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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.

Acura future products: Hybrids joining revamped lineup

Sales have begun to rebound for Acura, American Honda Motor Co.'s luxury brand, and a product renaissance in 2012--complete with a big entry into hybrid powertrains--could provide a further boost. Acura's two crossovers will be redesigned. And while the RL flagship won't have the rear-drive V8 version--those plans were killed in 2009--it will be significantly re-engineered.

2014 Vauxhall Corsa & Vauxhall Adam: URGENT recall – DO NOT DRIVE

2014 Vauxhall Corsa & Vauxhall Adam: URGENT recall Have you bought a Vauxhall Adam or Vauxhall Corsa since May? Then Vauxhall need to hear from you – urgently. In fact, the recall is so urgent that Vauxhall are advising those whose cars are affected not to drive it.