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Plans to boost key trade ties with China probed

MANAMA: Ways to boost Bahrain's trade ties with China were discussed at a key meeting yesterday.

Transportation Minister and Economic Development Board (EDB) acting chief executive Kamal Ahmed met China's Vice-Minister of Commerce Fang Aiqing as part of a Bahrain delegation's visit to China.ReadMore


Key US new home sales surge to six-year high

WASHINGTON: Sales of new US single-family homes rose to a six-year high in September, but a sharp downward revision to August's sales pace indicated the housing recovery remains tentative.

Draghi urges more efforts to avoid euro zone crisis

BRUSSELS: France and Italy renewed their commitment to reform their economies yesterday in the hope of winning more time to bring their public finances in order but the European Central Bank's (ECB) president warned more needed to be done to avoid "a relapse into recession".

Sarasin's offices searched

ZURICH: Swiss authorities have searched the offices of private Bank J Safra Sarasin as part of a probe led by German prosecutors into dividend stripping, an investment strategy that can be used to help clients avoid taxes.

ASC opens distribution centre

MANAMA: Industry and Commerce Minister Dr Hassan Fakhro inaugurated Abudawood Al Saffar Company's (ASC) new distribution centre at the Bahrain Investment Wharf.

Deutsche Bank passes ECB stress test

FRANKFURT: Deutsche Bank passed the stress test led by the European Central Bank (ECB) by a wide margin, showing balance sheet strength well above the minimum requirements set by Europe's new banking regulator.

Volvo posts $401m profit on cost cuts

STOCKHOLM: Global truck maker Volvo posted a surprise rise in core quarterly profit yesterday as deep cost cuts more than made up for lacklustre demand in some major markets.

BASF slashes forecasts on Europe woes

FRANKFURT: Germany's BASF SE, the world's largest chemicals company by sales, cut its earnings forecasts and its projections for the broader market yesterday, becoming the latest industrial group to fall victim to weak demand in its main European market.

German consumer mood up

FRANKFURT: Consumer confidence in Germany has stopped falling, as households appear to be no longer fazed by concerns about the economic fallout from geopolitical crises, a new poll found yesterday.


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