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UK unveils $3bn backing for Ukraine reconstruction
UK unveils $3bn backing for Ukraine reconstruction
Business and Economy
by  AFP

The UK will back Ukraine's economy to the tune of $3 billion over the next three years while it fights back against Russian forces, Prime Minister Rishi Sunak announced on Tuesday. Downing Street said Ukraine's GDP has taken a 29-percent hit since the start of the invasion in February last year, with Russia targeting the economy as well as its towns and cities.

Erdogan ally points to 'painful' Turkish rate hike
Erdogan ally points to 'painful' Turkish rate hike
Business and Economy
by  AFP

Turkish President Recep Tayyip Erdogan's influential partner in his ruling coalition warned Tuesday the government needs to take "painful" economic recovery measures that include interest rate hikes. Both have promoted conventional policies that include interest rate hikes to combat inflation -- the opposite of the approach long backed by Erdogan.