turkey react ? now there is a sharp fall in the dollar and the euro, so lira reacts to the decision of the central bankf turkey to almost double its key rate from 8.1/2 to 15%. the regulator drew attention to the main factor in deciding this inflation. according to the turkish statistical bureau, according to the results of maya , it amounted to almost 40% in annual terms with a target of 5%. i will note. this is the first meeting under the chairmanship of the republic of kazakhstan, the new heads of the central bank , who were appointed by rzhev taip erdogan after his re-election as president of the country. by the way, this position in turkey is occupied by women for the first time. and with a very interesting biography. arkan former top manager. golden from the stock of the infamous fiostere. for the first time in 27 months, she managed to raise the key rate for the first time in 27 months, as noted by local journalists with and you agree with the head of state, who is an ardent supporter of low rates, such a decision is probably a sign of recep taip erdogan's readiness to abandon the previous cours

of the turkish regulator means for our country. russian consumers receive banks expected that the rate increase would be more radical up to 30-35 percent, but the central bank of turkey did not take such a step just so as not to create unnecessary pressure on the banking sector, but the regulator gave a signal about a possible rate increase in depending on how you behave inflation in the future. at low interest rates, but don't worry too much about their fate, as they have about the same number of inflation-adjusted securities in their portfolio. it may have a negative impact, and the decision of the turkish regulator, as the analyst believes, may have a negative impact on business activity in the short term, but the global one keeps inflation from making turkey attractive to investors again and strengthens it. and we will keep a close eye on her dmitry thank you, but really. here is the big news today that the turkish lira exchange rate updated historical low. uh, the dollar, for the first time reached 24 lira, which is now all quoted by the news agency on direct contact with us from turkey was my colleague. leyla nazarova we knew in the scooter that people would wa

there is a sharp drop against the dollar and the euro, so lira reacts to the decision of the central bank of turkeyst double the key rate from 8.1/2 to 15%. the regulator paid attention to the main factor in deciding this inflation, according to the turkish bureau of statistics. according to the results may, it amounted to almost 40% in annual terms with a target of 5%. i will note. this is the first meeting chaired by the efz, the new head of the central bank, who was appointed by rzhev erdogan after his re-election as president of the country, by the way, this position is held by women for the first time in turkey. and here is a very interesting biography of arkan, the former top manager of golden from the stock of the notorious only three publics and for the first time in 27 months managed to raise the key rate, as noted by local journalists with tacit consent. all heads of state is an ardent supporter of low rates , such a decision is probably a sign of recep taipa-erdogan's readiness to abandon the previous course of monetary policy, which provoked a sharp rise in consumer prices and the colla

since they have a portfolio of about the same amount of inflation-adjusted securities of the central bank of turkey, as analysts believe , may negatively affect business activity in the short term, but globally it curbed inflation and strengthened. ruya, according to the minister of finance, the country's new course monetary credit policy will ensure price stability and a serious influx of capital into the republic of leilazarova news, turkey great ! i helped to equip it, drew portraits of buyers of competitors, monitored it, then opened an account with sberbank and now we use special services, all analytics, and the business has grown in full view. open an account with sberbank and use retail services for free forever. find out more about your customers. compare performance with competitors in the sberbusiness app. grow your business with us. or maybe you can draw us a collection of simple savings business. we are trusted by millions of entrepreneurs in the homes of eco-culture of chance. no eco-culture. there are delicious tomatoes on the legs and the back gets tired due to work. i lead a sedenta

week, the national currency of turkey literally froze at around three per dollar against the euro, there is also a fall, so the lira reacts to the decision of the central banky to raise rate nearly doubled three and a half to 15% finally by the regulator paid attention to such an important factor when making a decision as inflation .

