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GM CEO Akerson auctions 1958 Chevrolet Corvette for charity

General Motors CEO Dan Akerson is auctioning off his 1958 Regal turquoise Chevrolet Corvette for Habitat for Humanity Detroit. The proceeds will go to rebuild the Morningside Commons area of the lower east side of the city. Interested buyers can get a preview of the car during the Woodward Dream Cruise.

One in six drivers 'top 100mph'

ONE IN SIX (17%) of drivers admits to driving at more than 100mph on the motorway regularly in the UK, even though the speed limit is 70mph. More than twice that number (38%) own up to driving at above 90mph, while 11% say they speed at 50mph or more in residential and urban areas where there is a 30mph speed limit. Research by Direct Line shows 61% of drivers have also exceeded the 20mph limit.

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.