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Person, Human, Clothing

Qatar Investment Authority aims to invest $3bn in Pakistan

The Qatar Investment Authority (QIA) aims to invest $3 billion in Pakistan, the Qatari ruler’s office said on Wednesday, lending support to the South Asian nation’s cash-strapped economy. Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8 billion, barely enough for more than […]

Los Angeles Angels owner to explore selling team

Los Angeles Angels owner Arte Moreno on Tuesday said he has begun exploring the possibility of selling the Anaheim-based team he has owned for 20 seasons. “Although this difficult decision was entirely our choice and deserved a great deal of thoughtful consideration, my family and I have ultimately come to the conclusion that now is […]

Turkey inflation to fall sharply in December says finance minister

Turkey’s annual inflation rate will enter a sharp downward trend as of December due to favourable so-called base effects and the fall will continue throughout 2023, Finance Minister Nureddin Nebati said on Tuesday. Nebati was speaking in a televised interview with broadcaster NTV. Inflation hit nearly 80 percent in July.   Turkey’s annual inflation jumped […]

Japanese manufacturing grows at slowest pace in 19 months

Japanese manufacturing growth slowed in August after declines in output and new orders, as businesses grapple with persistent rises in raw material and energy costs and weakening global demand. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) recorded its most sluggish performance in 19 months, falling to a seasonally adjusted 51.0 in […]

Chinese censors change ending of latest ‘Minions’ movie

Censors have altered the ending of the animated film “Minions: The Rise of Gru” for its domestic release in China, social media users across the country noticed over the weekend. The editing is yet another example of Chinese authorities editing a Hollywood film to make sure on-screen criminals are punished – to the amusement or […]

No flights yet from Israel for West Bank Palestinians

A group of Palestinian passengers flew to Cyprus from an Israeli airport on Monday, but the flight was not organised under a promised arrangement easing travel restrictions for residents of the occupied West Bank, an airports authority spokesperson said. Israeli authorities agreed earlier this month, following pressure from the United States, to ease some of […]

Foreign tourist arrivals to Turkey soar 53% in July

Turkey’s foreign visitors jumped 53 percent in July from a year earlier, exceeding pre-pandemic levels and paving the way for $37 billion in tourism revenues sought by the government in support of President Tayyip Erdogan’s unorthodox economy policy. Foreign visitors to Turkey leapt to 6.67 million in July, mostly on the back of wealthy Russian […]

Money, Passport, Text

Bond yields tumble after Turkey unveils latest credit tweaks

Turkish benchmark bond yields fell by around 300 basis points on Monday after the central bank adopted its latest regulations meant to boost certain types of corporate credit in the face of months of rising lending rates. On Saturday, the central bank unveiled new required bond holdings for lenders, boosting demand on Monday. The measures […]

Cyprus cash-for-passports scheme rife with tax failings

A cash-for-passports scheme discontinued by Cyprus in 2020 after a political furore cost the state hundreds of millions of euros in lost revenues from misdirected tax breaks, an independent watchdog said on Monday. Cyprus’s Auditor-General, which is an independent division of the state, said authorities may also have been duped into issuing passports on investments […]

Britain to recruit health workers from Nepal to offset shortage

Britain will recruit health professionals from Nepal under its first labour agreement with the Himalayan country, officials said on Monday, helping Britain offset a labour gap while Nepal bids to boost remittances from migrant workers. A joint statement by Nepal government and the British Embassy in Kathmandu said they had signed a preliminary agreement to […]

Israel makes strongest rate hike in 20 years to cool inflation

The Bank of Israel raised its benchmark interest rate on Monday by three-quarters of a percentage point, its biggest hike in two decades, and appeared on track for further increases as it tries to rein in inflation that has topped five percent. The central bank lifted its key rate to two percent from 1.25 percent, […]

British Airways to cut winter schedule capacity

British Airways would make further cancellations up to the end of October and tweak its winter schedule, the airline said on Monday, following Heathrow airport’s decision to cap capacity to tackle widespread disruption. Sky News earlier reported that the IAG-owned carrier’s total capacity for winter schedule until the end of March would be reduced by […]

TotalEnergies and ENI make major gas discovery off Cyprus shore

Energy companies TotalEnergies and ENI announced a significant gas discovery at the Cronos-1 well, in Block 6, offshore Cyprus. Cronos-1 encountered several good quality carbonate reservoir intervals and confirmed overall net gas pay of more than 260 metres, said TotalEnergies in a statement. TotalEnergies and ENI each have a 50 percent stake in Block 6. […]

Gulf buy now, pay later firm Tamara says it raised $100m

Gulf buy now, pay later (BNPL) firm Tamara said on Monday it raised $100 million in a second round of fundraising from investors including Sanabil Investments, which is owned by Saudi Arabia’s sovereign wealth fund PIF. The series ‘B’ funding would support the Saudi-based startup to expand into new markets, and introduce new services and […]

Turkish automotive output climbs 37.4% in July

Production in Turkey’s automotive sector jumped 37.4 percent year-on-year in July to 93,659 vehicles, with exports climbing 16.2 percent to 59,596, the Automotive Manufacturers Association (OSD) said. Total automotive production rose five percent year-on-year in the first seven months of the year to 742,969 vehicles, while exports were up 2.7 percent to 526,601, the association […]

Tie, Accessories, Accessory

New Zealand wants rates above ‘neutral’ to tame inflation

Reserve Bank of New Zealand Deputy Governor Christian Hawkesby said on Monday that policymakers want rates to be “comfortably above neutral” to help lower core inflation. Hawkesby told Reuters in a phone interview the RBNZ had “certainly considered 25 or 75” basis point increases last week before ultimately deciding to raise the cash rate by […]

India’s headline inflation may ease below 6% by March

India’s headline retail inflation may ease below six percent by the fourth quarter of this financial year, bringing an end to the current cycle of rate hikes, analysts said over the weekend. Following the release of minutes from the central bank’s monetary policy committee on Friday, analysts said the Reserve Bank of India (RBI) may […]

Tourism rebound to help Thai economy to grow 3-3.5% this year

Thailand’s economy is expected to grow by three to 3.5 percent this year, helped by public investments and a pick-up in the vital tourism sector, the finance minister said on Monday. Southeast Asia’s second-largest economy will continue its post-pandemic recovery as state investment projects are accelerated, Arkhom Termpittayapaisith told a state agency forum. “The economy […]

Person, Human, Clothing

Palestinians working in Israel strike over new payment methods

Tens of thousands of Palestinians employed in Israel staged a one-day strike on Sunday in protest at a decision to pay their salaries into bank accounts rather than in cash. The new payment method was agreed between Palestinian and Israeli authorities looking for a more efficient and secure way to pay salaries, but workers fear […]

UAE says envoy to return to Iran in coming days

The United Arab Emirates (UAE) said on Sunday that its ambassador to Iran, Saif Mohammed Al Zaabi, would return to Tehran “in coming days”, more than six years after the Gulf Arab state downgraded ties with the Islamic Republic. The move is in line with UAE efforts to strengthen relations with Iran “to achieve the […]

Airplane, Aircraft, Transportation

Wizz Air suspends relaunch of Russia-UAE flights amid criticism

European budget carrier Wizz Air has suspended plans to resume flights from the Russian capital of Moscow to Abu Dhabi in the United Arab Emirates, amid mounting criticism over the relaunch decision this month. In Friday’s statement deferring the flights until further notice, Wizz Air made no mention of the social media backlash, which included […]