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Turkish lira flirts with record low as Doha eyes trouble

The Turkish lira briefly slid 1 percent on Monday, again nearing record lows touched last week as concerns persisted over President Tayyip Erdogan’s rate-cutting drive and Qatar said it was keeping an eye on its ally’s economic troubles.

In Doha, Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani said Qatar was looking at any opportunities that arise from Turkey’s economic challenges.

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Alongside him at a press conference, Foreign Minister Mevlut Cavusoglu said Turkey was not asking for any money.

At 1005 GMT, the lira had recovered to 13.77 after earlier weakening to 13.88 versus the dollar. It touched an all-time low of 14.00 last week after a 30 percent plunge over the last month.

The selloff has been driven by aggressive monetary easing that Erdogan sought, but that economists and opposition politicians say is reckless. Inflation jumped to a three-year high of 21.3 percent last month.

Despite its depleted reserves, the central bank intervened in markets twice last week over what it called unhealthy prices, keeping the lira below 14 to the dollar.

Last year, Qatar’s central bank expanded to $15 billion a foreign-currency swap line it had with its Turkish counterpart.

Credite Suisse said the interventions, inflation figures, and Governor Sahap Kavcioglu’s remarks to investors last week suggest the bank may hold steady or cut rates by 50-100 points at its next meeting on Dec. 16.

On investor conference calls, Kavcioglu signaled the easing would likely pause in January after one more cut this month. One participant told Reuters that the bank, in response to a question, said the chances of holding rates at 15 percent in December had increased due to the selloff.

“Deputy Governor Mustafa Duman said that the MPC will decide between a rate cut and a pause on 16 December, and Governor Kavcioglu intervened by saying that the ‘chances of no rate cut on 16 December increased’,” Credit Suisse said in a client note.

Under pressure from Erdogan, the central bank has slashed its policy rate by 400 basis points since September and is expected to ease policy again this month.

Turkey’s real rates are deeply negative, a red flag for fleeing investors and for Turkish savers who have flocked to hard currencies to protect their wealth.

Erdogan said on Saturday he hoped that volatile foreign-exchange and inflation rates would stabilize shortly and again promised low interest rates.

He has repeated in recent weeks that rate cuts are needed to boost exports, credit, jobs and economic growth, adding elections will be held as planned in June 2023.

Vice President Fuat Oktay said on Monday the volatility in the exchange rate was not based on economic fundamentals, adding the economy was being subjected to “manipulative attacks.”

Read more:

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Erdogan says he hopes volatile Turkish lira will steady soon

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Chery Tiggo 7 Pro Max: A Global Sensation of Power, Elegance, and Innovation in the Competitive SUV Arena

In the intensely competitive automotive landscape, the Chery Tiggo series continues to make
waves globally, serving as a pivotal force in Cherys overall development. The Tiggo 7 Pro Max, as the flagship SUV model, has garnered widespread acclaim for its strength, becoming the
preferred choice among discerning users. This SUV, a harmonious blend of mechanical prowess and striking aesthetics, embodies Chery’s latest family-style design concept. Its front face features a distinctive six-sided diamond-shaped grille, adorned with bright stars that evoke the brilliance of diamonds. The blackened grid details echo the black lattice matrix LED headlights with a unique dynamic steering design, setting it apart in its class. The T-shaped crystal-transparent LED front fog lamps and an exclusive side mark on the front fender add a touch of elegance and instant recognition. Moving seamlessly to the profile, the Tiggo 7 Pro Maxs powerful stance is characterized by horizontal and square upper waistlines and dynamic round lower waistlines. This design imparts a sense of speed and strength, enhanced by the sky-dome floating roof design that raises the visual height laterally. Complementing this, the vehicle is equipped with 18-inch super-large sports wheels, catering to the driving aspirations of younger consumers while effectively
managing tire noise for an enhanced driving experience. At the rear, the integrated crescent-shaped LED taillight stretches horizontally, presenting an advanced technological aesthetic. The roof-mounted integrated load-bearing glare luggage rack, with rhythmic pulsating lights, not only adds a touch of youthful vigor when illuminated but also underscores the Tiggo 7 Pro Max’s commitment to both form and function. Behind this refined appearance lies Chery’s latest technology, elevating the Tiggo 7 Pro Maxs strength and capabilities. Every aspect has been meticulously improved, from power and space to technology and safety. This infusion of innovation and confidence propels the Tiggo 7 Pro Max to the forefront of the global SUV market, securing its position as a leader with not just leading sales figures but also widespread praise from users worldwide. Excitingly, from December 2023, the Tiggo 7 Pro Max will be available in the UAE, starting at AED 82,500, offering enthusiasts in the region the opportunity to experience firsthand the pinnacle of Chery’s automotive excellence.

