Lahore High Court has barred the Punjab government from levying luxury tax retrospectively on luxurious vehicles over 2000CC registered after June 30, 2005 under the Punjab Finance Act, 2008. Sources told Business Recorder on Monday that provincial government has levied luxury tax through Section 6 of the Punjab Finance Act, 2008.

Toyota Motor Corp (7203.T) plans to produce 100,000 units a year of a new hybrid-only model slated for release in 2009 at a subsidiary in southern Japan, the Nikkei business daily reported on Saturday.

The new car, which will be Toyota's second dedicated hybrid model after the hot-selling Prius, will have a 2- to 2.5-litre engine and will also be sold under the company's luxury Lexus brandname, the paper said.

flood Early monsoon hits India annual monsoon swept through India about two weeks early. But it brought heavy rains causing floods and landslides in eastern India. Unconfi-rmed sources say at least 52 people have been killed and over 3 million affected in Assam, Arunachal Pradesh, Orissa, Jharkhand and West Bengal. As on June 20, Subarnrekha river in Orissa was flowing above the danger

John McCain will push on Monday for car makers to build more environmentally friendly vehicles, threatening new legislation if they do not comply and proposing tax breaks to encourage consumers to buy "cleaner" cars. According to excerpts of his speech obtained by Reuters, the Republican presidential candidate will call for auto manufacturers to speed up the process of making engines that can use alcohol-based fuels.

It is a coming of age for the small car. Just as India and the world focus on ultra-cheap cars, the original small car seems to be acquiring a big status globally as more and more people choose to drive small. Importantly, the trend is catching up in Europe and the US. Uwe Achterholt, global head of automotive practice for consultancy major KPMG, speaks with Pankaj Doval: Is the small car phenomenon restricted only to emerging markets like India or is it spreading to the developed markets?