First Sight: Volkswagen Iroc concept

The Iroc is a show car preview of a production coupe to be launched next year that will fill a gap in the Volkswagen model line up left by the demise of the Corrado 11 years ago. Volkswagen describe the Iroc as "transferring the globally successful Scirocco idea into the future" - the Scirocco Mk1 by Giugiaro being produced from 1974-1982, the Mk2 from 1982-1992. Like the Scirocco, the Iroc is a front wheel drive coupe with four seats - as opposed to the 2+2 seating arrangement of the only other sports coupe from Volkswagen Group: the Audi TT.


VW Scirocco Mk1 (1974-1982)

VW Corrado
Specification

The Iroc is 4240mm long, 1400mm high, 1800mm wide and has a wheelbase of 2680mm - 50mm taller, narrower and longer than the TT, and 40mm longer and wider than the Golf and 80mm lower - so almost exactly half way between Golf and TT dimensionally. Based on the Golf 5 platform (as is the TT) the Iroc uses the 'twin charger' (turbo and super charged) engine from the recently launched Golf GT - a 1.4 litre four cylinder engine that produces 210bhp in the Iroc that powers the front wheels through the Direct Shift Gearbox (DSG) also used in the Golf and TT.

Design
The most significant aspect of the Iroc's design is the introduction of a new Volkswagen grille type - a dominant, deep section hexagonal shaped design in brushed aluminium. This has been developed not as the new corporate face of Volkswagen to be used across the model line up, but as a new type of grille for use on sports orientated Volkswagen cars. It is the first instance of Volkswagen's new strategy to have different types of facial identity for different types of Volkswagen product - expect to see next a new type of face on the forthcoming large Volkswagen sedan that will sit between the Passat and Phaeton in the range.

The design is otherwise most notable for its near 'shooting brake' profile with an upright rear window which makes it more of a sports estate than coupe. Interestingly such a vehicle type was previewed by the Audi Shooting Brake a year ago at the Tokyo Motor Show, and has since been seen in the Renault Altica show car from Geneva (see Review story below).

The exterior otherwise owes a lot to the current Golf, whilst the interior has more show car bespoke elements, not least the 'Viper Green' neoprene, leather with reptile skin embossing and aluminium detailing.

Conclusion

Volkswagen Group have a broad proliferation of models across its mass market brands of Skoda, Seat, Volkswagen and Audi, but relatively few niche products - it has no small SUV, only one sports coupe (the TT), no proper sports car and was late to market with the Volkswagen Touran mini MPV. The Iroc suggests that Volkswagen now see the value of a sporty image leading product for the brand, and a car that might recapture the allure of the original seventies Scirroco. The car also innovates with its grille as part of a new corporate strategy on the brand's facial identity and with its practical shooting brake rear.

Related Stories:
Volkswagen Concept A - Geneva 2006
First Sight: Audi TT
Audi Shooting Brake - Tokyo 2005
Design Review: Renault Altica

Mercedes-Benz SLS AMG

Mercedes-Benz SLS AMG
Mercedes-Benz has released sketches of the SLS AMG showing its 'swing-wing' door layout, an echo of the 300SL Gullwing's, and its two-seat interior, said to be aircraft-inspired. Cockpit features include jet-style air vents, a gear-lever like a thrust control, a center console like a plane's operating console, and a wide wing-shaped dashboard. This previews the Mercedes cabins of the future, apparently.

Mercedes will offer a choice of black, red, sand, porcelain or light brown leather upholstery, with light anthracite headlining; carbon fiber trim is optional. Switchgear is finished with metal-look soft-touch paint, instrument dials are backlit in white with red needles, and the small steering wheel is flat-bottomed, racing car-style. Occupants sit just 369mm above the road - but suitably cosseted in well-bolstered seats with lightweight magnesium backrests.

The exterior outline retains the usual SL-family long-hood, taut tail format, with low roofline and greenhouse slung rearward; it's a clear progression from the Mercedes-McLaren SLR. An extendable aerofoil preserves the sleek outline when stationary and at low speeds. The roof-mounted doors open by up to 70 degrees, supported by gas-pressure struts.

