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Saab unable to pay wages as financing crisis deepens
Fri, 24 Jun 2011Saab'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.
Peugeot Bipper Beep Beep
Wed, 05 Dec 2007By Ben Whitworth First Official Pictures 05 December 2007 10:00 A Bipper Beep Beep... now there's a name to be proud of Yes, indeed. We thought Citroen's Nemo was a bit of a joke name, but the Beep Beep takes the silly name game on to the next level.
Lexus LF-Gh at New York
Mon, 21 Mar 2011Lexus LF-Gh Concept at New York First, the image at the top. This isn’t a photo of the Lexus LF-Gh by a modern impressionist, it’s just the image Lexus are using on a site that seems to have sprung up today - Lexus LF-Gh Concept. Secondly, we really have no clue what the Lexus LF-Gh Concept is that is going to turn up in New York in a few weeks.