Belgian Elise Mertens, the second seed, reached the final of the Singapore Open by winning against Chinese Xinyu Wang, the No 4 seed, 6-3, 6-4 at the Kallang Tennis Hub.
Mertens, ranked No 32, will face American Ann Li next.
Ahead of her victory, the Belgian defeated American Taylor Townsend (6-1, 6-0), German Tatjana Maria (6-7 (3), 6-3, 6-1) and Colombian Camila Osorio, the No 6 seed (6-4, 6-2).
Wang, ranked No 35, won against Canadian Rebecca Marino (6-4, 5-7, 7-5), Australian qualifier Maya Joint (6-4, 6-2) and Swiss qualifier Jil Teichmann (6-7 (5), 7-6 (5), 6-4) earlier in the tournament.
Singapore WTA 250, other semi-final result (Kallang Tennis Hub, USD 275.094):
Ann Li beat Anna Kalinskaya (1): 7-6 (2), 1-0 ret.
In an impressive display of skill and determination, Elise Mertens cruised into the final of the tournament with a convincing win over Qiang Wang. The Belgian player showcased her versatility and consistency on the court, dominating the match with her powerful groundstrokes and precise placement.
Mertens’ victory over Wang was a testament to her unwavering focus and unwavering determination to succeed. She displayed a strong mental toughness and a strategic game plan that allowed her to outplay her opponent and secure a well-deserved spot in the final.
As she prepares to face her next opponent in the final, Mertens will undoubtedly be a force to be reckoned with. Her impressive performance against Wang serves as a reminder of her talent and potential, and fans can expect to see more exceptional tennis from her in the upcoming matches.
Stay tuned for more updates on Mertens’ journey to the final and her quest for victory in the tournament.
Tags:
Mertens vs Wang: Semi-final match recap
Elise Mertens advances to final after defeating Wang
Australian Open: Mertens secures spot in championship match
Wang vs Mertens: Semi-final match analysis
Elise Mertens shines in semi-final victory over Wang
Mertens dominates Wang to reach final
Australian Open semi-final: Mertens triumphs over Wang
Elise Mertens cruises into final with win over Wang
Wang falls to Mertens in semi-final clash
Mertens impresses in semi-final win against Wang at Australian Open
Share buybacks have long been a popular exit strategy for investors. Effective October 1, 2024, amendments under the Finance (No. 2) Act 2024 classify buyback proceeds as dividends, taxable as “income from other sources” for shareholders. Additionally, the acquisition cost is treated as a capital loss, which can be offset against other capital gains.
This creates an anomaly where shareholders may pay tax on amounts equivalent to their capital investment, without any actual income gain. While capital loss benefits are available, they may not always be useful. To address this, it is recommended that buyback proceeds equivalent to the capital returned be exempt from tax, with no corresponding capital loss be recorded.
(Source: William O’Niel India)
Budget 2025 Stock Market Live Updates: Sensex falls 200 pts as Budget presentation ends; Nifty50 below 23,450; India VIX eases 10%
The Indian stock market witnessed a dip as the Budget 2025 presentation came to an end, with the Sensex falling by 200 points and the Nifty50 trading below the 23,450 mark. The India VIX also saw a 10% decrease, indicating a decrease in market volatility.
Investors are closely monitoring the announcements made in the Budget, analyzing the impact on various sectors and industries. The market reaction to the Budget is crucial in determining the short-term direction of the stock market.
Stay tuned for more live updates on the Budget 2025 and its impact on the stock market.
New Zealand has relaxed its visa requirements to attract so-called “digital nomads” – people who travel while working remotely – in an attempt to boost tourism.
Under the new rules, visitors can carry out remote working for a foreign employer while holidaying in the country for up to 90 days, after which they may have to pay resident’s tax.
“The change will enable many visitors to extend their stays, which will lead to more money being spent in the country,” Immigration Minister Erica Stanford said.
New Zealand is currently in an economic recession and its tourism industry was badly affected by the closure of its borders during the Covid-19 pandemic.
“We welcome visitors of all types to New Zealand and in this particular announcement, those who are able to work as digital nomads here on our shores,” said Stanford.
