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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.

Cycle or walk, charity urges parents

PARENTS could save a collective £2 billion a year if they ditched the school run and accompanied children to lessons on foot or by bicycle, says a transport charity. On average, each set of parents could reduce costs by £642 a year if they did not use their car to ferry their offspring to and from school, said Sustrans. Around 11 million journeys a day are made between home and school, while, on average, primary school children live 1.8 miles from school, which is a 25-minute brisk walk, or 15-minute bike ride.

RCA Citroen/Exa Double Challenge project

Second year students at the Royal College of Art in London revealed a series of projects at their interim degree show last week. Developed in collaboration with French automaker Citroen and the Exa Corporation, a leading supplier of aerodynamic software, the Double Challenge project asked students to design an ultra-compact model that could establish a unique Citroën e-vehicle aesthetic for the future, all while adhering to certain aerodynamic criteria that would not only reduce energy consumption and ensure stability at speed, but also visually communicate efficiency through its design. The project, which kicked off in October last year, was closely followed by representatives from Citroen and Exa, who examined each of the projects and chose a winner, Heikki Juvonen, at the event last week.