Business
Turkey: Lira Nears Record Low
Turkey's lira edged close its all-time low on Friday, driven by fleeing foreign investors but mitigated by local bargain hunting, a day after the central bank unexpectedly cut interest rates and gave little hint how low it could go. The currency - prone to sharp swings and an emerging-markets lag
Nike Warns on Holiday Delays, Cuts Full-Year Sales Estimate
Nike Inc on Thursday cut its fiscal 2022 sales expectations and said it expects delays during the holiday shopping season, blaming a supply chain crunch that has left it with soaring freight costs and products stuck in transit. Months-long factory closures in Vietnam, where about half of all Nike
Turkey’s sectoral confidence indices send mixed signals in September
Turkey’s retail trade and services sectoral confidence grew in September while construction deteriorated month-on-month, official data showed Friday. The confidence index for retail trade jumped 4.8% on a monthly basis to 115.6 in September, as indices of current stock volumes and business
UAE seeks high-level atomic energy cooperation with South Korea
The United Arab Emirates has opened bilateral talks with South Korea in a bid to boost atomic energy cooperation, the UAE foreign ministry said today. According to the National, Park Il, the Director-General of South Korea's Nuclear Affairs Ministry, met with the CEO of the UAE's Barakah One
Volkswagen to build new EV battery system factory in China
Volkswagen AG said on Thursday it is building a new electric vehicle (EV) battery system factory in eastern China's Hefei city which will start production in 2023. The German automaker is building a factory for electric vehicles under a majority-owned venture with JAC in the Hefei city. It also h
European stocks rally for third day, Evergrande shares surge 30% in Asia
European stocks rallied for a third day as the global mood brightened on easing concerns about cash-strapped developer China Evergrande, while investors awaited the latest batch of business surveys. The pan-European STOXX 600 index rose 0.6 percent earlier today and was now set to end the we
UK warns its food industry to prepare for CO2 price shock
Food producers across the United Kingdom were warned on Wednesday to prepare themselves for a 500% rise in carbon dioxide prices after the government extended emergency state support to avert a shortage of poultry and meat triggered by soaring costs of wholesale natural gas. Natural gas prices ha
BOJ keeps policy steady, offers bleaker view on exports, output
The Bank of Japan (BOJ) on Wednesday kept monetary policy steady but offered a bleaker view on exports and output as Asian factory shutdowns caused supply bottlenecks. It also maintained its optimism that robust global growth will keep the economic recovery on track. BOJ Governor Haruhiko Kuroda
Soaring gas prices come as one more headwind for world economy
The global economy which had just started getting back on its feet after the coronavirus shock may face another blow, a near-term spike in inflation as a result of soaring gas prices that threaten to push up winter fuel bills and hurt consumption. The gas market chaos, which has driven price
French virtual football stickers startup Sorare valued at $4.3B
Sorare, a French gaming startup that offers users the chance to collect and trade virtual football trading cards, has raised a record $680 million, the company said Tuesday. The investment pushed the group's value through the roof, hitting nearly $4.3 billion. The amount of money raised in a sin
UK does not expect gas supply emergency as prices rise
The government of the United Kingdom ruled out the chances of a winter gas supply emergency as soaring prices threaten energy groups, Business Secretary Kwasi Kwarteng insisted on Monday. "We have sufficient capacity, and more than sufficient capacity, to meet demand and we do not expect supply e
Russia extends embargo on foods from the EU, US and others
Moscow extended an embargo on foods from the United States and the European Union until December 2022, in response to several countries' sanctions on Russia, according to a decree by President Vladimir Putin published on Monday. The import ban on dairy products, meat, fruit and vegetables, introd
THY manages COVID-19 crisis through own resources: CEO
The national flag carrier Turkish Airlines is hopeful it will enjoy a rebound next year but is expecting the next three months to be challenging, stemming from the delta variant, according to its chairperson. “There will be really challenging times for the next three months, yes, because of
Initial unit of Turkey’s Akkuyu NPP to be completed by May 2023
President Recep Tayyip Erdoğan said Friday that the initial unit of Turkey’s first nuclear power plant, Akkuyu, would be completed by May 2023. Erdoğan’s remarks came at a meeting in the southern Mersin province after he paid a visit to the construction site of the Akkuyu Nuclear Powe
Taiwan vows to take China to WTO amid new spat over fruit
Taiwan threatened to take China to the World Trade Organization (WTO) on Sunday after Beijing said it would suspend sugar apple and wax apple imports from the island on pest concerns, in the latest spat between the two over fruit. Relations between Taipei and Beijing, which claims democratically
'Skinny House': Boston's narrowest property sells for $1.25 million
Afamed home in Boston’s North End has sold for $1.25 million despite its notably small stature. While the neighbourhood features some of the US city’s oldest buildings and a number of historic sites, it’s the unique shape of the newly sold house that’s always been its main
New Hugo Boss CEO Wants to Buy More Brands to Grow
New Hugo Boss chief executive Daniel Grieder wants to buy other brands in order to grow the German fashion house, he was quoted as saying in an interview with Manager Magazin. The German label, which had been struggling to revive its business for years before being hammered by the COVID-19 pandem
Iran’s Petrochemical, Fuel Sales Boom as Sanctions Hit Crude Exports
Iranian fuel and petrochemical exports have boomed in recent years despite stringent US sanctions, leaving Iran well placed to expand sales swiftly in Asia and Europe if Washington lifts its curbs, trading sources and officials said. The US imposed sanctions on Iran’s oil and gas industry i