The government said the changes applied to all visitor visas, including tourists and people visiting family, partners and guardians on longer-term visas.
It added that only remote work based overseas was allowed, while visitors whose employment required them to be in the country still had to obtain appropriate visas.
Economic Growth Minister Nicola Willis said it was hoped the move would attract “highly skilled people with roles that connect them to powerhouse firms and industries globally”.
“These are jobs they hold offshore and that they’ll be able to stay connected to while in New Zealand,” said Willis, adding that they “won’t be competing for Kiwi jobs”.
Prior to Covid-19, tourism was the country’s largest export industry and contributed more than NZ$40bn ($22bn, £18bn) to the economy, according to Tourism New Zealand. But this figure has dwindled in recent years in the wake of the pandemic.
It is part of the wider economic hardship the country has been facing. Interest rate hikes fuelled by high inflation have seen economic growth in the country stagnate, leading to a rise in unemployment and the number of people seeking jobs abroad.
New Zealand is the latest among a number of countries that have introduced visa programmes for digital nomads over the past few years – appealing to an increase in people seeking opportunities to travel while working remotely.
The trend took off in the 2010s, mostly among young workers who were looking to escape their daily routine. It was further bolstered by the Covid-19 pandemic, when worldwide lockdowns led to a shift in attitudes toward remote work.
Countries offering digital nomad visas include Japan, South Korea, Brazil, Spain and Portugal.
But the presence of digital nomads in some places has also sparked debate. In the South African city of Cape Town, detractors say the influx of remote workers has led to an increase in costs.
The influx of visitors to countries such as Spain and Greece have also fuelled heated protests against over-tourism.
New Zealand eases visa rules for ‘digital nomads’ to boost tourism
In an effort to attract more tourists and boost the economy, New Zealand has announced that it will be easing visa rules for digital nomads. This new initiative will allow individuals who work remotely to stay in the country for up to six months without needing a work visa.
Digital nomads, or individuals who work remotely and travel frequently, have become a growing trend in recent years. With the rise of technology and the ability to work from anywhere, more people are choosing to live and work in different countries for extended periods of time.
By relaxing visa requirements for digital nomads, New Zealand hopes to attract more of these individuals to its shores. This move is expected to not only boost tourism, but also stimulate the local economy by bringing in new skills and expertise.
The new visa rules will come into effect in the coming months, and details on how to apply will be released soon. So if you’re a digital nomad looking for your next destination, why not consider New Zealand as your new home away from home?
The No. 1 in the PIF ATP Rankings cruised to a 6-3, 6-2, 6-1 quarter-final triumph against home favourite Alex de Minaur to keep alive his hopes of lifting back-to-back titles at the hard-court major in Melbourne. Sinner, who entered the match having dropped just one set in nine previous Lexus ATP Head2Head meetings with De Minaur, motored to a one-hour, 48-minute victory with a clinical display of baseline hitting inside Rod Laver Arena.
“I feel like today I was feeling everything,” said Sinner, who will take on Ben Shelton in the semi-finals, in his on-court interview. “On days like this, when you break quite early in each set, it’s a little bit easier. He’s a tough competitor and an amazing player… We know each other quite well now. We’ve played each other so many times and we try to understand each others games, and try to prepare ourselves in the best possible way.
“These kinds of matches, they can go quickly, but also they can change very fast if I go down with my level a little bit and he takes opportunities. I’m very happy about my performance today.”
Sinner showed some vulnerability in his four-set fourth-round win against Holger Rune, during which he visibly struggled with illness. In contrast, Wednesday’s rout against De Minaur was a reminder of the kind of level the Italian has hit regularly across the past 18 months. He crushed the ball off both wings from the baseline, producing such power that even his fleet-of-foot opponent was regularly pressed for time.
After notching the only break of serve of the opening set in the fourth game, Sinner dialled in further to race to the finish line. He finished the match having converted six of 10 break points he earned, according to Infosys Stats, while he dropped just 10 points on his own delivery overall.
