Honda Motors CEO Takeo Fukui confirmed their immediate withdrawal from Formula One this morning. Japanese manufacturer affected by global financial crisis, will be selling their Formula1 team in order to cut costs and raise some cash. It is a good decision since Honda’s recent years in F1 was fairly terrible.

Global financial crisis is growing like cancer and affecting different parts of the business. Gulf news reports that the number of vehicle loan applications being rejected by banks in the Middle East has risen from 5% to more than 20%, which add up to sales turmoil and in brief makes a mess of car business! [...]