On a monthly basis, inflation rose 4.5 percent in February, slower than the 6.7 percent rise logged in January. Erdogan said Sunday that anti-inflation policies "will begin to be felt in practice towards the end of the year".

London, United Kingdom - Major stock markets traded mixed Thursday before the release of US inflation data that could present a clearer idea on when the Federal Reserve will start cutting interest rates as inflation cools. Traders reacted also to yet more earnings, with the Paris CAC 40 reaching a fresh...

Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's announcements, sanctions, and ongoing geopolitical risks. Uncertainties as to when the Fed will start cutting interest rates persist, and the minutes of last week's Federal Open Market Committee (FOMC) meeting...

Barcelona, Spain - Smartphone makers are packing their latest devices with flashy new artificial intelligence tools such as real-time voice translation and advanced photo editing in efforts to reignite consumer demand. The trend was on display at the telecom industry's biggest annual show, the four-day Mobile World Congress (MWC) which got...

Barcelona, Spain - The world's biggest mobile phone fair throws open its doors in Barcelona Monday with the sector looking to artificial intelligence to try and reverse declining sales. Phone makers are expected to focus on the unique AI-powered tools of their latest handsets at the four-day Mobile World Congress in...

High interest rates benefitted the British lender and banking sector as a whole.

During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial role in maintaining the stability and balance of oil markets and addressing future challenges, in coordination with member states of the bloc.

Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7 percent in 2024, following an increase of 3 percent and 7 percent respectively in 2023. Increases will challenge construction firms, which will need to develop new processes and capabilities to...

China last year recorded one of its worst annual growth rates since 1990, dampening hopes for a rapid economic recovery following the end of draconian Covid restrictions in late 2022. In January, consumer prices fell at their quickest rate in more than 14 years, piling pressure on the government to...

This is the bank's biggest net profit in 15 years.

Chief Executive James Quincey described consumers in North America as "holding up well," although he acknowledged "a little softening" through 2023 in the United States due to persistently higher prices that have pressured low-income shoppers. Coca-Cola projected 2024 revenue growth of six to seven percent when foreign exchange and the...

London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while awaiting revisions to US inflation data. Asia saw holiday-thinned trade, with investors there struggling to build on another record-setting day on Wall Street. "Today sees things slow down after a...

Group revenue dipped 0.8 percent to 59.6 billion euros.

The parliament ratified by a huge majority of 92 votes out of 133 an amendment to an article that prohibited the central bank from financing the public treasury. The new measure allows the central bank to lend the state US$2.2 billion to be repaid without interest in 10 years after...

The OECD raised its 2024 world economic growth forecast Monday but warned that the Middle East conflict posed a risk, with disruptions in Red Sea shipping threatening to increase consumer prices. Global growth "proved unexpectedly resilient" in 2023, reaching 3.1 percent as inflation declined faster than anticipated..

McDonald's cited war in the Middle East as a drag.

Istanbul, Turkey - Turkey's annual inflation rate stayed stable in January at nearly 65 percent, but month-on-month consumer price increases jumped sharply following a huge minimum wage hike, official data showed Monday. The year-on-year inflation rate moved to 64.86 percent -- up a notch from 64.77 percent in December, the TUIK...

Erkan resigned just a week after completing a historic series of interest rate hikes that have pushed the baseline rate from 8.5 percent to 45 percent. The bank said last week that it intends to keep rates high for the immediate future to make sure inflation is brought under control.

Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation Council (GCC) have announced decisions to hold their interest rates steady, mirroring the recent actions of the US Federal Reserve. This collective stance reflects a cautious approach to navigating the...

Geopolitical tensions, including the Russia-Ukraine conflict, Middle East unrest, and China-Taiwan ties are key economic disruptors, says Bill Browder of Hermitage Capital.

"Markets are eagerly anticipating today's meeting from the Federal Reserve with traders looking for signs over whether a March rate cut is plausible," said Joshua Mahony, chief market analyst at Scope Markets.

Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion kroner ($213 billion) last year, driven by tech stocks and a weak national currency. The fund's total value reached close to 15.8 trillion kroner last year. The 16.1 percent return...

Washington, United States -- The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as inflation edges closer to its long-run target of two percent. What is less clear, however, is when the first of those cuts will come. While the US central bank is...

The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published. The latest announcement will likely ensure the US central bank keeps interest rates on hold at its next decision announcement on Wednesday, as policymakers continue talks on when to start cuts.

The central bank is tipped to leave rates unchanged for a third consecutive meeting, keeping the benchmark deposit rate at a record four percent. The bank's governing council is expected to repeat that it considers rates are currently at levels that "will make a substantial contribution" to returning inflation to...

Egypt begins 2024 with steep increases in essential services' prices, exacerbating the economic strain on its citizens amidst a broader economic crisis.

A surge in tech titans including Apple, Amazon, Nvidia and Facebook parent Meta on Friday pushed New York's S&P 500 index to its first new all-time high since early 2022 thanks to bets on lower borrowing costs this year.

