Using online auctions to buy automotive components could shave £700 off the cost of producing a vehicle, to the benefit of consumers, according to Nick Scheele, chairman of Ford in Europe. Scheele predicted that the Internet and e-commerce would transform vehicle manufacturing and said the potential savings were enormous.

Over 60 per cent of British firms that regularly export and purchase goods from abroad do not have foreign language skills, even though they believe that speaking more than just English would help their business. Research by Lloyds TSB Commercial revealed that French is the most popular language among firms that do have multilingual staff, followed by German and Spanish.

Santa may fail to deliver the required number of Playstation 2 units this Christmas, as higher than expected demand in the US and Japan will adversely affect UK stocks. Around 165,000 of the games console, launched in Europe last week, will be available. The company was hoping to import 200,000. Sony has had problems with its component suppliers not delivering enough units.