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ISTANBUL — The Turkish central bank on Thursday announced it was hiking its main interest rate by 50 basis points, in a bid to counter a drastic fall in the value of the lira in recent months.

The monetary policy committee of the bank said the one-week repurchasing rate was being lifted to 8 per cent from 7.5 per cent, the first rate hike by the bank since January 2014.

The Turkish lira has lost over 10 per cent in value against the dollar over the last month amid doubts over Turkey's flagging growth prospects and fears the drive by President Recep Tayyip Erdogan for a presidential system will risk more instability.

The bank is nominally independent but its decision follows a number of high-level political meetings on the economy including talks at Erdogan's palace late on Wednesday.

The bank said exchange rate movements due to heightened global uncertainty and volatility pose "upside risks" to the inflation outlook. 

"The committee decided to implement monetary tightening to contain adverse impact of these developments on expectations and the pricing behaviour," it said explaining the decision.

Inflation in October was 7.16 per cent, still well off the bank's target of 5 per cent.

The lira reversed earlier losses to immediately recover on the rate hike news, gaining 0.74 per cent in value against the dollar on the day.

In other rate moves, the overnight borrowing rate remained intact at 7.25 per cent but the overnight marginal funding rate was raised to 8.5 per cent from 8.25 per cent, the bank said on its website.

BAGHDAD — Iraq is willing to cut its crude oil output as part of OPEC's plan to reduce global supply and boost crude prices, Prime Minister Haider Al Abadi told reporters on Wednesday in Baghdad.

"What we lose in lowering production, we will gain in oil revenues," he said. "Iraq will shoulder part of the production reduction."

Abadi's comments are the clearest indication so far that Baghdad will support an OPEC plan to cut production when it meets on November 30 in Vienna.

Earlier statements from Iraqi ministers said, on the contrary, that OPEC should exempt Iraq from output cuts, as the nation needs its oil income to fight the Daesh terror group.

OPEC agreed in September to reduce production, its first output cut since 2008, but the delicate matter of how much oil each of the 14 OPEC members should produce was not settled.

VIENNA/DUBAI — OPEC will debate an oil output cut of 4-4.5 per cent for all of its members except Libya and Nigeria next week but the deal's success hinges on an agreement from Iraq and Iran, which are far from certain to give full backing.

Three OPEC sources told Reuters a gathering of experts from the oil producer group in Vienna had decided on Tuesday to recommend that a ministerial meeting on November 30 debate a proposal from member Algeria to reduce output by that amount.

Such a cut would bring OPEC's current output down by more than 1.2 million barrels per day (bpd), according to Reuters calculations based on the group's October production, and is towards the upper end of market expectations.

But sources also said the representatives of Iran, Iraq and Indonesia had expressed reservations about their level of participation in what would be the group's first supply-limiting deal since 2008.

Brent oil futures were trading flat at around $49 per barrel, paring earlier gains of around $1 a barrel. As of (16:00 GMT), the meeting had yet to end.

In September, OPEC agreed to reduce production to between 32.5 million and 33.0 million bpd — an effort to prop up prices — from OPEC's own latest production estimates of 33.64 million bpd.

OPEC's deal faces potential setbacks from Iraq's call for it to be exempt and from Iran, which wants to increase supply as its output has been hit by sanctions.

Iraq's foreign minister said on Tuesday in Budapest that OPEC should allow Iraq to continue raising output with no restrictions.

Big bargain

Iran and Iraq raised certain conditions for participating in the deal, according to sources, who were not allowed to speak on the record because the experts were meeting behind closed doors.

Sources said Saudi Arabia and its Gulf allies have signalled they were prepared to cut as much as 1 million bpd of their output.

The Algerian proposal would see all member countries, except Nigeria and Libya, cutting 4-4.5 per cent from OPEC's estimates of their October production with the aim of reaching a total output target of 32.5 million bpd, OPEC sources have said.

That would mean Saudi Arabia alone could cut up to 500,000 bpd, they said.

