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Chrysler Financial gets $1.5 billion federal loan

The U.S. Treasury Department said today it will lend $1.5 billion to a new arm of Chrysler Financial Services LLC so that it can increase lending to vehicle buyers. The five-year loan carries a flexible interest rate.

Call for reform over road repair funding

FUNDING patterns mean most road maintenance is being carried out in "less-efficient, cold and wet" times, a report from a Government spending watchdog has said. The current pattern of funding, combined with the need to spend money within the financial year, means that most maintenance work goes on between September and March, said the report from the National Audit Office (NAO). It went on: "Although this is less disruptive for road users, it is less efficient than carrying out the work at other times of year because materials can be more difficult to handle in cold and wet conditions, and daylight hours are shorter." The report went on: "As a result of the additional funding for emergency repairs, which is made available at the end of the financial year, almost all highways authorities need extra capacity from the market at the same time, which makes it less likely that they will get value for money." The NAO report said there was a "lack of predictability" over road spending adding that historically, local highway authorities spent more revenue on maintenance, but were now carrying out fewer routine activities such as clearing gullies which are essential to preventing water seeping into roads' sub-structure.

Saab appoints North American administrator, prospects darken

Saab has appointed an outside administrator to oversee its business in North America and the potential wind-down or sale of the company if its parent operations can’t emerge from bankruptcy. The move was announced on Wednesday afternoon by Saab North American COO Tim Holbeck as the company’s future remains uncertain. McTevia & Associates, a management and financial-consulting service with offices in suburban Detroit and Florida, is the administrator.