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Donato Coco announced as new Ferrari Design Chief

Donato Coco has been appointed as Ferrari's new Chief Designer, starting November 14. It is a move that fills the void left by Frank Stephenson, who earlier this year moved to head the Fiat, Lancia and Light Commercial Vehicles styling center. "Coco will have the job of stimulating and directing the creativity of Ferrari's partners, which in terms of styling include our historic partnership with Pininfarina," Ferrari said.

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.

Car Color Trends Shift with the Economy (Video)

According to the 2008 DuPont Automotive Color Popularity Report, white is the top vehicle color choice in North America for the second straight year in a row, with black and silver close behind. And experts say the slumping economy may be playing a role in these choices. During an economic downturn, people tend to be more conservative when purchasing a new car and often avoid getting something too trendy.