The economic challenges facing Turkish banks are expected to persist throughout the next year, according to Hakan Aran, the chief executive of Isbank, Turkey’s largest private bank by assets. These challenges stem from the country’s ongoing economic transformation, which has been characterized by high inflation and tightening measures implemented by Turkish authorities to stabilize the
Economy
Pavel Durov, the billionaire founder and CEO of the popular messaging app Telegram, was reportedly arrested at the Bourget airport outside Paris. According to TF1 TV and BFM TV, the arrest was made on Saturday evening. The investigation is said to be focused on the lack of moderators on the Telegram platform, with authorities suggesting
The recent arrest of Pavel Durov, the billionaire founder and CEO of the popular messaging app Telegram, at the Bourget airport outside Paris has sent shockwaves through the tech world. Durov, who is particularly influential in Russia and the former Soviet Union republics, was reportedly targeted by an arrest warrant issued in France as part
Prime Minister Keir Starmer is set to address the nation next week, cautioning the British public that addressing the multitude of problems plaguing the country will not be a quick fix. He acknowledges that “things will get worse before we get better,” emphasizing the need for patience and resilience as his government works to tackle
Brazil’s central bank chief, Roberto Campos Neto, recently expressed concerns about the market’s response to recent volatility. He suggested that the market may be indicating a reduced scope for fiscal and monetary interventions in the future. This observation raises questions about the effectiveness of current economic policies and their ability to address potential challenges. Impact
Wall Street’s stock indexes soared on Friday, thanks to Federal Reserve Chair Jerome Powell’s remarks about the necessity of reducing interest rates. The S&P 500 index approached a record high, hinting at a favorable outlook for investors. Powell’s endorsement of imminent policy easing, given the risks in the job market and the approaching inflation target
The recent rail stoppage in Canada has raised concerns among economists and analysts regarding the potential economic impact on the country. With Canada’s two biggest freight rail operators, Canadian National Railway and Canadian Pacific Kansas City, halting operations due to a labor dispute, the implications for the economy could be significant. While some experts believe
In the current financial landscape, the dollar has shown significant weakness compared to other major currencies such as the euro. This can be attributed to various factors, one of which is the anticipation of revised U.S. payrolls data. The pressure on the U.S. currency has also been intensified by the decline in U.S. bond yields,
The anticipation of Federal Reserve Chair Jerome Powell’s speech at the end of the week has sparked a wave of optimism in global markets. Asian shares reached a one-month peak, while stock futures indicate a positive opening for London and New York. In a surprising turn, even Japan’s Nikkei index climbed to its highest level
The recent sinking of the luxury yacht Bayesian off the coast of Sicily has left a tragic aftermath with six people missing, including British tech entrepreneur Mike Lynch. The violent storm that struck the 56-meter-long sailboat led to the loss of one life on board and left authorities scrambling to locate the missing individuals. Among
The recent economic data from China has painted a grim picture, with indicators showing a further slowdown in the growth of the world’s second-largest economy. New home prices, industrial output, export, and investment growth have all faced setbacks, pushing policymakers to consider implementing more stimulus measures to reach the targeted growth rate of 5% for
Indonesia’s outgoing government recently submitted a 2025 budget plan to parliament, signaling a commitment to maintaining fiscal prudence under the next president. The budget proposal, prepared by ministers under outgoing President Joko Widodo and president-elect Prabowo Subianto’s economic team, aims for a narrower deficit of 2.53% of GDP next year, compared to this year’s expected