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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.

Michelin launches 2013 Challenge Design

Michelin has announced the brief for the annual Michelin Challenge Design competition, themed ‘HALF! Lightweight with a Passion'. Pre-registration for the 2013 automotive design competition begins October 1, 2011.

Tax discs will be scrapped in October: do you know the rules?

Paper tax discs will soon be scrapped forever, but a survey of drivers has found that a half are clueless about the new rules. The survey, of more than 1,000 people, suggests that the DVLA has failed to efficiently inform motorists of the changes – despite them coming in from the 1 October 2014. Click on the image above to find out more about the new tax disc rules