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US growth still on track despite consumer data

WASHINGTON: US consumer spending fell for the first time in eight months in September, but a rise in consumer sentiment to more than a seven-year high this month indicated economic growth would remain on solid ground.

The economic picture also received a boost from other data yesterday showing f...ReadMore

ECB action ruled out as euro zone inflation rises

BRUSSELS: Inflation in the 18 countries sharing the euro edged up slightly in October, reinforcing the view that the European Central Bank (ECB) will hold fire on any additional policy action at its meeting next week.

Japan's central bank expands key stimulus

TOKYO: The Bank of Japan (BOJ) shocked global financial markets yesterday by expanding its massive stimulus spending in a stark admission that economic growth and inflation have not picked up as much as expected after a sales tax increase in April.

IAG raises forecast for profit this year

LONDON: The owner of British Airways and Iberia raised its forecast for profits this year and said it was on course for another rise in 2015 despite an increasingly competitive backdrop that has hit rival European airlines.

Turkey bank eyes Islamic finance unit

ISTANBUL: Turkish state-run lender Halkbank has decided to establish an Islamic finance unit, in line with a government effort to develop the sector and tap a pool of investors in the Gulf and southeast Asia.

Sedco eyes Europe deal

DUBAI: Jeddah-based Islamic investment firm Sedco Capital plans to arrange a club investment of up to $300 million in European real estate, and will soon distribute its Luxembourg fund range via two European investment firms, its chief executive Hasan Aljabri said.

Chevron posts net income of $5.6 billion

NEW YORK: Chevron Corporation posted a higher-than-expected quarterly profit yesterday as lower crude prices boosted its refinery operations, helping to offset sagging oil and gas production.

RBS faces $640m setback on fines

LONDON: State-backed Royal Bank of Scotland (RBS) has set aside £400 million ($640m) to cover potential fines for manipulating currency markets and warned further charges for past misconduct would continue to hit its profits.

Russia may start Ukraine gas supply

MOSCOW: Russia could resume natural gas deliveries to Ukraine as soon as next week if Kiev pays $2.2 billion in debt and pre-payments, gas exporter Gazprom said yesterday, under a deal that also safeguards winter deliveries to Europe.

IIRA upgrades KTKB ratings

MANAMA: Islamic International Rating Agency (IIRA) has upgraded the national scale ratings of Kuveyt Turk Participation Bank (KTKB) to 'AA(tr)/A1+(tr)' (Double A / A One Plus) from 'AA-(tr)/A1+(tr)' (Double A Minus / A One Plus) previously.

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