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Turkey’s finance minister quits as currency plunges in value

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Turkey's Finance Minister, Lutfi Elvan, has resigned amid another plunge in the value of the country's currency, the lira. He is being replaced by his deputy, Nureddin Nebati, who supports President Erdogan's controversial economic policies. The lira has lost almost half of its value this year as the President has pushed for low interest rates, despite rising inflation. Also today, we look at how some French parents are choosing to rent toys for their children, instead of buying new ones.

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Federal Reserve sets the stage for March interest rate hike

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The US Federal Reserve is setting the stage to raise interest rates in March, to combat elevated inflation. It's also taking further steps to phase out its emergency support of the US economy. Nancy Vanden Houten, Lead US Economist at Oxford Economics, says America's central bank has limited tools to fight the surge in prices. Also in the show – workers at France's EDF go on strike, over government efforts to limit electricity bills.

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US warns of chip shortage risks as companies’ supplies shrink

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The United States has warned that companies' stockpiles of semiconductor chips have shrunk dramatically due to the global supply shortage, putting production at risk from any disruption. A survey of 150 firms for the Commerce Department found the median stocks held by manufacturers had fallen from 40 days' worth in 2019 to just 5 days' worth in 2021. It comes as Democrats in the House of Representatives published a bill for investment worth $52 billion in the sector.

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IMF warns of ‘disrupted global recovery’

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The International Monetary Fund has slashed its forecast for the global economic recovery, warning of 'multiple challenges' including new variants of Covid-19, high inflation, and ongoing disruption to global supply chains. Petya Koeva Brooks, Deputy Director of the IMF's Research Department, discusses the risks and policy challenges as the pandemic enters its third year.

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