Business

Turkish Central Bank Holds Interest Rates in Surprise Move

ISTANBUL, Dec 22 – Turkey’s central bank left its main one-week repo interest rate unchanged at 7.5 percent on Tuesday, a surprise move likely to heighten concern about threats to its independence and heap more pressure on a struggling lira currency. Analysts and investors have repeatedly called for a rate hike to rein in inflation

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Prospects Still Slim for Major Global Economic Pickup

By Ross Finley, Silvio Cascione and Rahul Karunakar LONDON/BRASILIA/BENGALURU, Dec 20 – The world economy may be set for another year like 2015, with modest growth in developed economies offsetting persistent weakness elsewhere but generating very little inflation and keeping interest rates low. The U.S. Federal Reserve’s long-awaited rise in rates from zero showed confidence

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Switzerland Freezes Millions of Swiss Francs in FIFA Case

ZURICH, Dec 17 – The Swiss Justice Ministry has frozen millions of Swiss francs related to world soccer body FIFA, a spokesman said on Thursday, confirming a media report. World soccer’s governing body is suffering the worst corruption scandal in its more than 100-year history, with 41 entities and people including soccer bosses from throughout

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Number of Women Billionaires on the Rise

By Fathin Ungku SINGAPORE, Dec 15 (Reuters) – The number of women billionaires in the world is rising fast, with a growing number of them from Asia and self-made, Swiss bank UBS Group AG said in a study released on Tuesday. There are nearly seven times more women billionaires than 20 years ago and their

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South Africa’s Rand Gains After Gordhan Named as Finance Minister

By Tiisetso Motsoeneng and Nqobile Dludla JOHANNESBURG, Dec 14 – South Africa’s rand leapt on Monday after President Jacob Zuma named Pravin Gordhan as finance minister, seeking to draw a line under days of market turmoil that have triggered calls for him to stand down as leader. Zuma appointed the widely respected Gordhan late on

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Airline Profits to Hit Record Levels on Low Oil

GENEVA, Dec 10 (Reuters) – Low oil prices and healthy demand for travel will boost airline profits again in 2016, the International Air Transport Association said on Thursday. IATA, which represents almost 260 airlines accounting for 83 percent of global air traffic, said net profits would reach record levels of $36.3 billion in 2016 after

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UAE’s Landmark Group Dumps Trump Products over Muslim Ban Call

DUBAI, Dec 9 – Dubai-based Landmark Group, one of the Middle East’s largest retail firms, said it was pulling Donald Trump products off its shelves in response to the Republican presidential front-runner’s call for a ban on Muslims entering the United States. Landmark and DT Home Marks International LLC have an exclusive deal to sell

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Saudi-Iran Rivalry Sets Scene for OPEC Showdown Over Output

By Alex Lawler, Vladimir Soldatkin and Shadia Nasralla VIENNA, Dec 7 (Reuters) – It used to be said of OPEC that it was like a teabag – it only worked in hot water. If that is so, conditions on world oil markets could hardly be more difficult as prices languish at almost seven-year lows near

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Global Economy: A Not-Entirely-Dead Week

By Jeremy Gaunt LONDON, Dec 6  – The calm before the storm? Here comes the “dead week” before the U.S. Federal Reserve raises interest rates for the first time since June 2006 – nine and a half years ago. It will be a week of last-minute positioning by financial markets before the expected hike on Dec. 16

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