that's when it's decision time in ankara the central bank of turkey will announce its latest decisionst of borrowing. it's theirfirst meeting since president erdogan won a new term in a recent election runoff. the turkish lira is currently on its longest losing streak in over two decades. also on thursday is when us fed chairjerome powell delivers the second of his twice yearly reports to congress on monetary policy. analysts are hopeful they'll get more clarity on what the fed intends to do next. there have been growing concerns that monetary tightening is pushing the global economy into a recession. for more on this we're joined now by moody's analytics's chief apac economist, steve cochrane. he told me if those signs are true. , ., , true. they are definitely hide the rate of— true. they are definitely hide the rate of growth _ true. they are definitely hide the rate of growth from - true. they are definitely hide the rate of growth from the l the rate of growth from the world is slow particularly in europe and north america well below potential. so any kind of shock looking at the

that's when it's decision time in ankara — the central bank of turkey will announce its latest decision it's theirfirst meeting since president erdogan won a new term in a recent election runoff. the turkish lira is currently on its longest losing streak in over two decades. also due this week — us fed chairjerome powell will deliver the second of his twice—yearly reports to congress on monetary policy. analysts are hopeful they'll get more clarity on what the fed intends to do next. there have been growing concerns that monetary tightening is pushing the global economy into a recession. earlier, i spoke with steve cochrane of moody's analytics and he told me if we were seeing signs of that. well, the risk towards global recession are definitely high is not the rate of growth around the world is slow, particularly in europe and north america, well below potential. so any kind of shocked could hit the economy and one of the shocks could be a couple of surprise industry hikes. could push the economy over into a recession. i think the thing to remember is that so far, given the various sho

today the head of the central bank of turkey for the first time, a woman became a woman recently, the country, elected for a new term, rejaya pardon, appointed hafize gaye erkan to this post , she graduated from princeton university in the usa , she completed a program at harvard from stanford , she worked at goldman sachs, she was a member of the board of directors of the tiffany jewelry company, and this, of course, very different from the biography of the previous head of the central bank of turkey, university professor sahacaoglu, about whom little was known at the time of his appointment. unless then, on the eve of the appointment, he wrote an article, where he fully supported the non-trivial economic approach of recep tayyip erdogan that high inflation should be fought by lowering the key rate, as a result , last year inflation in turkey was 85% higher than a record for 24 years. and now they expect from the traffic police of the rn that it will finally stop this instructive experiment about the economy. at nine canteen with an economic overview. this is the program today and wi

yudina maxim bragin maxim nikishin lead but now to the economic news, the decision of the central bank of turkeyy rate caused a sharp drop in the lira exchange rate, however, the main stock index of the country, on the contrary, strengthened, as a result of the actions of the regulator can affect the turkish economy , alexandra nazarova alexander i welcome what is the lira exchange rate at the moment daria hail the weakening continues for the dollar gives more than 25 years. turkish currency at thursday's auctions, it updated the historical minimum at the moment for the dollar was given about 25 years, the dollar as well as the euro added more than five percent volatility in the foreign exchange market. strengthened after the change in the key rate by the central bank in the morning trading. lira continued to lose in price meanwhile, the main index of the istanbul stock exchange strengthened on the eve by more than 4.5% create unnecessary pressure on the banking sector, but the regulator signaled a possible rate hike, depending on how inflation will behave in the future on the course of tighteni

this happened after the decision of the central bank of turkey on the key rate, led by the new head ofor. at the very first meeting, it raised the rate from eight and a half to fifteen percent for the first time in 2 years , thus the central bank is trying to overcome inflation in may. she approached 40%. this was the news of the economy in short. the international olympic committee stripped the recognition of the international boxing association could have recommended the removal of ibay. here in holding tournaments on boxing at the olympic games in paris and los angeles, the president could thomas bach said that the organization has problems with iba and for leadership, let me remind you that world boxing is headed by the russian mark kremlin. contrary to the recommendations of the neutral status of russians belarusians at the last world boxing championship, russian belarusian athletes competed under the flags of their countries , the formal reasons for the removal of the association was the failure to fulfill the necessary conditions outlined in december. xxi century. experts of the

