GLOBAL MAR­KETS

Financial Mail - - MARKET WATCH -

Con­struc­tion of VW’S fac­tory in China be­gins

Volk­swa­gen’s China ven­ture with SAIC Mo­tor has started build­ing a $2.5bn new-en­ergy ve­hi­cle plant in Shang­hai, which will make VW’S lux­ury Audi brand cars a pos­si­ble first for the ven­ture. The new plant is a key step for Audi to di­ver­sify pro­duc­tion of its ve­hi­cles in the world’s largest car mar­ket from its long-stand­ing lo­cal part­ner, China FAW Group.

Volk­swa­gen says the new plant will have the ca­pac­ity to make 300,000 cars a year and be­gin pro­duc­tion from 2020. Audi sold 481,387 ve­hi­cles in China from Jan­uary to Septem­ber this year. Aus­tralia’s NAB cuts staff over wrong­do­ing

About 300 staff mem­bers of Na­tional Aus­tralia Bank (NAB) have been fired or left af­ter in­ter­nal in­ves­ti­ga­tions, CEO An­drew Thor­burn said last week, fol­low­ing pub­lic rev­e­la­tions of mis­con­duct across the sec­tor. Thor­burn said he was ashamed of the bank’s be­hav­iour and ad­mit­ted he had been wrong to op­pose a com­mis­sion of in­quiry, which has ex­posed scan­dals in the coun­try’s greed-driven bank­ing cul­ture.

More than 1,200 mem­bers of staff had been ques­tioned about their ad­her­ence to the bank’s code of con­duct as part of the in­ter­nal probe, he said.

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