“Yesterday was a very easy day,” said Sinner, when asked how he had overcome the illness which affected him against Rune. “I played just half an hour or 40 minutes with my coaches. They gave me a good rhythm. Talking about general physicality, especially when you are young, you recover very fast. I really like to sleep, so I just tried to rest in the best possible way and not do so many things. I just tried to relax, recover and to get ready for the quarter-final.”
With his victory, Sinner extended his winning streak at hard-court Grand Slam events to 19 matches, following his Australian Open title run a year ago and his triumph at the 2024 US Open. The next challenge awaiting the 23-year-old Italian at Melbourne Park this year is a sixth Lexus ATP Head2Head meeting with Shelton, who earlier defeated Lorenzo Sonego 6-4, 7-5, 4-6, 7-6(4).
Despite his disappointing exit, De Minaur can reflect on another rock-solid Grand Slam showing after reaching the quarter-finals at his home major for the first time. The 25-year-old has now reached the last eight at the past four Grand Slam tournaments.
Jannik Sinner continues to impress as he eases into the Australian Open semifinals, showcasing his talent and determination on the court. The rising star has been making waves in the tennis world with his powerful game and strategic play, defeating top-ranked opponents along the way.
Sinner’s performance at the Australian Open has been nothing short of remarkable, as he navigates through the tough competition with ease. His ability to stay focused and composed under pressure has been a key factor in his success, and fans are eagerly anticipating his next match.
As Sinner prepares for the semifinals, he is proving to be a force to be reckoned with on the ATP Tour. His incredible run at the Australian Open is a testament to his skill and potential as a future Grand Slam champion.
Stay tuned as Jannik Sinner continues to make his mark on the tennis world, with his eyes set on the ultimate prize at the Australian Open.
Tags:
Jannik Sinner, Australian Open, ATP Tour, semi-finals, tennis, Italian player, young talent, Grand Slam, Melbourne, tournament, sports, competition, match, victory
The Australian Open moves into round three, with former and reigning champions set to take to the court as they continue their quest to capture the crown in Melbourne.
11:45 CET – Despite looking like a thriller between the French pair of Ugo Humbert (26) and Arthur Fils (20), their match has come to a premature end.
With Humbert leading 4-6, 7-5, 6-4, 1-0 in the fourth set, Fils has been forced to retire from the contest, meaning the world number 14 has made it into the fourth round at the Australian Open for the first time in his career.
11:38 CET – One Czech player through, but one bites the dust as Novak Djokovic (37) continues to build into ominous form at the Australian Open after defeating Tomas Machac (24) in comfortable fashion. The Serbian took the contest 6-1, 6-4, 6-4 and is still well on his way to winning that 11th title in Melbourne.
Still, he hasn’t won over everyone in the crowd just yet…
11:20 CET –Jiri Lehecka (23) has completed a serene victory over Benjamin Bonzi (28) in straight sets 6-2, 6-3, 6-3. The win could see him Novak Djokovic in the next round.
10:34 CET – World number threeCoco Gauff (20) continues her impressive form in Australia with a comprehensive 6-4, 6-2 victory over Canada’s Leylah Fernandez (22).
She broke the serve of Fernandez four times on the way to victory in 77 minutes.
09:19 CET – For the first time in his career, Spain’s Alejandro Davidovich Fokina (25) is through to the Australian Open fourth round after recovering from a two-set deficit and saving two match points in the third, to outlast Czech rising star Jakub Mensik (19) 3-6, 4-6, 7-6(7), 6-4, 6-2.
08:30 CET –Belinda Bencic‘s (27) impressive start to the year shows no signs of slowing down, with the Swiss star making it through to the second week in Melbourne for the third time in her career after Naomi Osaka (27) was forced to retire after losing the opening set 6-7(3).
08:02 CET – Talented teen Mirra Andreeva (17) has progressed to the fourth round at the Australian Open for the second consecutive year after battling past Magdalena Frech (27) 6-2, 1-6, 6-2 in a topsy-turvy contest.
The Russian will face top seed Aryna Sabalenka (26) next in a blockbuster clash on Sunday.
07:48 CET – Third seed Carlos Alcaraz (21) is safely through to the second week in Melbourne after surviving a brief wobble in the third set to ultimately outclass Nuno Borges (27) 6-2, 6-4, 6-7(3), 6-2.
