Trump doubles tariffs on steel, aluminum from Turkey

Trump doubles tariffs on steel, aluminum from Turkey

In modern economies, central banks are meant to be independent of governments to make sure they set policies that are best for the economy, not politicians.

On Friday, the euro sagged to a 13-month low against the dollar, down 0.7 percent to $1.1450, on concerns that European banks operating in Turkey could suffer losses.

"As Erdogan's entire economic agenda is built on high growth, and Erdogan furthermore has highly dismissed capital controls during other crisises (eg. following the coup attempt in 2016), this looks like a measure of last resort".

Erdogan said that there were "various campaigns being carried out" against the country.

Some of the lending was financed by Turkish banks who borrowed dollars or euro from other banks in the short-term interbank market and lent them to their customers.

'This is a national, domestic battle. "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.

"The dollar can not block our path. Don't worry", Erdogan assured the crowd.

One of the triggers of the turmoil has been a standoff with the US over a detained American pastor that Turkey, a North Atlantic Treaty Organisation ally, has put on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.

One of the triggers of the turmoil has been a standoff with the USA over a detained American pastor that Turkey, a North Atlantic Treaty Organisation ally, has put on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.

Grieving orca still carrying her dead calf more than two weeks later
Martin Haulena, examined the orca. "The team obtained a breath sample to help assess infection & and gave antibiotics". Scientists are anxious that Tahlequah's behavior may harm her health, and they are keeping a close eye on her.

'Crazy Rich Asians' Already Has 100 Percent Score On Rotten Tomatoes
Months after wrapping " Crazy Rich Asians " the movie's sprawling ensemble cast still stays close through the magic of technology.

Courtney Smith's lawyer: My client has never been contacted by Ohio State
Meyer initially denied that he knew anything about the 2015 accusation before issuing a statement Friday that reversed course . Leveridge also said that Smith "received absolutely no compensation" for granting interviews to reporters.

The tensions with Washington have, for investors, underscored Turkey's authoritarian trajectory under Erdogan. But now, the relationship appears to have gone sideways.

Speaking at an event introducing the "new economic model" at the Dolmabahce Palace in Istanbul, Albayrak stated that their principle will be to maintain more effective and confidential communication with all market shareholders. It is obvious how it will be done: "since the final decision-maker of all policies in the new regime is the president, the responsibility of regaining confidence is on his shoulders".

Turkey will end up as "an economic satrapy of China", as I predicted last November.

Obviously a real Turkish crisis would have knock-on effects, though Berenberg sees Europe's exposure to Turkish banks as being too small to cause much harm.

The Canadian dollar weakened to a more-than two-week low against its US counterpart as geopolitical risk rattled global financial markets, offsetting stronger-than-expected domestic jobs data.

Turkish companies have borrowed roughly US$300 billion in foreign currency, and now have to repay it in devalued Turkish lira.

Turkey will fight inflation, ensure fiscal discipline, and lower the current account deficit to provide economic balance, Albayrak underlined.

Shares in France's BNP Paribas (BNPP.PA), Italy's UniCredit (CRDI.MI) and Spain's BBVA (BBVA.MC) fell by around 3 percent. His comments did nothing to shore up the lira currency. It fell yet further to 6.2 to the dollar at 12.54 GMT, almost 12 per cent weaker on the day.

Related News:



Most liked

Firefighters battle a rare 'firenado' at plastics factory in the UK
A blaze turned into a tornado-like whirl as firefighters worked to extinguish a fire at a plastics factory in Derbyshire, England. Now firefighters have released footage of the blaze and the mesmerising firenado, which reached a height of over 50ft.

Danny Ings' Southampton loan to net Reds £20m
Turned down by the club for being too small at the age of 10, the 26-year-old striker is now finally a Saints player after going via AFC Bournemouth , Burnley and Liverpool .

Afghan officials: Taliban attack eastern provincial capital Ghazni
The attack followed a similar assault on Farah in May, when fighters came close to overrunning the city in western Afghanistan . Mashal said there were more than 100 other casualties but he could not give a breakdown of the dead and wounded.

Kurt Zouma to Everton on loan 'almost done' says Marco Silva
Manchester United's eagerness to sign a centre-back this summer has been all too well known. Chelsea defender Kurt Zouma appears to be closing in on a loan switch to Everton .

How WhatsApp Messages Can Be Manipulated By Hackers - Checkpoint
The major reasons for the same are the popularity of the platform and the convenience it provides to forward messages to groups. The company said in a statement that the limit for forwarded messages has been restricted to five.

People Getting Plastic Surgery To Look Like Their Snapchat Filters, Says Report
It's these factors that may actually lead you to be unhappy with your regular appearance, the researchers say. BDD affects up to 2.4 percent of the population.

Idris Elba Reportedly Still In Running For James Bond
Back in 2014, Sony's then-studio chair Amy Pascal told a colleague that "Idris [Elba] should be the next Bond ". He's returning as Bond in the as-yet untitled 25th film in the series , set to begin filming late in 2018.

Australia's most populous state entirely in drought
Southern Australia has experienced near-record levels of dry weather; rainfall has been 57mm below average for the time of year. The government would have been better off subsidising professional shooters to reduce kangaroo numbers more humanely, he said.

Hilarious reason new Winnie the Pooh film is banned in China
And despite being released around the world, fans of Winnie the Pooh living in China will not be able to enjoy watching the film.

CDC: 4 cases of West Nile virus in Minnesota
People older than 50 or who have weakened immune systems are at higher risk for severe illness from the virus. People who contract West Nile virus may show mild signs of illness including fever, headache and body aches.

Farmers in Australia get greater powers to kill kangaroos amid drought
The government would have been better off subsidising professional shooters to reduce kangaroo numbers more humanely, he said. Australia's prime minister Malcolm Turnbull has unveiled a package of measures to assist farmers coping with the conditions.

Tottenham first Premier League team to fail to make one summer signing
But Liverpool have won the last four meetings between the two sides, albeit only one of those was in the Premier League. The lack of new signings will compound issues surrounding his squad for the start of the Premier League season.

No Joke: Tsitsipas upsets Djokovic to reach Rogers Cup quarter-finals
Top-ranked Rafael Nadal beat Swizterland's Stan Wawrinka 7-5, 7-6 (4) in a night match delayed by rain late in the first set. In the other quarterfinal, Karen Khachanov of Russian Federation will play Robin Haase of the Netherlands.

NASCAR Chairman and CEO Brian France Takes Indefinite Leave of Absence
It's been confusing to watch because Brian France , the one who should be leading the cavalry, has been conspicuously absent. His uncle Jim France, a vice chairman and executive vice president, will take over those roles on an interim basis.

NFL preseason sees kneeling, raised fists, during national anthem
In July, the NFL chose to suspend its new anthem policy which required all players on the field to stand for the national anthem. Some players held their fists in the air, while others made a decision to kneel, despite the controversy surrounding the action.