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Turkey surprises with huge interest rate hike
Turkey's central bank on Thursday delivered a huge surprise by raising the interest rate to 25 percent as part of a transition from President Recep Tayyip Erdogan's era of unorthodox economics. Erdogan fired one central banker four months into his attempts to interest raise rates in late 2020 and early 2021.
BRICS announces 'historic' admission of six new members
BRICS leaders announced on Thursday the "historic" admission of six new countries from next year as the club of large and populous emerging economies seeks to reshape the global order. The bloc is a disparate mix of big and small economies, democratic and authoritarian states, and the candidates seeking membership and those admitted to the club also reflect this variety.
Historic UK codebreaking base to host 'world first' AI safety summit
Britain will host a two-day international summit in November to explore how artificial intelligence can be safely developed, the government said on Thursday. "To fully embrace the extraordinary opportunities of artificial intelligence, we must grip and tackle the risks to ensure it develops safely in the years ahead," British Prime Minister Rishi Sunak said in a statement.
Google unveils changes before strict EU rules kick in
Google vowed Thursday to be more transparent about content moderation across its services, including its ubiquitous search engine, as tech firms rush to meet stricter European Union rules that kick in this week.
UK retailer Wilko's administrators warn of job losses
The administrators of British household goods company Wilko have said there will "likely" be redundancies and store closures after they were unable to find a buyer for the whole business. Wilko has appointed PricewaterhouseCoopers as administrators of the distressed company, founded in 1930 with headquarters in the town of Worksop, central England.
Asia tracks Wall St surge as traders welcome US data, Nvidia results
Asian markets rose again Thursday after soft US and European economic data soothed recent fears that central banks will hike rates further, while tech firms were given a boost by forecast-busting earnings from AI chip titan Nvidia.
Inflation or politics? Argentina hit by wave of looting
Argentina has been hit by a wave of looting that has ratcheted up political tensions ahead of October elections as the country grapples with 113 percent annual inflation. But while some attribute the plundering to the current economic crisis, others see it as an orchestrated effort to destabilize the country ahead of October 22 elections.
AI chip giant Nvidia crushes expectations as profits soar
US chip giant Nvidia, whose products play a crucial role in artificial intelligence systems, crushed expectations on Wednesday, as the AI frenzy continues to lift the tech sector. Nvidia's quintessential position in delivering artificial intelligence has made it a bellwether on the generative AI frenzy that took hold of the tech world after the release of ChatGPT late last year.
IMF approves $7.5 billion for Argentina despite poor progress
The International Monetary Fund's (IMF) executive board has approved a $7.5 billion disbursement for Argentina despite Buenos Aires missing key financial targets as it grapples with a prolonged economic crisis, the IMF said Wednesday.
AFP
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