Economy

Russian rouble dips near 10-month low vs US dollar

Moscow has been selling 8.9 billion roubles ($120.8 million) of foreign currency per day to plug a budget deficit that has soared because of lower oil and gas revenues amid the conflict in Ukraine.

New Zealand eyes closer Türkiye ties with Asia Anew economic initiative

Türkiye launched the Asia Anew initiative in 2019 to 'further enhance its relations with Asia, which is becoming the world’s economic center, in multiple dimensions.'

China's economy shows positive growth post new wave of infection

Domestic orders and consumption drove output higher, according to the first broad data indicating how quickly China is recovering from its Covid reopening wave.

Nigeria's new seaport expected to drive country's growth

Lekki Deep Sea Port is one of the biggest in West Africa and is expected to create hundreds of thousands of jobs in addition to easing cargo congestion that costs billions of dollars.

World Economic Forum returns to Davos: Why is it important?

After a gap of two years, world leaders, economists and other influential personalities are coming together again to help the world face some of the biggest challenges in decades.

Economists in Davos believe world will face recession in 2023 - report

Financial experts at the summit in Switzerland also say high inflation will slap Europe with 57 percent.

World's 1 percent rich swallows two-thirds of $42 trillion global wealth

Oxfam says that a 5 percent tax on billionaires and multi-millionaires of the globe could generate $1.7 trillion annually, which would be sufficient to bring 2 billion people out of poverty.

Sri Lanka to cut army by third after financial crisis

The island nation of 22 million people has been forced to cut back on government expenditure after it slid into a deep economic crisis last year when foreign exchange reserves dried up.

Swiss National Bank logs record $143 billion loss in 2022

The loss meant the central bank will not make its usual payout to the Swiss central and regional governments.

World average food prices hit highest in 2022

The UN food agency's average price index reaches the highest level on record as food prices surged after Russia's attacks on Ukraine in February last year.

Germany's industrial orders crash as foreign demands drop

Orders from countries in the eurozone dropped by 10.3 percent in November while it saw a 6.8 percent decline from global markets.

German suffers highest inflation level in over 70 years

Surging energy and food prices due to Russia's conflict with Ukraine saw full-year inflation reach a peak not seen since the 7.6 percent inflation recorded in 1951.