South Korea’s central bank cut rates by 25 basis points Tuesday to 2.75%, the lowest since August 2022, in an effort to boost a slowing economy amidst political uncertainty surrounding President Yoon Suk Yeol’s impeachment trial. The decision marks the third rate cut in four meetings, with the country’s GDP growth in the fourth quarter falling to 1.2% due to weakness in consumption and construction sectors. Despite concerns over household debt, the Bank of Korea is expected to continue easing monetary policy to support the economy and inflation, with limited negative impact on the financial industry and foreign capital flows.
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Hajj pilgrims gather in Mecca under scorching desert sun
Over a million Muslim pilgrims have arrived in Mecca for the annual hajj, with Saudi authorities implementing enhanced safety measures against extreme heat following last year's tragedy that resulted in 1,301 deaths. This year, temperatures are expected to exceed 40 degrees Celsius, prompting the mobilization of 250,000 officials and the expansion of shaded areas and medical staff. Additionally, a crackdown on unregistered pilgrims is underway, with strict penalties for violators, as the Saudi government aims...
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