ANKARA: Turkish lira set new record against US dollar on Monday after central bank refused to raise key interest rate and tensions rose sharply with the country’s western allies
The lira was at 803 against the dollar around 7:30 a.m. GMT, losing nearly one percent since the start of the day
The Turkish currency also recorded its lowest level against the euro, trading near 952
The lira has lost 26% of its value against the dollar since the start of the year
Turkey’s central bank rocked markets last week expecting a 175 basis point one-week repo rate hike
Instead, the bank chose to keep the rate unchanged at 1025% despite market concerns over continued high inflation, which remains in double digits, and concerns about a sharp decline in foreign exchange reserves.
Consumer price inflation was 1175 percent in September
Bank governor to present quarterly inflation report Wednesday in Istanbul
The drop in the lira comes at a time of strained relations with NATO allies, including France, Greece and the United States on multiple issues
Turkish President Recep Tayyip Erdogan angered Paris after saying his French counterpart Emmanuel Macron needed ‘mental checks’ over the weekend
France responded by recalling its ambassador to Ankara and on Saturday called Erdogan’s remarks « unacceptable »
SAN FRANCISCO: Big Tech is bracing for a tumultuous week marked by quarterly results likely to be resilient despite the pandemic, and further attacks from lawmakers ahead of the November 3 election
As the backlash against Silicon Valley intensifies, companies will seek to reassure investors while fending off regulators and activists who say these companies have become too dominant and powerful.
Revenue reports are due this week from Amazon, Apple, Facebook, Microsoft, Twitter and Google-parent Alphabet, whose combined value has grown to more than $ 7 trillion
They have also woven into the very fabric of modern life, from the way people share their views and receive news at shopping, work and games.
Big Tech’s expected strong quarterly results « will highlight the disproportionate force these tech giants are seeing » but « will ultimately add fuel to the fire in the Beltway around the momentum of rupture, » the Wedbush analyst Dan Ives in a note to investors
The findings come as part of an extensive Washington review of tech platforms and follow a landmark antitrust lawsuit filed against Google, which could potentially lead to the internet giant’s disbandment, exemplifying the ‘techlash’ in political circles
Meanwhile, Senate Republicans have voted to subpoena Jack Dorsey and Mark Zuckerberg, chief executives of Twitter and Facebook respectively, in an intensified attack on social media handling of online political content, including downgrading of New York Post article purported to show embarrassing information about Democrat Joe Biden
The CEOs of Twitter, Facebook and Google are already expected to testify Wednesday before a separate Senate committee on the review of the so-called Section 230 law, which offers liability protection for content posted by others on their platforms. shapes
The four most studied giants – Apple, Amazon, Facebook and Google – have achieved great success in recent years and have weathered the economic impact of the pandemic by providing needed goods and services
Apple has been criticized for its tight grip on the App Store, just as it has made it a priority to make money selling digital content and services to the multitude of iPhone users.
Businesses have stepped up lobbying, spent tens of millions this year, and made efforts to show their social contributions as part of their campaign to push back regulations
« For the most part, tech companies know how to do this dance, » said analyst Rob Enderle of the Enderle Group.
« They don’t spend a lot of time bragging about their performance »
Ed Yardeni of Yardeni Research said the outlook for Big Tech might not be as optimistic as it looks
« On the one hand, domestic and foreign regulators are striving to get a handle on some of America’s biggest tech names, » Yardeni said in a research note.
Short-term market interest will likely be whether negative feedback about what kind of content remains and what is being removed by online titans will cause advertisers to cut spending on platforms.
The economic and social disruption of the pandemic is also weighing on tech companies, which profited from the onset of the pandemic as people turned to the internet to work, learn, shop and socialize from home.
“Performance will be best for those who provide solutions for people working from home,” said analyst Enderle
Amazon, Google and Microsoft each have cloud computing divisions that generate more and more revenue as demand increases for software, services and storage delivered as services from massive data centers
Amazon has seen an explosion in sales on its platform during the pandemic and an increase in viewership on its Prime streaming TV service
Enderle expressed concern that with cases of coronavirus disease (COVID-19) and the lack of new stimulus funds in the United States, tech companies may reveal in forecasts that they are bracing for worse performance during the current quarter
Turkish lira, Turkey, United States dollar, Recep Tayyip Erdoğan, Central Bank
World news – United States – Turkish lira drops to record low of 8 against the dollar
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