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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.

Jeep teams up with rocker Lenny Kravitz

Lenny Kravitz is going beyond radio play to bring his latest track “Rock Star City Life” to the masses. He's joining the crew of musicians and celebrities showing up in the new Chrysler commercials. The Grammy winner and longtime Jeep driver is hawking the Jeep Wrangler in a campaign in which the single is heard, and it shows Kravitz navigating an off-road course.

Jaguar XF Sportbrake gets matching Jaguar Speedboat

Jaguar has revealed a Speedboat Concept at the first XF Sportbrake driving events to show how Jaguar design translates in other products. Before you get too excited, the Jaguar Speedboat isn’t a new item on the XF Sportbrake’s option list, but an exercise in translating Jaguar’s design philosophy in to an alternative product; one that fits seamlessly with Jaguar’s ‘Lifestyle’ pitch for the XF Sportbrake. Jaguar’s design guru, Ian Callum, said: We recognise that both our existing and future customers enjoy diverse and active lifestyles.