they want to tackle growth or tackle inflation that will be the decision for the incoming central bank of turkey governor. a story we are watching closely. >>> also coming up on the show, we will discuss how financial executives are embracing the advances in a.i. with broadridge president whose firm launched its own corporate chatbot. shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free >>> welcome back to "street signs. i'm julianna tatelbaum >> and i'm joumanna bercetche and these are your headlines >> the swiss government and ubs sign a loss agreement on the takeover of credit suisse with ubs bearing losses up to 5 billion francs and the authorities covering up to $9 billion. >>> the recovery picture waivers as the factory prices plunge p as >>> and apparent the new bull run on wall street after the s&p advances 20% off the october low. >>> a federal grand jury indicts trump on several cha

today, the central bank of turkey raised the key rate for the first time in 2 years, and did it sharplymmediately to 15% earlier , president recep tayyip, erdogan said that as long as he is in power, interest rates will fall. this is how he intended to defeat inflation. although conventional economic theory says that with inflation, on the contrary, fighting increases the rate of the classical theory. as a result , last year's inflation in turkey won 85% in may this year, according to official data. it slowed down to 39%, but independent experts call the figure 109%. 2 weeks ago , having been re-elected as president, erdogan appointed hafize gay rk as the head of the central bank , she not only has an education from princeton university in the usa and completed programs at harvard and stanford, but also has extensive experience in western financial institutions. now they expect türkiye to return from her? to orthodox and economics, which implies, including the increase in rates, however, the current increase in rates to 15% upset investors, they were waiting for an increase to 20-25%. a

the central bank of turkey today raised the key rate for the first time in 2 years, and did it sharply5%. earlier, president recep tayyip, erdogan assured that while he is in power, interest rates will decrease. so he intended to defeat inflation, although traditional economic theory says that inflation, on the contrary, is fought by a higher rate. as a result , the classical theory, won last year , inflation in turkey amounted to 85%. may of this year, according to official figures. it slowed down to 39%, but an independent expert calls the figure 109%, when erdogan was elected to the post of president 2 weeks ago, he appointed khafize gai of the republic of kazakhstan as the head of the central bank, she has not only the education of princesa university in the usa and completed programs at harvard and stanford, but also a great experience in western financial structures. and now it is expected from her that turkey will return to an orthodox economy, will raise key rates and then lira will stop its collapse, and inflation will slow down, but so far, the current increase in the rate to

the president of turkey has named a new central bank governor. the former u.s. xecutive becomes the first female chief of turkeys monetary authority. we have the latest. what can you tell us about the new central bank governor? >> she is a former banking executive that worked in the u.s. she was employed by goldman sachs. she has a phd in financial engineering from princeton. this points towards a looming pivot. the new minister of finance alluded to a pivot earlier after his appointment into separate statements when he called for a return to national policymaking and also compliance with international norms. these factors together make the case for not just a policy pivot but also a pivot that might arrive sooner than expected that could see the central bank raising rates are ready by their next meeting on june 22. francine: after the finance minister appointment, what do we know about the direction of the economic policy that we can expect from turkey going forward? >> she is known to be in favor of a tight fiscal policy. they said they were going to design the

of many see egos and visions. i'm seeking, there is an invalid. welcome to our program for the 1st time and almost 2 and a half years turkey central bank has raised interest rates to 15 percent from just under 9. it's a shift away from the an orthodox policies are present, rest of type air, the one who has championed low rates. despite the turkish layers, rapids about the valuation. the country's currency was, have had serious consequences for normal turks. as their correspondent, julia hun reports. there is almost nothing you can find here in the immuno. the neighborhood is one of the symbols oldest and busy a small because the areas and it's seen as a bell with a for the child cuz she calling to me. right now it seems. need a shop luminous new customers. i thought the smaller sales have dropped by 50 percent. the price increases every day and the exchange rate fluctuates. the, this is giving us a hard time custom us, we used to buy a keel, only know buying house, aquino, or even less. is it a good one? what do you face to activate my expectation is that the economy will improve that inflation lives up here, but i don't think it will the other tr

