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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.

One Lap of the Web: A dashing Debonair, a doppelg

-- We would have to imagine that Bill Hitchens was stuck behind too many people dallying in the left lane on his way to work. Fortunately for him, and every other Georgian who's ever held a deep loathing for the 60-mph rolling roadblock, Hitchens is a Representative in the Georgia House. Hence, House Bill 459, the "slow-poke bill" which would make it a misdemeanor for any driver who doesn't move to the right when a faster car approaches.

Caterham CSR 175 – Tokyo Catchup

The CAterham CSR 175 revealed at Tokyo We reported a few weeks ago that with the economic crisis still enveloping car makers round the world the Tokyo Motor Show was going to be almost exclusively domestic. Just Lotus – who brought the limited edition Lotus Scura – and Alpina – who brought the LWB B7 – were expected to be there to represent the rest of the world. But Caterham – inheritors of Colin Chapman’s Lotus 7  heritage – took advantage of some cheap floor space and turned up with a new car – the Caterham CSR 175./p> The CSR is Caterham’s top of the range, and this CSR 175 slots in as the bottom of the top – if that makes sense.