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Turkey's credit rating has been upgraded by S&P Global Ratings for the second time this year, moving to BB- with a stable outlook, driven by reserve accumulation and disinflation. Despite the upgrade, the rating remains three levels below investment grade.
Tether, the $120 billion stablecoin, is experiencing increased usage in Europe, the Middle East, and Africa amid growing scrutiny in the US. Data from Chainalysis reveals a surge in digital wallet activations during late morning to afternoon hours in cities like Moscow, Tehran, Kigali, and Istanbul.
Istanbul is set to offer free public transport to unemployed residents to facilitate job searches, a policy announced by Mayor Ekrem İmamoğlu. This initiative, which will provide 96 free rides over three months to registered job seekers, comes amid rising transit costs and a significant unemployment rate. Similar programs have been implemented in various cities worldwide.
Pakistan International Airline (PIA) received a single bid of $36 million from Blue World City for a 60% stake, far below the government's minimum expectation of $306 million. The real estate group plans to revive the airline by leasing aircraft and seeking financial backing from Chinese and Turkish investors. Despite the bid, shares of PIA initially rose but ultimately fell by 5% by the end of the trading session.
Insider, a global marketing technology platform co-founded in Istanbul in 2012, has secured $500 million in a funding round led by General Atlantic. This investment will facilitate the company's expansion in the US, following a valuation of nearly $2 billion in its previous financing round. The current valuation remains undisclosed.
Serbia's President Aleksandar Vucic adeptly navigates the nation's foreign policy, balancing ties with both the EU and Russia. While benefiting economically from EU investments, Serbia continues to supply Ukraine with weapons indirectly and maintains close cooperation with Moscow, including a recent gas supply contract. Despite EU pressures for democratic reforms, Vucic's administration seeks to leverage its strategic position between East and West.
Astaris SpA has halted the sale of its 18.1% stake in a multibillion-dollar toll road and suspension bridge project in Turkey. The decision follows bids that fell significantly short of the €405 million ($440 million) valuation the company had set for its holding.
Chinese EV maker BYD surpassed Tesla in quarterly revenue for the first time, reporting 201.12 billion yuan ($28.24 billion) for Q3, a 24% increase year-on-year, compared to Tesla's $25.18 billion. Despite this, Tesla led in net profit with $2.18 billion, while BYD's profit rose to 11.6 billion yuan. The competitive landscape intensifies as the EU imposes tariffs on Chinese EVs, prompting both companies to expand production in Europe.
The US Treasury has sanctioned two Swiss lawyers for allegedly helping Russian clients evade sanctions by creating companies and trusts. This action highlights concerns over loopholes in Swiss law that allow lawyers to operate without due diligence, facilitating illicit financial activities. The sanctions are part of a broader effort to disrupt networks supporting Russia's military operations amid ongoing international tensions.
Jumia Technologies AG and Turkey’s Hepsiburada have partnered to enhance their e-commerce presence in Africa. The collaboration will focus on introducing Turkish brands, private-label products, and retail offerings across the continent, as stated by Jumia's Chief Commercial Officer, Hisham El Gabry.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Turkey receives second credit rating upgrade from S&P this year
22:19 01.11.2024
tether usage rises in europe and middle east amid us scrutiny
10:00 01.11.2024
Istanbul offers free public transport to support unemployed job seekers
05:58 01.11.2024
Pakistan International Airline receives single bid far below expected price
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05:45 01.11.2024
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serbia navigates complex ties between the eu and russia
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14:01 31.10.2024
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07:23 31.10.2024
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17:38 30.10.2024
jumia and hepsiburada partner to expand e-commerce in africa
13:00 30.10.2024
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