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Turkey's inflation rate hits fresh 24-year high
Turkey's inflation rate hits fresh 24-year high
Business and Economy
by  AFP

Turkish inflation jumped to a new 24-year high exceeding 83 percent in September, official data showed Monday, after the central bank cut interest rates despite surging prices. Turkey's monetary policymakers are bucking the global trend of central bank raising interest rates to combat inflation, as high borrowing rates cool down the economy and prices.

UK's new govt makes major tax U-turn after uproar
UK's new govt makes major tax U-turn after uproar
World
by  AFP

Britain's beleaguered finance minister on Monday announced a dramatic U-turn on a tax cut announced as part of an economic package that has bombed with the markets, electorate and his party. On the markets, Truss and Kwarteng's intention to pay for the tax cuts with billions more in extra borrowing had sent the pound tumbling and UK government bond yields soaring.

Biden heads to storm-hit Puerto Rico
Biden heads to storm-hit Puerto Rico
World
by  AFP

President Joe Biden and First Lady Jill Biden head to storm-ravaged Puerto Rico on Monday, in a bid to show solidarity with a US territory whose people have complained of neglect after past natural disasters. No details of the Bidens' trip have been announced, though visits to disaster zones are a customary duty of presidents.

US defense chief vows to help Taiwan defend itself
US defense chief vows to help Taiwan defend itself
World
by  AFP

The United States will help Taiwan "develop the capability to defend itself" from a Chinese invasion, Defense Secretary Lloyd Austin said on Sunday, stopping short of President Joe Biden's vow to send troops to the island. Austin told CNN he saw no "imminent threat" of a Chinese invasion of Taiwan.

Blinken to begin Latin American tour on Monday in Colombia
Blinken to begin Latin American tour on Monday in Colombia
World
by  AFP

US Secretary of State Antony Blinken begins a tour of Latin American countries on Monday in Colombia, at a time when several key regional allies have recently elected leftist presidents. In Bogota on Monday and Tuesday, Blinken -- making his second visit to Colombia as secretary of state -- will meet with President Gustavo Petro, who in early August became the country's first leftist president.

UAE's latest bet on tech: a ministry in the metaverse
UAE's latest bet on tech: a ministry in the metaverse
World
by  AFP

The United Arab Emirates, which already boasts the world's tallest skyscraper and has launched a bold Mars mission, now hopes to become a pioneer in the depths of the metaverse. The UAE, which has a history of bold projects including the 830-metre (2,723-foot) Burj Khalifa, hopes the metaverse can add $4 billion to annual GDP and 40,000 jobs to its workforce by 2030.

Tired of power cuts, blockaded Gaza turns to solar
Tired of power cuts, blockaded Gaza turns to solar
Business and Economy
by  AFP

Palestinians living in the Israeli-blockaded enclave of Gaza have long endured an unstable and costly electricity supply, so Yasser al-Hajj found a different way: solar power. For most of Gaza's 2.3 million residents, living under Hamas Islamist rule and a 15-year-old Israeli blockade, power cuts are a daily fact of life that impact everything from homes to hospital wards.