By Libby George LONDON (Reuters) -Foreign investors hoping for a game-changing rate hike from Turkey’s newly appointed central bank chief said Thursday’s disappointing move to a key rate of just 15% could keep some money on the sidelines. The appointment of U.S.-trained banker Hafize Gaye Erkan to lead the bank boosted expectations that it would…
ISTANBUL (Reuters) -Turkey’s lira weakened as much as 3.3% to a record low on Friday, extending losses a day after the central bank’s large rate hike failed to assure markets that President Tayyip Erdogan was abandoning his long-held unorthodox policies. The lira touched a record low of 25.74 against the dollar at 1006 GMT, down…
(Reuters) – Tunisia’s President Kais Saied told the International Monetary Fund’s managing director that the fund’s conditions to provide financial support to the North African country risks sparking civil unrest, the Tunisian presidency said on Friday. “The President of the Republic made it clear that the International Monetary Fund’s conditions for providing financial support to…
NEW YORK (Reuters) – MSCI will continue to consult with financial market participants on a potential reclassification of Nigeria to standalone market from frontier market after recent changes to foreign exchange trading, the index provider said on Thursday. Nigeria’s central bank last week moved to liberalize the foreign exchange market and unify exchange rates, and…
By Daina Beth Solomon MEXICO CITY (Reuters) – Fast-fashion giant Shein is seeking more warehouse space in Mexico as it expands e-commerce operations in the country, part of the company’s budding plans to gain a bigger foothold in Latin America, said three people familiar with the project. The Singapore-based retailer that was founded in China…
By Stephanie Kelly NEW YORK (Reuters) -Oil futures fell about 4% on Thursday, as a bigger-than-expected Bank of England rate hike prompted worries about the economy and fuel demand that outweighed support from a surprise draw in U.S. oil supplies. Brent futures settled down $2.98, or 3.9%, to $74.14 a barrel. U.S. West Texas Intermediate…
By Khalid Abdelaziz PORT SUDAN (Reuters) – Elsafi Mahdi was separated from his wife and three younger children on June 1 near Sudan’s border with Egypt. He does not know when he’ll see them again. Like many families fleeing the war in the capital Khartoum, Mahdi, a prominent music teacher and conductor, left home without…
By Ali Kucukgocmen and Can Sezer ISTANBUL (Reuters) -Turkey’s central bank hiked its key rate by 650 basis points to 15% on Thursday and said it would go further in a reversal of President Tayyip Erdogan’s policy, although the post-election tightening missed expectations and the lira fell sharply. In its first meeting under new Governor…
(Corrects acronym of project to ‘ELMED’ in paragraph 3) TUNIS (Reuters) – The World Bank Group has lent Tunisia $268.4 million to finance an electrical interconnection project with Italy that will link energy networks between Tunisia and Europe, TAP state news agency said on Thursday. The agreement ends a temporary pause in the bank’s work…
LONDON (Reuters) – Turkey’s new central bank governor Hafize Gaye Erkan delivered a smaller-than-expected interest rate hike at her first rate meeting on Thursday, sending the lira and the country’s dollar-denominated sovereign bonds sharply lower. The bank lifted its key rate 650 basis points to 15% compared to the median of 21% expected in a…
