Volkswagen will no longer offer diesel vehicles in the United States, its global brand chief said on Tuesday, ending speculation the company might return to the technology after its emissions scandal fades from memory. Luxury car brand Audi, a VW-subsidiary, still sees a diesel vehicle as possible. Source: Reuters
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Norway’s sovereign wealth fund hit $1 trillion for the first time on Tuesday, driven higher by climbing stock markets and a weaker U.S. dollar. Source: Bloomberg
The Federal Reserve has said that it will start to run down some of the investments it made to boost the US economy after the financial crisis. In October the Fed will start to reduce a $4.2trn portfolio of US Treasury bonds and mortgage-backed securities, it said. Source: BBC News
S&P Global Ratings downgraded China’s long-term sovereign credit rating by one notch on Thursday to A+ from AA-, citing increasing risks from the country’s rapid build-up of credit. Source: Reuters