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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.
Top Gear 'regrets' Clarkson remark
Thu, 24 Apr 2014TOP GEAR'S producer has apologised after broadcasting a "light-hearted" joke by Jeremy Clarkson that sparked a complaint of racism. The episode, which was filmed in Burma and Thailand and shown in March, featured a scene where the motoring show's stars built a bridge over the River Kwai and as an Asian man walked over it Clarkson said: "That is a proud moment, but there's a slope on it." Somi Guha, an actress who complained to the BBC, said the use of the phrase was an example of "casual racism" and "gross misconduct". The BBC2 show's executive producer, Andy Wilman, said: "When we used the word slope in the recent Top Gear Burma Special it was a light-hearted word play joke referencing both the build quality of the bridge and the local Asian man who was crossing it.
Ford is developing a virtual child to improve safety research
Thu, 31 Mar 2011Researchers at Ford have started constructing a "virtual" six-year-old child that will help them research future safety devices. It will take years to build the complex, multilayer digital dummy, Ford said on Thursday. And the finished computer model won't be used for vehicle validation or crash testing.