Global business

In another bad week for Volkswagen, the Environmental Protection Agency said the scope of the German carmaker's cheating on emissions tests on diesel cars was wider than had been thought, extending to models from its premium Porsche and Audi brands. VW denied this, but admitted it had also found "unexplained inconsistencies" on carbon dioxide emissions that could affect another 800,000 cars, including, for the first time, some gasoline vehicles. VW's share price slipped again as it set aside another $2.2 billion for this latest problem.

A U.S. Senate committee began its investigation into what it alleges are "huge spikes" in drug prices that appear to "have no relationship" to R&D costs. Accusations about improper pricing practices have rocked the drug industry. Valeant, whose share price has fallen by more than half since mid-September, recently cut its links with a pharmacy group after questions were raised about their relationship. In a statement, Valeant said that "operating honestly and ethically is our first priority."

The parliament in Greece approved a bill to recapitalize the country's banks. The European Central Bank recently found that the four biggest Greek banks had a capital shortfall of €14.4 billion ($15.9 billion), a lower amount than the €25 billion set aside by international creditors as part of the summer's bailout. Much of the capital, which must be raised before the end of the year, is expected to come from private sources rather than bailout money from the eurozone's rescue fund.

Japan's government raised ¥1.4 trillion ($12 billion) from its stock market flotation of Japan Post, making it the world's biggest IPO since Alibaba's in September 2014 and the biggest sale of a state asset in Japan since 1987. Shares in Japan Post's holding company, bank and insurance business were sold separately; all three soared on the first day of trading. The government hopes to encourage Japan's multitude of savers to invest in shares.

A former high-frequency trader was found guilty by a jury in Chicago of "spoofing," which is when a large number of small orders are placed electronically to create the illusion of demand and drive prices higher before they are canceled. Michael Coscia's conviction is the first for spoofing under a provision of the Dodd-Frank financial reforms.

Peter Hancock, the CEO of American International Group, said that a proposal from Carl Icahn, an activist investor, to split the insurance company in three makes no financial sense. Icahn thinks AIG's "too-big-to-fail" status subjects it to intense regulatory scrutiny, curtailing its ability to return capital to shareholders. But Hancock argues that splitting the firm would make less money available to distribute. Since 2012, AIG has returned $26 billion to investors through buybacks.

Battered by slowing demand in its core Asian business and regulatory investigations into possible legal transgressions on money-laundering and sanctions against Iran, Standard Chartered reported its first quarterly loss in years. The bank, based in London, announced a £3.3 billion ($5.1 billion) rights issue to fund a restructuring plan that will result in 15,000 job losses.

After 76 years as one entity, Hewlett-Packard split in two. HP Inc. will house the computer and printer businesses. Hewlett-Packard Enterprise will handle software and business services.

Activision Blizzard, the American video game company behind the "Call of Duty" and "Warcraft" series for consoles, agreed to buy King Digital Entertainment, the London-based developer of the "Candy Crush Saga" mobile games, for $5.9 billion.

Political economy

Vatican authorities arrested two people accused of leaking confidential reports about the Holy See's finances to journalists. Two books allege the church possesses vast property wealth and has spent hundreds of thousands of euros on luxury accommodation and travel for clergy.

Anti-corruption officers in China detained Zhang Yun, the president of Agricultural Bank of China, the country's third-largest bank. He is the highest-ranking banking official to be targeted in a sweeping campaign against graft.

In Seoul, the leaders of South Korea and Japan held their first bilateral meeting since May 2012. Relations had soured because of differences over Japan's wartime record. President Park Geun-hye of South Korea and Shinzo Abe, Japan's prime minister, also met Li Keqiang, China's prime minister, for the first three-way meeting between the countries since 2012.

Myanmar's opposition leader, Aung San Suu Kyi, said she would be "above the president" if her party wins the country's first openly contested election in 25 years.