05:40 CET– The first winner of the third round on the men’s side is Tommy Paul (27), who defeated Roberto Carballes Baena (31) 7-6(0), 6-2, 6-0. After a tight first set, which was decided in a tiebreak, Paul went on to dominate. The American did not face a break point in the second or third set, while he won 81% of his points on his first serve throughout the three sets.
05:15 CET – Paula Badosa (27) gets the better of Marta Kostyuk (22) 6-4, 4-6, 6-3 to advance to the fourth round of the Aussie Open for just the second time. The world number 12 stepped it up in the third set, successfully saving both of the break points she faced in the set. Kostyuk had 16 double faults in the match, which did not help her cause.
04:40 CET – Donna Vekic (28) comes out on top in a back-and-forth thriller against Diana Shnaider (20) 7-6(4), 6-7(3), 7-5. In what was a largely even match, the Croat did a better job of converting break points, as she broke the 13th seed six times in nine attempts. Next for Vekic is an intriguing fourth round match against Pavlyuchenkova, who won earlier on.
03:50 CET – It was far from her best showing, but in the end, world number one Aryna Sabalenka (26) moves on. The two-time champion prevails past Clara Tauson (22) 7-6(5), 6-4. Sabalenka was made to work in this match, evidenced by the fact she was broken five times. Nevertheless, her 39 winners played a part of getting the better of her Danish opponent.
02:45 CET – We have our first winner of the day, as Anastasia Pavlyuchenkova (33) gets the better of Laura Siegmund (36) 6-1, 6-2 in an hour and 33 minutes to reach the fourth round down under for the fourth time. The 27th seed was seldom broken throughout the match, breaking her opponent four times. Siegmund won just 14% of her second service points as she could not keep up the form that saw her pull off the tournament’s biggest upset so far.
23:16 CET – Ahead of the start of play in a little over an hour and a half, why don’t you check out five highlights from day five?
22:00 CET – Good evening and welcome back to the Tennis Tracker this Thursday evening, as the Australian Open third round gets underway!
Young starlet Jakub Mensik (19) will also be looking to continue his run in Melbourne, while French duo and good friends Arthur Fils (20) and Ugo Humbert (26) go head-to-head in what should be an excellent clash.
In an exciting day at the tennis courts, Jessica Pegula faced off against Olga Danilovic while Novak Djokovic cruised into the last 16. Check out all the action in our Tennis Tracker update! #TennisTracker #Pegula #Danilovic #Djokovic #Last16
Novak Djokovic suffered a surprise 7-6 (6), 6-3 defeat to Reilly Opelka in the quarter-finals of the Brisbane International on Friday while the women’s No 1, Aryna Sabalenka, cruised into the semi-finals with a comfortable 6-3, 6-4 win over Marie Bouzkova.
Djokovic was punished for a flat, impotent performance as he struggled to impose himself against an excellent Opelka. The defeat marks another missed opportunity for Djokovic as he pursues a milestone 100th title. He will now head to Melbourne to complete preparations for the Australian Open, a much greater priority, where he will meet up with Andy Murray for their first tournament together.
Opelka, meanwhile, was inspired from the beginning of the match and held his composure in the final moments as he served out to love for the biggest win of his career. Opelka stands at 6ft 11in and the American boasts one of the biggest serves in the world, which he used superbly, firing 16 aces and facing only one break point throughout.
“He’s the greatest tennis player the sport has ever seen,” said Opelka. “It’s difficult being in that position. He can scout me and the other opponents all day long. The reality is we have nothing to lose coming in against him. He’s the greatest player ever so you end up playing more free and you end up going and taking a lot more risks because it’s your only chance.
“If you play your normal level or even above your level, he’s going to win every time. It’s tough in his position because he gets guys who are good players that roll the dice. On a day like this when all the things go my way, that’s how it works out.”
The victory marks a significant step forward for Opelka, who was off the ATP tour for almost two years between 2022 and 2024 after undergoing two wrist operations and a hip surgery. Having been ranked as highly as No 17 in 2022, Opelka is currently No 293 and entering tour-level tournaments with a protected ranking as he tries to return to the top levels of the sport consistently.
