- U.K.-listed Asian-focused bank Standard Chartered (SCBFF) said it would cut 15,000 jobs over the next three years and is seeking to raise $5.1 billion in fresh capital as it swung to a loss in the third quarter. It was hit by higher provisions for bad loans in India, the slowdown in China and the fall in commodity prices. This is the bank's first quarterly loss since 1998.
- Swiss bank UBS (UBS) posted a sharp rise in profit after a significant tax benefit. Net profit in the third quarter at UBS rose to nearly 2.1 billion Swiss francs ($2.13 billion) from 762 million Swiss francs in the same period last year and vs. analyst expectations of 1.64 billion Swiss francs.
- The shares of Volkswagen (VLKAY) fell sharply on Tuesday morning as the U.S. Environmental Protection Authority's probe widened to include luxury models Porsche and Audi.
- Two giants in the videogame industry will combine. Activision Blizzard (ATVI), the maker of "Call of Duty" and "World of Warcraft," said it will buy King Digital Entertainment (KING), the maker of "Candy Crush Saga," for $5.9 billion.
- The growth in U.K. exports slowed to a pace not seen since the depth of the financial crisis. The British Chambers of Commerce said firms taking part in its quarterly trade survey reported the most limited growth in overseas sales and orders since the second quarter of 2009.
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