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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.

Volvo V60 Polestar: OFFICIAL

Volvo V60 Polestar: OFFICIAL Volvo has been busy teasing a new Polestar model recently, and we concluded it would be a fast Volvo estate in the guise of a production Volvo V60 Polestar. And that’s exactly what it is. This isn’t a Polestar add-on (which is already available for the T6 versions of the V60 and S60) but a stand-alone model with the same underpinnings as the S60 Polestar recently revealed for the Australian market (which now becomes a global offering).

'Make electric cars loud and safer'

ELECTRIC AND HYBRID cars should be made louder to protect people with eyesight problems, an MP and charities have urged. Mary Glindon (North Tyneside) said the Government should first ensure the vehicles are safe for all road users after pledging millions of pounds in subsidies for the ultra-low emissions market. She believes sound generators should be fitted to the vehicles to ensure visually-impaired (VI) pedestrians are aware of them.