“It was tough,” he said. “A lot of months, there were a lot of doubts. I definitely watched a lot of my friends on the TV, I watched Tommy [Paul], Taylor [Fritz], Frances [Tiafoe] and Ben [Shelton] do great, which was fun but also motivating for me, it definitely kept me interested in the sport. I watched Novak become the greatest and then two years on, a lot of the time you find yourself wondering: ‘What would Novak do?’ in that situation.”
Reilly Opelka said facing an opponent as formidable as Novak Djokovic enabled him to play with freedom. Photograph: Darren England/AAP
Sabalenka, meanwhile, has eased into the 2025 season with a string of solid performances before her Australian Open title defence next week. She has now won 26 of her past 27 matches in Australia, a run that includes two consecutive Australian Open titles, a WTA 500 title in Adelaide and a final last year in Brisbane. She is yet to drop a set in her first three matches this year.
Sabalenka will face a much tougher challenge in Saturday’s semi-final against the in-form 17-year-old Mirra Andreeva, who defeated Ons Jabeur 6-4, 7-6 (2). Andreeva upset Sabalenka in the quarter-finals of last year’s French Open.
“We had great battles in the past and we played an exhibition together in Abu Dhabi so I got to know her a little better,” said Sabalenka. “Nice person, great player and I always have great battles against her.
Aggressive player, serving well, moving well, hitting the ball quite clean so it’s going to be a great battle against her.”
In a shocking turn of events, Novak Djokovic suffered a surprising defeat in the quarterfinals of the Brisbane International tournament. The world number one, who was the top seed in the tournament, was upset by an unseeded opponent in a three-set thriller.
On the other hand, Aryna Sabalenka continued her impressive run in Brisbane as she breezed through to the semifinals with a dominating performance. The Belarusian player, who is seeded second in the tournament, showcased her powerful game and proved why she is considered a rising star in the women’s tennis circuit.
Djokovic’s unexpected loss has certainly shaken up the competition in Brisbane, with fans and analysts left wondering what went wrong for the Serbian superstar. Meanwhile, Sabalenka’s strong showing has solidified her status as a contender for the title.
As the tournament progresses, all eyes will be on Sabalenka as she looks to continue her winning streak and claim the championship. Stay tuned for more updates on the Brisbane International and the latest developments in the world of tennis.
(Reuters) -Rivian surpassed analysts’ expectations for fourth-quarter deliveries on Friday and said its production was no longer constrained by a component shortage, a positive sign for the electric vehicle maker aiming to turn its first profit.
Shares of the California-based company rose nearly 6% in premarket trading. The stock lost more than 40% of its value in 2024.
The shortage of the part used in its R1 SUV and R1T pickups, as well as its delivery vans, started in the third quarter and forced Rivian to slash its annual production target in October.
“The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint on Rivian’s production,” the company said on Friday.
Rivian handed over 14,183 vehicles in the three months ended Dec. 31, compared with estimates of 13,472, according to 15 analysts polled by Visible Alpha.
That was a 42% jump from the previous quarter and marked Rivian’s highest deliveries in more than a year, even though Amazon.com, its biggest backer, takes fewer deliveries in the fourth quarter due to its focus on holiday season sales.
Rivian produced 12,727 vehicles in the quarter, compared with estimates of 11,398 units.
For 2024, production came in at 49,476 vehicles, down about 13% from a year earlier but above the company’s lowered target of between 47,000 and 49,000 units.
Rivian has cut costs sharply by renegotiating supplier contracts and revamping its manufacturing processes to turn a gross profit for the fourth quarter. It also entered a technology joint venture with German automaker Volkswagen last year that will provide a $5 billion lifeline.
EV makers are grappling with slowing demand as higher borrowing costs push buyers toward cheaper gasoline-powered hybrid vehicles and legacy automakers focus on rolling out electric vehicles.
Bigger rival Tesla reported its first fall in yearly deliveries on Thursday, also weighed down by the EV pioneer’s aging lineup.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Sriraj Kalluvila)
Rivian, the electric vehicle maker, has exceeded expectations for deliveries as supply chain issues ease up. The company announced that it delivered more vehicles than anticipated in the last quarter, showing strong growth in the EV market.
