News from Around the World

U.K.’s Brexit Deal in Jeopardy as Senior Ministers Resign

LONDON—U.K. Prime Minister Theresa May was fighting to save her Brexit deal just hours after it was sealed, after a series of ministers resigned amid deepening political turmoil over the terms of her plan to exit from the European Union.

Six government ministers, including Brexit Secretary Dominic Raab, one of the architects of the deal, quit Thursday as the prime minister faced a barrage of criticism over the plan in Parliament, raising the possibility that she could face an open challenge to her leadership.

U.K. Parliament Set to Vote on Brexit Deal, After Second Attempt Fails

LONDON—Prime Minister Boris Johnson was set to put his Brexit deal to a vote in Parliament on Tuesday, in the first test of whether he has won over enough lawmakers to his plan to pull the U.K. out of the European Union.

U.K. Economy Shrinks for First Time Since 2012 as Brexit Worries Take a Toll

LONDON—The British economy unexpectedly contracted in the second quarter as uncertainty over the country’s planned departure from the European Union on Oct. 31 took its toll on business confidence.

U.A.E. to Use Equipment From Huawei Despite American Pressure

BARCELONA, Spain — The United Arab Emirates said on Tuesday that it would use equipment from the Chinese technology giant Huawei to build a new high-speed wireless network, despite pressure by the United States to steer clear of the company’s products.

U.A.E. Economy Starting to Recover From Lower Oil, IMF Says

Turkish central bank stirs concerns with opaque funding tool

Turkey’s central bank has sparked a fresh wave of concern among investors and analysts after saying it is supplying billions of liras to the financial system through an opaque market.

After a heated series of questions from journalists and analysts on Thursday, governor Murat Uysal publicly acknowledged for the first time that the central bank has been using the Istanbul stock exchange to conduct swap operations — taking dollars from Turkish financial companies in exchange for lira — as a means of “providing funding to the banks”.

Turkey unveils plan to fight currency crisis

Turkey’s finance minister tried to rebuild shattered market confidence in his government’s ability to manage the economy by promising to cut public spending by nearly $10bn in a sweeping austerity programme that would put the brakes on growth.

The announcement by Berat Albayrak, who was put in charge of the economy two months ago by his father-in-law, President Recep Tayyip Erdogan, comes just a week after a surprise decision by the central bank to sharply raise interest rates in the face of a mounting currency crisis.

Turkey Inflation Returns to Double Digits and May Stay There

Turkish inflation returned to double digits in November, possibly limiting the central bank’s ability to continue aggressively cutting interest rates.

Consumer prices grew 10.6% from a year earlier, compared with an increase of 8.6% in October, the Turkish statistics agency said on Tuesday. The median of 21 forecasts in a Bloomberg survey was 11%. Prices rose 0.4% in the month.

Trump’s World Bank Nominee Tries to Distance Himself From the President

WASHINGTON — When President Trump selected David Malpass to lead the World Bank last month, he showered his nominee with gratitude for years of loyal support, praised his intelligence and made one thing abundantly clear: The World Bank under his watch must put America first.

Trump’s Feud With the Fed Is Rooted in Presidential History

President Trump has made heckling the Federal Reserve, and its chair, Jerome H. Powell, something of a sport. He has berated Mr. Powell for raising interest rates and taking steps to end a crisis-era stimulus program, likening the Fed to a powerful golfer who has “no touch” and cannot win.

The past provides some precedent for that frayed relationship.