China's Le Holdings -- also known as LeEco -- has said it will buy US consumer electronics company Vizio for US$2 billion. Vizio is one of the largest manufacturers of television sets in the United States. The transaction is expected to close during the fourth quarter.

A federal judge in California granted preliminary approval on Tuesday to a US$14.7 billion settlement over Volkswagen's emissions cheating scandal. The settlement, the terms of which were announced last month, concerns nearly a half-million 2.0 liter Audi and Volkswagen diesel cars sold in the US between 2008 and 2015. 

Apple's iPhone sales fell for a second straight quarter, down 15 percent from the year-ago quarter. Apple said it sold 40.4 million iPhones in the third quarter, more than the average analyst forecast of about 40 million. The company's total revenue dropped 14.6 percent in the third-quarter ended June 25, also declining for a second straight quarter.