Turkey raises interest rates to 24% in new bid to boost lira
Turkey raises interest rates to 24% in new bid to boost lira
Erdogan appoints himself chairman of Turkey’s sovereign wealth fund
16 September, 2018, 00:36
It fell 3 percent after Erdogan called for rate cuts and then surged to be up 3 percent on the day when those calls were ignored.
MSCI's broad emerging market stock index .MSCIEF leapt 1.36 percent. Wall Street was set to open higher on Friday, futures indicated.
Chinese shares fell, despite a short-lived bump from data that showed forecast-topping industrial output and retail sales data for August.
China's benchmark Shanghai Composite index was down 0.2 percent and the blue-chip CSI300 index rose 0.2 percent.
The wealth fund has stakes in top companies, including Turkish Airlines; telecom companies Turk Sat and Turk Telecom; state lenders Ziraat Bank and Halk Bank; the national postal service; the Istanbul stock market; petroleum, mining, railways, ports, tea and sugar conglomerates; and the national lottery. But President Donald Trump tempered market expectations, tweeting on Thursday that Washington was "under no pressure to make a deal with China". That move would escalate the trade war between the two countries and could significantly slow global growth. The rand was trading 0.7% lower at 14.87 to the greenback at 14:54. He said the sector had US$15 billion in debt and that 70 per cent of all shopping mall rent contracts were priced in foreign currency.
Facing a deep slide in the lira and a steep run higher in inflation, the central bank felt compelled to lift rates to restore investor confidence-a risky gambit that boosted the lira but could further damage the economy.
The Monetary Policy Committee, led by Governor Murat Cetinkaya, raised the one-week repo auction rate to 24 percent from 17.75 percent.
The lira reacted strongly to the decision, rising by five per cent in value to 6.0 lira to the USA dollar.
The development comes after reports last month that the lira had tumbled, dropping to a record low amid a diplomatic and trade row with Washington.
"Central Bank has announced the inflation rates for the last 16 years, but the rates have never materialized as they have declared".
The lira has lost around 40 percent of its value this year amid growing global concern over the health of the Turkish economy and a damaging diplomatic dispute with the US.
European Central Bank President Mario Draghi said the strength of the European economy continues to support confidence but added that inflation is likely to hover at current levels. The lira has fallen some Forty percent in fee towards the dollar since the year's starting up, prompting fears of contagion amid a grand wider rising markets shakeup. But inflation continues to rise, reaching almost 18 percent in August.
The dollar eased 0.1 percent against the yen to 111.82.
USA crude dropped 1.02 percent to $69.65 per barrel and Brent was last at $79.19, down 0.69 percent on the day.
Warnock says he will speak to Chelsea officials about the prospect of signing Ampadu on loan in the next transfer window. Chelsea are battling to return to the Champions League this season after finishing outside the top four last term.
The video below, taken in Wilmington , North Carolina, shows a large tree being split in half in Florence's winds. The homes of about 10 million were under watches or warnings for the hurricane or tropical storm conditions.
Though he was originally drafted by the Columbus Blue Jackets in 2005, McQuaid was sent shipped out to Boston. McQuaid spent the last nine seasons in Boston, as he was a member of the 2010-11 Stanley Cup Champion team.
A mother and infant in North Carolina died when a tree fell on their home in Wilmington amid heavy winds from Hurricane Florence . Screaming winds bent trees and raindrops flew sideways as Florence's leading edge battered the Carolina coast Thursday.
You can see Meghan letting her dog poop right there out in the open. "Trump said he could shoot someone and not lose votes". This gesture was just one way that Meghan has tried to keep up with the few remaining friends she has left.
He said parts of North Carolina had seen storm surges - the bulge of seawater pushed ashore by the hurricane - as high as 10 feet. Governor Cooper said there have been "several hundred" rescue operations and "there are still some people they need to get to".
Boarding up his home in Myrtle Beach, South Carolina, Chris Pennington watched the forecasts and tried to decide when to leave. Some of Florence's behavior, both what has been seen so far and what experts expect, show the influence of climate change.
The European Space Agency's astronaut , the German Alexander Gerst, called the hurricane a "no-kidding nightmare". This photo from Arnold is one of many on his Twitter feed of the Earth from the International Space Station.
The news is a bitter blow for boss Mauricio Pochettino , who was hopeful of selecting the pair for this weekend. Spurs plan to fine the France star £250,000 - two weeks' wages - following his court hearing on Wednesday.
A Vatican spokesperson said the meeting of the heads of national Catholic bishops conferences would take place February 21-24. McCarrick was removed as a cardinal by Pope Francis in July after a church investigation found recent allegations believable.
Canelo vs GGG 2
However, that was scrapped after Canelo failed a drug test for the banned substance, clenbuterol. However, the only way to watch all four fights is to order Canelo vs GGG 2 and tune in on TV.
Apple’s new deluxe iPhone to start at $1,100
You get a 12MP main sensor, and another 12MP telephoto lens, with new lenses, that are supposedly better than before. Apple is notorious for introducing its technological advancements and new products to its users in September.
European court rules against Britain over mass surveillance
Because there was not enough independent oversight of the search and selection processes, there was a violation of the code. This is the first time the European Court of Human Rights has dealt with a case involving intelligence sharing.
Florence leaves at least four dead, downgraded to tropical storm
In Wilmington, near where the eye of the hurricane touched down, trees and power lines were down and many windows had been broken. The city warns that people "may need to move up to the second story" but tells them to stay put as "we are coming to get you".