we saw the bank of england have a surprise 50 basis point hike yesterday, the european central bank raising rates, the global banks of the world are hiking. turkey'siking rates to 15%, almost doubling it from 8 and-a-half percent. your reaction to what's going on across the world? >> i'm not surprised although i will say the 50 basis point hike by the bank of england was surprising. however, you know, inflation has been sticky globally and it's sticky here. it has come down. it absolutely has come down. every quarter has come down. the question is, will it hit that 2% mark and that is unlikely. there's just too many drivers in the system that are keeping it up. the cost of housing, the cost of just having a roof over your head is expensive, food costs, things of that nature. so it is going to stay sticky high especially if the employment markets stay really tight and the fed really is focused on quote, unquote, breaking the job market. it's not a popular stance but there really needs to be some flexibility and some loosening in the employment market if you really want to see inflation and many of the drivers to inflation come down. maria: all righ

yeah, our con, a former will street executive is turkeys, new central bank of an a new finance minister may have met him check. an internationally renowned economist has pledged to return to rational policies, use it to find information to be sent to the experts like ols on chicago. however, remain cautious. even if the new team were to convince outline of a policy shift, he says, turkeys economy wouldn't just switch, play, recover, lost bin goes to camps. the problem is that all right, cool. and i'm, it has been through radio so much in the last few years that are no easy or quick fix this 3. it will take many years to fix and whatever you do, it will be very painful. if you have to increase interest rates to lower inflation, we will be faced with a huge risk of very high unemployment survey. there's the public and the presidents will actually have the patients to see through this thrust formation. yet, it remains yet to be see here at the mall could in any news, no one wants to hear about more economic pains. people want prices to go down and the economy to heal. so things might get m

president erdogan appoints a new head of the turkey central bank, which could signal a return to traditional monetary policy. however, the lyric continues to weaken. donald trump is said to be -- the lira continues to can. donald trump are said to be indicted for his refusal to return classified documents found at his home. he says he is innocent. a very good morning. 9:00 a.m. across the emirates, 6:00 a.m. in london, 7:00 a.m. in berlin. are you part of the bull market? these are the questions you need to ask yourself. the equity markets flew into a flurry of bids on the back of the highest jobless claims since 2021 and a tank of oil, dropping by 4%. that imbued a spirit of relief in the equity market. the nikkei and the cash market up 1.7% -- in the cash market up on .7%. the s&p 500 -- up 1.7%. s&p 500. the russell 2000 is moving other bit higher, people are buying bank stocks and utilities. let's roll it over and have a look at the breadth narrative, which is the fang plus group up 65%, that includes nvidia, along with tesla and a number of others. that blue line is the outperformance i

bank executive becomes the first female chief of turkeys monetary authority. joining us now from bloomberg economics. how brave is turkeys new central be? >> bloomberg economics. she has a phd in financial engineering from princeton. do not just take her background and her experience as a sign of a pivot coming. it is to get it with the new minister of finance mehmet simsek from his appointment and his statement in the past week underlining a need to return to rational policymaking combined with international norms in policy. those two things signal a strong change of direction. a pivot towards orthodoxy. alix: in theory, it feels like wall street is taking on turkey monetary policy. are they going to be allowed to? how long is the lease? >> the president made statements before the second round of the presidential election back in may saying low interest rate policy -- i appreciate where the question is coming from but the main fact management was appointment -- mehmet simsek was appointment and the statement was appointment and the statement signals towards a pivot that is coming. we expect the pivot to arrive as soon as even the c

40 percent and the rising cost of living are affecting the lives of people across the country in a bit to fight this turkey of central bank to raise interest rates, the 15 percent from 8.5 on thursday, reversing it's unconventional policy of decreasing borrowing costs to combat uncomfortably high inflation. this is sort of central banks. first rate, this is incense present project so far. don's election weeks for a loss may have the rest of the central bankers to cut the interest rates 9 times as late 2021. when globally, inflation start to say increase, and most economies listed rates. this is the 1st interest park and more than 2 years and circus central banks 1st new after the appointment of new governor help is a guy, a icon, a former goldman sachs banker, and the 1st woman to hold the job early to for many economic experts. the height is way below what the markets anticipated, but more gradual inquiries is, are expected to curve inflation under what the government calls it's new economic management. and so a 15 percent interest rate will be very low. and that will also send the best signal to the economy. agents in t