OPEC's own estimates, based on so-called "secondary sources", are usually lower than countries' direct submissions to the organisation.

Under the Algerian proposal, Iran was asked to cut 4.5 per cent from almost 4 million bpd, according to sources. But Tehran is signalling it wants to cut from higher levels of 4.1-4.2 million bpd, one of the sources said.

Iraq was asked to cut about 200,000 bpd. Baghdad is also still debating whether it should cut from the levels of OPEC's estimates or its own, higher, production figures.

"Eighty-five per cent of proposed OPEC cuts are from Gulf countries but Iran is still not in favour," one source said.

Non-OPEC producer Russia was also still not agreeing to cut production but favouring a freeze, a senior OPEC delegate said.

"This will make it difficult for OPEC alone to rebalance the market and bring prices up," the source said.

AMMAN — A Korean delegation, which concluded a visit to the Kingdom on Monday, has had the chance to examine means to boost joint Jordanian-Korean commercial  cooperation, according to a statement of the Korea Business Centre in Amman (KOTRA).

The delegates met with representatives of several Jordanian companies, in the presence of Korea’s Ambassador to Jordan Lee Bom-yon.

The delegation from Jeonnam comprised representatives of six manufacturing and exporting companies.

The business meetings, organised by KOTRA, the Commercial Office of the Korean embassy, seek to strengthen trade cooperation between both countries.

BAGHDAD — Iraq's oil minister Jabar Ali Al Luaibi will make suggestions at a meeting of Organisation of the Petroleum Exporting Countries (OPEC) oil ministers at the end of the month to implement an agreement to restrain crude supply in order to push up prices, according to a statement from his ministry on Monday.

The statement didn't indicate what these suggestions are but hinted that Iraq would not be contributing to any output cut.

Iraq's "legitimate demands should not constitute an obstacle to a new agreement to freeze output", Luaibi said in the statement. Iraq "will offer new thoughts and suggestions to bring the members closer to an agreement".

Luaibi last month said Iraq should be exempted from OPEC crude output restrictions as it needs the income to fight the war on the Daesh terror group, an ultra-hardline group.

Iran, Libya and Nigeria, whose output has been hit by sanctions or conflict, have also asked to be exempted.

The OPEC agreed in Algiers on September 28 to reduce production, its first output cut since 2008, but left aside the delicate task of how much each of the 14 members will produce.

TUNIS — The Libyan dinar has dipped to new lows on the parallel exchange market, despite a pledge from the UN -backed government and the central bank to protect its value and tackle urgent economic challenges.

One black-market currency trader told Reuters that $1 was buying more than 6.5 dinars in Tripoli on Monday, having passed 6 dinars for the first time in recent days. The official rate is 1.4 dinars to the dollar.

The widening black-market premium is seen as a sign of the erosion of confidence in the Government of National Accord (GNA), which has struggled to make an impact since arriving in Tripoli in March.

Power brokers in Libya's east have withheld their support from the GNA while frustration in the west has built over the government's inability to deal with chronic insecurity, collapsing public services, steep inflation and a liquidity crisis.

The government is struggling to overcome five years of turmoil since the overthrow of former leader Muammar Qadhafi in 2011 led to competing power bases and allowed militants to take over pockets of the country.

Some ministers have not taken up their posts and the GNA's leadership, or Presidential Council, has been at loggerheads with the Central Bank of Libya (CBL) over the disbursement of public funds and economic policy.

At a meeting in Rome last week, the council set itself a deadline of December 1 to decide on a package of decisions to address the economic crisis, with the council and central bank pledging to "continue to co-operate on steps to support the Libyan dinar".

The CBL agreed late last month to make 8.6 billion dinars ($6 billion) available to the council, and the Rome meeting was attended by a newly named deputy finance minister who is meant to smooth the release of funding. The council is expected to agree an emergency budget for 2017 within a month.

