Top executives of the big three American carmakers will ask the US Congress for more than $34bn (€26.1bn) in loans today as two of them battle to survive beyond the end of the month.

Buyers returned to Wall Street today, sending stocks higher in a session that was marked by indecision even as the Dow Jones industrials closed up 270 points.

The Big Three names of the American car industry will lay out plans to the US Congress today to secure more than $25bn (€19bn) of loans to help them survive the worst car sales environment in 25 years.

Car giant Ford is considering selling Volvo, the Swedish car builder, in the wake of a “significant decline” in the motor industry, the company announced today.

Ford Motor Co. is still evaluating bids from three suitors for its Jaguar and Land Rover units, and a sale is not likely until early in 2008, according to sources briefed on the negotiations.

Wall Street tumbled today, led by financial services stocks, on concerns that the US economy’s expansion will erode amid troubles in the mortgage industry.

The chairman of India’s Tata Group has confirmed his company’s interest in acquiring the Jaguar and Land Rover units of Ford.

Car giant Ford will not make an announcement about the sale of its Jaguar and Land Rover subsidiaries until late this year or perhaps early 2008, the head of the company’s European operations said today.

They have cut thousands of jobs, closed plants and tried to shift their products away from trucks and sport utility vehicles, but the three US-based carmakers still are not making money in North America, the place that made them industrial powerhouses.

FORD is selling British luxury car maker Aston Martin in a deal worth £479 million (€701.25m), which returns the iconic brand to British ownership.

Ford Motor Company plans to expand buyout and early retirement offers to the company’s entire US hourly work force of 75,000 as part of a broader restructuring plan aimed at restoring the troubled No.2 American vehicle manufacturer to profitability.

Bill Ford, who struggled for five years to steer Ford Motor Company towards financial stability, is stepping down as chief executive and is being replaced by Alan Mulally, a top executive from aircraft manufacturer Boeing.

Planemaking giant Boeing today officially launched its new wide-seat 7E7 Dreamliner passenger aircraft on the back of a €5bn order for 50 of the new planes.

Planemaking giant Boeing is setting up a special group to enhance aircraft safety and security following the events of September 11, it was announced today.

Boeing has reportedly shelved designs for its giant 747X and will instead focus on developing smaller jetliners to travel at nearly the speed of sound.