chairman nco of moncler -- chairman and ceo of moncler. thank you for joining us.itch downgrades volkswagen. adding another dent to the carmaker's reputation. we talked to the senior director for the ratings agency next. ♪ manus: welcome back to "the pulse," live in the heart of the city of london. these are your top headlines. vodafone reported earnings that beat estimates. the companyrkets, raised its guidance for the year forecasting annual ebitda of 12 billion pounds. trading higher by 4.3%. consumer prices in china rose by 1.3% in october am a falling from the last months and missing animus -- missing analysts estimates. the data signals that policy makers may need to act again to ease deflationary pressures. volkswagen is going to give u.s. car owners $1000 in a gesture of goodwill. the news comes as the automakers debt is downgraded by fitch ratings. h says the diesel emissions testing scandal raises questions about management, internal control at volkswagen. we are joined by the fitch rating senior director. he joins us on the phone from barcelona. great to