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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.

Kia VG first photos: the Koreans go upmarket

By Tim Pollard First Official Pictures 30 July 2009 09:39 Kia hopes to climb upmarket with this new premium saloon, codenamed VG. It’s for the Korean market only and goes on sale in Korea, North America and some European markets at the end of 2009. However, the VG isn’t currently scheduled for UK showrooms.

Jaguar explains 'The Art of Villainy'

British actor Tom Hiddleston reprised his role as baddie of note in the latest Jaguar F-Type coupe #GoodToBeBad ad campaign. This one is called “The Art of Villainy.” The 2 minute, 30-second clip debuted on YouTube on Tuesday. The campaign poses that Brits always make the best villains due to their accent, elocution and style.