Turkish authorities on Thursday raised electricity and natural gas prices for households by about 20 per cent and by about 50 per cent for industry, putting further upward pressure on inflation, which was running at nearly 80 per cent in July.
The utility price increases are expected to push inflation up by 0.8 percentage points, according to a Reuters calculation, while higher industrial prices lead to an indirect increase in inflation as producers pass higher costs on to consumers.
Turkey's EPDK energy regulator said it had raised household electricity prices by 20 per cent, those used by public and services sectors by 30 per cent and those used in the industry by 50 per cent.
State energy importer Botas said it raised the natural gas price for domestic use by 20.4 per cent, by 47.6 per cent for small to medium-scale industrial customers, and by 50.8 per cent for large industrial users.
The price of gas used for electricity production was raised by 49.5 per cent, Botas said.
Both bodies cited the conflict in Ukraine and global developments, including the Covid-19 pandemic, as reasons for the increases.
Turkey is almost completely reliant on imports to meet its natural gas and oil needs and domestic demand has risen since the Covid-19 pandemic. The rise in global energy prices this year, as well as the lira's sharp decline ― 44 per cent in 2021 and more than 27 per cent this year ― have stoked domestic prices.
Household natural gas prices have risen 174 per cent this year, small to medium-scale industrial gas prices were raised 277 per cent and large industrial prices by 379 per cent.
The state still subsidises more than 80 per cent of natural gas prices for households, Botas said on Thursday.
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What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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Company name: BorrowMe (BorrowMe.com)
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Founder: Nour Sabri
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Sector: E-commerce / Marketplace
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UAE currency: the story behind the money in your pockets
MATCH INFO
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More on Quran memorisation:
Killing of Qassem Suleimani
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
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The years Ramadan fell in May
Specs
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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Less than 5,000 steps - sedentary
5,000 - 9,999 steps - lightly active
10,000 - 12,500 steps - active
12,500 - highly active
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August 1-5: First Test, Edgbaston
August 14-18: Second Test, Lord's
August 22-26: Third Test, Headingley
September 4-8: Fourth Test, Old Trafford
September 12-16: Fifth Test, Oval
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
