Turkey's newly appointed Finance Minister Mehmet Simsek said on Sunday that the country has no choice but to return to "rational ground" to ensure predictability in the economy. President Tayyip Erdogan named Simsek to his cabinet on Saturday to tackle Turkey's cost-of-living crisis and other stra
World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to "double down" on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems. According to Reuters, on his first day in the job, the former Mastercard C
Pakistan saw a record high inflation of 37.97 per cent year on year in May, the Pakistan Bureau of Statistics (PBS) has said. Inflation in May increased by 1.58 per cent month on month with the food price hike remaining as the major driver behind the rise, the agency said in a statement on Thursda
Although Finance Minister AHM Mustafa Kamal has considered inflation control as one of the big challenges, he wants to keep already-runaway price increases within a 6.0-per-cent limit in the next fiscal year with no brand-new strategy. "The adjustment of fuel prices in the domestic market and gove
Taiwan and the United States will sign the first deal under a new trade talks framework on Thursday, both governments said, boosting ties between the two at a time of heightened tensions with China over the democratically-governed island, reports Reuters. Taiwan and the United States started talks
Foreign ministers from the BRICS countries are meeting in South Africa from Thursday as the five-nation bloc seeks to forge itself into a counterweight to Western geopolitical dominance in the wake of Russia's invasion of Ukraine. The talks are a prelude to an August summit in Johannesburg that ha
Sri Lanka's central bank cut its key interest rates by 250 basis points on Thursday as inflation eased, signalling that the South Asian nation was emerging from a devastating financial crisis and ready for a rebound in growth. The Central Bank of Sri Lanka (CBSL) cut its standing deposit facility
China's factory activity shrank faster than expected in May on weakening demand, heaping pressure on policymakers to shore up a patchy economic recovery and knocking Asian financial markets lower. The official manufacturing purchasing managers' index (PMI) fell to a five-month low of 48.8, the Nat
The Asian Development Bank (ADB) on Monday approved a $350 million special policy-based loan to provide budget support to Sri Lanka for economic stabilisation, the regional lender said in a statement. The programme is part of a broader package of financial assistance anchored by the International
Turkey's lira slipped towards a fresh record low against the dollar as President Tayyip Erdogan secured victory in the country's presidential election on Sunday, extending his increasingly authoritarian rule into a third decade. The currency hovered above the 20.00 to the dollar threshold as tradi
India's economy will grow about 6.0% this fiscal year with a small increase in private investment, according to a Reuters poll of economists who said lower growth and high inflation were the biggest risks to the outlook. While that was expected to be faster than other major economies, India
Economic and trade development in the Asia-Pacific still faces many disturbances and challenges, China's commerce minister Wang Wentao said, reports Reuters. Wang made the comments at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, where he met with several leaders and ex
Speakers at a conference on Wednesday laid emphasis on exploring the vast untapped potential in SAARC region. They observed that the SAARC has low intra-regional trade of five per cent which means there is still vast untapped potential. "It is more important than ever we must recognise the signif