bank and worked for nearly a decade at goldman sachs. president erdogan has appointed a head of the banking regulator. he is a current central bank governor. we know that turkeyolicy and listened to resident erdogan's calls for low are going costs, that has pressured the turkish economy. we are hearing from sources that the new treasury and finance minister will also be meeting with top and king executives week as we hear more about the new lineup for turkey when it comes to economic policy. president mont just got reelected for another five years in office. let's get to the first worth -- first word news with vonnie quinn. >> chinese regulars have asked asset managers to stop displaying real-time pricing. a source tells us some of the companies will stop offering real time estimates of their mutual funds by june 16. a rolling deadly will be adopted for those. the move, which has been planned for months is meant to prevent day trading as stocks continue to sink. south african president ramaphosa plans to hold talks with xi jinping over the possibility of a new venue for the upcoming brics summit. he is seeking to avoid instigating a -- in case he attends the

of fluids. the turkey central bank slashed interest rates over 2 years aiming to boost growth through exports. last more than 90 percent of its value in the last decade following a series of crashes, the worse less than 2 years ago. to get in for us to not use immuno done the hand over ceremony. subjects that took you has no other choice than to return to what he called a rational ground. prioritizing a rules based, predictable, national economy to ensure prosperity, so long as you have an independence central think. and so long as your central bank believes in orthodox policies. there is a way to get out. what we don't know for sure is how much independence they are going to have. and to what degree they will be able to implement these orthodox policies to, despite the failure of what presents are don, describe as a new economic model. he has reiterated his desire to bring interest rates down from this minister, days to check is known as a stringent, the calling of us with the election left behind what is called the campaign economy is over in turkey, and he is expected to press on with those

had to date and other central banks and focus perhaps more of the interesting ones in the emerging market space under course under you have the details on this one but it is turkey's central bank decision to us what the first central decision since president erdogan was elected -- reelected as president and has replaced his entire economic teams of the tells us that again there could be a lot of tightening coming to turkey philippines indonesia and two other central bank's and a should they both expected to stay on hold. haidi: we have seen some traders timing the market well. we see these huge redemptions up at the nasdaq qqq just as it started falling. >> for all the traders missed out on the tech rally earlier to start the year, they now seem like they know how to play this technology market. we saw on the qqq etf have its biggest daily outflow in 2023 on friday as the fund started to fall, $3 billion out of that fund and traders continue to leave the fund and we saw another outflow of $1 billion tuesday another fund is down about 2% since friday some fund may it seems like at least some investors -- finally it seems like at least some investors have time this

being pursued by the central bank at a time when major central banks around the world have been hiking rates and inflation, turkey has been cutting rates which has led to a loss ofthe economy and further downward pressure on the lira. we will see, we think today, the new cabinet announced — there are hopes amongst markets and foreign investors that we will see a return to a more orthodox economic policymaking after the election with a new cabinet, and above all a change in the monetary policy stance. if we see that — response to inflation which is still at 4% — that'll certainly help stabilise the lira. sri lanka has cut its interest rate by a huge two—and—a—half percentage points. it's the first cut in three years — something the government says is a sign the country's economy is finally starting to recover from a crippling economic crisis. interest rates had been raised to record levels in an effort to calm spiralling inflation. the international monetary fund, which is currently funding an almost $3 billion bailout, said the south asian nation is showing a "strong commitment" to implementing economic reforms. elon musk has reclaimed his title as the world's r

being pursued by the central bank at a time when major central banks around the world have been hiking rates and inflation, turkey has been cutting rates which has led to a loss ofe economy and further downward pressure on the lira. we will see, we think today, the new cabinet announced — their hopes amongst markets and foreign investors that we will see a return to a more orthodox economic policymaking after the election with a new cabinet, and above all a change in the monetary policy stance. if we see that — response to inflation which is still at 4% — that'll certainly help stabilise the lira. now to india — where demand for fuel has grown significantly last month, indicating strong economic actvitity. it's the world's third—biggest oil importer and consumer. according to industry data, petrol and diesel sales soared more than 10% on year in the month of may — and that's despite high prices. archana shukla reports. petrol and diesel sales have been on the rise from the second half of march when agriculture harvest and industrial activities started picking up. but as summer and heat pick up, fuel went up to fuel generators. it's the most consumed fuel in indi