The Frankfurt institute is tipped to pause for the third meeting in a row following a historic run of hikes to tame runaway prices, leaving the benchmark deposit rate at four percent. ECB president Christine Lagarde said last week rates had likely reached their peak but that it was too...

Broader markets were also enjoying a day in the sun though traders struggled to maintain the morning's momentum. Tokyo put on more than one percent thanks to the weaker yen as data showing Japanese inflation slowing eased pressure on the country's central bank to shift away from its ultra-loose monetary...

Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last year, propelled by the gradual increase in domestic demand and with more stimulus policies in the offing, China Daily reported, citing officials and economists on Wednesday. Economists said the country...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at the end of November 2023, marking a significant surge in its financial strength. This impressive growth is revealed in the bank's latest balance sheet report. The report highlights a robust...

The country's national bureau of statistics said that GDP grew 5.2 percent to hit 126 trillion yuan ($17.6 trillion) as the country battled a crippling property crisis, sluggish consumption and global turmoil. Official GDP figures remain a key source of insight into the health of the world's second-largest economy.

While inflation is on a general downward path, there is a worry that it could pop back up anytime, particularly with tensions in the oil-rich Middle East showing no sign of calming.

Riyadh, Saudi Arabia -- Saudi Arabia’s inflation declined to 1.5 percent in December 2023, compared with 1.7 percent in November, according to recent data by the General Authority for Statistics (GASTAT).  The cost-of-living index for December rose to 110.15 points, according to the base year 2018, from 108.53 points in the same month...

Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as the global economy continues to grapple with headwinds from tight financial conditions, geopolitical rifts and rapid advances in generative artificial intelligence (AI). More than half of chief economists (56%) expect...

Washington, United States - The IMF's executive board approved an immediate disbursement of around $700 million for Pakistan Thursday as part of a program to support the cash-strapped South Asian country through an economic crisis. The funds were unlocked after the International Monetary Fund board approved the first review of a...

Washington, US - Consumer inflation in the United States rose more than anticipated in December, government data showed Thursday, underscoring the bumpy road to cooling price increases as the presidential election looms. The Department of Labor's consumer price index (CPI), a key measure of inflation, was up 3.4 percent from a...

Its net profit fell 7.29% Y-o-Y in the three months to December.

WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to 3.7 percent in 2024 and to 3.8 percent in 2025. According to the Global Economic Prospects report released on Tuesday, the World Bank forecast the growth in the Gulf Cooperation...

Hong Kong, China - Asian markets stumbled out of the gates Monday, extending last week's grim start to the year, after a forecast-busting US jobs report further dampened hopes for an early interest rate cut. The keenly awaited non-farm payrolls data Friday showed the world's number one economy remains resilient despite...

Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same rate as last year. QNB, in its weekly commentary, said, "There is no doubt that expectations for 2024 were influenced by the experience of investor sentiment from 2023, when negative...

The data supports comments by European Central Bank (ECB) chief Christine Lagarde, who has warned that Europe should remain on guard despite falling inflation.

World food prices fell in 2023, with considerable declines for grains and oils as supply concerns eased, the UN's Food and Agriculture Organization said. The FAO's cereals price index fell 15.4 percent last year, "reflecting well supplied global markets" compared to 2022, when prices soared after Russia's invasion of Ukraine,...

Turkey's official annual inflation rate ticked up to 64.77 in December, from 61.98 percent in November. But the month-on-month pace of increases of 2.93 percent was the smallest of the past six months.

Following record highs in 2023 for the likes of Paris, Frankfurt and Tokyo, investors are predicting more gains as central banks prepare a series of interest-rate cuts as inflation cools. Oil prices rallied 2.5 percent on supply concerns after Iran dispatched a warship to the Red Sea in response to...

The launch comes a decade after the social benefits program was proposed, and as part of an overhaul of social services announced in 2020 by King Mohammed VI. Government aid so far has been indirect, with the state subsidizing some goods but not offering payments to low-income people.

According to the Kuwait Central Statistical Bureau, the upward trend was mainly attributed to rising prices across all major groups impacting key indices, especially food, education, and clothing. The food and beverages sector experienced the most notable increase, with its index surging by 5.81% in November compared to the same...

Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister of Finance. In a press conference on Thursday, the minister said that the inflation witnessed in Qatar in 2023 was temporary and associated with a specific period and reasons, such...

Cairo, Egypt – The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) has kept the current key interest rates unchanged in its final meeting of 2023.  The decision leaves the overnight deposit rate at 19.25 percent, the overnight lending rate at 20.25 percent, the main operation rate...

The outcome of the December 10-12 poll was widely expected after the former army chief with a fondness for infrastructure mega-projects campaigned against a small field of relative unknowns. It secures 69-year-old Sisi his third and, according to the Egyptian constitution, final term in office, starting in April and set...