Stock Market Today - Volkswagen Q3 Profit Sinks on Emissions Crisis - TheStreet

NEW YORK (TheStreet) -- Germany's Volkswagen (VLKAY) swung to a net loss of 1.67 billion euros ($1. 84 billion) in the third quarter from a net profit of 2.9 billion euros in the same period last year, largely because of a 6.7 billion euros charge it said it would take to cover the costs of the emissions crisis.

  • Royal Dutch Shell (RDS.A; RDS.B) said it would take a $2 billion write-down after canceling its Carmon Creek oil sands project in Canada, partly blaming a shortage of pipeline capacity in the region for the decision.
  • The deadline for the takeover by AB InBev (BUD) of SABMiller (SBMRY) has been extended to Nov. 4, as AB InBev is considering things like selling some assets, the Wall Street Journal reports. The U.K. takeover panel had first given a deadline of October 14 for the formal bid to be made, and then extended it to October 28.
  • British bank Lloyds (LYG) made another provision worth 500 million pounds ($756 million) for mis-sold loans, also known as payment protection insurance, in the third quarter; its net profit was 690 million pounds, slightly lower than in the same period a year ago.
  • The dollar strengthened close to a two-and-a-half month high ahead of the outcome of a Federal Reserve meeting later on Wednesday, although a rate hike at today's FOMC meeting is not priced in by the markets.