Cash-strapped Sri Lanka sharply hiked fuel prices yesterday to a record high, causing further pain to the country’s 22 million people in its worst crisis since independence.
Turkey’s wheat production is expected to increase by 17.6 percent this year from 2021 to 20 million tons, according to a report by the country’s grains council (UHK).
The government is looking at ways to bring high rent increases under control, focusing on different options such as introducing a cap and fines.
Some 2.6 million foreign tourists visited Turkey in April, pointing to a strong 226 percent increase from a year ago.
Policymakers at Turkey’s Central Bank are set to meet later this week to decide on the key interest rate.
When New Delhi banned wheat exports as prices soared over Russia’s invasion of Ukraine it provoked consternation abroad and drove the cereal even higher.
Spain on Saturday eased Covid entry rules for unvaccinated tourists from outside the European Union, in a boost for the key tourism sector ahead of the peak summer holidays.
Russian authorities have allowed Turkish carriers to launch more flights between the two countries as peak tourism season nears, with two-thirds of flights being allocated to Turkish commercial airlines.
The head of baby formula manufacturer Abbott apologized Saturday to US families affected by the shortage of the essential supply.
China on May 20 announced it would cut a key interest rate as the country fights to boost its virus-hit economy and Covid-19 restrictions rip across major cities.
British retail sales unexpectedly rebounded in April, data showed on May 20, but remain on a long-term downward trend amid a cost-of-living crisis that saw inflation rocket to a 40-year high.
Ukrainian shoppers have started to return to Istanbul’s commercial Laleli quarter, raising hopes among local businesses.
In the face of rising construction costs and strong demand, house prices in Turkey have increased by 147 percent in April from a year ago.
The consumer confidence index inched up 0.4 percent rising from 67.3 in April to 67.6 in May, data from the Turkish Statistical Institute (TÜİK) have shown.
Turkey’s locally developed car Togg will appear on the country’s roads starting March 2023, the company executive has said.
The draft law that is expected to be submitted to parliament by June at the latest foresees large tax exemptions for companies that will operate in the Istanbul Finance Center (IFC).
ECONOMY
