Tag Archives: turkey

Khan welcomes Trump desire to meet him: FO

A recent change in government realized Trump’s team that they have to revise their working relationship with newly sworn cricketer turned politician Imran Khan as Prime Minister. The focal point of realization is getting out from Afghan mess and Trump been told that none other than PM Imran Khan can help him out in this matter. He was expecting to meet him at Davos but Imran Khan did not attend that meeting.

Khan previously missed UN meeting held in 2018 and sent his FM Qureshi to represent country later missed Davos meeting held last year. He wanted to put the house in order first. However, he visited KSA twice, UAE, China, Turkey and Malaysia for rescuing the sinking economy and received historic support Pakistan never had received in past.

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Now US President Donald Trump has expressed his desire to meet Pakistani Prime Minister Imran Khan, spokesperson of Pakistan’s foreign ministry said on Thursday.

Addressing the weekly briefing here, the spokesperson Mohammad Faisal said that during his recent visit to Pakistan, US Senator Lindsey Graham, discussed Trump’s interest in meeting with Khan, however, date and venue have not been finalized yet.

“There are no dates, as of now, for this meeting. A lot of preparation and homework is required before such high-level engagements are materialized,” he said, Xinhua news agency reported.

 

He said that Senator Graham also met with the prime minister and foreign minister, which were useful in understanding each other’s perspective and reviewing the regional security situation. Matters of bilateral and regional interest, including the Afghan situation, were discussed.

Earlier in December, Trump wrote a letter to Khan, seeking Pakistan’s support and facilitation in a negotiated settlement of the conflict in Afghanistan.

How can plunging Lira impact EU market: EU spokesperson

EU spokes person Christian told: We have formed a commission who has taken this charge to monitor whatever is happening with Lira and also its sudden sharp decline. We are aware of all possible facts and outcomes and we are in a state of observation as most of the banks in Turkey are owned by European or Middle Eastern investors. So there is a possibility that this turmoil could impact European markets.

We don’t want to engage in speculations on what will happen on the migration front,” Spahr said

What Erdogan urge to Turks:

This weekend Turkish President Recep Tayyip Erdogan called on Turks to help support the lira by selling their dollars and euros. “If there are dollars under your pillow, take these out,” he told supporters at a rally in the northeastern Turkish town of Unye. 

Consecuencias del Brexit

How this all happened with Lira:

Now, the lira has plumbed new depth, after US President Donald Trump confirmed on Friday that he had approved the doubling of tariffs on Turkish steel and aluminium following the detention in Turkey of US evangelical pastor Andrew Brunson on terrorism charges. 

What does this mean for the world?

Experts have warned that this may not be a localised crisis. This morning other emerging market and high-yielding currencies tumbled across the board, “despite the fact Turkey accounts for just one percent of the world economy”, The Daily Telegraph reports.

The crash saw European markets fall sharply when markets opened, particularly in countries with banks exposed to the Turkish currency, such as Spain’s BBVA, Italy’s UniCredit and France’s BNP Paribas. On Friday, the FTSE fell 75 points, while Germany’s Dax ended the day down 2%.

Reuters reports that emerging market currencies continue “to reel as investors worry about contagion”, exemplified by the South African rand, which dropped 3.1% this morning, while the Russian rouble dropped 0.8% and the Mexican peso 1.5%.

Elsewhere, the euro fell to as low as $1.1365, a 13-month low, before recovering to trade down 0.2% to $1.1382. The dollar, which has rallied in the Turkish lira crisis, gained 0.1% to 96.463 against a basket of major currencies, Reuters adds.

The yen surged 0.6% to 110.265 after earlier hitting a six-week high of 110.11, and the Swiss franc rose 0.5% to $1.1288

 

 

 

 

 

Turkey to shun US electronics including I-Phone (7.1 m users in Turkey) punitive amid rising trade tensions

Turkey President Tayyip Erdogan announced today that the country would boycott all electronics from the United States after President Donald Trump slapped new tariffs on the region that caused the Turkish currency (the lira) to hit an all-time low.

The announcement, which specifically targeted Apple, comes amid rising trade tensions between the two countries (and leaders), but it will barely touch the tech giant.

“If they have iPhone, there is Samsung on the other side. We have Vestel Venuüs in our country,” Erdogan said, referencing a Turkey-based smartphone manufacturer during the announcement to members of his national conservative Justice and Development Party.

