General Motors Corp chairman and chief executive officer Rick Wagoner will step down immediately at the request of the White House, and new directors will make up the majority of GM’s board in a major management shake-up of the US’s largest carmaker, GM confirmed today.

JUVENTUS Football Club SpA shares slid yesterday on concern that Italy’s most successful soccer team may be dropped from the country’s premier league, putting at risk €600 million in television and sponsorship contracts following corruption allegations.

European car-makers are reporting stronger profits and keeping their aspirations focused on flashier models and new markets, even as US car companies are slashing benefits and jobs amid sagging results and spiralling gas prices.

THE 61st Frankfurt international auto show has got under way with more than 80 models on display for the first time.

Bonds and shares of Fiat SpA slipped after Standard & Poor’s cut its outlook on the credit rating of Italy’s largest manufacturer amid continuing losses at the auto unit.

Fiat SpA said CEO Gabriele Galateri has asked to resign from his position and will remain in the post until a successor is named.

Italy has pulled out of a European programme to build a large military aircraft, the Airbus A400M - a move some say creates uncertainty over the country’s commitment to an integrated European defence industry.