U.K. Finance Minister George Osborne also ruled himself out to replace David Cameron as P.M.
S&P's move was a fresh blow to Britain's economic standing after the Brexit referendum.
BASF, the world's largest chemical producer, will boost its automotive coatings business.
Siemens will pay $1.13 billion for a majority stake in the combined firm.
Tory MP Jacob Rees-Mogg accused him of undermining the BoE's independence.
With output reduced to half, 20 percent of the petrol stations are either empty or short of supplies.
The move comes as countries around the world are cracking down on cigarettes.
by Michael Lerner The New Energies division starts with $1.7bn of capital and will expand into wind power.Europe,climate change,New Energies,oil,Renewable energy,Shell,wind power,Michael Lerner
The restructuring will eventually eliminate one job in five around the world, and around a sixth of jobs in Britain.
The fourth-largest shareholder in Volkswagen has suffered a huge loss since emissions scandal broke out.
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