Turkish lira pounded again as central bank slashes interest rates

The Turkish lira was pounded for a second day on Thursday, after Turkey’s central bank sided with President Recep Tayyip Erdogan in his “battle” against interest rates. rose as high as 11.2978 lira from 10.6281 on Wednesday and 10.3408 on Tuesday. The Central Bank of the Republic of Turkey cut...

Pound rises as latest U.K. jobs data seals case for Bank of England rate hike

Markets had already priced in a December interest-rate hike, though in fairness, they had priced in a November increase that never came. And there’s still one more jobs report before the next Bank of England meeting. “While some small uptick in unemployment is possible as a consequence of furlough payments...

Luxury in the metaverse? Morgan Stanley says it could become a €50 billion market

Analysts led by Edward Stanley point out that one in five gamers in Roblox change their avators daily. “Image is everything in virtual experiences,” they say. in September started selling “skins” in the popular game Fortnite at 1,000 V bucks, which they say is equivalent to about $8. Gucci, also part of Kering, sold a digital version of its Dionysus bag on Roblox.

Philips shares reel after FDA releases findings from Pennsylvania plant inspection

Koninklijke Philips shares tumbled 11% on Monday after the Food and Drug Administration published its inspection findings at a U.S. manufacturing facility in Pennsylvania. had already recalled 15 million breathing assistance machines. The FDA raised concerns about the silicone foam used in the company’s replacement device and in the DreamStation 2, though the agency did not yet conclude the foam poses a risk to U.S. patients. Philips maintains the foam underwent significant testing.

Richemont shares jump on sales beat and Farfetch investment discussions

Compagnie Financiere Richemont rose as much as 10% after reporting a surge in sales and confirming it’s in talks over its loss-making Yoox Net-A-Porter business. said fiscal first-half sales climbed 63%, leading to a surge in profit to €1.25 billion from €159 million. Its profit was up 44% from 2019 levels on a 20% rise in sales.