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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.

College Exhibition: Coventry University MA Degree Show 2005

Jan 20, 2006 - 'Fifteen' was the title for Coventry University's 13th MA Design Degree Show, held at Coventry's Transport Museum December 2-9. The title signified a recurring theme: 15 Automotive Design students, 15 months programme duration for the first time, "15 minutes of fame".     Graduates from the USA, India, China, Korea, Greece, Lebanon and the UK, made for a strong international flavour in the diversity of the final designs. 2005 was sponsor Corus' ninth year of involvement with the show, and the fifth year they have held a forum to coincide with the opening of the event.

Video provides a closer look at Mercedes-Benz SLS AMG GT3 race car

Mercedes-Benz used the recent Amelia Island Concours d'Elegance in Florida as the opportunity to take a closer look at the SLS AMG GT3 race car. Assistant product manager William Vetter leads the walkaround of the car. Features include the extensive use of the carbon fiber, ducting for braking cooling and aerodynamics, and the explosive charges that blow off the door for an emergency escape.