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Bugatti debuted its most powerful supercar at Pebble Beach on Friday: a $10 million,1,600 horsepower throwback to the ’90s that sprints from 0 to 62 mph in 2.4 seconds.

The French carmaker is making a splash at Monterey’s annual auto week. The Centodieci is the company’s latest coachbuilt super car commemorating Bugatti’s 110th anniversary.

Unlike Bugatti’s $18.7 million La Voiture Noire, which was built for grand touring, the Centodieci was built for speed. The company is making just 10 of the Centodiecis, which feature Bugatti’s 8.0-liter W16 engine. The company added an extra air inlet to help cool the engine.

Bugatti Centodieci

Source: Bugatti

It pays tribute to the EB110, the company’s famous supercar of the 1990s. The La Voiture Noire, which literally translates to the black car, and a white Centodieci are both on display at “The Quail: A Motorsports Gathering” car show in Monterey, California, on Friday.

“With the Centodieci we pay homage to the EB110 super sports car which was built in the 1990s and is very much a part of our tradition-steeped history,” Bugatti President Stephan Winkelmann said in a press release. The EB110 is the only Bugatti produced under former Italian owner Romano Artioli at a factory in Campogalliano, Italy, and not at the company’s famous chateau in Molsheim, France.

The Centodieci races from zero to 62 mph in 2.4 seconds, to 124 mph in 6.1 seconds and to 186 mph in 13.1 seconds. Like its cousin the Chiron, Bugatti electronically limited the top speed of the car to 236 mph.

Bugatti Centodieci

Source: Bugatti

It’s about 44 pounds lighter than the Chiron. Bugatti did that with a lot of carbon fiber. The car’s windshield wipers and stabilizers both use the material, creating a power-to-weight ratio of just 2.5 pounds per horsepower. With more than 200 pounds of downforce, Bugatti said it corners like the Bugatti Divo — a car built for cornering.

The Centodieci’s design echoes the EB110’s with familiar styling cues like the five circular air intakes toward the back of the car. Bugatti also designed all-new LED headlights to further evoke the Italian wedge shape of the previous car.

“The challenge was not to allow oneself to be captivated too much by the design of the historic vehicle and work solely in retrospect, but instead to create a modern interpretation of the shape and technology of that time,” said Achim Anscheidt, head designer at Bugatti.

Bugatti Centodieci

Source: Bugatti

The car’s white color is also no coincidence.

“With the communication paint finish in white, we’re demonstrating a powerful contrast with the La Voiture Noire – the black car just presented in March: two completely opposing yet related forces, like yin and yang,” said Winkelmann.

Bugatti made only one La Voiture Noire, which already has a buyer even though the car won’t be ready for at least 2½ years. It plans to build 10 Centodiecis, which will cost roughly $10 million after taxes.

Bugatti’s output is generally very limited, with the company producing just 70 cars a year. It only plans to make 500 of its Chiron supercar, and more than 400 of those were already spoken for as of April, according to the company.

Bugatti Centodieci

Source: Bugatti

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Bank of Canada Governor Stephen Poloz to step down in June 2020

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Carolyn Wilkins, senior deputy governor of the Bank of Canada, left, and Stephen Poloz, governor of the Bank of Canada, leave the Bank of Canada building for a press conference in Ottawa, Ontario, Canada, on Wednesday, Oct. 24, 2018.

Justin Tang | Bloomberg | Getty Images

Bank of Canada Governor Stephen Poloz will step down when his mandate expires next June, the bank said on Friday, and the front-runner in the race to take his place could become the first woman to head the country’s central bank.

Many economists and market strategists surveyed by Reuters this week said Senior Deputy Governor Carolyn Wilkins could be his successor.

Poloz, who is in the final year of a seven-year term, will not seek a reappointment and a process to select the next governor has begun, the bank’s board of directors said in a statement.

The board of directors oversees the selection process of a new governor, but the finance minister and the prime minister have the final say.

Poloz said that during his tenure the bank had “created the conditions for steady economic growth, low unemployment, and inflation close to target through very challenging times,” according to the statement.

