Turkey is set for a presidential election runoff, with current president Tayyip Erdogan and opposition rival Kemal Kilicdaroglu both claiming the lead, but neither expected to clear the 50% threshold required for an outright win. Early results showed Erdogan ahead, but as the count continued, his advantage eroded, and a runoff on May 28 is
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Crypto companies, including Coinbase and Ripple, are threatening to leave the US as the Securities and Exchange Commission (SEC) increases pressure on the industry to comply with securities laws. Executives are hoping that their threats will be taken seriously and that regulators will soften their hard line. Despite crypto watchers viewing these threats as bluffs,
The presidential election in Turkey is likely to go into a runoff as neither the 20-year incumbent, Recep Tayyip Erdogan, nor his challenger, Kemal Kilicdaroglu, has secured an outright win. The Turkish election comes at a crucial time for the divided nation of 85 million people. With a struggling economy, mounting tensions with Russia and
After five days of fighting between Israel and Palestinian Islamic Jihad, the two sides have agreed to a ceasefire mediated by Egypt. The ceasefire is set to begin at 10 p.m. local time. An official from the United States and an official from Israel both confirmed the agreement. Mohamad al-Hindi expressed appreciation for the continuous
The S&P 500 has been confined to a tight range for the past few months, causing concern among investors and analysts. Many believe that the benchmark is overly dependent on a handful of giant growth stocks, leaving the majority of the market to languish. While there are some familiar echoes of past traumatic market episodes,
Hyundai Motor Company is planning to increase its production capabilities as it aims to be one of the world’s top three electric vehicle (EV) manufacturers by 2030. The company is investing heavily in research and development, expanding its EV lines, building new plants and platforms, and increasing production capacity. The automaker is now developing two
China’s consumer price index rose 0.1% in April year-on-year, marking its slowest growth since early 2021. However, prices declined by 0.1% month-on-month. Economists surveyed by Reuters had predicted consumer prices would rise by 0.4% from a year ago and remain unchanged from the previous month. April’s reading follows China’s inflation rate easing to 0.7% in
SoftBank, a Japanese conglomerate, announced a record loss for its Vision Fund for the fiscal year ending on March 31. This comes despite a recent rally in tech stocks, which has not helped the company’s flagship investment unit. Vision Fund Performance The Vision Fund segment of SoftBank posted a loss of 4.3 trillion Japanese yen
In a move to tame stubbornly high inflation, the Bank of England raised interest rates by 25 basis points. The Monetary Policy Committee voted in favor of the quarter-point increase, taking the main bank rate from 4.25% to 4.5%. The headline consumer price index rose by 10.1% in March, driven by high food and energy
The Bank of England (BOE) has defended its decision to upgrade the UK’s growth forecast, which it called its “biggest upgrade” ever. BOE Governor Andrew Bailey said the change reflected the rapidly shifting economic landscape. The bank had previously predicted the longest-ever recession in the country, but now believes that the UK will not enter