Glacier FarmMedia COVID-19 & the Farm

Global Markets: Turkey’s currency crisis weighs on markets

By Dave Sims, Commodity News Service Canada

WINNIPEG, Aug 13 (CNS) – The plunging value of the Turkish
currency is being felt throughout global markets. Economic
unrest and soaring inflation has pushed the lira to a record
low, prompting investors in Europe and other areas to seek safe
havens. West Texas Intermediate futures also dropped as a result
of the currency crisis.
The Prime Minister of Malaysia is seeking to renegotiate a
contentious water deal with neighboring Singapore. The current
deal sees Malaysia selling water at a rate of three sen per
1,000 gallons. The country’s leader, Mahathir Mohamad, has said
that number was agreed on decades ago and needs to be updated to
keep up with inflation. Malaysia is mired in economic turmoil as
it struggles to pay off its massive debt.
The company that purchased Monsanto saw its share price
plummet Monday morning. Bayer shares tumbled 14 per cent in a
slide equal to US$14 billion. The downturn came after a court in
California awarded a man in the state US$289 million for damage
caused to him by the chemical Roundup weed killer. The plaintiff
had argued using the chemical game him cancer and the court
agreed, handing down its decision on Friday. Roundup was
originally created by Monsanto but is now the responsibility of
Bayer. The company completed its takeover of Monsanto in June.

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