Looming Problems at VW

SEAT SA says it is seeking layoffs as a cost-cutting measure. The company is targeting 1,346 jobs. A subsidiary of Volkswagen AG, SEAT employs about 16,000 people – most of whom work at the company’s assembly site in Barcelona, Spain. More here.

Meanwhile, an auditor's investigation into claims of bribery and kickbacks at Volkswagen detailed more than $1 million in company money that two former executives spent on luxury trips and parties, VW said last week. Read more here.