Chinese economy up

BEIJING: China’s supercharged economy grew by a stunning 11.5 per cent in the third quarter, slowing slightly amid authorities’ efforts to avert overheating but staying on track to overtake Germany as the world’s third-largest economy within weeks. Growth beat economists’ forecasts but was below the 11.9 per cent rate reported the previous quarter. — AP

S Korean economy

SEOUL: South Korea’s economic growth slowed in the third quarter largely on weaker export growth and a sharp decline in capital investment, the Bank of Korea (BoK) said on Thursday. GDP expanded by 1.4 per cent in the three months ended on September 30. The economy grew by 1.8 per cent in the second quarter, bolstered by strength in exports and key industries like semiconductors. That was the fastest quarterly pace since it printed a 2.7 per cent increase in the fourth quarter of 2003. — AP

Merrill Lynch in red

NEW YORK: The investment bank Merrill Lynch has slumped to the biggest loss in its 93-year history as its finances were pummelled by $7.9 billion of liabilities from the summer’s credit crunch, prompting an apology from its chief executive. Merrill revealed on Wednesday that excluding one-off items, it lost $2.3 billion over the three months to September, compared to a profit of $3.1 billion a year ago. The $7.9 billion scale of its exposure to mortgage-related securities wasfar greater than the $4.5 billion forecast in a profit warning three weeks ago. — The Guardian