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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.

Tesla loses $38 million in third quarter

Tesla Motors, Inc. posted a net loss of $38 million on $431 million in revenue during the third quarter -- a steeper loss on slightly higher revenue than in the second quarter. In the third quarter of 2012, when Tesla was just starting production of the Model S, the automaker lost $111 million on $50 million in revenue.

'Smartest' UK drivers revealed

DRIVERS aged 50-65 from the Midlands have been judged to be Britain’s 'smartest' – displaying the most fuel efficient and safe driving behaviours – while people aged 18-30 from Wales and the South West are more like driving dunces, new research claims. Youngsters in the north of England are the nation’s smartest young drivers, but overall older drivers reign supreme on the road. The Shell FuelSave Smarter Driving research ranked young (aged 18-30) and older motorists (aged 50-65) on their ‘smart’ and ‘not-smart’ driving behaviours towards fuel efficiency and safety – everything from smooth driving to wearing appropriate footwear behind the wheel.