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Saab unable to pay wages as financing crisis deepens

Saab's money troubles have worsened to the point that the struggling car maker is unable to pay its employees' wages on the eve of the Swedish mid-summer vacation period.In a brief official statement last night, Saab's parent company Swedish Automobile N.V (formerly Spyker Cars) announced that it was 'will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding.'  While Swedish Automobile and Saab continue to pursue options for securing short-term financing to solve the cashflow crisis, the company admitted 'there can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.' Saab share prices tumble, Swedish government will not intervene Reaction to the worsening financial crisis from stakeholders has been predictably bleak. Swedish Automobile's shares dropped 61% in value yesterday, and are currently trading at 0.948 euro. The Swedish government, already guaranteeing a €400m loan to Saab by the European Investment Bank, shows no inclination to bail-out Saab, which employs 3800 staff.

BMW's M Sport 7-series (2009): first official pictures

By James Popsys First Official Pictures 26 June 2009 00:01 BMW has revealed its first ever M Sport 7-series, engine revisions for its best-selling 730d, and a new 740d that will become the most powerful ever Seven diesel when in goes on sale in September 2009.  There's an M Aerodynamic bodykit with bigger front and rear bumpers, questionable chrome highlights, and some rather tasty 19-inch twin-spoke alloys. On the inside brushed aluminium trim, an anthracite headlining, sport seats, an M Sport steering wheel and M Sport sill inlays complete the package.  Afraid not - the 740d is equipped with a 306bhp/443lb ft 3.0-litre twin-turbo engine. The result is a 0-62 sprint completed in just 6.3 seconds, a limited top speed of 155mph top speed, 40.9mpg on the combined cycle and CO2 emissions of just 181g/km.

Lotus Evora GTE road car heading for Europe

Lotus Evora GTE - going on sale in Europe after Frankfurt debut We’ve decided we weren’t really on the ball with the Lotus Evora GTE at Pebble beach. Yes, we reported the most powerful Evora yet was heading to Monterey, but we assumed it was just another limited run Lotus. Turns out, apparently, that Lotus intended the Evora GTE would only be sold in Asia.