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Economy

Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

Turkey’s inflation rises to 67.1% in February

Turkish President Recep Tayyip Erdogan. AFP
By TRENDS Desk AFP
March 4, 2024 2:03 pm
  • The Turkish central bank held its key interest rate at 45 percent last month, pausing after eight straight increases aimed at taming consumer prices
  • Inflation remains a pressing issue for President Recep Tayyip Erdogan's government ahead of local elections in March

Istanbul, Turkey – Turkey’s annual inflation rose again in February, reaching 67.1 percent despite a string of interest rate hikes, official data showed on Monday.

The Turkish central bank held its key interest rate at 45 percent last month, pausing after eight straight increases aimed at taming consumer prices that had remained stable at 64.9 percent in January.

On a monthly basis, inflation rose 4.5 percent in February, slower than the 6.7 percent rise logged in January.

Inflation remains a pressing issue for President Recep Tayyip Erdogan’s government ahead of local elections in March.

His ruling AKP party is trying to win back control of major cities, including Istanbul and the capital Ankara, currently held by the main opposition party.

Erdogan said Sunday that anti-inflation policies “will begin to be felt in practice towards the end of the year”.

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