But the mechanics and approval of expenditure have been hard to negotiate, and the CBL and the council remain split over devaluing the dinar and cutting subsidies to reduce Libya's deficit, according to diplomats briefed on discussions.

"There's full recognition that devaluation is a necessary step on the way to economic recovery," said one Western diplomat. "There are two questions, one is timing and the second is who's going to take the rap."

Further complicating the situation are splits within the council, whose nine members were selected in an attempt to unite factions that had backed rival governments in Tripoli and the east since 2014.

Those associated with factions based in eastern Libya have criticised recent international efforts to mediate the crisis and Fathi Al Majbari, the council member who has held the financial brief, refused to take part in the Rome gathering or a previous meeting in London.

OPEC member Libya is highly dependent on oil sales, but reduced output and falling prices have slashed revenues to a fraction of former levels. Oil production has recently doubled to about 600,000 barrels per day (bpd), but remains well below a high of 1.6 million bpd.

The country remains beset by insecurity, including in Tripoli, where rival militias that have retained power on the ground have been involved in fresh skirmishes since Friday.

LONDON — Facebook on Monday became the latest US tech giant to announce new investment in Britain with hundreds of extra jobs but hinted its success depended on skilled migration after Britain leaves the European Union.

The premier social network underlined London's status as a global technology hub at a British company bosses' summit where Prime Minister Theresa May sought to allay business concerns about Brexit.

"London is absolutely a global hub for technology," Nicola Mendelsohn, Facebook's vice president for Europe, the Middle East and Africa told the Confederation of British Industry (CBI) conference.

Mendelsohn said Facebook would open its new headquarters in the British capital next year, taking its UK workforce to 1,500 from around 1,000 now.

"It's a place where, frankly, our engineers want to come and work," she said, stressing that the company had staff from 65 nationalities working in London.

"The movement of talent is something that obviously matters to us," she said, although she added it was "too early to say" what effect Brexit could have.

Facebook's announcement comes one week after Google confirmed it would expand its vast London campus in a move that could bring 3,000 more jobs to the city.

Apple earlier this year also said it would create a new London headquarters in the iconic and long-abandoned Battersea Power Station in 2021.

May hailed the investments in her speech to the CBI saying she wanted Britain to be "the global go-to place for scientists, innovators and tech investors”.

She also promised extra funds for research and development, as well as aiming for an "early agreement" on the status of EU nationals working in Britain after Brexit — a key concern for businesses.

'Envy of Europe' 

London Mayor Sadiq Khan welcomed Facebook's announcement as "further evidence that London's strength as a tech hub keeps on growing".

"The capital's vibrant tech scene is the envy of Europe and Facebook's continuing commitment is another sign that London is open to talent, innovation and entrepreneurship from all four corners of the world."

Facebook last month unveiled an intra-office network called "Workplace" — its first launch outside the US and a product developed entirely in Britain.

Last Tuesday, Google revealed it will add a new office building to a complex currently under development behind London's King's Cross Railway Station.

A total of 7,000 Google staff will eventually be working at the hub, which is set to open in 2018.

Google's Chief Executive Sundar Pichai told the BBC he would "worry" if controls on skilled migration were made more stringent following Brexit.

He said London was a place "where people are willing to come from anywhere in the world.

"Increasingly, for the kinds of complex things we do, we need to bring people who are across many disciplines — with many different backgrounds — together to solve problems," he said.

A report earlier this month by Nesta, a British innovation charity, and the European Digital Forum found London was the best city in Europe for digital start-ups, with Stockholm coming in a close second.

The European Digital City Index analysed the 28 EU capitals, weighting cities on scores including business environment and digital infrastructure.

"Government must continue to invest in digital skills and digital infrastructure as well as addressing the cost of office space," said Chris Haley, Nesta's head of start-up and new technology research.

Of course, it also remains to be seen how a “hard Brexit” will have an impact on the UK's business allure for digital start-ups, given that access to markets is also hugely important, he said.

European leaders have warned Britain that its plans to restrict migration from the European Union while maintaining access to European markets for British companies are incompatible and have warned this will lead to a "hard Brexit". 

