The major banks from the US have exposure to the debt of ailing commodity giant Glencore Plc. Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley have reportedly lent $350million apiece to Glencore. North American banks contributed 20percent of the total loan exposure of Glencore. The ongoing slump in commodities market adversely impacted the Swiss-based Glencore's performance. This indicates potential alarming situation for the American banks if embattled Glencore slips into a liquidity crisis. Glencore is engaged in commodity trading and mining activities.

Volvo's Drive Me Project has finally revealed the technology that's behind the autonomous driving interface which they've appropriately named the IntelliSafe Auto Pilot. The control interface is easy enough to use, and surprisingly straightforward. When the driver is ready to put the Volvo on autopilot, the destination is set in the car's navigation system and it illuminates both shift paddles when it's ready to take over the driving. When the driver pulls both paddles simultaneously, all he needs to do is sit back and enjoy the ride.

Daimler AG's Mercedes-Benz truck, Actros, the world's first self-driving truck, had started its road test on Germany's public highway. Daimler plans to release the autonomous truck by 2020.

Alexis Tsipras-led Greece government has proposed stringent measures in the budget for 2016 year. The draft budget for 2016 indicated a series of tough measures to restore normalcy in the ailing Greece economy.

Volkswagen board of directors will conduct an 'extraordinary' meeting. Reports say CFO Hans Dieter Poetsch will be appointed as the new head while plans for adjustments will also be discussed.

Ater an unsuccessful negotiation with pilot unions, Air France announced it would cut 2900 jobs. Air France-KLM is about to cut 2900 jobs after pilot unions disagreed to compromise with the company's settlement. The board had a meeting on Thursday and ordered the management to minimize some of its operations on October 5, BBC reported.

France will soon get a boost in internet speed as its telecoms regulator ARCEP announced on Tuesday that it had received applications for the upcoming 4G mobile spectrum auction.

Suffering from weakening global commodities for the past one year, Glencore has informed its investors about its plans to reduce debt by $10billion. Towards this debt reduction target, Glencore is planning to conclude two deals by the end of this year or early of next year. The Anglo-Swiss multinational commodities major has been facing rough conditions in the market.

The leading global auto major Volkswagen, which is reeling under pressure owing to emission tests rigging scandal, has assured that it would replace the deceptive engine software that manipulates results from emission tests. It's estimated that about 11million vehicles sold across the world have been fitted with manipulative engine software. The German automobile company will start informing the owners of 11mn vehicles. It's found that these vehicles emit harmful pollutants 40 times higher than the US environment standards. However, Volkswagen didn't elaborate on the exact time of completion of the process or any compensation to vehicle owners. Volkswagen will submit a plan on technical solutions to regulators and environmental authorities for approval in October.

Falling oil price is taking its toll in Norway as the country central bank cuts interest rate again for the second times this year and the third time in 10 months. Oeystein Olsen, Norway's Central Bank governor announced the rate cut on Thursday citing that slow economic growth as the main reason.