News in Brief
Turkey's inflation nears 60%
AFP – Turkey's annual inflation approached 60 percent last month, official data showed Monday, putting pressure on the central bank to further hike interest rates.
The state statistical agency said prices rose by 58.9 percent over 12 months ending in August compared to 47.8 percent in July.
Official data showed transportation prices rising by 70.2 percent and those of restaurants and hotels by 89.3 percent.
IMF urges tools to monitor payments
BLOOMBERG – Nordic and Baltic governments should consider mechanisms to keep track of their cross-border financial flows to better gauge risks following money laundering scandals over the past years, according to a report by the International Monetary Fund staff.
Danske Bank A/S agreed last year to pay $2 billion to end a long-running US probe into money laundering through its Estonian branch while Swedbank AB was fined a record 4 billion kronor ($360 million) by Swedish authorities in 2020 for failing to put a stop to illicit transactions.
Tesla, Chinese brands take center stage
at Munich
car show
REUTERS – Tesla and Chinese carmakers showed off their newest electric models at the Munich auto fair on Monday, throwing down the gauntlet to their European rivals as competition in the sector intensifies.
The industry-wide shift towards electric vehicles (EVs) was on full display on the opening day of Germany's biennial IAA mobility show, one of the world's largest.