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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.

Supermarkets cut diesel prices

SUPERMARKETS seeking to close the gap between the price of petrol and diesel have announced reductions at the pumps. Asda, Sainsbury's and Tesco have all knocked up to 2p a litre off diesel prices over the weekend. Asda said that those filling up with its diesel would be paying no more than 131.7p a litre.

Subaru Advanced Tourer concept

The 2011 Tokyo motor show will see Subaru reveal a second concept alongside the hotly anticipated BRZ sports coupe. The Advanced Tourer Concept appears to be an evolution of the 2009 Hybrid Tourer Concept. The gullwing festooned body of the previous concept has been dropped in favor of a five-door station wagon.