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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.

Drink Driving rules get tougher

There’s been talk for some time that the government are planning to reduce the current drink driving limit, but, sensibly, it seems they’ve decided, at least for now, that there’s little to be gained by shooting drivers for having a rum baba for desert. Instead, the rules are to be toughened up to make persistent drink drivers jump through more hoops before they can get their licence back. No longer will it be enough to simply get to the end of their ban, they’ll have to prove they are no longer reliant on alcohol and pass a medical.

Porsche Macan to debut at Los Angeles – gets V6 turbo petrol

The dealer presentation for the new Porsche Macan The Porsche Macan – Porsche’s take on a smaller version of the Cayenne to tap in to the more compact SUV market – will arrive at the Los Angeles Auto Show in November and get V6 turbo power. Jalopnik has managed to get photos of a dealer presentation of the Porsche Macan which confirms its arrival at Los Angeles and also gives us some detail of what will power the new smaller Porsche SUV. We’re not entirley sure the photo Porsche used in the presentation is the actual Macan (Jalopnik think Porsche has used a render by Auti Bild to muddy the waters for their dealers – just in case the presentation leaks) but it does seem clear that Porsche, at l;east initially, aims to provide the Macan with decent levels of Porsche power.