Economy

Turkey delivers another major interest rate hike
Turkey delivers another major interest rate hike

Turkey's central bank on Thursday surprised the market with a larger-than-expected interest hike as it ramped up its fight against inflation and efforts to support the slumping lira. And Erkan has been trying to calibrate rate hikes to levels that both fight inflation and avoid infuriating Erdogan.

The economy, stupid? UK PM Sunak's 'only' chance of re-election
The economy, stupid? UK PM Sunak's 'only' chance of re-election

UK leader Rishi Sunak's hopes of turning around his beleaguered Conservative party's fortunes before a likely general election next year hinge on a British economic recovery, observers say. However, it forecast that economic output would grow by just 0.7 percent next year, sharply down from a previous prediction of a solid 1.8-percent expansion.

Tesla's Musk says fallout from Sweden strike 'insane'
Tesla's Musk says fallout from Sweden strike 'insane'

Tesla chief executive Elon Musk broke his silence Thursday on a strike against his company in Sweden, saying it was "insane" that it may block new car deliveries. Replying to a user posting about the issue on X, formerly Twitter, Musk, who had not publicly reacted to the strike previously, said simply: "This is insane."

Oil firms face 'moment of truth' in climate crisis: IEA
Oil firms face 'moment of truth' in climate crisis: IEA

Oil and gas firms will face a crucial choice at UN climate talks next week between contributing to the climate crisis or embracing the clean energy transition, the International Energy Agency said Thursday. "Producers must choose between contributing to a deepening climate crisis or becoming part of the solution by embracing the shift to clean energy," the IEA said.