DIRS.INFO The most relevant business & tech news

☆ Ukraine is struggling hard on land, but thrashing Russia repeatedly at sea
▼ + stars: | 2024-02-14 | by ( Tom Porter | Mia Jankowicz | ) www.businessinsider.com time to read: +7 min

AdvertisementIf confirmed, it would mark strike twenty-five in a remarkable kill streak that Ukraine told CNN represents the disabling of a full third of Russia's Black Sea Fleet. AdvertisementUkraine's most astonishing triumph came early, in April 2022, when it sank Russia's Black Sea flagship, the Moskva. "Ukraine has been extremely successful against the Black Sea Fleet, forcing Russia to relocate assets further away from Ukraine and the frontline," Germond told BI. AdvertisementDown, but not outIs Ukraine's Black Sea success a solution to Ukraine's stalled ground offensive? This means that any ships sunk result in a longer-term decrease in the Black Sea Fleet.

Persons: —, Caesar, Ukraine Navy's, Murad Sezer, Sahaidachny, MAX DELANY, it's, Basil Germond, Germond, Michael Kofman, ” Sidharth, Kaushal, Russia can’t, ” Organizations: Service, Business, Russia's Ministry of Defence, Ukraine, CNN, Reuters, Getty, Military, Lancaster University, Shadow, Black, The Carnegie Endowment, Planet Labs PBC, Labs, UK’s Ministry of Defence, Royal United Services Institute, Montreux Convention, NATO, Ukraine’s Ministry of Defence Locations: Ukraine, Crimea, Bosphorus, Sevastopol, Moskva, Russian, Syria, Rostov, Minsk, Russia, France, Novorossiysk, Odesa, Ukrainian

☆ Manchester United on the brink of an early Champions League exit after chaotic draw against Galatasaray
▼ + stars: | 2023-11-30 | by ( Matias Grez | ) edition.cnn.com time to read: +3 min

CNN —Manchester United is on the brink of an early Champions League exit after twice throwing away a two-goal lead in a chaotic 3-3 draw with Galatasaray. In the Champions League, you get punished for your mistakes, so we have to learn from that.” Manchester United manager Erik ten Hag to TNT Sports after his team's 3-3 draw to Galatasaray on November 29. United has now conceded 14 goals in just five Champions League group matches, the most by an English club after five games in the competition’s history, according to Opta. Bayern had already qualified for the knockout stages ahead of the team’s 0-0 draw with Copenhagen on Tuesday. The team’s only chance of reaching the Champions League knockout stages is to beat Bayern Munich at Old Trafford in the final group game and hope that Copenhagen and Galatasaray draw.

Persons: Erik, Alejandro Garnacho, Captain Bruno Fernandes, Hakim Ziyech’s, Andre Onana, Scott McTominay, Muhammed Kerem Aktürkoğlu, Hag, Garnacho, Yasin Akgul, –, Erik ten Hag, Murad Sezer Organizations: CNN, Manchester United, League, Galatasaray, Cameroon, Getty, TNT Sports, Champions League, Bayern, Copenhagen, Premier League, Manchester City, Reuters, Newcastle, FA, Red Devils, Bayern Munich Locations: AFP, Copenhagen, England, Europe, Old Trafford

New Zealand's Foreign Minister Winston Peters arrives at a news conference after he attended an emergency meeting of the Organisation of Islamic Cooperation (OIC) in Istanbul, Turkey, March 22, 2019. The role of deputy prime minister, a key sticking point in the discussions, will be split between the populist NZ First party leader Winston Peters and ACT party leader David Seymour, the group announced in a statement. National Party deputy leader Nicola Willis will be finance minister and Peters will be foreign minister, the parties said. The coalition plans to repeal a ban on offshore oil and gas exploration and a ban on the sale of cigarettes to future generations introduced by the previous Labour government, according to coalition documents. "Foreign affairs does matter to this country.... all relationships do matter to this country," Peters said in a joint news conference in the capital Wellington after the announcement.

Persons: Winston Peters, Murad Sezer, David Seymour, Nicola Willis, Peters, Christopher Luxon, Luxon, ” Luxon, Jacinda, Helen Clark, Lucy Craymer, Praveen Menon, Diane Craft Organizations: Zealand's, of Islamic Cooperation, REUTERS, ACT NZ, National Party, NZ First, ACT, Party, Reserve, New Zealand, Bank of New, Labour, “, New Zealanders, Police, Thomson Locations: Istanbul, Turkey, WELLINGTON, Bank of New Zealand, Wellington, Niue

[1/3] Turkish police use water cannons and tear gas to disperse Pro-Palestinian demonstrators during a protest against the U.S. and Israel near the Incirlik Air Base, which is housing U.S. troops, in Adana, southern Turkey November 5, 2023. Incirlik, which has been used to support the international coalition fighting Islamic State in Syria and Iraq, also houses U.S. troops. Footage from the protests showed police firing tear gas and using water cannons to disperse crowds waving Turkish and Palestinian flags and chanting slogans. Protesters were also seen hurling plastic chairs, rocks, and other items at police, who fired smoke bombs at crowds. Scuffles broke out between the crowds and security forcesIHH President Bulent Yildirim addressed crowds in Adana and urged them to refrain from attacking police.

