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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.

2012 Fiat Panda starts at £8,900

The new Fiat Panda starts at under £9k The 2012 Fiat Panda will cost from £8,900 for the POP 1.2 8v 69 CV, rising to £12,250 for the Panda Lounge 1.3 MultiJet 75 CV in the UK. The 2012 Fiat Panda was unveiled at the Frankfurt Motor Show last Autumn, and looks as though it’s going to continue the Panda tradition of simple motoring at affordable prices with the news that the starting point for the new Panda will be £8,900 for the entry-level Panda POP 1.2 8v 69 CV. Even the top-of-the-range Panda Lounge 1.3 MultiJet 75 CV comes in at a not too unreasonable £12,250, with another eight models in between the two extremes offering variations of trim and engines to suit sensible urbam motoring.

Natural Balance Pet Foods, Ford to break parade-float record

While most of us are home on Jan. 2, working off a two-day sports hangover, the 123rd Tournament of Roses Parade will take place in Pasadena, Calif., with the world's heaviest and longest parade float--powered by a 6.8-liter Ford V10. The Natural Balance Pet Foods float will measure 116 feet at its longest point and weigh in at 100,000 pounds, all of which is certified by the book of Guinness World Records.