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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.
Toyota Yaris SR (2007): first official pictures
Mon, 19 Mar 2007By Ben Pulman First Official Pictures 19 March 2007 01:19 I know what GTI stands for - what's this SR badge doing? SR stands for ‘sporting and refined’, says Toyota, perfectly describing its new ‘warm’ hatch. The Japanese manufacturer might be able to turn out hybrids by the thousands, but their recent sporting pedigree is pretty poor.
2010 Astra – the advert
Wed, 20 Jan 2010Vauxhall / Opel are pushing the boat out with an advert for the 2010 Astra The 2010 Astra – whether it’s an Opel or a Vauxhall - is a very big deal for GM in Europe. So it’s probably just as well that it’s got a lot going for it. There’s something for everyone from the entry level Astra (the Exclusiv 1.4i) with 86bhp and a decent spec which includes Aircon, to the replacement for the old Astra 1.8 SRi – the SRi 1.4 Turbo.