AMMAN — The Jordan Strategy Forum “Investor Confidence Index” has increased for the first time since March by 0.24 points, reaching 91.44 points in August compared to 91.2 points in July, according to a statement of the forum. 

The monthly-issued index published by the forum seeks to measure the confidence of investors operating in the Jordanian market through three aspects: confidence in the Jordanian currency and monetary system, confidence in the real economy, and confidence in the Amman Stock Exchange (ASE).

According to the forum, the confidence in the real economy sub-index rose by 2.62 points in August 2016, the highest since the beginning of this year, reaching 105.47 points, according to a statement of the forum. 

The number of registered companies increased to reach 785 compared to 442 companies in the previous month, accompanied with an increase in the capital of the registered companies which reached JD13.9 million compared to JD5 million in July.

The manufacturing quantity production index increased by 6 points to reach 170.89 points as a result of an increase in the production index for all  sectors.

Although the number of construction permits increased in August 2016 to 2810 in comparison to 2235 permits in the previous month, tax on the monthly real estate volume decreased to JD10.1 million from JD12 million in July 2016. 

Sub-indices drop

Confidence in the monetary system sub-index dropped 0.84 points to 90.35 points in August from 91.2 points in July 2016. The change was attributed to a slight decrease in CBJ’s foreign reserves, which reached JD11,836 million in August.

The confidence in the Amman Stock Exchange (ASE) sub-index dropped by 1.54 points during the stated month, settling at 95.62 points in comparison to 97.12 points in the previous month. This is due to decreases in both the ASE index and the amount of foreign investment in it. 

AMMAN — Central Bank of Jordan (CBJ) Governor Ziad Fariz on Sunday said Jordan has been able to avoid many economic risks, thanks to the CBJ's monetary policy. Fariz made the remark during a meeting with a delegation from the Amman Group for Future Dialogues, the Jordan News Agency, Petra, reported.

Highlighting the financial tools that the CBJ uses to serve its client base, he cited the CBJ’s bill payment and other banking services. The CBJ policy led to further saving by the Jordanian currency compared to those by foreign currencies, he said, adding that the CBJ’s foreign currency reserves currently stands at $13.1 billion. This is sufficient to cover the Kingdom’s imports of goods and services for three to seven months, he told the delegates.

SAN FRANCISCO — Facebook's board of directors on Friday authorised spending as much as $6 billion to buy back shares in the leading social network.

The stock repurchase programme would go into effect at the start of next year, potentially allowing Facebook to take advantage of a price dip triggered early this month by word that revenue growth will slow because the company has hit a limit on how many ads it can pack onto pages.

"The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities," Facebook said in a filing with the US Securities and Exchange Commission.

The plan is part of Facebook's strategy to focus on long-term business growth, according to the filing.

Facebook shares, which ended the formal trading day down less than a per cent, rose slightly to $118.25 in after-market trades.

The share buyback could help soothe the hearts of investors after a tumultuous period for Facebook.

Shares tumbled early this month after the social network delivered a blockbuster quarterly earnings report, but also warned that its stunning growth is set to slow.

The company joined other large tech stocks in another tumble less than a week later because of worries about policy changes and protectionism under the administration of President-elect Donald Trump.

The social network then found itself at the centre of a debate about whether it aided Trump's surprise victory by allowing false news stories to be shared unchecked.

Facebook also accidentally declared its founder Mark Zuckerberg and many other users dead this month, acknowledging — after fixing the problem — that it had committed a "terrible error" with a feature designed to memorialise accounts.

Facebook this week also said it is working to fix flaws in its metrics calculations that sometimes caused them to overestimate the social network's audience.

It was the second time in months that the company has acknowledged problems with assessing the reach of its content, a key factor for luring crucial advertising.

While Facebook has become a dominant player in online advertising and especially strong in mobile, it remains unclear whether the company can maintain momentum as it shifts into new areas such as virtual reality.