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US economic growth rebounds strongly

WASHINGTON: US economic growth accelerated more than expected in the second quarter and the decline in output in the prior period was less steep than previously reported, which could bolster views for a stronger performance in the last six months of the year.

Gross domestic product expanded at ...ReadMore

Euro zone economic sentiment improves

BRUSSELS: Euro zone economic sentiment unexpectedly improved in July despite the deepening crisis between the West and Russia over Ukraine, data showed yesterday, and inflation expectations among consumers and companies edged up.

Investment banking blow for Barclays

LONDON: Barclays said its underlying profits fell eight per cent in the second quarter as subdued market activity and the British bank's attempts to crack down on high-risk trading took a toll on investment banking revenue.

Japan industrial output falls

TOKYO: Japan's June industrial output fell at the fastest rate since the earthquake and tsunami of March 2011 as companies slowed production to offset a build-up in inventories, clouding the outlook for the economy.

Spain boost as growth surges

MADRID: Spain registered its fastest economic growth since before the financial crisis in the second quarter, becoming one of the brightest spots in a struggling euro zone, though a sharp fall in consumer prices showed the economy faced risks.

Airbus Group reassures on jet market

PARIS: Airbus Group moved to allay concerns over a wave of order cancellations yesterday, sparking a rally in its shares helped by better-than-expected half-year results.

Alitalia set to present final plan

ROME: Italy's loss-making flag carrier Alitalia is working on a final proposal to present to Etihad today in a push to lock in an investment by the Abu Dhabi-based airline, a person close to Alitalia shareholders said yesterday.

Fed reduces asset purchases

WASHINGTON: The Federal Reserve yesterday upgraded its assessment of the US economy, taking note of a decline in the jobless rate and signalling more comfort that inflation was moving up toward its target.

Total's net profit falls to $3.2bn

PARIS: French oil major Total stopped buying shares in Russia's Novatek when a Malaysian airliner was shot down over Ukraine, but it is still too early to gauge the impact of western sanctions against Russia, Total said.

BoE imposes bonus clawback on errant bankers

LONDON: Miscreant bankers face having their bonuses clawed back for up to seven years after their award under measures set out yesterday by the Bank of England (BoE), as it tightens its regulatory clampdown on wrongdoing in the financial sector.

Peugeot unit posts gains

PARIS: PSA Peugeot Citroen reported a surprise surge in first-half cash flow and the first car division profit in three years, sending the French carmaker's shares soaring as its turnaround plan began to show results.

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