Indonesia aims to launch B50 biodiesel in 2026, but unlikely in January
The government will carry out a number of tests for the fuel, known as B50, which may take up to eight months.
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UK Q2 productivity 0.8% lower than a year earlier
LONDON, Aug 14 (Reuters) - British output per hour worked in the three months to June was 0.8% lower than a year earlier, the steepest annual decline since the third quarter of 2024, official figures showed on Thursday. Weak productivity growth has been a problem for Britain and many other Western economies for years and has become somewhat more sluggish since the COVID-19 pandemic. Britain's Office for National Statistics said output per hour worked in the second quarter of 2025 was 1.5% higher than in 2019. Output per worker has risen just 1.1% since then.
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Turkish cenbank raises 2026 forecast, revises communication
ISTANBUL, Aug 14 (Reuters) - Turkey's central bank kept its year-end inflation mid-point forecast at 24%, unchanged from the previous quarterly report, while raising its end-2026 forecast to 16% from 12%, Governor Fatih Karahan said on Thursday. Presenting the bank's quarterly inflation report in Istanbul, Karahan said the bank raised its forecast for end-2027 inflation to 9% from 8%. Last month, the bank cut interest rates by 300 basis points to 43%, resuming an easing cycle that had been disrupted by political turmoil earlier this year, as markets have since calmed and disinflation continued. Karahan said the bank was revising its medium-term forecast communication, unveiling a new framework that emphasises inflation forecasts in the inflation report and year-end interim targets. Alongside forecasts that can be updated with incoming data, the bank will set interim targets that will remain unchanged barring extraordinary developments and guide its internal monetary policy path, he said. The governor added that the bank will maintain its tight policy stance to ensure disinflation while implementing effective liquidity management.
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Norway central bank keeps rate on hold, eyes cut this year
ARENDAL, Norway, Aug 14 (Reuters) - Norway's central bank kept its policy interest rate on hold at 4.25% on Thursday, as unanimously predicted by analysts in a Reuters poll and reiterated plans to cut borrowing costs later this year. Norges Bank, in a surprise decision, cut its key interest rate in June by 25 basis points to 4.25%, the first reduction in more than five years, and said there were more cuts to come due to a more benign inflation outlook. "The economic outlook is uncertain, but if the economy evolves broadly as currently envisaged, the policy rate will be reduced further in the course of 2025," Norges Bank said in a statement. The Norwegian crown currency strengthened to 11.89 against the euro by 0810 GMT, from 11.91 just before the announcement. Before the June cut, the Norwegian policy stance had long contrasted with other Western central banks, most of which started cutting rates last year as growth slowed and inflation eased. While the job of tackling Norwegian inflation has not been fully completed, the central bank does not want to restrict the economy more than needed, Governor Ida Wolden Bache said in the statement on Thursday. "It will likely be appropriate to continue with a cautious normalisation of the policy rate ahead," she said. All 26 analysts in an August 8-11 poll expected rates to stay on hold this week and were unanimous in predicting a cut in September to 4.00%, and most also anticipated a cut in December to end 2025 on 3.75%.
