In Europe today, Italy's clash with the EU over its budget drags down stocks, while U.K. government borrowing hits an 11-year low. The top business story: Michelin's profit warning impacts tire manufacturers. Read about the above topics on Dow Jones Newswires or WSJ.com.

In Other Media...

Commerzbank is set to introduce a new compensation system for its roughly 20,000 non-pay-scale employees including managers next year. The new system would do away with individual bonuses for most employees, making these payments instead contingent on factors like the bank's performance and the achievements of an employee's division.

-Handelsblatt

French antitrust authorities have opened an investigation into an alleged "ham cartel" in which roughly 15 producers colluded to fix the price of ham in France. The investigation could target Fleury Michon, Nestle and other big players in the sector. -Les Echos

The U.K.'s Environment Agency is investigating the plastics recycling industry over alleged abuse and fraud of the export system. The EA has set up a team of investigators to deal with complaints. Six plastic-waste exporters have already had their licenses suspended or canceled over the last three months. -The Guardian

Microsoft wants to help digitize Thyssenkrupp's elevator business with an eye to forming a long-term partnership with the Essen-based industrial firm. Thyssenkrupp employees will begin using Microsoft's HoloLens smart glasses to take measurements for elevators at customer sites across Europe, shortening the ordering process for new elevators to 14 days from up to 70 days previously. -Westdeutsche Allgemeine Zeitung

The leader of the Spanish political party Podemos paid a visit to the head of the ERC Catalan separatist party in prison to seek support for the 2019 budget. The ruling socialist party and Podemos agreed on a preliminary budget but need the support of Catalan nationalists to pass it. ERC head Oriol Junqueras remains in custody awaiting trial on charges of rebellion, following Catalonia's declaration of independence last October. -La Vanguardia

The U.K. should bring forward its proposed ban on new cars with gasoline or diesel engines by eight years to 2032, according to a parliamentary committee. The business select committee said the government's existing plans for all new cars to be "zero emissions" by 2040 were unambitious. -BBC

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(END) Dow Jones Newswires

October 19, 2018 08:26 ET (12:26 GMT)