With inflation rising sharply, and the Federal Reserve raising interest rates, the United States is facing an increased risk of a downturn, IMF Managing Director Kristalina Georgieva said Friday. But any temporary pain caused by a recession would be "a necessary price to pay" to defeat damaging inflation, she said.

British economic output declined for the second month in a row in April, weighed down by rocketing prices that are causing a cost-of-living crisis for millions of Britons.

Turkey's inflation climbed to its highest level since 1998, hitting an annual 73.5 percent in May, official data showed Friday, an issue dogging President Recep Tayyip Erdogan ahead of elections next year. Critics have blamed the country's economic woes on Erdogan's unorthodox economic policy of pushing for lower interest rates...

Gold consumption in the GCC region reached 47 tons in the first quarter of 2022, up 18 percent from the prior year. UAE consumption reached 12.50 tons in Q1 2022.

More than 100 lawsuits had been filed against GT by workers, along with three contempt-of-court charges against Yunus and another manager.

The pullback came as US Federal Reserve meeting minutes showed several officials at the central bank favoring a hike in interest rates by half a percentage point.

Four Gulf Arab central banks followed in the footsteps of the US Federal Reserve and raised interest rates by a quarter percentage point for the first time since 2018.

Traders were given a much-needed shaft of light on Wednesday when the Fed boss eased concerns over its plans for tightening policy.

Murat Cetinkaya, who was appointed to the role in April 2016, has been replaced by Murat Uysal, according to the decree published in the official gazette.

The ECB's 25-member governing council is widely expected to hold interest rates at historic lows and leave its massive bond-purchasing schemes unchanged at the upcoming meeting