Persons: Dilara, Antony Blinken, Israel, Scuffles, Bulent Yildirim, IHH, Hakan Fidan, Dilara Senkaya, Murad Sezer, Mehmet Emin Caliskan, Ali Kucukgocmen, Giles Elgood Organizations: Turkish, U.S, Incirlik, Base, REUTERS, Rights, Hamas, Humanitarian Relief Foundation, Israel, Thomson Locations: Israel, U.S, Adana, Turkey, Rights ADANA, Ankara, Gaza, Turkish, State, Syria, Iraq

☆ Pro-Palestinian Crowds Try to Storm Air Base Housing U.S. Troops in Turkey
▼ + stars: | 2023-11-05 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

Incirlik, which has been used to support the international coalition fighting Islamic State in Syria and Iraq, also houses U.S. troops. Footage from the protests showed police firing tear gas and using water cannons to disperse crowds waving Turkish and Palestinian flags and chanting slogans. Protesters were also seen hurling plastic chairs, rocks, and other items at police, who fired smoke bombs at crowds. Scuffles broke out between the crowds and security forcesIHH President Bulent Yildirim addressed crowds in Adana and urged them to refrain from attacking police. (Reporting by Dilara Senkaya, Murad Sezer, Mehmet Emin Caliskan, and Ali Kucukgocmen; Writing by Tuvan Gumrukcu; Editing by Giles Elgood)

Persons: Dilara Senkaya, Mehmet Emin Caliskan, Antony Blinken, Israel, Scuffles, Bulent Yildirim, IHH, Hakan Fidan, Murad Sezer, Ali Kucukgocmen, Giles Elgood Organizations: Turkish, U.S, Hamas, Humanitarian Relief Foundation, Israel Locations: Mehmet Emin Caliskan ADANA, Turkey, Ankara, Gaza, Israel, Turkish, Adana, U.S, State, Syria, Iraq

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. The bank's policy committee repeated it is ready to raise rates further as needed to curb inflation, which climbed to an annual rate of 61.53% in September and is expected to rise into next year. It has weakened some 70% in two years, largely due to President Tayyip Erdogan's long-standing opposition to high rates and influence over the central bank. Erdogan chose former Wall Street banker Hafize Gaye Erkan as central bank chief after his May re-election. She has led a policy U-turn to relieve an economy strained by depleted FX reserves and surging inflation expectations.

Persons: Cagla, Tayyip Erdogan's, Erdogan, Hafize Gaye Erkan, Daren Butler, Jonathan Spicer Organizations: Turkey's Central, REUTERS, Rights, Wall Street, Thomson Locations: Ankara, Turkey, Rights ISTANBUL

☆ Russia lifts ban on most diesel exports
▼ + stars: | 2023-10-06 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +3 min

REUTERS/Murad Sezer/File photo Acquire Licensing RightsSummary Russia lifts ban on diesel exports via portsDiesel accounts for the biggest share of Russia's fuel exportsRussia hikes fuel exports duties for resellersDamper payments are reinstalledMOSCOW, Oct 6 (Reuters) - Russia's government said on Friday it had lifted a ban on pipeline diesel exports via ports, removing the bulk of restrictions installed on Sept. 21. The restrictions for gasoline exports are still in place. "The government lifted restrictions on exports of diesel fuel delivered to seaports by pipeline, provided that the manufacturer supplies at least 50% of the produced diesel fuel to the domestic market," the government said in a statement. Russia has been tackling shortages and high fuel prices in recent months, which especially hurt farmers during the harvesting season. Since the ban was introduced, wholesale diesel prices on the local exchange have fallen by 21%, while gasoline prices are down 10%.