of asia business report. actually we have one more story for you. that is turkey which has raised its interest rates. turkey's central bankhanging course after years of monetary easing. this currently puts the cost of borrowing in the country at 15 percent less than what analysts had expected. ankara is trying to tame runaway inflation... which soared to a 2k year high last year. now that is all we have for you on our programme. if you want to take a quick look at what happened on wall street, pretty much flat and investors are kind of chewing over all of the news that has happened with the fed plans to do with those interest rates. stay tuned. also if you want to keep up with the latest news visit our website or if you have not already download our app. i am monica miller, we've had a fabulous week here, happy friday and thank you for joining. brings you different stories from across the uk. in a school in south—west london a surprise is about to take place, starring will poulter. he's just starred in the marvel blockbuster guardians of the galaxy three. but he's here today because of his sister. today is national teache

of course, many expects that the rates high by the turkey central bank under the rule of the new governor half is the guy comp will gradually continue. the non custodial als is 0, sum to the u. k with the bank of england has also raised its key interest, right? it's going up by half of the sentence point to find the sense the bank is trying to tackle high inflation, but it could make the cost of living crisis in person with charlie angela has moved from the town of hassle man in southern england. so this is the 13th rate rise in arrived from the bank, bringing interest rates to 5 percent. so just how concerned they are about installation which is stuck at 8.7 percent since last month. but for the 1400000 people in this country looking to remove is this here, this news is incredibly worrying. we are in the conservative stronghold of south west, sorry. it's the constituency of finance, minutes to jeremy hunt, where the average house price is one point. $1000000.00. but it's an area most vulnerable to those crippling remove. it's right here. $12000.00 people who will have to remove is this t

central bank meeting. no big changes are expected because prices there have not risen as quickly as other parts of the world. but it's likely to be a different picture for turkeyich saw inflation hit a 24—year high last year. the turkish central bank is expected to hike its rate later today. earlier, i spoke with oxford economist alex holmes, who gave his take on how authorities might move. the hopes are the new finance minister and new governor, it means orthodox policy pivot from the bank. eventually rates getting up to 25% over the next six months from 8% now. it would still leave real interest rates when you account for inflation and it might not be enough to stem the lira's fall. that's an eye—watering amount. let's turn to southeast asia where we're looking at indonesia and the philippines, who said they will hold steady for the year. what are we looking at in terms of indonesia? indonesia hasn't given much in the way of guidance, it doesn't usually. inflation there is better than the philippines, it's fallen back to within the bank's target. growth has held out but it is slowing for that we think the central bank will be looking ahead and perhaps in the

of many see egos envision obviously there's invalid. welcome to our program for the 1st time and almost 2 and a half years. turkey central bank has raised interest rates to 15 percent from just under 9. it's a shift away from the unorthodox policies are present, rest of type, everyone who has champion low rates. despite the turkish layers, rapids about the evaluation, the country's currency was have had serious consequences for normal turks. as their correspondent, julia han reports. there is almost nothing you can find here in the immuno. the neighborhood is one of the symbols, the oldest and the busiest small, cuz the area, and it's seen as a bell with us for the child cuz she called on me. right now it seems. need a shop luminous new customers. i thought the smaller sales have dropped by 50 percent. the price increases.