Aston Martin One-77

Aston Martin One-77
Aston Martin revealed its first complete One-77 coupe at the Villa d'Este Concours d'Elegance this weekend in Lake Como, Italy - and collected its first prize for the car. This collectors'-edition coupe received the Design Award for Concept Cars and Prototypes, voted the clear winner ahead of seven other entrants including the Morgan Aeromax Supersports, the Zagato-designed Perana Z One, the Infiniti Essence and the Rinspeed iChange.

The V12-engined, 200mph-plus One-77 has an all-new monococque body structure with hand-crafted aluminum panels, and Aston Martin pledges "extraordinary workmanship and money-no-object commitment to quality". As indeed one would, for a car costing £1million plus local taxes.

The two-seater, two-tone cabin is finished in carbon fiber and leather, with dramatically curved air vents, dashboard cowl, instrument panel and sweeping center console. The lightweight shell-type bucket seats are white with dark gray inserts echoing the pattern of the carbon fiber, and the Concours show car featured pale blue-gray interior panels to complement its exterior paintwork.

Sales of the One-77 are to start officially next year, though Aston Martin is reported to have buyers signed up for all the 77 examples it will build.

Related Articles:
New Car: Aston Martin One-77
Aston Martin One-77 - Geneva 2009

Buffett: Berkshire looking to deal

CEO Warren Buffett says the firm is willing to make a deal when it sees a compelling one, but it has no huge plans at the moment.



OMAHA, Neb. -- Berkshire Hathaway is ready to make a deal at the right price, but it has nothing in its shopping cart right now, CEO Warren Buffett said Sunday.

Buffett, the billionaire investor who runs the conglomerate, said Berkshire has $20 billion in cash and is "perfectly willing to make a deal that's compelling" should one arise. The comments come after Berkshire spent the second half of 2008 scooping up assets at reduced prices as a result of last fall's financial panic.

Neither Buffett nor Vice Chairman Charlie Munger would specify any industries or geographic regions where Berkshire might be particularly inclined to do a deal. Both said the company isn't currently planning to issue new shares or bonds to pay for a big acquisition.

The comments come as Berkshire wrapped up its annual shareholder meeting, which Buffett and Munger spent explaining the company's performance last year and how they see its prospects for coming years. Both said they expect the troubles that laid the markets low last year to pay off for Berkshire shareholders in the future.

Berkshire last year posted its biggest decline in net worth since Buffett took over more than 40 years ago. The firm's value dropped nearly 10%, as plunging stock markets hit Berkshire's investment portfolios and Buffett, by his own account, erred in his decisions, including the one to buy oil company ConocoPhillips (COP, Fortune 500) just before the price of oil collapsed last summer.

Even worse for shareholders, the company's shares dropped during 2008, giving back several years of appreciation. The trend in 2009 hasn't improved much: Berkshire shares are down 5% this year and 31% from a year ago.

But despite frequent references this weekend to Buffett's own mistakes - a video shown Saturday morning to kick off the shareholder meeting depicted him as having been demoted to mattress salesman by Berkshire's board - it is clear that Berkshire isn't dwelling on last year's performance.

Asked Sunday whether Berkshire had been, in Buffett's parlance, caught swimming naked when the tide ran out, Munger replied that those judging the firm's performance by short-term swings in its stock are acting like fools.

"If you think we're in trouble because the stock price went down, you don't understand what's going on," he said.

He added that Berkshire has been running what he described as "Andrew Carnegie's playbook" - referring to the steel tycoon's practice of grabbing market share from weakened competitors that run short of cash during economic downturns.

Along similar lines, Berkshire made multibillion-dollar preferred stock investments in blue-chip companies such as Goldman Sachs and General Electric last fall, when both were in need of cash and an expression of confidence from the world's most renowned investor.

Despite the recent decline in Berkshire shares, it seems clear that Berkshire shareholders aren't hurting.

Buffett said sales of See's Candy at the meeting surged to $180,000 this weekend, up from $160,000 last year and $100,000 in 2007. Berkshire's Geico unit sold 68 car insurance policies during the three day event - sales that will cover the costs of the annual meeting, Buffett said. Attendance was estimated at 35,000 people, up from 31,000 last year and 12 in 1981, Buffett said.

