Lira Traders Say We ve Been Here Before in Turkey Rates Replay forexfactory.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forexfactory.com Daily Mail and Mail on Sunday newspapers.
Turkish President Recep Tayyip Erdogan’s demand for interest-rate cuts sent a brief shockwave through the lira, with the currency hitting a new all-time low.
But among traders and analysts, the reaction was: we’ve all seen this before. After Erdogan fired his previous central bank governor in March, it was only a matter of time before he started bearing down on a path to lower rates.
“The Turkish story is well known and has been ongoing for a while now, so I get the sense that investors would not have been caught off-guard,” said Todd Schubert, head of fixed-income research at Bank of Singapore Ltd. “There is little risk of heavy foreign fund outflows.”
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Genting Singapore Ltd said on Thursday that a previous resolution to make a performance-related share award to its executive chairman Lim Kok Thay, involved incorrect procedure, as another firm linked to Mr Lim and his son Lim Keong Hui, should have abstained from voting on the matter. That resolution had been approved at an extraordinary meeting in February 2020.
Genting Singapore controls the Resorts World Sentosa casino resort in Singapore.
“The company takes note of feedback given by the Singapore Exchange that Genting Overseas Holdings Ltd should have been required to abstain from voting” on the performance share matter, said Genting Singapore in a Thursday filing to that bourse.
The world economy is on course for its fastest growth in more than a half century this year, yet differences and deficiencies could hold it back from attaining its pre-pandemic heights any time soon.
The U.S. is leading the charge into this week’s semi-annual virtual meeting of the International Monetary Fund, pumping out trillions of dollars of budgetary stimulus and resuming its role as guardian of the global economy following President Joe Biden’s defeat of “America First” President Donald Trump. Friday brought news of the biggest month for hiring since August.
China is doing its part too, building on its success in countering the coronavirus last year even as it starts to pull back on some of its economic aid.