The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Turkey's troubled lira fell to its lowest level since October on Thursday after its central bank scrapped a pledge to raise interest rates if needed.
The monetary tightening pause, now in its seventh month, is repelling investors already worried about double-digit inflation, unorthodox policy, political influence over the central bank's independence, and dramatic yet unexplained moves in Turkey's foreign currency reserves.
The lira was trading at 5.9502 to the dollar at 2:30 p.m. London time, and was down 1.5% at one point during the session. It is now down 7% on the greenback in the last month.
The Turkish central bank's move has further shaken investor confidence in the country of 80 million, whose currency crash last year set off a run on emerging markets worldwide.
"No other way to say this, but pretty ridiculous move by the CBRT (Central Bank of the Republic of Turkey) ... why on Earth would you do that when you are still in the market's cross wires, you are losing FX (foreign exchange) reserves and the lira is un-anchored," Timothy Ash, senior emerging markets strategist at Bluebay Asset Management, said in an emailed note.
"It's like the CBRT has just made mistake, after mistake over the past couple of years."
Turkey's Monetary Policy Committee's statement on Thursday dropped its previous pledge that "if needed, further monetary tightening will be delivered." It said instead that its decisions "will be determined to keep inflation in line with the targeted path," widely interpreted by investors as dovish.
The bank's benchmark rate is currently 24%.
Turkey's currency had lost 36% of its value against the dollar by the end of last year and the country fell into a recession amid mounting inflation, investor fears over Turkish President Recep Erdogan's control over the central bank, diplomatic fights with the U.S. and a widening current account deficit.
Now, as Erdogan's ruling AK Party reckons with bruising losses in local elections, in which it appears to have lost key cities that had long been under its control, many regional watchers worry that the government will double down on populist policies that seek to keep rates low, despite the official inflation rate at nearly 20%.
Analysts also warn of further pressure to the currency amid mounting tensions with the U.S. over a weapons purchase deal with Russia.
Investors remain perplexed over a lack of explanation from the government for rapid drops in foreign reserves and reports that the central bank is borrowing in order to bolster them.
The lira has been ranked by analysts as the worst-performing emerging markets currency this month. Ratings agency Moody's expects the Turkish economy to contract by 2% in 2019.