Good morning! Here’s what you need to know.
The WTO chief won’t comment on Trump. The head of the World Trade Organisation said he would not get involved in a slanging match with Donald Trump after the US presidential candidate suggested withdrawing from the WTO.
Coca Cola had a lukewarm quarter. The sluggish global economy, more and healthier competition, and currency market turbulence again dragged on Coca-Cola’s earnings in the second quarter, the company said.
GlaxoSmithKline is investing in the UK. The pharmaceutical giant revealed plans to invest £275 million in three of its British manufacturing sites, shrugging off Brexit worries.
The UK was doing well before Brexit. Britain’s economic growth unexpectedly accelerated in the second quarter from the previous three months, official data showed Wednesday.
McDonald’s is boosting its UK operations. The fast-food chain said it would create over 5,000 jobs in Britain by the end of 2017, in a sign of its commitment to the country despite the challenging economic conditions.
One of the biggest beer mergers is on hold. SABMiller has asked employees to pause the process of integrating its operations with those of Anheuser-Busch InBev as the brewer’s board weighs its sweetened takeover offer.
Standard Chartered has a new chairman. The bank named former deputy governor of the Bank of Spain Jose Vinals as its new Chairman, ending a 16-month search for a new leader to continue a sweeping turnaround plan at the Asia-focused lender.
Italy’s banking sector is struggling. Banca Monte dei Paschi di Siena has asked at least eight banks to guarantee a €5-billion ($5.49 billion) cash call as Italy’s third-largest bank races against the clock to comply with regulators’ demands to strengthen its balance sheet.
Fiat Chrysler’s recalls had a high cost. The company reported a 14% drop in second-quarter operating profit after charges related to recall costs and capacity shifts in North America, sending its shares more than 3% lower.
A London airport is growing. Britain’s government has approved a £344 million ($451 million) expansion to London City Airport, finance minister Philip Hammond said.