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Al Wathba National Insurance Company Brings New CEO on Board

Al Wathba National Insurance Company (AWNIC) announced a major shift in its leadership, with the appointment of Mr. Frederik Bisbjerg as the new Chief Executive Officer, effective November 13, 2023. Mr. Bisbjerg succeeds Mr. Bassam Chilmeran, who has aptly led the company for over two decades, will take on a strategic advisory role on the Board upon his retirement.
A renowned figure in the insurance sector, Mr. Bisbjerg has a proven record of substantial expertise and leadership in digital transformation—a key element that aligns with AWNICs strategic growth plan, which received unanimous support from the Board of Directors. Mr. Bisbjerg’s appointment marks a continuation of AWNIC’s commitment to industry leadership and
innovation. The company looks forward to advancing its mission under his leadership, striving to set new benchmarks for the insurance sector.
Commenting the appointment, Mr. Bisbjerg said: “AWNIC is a very solid company with an enormous potential to grow and actively change the face of the insurance industry in the UAE – I am looking forward to working with my colleagues and the industry to create the future of insurance together”. Born in Denmark, Frederik Bisbjerg boasts a vast expertise in digital transformation and business model innovation in the insurance industry. With a career in the Middle East since 2013, Frederik exemplifies dynamic leadership and strategic vision.
Prior to joining AWNIC, Mr. Bisbjerg held significant positions spanning major organizations like AXA Global Healthcare and The Digital Insurer. As Head of MENA and Digital Transformation specialist at Digital Insurer, he was a founding member of the world’s first mini-MBA in Digital Insurance. He also served as Senior Vice President of Digital Transformation amp Innovation at Daman National Health Insurance Company, where he spearheaded the company’s digital transformation initiatives, establishing a digital-first flexible and resilient insurance company. He served as Executive Vice President for Qatar Insurance Group (QIC), the largest composite insurer in the MENA region and one of the largest insurers in Asia. Mr. Bisbjerg is an acclaimed speaker, particularly in the realms of the future of insurance, business innovation and digital adoption. He is also the author of  “Insurance _Next,”a practical guide on the
post-Covid-19 insurance transformation guide.

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AIT Worldwide Logistics plans to increase global footprint with Lubbers Logistics Group acquisition

AIT Worldwide Logistics, a leading provider of global supply chain solutions, has entered into a binding purchase agreement to acquire Lubbers Logistics Group, a European logistics company specializing in high-value, complex, and time-sensitive transport services. The purchase will serve as a significant milestone for AIT as the company continues to expand its global reach and enhance its offerings in road transportation, freight forwarding, and project cargo logistics, particularly in the energy sector. Over the past century, Lubbers, headquartered in Schoonebeek, Netherlands, has established itself as a leading provider of top-tier transportation solutions for high-value segments,
specializing in road transport, project cargo and global freight forwarding services. With more
than 377 employees working across nine road transport hubs and nine freight locations, Lubbers
boasts an extensive network of strategically located facilities throughout Europe.
“Lubbers robust one-stop shop approach and their long-standing relationships with industry-
leading customers make them an excellent fit for AIT,” said AIT’s Chief Business Officer, Greg
Weigel. “We see significant potential for their broad network by growing freight forwarding
operations and energy sector expertise to further enhance AIT’s world-class customer
experience. We’re also excited to boost our end-to-end solutions with middle mile service in
Europe as a counterpart to our recently launched U.S. Middle Mile Network.”
Lubbers network will add 18 new offices to AIT’s existing global network of more than 125
locations, while expanding AIT’s footprint to four new countries: Denmark, Norway, Romania
and Turkey. Lubbers also has facilities in Germany, Italy and the United Kingdom.
“Joining forces with AIT Worldwide Logistics is a strategic move that will allow us to continue
providing exceptional service to our clients while expanding our reach on a global scale,” said
Lubbers’ CEO, Gary Roche. “AITs strong track record and commitment to customer service
align with our values, and we look forward to a bright future together.”
“We are looking forward to welcoming Lubbers to the AIT network,” said AIT’s Chairman and
CEO, Vaughn Moore. “This deal will enhance our position in Europe and bolster our presence in
the energy sector, allowing us to better serve current customers while creating new opportunities.
Lubbers’ customer-centric approach to business, as well as their reputation for excellent quality
aligns perfectly with AIT’s culture.”

AIT;s acquisition of Lubbers is expected to be finalized by the end of 2023 and will be subject to
obtaining customary regulatory approvals. Terms have not been disclosed.
Kirkland & Ellis LLP and NautaDutilh N.V. are both serving as legal counsel to AIT on the
acquisition. Nielen Schuman B.V. is serving as the financial advisor to Lubbers. Loyens & Loeff N.V. is serving as legal counsel to Lubbers.

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