“Together with our people, we will stand decisively against the dollar, forex prices, inflation and interest rates. We will protect our economic independence by being tight-knit together.”

The problem with Erdogan’s new strategy is that it will have a much greater effect on the Turkish people than any U.S. company. In other words, Turkey relies on Apple more than Apple relies on Turkey.

Only 2.08 percent of Turkish smartphone users owned a Vestel last December, while 17.41 percent owned Apple iPhones.

That means of the 41.09 million projected smartphone users in Turkey last year, 7.15 million of them used Apple, which is only 1.02 percent of the conservative estimate of more than 700 million iPhone users in the world.

 

Putting that into context, that means there are more than 8.5 times more iPhone users worldwide than there are people in Turkey.

The U.S. and China comprise Apple’s two biggest markets, so this would be a much bigger deal — for both Apple and America — if this electronics ban came from China. Of course, the U.S. is also feuding with over trade, so it’s not outside the realm of possibility.

Headlines to start your Day

 

Here is what you need to know on Tuesday

• Fears of a global contagion.

Turkey’s currency hit another record low, dragged down by soaring inflation, economic mismanagement and tensions with the U.S. There are growing fears of an impending economic meltdown that could spread to other emerging economies.

The plunge of the lira hit stocks in Asia and Europe, and played havoc with currency markets. The Indian rupee dropped to a record low against the dollar; the Indonesian rupiah flirted with a three-year low.

China’s main stock index lost nearly 2 percent at one point on Monday, but largely recovered. In Tokyo, the main index closed 2 percent lower. Stocks in Seoul fell 1.5 percent. European markets fared only slightly better. U.S. markets dipped but didn’t sag..

Beijing also further weakened its currency, the renminbi, against the dollar, setting the benchmark rate for trading in Shanghai at its weakest level in 15 months.

 

Carlos Barria/Reuters

• President Trump signed a defense-spending bill named in honor of Senator John McCain — without once mentioning Mr. McCain — at Fort Drum Army Base in New York.

The bill authorizes $717 billion for military funding over the next year. Mr. Trump called it the most significant investment in the military in modern history.

As is often the case, there were many threads to follow in news related to the president.

Peter Strzok, the F.B.I. senior counterintelligence agent who disparaged Mr. Trump in text messages, was fired for violating F.B.I. policies. He helped oversee the Hillary Clinton email and Russia investigations.

And as the fraud trial of Paul Manafort enters its second week, Times reporters looked back at his lobbying career.


Agence France-Presse — Getty Images

• “There is no such thing as re-education centers.”

China on Monday flatly denied accusations from U.N. experts that it had detained more than a million ethnic Uighur Muslims in re-education camps in its western Xinjiang region. The denial came after a U.N. official last week spoke of Xinjiang becoming “something resembling a massive internment camp,” with mass detention and disappearances.

But China stood firm: A senior Chinese Communist Party official said the country’s ethnic minorities lived in peace and contentment enjoying freedom of religious belief. Above, Chinese military police at a rally in Xinjiang, last year. Beijing has progressively tightened security in the region.


Reuters

• In Afghanistan, after four days of fighting, the Taliban appear to control most neighborhoods in the city of Ghazni. They have also taken over most of the province’s rural areas.

That raises the prospect that if the insurgents do fully take the city, they may be in a position to control an entire province for the first time in the 17-year war in Afghanistan.

• “besity in our monks is a ticking time bomb.”

Buddhist monks are at the front lines of a fight against obesity in Thailand, which is the second-heaviest nation in Asia, after Malaysia. A study found that nearly half of Thai monks are obese, more than 40 percent have high cholesterol, nearly 25 percent have high blood pressure and one in 10 are diabetic.

But the monks consume fewer calories than the general population, and are forbidden to eat after midday. Researchers found one major culprit: To keep their energy up, many monks rely on highly sweetened beverages, including sugary drinks.

Business

Kiichiro Sato/Associated Press

• Elon Musk offered a fuller explanation of his “funding secured” Twitter post on Aug. 7 about taking Tesla private. He said, among other things, that he had held meetings with representatives of a Saudi sovereign wealth fund who expressed an eagerness to help him take the electric-car maker private.

• Biometrics beyond fingerprints: To fight fraud, some large banks and retailers are amassing tens of millions of profiles that can identify customers by how they touch, hold and tap their devices.