have to price the risk of really chaotic policy turkey raising rates is a step in that direction but a very long way to go to establish the credibility of these other central banks that allows it to have a positive effect on inflation. >> i love you went there thank you. it is a big story. it also kind of, steve, feeds what bank of england did and you mentioned the criticism there, which ecb did, which struck a very different tone, lagarde did than powell did, it feeds into some of the criticism around powell and the fed's move to pause if they're just saying they're going to keep raising interest rates now we're going to get a test case of who's more prudent when it goes to pausing or raising and shocking -- they're getting a strong currency which helps in the inflation fight. >> yeah, it is interesting, sara i'd ask you -- i guess powell is not selling this speed versus level idea very effectively. he tried to explain it yesterday, you know, as you get closer to the destination, you slow down. i've explained it as you're filling up a tire with air if it's flat, the first two minutes, you let it go as you get to the end, you do a little more staccato in terms o

of presidential elections in turkey, the dollar. cost 19.5 years local press. he writes that before the elections, the central bank out interventions to support the turkish currency. and now the reserves of the turkish central bank stopped in early may, they fell very strongly . the russian stock market does not make any intelligible movements from tomorrow's meeting of the central bank, investors. surprises are not expected, most likely, the key rate will remain at 7.5%, there is corporate news on the american stock exchange. nasdaq granted yandex's appeal and will not deliss its shares. well, trading in yandex shares on the sign is still suspended. employers overpay three and a half trillion rubles a year to their sleep-deprived employees rbc writes about it, experts explain that lack of sleep leads to a decrease in efficiency, and when calculating they relied on average salaries in the regions, but which amount they repelled and how much you read for drowsiness is not specified russians said that they feel lack of sleep, an average of 4 days per week almost half of the respondents complained about lack of sleep

central bank meeting. no big changes are expected because prices there have not risen as quickly as other parts of the world. but is likely to be a different picture for turkeyt a 2k year high last year. the turkish central bank is expected to make its rate later today for the earlier i spoke with oxford economics alex holmes who gave his take on how authorities might move. his take on how authorities might move-— his take on how authorities might move. his take on how authorities miaht move. ., , ., might move. the home side for the new finance _ might move. the home side for the new finance minister - might move. the home side for the new finance minister and i the new finance minister and new governor it means orthodox policy given from the bank for that were looking at 650 rate hike this time around. eventually rates getting up to 25% of the next six months for the bats from 8% now. it would still leave real interest rates when you account for inflation in it might not be enough to stem the following of the layer. stem the following of the la er. . �* , stem the following of the la er. ., �*, ., , stem the following of the laer. , ., layer. that's an eye

central bank can really implement an orthodox policy. because we have seen in the past that the preferences of the president of turkey has been always having high growth rate, what, what the price is for the inflation. and the exchange rate to lead raw has been depreciating heavily. so the next weeks already we'll decide on and how far we can trust on what the fuck new finance minister had declared so far. i'm just gonna be interesting to see why the tech economy goes under a renewed president, added want to add to allow y'all sion of professor of its national economics that comes down to university of applied sciences. thank you so much for joining us again on your business. now oil prices searched on monday, following a surprise decision from a tech plus saudi arabia or announced a voluntary cuts to its production. and that's on top of group wide cuts previously announced markets. all consent, not least, of a huge benefit. according to this i would de la, the pop, which is a 1000000 that is of reduction for the start that starts to do 1st of july. or did i see a saw the lollipop, and one that lease a bit or taste on oil markets and the p

terms of how we could see changes made when it comes to policy and central bank independence is being handled. >> certainly, i think it is a positive, definitely. if you look in history, turkeysdent erdogan's stance of unorthodox policies and they tended to go. the last recent one slashed rates to 18.5%. now the markets are looking for more orthodox policies. she also has a good reputation because she was former goldman and worked at first republic. she has worked markets a lot better. the idea of orthodox policies is good the question is, will they actually be enacted? that's what the market is looking for. it sounds good on paper, but in reality, what will happen? a central bank meeting coming up will be a high focus. shery: many central-bank decisions actually coming up next week. what are you focusing on as we continue to see ray divergence play out around the world? -- great divergence play out across the world? >> you have u.s. cpi coming out. the headlines are supposed to come down. inflation is supposed to be sticky above 5%. the fed will focus on that. if you look at the core personal consumption expenditure index, the preferred measure of inflation, there is an upti

