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Global Markets: Turkey’s currency plunges

By Dave Sims, Commodity News Service Canada

WINNIPEG, Aug 10 (CNS) – Canadian retailers are throwing
cold water on an agreement by Visa and MasterCard to slash their
fees for credit card transactions. Many merchants say the move
is not enough to outweigh the pricey costs they’re being saddled
with. The two credit companies agreed to lower the average
annual interchange rate by 10 basis points to 1.4 per cent on
cards. The new rate doesn’t take effect until 2020.
Turkey’s currency is plummeting due to political unrest in

the country. Rising inflation and infighting among the country’s
various levels of government has destroyed confidence in the
Lira, which lost 20 per cent of its value against the U.S.
dollar on Friday.
U.S. newspapers continue to struggle under the weight of
punishing duties on Canadian newsprint. The tariffs were imposed
in January in a bid by the Trump government to protect American
manufacturers. The costs have already prompted many papers to
lay off staff and shorten the number of pages in a daily broad-
sheet. A study by Charles River Associates suggests costs for
newsprint will increase more than 30 percent in the next one to
two years.

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