Economy

Indonesia’s unaudited budget deficit for the 2024 fiscal year was 507.8 trillion rupiah ($31.38 billion), or 2.29% of GDP, smaller than the finance ministry’s earlier estimate but bigger than that of 2023, official data showed on Monday.

Asian stocks rose on Friday, aiming to shrug off a lacklustre start to 2025, while the dollar was steady near a two-year high against a basket of currencies as investors fret about U.S. rates staying higher for longer.

Asian stocks began the year on a dour note on Thursday as they struggled for traction after a jittery close to 2024, while the U.S. dollar held steady and investor sentiment stayed cautious ahead of Donald Trump’s return to the White House.

Abu Dhabi’s Mubadala Investment Company accounted for about 20% of the almost $136.1 billion spent by sovereign wealth funds worldwide last year, overtaking Saudi Arabia’s wealth fund amid a surge in spending from Gulf countries.

Expectations of a Turkish central bank rate cut strengthened on Wednesday after a less-than-requested minimum wage hike, economists said, as it showed the government’s determination to reach disinflation targets.

Asian stocks edged up on Tuesday, though moves were subdued in a holiday-curtailed week, while the greenback held near a two-year high helped by elevated U.S. Treasury yields as investors prepared for fewer Federal Reserve rate cuts in 2025.

Taiwan’s cabinet warned on Monday the island’s security might be at risk after opposition parties passed laws that will require cuts in government spending, including defence, at a time when China has ramped up military activity nearby.

The Louisiana Republican only ended up with the job in October 2023 after the unruly members of his House caucus deposed then-Speaker Kevin McCarthy and cast about for someone who could amass enough votes to replace him. He won after three other candidates fell short during a tumultuous three-week period that brought the House to…

China is widely expected to leave its benchmark lending rates unchanged on Friday, a Reuters poll showed, as falling yields, shrinking net interest margins and a weakening yuan create limits for immediate monetary easing.

Australia’s government on Wednesday trimmed its likely budget deficit for the current fiscal year, but flagged bigger shortfalls ahead due to “unavoidable spending” on health, cost-of-living relief and veterans care.