Saturday, 22 September, 2018

Erdogan vows action against 'economic terrorists' over lira plunge

Erdogan says crash of lira 'political plot' against Turkey Turkey has plan to ease market concerns, minister says, as lira plunges again
Orlando Vargas | 13 August, 2018, 23:41

Financial markets have taken fright at inflation, rising at an annual rate of more than 15%, and have been selling the Turkish lira, which is down by 45% against the U.S. dollar since the start of the year.

The dispute with the USA has centered on the continued detention of an American pastor who is on trial for espionage and terror-related charges. Turkey has so far refused to comply, prompting Trump on Friday to double the tariffs on USA imports of Turkish steel and aluminium, causing the lira to plunge.

"They tell us to release the priest by Wednesday 6:00 p.m., otherwise the sanctions will begin", said Erdogan, adding Turkey was not a country to agree to such requests.

Addressing a conference in Ankara gathering Turkish ambassadors, he called on Washington to "remain loyal to ties based on traditional friendship and North Atlantic Treaty Organisation alliance" with Turkey.

Cavusoglu said: "We support diplomacy and negotiations but it is not possible for us to accept impositions".

Turkey on Monday accused the U.S. of "stabbing it in the back" as the country's economic woes failed to stop market turmoil amid a deepening diplomatic spat with Washington.

The Chief Prosecutor's Office in Istanbul has opened an investigation into actions threatening "economic security", while Turkey's financial watchdog launched a separate probe into what it described as "fake news" aiming to manipulate economy.

Turkey's worsening currency crisis sent world equities lower and emerging market currencies under selling pressure on Monday, while gains in large USA technology companies kept benchmark indexes slightly higher. On Wall Street, investors have responded to Turkey jitters by selling equities and buying government bonds.

Much of the early action was in currencies with the euro gapping lower as the Turkish lira took another slide to all-time lows around 7.2400 at one stage.

Harvick Breezes to NASCAR Win
Busch, who finished third at MI , is next with 35 points, and Truex, who finished 14th, has 27. Chase Elliott 10. "The last three weeks we've had some big struggles", Keselowski said.


Investors sue Tesla's Musk over go-private tweets
A Tesla sales and service center is shown in Costa Mesa, California, U.S. A Tesla spokesman declined to comment on behalf of the company and Musk.


Emery: Arsenal "lacked belief" in Manchester City defeat
Arsenal needs to be calm and composed in their play in order to avoid a repeat of the recurrent blunders that plagued the side last season.


As well as the lira, emerging market and other high-yielding currencies tumbled across the board. The European Central Bank has expressed concern about potential contagion through the eurozone banking system, with Spain, followed by Italy, the most heavily exposed countries.

Steffen Seibert, a spokesman for the German government said it was too early to comment on the exposure of German companies to the economic situation in Turkey, and declined to assess the latest developments there.

"We do not anticipate a change in the ECB's monetary policy stance because of Turkish economic and political developments".

Banks are at risk from a sell-off related to Turkey as well, he added, recalling what happened in markets at the time of the Greek crisis in the early part of the decade.

The Turkish currency reached a new record low of 7.24 against the USA dollar in Asia Pacific trade when markets opened on Monday morning. In the absence of a decisive rate increase, he said, "it is.hard to look at these announcements as being anything more than temporary calming measures, rather than solutions to the problems at hand".

Turkey has drafted an economic action plan and has started implementing it "as of tonight" to ease investor concerns, Treasury and Finance Minister Berat Albayrak tweeted Sunday night.

Turkish President Recep Tayyip Erdogan said on Saturday that his country was now looking to form alternative economic alliances from "Iran, to Russian Federation, to China and some European countries", after the U.S. "upset and annoyed" its North Atlantic Treaty Organisation ally with sanctions that greatly exacerbated the lira's existing troubles.

By Monday morning, the lira had pulled back from a record low of 7.24 to the dollar, after the central bank pledged to provide liquidity and cut reserve requirements for Turkish banks.

Recommended

Mismanagement More Harmful Than US Sanctions Mismanagement More Harmful Than US Sanctions The supreme leader added that if Tehran acted " better and stronger " itself U.S. sanctions would have not been so harmful. These punitive economic measures will intensify in November, when the US will seek to ban Iranian oil exports.

