By Marc Jones and Canan Sevgili LONDON (Reuters) -Whisper it, but for all the warnings of a Turkish financial market meltdown if Tayyip Erdogan won May’s presidential vote, some parts of it have done rather well, although the lira’s drop has been as punishing as predicted, if not worse. From a stock market rally to…
By Rachel Savage and Carien du Plessis JOHANNESBURG (Reuters) – A BRICS currency will not be on the agenda of the bloc’s summit in South Africa next month, but Brazil, Russia, India, China and South Africa will continue to switch away from the U.S. dollar, South Africa’s senior BRICS diplomat said on Thursday. “There’s never…
WASHINGTON (Reuters) – U.S. existing home sales dropped to a five month-low in June, depressed by a chronic shortage of houses on the market that slowed the pace of decline in annual house prices. Existing home sales fell 3.3% in June to a seasonally adjusted annual rate of 4.16 million units, the lowest level since…
By Safiyah Riddle (Reuters) – Optimism about the near-term business outlook among manufacturers in the U.S. Mid-Atlantic region hit a nearly two-year high in July, as prices that firms received on produced goods shot up to the highest levels in six months. The Philadelphia Federal Reserve’s monthly survey of goods producers released on Thursday showed…
By Uditha Jayasinghe COLOMBO (Reuters) -Sri Lanka’s parliament on Thursday approved a new law to improve the independence of the country’s central bank, the deputy speaker said, as part of reforms linked to a $2.9 billion International Monetary Fund bailout package. Economic mismanagement coupled with the impact of the COVID-19 pandemic left Sri Lanka severely…
(Reuters) – Bain Capital has increased its offer for SoftwareOne Holding AG to about 3.2 billion Swiss francs ($3.72 billion), Bloomberg News reported on Thursday, citing people with knowledge of the matter. The private equity firm has tabled a new proposal of around 20 francs per share for the Swiss software management company, the report…
By Gleb Stolyarov and Alexander Marrow (Reuters) – The relaunch of a classic Soviet-era car, the Moskvich, by a state-owned company in November was celebrated by Moscow’s mayor as showing the resilience of Russia’s auto industry to Western sanctions. “This is a historic event,” Sergei Sobyanin said as the Moskvich was unveiled at a factory…
By Ezgi Erkoyun and Nevzat Devranoglu ISTANBUL (Reuters) -Turkey’s central bank hiked its policy rate by 250 basis points to 17.5% on Thursday, continuing to reverse President Tayyip Erdogan’s low-rates policy as it promised more tightening and said it would support it with additional measures. It was the second meeting under new Governor Hafize Gaye…
LONDON (Reuters) – Wall Street bank JPMorgan revised both its growth and inflation outlooks for Turkey upwards after the central bank delivered a smaller-than-expected interest rate hike on Thursday. JPMorgan forecast that full-year economic growth would stand at 4% by year-end rather than the previously expected 3.2%. Meanwhile, inflationary pressures have intensified in July due…
WASHINGTON (Reuters) – The United States on Thursday strongly condemned the attack on the Swedish Embassy in Baghdad over a planned Koran burning in Stockholm and criticized Iraq’s security forces for not preventing protesters from breaching the diplomatic post. “Freedom of peaceful assembly is an essential hallmark of democracy, but what occurred last night was…
