Crypto prices have recovered from a big dip earlier in the week, with bitcoin hitting a new high for 2023 on Friday. Bitcoin was last higher by 1.42% at $37,862.76 for the first time since May 2022, according to Coin Metrics. It’s on pace to end the week higher by 3.9%. Coin Metrics measures a
Somalia has joined the East African Community (EAC) in a move intended to boost economic growth in the country following three decades of war. President Hassan Sheikh Mohamud said joining the regional trade bloc was a “beacon of hope” for Somalia. He said it offered “hope for a future of opportunities and prosperity”. Somalia has
Nissan and its partners have announced a £2bn plan to build three electric car models at its Sunderland factory. The Japanese firm will build electric Qashqai and Juke models at the plant alongside the next generation of the electric Leaf, which is already produced there. The scheme could help preserve the jobs of about 6,000
The head of Indonesia’s anti-corruption agency has been named as a suspect in an extortion case. Police said there was enough evidence to link Firli Bahuri, chairman of the Corruption Eradication Commission (KPK), to corruption at the country’s ministry of agriculture. Former agriculture minister Syahrul Yasin Limpo was himself detained in a corruption case last
Turkey’s central bank has raised its main interest rate to 40% as part of a concerted campaign to tackle soaring inflation in the country. The rise, from the previous rate of 35%, was much greater than expected. But Turkey’s central bank suggested rates were approaching the level required to start lowering inflation. Inflation – which
The government is spending more on public services than it raises in tax. To bridge this gap it borrows money, but this has to be paid back – with interest – and that can influence wider tax and spending plans. Why does the government borrow money? The government gets most of its income from taxes.
The UK faces another five years of high interest rates to stem rising prices, according to the International Monetary Fund (IMF). The group expects the UK to have the highest inflation of any G7 economy in 2023 and 2024. What is the IMF? The IMF is an international organisation with 190 member countries. They work together
Elon Musk’s social media platform X has sued a left-leaning pressure group that accused the site of allowing antisemitic posts next to advertising. X’s lawsuit alleges that Media Matters for America “manipulated” data in an attempt to “destroy” the platform formerly known as Twitter. Firms including Apple, Disney, IBM and Comcast have paused adverts on
The chancellor is considering cutting inheritance and business taxes in next week’s Autumn Statement, we have been told. It is thought Jeremy Hunt’s decision will depend on the latest predictions from the UK’s main economic forecaster. A Treasury source said no final decisions had been made, but Mr Hunt refused to rule it out in
Temporary restrictions on how many planes can land or take off at Heathrow have been lifted, after a day of delays and cancellations at the airport. The UK’s air traffic services provider NATS said “staff absence and strong winds” had led to limits being imposed. Heathrow warned of “minor” changes to schedules but declined to
