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Friday, September 20, 2024 | Daily Newspaper published by GPPC Doha, Qatar.
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Business

Turkish Central Bank Governor Fatih Karahan.

Turkiye drops pledge of further tightening as rates stay put

Turkiye’s central bank left its main interest rate unchanged for a sixth straight month, but removed an explicit reference that it would tighten its stance further.The Monetary Policy Committee, led by Governor Fatih Karahan, kept the one-week repo rate at 50% on Thursday, a decision that was in line with the forecasts of all economists surveyed by Bloomberg.“Monetary policy tools will be used effectively in case a significant and persistent deterioration in inflation is foreseen,” the MPC said in a statement accompanying the decision. The previous guidance had explicitly pledged further tightening if needed.Central bank officials said domestic demand, the key contributor of hot prices in the past, was slowing down with a “diminishing inflationary impact” based on third quarter indicators. They also cited expectations of an improvement in services inflation, which has been sticky, to occur in the last quarter. The emphasis on the final quarter likely shifts interest-rate cut expectations closer to year-end.“We believe today’s statement supports our view of rate cuts starting in November,” said Okan Ertem, senior economist at Turk Ekonomi Bankasi AS. Like Ertem, economists from Goldman Sachs Group Inc and Barclays Plc were forecasting the first cut in November.The Turkish lira briefly extended gains to as much as 0.2% before trading 0.1% higher at 34.0285 per US dollar as of 2.11pm on Thursday In Istanbul. Turkish stocks extended gains, with benchmark Borsa Istanbul 100 Index rising as much as 2% to session high.Annual inflation fell by almost 10 percentage points in August, but remains some way above the central bank’s year-end projection of 38%.While major global central banks like the US Federal Reserve have started lowering their borrowing costs as they approach their inflation targets, Turkiye is on a different cycle. It started raising borrowing costs much later than many other monetary authorities after a transformation of economic management following President Recep Tayyip Erdogan’s reelection last year. Annual inflation remains more than 10 times its ultimate target of 5%.Turkish officials will want to see monthly inflation below 2% before it starts cutting, Goldman economists Clemens Grafe and Basak Edizgil said in a note following a trip to Turkiye last week. “From the bank’s perspective, easing monetary policy prematurely is more costly in Turkiye than falling behind the curve, especially in the current environment,” they said before the decision, while forecasting a 100 basis-point reduction in November.

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Brazil sanctuary fears no 'safe' place for jaguars to 'return' as fires rage

As fires continue to ravage the Pantanal, the world's largest tropical wetland, a rescue center treats a jaguar injured in a fire in 2020. The jaguar, whose paws were badly burned, is now unable to move her claws. The NEX (No Extinction) sanctuary near Brasilia is in a race against time to save the remaining 24 of the 70 jaguars and pumas it originally rescued. With forest fires on the rise in Brazil, the jaguar's veterinarian Thiago Luczinski is concerned about the safety of the animals' habitats. "It's a big problem because this animal is in a safe place today, but it's going back to an area where there's still fire," he explains. AFP

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Aftermath of an Israeli strike on a school-turned-displacement shelter in Gaza's Nuseirat

"The children are speechless, traumatized by the sight of their parents torn apart" says a Palestinian outside Al-Aqsa hospital in Deir el-Balah following a strike on a school-turned-displacement shelter in central Gaza's Nuseirat."I can hardly stand up", says a Palestinian man holding a bag filled with human remains after the Israeli strike at Nuseirat. 14 people were killed in the facility, which has already been hit several times during the war. AFP

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Apple unveils new iPhone built for AI

Apple unveils the iPhone 16, a new iPhone built for generative artificial intelligence, as it seeks to boost sales and show it is keeping up in the technology race. AFP

Gulf Times

Ooredoo Qatar enters multi-year partnership with Oracle to drive digital transformation

Ooredoo has announced a transformative multi-year collaboration with Oracle to elevate its database infrastructure and accelerate its digital transformation journey.This strategic partnership includes a comprehensive upgrade and migration of Ooredoo’s Oracle Database estate to Oracle Exadata Cloud@Customer (ExaCC), a robust Oracle Cloud Database fully deployed within the Ooredoo Data Centre.The inclusion of Database 23c AI introduces advanced AI capabilities, enabling seamless app development and enhancing mission-critical workloads with AI-driven insights.Through the integration of Oracle ExaCC, Ooredoo Qatar will enhance data quality management, ensure superior compliance with data residency requirements, and achieve substantial reductions in operational costs.The platform’s artificial intelligence (AI) capabilities, combined with Database 23c AI, allow Ooredoo Qatar to efficiently develop, scale, and optimise applications based on dynamic customer needs. This integration not only streamlines operations but also provides deeper insights into core service processes, setting a new standard for operational efficiency and customer experience.Oracle ExaCC’s multi-tenant capabilities enable Ooredoo Qatar to serve its B2B customers more effectively, offering a unified platform that supports both existing data centres and future cloud co-location sites with minimal latency.This flexibility empowers Ooredoo Qatar to rapidly adapt to market changes, drive AI-led innovations, and deliver advanced services with agility while ensuring compliance, security, and data residency for its B2B customers.Thani Ali al-Malki, chief business officer, Ooredoo Qatar, stated, “This collaboration marks a pivotal moment in our digital transformation journey. The integration of Oracle Exadata Cloud@Customer will redefine our service delivery and position us at the forefront of innovation in the telecommunications sector.”Together, Ooredoo Qatar and Oracle are redefining digital innovation, operational excellence, cybersecurity, and customer-centric solutions in the telecommunications industry, creating a foundation for sustainable growth and leadership in a new era of connectivity and efficiency.

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