South Korea unexpectedly reduced its benchmark interest rate by 25 basis points in an effort to stimulate the economy amidst growth concerns, marking the first time the Bank of Korea has implemented consecutive cuts since 2009. This decision followed a lower-than-expected third-quarter GDP reading and a downward revision of GDP forecasts for 2024 and 2025, demonstrating the central bank’s response to deteriorating growth prospects. Morgan Stanley’s chief economist for Korea and Taiwan highlighted the significance of the rate cut in light of slowing exports and the overall challenging economic environment.
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Iran pushes Islamic unity through high-level regional calls during Eid
Iran's Diplomatic Efforts for Islamic UnityDuring the Eid al-Adha holiday, Iran has initiated high-level phone calls with regional nations to promote Islamic unity and strengthen its diplomatic ties, particularly in light of recent Israeli airstrikes affecting its proxies. Iranian Foreign Minister Abbas Araqchi spoke with Egyptian officials about bilateral relations and regional issues, while President Masoud Pezeshkian reached out to UAE leader Sheikh Mohammed bin Zayed Al Nahyan, emphasizing the need for cooperation amid ongoing...
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