LONDON (Reuters) – Analysts at leading investment banks expect Turkey’s new economic chiefs to start ramping up interest rates next week as part of a major reset of the country’s economic policies. President Recep Tayyip Erdogan, re-elected last month, has just appointed former U.S. banker Hafize Gaye Erkan as the new central bank governor. She…
By Milounee Purohit BENGALURU (Reuters) – The Bank of Canada will raise interest rates again in July to 5.00% after a surprise 25 basis point increase last week, according to economists polled by Reuters, who unanimously said the main risk was the central bank might have to do more. In the run-up to the BoC’s…
By Nayera Abdallah and Nadine Awadalla CAIRO (Reuters) – Egypt is allocating 127.7 billion Egyptian pounds ($4.14 billion) for its sprawling food subsidy programme out of a 3 trillion pound budget for the financial year starting on July 1, a document seen by Reuters on Tuesday showed. Egypt, a nation of 105 million people, is…
By Winni Zhou and Tom Westbrook SHANGHAI/SINGAPORE (Reuters) – China’s central bank lowered a short-term lending rate for the first time in 10 months on Tuesday, to help restore market confidence and prop up a stalling post-pandemic recovery in the world’s second-largest economy. The cut to the lending rate signals possible easing for longer-term rates…
(Reuters) – Accenture said on Tuesday it will invest $3 billion over three years into its data and AI practice, doubling the number of employees that are working with the cutting-edge technology at the IT consulting firm. The company, which consults and services various clients on generative AI projects, said it will have 80,000 people…
By Chris Taylor NEW YORK (Reuters) – For American kids, summer camps can conjure up some idyllic experiences: Canoeing on lakes, munching on s’mores by campfires. For parents trying to get their kids into popular camps, the vibe can be a little different: More like “The Hunger Games.” Just ask Ellen Sheng, a writer and…
By Ariba Shahid and Asif Shahzad ISLAMABAD (Reuters) -Pakistan paid for its first government-to-government import of discounted Russian crude oil in Chinese currency, the South Asian country’s petroleum minister said on Monday, a significant shift in its U.S. dollar-dominated export payments policy. Discounted crude offers a respite as Pakistan faces an economic crisis with an…
By Helen Reid LONDON (Reuters) – IKEA is training call centre workers to become interior design advisers as the Swedish furniture giant aims to offer more home improvement services and hand run-of-the-mill customer queries to an artificial intelligence bot called Billie. In April, IKEA expanded its interior design services to the UK and United States,…
By Judy Hua and Kevin Yao BEIJING (Reuters) – China’s new bank loans picked up in May from the previous month, as the central bank kept policy accommodative to support the economy, but signs of slowing momentum have raised expectations that more stimulus may be needed to sustain the recovery. The weaker-than-expected credit data could…
BERLIN (Reuters) -A modest improvement in investor morale in June fuelled hopes on Tuesday that Germany’s current recession could be a mild one, but economists were quick to warn that there was no considerable turnaround on the horizon. The ZEW economic research institute’s economic sentiment index remained in negative territory at -8.5 points in June,…
