Thursday, 16 August, 2018

Turkish lira slumps to new record low as Donald Trump doubles tariffs

At midday: Turkey turmoil rocks world stock markets Trump's announcement doubling tariffs on Turkey comes after failure to free American pastor
Pablo Mccormick | 12 August, 2018, 16:58

President TrumpDonald John TrumpKobach agrees to recuse himself from vote counting in Kansas GOP primary NFL players kneel during national anthem before first preseason game Schiff blasts GOP for Russian Federation probe conduct: "That's how you obstruct an investigation, not how you conduct one" MORE said Friday that the US will also double tariffs on steel and aluminum imported from Turkey as relations between the North Atlantic Treaty Organisation allies worsen.

The lira's value fell about 13 percent against the dollar on Friday.

The currency's drop - 41 percent so far this year - is a gauge of fear over a country coming to terms with years of high debt, global concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S.

American evangelicals have pressed Mr Trump for action on Pastor Brunson, who was held in prison for nearly two years but was recently moved to house arrest.

UBS chief economist for EMEA emerging markets Gyorgy Kovacs said a giant rate hike of 350-400 basis points would be "consistent with real rate levels that in the past helped to stabilise the currency" but warned a deal to normalise ties with the USA may also be needed. There are already ample signs that Trump's aggressive anti-trade rhetoric is dampening global economic activity as trade wars heat up and even risk morphing into currency wars. Import taxes for aluminum will be 20 percent.

Mr Trump said tariffs on aluminium imports would be increased to 20% and the tariff on steel imports will be raised to 50% as the Turkish Lira "slides rapidly downward against our very strong Dollar!".

Pakistan's Imran Khan calls for more 'trustworthy' ties with U.S.
The party will have to seek formal support from smaller parties or independents to have Khan elected prime minister. Khan also hoped for India's participation in the SAARC summit, scheduled to be held in Islamabad .

Image: Donald Trump claimed 'relations with Turkey are not good at this time!'

Last week's freefall followed the United States doubling import tariffs on Turkish steel and aluminium.

The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume.

But on Friday, there was another distinct element that made things worse: a tweet from President Trump.

The fallout from Donald Trump's trade war with Turkey - which has sent the country's currency plummeting - may lead to financial turmoil across Europe, experts fear.

The latest escalation came as Turkey's Economy Minister Berat Albayrak, who is Erdogan's son-in-law and a trusted lieutenant, unveiled what was touted as a new economic plan, pledging Central Bank independence, tighter budget discipline and sustainable and healthy growth. Regulators told industry executives to study the impact of interest- and exchange-rate shocks, with the findings to be discussed at the meeting, the people said.

I fear being fined if I speak out, Pogba says
It's going to be easier and it makes the team go higher. "I relish every challenge, it doesn't matter what, I love to work". I know it's a great cup, it will stay in my mind, but I want to win all the trophies.

The nominally independent central bank has defied pressure over the last few weeks to hike interest rates in the face of high inflation and the collapsing currency.

Mr. Erdogan on Friday called on Turks to support their struggling currency.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for the Turkish lira".

In a separate opinion piece in the Turkish newspaper Daily Sabah, Erdogan's spokesperson Ibrahim Kalin said Turkey's efforts to solve the crisis with diplomatic methods have been dismissed by the White House, warning that Washington might completely lose them as an ally.

"They say we will not give this or that". These looming payments are one of the main reasons for the government's fragility, because a weaker lira makes that debt more expensive to pay off.

What's happening to Turkey's currency right now?

'Suicidal Male' Steals Plane And Crashes After 'Unauthorized Takeoff' From Sea-Tac
After the plane approached Ketron Island, Waldron saw a thick column of smoke followed by a loud explosion, he said. The jets' capability was appropriate to the potential task, one of the sources said, without offering details.

Economic experts believe the sharp fall of the lira is mainly because of concerns about the government's economic policies.

