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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.

Ford Fiesta facelift (2012) first offical pictures

Ford's sales chart-topping Fiesta supermini has been treated to its first mid-life set of tweaks. Chief among the changes are a new look for the car's nose, the choice of Ford's downsized 1.0-litre Ecoboost engine, and even more technology on board. The new Fiesta will make its debut on Ford's Paris motor show stand in September 2012, and will trickle through to UK showrooms shortly after.

Mercedes A45 AMG (2013) first pictures of new hot hatch

This is the Mercedes A45 AMG: the first time Merc’s in-house tuning arm has tried its hand at building a hot hatch. Packing 355bhp, all-wheel drive and a seven-speed dual-clutch paddleshift transmission, the A45 AMG will outpace a Porsche 911, but cost less than £40,000. It’s on UK sale from July 2013, but if you can’t wait that long, Merc’s baby barnstormer is appearing at the Geneva motor show from 5 March 2013.