The U.K. economy slowed only slightly in the three months following voters’ decision to exit the European Union, according to an official estimate that confirms the U.K. weathered the surprise referendum result better than many expected.
Some Tata Group companies said the valuation of their operations were accurate and audited, in response to a letter from the conglomerate’s former chairman suggesting they could face nearly $18 billion in write-downs.
Environmental regulations designed to boost the amount of ethanol blended into the U.S. gasoline supply have inadvertently become a multibillion-dollar windfall for some of the world’s biggest oil companies.
Nokia reported a quarterly net loss for the third time in a row amid sluggish mobile-network sales, but said it would continue to broaden its product portfolio to offset a decline in the mobile infrastructure market. The stock fell sharply in early trading.
Volkswagen reported a 17% increase in operating profit before special items in the three months to the end of September, driven by sharply higher profit at its Skoda and SEAT car brands and its truck business, and raised its sales outlook for the year on the back of strong demand in China.
Telefónica is trimming its dividend in a bid to reduce debt and ward off a potential ratings downgrade that would push the Spanish telecommunications giants’ creditworthiness closer to non-investment grade.