Brazilian mining giant Vale, the world's largest iron ore producer, reported a sharp drop in third quarter earnings Thursday despite cost-cutting, in a reflection of the global economic slowdown and Brazil's currency depreciation.

Adjusted earnings before interest, taxes, depreciation and amortization were down 15.3 percent from the second quarter at $1.875 billion, Vale said in a statement.

Oil prices edged up in Asia Thursday, lifted by bargain-hunting following a sharp decline the day before, although analysts said the market remains hobbled by an oversupply of the commodity.

A report released Wednesday showing a bigger-than-expected increase in U.S. crude stockpiles has stoked fresh worries about a global glut that has depressed oil prices for more than a year.

U.S. technology giant Apple will continue to invest in China despite slowing growth in the world's second-largest economy, chief executive Tim Cook told state media, as the company prepares to open its newest store in the mainland.

"I know some people are worried about the economy. We'll continue to invest," Cook told the official Xinhua news agency, according to a report late Wednesday.

India will host an unprecedented gathering of Africa's leaders next week as it ramps up the race for resources on the continent, where its rival China already has a major head start.

Postponed since December over the Ebola crisis, the India-Africa Forum Summit from October 26-29 will be the first under Prime Minister Narendra Modi and the biggest gathering of foreign dignitaries in India since 1983.

China vowed Wednesday to take a one-third stake in Britain's first nuclear power plant in decades, with Prime Minister David Cameron hailing an "historic deal" on the project led by French energy giant EDF.

The announcement came on the second day of Chinese President Xi Jinping's business-themed state visit to Britain, which Cameron said had seen deals signed worth £40 billion (54.6 billion euros, $61.9 billion).

Gulf economies need to adjust to the "new reality" of oil prices expected to remain low for some time, the International Monetary Fund says, recommending spending cuts and income diversification.

But the oil-rich monarchies remain in a strong position to make the necessary adjustments thanks to the large financial reserves they have built up during years of firmer prices, according to the IMF's regional outlook published Wednesday.

The European Union ordered Starbucks and Fiat on Wednesday to each repay up to 30 million euros in back taxes in a landmark tax avoidance case pursued in the wake of the LuxLeaks scandal.

"Luxembourg is to recover 20-30 million euros ($23-34 million) from Fiat and The Netherlands to recover 20-30 million from Starbucks Manufacturing -- unpaid taxes due to illegal state aid," EU Competition Commissioner Margrethe Vestager said in a tweet announcing the decision.

Swiss banking giant Credit Suisse on Wednesday unveiled a massive strategy shift entailing some 5,000 job cuts and a plan to raise more than $6.0 billion.

Following the announcements, Credit Suisse saw its share price plunge 4.70 percent in mid-morning trading, as the Swiss stock exchange's main SMI index was down just 0.67 percent.

Google has taken a stake in a Chinese artificial intelligence startup which is aiming to develop smart wearable technologies, the companies said Tuesday.

The amount on investment in Mobvoi was not disclosed.

Oil prices dipped in Asia on Wednesday as traders anticipated an increase in U.S. crude inventories when weekly data from the Energy Information Agency is released later in the day.

U.S. benchmark West Texas Intermediate for delivery in December, a new contract, eased 42 cents to $45.87 at around 0700 GMT.