Analysts say the partial U.S.-China trade deal doesn't touch on thorny issues plaguing both sides, and warn talks could break down again.World Economyread more
"The Champagne should probably be kept on ice, at least until the two presidents put pen to paper," said state-owned media China Daily.Traderead more
Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago.China Economyread more
The U.K. and EU are gearing up for what could be the busiest week in British politics since June 2016.Europe Politicsread more
The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
"Deepfakes" are being used to depict people in fake videos they did not actually appear in, and can potentially affect elections, diplomacy and how markets move, experts say.Technologyread more
Chinese President Xi Jinping warned on Sunday that any attempt to divide China will be crushed.China Politicsread more
Syria's Kurds said Syrian government forces agreed Sunday to help them fend off Turkey's invasion.World Newsread more
U.S. President Donald Trump said that both sides reached a "very substantial phase one deal" that will address intellectual property and financial services concerns and...Asia Marketsread more
Dubai's largest bank is making massive savings on its purchase of Turkish Denizbank from Russian state lender Sberbank thanks to the past year's crash in the lira.
A revised purchase agreement signed Tuesday saw Emirates NBD acquire 99.85 percent of the shares of Denizbank for 15.48 billion lira, or $2.76 billion.
The United Arab Emirates' second-largest bank paid around $440 million less for its acquisition than it originally agreed to on May 21, 2018, when it signed a sale and purchase agreement of the shares for 14.6 billion lira, which translated to roughly $3.2 billion at the time.
The Turkish currency has fallen so steeply over the past 10 months that the new purchase agreement of 15.48 billion lira represents a more than 13 percent price drop.
The sale is expected to be completed by the second quarter of 2019, subject to regulatory approvals.
Turkey's economy dipped into recession last year after fears over government interference into central bank independence, over-leveraged banks, a growing current account deficit, ballooning inflation and a diplomatic spat with the U.S. triggered investor and capital flight. The lira lost 36 percent of its value against the dollar by the end of 2018.
Recent local elections, seen as a referendum on President Recep Tayyip Erdogan's performance, saw his ruling AK Party lose several major cities as voters voiced their discontent about the state of the economy.
The lira was trading at 5.602 against the dollar on Wednesday morning at the opening of London trade.