Buddah Lineage

The BMW i3 concept car at the 2012 Detroit Auto Show in January. (John T. Greilick / Detroit News) BMW will sell cars over the Web for the first time as the world's largest maker of luxury vehicles seeks an inexpensive way to reach more buyers to recoup spending on its electric models. A direct online sales platform for BMW's new I sub-brand will be unique in an industry where, outside of small-scale experiments, competitors leave Internet orders for cars to dealers. BMW's range of strategies for the models, including a roaming sales force backing a limited showroom network, reflects the challenge carmakers face as low-emission vehicles trickle into dealerships to sluggish demand after years of development. "There is considerable risk in BMW's approach of promoting the I brand so prominently," said Stefan Bratzel, director of the Center of Automotive Management at the University of Applied Science in Bergisch Gladbach, Germany. "There is the image risk, i...

Barclays is lining up inside candidate Sir Michael Rake for the job of repairing the scandal-hit bank's reputation, reports have said. It is understood Barclays is poised to approach regulators for clearance to appoint Sir Michael as replacement for outgoing chairman Marcus Agius, who offered his resignation in the wake of the Libor fixing scandal. Sir Michael, who was promoted from senior independent director to deputy chairman amid the rate-rigging furore, is believed to be sounding out Barclays investors about becoming chairman. He is already said to have told shareholders he is ready to step down from the boards of airline easyJet and BT to secure the chairmanship. Speculation is also mounting over who will replace former Barclays chief executive Bob Diamond after his resignation last week. Front-runners are said to include former JP Morgan co-chief executive Bill Winters, who was a member of the Independent Commission on Banking that drew up plans to reform the UK banking sect...

Barclays chief executive Bob Diamond has resigned with immediate effect. The move comes less than a week after the bank was fined a record amount for trying to manipulate inter-bank lending rates. Mr Diamond said he was stepping down because the external pressure on the bank risked "damaging the franchise". Chairman Marcus Agius, who said on Monday he was stepping down, will take over the running of Barclays until a replacement is found. "I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth," Mr Diamond said in a statement. He will still appear before MPs on the Treasury Committee to answer questions about the Libor affair on Wednesday. "I look forward to fulfilling my obligation to contribute to the Treasury Committee's enquiries related to the settlements that Barclays announced last week without my leadership in question," Mr Diam...