Bah humbug: U.S. households expect to spend an average of $390 on Christmas presents this season, down from the estimate of $418 from last year. The Conference Board, which issued the report, says households in the West South Central region, which is made up of Louisiana, Arkansas, Oklahoma and Texas, will spend an average of $374. Households in New England will be the most generous, averaging $534 on holiday gifts, while the Rocky Mountain states are the most frugal, with $332 estimated for holiday spending.
Wanna buy a car company? A Swedish specialty automaker has backed out of a deal to buy Saab from General Motors Co., casting serious doubt on the future of the troubled brand. Koenigsegg Group AB says it has decided to end the deal, which was announced in June. GM did not disclose financial details of the acquisition. The Detroit automaker had been trying to unload the Swedish brand as it restructured under Chapter 11 bankruptcy protection earlier this year. The collapse of the Saab sale is the third GM deal to fall through this year for a variety of reasons. A person briefed on the deal today says Koenigsegg informed GM of the decision on Monday, and Saab’s future is now unclear. GM’s board will have to decide the company’s next move, said the person, who asked not to be identified because the decision has not been made.
