September 25, 2020 Biz in 60

UK budget deficit set to surpass $500B this fiscal year The UK's budget deficit is on track to exceed half-a-trillion dollars in the current fiscal year. The government borrowed 222 billion dollars in the first five months as it tries to cushion the impact of the coronavirus pandemic. Earlier this week, the government unveiled a new 6-point-3 billion dollar support programme to protect jobs. Turkish lira rallies after govt eases trading restrictions The Turkish Lira strengthened for the second day in a row after the central bank eased trading curbs for foreign investors. The watchdog raised the limits on currency swaps and other derivative deals that lenders can carry out with foreign counterparts. The move follows the central bank's decision to hike its key interest rate by 200 basis points. Harley-Davidson to exit India, world's largest bike market US iconic motorcycle maker, Harley-Davidson is stopping manufacturing in India. The decision came after a decade of unsuccessful efforts to gain a foothold in the world's largest two-wheeler market. The departure is the latest blow for Prime Minister Narendra Modi's strategy to encourage domestic manufacturing.