Carmaker Ford in the US has reached the point in discussions with Chinese holding company Zhejiang Geely over the sale of Volvo where it looks likely to go ahead, reports Bloomberg. Ford has been trying to get back to focusing on its Ford division by selling off the luxury European brands it took on. Geely is reported by the Detroit Free Press to be offering less than one-third what Ford paid the Swedish automaker for the brand 10 years ago.

Links to other sites: Bloomberg, Detroit Free Press, Zhejiang Geely

Only eight months into the job, Fritz Henderson, CEO of General Motors in Detroit, was asked to leave by the carmaker’s board Tuesday. Chairman Ed Whitacre will take over as interim head of the company while it conducts a search for a new CEO. Whitacre provided few clues about Henderson’s departure to a hastily organized press conference, but made it clear that the board was unhappy about the rate of progress being made in restructuring. The US government is the main shareholder, with a 60 percent stake in GM, but a White House spokesperson said there was no pressure from the government to make the change.

Links to other sites: The Globe & Mail, Canada, Reuters