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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.

Skip Barber Racing School rolls back prices

Skip Barber Racing School is turning back the clock to 2001, when gasoline cost less than $2 a gallon and a three-day racing school cost just $3,000. All 12 locations will move to the new pricing scheme temporarily, to give more drivers a chance to get behind the wheel and do some performance driving. Skip Barber has been teaching people to race for more than 30 years.

Coventry students embark on interior project for GM's Opel/Vauxhall division

Designers at GM's Opel/Vauxhall division have tasked students at Coventry University with creating the vehicle interior of the future. Championed by Richard Shaw, Chief Designer at Opel's Advanced Design Studio in Germany, students will be charged with creating innovative and visionary interior concepts for the next decade, taking into account future needs of consumers but also the brand's values. Judges from GM Europe Design and Coventry University will then select the winning entry.