voting B-shares, while after the sale Investor AB's voting rights in Saab have increased to 39.5 per cent.

New car sales in the UK jumped year-n-year 26.4 per cent in February owing to Government's car scrappage scheme, the Society of Motor Manufacturers & Traders said.

As many as 68,686 new cars were sold last month and car scrappage scheme accounted for around 20 per cent of the new car sales. It was the eighth consecutive month when new car sales surged in the UK.

Sales to private buyers jumped year-on-year around 70 per cent to 30,798 in February. Ford's two models viz. Fiesta and Focus were in great demand, with more than 3,000 of each were sold.

Japanese engineering giant Mitsubishi has announced that it would invest 100 million pounds in UK's offshore wind turbine research, in a move that will provide work for 200 skilled people by 2014.

Under the plans, Mitsubishi Power Systems Europe will build a prototype turbine within three years, while full-scale production will be started after four years.

The establishment of the factory, which will build extra-large turbine for offshore use, will create as many as 1,500 jobs.

After more than two years of turmoil, Wolseley shared the good news that it was achieving better than expected cost efficiencies.

The trading profits of the company are expected to be ahead of the consensus forecast of £326m, as the shares raised 12.5pc to £16.30.

As restructuring costs have grown unexceptionally, Wolseley's pre-exceptional profits have increased.

Shares in Wolseley jumped on Tuesday after the British building materials firm announced that its profits for the fiscal year would be well ahead of market expectations of 326 million pounds.

Shares in Wolseley were trading at 1619 pence-a-share, up 170 pence or 11.7 per cent at 1000 GMT.

Wolseley, which operates in Europe and North America, said better-than-expected cost efficiencies would help it in beating analysts’ projections.

Pendragon, the biggest car dealer in Britain, has said that sales of premium cars in the country are recovering, helped by government's "cash for bangers" scrappage scheme.

Pendragon, which sells new as well as second-hand luxury cars such as BMWs, Land Rovers, Jaguars, Audis and Maseratis through its Stratstone dealership, reported a pre-tax profit of £1.3 million for the period of 12 months to December 31 as compared with a loss of £194 million in the previous year.