Recommended

  • Rare teeth from ancient mega-shark found on Australia beach

    Rare teeth from ancient mega-shark found on Australia beach

    At the same time, ancient teeth are seldom preserved, because the cartilage in their make-up doesn't fossilize easily. The teeth are the first of their kind found in Australia and one of only three discoveries in the world.
    Dow down 200, emerging markets crashing on US-Turkey geopolitical concerns

    Dow down 200, emerging markets crashing on US-Turkey geopolitical concerns

    Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1.4 percent. The S&P technology index fell 1 percent, with Intel down 2.8 percent after Goldman Sachs downgraded the stock to "sell".
    South Western Railway strike suspended

    South Western Railway strike suspended

    The decision has been made after many correspondences over the past 24 hours between RMT and South Western Railway . A further day of talks has also been proposed for Friday August 17.
  • Ikea opening in India brings traffic to standstill

    Ikea opening in India brings traffic to standstill

    Next year, it also plans to start e-commerce so that customers in other locations can also start buying IKEA products. IKEA has recruited 950 employees for the Hyderabad store and 50 per cent of them are women in tune with its policy.
    Arsenal without four senior players for Premier League opener against Man City

    Arsenal without four senior players for Premier League opener against Man City

    Bernd Leno is expected to be preferred in goal to Petr Cech , with Shkodran Mustafi and Sokratis the centre-back pairing. He has returned to training this week but it's unclear as to whether he'll start the match or be among the substitutes.

    Maurizio Sarri already has some 'regrets' over Chelsea's transfer window

    Sarri has quite a task on his hands getting this Chelsea squad up to speed and there were concerns heading into the match. Sarri has signed Napoli midfielder Jorginho in a £57m deal and England veteran Rob Green in the summer transfer window.
  • Jordan: 4 security officers killed after storming building

    Jordan: 4 security officers killed after storming building

    The clash that began late on Saturday was among the deadliest between insurgents and Jordanian security forces in recent years. Security forces had been deployed to protect the town's annual festival, which hosts prominent Arab music acts.
    Get Paid To Live On A Greek Island And Play With Cats

    Get Paid To Live On A Greek Island And Play With Cats

    The position requires you to care for all 55 cats, feed them, and distribute their medications. 55 cats, to be exact. Calling all cat lovers! A cat rescue on a Greek island is now hiring a caretaker to look after dozens of cats.
    Wolves break Premier League record

    Wolves break Premier League record

    Despite being down to ten men, the Blues came out of the half-time the better of the two sides and regained their lead. Jagielka took a big risk in his attempt to stop Jota bursting through on goal and ultimately it cost his team dearly.
  • Bairstow and Woakes put England on top against India in second Test

    Bairstow and Woakes put England on top against India in second Test

    Play resumed with England, 1-0 up in a five-match series after their 31-run win at Edgbston last week, yet to bat. The Delhi-born cricketer is presently playing the second Test of India's tour of England at Lord's.
    Barty, Schuurs power into Montreal doubles final

    Barty, Schuurs power into Montreal doubles final

    Making the finals here is incredible. "I just went all the way also on her forehand, short, cross, long, everything". The Ukrainian even got a service break to close the gap to 5-3, but Stephens broke right back to take the set.
    Trump doubles tariffs on Turkish metals

    Trump doubles tariffs on Turkish metals

    Turkey has since accused Mr Trump of enforcing "economic terror" on the troubled nation. "Confidence needs to be regained". Treasury Department sanctioned Turkey's ministers of Justice and Interior because of Brunson's detainment.

Airline worker crashes stolen plane Airline worker crashes stolen plane While he was in the air, Russell described himself to air traffic controllers as " just a broken guy " with "a few screws loose". In a series of tweets , he said F15s were scrambled out of Portland and arrived within a few minutes of the theft of plane.

Puel plays Maguire trick on deadline day Puel plays Maguire trick on deadline day His compatriot, Kelechi Iheanacho who led Leicester City's attack was not listed in the top 20 best passers in the game.

