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Butler County's great daily newspaper

IN BRIEF

STOCKHOLM — Officials from Saab Automobile AB and the Swedish government traveled to Detroit today in a final attempt to help General Motors find a solution for the troubled Swedish automaker.

Saab spokeswoman Gunilla Gustavs said CEO Jan Ake Jonsson would meet with GM management and potential new buyers of Saab in Detroit. She declined to name the potential bidders or say how many there are.

GM's board is expected to discuss Saab's future in a meeting Tuesday, after Sweden's Koenigsegg Automotive AB last week dropped out of a deal to buy the brand.

Before Koenigsegg emerged as a buyer in June, GM had plans to let the storied brand go out of business, placing 4,500 jobs in jeopardy. Saab has been in a court-protected restructuring since Feb. 20. No purchase price was ever disclosed.

Beijing Automotive Industry Holdings, which had joined the Koenigsegg group, said last week it will re-evaluate Saab, but it stopped short of saying it would make an independent bid. According to media reports, other interested bidders also have included private equity firm The Renco Group and investors Merbanco.

WASHINGTON — The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said Saturday.The administration will announce its expanded program today, Treasury spokeswoman Meg Reilly said."We are taking additional steps to enhance servicer transparency and accountability," Reilly said. She said the goal was to increase the rate that troubled home loans were converted into new loans with lower monthly payments.Industry officials said the new effort would include increased pressure on mortgage companies to accelerate loan modifications by highlighting firms that are lagging in that area.The Treasury also is expected to announce it will wait until the loan modifications are permanent before paying cash incentives to mortgage companies that lower loan payments.Under the $75 billion Treasury program, companies that agree to lower payments for troubled borrowers collect $1,000 initially from the government for each loan, followed by $1,000 annually for up to three years.

LONDON — European stock markets fell again today amid concerns about Dubai's debt problems, even though the United Arab Emirates' central bank pledged to make extra funding available to all banks in the country, including foreign institutions with local branches.In Europe, the FTSE 100 index of leading British shares was down 40.95 points, or 0.8 percent, at 5,204.78 while Germany's DAX fell 55.15 points, or 1 percent, to 5,630.46. The CAC-40 in France was 51.02 points, or 1.4 percent, lower at 3,670.43.Earlier, Asian markets rebounded by around 3 percent after tumbling heavily on Friday, when European and U.S. stock markets had regained their poise.Investors in Europe, however, continued to worry about the fallout from Dubai World's announcement last week that it wanted to postpone forthcoming debt payments until May. Much of the $60 billion debts held by the government investment company are thought to be with European banks, particularly those in Britain.The worry in the market is Dubai's problems might be a harbinger of things to come, even though the announcement from the UAE central bank could minimize the risk of contagion.

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