Those figures show Berkshire has been doing something right, Buffett said.

"We're not paying people to come here," he said.

Reduce Wipro, target of Rs 282: Asit C. Mehta

Asit C. Mehta has recommended a reduce rating on Wipro with a target price of Rs 282 in its April 29, 2009 research report.

"Wipro’s 4Q FY09 IT services revenue fell 3.8% to USD 1058 million in constant currency, versus management’s guidance of USD 1045 million, led by reduction in volumes and cross currency headwinds. Given a challenging demand outlook for the next 12 months and the expiration of STPI in FY10, we expect earnings to increase at a CAGR of 0.8% over FY09-FY11. Thus, we have a ‘Reduce’ recommendation on the stock with a price target of Rs 282," says Asit C. Mehta's research report.

Sources: Moneycontrol

Gold headed for a big slump in May?

So the equity markets are moving up across the globe. Then can the fall of gold
be far behind. No! And true to the prediction of market analysts, gold started its hurtling down in April with right earnest.

In fact, April was the cruelest month for gold if you compare the prices.

Gold climbed down, capping the sharpest monthly drop since October, as rising equities and a stronger dollar reduced demand for the precious metal as an alternative investment. Silver also plunged, said market observers.

Gold moved down 3.7 per cent for the month, the most since October and the second straight decline.

The MSCI World Index of equities headed for the second straight monthly gain on mounting speculation that the worst of the global recession is over. The dollar rose 0.2 per cent against a six-currency basket.

According to market analysts, the April slide in gold resulted from dollar strength and much-improved global equity markets.

Gold futures for June delivery fell $9.30, or 1 per cent, to $891.20 an ounce on the Comex division of the New York Mercantile Exchange. The most-active contract fell for the third time in the past four days.

Earlier, gold touched $880.10, the lowest in a week. The price may drop as low as $877.90.

Silver
futures for July delivery tumbled 45 cents, or 3.5 per cent, to $12.325 an ounce. The most active contract slumped 5.1 per cent this month. The metal still has climbed 9.1 per cent this year.

If the equity markets fare well in the coming days, which is likely considering the fact that across the economies there is an upward movement, the gold prices are likely to fall further. So, the April fall may be just the beginning of a bigger slump for gold.

Special gold schemes galore on Akshaya Tritiya

Come April 27, gold jewelers will make a killing as people across the spectrum will rush to buy gold on the auspicious occasion of Akshaya Tritiya.

To cash in on the rush, various jewelers and World Gold Council have chalked out plans to lure customers.

As part of the efforts, World Gold Council, along with various partners, has announced special promotional offers and launch of new collections on the day.

India Post and HDFC Bank have also introduced specific promotions, increasing the attraction to gold on the festival on April 27.

Ranging from jewellery to bars and medallions, WGC has ensured that endless options are available to consumers coupled with exciting offers to make this Akshaya Tritiya truly memorable.

WGC, a commercially-driven marketing organisation, is funded by the world’s leading gold mining companies.

WGC aims to promote the demand for gold in all its forms through marketing activities in major international markets.

Announcing special promotions, WGC said Indians regard Akshaya Tritiya as one of the most auspicious days in the year. Gold jewellery has a very deep rooted connection to Akshaya Tritiya so it is encouraging to provide consumers with additional options and offers on this day.

Akshaya Tritiya falls on the third day of the bright half of the lunar month of Vaisakha of the traditional Hindu calendar.

The Sanskrit word ‘Akshaya’ means one that never diminishes, and the day is believed to bring good luck and success. It is widely celebrated in all parts of India by different sections of the society irrespective of their religious faith and social grouping. The day is particularly considered auspicious for buying long-term assets like gold and silver, including ornaments made of the same; diamond and other precious stones; and the real estate. The legend states that any venture initiated on the auspicious day of Akshaya Tritiya shall continue to grow and bring prosperity.

The day is also traditionally celebrated as the birthday of the Hindu sage Parashurama, the sixth avatar of God Vishnu. With the mass media and marketing, this day has been taken over by marketeers to promote sales and bookings for gold jewellery, houses, consumer electronics.