Unlike some of its global peers, Canada’s inflation rate is near the central bank’s 2% target. The Bank of Canada has held its overnight interest rate steady since October 2018, even as several of its counterparts, including the U.S. Federal Reserve, have eased.

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Kudlow says a trade deal with China is ‘close’ amid ‘intense’ talks

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Larry Kudlow, White House National Economic Council director, said the U.S. and China are “close” to a trade deal but that the administration was prepared to walk away if it did not get the terms they wanted.

“The president has said many times if the deal is no good, if the assurances with respects to preventing future thefts, if the enforcement procedure is no good he has said we will not go for it. We will walk away,” Kudlow said on CNBC’s “Squawk on the Street” on Friday. “The president has said that if we can not get the enforcement and the assurances, then we will not go forward.”

The two countries are in talks to finalize a so-called phase one trade deal as 15% tariffs on $165 billion in Chinese imports are set to kick in Dec. 15. Kudlow said the two sides are moving closer to a deal.

“The deal is close. It’s probably even closer than in mid-November,” Kudlow said. “Deputy level met again … The reality is constructive talks, almost daily talks. We are in fact close…There’s no arbitrary deadlines, but the fact remains December 15 is a very important date with respect to a no go or go on tariffs.”

Kudlow characterized the recent talks between the world’s two largest economies as “intense.”

“I say intense because this is a very important matter,” Kudlow said. “There’s so much at stakes here when you go through the various categories… We can’t afford, we must not permit any country, China or whoever, to willy nilly steal our breakthroughs in technology and advanced micro-processing related to 5G.”

Trump said on Thursday that trade talks with Beijing were going “very well.” He added that something could happen regarding those tariffs that are set to be imposed in less than 10 days, but added they are not discussing that yet.

The Wall Street Journal reported on Thursday the U.S. and China still haven’t reached a consensus on the amount of agriculture goods that China would buy.

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Oil on track for weekly gain as OPEC+ set to confirm supply cut

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A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas.

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Oil prices fell on Friday, but were set for weekly gains ahead of the OPEC+ meeting which kicked off Friday in Vienna.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia – a grouping known as OPEC+ – agreed on Thursday to more output cuts to avert oversupply as economic growth stagnates amid the U.S.-China trade war.

But OPEC stopped short of pledging action beyond March and analysts have questioned the impact of the latest curbs.

Brent futures were down 18 cents at $63.21, but are set to rise 1.5% on the week.

West Texas Intermediate oil futures fell 33 cents to $58.10 a barrel. They are set to rise nearly 6% on the week.

The cuts next year will expand the existing agreement by an extra 500,000 barrels per day (bpd) reduction in the first quarter next year, through tighter compliance and some adjustments. OPEC’s current agreement is a supply cut of 1.2 million bpd and the increased amount represents about 1.7% of global oil output.

“If we were to have an outcome of an extension of cuts with only the official quota of the OPEC+ group being reviewed lower (the 500,000 bpd), rather than actual production, then the change in supply policy would be cosmetic (given below target production in some countries, notably Saudi Arabia and Angola),” said Harry Tchilinguirian, global oil strategist at BNP Paribas.

OPEC is likely to shoulder 340,000 bpd in fresh cuts and non-OPEC producers an extra 160,000 bpd, one source said on Friday.

Any price gains from the OPEC+ output cut are likely to benefit American producers not party to any supply curbing agreement. American drillers have been breaking production records even as they cut the number of oil rigs in operation, filling gaps in global supplies.

“North American shale supply will continue growing even in an environment with lower oil prices,” Rystad Energy said in a note.

Higher oil prices are also supporting the initial public offering of Saudi Arabia’s state-owned oil company, Saudi Aramco, which priced its shares on Thursday at the top of an indicated range.

The sale was the world’s biggest initial public offering (IPO), beating Alibaba Group Holdings’ $25 billion listing in 2014, but fell short of a $2 trillion valuation for Aramco sought by Saudi Crown Prince Mohammed bin Salman.

Foreign investors stayed away and the sale was restricted to Saudi individuals and regional investors.

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