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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.
Silverstone gets British Grand Prix
Mon, 07 Dec 2009Silverstone has won a 17 year deal to host the British Grand Prix Now the farce that was the Donnington bid has been expunged, we’ve been waiting for confirmation that Bernie Ecclestone will take in to account more than just money and confirm that the British Grand Prix will survive. It seemed certain last week that a deal would happen, and the official announcement has come this morning that Silverstone has secured a 17 year deal to host F1. The key to the deal seems to be the length of the agreement.
One Lap of the Web: a drifting luxobarge and an 80s hot hatch
Wed, 11 Dec 2013-- If you've been wondering for the past few months since the release of the 2014 Mercedes-Benz S-class what it would look like if it was forced to drift around a racetrack (and who hasn't?) along with a Nissan 200SX drift machine, this video should answer that question. -- Remember the Shelby GLHS of the late 1980s? Those things were powered almost entirely by turbos, it seemed, and the whoosh they made is epic even by today's standards.