• Independent music labels called on European antitrust regulators to block Sony’s $2.3 billion bid for control of EMI, saying the merger would give the Japanese conglomerate too much market power.

• Most U.S. stocks were lower. Here’s a snapshot of global markets.

In the News

Ritchie B Tongo/EPA, via Shutterstock

• In Taiwan, a fire raged through a floor of Taipei Hospital filled with elderly patients, killing at least nine people and injuring two dozen more. [The New York Times]

• Aretha Franklin, 76, the legendary “Queen of Soul,” is gravely ill, family members told a Detroit news outlet on Monday. [Variety]

• The U.S. is set to return three church bells to the Philippines that were taken as war trophies 117 years ago. Their ringing set off the worst U.S. defeat in the Philippine-American war and spurred retaliation that left thousands dead. [The New York Times]

• President Moon Jae-in of South Korea will visit Pyongyang next month for his third summit meeting with North Korea’s leader, Kim Jong-un. [The New York Times]

• A Swedish doctor visited Gui Minhai, the Hong Kong publisher who has been held by Chinese authorities off and on since 2015, when he was abducted in Thailand. [Reuters]

Smarter Living

Tips for a more fulfilling life.

Lars Leetaru

• How to enjoy nature on your next urban getaway.

• Five cheap(ish) things for every college dorm.

• Recipe of the day: Keep pasta simple: Zucchini, good ricotta and basil will do the tri

• The top of Mt.

Fuji is one of the few places in Japan where a postmark is still more coveted than a “like” on Instagram or Facebook. But hauling all that mail down takes effort, even in the absence of snow. That’s where the bulldozer comes in.

• In memoriam: Bui Tin, 90, a North Vietnamese colonel who accepted the surrender of South Vietnam in 1975, but who later fled Vietnam and became a critic of its ruling Communist Party. And mourners mobbed the funeral of Ellen Joyce Loo, 32, a singer-songwriter and advocate of LGBT rights in Hong Kong who suffered from bipolar disorder.

• And cautious hope for hemophiliacs. After trying for decades to develop a gene therapy to treat hemophilia, the inability to form blood clots, researchers are starting to succeed.

Back Story

Twentieth Century Fox

It’s just a jump to the left, and then a step to the right. Put your hands on your hips, and bring your knees in tight.

But as fans of the “The Rocky Horror Picture Show” well know, it’s the pelvic thrust that really drives you insane. The cult classic film opened in London on this day in 1975.

Often described as a campy take on horror and science fiction films, the movie originally premiered on the London stage in 1973, and was summed up in one breathless sentence by a Times review: “Two young innocents are entrapped by Frank N. Furter, a mad, transvestite inventor from outer space, who has created a beefcake monster, Rocky Horror, who looks as though he has just stepped from the centerfold of Playgirl.”

Shortly after the premiere of the film version, it was briefly shelved before being resurrected at a midnight screening in New York. A group of fans made weekly pilgrimages to the small theater, sat in the front row and screamed for their favorite characters. A social phenomenon was born, and the film has remained in theaters ever since.

Audience participation, props and costumes are widely encouraged at regularly scheduled screenings around the world.

We’ll end with the words of Frank N. Furter: Don’t dream it. Be it.

Remy Tumin wrote today’s Back Story.

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This briefing was prepared for the Asian morning.

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Trump ordered to double tariffs is punitive Turkey, Lira plunges 15% against Dollar

President Trump said Friday that he told his administration to double steel and aluminum tariffs against Turkey, reflecting the rapidly deteriorating state of relations between the two countries.

The announcement would mark a major policy shift, but it was made in a Twitter post with little context. Trump remarked that Turkey’s currency, the lira, was weakening against the U.S. dollar, a phenomenon that had made existing tariffs less effective.

Turkish Lira plunges 15% against dollar as Trump ordered to double tariffs on steel and aluminium exports Turkey, both are the NATO members countries

Doubling the tariffs to 20 percent for aluminum and 50 percent for steel would magnify the impact of the trade restrictions.

Both countries are members of the North Atlantic Treaty Organization, which could end up pulling other nations into the diplomatic skirmish. And the U.S. Air Force has used Incirlik Air Base in southern Turkey for years, even though a number of people in Turkey have pressed to have the U.S. forces expelled.

The Treasury Department slapped sanctions on two Turkish officials last week because the country refused to release American pastor Andrew Brunson, who faces charges in Turkey that include attempting to overthrow the government and espionage.