AUTOS

Volvo to Lay Off 4,500: The Swedish auto maker said it will close two manufacturing plants and lay off 4,500 workers. “Our assessment is that the demand for cars in the foreseeable future will remain low and that the significant overcapacity in the industry in the U.S., Europe and Japan will continue for a very long period,” said President Lennart Jeansson. Volvo said in its main markets--the United States, Sweden and Britain--fewer than 10 million cars were sold this year, down from 13 million in 1988.