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Call for reform over road repair funding

FUNDING patterns mean most road maintenance is being carried out in "less-efficient, cold and wet" times, a report from a Government spending watchdog has said. The current pattern of funding, combined with the need to spend money within the financial year, means that most maintenance work goes on between September and March, said the report from the National Audit Office (NAO). It went on: "Although this is less disruptive for road users, it is less efficient than carrying out the work at other times of year because materials can be more difficult to handle in cold and wet conditions, and daylight hours are shorter." The report went on: "As a result of the additional funding for emergency repairs, which is made available at the end of the financial year, almost all highways authorities need extra capacity from the market at the same time, which makes it less likely that they will get value for money." The NAO report said there was a "lack of predictability" over road spending adding that historically, local highway authorities spent more revenue on maintenance, but were now carrying out fewer routine activities such as clearing gullies which are essential to preventing water seeping into roads' sub-structure.

Indiana yanks Kruse auction licenses

Kruse Inc., the auction company that sold the famous William Harrah car collection and has been synonymous with auctioning enthusiast automobiles since the 1970s, has lost its licenses in its home state. The Indiana Auctioneer Commission ruled on Tuesday to revoke both of Kruse Inc.'s licenses, and the company has to wait seven years to apply for new ones, said Kelly Butters, a spokeswoman for the Indiana Attorney General's Office. Dean Kruse, president of the auction house, has had his personal license suspended indefinitely.

U.S. equity firm to invest $70 million in Saab

Race-car fan and private-equity executive Alex Mascioli is pumping $70 million into Saab as the Swedish automaker works to stay afloat. Mascioli's firm, North Street Capitol, is buying $10 million in shares of Swedish Automobile, which owns Saab, and is also giving the company a $60 million loan to pay for the carmaker's reorganization. U.S.-based North Street Capital struck a deal in September to buy the Spyker sports-car business from Swedish Automobile for $44 million.