Bank of England Chief Economist Andy Haldane has warned there is a chance that cost pressures faced by British companies lead to high prices that become embedded in pay demands, in an echo of inflationary wage-price spirals of previous decades.
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ISTANBUL (Reuters) -Turkey’s lira tumbled to a record low of 8.6 versus the dollar on Friday as it took a hit from global inflation concerns, expectations that the central bank will soon cut interest rates and worries over possible early elections.
FILE PHOTO: Turkish lira banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration
The lira - by far the weakest performer in emerging markets this year - slipped beyond its November intraday low of 8.58, marking the latest step in a years-long depreciation that has dogged the Middle East’s top economy.
It recouped some losses and was at 8.575 against the U.S. currency at 10:52 GMT, ahead of a review by S&P Global that could downgrade its Turkey credit rating. It also logged a new nadir of 10.4696 against the euro.
Iceland intends to launch the sale of at least 25% of shares in wholly state-owned Islandsbanki in an initial public offering (IPO) during the second quarter, state holding company ISFI said on Thursday.
Iceland intends by next month to launch an initial public offering (IPO) of wholly state-owned Islandsbanki, taking the first step to reduce its significant ownership in the sector.