turkey central bank has increased the country's interest rate by 6.5%. changing course after years. this currently puts the cost ofwing in the country at 15%. now, that is less than analysts had expected. runaway inflation has soared to a 2k year high. an interest rate hike over in the uk after the bank of england increased the cost of borrowing more than expected. that hike of half a percentage point will have a knock—on effect on homeowners already facing sharp rises in the cost of food and fuel. a subcommittee... meanwhile, a senate subcommittee has asked the key figures of a proposed golf merger to testify on capitol hill next month. the union of the pga tour and the saudi backed liv golf was announced weeks ago and shocked the sports world. the deal is currently under investigation by the us department ofjustice. and the senate finance committee. let's bring in ben freeman now he's with the quincy institute for responsible statecraft. he explained why the merger raised red flags. we do not know the details of this merger. with the general sense that the saudi investment fund is effectively buying internationa

of the presidential elections in turkey, the dollar. it cost 19.5 lire. local press. he writes that before the elections, the central bankentions to support the turkish currency, and now the reserves of the turkish central bank have stopped doing this in early may . the russian stock market is growing sluggishly. but at 3.5% now the price of yandex shares has become. it is known that the american exchange satisfied us with yandex's appeal and will not conduct. ng of its shares, as they say the company itself, the exchange took into account the fact that yandex is going to split soon, well, trading in yandex shares on the sign is still suspended. employers overpay 3.5 trillion rubles a year to their sleep -deprived employees rbc writes about it, experts explain that lack of sleep leads to a decrease in efficiency, and in the calculation they relied on average salaries in the regions. but from what exactly the amount was repelled. and how much did you read for drowsiness do not specify russians said that they feel lack of sleep, on average 4 days a week, almost half of the respondents complained about the lack of sleep, an

mitsotakis has ways to build on one of the fastest economic recoveries that has greek debt close to a return to investment grade. turkey's central bank's to signify rules in a bid to boost lira savings. the ratio has immediately been lowered from 10% to 5%. thanks will get a discounted ratio if the share of lira deposits rises to 70%. changes come as the lira continues to slump in june. pakistan is making changes to its budget to appease the imf's concerns on taxes. the finance ministry says the government is planning new levies that will raise revenue by $750 million. pakistan is seeking an imf bailout and is dealing with a record inflation and reserves that have strong to about one month of imports. south korea is were considering slightly lowering its economic growth forecast for this year. a news agency says finance ministry officials may cut their projections to as low as 1.4% from 1.6% reflecting the sluggish performance of the chip industry. asia's fourth-largest economy appointed a technical recession after expending 0.3% in the first quarter. china's trouble spending during the festival holiday fell short of pre-covered levels

seemingly independent and precisely western head of the central bank, and it seemed that now together they will begin to implement normal policies and turkey chance to face the entire crisis. but last week they just made this decision to raise the rate and it the rate was raised, but it was a very half-hearted decision because they took it much less than it was necessary and much less than the market expected, and as a result the market was disappointed, the market stopped believing that they were really not dependent, the market understood that they one way or another, in their decisions, they look not at the needs of the economy, not at the needs of what needs to be done to correct the situation with the broadcast, but also at the reaction of the ornament, and this disappointed the markets very much. because, again, the situation in the turkish economy is very shaky and what could lead to a deep economic crisis in turkey, what collapses they can provoke, it's hard to even imagine . i hope there will be, and i hope that everything mm will radically pursue an adequate economic policy and democratize his country . on the contrary, it is in

seemingly independent and precisely western head of the central bank and it seemed that now together they will start to implement a normal policy and turkey will have a chance to see the whole crisis. but last week they just made this decision to raise the rate and yes they raised the rate but it was a very half-hearted decision because they raised it much less than was needed and much less than the market expected and as a result the market was disappointed, the market stopped believing that they are really independent, the market realized that they are somehow equal in their decisions they look not at the needs of the economy, not at the needs of what needs to be done to correct the situation with the broadcast, but also at the reaction, and this disappointed the markets very much . very shaky and why a deep economic crisis in turkey can lead to what collapses it can provoke it is hard to even imagine democratize their country they on the contrary, it is in our interests and will remain the second ukraine and support ukraine and not russia and ukraine at the same time, mr. sergey, we do not have time to discuss anything else thank you v