Turkey's central bank says 'strong' hike should lower inflation
The Turkish central bank said on Thursday it strongly tightened policy to contain inflation "as soon as possible" as it hiked its benchmark rate by 200 basis points to 17%, a bit more than expected.
The bank adopted "a strong monetary tightening in order to eliminate risks to the inflation outlook, contain inflation expectations and restore the disinflation process as soon as possible," the policy committee said in a statement after its second meeting under Governor Naci Agbal, who was appointed last month.
Policy tightness "will be decisively sustained until strong indicators point to a permanent fall in inflation in line with the targets and to price stability," it added.
Turkish inflation jumped to 14% last month from 12% and the lira remains near a record low after shedding nearly 23% this year, its second worst year on record after 2018 when a currency crisis hit.
Agbal pledged last week to keep monetary policy tight in 2021 and he kept the door open to more rate hikes after a 475-point rise last month.
Paris Club of creditors: Ethiopia gets debt deadline extension
PARIS (Reuters) – Ethiopia will get a deadline extension for its debts, with a new deadline set at June 30, 2021, said the Paris Club of international creditors on Thursday.
The members of the Paris Club involved in the reorganisation of Ethiopia’s debts are France, Italy, Japan, the Republic of Korea and the Russian Federation.
Christmas gifts may not arrive on time
Christmas gifts may not arrive in time as U.S. Postal Service offices struggle to keep up with delivery demands.
James Boxrud, a USPS spokesperson based in Colorado, said they’re experiencing historical mail volume.
“This week is our busiest week, of our busiest month, of our busiest year ever,” Boxrud said. “We are seeing so many packages.”
Millions of Americans turned to online shopping during the pandemic for everyday necessities and again for holiday shopping.
Read more at thedenverchannel.com.
Bidders Listed for South Africa’s Emergency Electricity Program
South Africa’s program to narrow a shortage of as much as 3,000 megawatts of electricity generation has drawn interest from solar, gas and powership developers.
Richards Bay Gas Power 2, Scatec Solar SA and Karpowership SA are among firmslisted as bidders for the Risk Mitigation Independent Power Producers’ Procurement Programme on the website of the Independent Power Producer office.
The power utility of the most industrialized nation on the continent, Eskom Holdings SOC Ltd., has a poorly maintained generation fleet that struggles to meet demand, resulting in electricity rationing that has dented the economy. The emergency program, designed to bring projects online in the shortest possible time, is part of a government effort to bolster the grid.
The list of 28 bidders on Dec. 22 includes the project number, name and company. South Africa earlier this yearrevoked an environmental exemption granted to Karpowership because the company that generates electricity from vessels moored offshore failed to fully disclose its reasons for the application.
The program expects to announce preferred bidders by February 2021 and financial close of the projects by June.
UK parliament to vote on Brexit deal on Dec. 30
LONDON (Reuters) – Britain’s parliament will vote to approve a trade deal with the European Union on Dec. 30, Prime Minister Boris Johnson said on Thursday following the announcement of an agreement with Brussels.
He said the deal would be available for scrutiny, “followed by a parliamentary vote, I hope, on December the 30th”.
Stock Alert: Altimmune Loses 6%
Shares of clinical-stage bio pharmaceutical company Altimmune, Inc. (ALT) are down more than 6% Thursday morning after the company said that the FDA has issued a clinical hold on the Investigational New Drug (IND) application for its Covid-19 vaccine candidate, AdCOVID.
The regulator asked the company for some protocol changes and also sought additional data on AdCOVID’s chemistry, manufacturing and controls.
Altimmune said it has responded to the Agency’s clinical hold letter received on December 22, 2020, does not see a significant impact on the overall clinical development timeline as the Company has agreed to each of the FDA’s requests.
ALT, currently at $11.75, has been trading in the range of $1.60- $35.1 in the last one year.
Stock Alert: Uptick Continues For Blink Charging
Shares of electric vehicle charging equipment and services provider Blink Charging Co. (BLNK) are rising more than 17% Thursday morning, keeping its momentum after it signed an agreement with Lehigh Valley Health Network (LVHN).
Tuesday, Blink Charging said it has signed an exclusive 7-year agreement with Lehigh Valley Health Network for Blink to own and operate charging stations across the health network’s locations.
The agreement allows Blink to deploy EV chargers across LVHN’s hundreds of health care facilities, including hospitals, health centers, physician practices, rehabilitation locations, ExpressCARE sites and other outpatient care locations.
BLNK has gained more than 35% in the last two days. The stock touched its 52-week high of $52 this morning.
Stock Alert: Star Peak Energy Transition Touches New 52-week High
Shares of Star Peak Energy Transition Corp. (STPK), a special purpose acquisition company, are rising more than 8 percent or $1.77 in Thursday’s morning trade at $22.63, after touching a new 52-week high of $23.28 despite no company-specific news.
U.S. stocks are rising modestly on Thursday in a holiday-shortened session amid optimism about a potential post-Brexit trade deal. In addition, the rollout of coronavirus vaccines raised hopes for a quick economic recovery and generated early buying interest.
Stem Inc., a provider of artificial intelligence or AI-driven clean energy storage systems, and Star Peak Energy Transition said in early December they have agreed for a business combination that will result in Stem becoming a public company.
The transaction is expected to close in the first quarter of 2021. Upon closing of the transaction, the combined company will be named Stem and remain listed on the New York Stock Exchange under the new ticker symbol “STEM.”
Star Peak Energy Transition has traded in a range of $9.60 to $23.28 in the past 52 weeks.