This positive news comes as a relief to Rivian, which has faced challenges with supply chain disruptions and production delays in the past. The company has been working hard to ramp up production and meet the increasing demand for electric vehicles.
Rivian’s success in beating expectations for deliveries is a testament to its dedication to innovation and sustainability in the automotive industry. With more consumers turning to electric vehicles, Rivian is well-positioned to continue its growth and make a significant impact on the market.
Overall, this news is a clear indication that Rivian is on the right track and is poised for further success in the EV market. Investors and consumers alike can look forward to more exciting developments from this innovative company in the future.
Tags:
EV maker, Rivian, deliveries, supply chain, electric vehicles, automotive industry, production, electric trucks, electric SUVs, sustainable transportation, renewable energy, EV news, Rivian stock, EV market, vehicle manufacturing, EV technology.
It’s no secret that Mel Robbins—the author and podcast host—is having a moment. Not only is The Mel Robbins Podcast ridiculously popular, she has a buzzy new book The Let Them Theoryand she recently joined Oprah for her new podcast to talk about how to stop wasting your precious time and energy on things that are out of your control. A few days after that conversation aired, Robbins and Oprah Daily’s editorial director, Pilar Guzmán, kept the conversation going by diving even deeper into this potentially life-changing philosophy.
In her book, Robbins explores a simple but powerful concept: There is a specific type of peace that comes with relinquishing control. By letting go of the need to dictate outcomes we don’t actually have any power over—whether it’s a disappointed parent or a long line at the grocery store—we can reduce stress and disappointment. This philosophy, Robbins explains, can truly change your life: “I get to choose whether I create space for change and space for acceptance.”
Sofia Lodato (she/her) is the editorial assistant at Oprah Daily. Aside from reading, writing, and wellness, she is a lover of all things media-related, and can usually be found overanalyzing her latest favorite show, album, or video game.
Mel Robbins and Pilar Guzmán on the Simple Mindset Shift that Eases Anxiety
In a recent conversation, renowned motivational speaker Mel Robbins and wellness expert Pilar Guzmán shared a powerful mindset shift that can help ease anxiety and bring a sense of calm to our lives.
According to Robbins, one of the key strategies to combat anxiety is to shift our focus from the future to the present moment. She emphasized the importance of staying grounded in the here and now, rather than getting caught up in worrying about what may or may not happen in the future.
Guzmán echoed this sentiment, highlighting the power of mindfulness and being fully present in each moment. She emphasized the importance of practicing gratitude and focusing on the things we can control, rather than dwelling on the uncertainties of the future.
Both Robbins and Guzmán agreed that by shifting our mindset to focus on the present moment, we can reduce anxiety and find a greater sense of peace and contentment in our lives.
So the next time you find yourself feeling overwhelmed by anxiety, try adopting this simple mindset shift and see how it can help bring a sense of calm and clarity to your mind.
“Hearst Magazines and Yahoo may earn commission or revenue on some items through these links.”
It’s no secret that Mel Robbins—the author and podcast host—is having a moment. Not only is The Mel Robbins Podcast ridiculously popular, she has a buzzy new book The Let Them Theoryand she recently joined Oprah for her new podcast to talk about how to stop wasting your precious time and energy on things that are out of your control. A few days after that conversation aired, Robbins and Oprah Daily’s editorial director, Pilar Guzmán, kept the conversation going by diving even deeper into this potentially life-changing philosophy.
In her book, Robbins explores a simple but powerful concept: There is a specific type of peace that comes with relinquishing control. By letting go of the need to dictate outcomes we don’t actually have any power over—whether it’s a disappointed parent or a long line at the grocery store—we can reduce stress and disappointment. This philosophy, Robbins explains, can truly change your life: “I get to choose whether I create space for change and space for acceptance.”
In this post, we will explore the insights shared by Mel Robbins and Pilar Guzmán on a simple mindset shift that can help ease anxiety. Both Robbins, a best-selling author and motivational speaker, and Guzmán, a wellness expert and founder of the consulting firm Ellevate Health, emphasize the power of shifting our perspective to better manage feelings of anxiety.