James Milner reacted to Naby Keita's Liverpool debut during post-match interview James Milner reacted to Naby Keita's Liverpool debut during post-match interview However, it is clearly apparent that a team must adopt a more conserved, pragmatic approach to counter Liverpool's style of play. This was more than eight of West Ham's outfield players, including former Arsenal midfielder Jack Wilshere.

FBI Fires Anti-Trump Texting Agent Peter Strzok FBI Fires Anti-Trump Texting Agent Peter Strzok As recently as Saturday, Trump tweeted an attack on Strzok, Page and former Federal Bureau of Investigation director James B. Trump tweeted. "The list of bad players in the FBI & DOJ gets longer & longer".

Man Utd, Arsenal, PSG battle it out for Boateng Man Utd, Arsenal, PSG battle it out for Boateng But, their reported £22.3 million bid was quickly knocked back by Die Roten , who were looking for double the amount. The German global called Jose Mourinho of his decision to remain at Bayern Munich , who wish to keep him as well.

'My name's Elba, Idris Elba': Actor responds to James Bond rumors 'My name's Elba, Idris Elba': Actor responds to James Bond rumors Idris Elba took to Twitter Sunday to weigh in on revived rumors that he could be the next actor to play secret agent James Bond . Idris Elba poses as he arrives for the United Kingdom premiere of "100 Streets" at BFI Southbank in London November 8, 2016.

Lucas Moura Starts - Tottenham Hotspur Team vs Newcastle United Confirmed Lucas Moura Starts - Tottenham Hotspur Team vs Newcastle United Confirmed Such inactivity proved no impediment as the visitors rode their luck to seal a repeat of their opening day victory at St James' Park 12 months ago.

Trudeau says Canada standing firm on Saudi Arabia's human rights abuses Trudeau says Canada standing firm on Saudi Arabia's human rights abuses But this year, the uncertainty of getting back to Canada is causing anxiety. "I respect the rights of individual countries to make their decisions and speak for themselves".

Another Upset: Greek teen Tsitsipas outlasts Anderson in Rogers Cup semifinal Another Upset: Greek teen Tsitsipas outlasts Anderson in Rogers Cup semifinal Whatever the outcome on his birthday, Tsitsipas is expected to climb into the world's top 15 following his superb run of form. After cruising through the first set, Tsitsipas came back in the second to force a tiebreak, which Nadal won 7-4.

Saudi Arabia May Back Tesla’s $420-per-Share Buyout Saudi Arabia May Back Tesla’s $420-per-Share Buyout The Sovereign Wealth Fund Institute, which tracks stock purchase by national funds, reported on August 7 that J.P. Wall Street is awash with speculation on who might team up with Musk to do a deal.

Trump praises Mexico, threatens Canada with auto tariffs Trump praises Mexico, threatens Canada with auto tariffs Some observers have raised concerns about Canada's absence from recent high-level negotiations on the three-country trade deal. The United States wants to impose even higher tariffs on them than are now provided for under World Trade Organization rules.

Broad propels England to victory over India Broad propels England to victory over India Woakes and Anderson conceded just 14 more runs as they shared the final four wickets - India were comprehensively beaten. After a horrendous batting display in first two tests, the team management should consider their place in the side.

Messi gunning for Iniesta's title record in Spanish Super Cup Messi gunning for Iniesta's title record in Spanish Super Cup Former Bayern Munich midfielder Arturo Vidal debuted for Barcelona as a late substitute. Pablo Sarabia gave Sevilla the lead after just nine minutes on a counter-attack.

Turkey lira crashes as Trump piles on pressure Turkey lira crashes as Trump piles on pressure The day saw the lira plunge as much as 18% at one point, the biggest one-day drop since Turkey's 2001 financial crisis. He said high foreign exchange rates were being used as a weapon against Turkey. "This is a national, domestic battle".

Pep Guardiola: 'Manchester City will get better and better' Pep Guardiola: 'Manchester City will get better and better' They show me on the green stuff (the pitch). "I think it's very useful when you want to be the team who create". Sterling told Sky Sports: "There's been a lot of talking...it's just one of those things I get judged on".

Pak govt will build balanced, trust-based relationship with US: Imran Khan Pak govt will build balanced, trust-based relationship with US: Imran Khan On the first day of the National Assembly (NA), Parliament's lower house, the new members will take oath. The 65-year-old Cricketer turned politician had contested from five constituencies and won all of them.