Washington - The White House was considering on Friday whether to divert funds from the 700-billion-dollar bail-out package for Wall Street to the automotive industry after the Senate defeated a similar package for US carmakers.

"It is disappointing that while appropriate and effective legislation to assist and restructure troubled automakers received majority support in both houses, Congress nevertheless failed to pass final legislation," White House spokeswoman Dana Perino said in a statement.

A last-ditch effort to pass a 14-billion-dollar emergency loan to resuscitate the ailing car industry fell apart late Thursday after negotiations collapsed in the Senate, causing a wave of financial gloom to ripple through world markets on Friday.

Washington  - The White House on Friday said it would consider using funds from the 700-billion-dollar financial rescue to bail out ailing carmakers after a plan to save the industry failed in the US Congress.

"It is disappointing that while appropriate and effective legislation to assist and restructure troubled automakers received majority support in both houses, Congress nevertheless failed to pass final legislation," White House spokeswoman Dana Perino said in a statement.

Kochi, Dec. 12 : Volvo has launched the market''s first coach with a multi-axle configuration, taking the inter-city luxury AC coach segment to its next level, which is coinciding with the Volvo Ocean Race in Kochi.

The auto manufacture company Volvo on Thursday offered a special signature series in memory of the Volvo Ocean Race stopover in Kochi.

Washington, Dec. 12 : Efforts to salvage a proposed 14 billion dollar rescue plan for the American auto industry collapsed on Thursday as both Republicans and Democrats failed to agree on the timing of deep wage cuts for union workers.

They have effectively killed the legislative plan and threatened America''s carmakers with bankruptcy, the Washington Post reports.

Stockholm - The Swedish government said Friday it was concerned over the US Senate's failure to agree on a loan package for the troubled US car industry, which owns Swedish carmakers Volvo and Saab.

The news from Washington also impacted the Stockholm bourse that dropped some 3.5 per cent in early trading.

Speaking to Swedish televison news on the sidelines of a European Union summit in Brussels, Swedish Prime Minister Fredrik Reinfeldt said there was "more uncertainty" after the US decision.

Carmaker Volvo is owned by US auto giant Ford while Swedish-based Saab is owned by General Motors. Both US giants have posted huge losses and have said they were considering selling their Swedish subsidiaries.

Washington - A last-ditch effort to pass an emergency loan that would resuscitate the ailing US car industry fell apart late Thursday after negotiations collapsed in the Senate.

After hours of bargaining, Republicans and Democrats failed to agree on a compromise deal.

The bone of contention was the powerful United Auto Workers (UAW) union's refusal to agree to Republican demands for wage cuts and reduction in labour costs to the level of Japanese competitors operating in the US.