The European Central Bank left interest rates unchanged at its meeting on Thursday, bringing an end to a series of hikes that started in July last year. Policymakers had raised rates at each of their last 10 meetings as they sought to rein in soaring inflation driven in large part by surging energy prices in the wake of Russia’s invasion of Ukraine. But ebbing price pressures and signs of we
Turkiye’s central bank sharply lifted its policy rate for the fifth month running on Thursday as part of its politically charged battle against historically high inflation rates. The bank said it was taking its main lending rate to 35 per cent from 30pc because “inflation readings were above expectations” over the past three months. Its statement also retained a pledge to raise rates further
Oil prices fell more $2 a barrel on Thursday as fears of a wider Middle East conflict eased at the same time that US demand showed signs of weakening. Brent crude futures were down $2.28, or 2.53 per cent, at $87.85 a barrel by 12:40pm CDT (1740 GMT), having settled nearly 2pc higher on Wednesday. US West Texas Intermediate crude futures slid by $2.10, or 2.41pc, to $83.29 a barrel. Fears of
After failing to get any buyer for the Pakistan Steel Mills (PSM), the government has decided to revive the country’s largest steel production unit through the Ministry of Industries and Production. The Senate Standing Committee on Industries and Production was informed on Thursday that three out of four Chinese companies vying for PSM withdrew their interests. MQM’s Khalida Ateeb, chairpers
The first quarter of the current fiscal year witnessed a marginal growth of three per cent in exports to nine regional countries, mainly driven by an increase in shipments to China, data compiled by the State Bank of Pakistan showed on Thursday. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives rose to $981.39 million in July-Septemb