Economy

Cathay Airbus engine fire linked to cleaning: EU regulator
Cathay Airbus engine fire linked to cleaning: EU regulator

A cleaning process leading to fuel hose degradation during refurbishment may have caused a recent Airbus A350 engine fire that triggered dozens of Cathay Pacific flight cancellations this month, the EU aviation regulator said Thursday. In its report, Hong Kong investigators said the Cathay flight crew saw an engine fire warning for the number two engine shortly after liftoff.

EU chief announces $11 bn for nations hit by 'heartbreaking' floods
EU chief announces $11 bn for nations hit by 'heartbreaking' floods

European Commission President Ursula von der Leyen on Thursday announced 10 billion euros ($11 billion) in funds for member nations reeling from "heartbreaking" devastation after the floods caused by Storm Boris. "At first sight 10 billion euros are possible to mobilise from the cohesion funds for the countries that are affected.

Sales of US existing homes slip slightly in August
Sales of US existing homes slip slightly in August

Sales of previously owned US homes fell in August, according to industry data released Thursday, but lower mortgage rates and growing supply were likely to boost the industry. Compared with a year ago, NAR data showed that existing home sales were 4.2 percent down in August.

US Fed rate cut is 'very positive sign' for economy: Yellen
US Fed rate cut is 'very positive sign' for economy: Yellen

The US central bank's decision to slash interest rates this week is a "very positive sign" for where the world's biggest economy stands, US Treasury Secretary Janet Yellen said Thursday. Her comments came after Republican presidential nominee Donald Trump charged Wednesday that the Fed's decision was either a response to a "very bad" economy, or it had been "playing politics."