Thai Crypto Exchanges Have Applied for New Digital Assets Licenses Thai Crypto Exchanges Have Applied for New Digital Assets Licenses The SEC also requires digital asset exchanges to based in the country and be of "sound financial status". Thereafter, the Ministry has 60 days to make a decision whether to approve a license.

PGA Championship: Woods chases leader Koepka PGA Championship: Woods chases leader Koepka No one made more in one stretch than Woods, who electrified the gallery with a 31 on the front to start his third round. American Gary Woodland was leading the field with a daunting clubhouse total of -10 but there were birdies to be had.

Sidhu likely to attend Imran Khan's swearing Sidhu likely to attend Imran Khan's swearing However, the party is yet to nominate deputy speaker in the National Assembly and Punjab chief minister. The party needed the support of 172 lawmakers in the house of 342 to form the government.

United Kingdom economy warms up a touch, Brexit hurdles ahead United Kingdom  economy warms up a touch, Brexit hurdles ahead More recently, wages have risen more quickly than inflation but there have been signs that household finances remain stretched. The ONS also said that the economy grew by 0.1 per cent in June, down from a more robust 0.3 per cent in the previous month.

In wake of critical book, Trump calls Omarosa ‘a lowlife’ In wake of critical book, Trump calls Omarosa ‘a lowlife’ Mr Trump was sworn in using two Bibles; his own and one used at Abraham Lincoln's inauguration in 1861. But when pressed about her version in the book, Manigault Newman told to NPR: "I heard the tape".

Widodo seeks nationalist, religious bona fides by picking Amin as VP Widodo seeks nationalist, religious bona fides by picking Amin as VP Ma'ruf Amin", the president told a news conference Thursday with the chairman and secretary general of the governing coalition. Changing the political leadership structure ahead of the 2019 presidential elections.

Torchlight Frontiers announced for PS4, Xbox One, and PC Torchlight Frontiers announced for PS4, Xbox One, and PC Despite the closure, Perfect World promised it was "committed to supporting and growing Runic Games' beloved franchises". Despite this, the shared-world action-RPG does feature elements of what made the original Torchlight games so popular.

Plastic bag ban declaration expected Plastic bag ban declaration expected The Warehouse also announced it will ban all plastic bags within a year and is making moves to review its packaging too. Associate Environment Minister Eugenie Sage says degradable bags will also be included in the mandatory phase-out.

NASA’s Parker spacecraft rockets toward sun for closest look yet NASA’s Parker spacecraft rockets toward sun for closest look yet The $1.5 billion craft will travel towards the centre of our solar system on a mission to discover more about risky solar storms. The spacecraft, which will plunge into the sun's atmosphere, known as the corona, is protected by an ultra-powerful heat shield.

New Chelsea star Jorginho has an unbelievable penalty routine New Chelsea star Jorginho has an unbelievable  penalty routine We hit the bar twice - once when we were 1-0 down after conceding a very unlucky goal from a deflection. The best capacity was to suffer, but then I think the second half maybe they were exhausted ".

Jamie Carragher says Philippe Coutinho could help Liverpool win the league Jamie Carragher says Philippe Coutinho could help Liverpool win the league Wolverhampton Wanderers forward Raul Jimenez has told The Sun that Liverpool were his Premier League team . I thought about it for the preseason, but now we have to be in this championship mood.

Phil misses cut, fails to qualify for Ryder Cup Phil misses cut, fails to qualify for Ryder Cup Those standings will finalize the eight automatic selections following the conclusion of the PGA on Sunday night. Still, Furyk said, "it was nice to get a chance to see both guys play". "He showed a lot of poise".

Sterling slide no longer a boost for Britain's FTSE 100 Sterling slide no longer a boost for Britain's FTSE 100 Barclays said Friday's GDP data showed that the British economy's second-quarter rebound only offset the first-quarter weakness. Sterling also hit a nine-month low against the euro, and was down against the yen and Swiss franc, BBC reported on Thursday.