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China cuts key rates to support economy

BEIJING: China's central bank unexpectedly slashed interest rates yesterday to re-energise the world's No 2 economy, joining a growing list of major economies that are trying to encourage growth in the face of a global slowdown.

On top of the rate cut, Chinese authorities promised to inject...ReadMore


Turkey bank closes branches after row

ISTANBUL: Turkey's Bank Asya, which suffered a massive run on deposits earlier this year after becoming embroiled in a power struggle between Turkish President Tayyip Erdogan and an exiled Islamic cleric, yesterday said it had cut a third of its workforce and more than a quarter of its branches.

HSBC facing French probe

PARIS: HSBC bank was placed under formal investigation in France over services it offered to clients required to pay taxes in France, just days after the private banking branch was charged in Belgium with organised fiscal fraud.

SUVs rule the road at car show

LOS ANGELES: With US petrol prices at historic lows and ever-more economical engines, sport utility vehicles (SUV) increasingly rule the road '“ and not only in the US.

Unemployment rates fall in 34 US states

WASHINGTON: Unemp­loyment rates fell in 34 US states in October, a sign that steady hiring this year has been broadly dispersed through most of the country.

ECB 'willing to step up stimulus'

FRANKFURT: European Central Bank (ECB) head Mario Draghi says the euro zone's chief monetary authority is willing to 'step up the pressure' and increase its efforts to stimulate the struggling economy.

UK public finances off track despite improvement

LONDON: Britain's public finances improved slightly in October but finance minister George Osborne is still unlikely to meet his budget goals before next year's general election.

RBS admits to data error in stress test

LONDON: Royal Bank of Scotland (RBS) admitted yesterday it submitted erroneous data for European bank stress tests in October and had in fact only just scraped through, calling into question whether it can pass a tougher British test.

Citi dropped from forex contact group

FRANKFURT: The European Central Bank (ECB) has dropped Citigroup from its experts' working group on foreign exchange, days after the US bank was fined by US and UK regulators for failing to stop traders from trying to manipulate the currency market.

Russia plans to slash oil production

MOSCOW: Russia is considering cutting its oil production in a bid to revive prices, energy minister Alexander Novak said yesterday as the falling price of crude along with Western sanctions over Ukraine have led to the rouble plunging in value.


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