ANKARA, Turkey — Turkey’s central bank has raised its key interest rate by an aggressive 7.5 percentage points, in a new sign of a return to more traditional economic policies. The bank hiked its policy rate to 25% on Thursday. The bank is backtracking from a rate-cutting course set by President Recep Tayyip Erdogan that’s been blamed for inflaming a cost-of-living crisis. Many households have been left struggling to afford rent and basic goods as inflation has surged.
NEW YORK — A study points to a “substantial” increase in philanthropic funding for journalism over the past five years, particularly to outlets that serve poor and minority communities. The struggling news industry is increasingly relying on donors and subscriptions to make up for the collapse of the advertising market over the past two decades. A bigger push for philanthropic spending for journalism is expected this fall.
ABUJA, Nigeria — Nigeria’s statistics agency says the unemployment rate now stands at 4.1%. It’s a multi-decade low but analysts say it’s an undercount. The National Bureau of Statistics, which classifies the employed as those working for at least one hour a week, reported the unemployment data in a new labor force report on Thursday. Analysts say it doesn’t reflect the true number of the unemployed in Nigeria, where many have lost their jobs as a result of surging inflation.
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