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Saab unable to pay wages as financing crisis deepens
Fri, 24 Jun 2011Saab'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.
Volvo Concept Estate to become new Volvo V90?
Fri, 28 Mar 2014The Volvo Concept Estate (pictured) looks set to be the new V90 The final in a trio of new concepts from Volvo showcasing their new platform and new direction debuted at the Geneva Motor Show earlier this month as the Volvo Concept Estate. And it seems it might be heading for production. Not, as we expected, as a replacement for the Volvo V60, but as a larger car set to replace the V70 and to be dubbed the V90, according to Auto Bild.
Smart parking needed to help drivers
Fri, 04 Apr 2014SMART parking is needed to help relieve congestion in cities and help reduced stress levels for drivers to improve their health. This is the conclusion of a report into the difficulties facing urban drivers. Conducted by Dr Therese Cory, the report says parking has become one of the biggest frustrations for drivers in towns and cities.