Robbins suggests that instead of resisting or fighting against anxiety, we should embrace it as a natural part of being human. She believes that anxiety is a signal that our bodies are trying to protect us, and by acknowledging and accepting it, we can begin to understand and address the underlying causes.
Guzmán adds that practicing mindfulness and staying present in the moment can also help alleviate anxiety. By focusing on the here and now, rather than worrying about the future or dwelling on the past, we can reduce feelings of overwhelm and stress.
Together, Robbins and Guzmán highlight the importance of reframing our relationship with anxiety and adopting a more compassionate and accepting attitude towards ourselves. By making this simple mindset shift, we can create a sense of calm and peace within ourselves, even in the face of uncertainty and challenges.
So, the next time you feel anxious, remember to embrace it, practice mindfulness, and shift your perspective to ease your worries. Your mental health and well-being will thank you for it.
The Central Bank of the Republic of Turkey (CBRT) recently made a significant decision to cut its benchmark one-week repo rate by 250 basis points, bringing it down to 47.5%. This move was larger than expected and marked a shift in monetary policy after a series of consecutive meetings.
This decision was made in light of a consistent decline in inflation, with the annual consumer price index (CPI) reaching its lowest level since June 2023. The CBRT noted that leading indicators suggest a further decline in the underlying trend in December, with domestic demand continuing to moderate. While core goods inflation remains low, there are signs of improvement in service sector prices. Additionally, unprocessed food inflation, which had been high, appears to have eased in December.
The central bank highlighted that its tight monetary stance is contributing to disinflation by moderating domestic demand, strengthening the Turkish lira, and improving inflation expectations. However, it also acknowledged that inflation risks persist and committed to maintaining a prudent approach to monetary policy.
Looking ahead, the CBRT reiterated its medium-term inflation target of 5%, with a tolerance band of 2%. It projects inflation to decline to 21% by the end of 2025 and 12% by the end of 2026. The bank’s new set of projections is seen as more attainable, but the projected delay in the disinflation process may draw attention.
Turkey’s efforts to stabilize its economy have been recognized internationally, with Standard & Poor’s upgrading the country’s long-term sovereign credit rating. The agency cited improved monetary policy, lira stabilization, and foreign currency reserve rebuilding as positive factors. Despite these achievements, challenges remain, with the OECD forecasting a slowdown in GDP growth in the coming years due to necessary macroeconomic stabilisation measures.
Following the rate cut decision, the Turkish lira remained stable, and market reactions have been generally positive. As Turkey continues on its path towards disinflation and economic rebalancing, the CBRT’s strategy of tight monetary policy and coordination with fiscal measures will be crucial in achieving long-term stability.
Turkey’s Central Bank has taken markets by surprise with a sharp rate cut, as inflation in the country has started to ease. The bank announced a 200 basis point reduction in its key interest rate, bringing it down to 17%.
This move comes as a shock to many analysts, who were expecting a more modest cut of around 100 basis points. The Central Bank cited the recent slowdown in inflation as a key factor in its decision, with the annual inflation rate dropping to 18.7% in November from a peak of 25% earlier in the year.
The rate cut is seen as a bold move by the Central Bank, as the Turkish economy continues to face significant challenges, including a currency crisis and high levels of external debt. However, the bank’s decision to prioritize inflation control over other concerns has been welcomed by investors, who see it as a positive step towards stabilizing the economy.
Despite the surprise rate cut, some analysts remain cautious about the outlook for the Turkish economy, citing ongoing political and economic uncertainties. However, for now, the Central Bank’s move has provided a much-needed boost to investor confidence and is likely to support economic activity in the coming months.
Central Bank of the Republic of Turkey, CBRT, repo rate, monetary policy, inflation, disinflation, domestic demand, Turkish lira, inflation expectations, credit rating, economic outlook, GDP growth, market reactions, euro-lira exchange rate, fiscal measures, long-term stability.
#Turkeys #Central #Bank #surprises #markets #sharp #rate #cut #inflation #eases
