Lira Losses, Trump vs Harley, Online Lending: CEO Daily for August 13, 2018

Lira Losses

Keep watching those emerging currencies, because this isn’t going away. Turkey’s lira fell again by as much as 11% this morning (that’s over 40% this year so far) before the country’s central bank moved to limit currency swaps. Asian stock markets fell too, as did South Africa’s rand, the Russian ruble, and the Indian rupee as investors sought safe havens. Even the euro slipped. The European banks that have lent to Turkish businesses, such as Spain’s BBVA and Italy’s UniCredit, are central to contagion fears. Guardian

Trump vs. Harley

President Donald Trump (whose doubling of tariffs on Turkish steel helped catalyze the above-mentioned crisis) has used Twitter to lay into Harley-Davidson for offshoring the production of hogs destined for the European market—a move caused by Trump’s steel tariffs against the EU, which prompted retaliatory tariffs. “Many @harleydavidson owners plan to boycott the company if manufacturing moves overseas,” the president tweeted. “Great! Most other companies are coming in our direction, including Harley competitors. A really bad move! U.S. will soon have a level playing field, or better.” Fortune

Online Lending

The Chinese government is cracking down on the largely unregulated peer-to-peer lending sector, where many platforms have failed due to liquidity issues. The authorities have now banned new online lending platforms and are demanding simpler customer complaint mechanisms, more legal punishment for fraudulent operators, and payout plans for those who hold shares in collapsed firms. CNBC

Elliott and Nielsen

Elliott Management Corp. has reportedly amassed a stake of more than 8% in the TV-ratings company Nielsen Holdings, and is planning a push to have Nielsen sell itself. Nielsen’s shares have fallen around 40% this year, and the company is looking for a new CEO after Mitch Barns said he would leave at the end of the year. Wall Street Journal

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