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US housing starts surge to fastest pace since 2008

Groundbreaking on new US homes surged in September to its fastest pace in more than four years, a sign the housing sector's budding recovery is gaining traction. The commerce department said housing starts increased 15% last month to a seasonally adjusted annual rate of 872,000 units. That was the quickest pace since July 2008, though data on housing starts is volatile and subject to substantial revisions. August's starts were revised to show a 758,000-unit pace instead of the previously reported 750,000. Economists polled by Reuters had forecast residential construction rising to a 770,000-unit rate.

Etihad plans partnership with Indonesia's Garuda

Abu Dhabi flag carrier Etihad Airways will sign a partnership agreement with Indonesian airline Garuda on Thursday, Etihad said on Wednesday. The deal will be signed by Etihad chief executive James Hogan and Garuda CEO Emirsyah Satar in Abu Dhabi, the company said in statement that gave no details of the partnership. An Etihad spokesman said he could not comment further. Etihad this year sealed a codeshare deal with Air France-KLM, under which the airlines will share flights.

Peugeot weighs govt aid for car loan arm

Troubled French automaker PSA Peugeot Citroen said it was weighing a state-backed rescue for its car loans arm, as the government warned that help would come with strings attached. Punished by its costly domestic production and excess capacity, Peugeot is losing a European price war to larger and leaner rivals such as Volkswagen. Officials are working on measures to help Banque PSA Finance obtain the necessary financing, finance minister Pierre Moscovici said.

IBM's Q3 earnings flat, revenue slides

IBM's revenue slipped below Wall Street's expectations in the third quarter as the technology company dealt with jittery customers and a weakening euro that undercut its results. Despite the problems posed by the wobbly economy, IBM's earnings held steady. Much of revenue shortfall was blamed on the economic deterioration in Europe and other parts of the world. That has resulted in weakened international currencies, translating into fewer dollars on sales made abroad.

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