Persons: Don, Murad Sezer, Alexander Novak, Vladimir Putin's, Vladimir Soldatkin, Guy Faulconbridge, Jan Harvey Organizations: Turkish Navy Coast Guard, REUTERS, Diesel, European Union, Federal, Monopoly Service, Thomson Locations: Rostov, Istanbul, Turkey, Russia, MOSCOW, U.S, Ukraine, Europe, Brazil, North, West, Gulf, East

☆ 10-year yields hit 16-year peak as Fed seen higher for longer
▼ + stars: | 2023-09-21 | by ( Karen Brettell | ) www.reuters.com time to read: +3 min

The U.S. central bank held interest rates steady, as was widely expected, and said that its benchmark overnight interest rate may still be lifted one more time this year to a peak 5.50%-5.75% range. He added that "we want to see convincing evidence really, that we have reached the appropriate level" of interest rates to return inflation to the Fed's 2% target. Benchmark 10-year note yields hit 4.490%, the highest since November 2007. Interest rate sensitive two-year yields reached 5.202%, the highest since July 2006. The U.S. Treasury Department will sell $15 billion in 10-year Treasury Inflation-Protected Securities (TIPS) on Thursday.

Persons: Murad Sezer, Will Compernolle, Compernolle, Jerome Powell, Karen Brettell, Alexander Smith Organizations: REUTERS, Treasury, Federal Reserve, United Auto Workers, UAW, U.S . Treasury Department, Securities, Thomson Locations: U.S, New York

☆ Alibaba tells Erdogan it plans to invest $2 billion in Turkey
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

Shopping trolley is seen in front of Alibaba logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsISTANBUL, Sept 18 (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd (9988.HK) has told Turkish President Tayyip Erdogan it plans to invest $2 billion in Turkey. Michael Evans, president of Alibaba, made the comments in a meeting with Erdogan, according to a statement from the company's Turkish unit. Evans also said Alibaba has invested $1.4 billion in Turkey through its unit Trendyol, one of Turkey's best known e-commerce platforms, the statement said. Erdogan is in the United States to attend the 78th session of the U.N. General Assembly.

Persons: Dado Ruvic, Tayyip Erdogan, Michael Evans, Alibaba, Erdogan, Evans, Trendyol, Caglayan Cetin, Daren Butler, Edwina Gibbs Organizations: REUTERS, Rights, Alibaba, Holding, HK, Turkish, General, Istanbul, Thomson Locations: Rights ISTANBUL, Turkey, Turkish, United States, Ankara

☆ Turkey's economic team in Russia as Erdogan meets Putin -source
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

Turkey's Finance Minister Mehmet Simsek speaks during the 66th General Assembly of Turkish Banks Association in Istanbul, Turkey August 17, 2023. REUTERS/Murad Sezer/File Photo Acquire Licensing RightsANKARA, Sept 4 (Reuters) - Turkey's top economic policymakers are visiting Russia for meetings on Monday, a source said, travelling along with President Tayyip Erdogan who will meet Kremlin chief Vladimir Putin to discuss Black Sea grain exports. When the leaders meet later on Monday, Erdogan aims to convince Putin to return to a Ukraine grain-export deal that helped ease a global food crisis. It has opposed Russia's invasion of Ukraine while also opposing Western sanctions on Moscow and has advanced economic cooperation with Russia since the invasion early last year. Since June, Simsek and Erkan have moved to roll back regulations, partly free up the currency and launched an aggressive rate-hiking cycle.

Persons: Mehmet Simsek, Murad Sezer, Tayyip Erdogan, Vladimir Putin, Hafize Gaye Erkan, Erdogan, Putin, Simsek, Orhan Coskun, Jonathan Spicer, Daren Butler Organizations: Turkey's, General Assembly, Turkish Banks Association, REUTERS, Rights, Kremlin, Turkish, NATO, Thomson Locations: Istanbul, Turkey, Rights ANKARA, Russia, Russian, Sochi, Simsek, Ukraine, Moscow, Kyiv, UAE, Gulf

According to one of the bankers, 20% of the KKM accounts that were initially converted to lira from foreign currency were ended in August. Of those, around two thirds were converted back to forex while the rest moved into regular lira accounts, according to three bankers. But they said depositors were cautious about moving funds into lira deposit accounts just yet given expectations that deposit rates will rise more. More will shift into plain lira accounts - rather than dollars - as that happens, they added. But that trend halted in August at a peak of more than $15.7 billion as more KKM accounts were shuttered.

Persons: Dado Ruvic, Tayyip Erdogan, depositor, Ebru Tuncay, Daren Butler, Jonathan Spicer, Nick Macfie Organizations: Lira, REUTERS, Reuters, Thomson Locations: Ankara, ISTANBUL, forex, KKM

☆ First ship to use Ukraine's corridor arrives in Istanbul - Reuters witness
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Aug 18 (Reuters) - The first vessel that used Ukraine's Black Sea corridor is crossing through Turkey's Bosphorus Strait, a Reuters witness said on Friday. The Hong-Kong-flagged Joseph Schulte container ship that left the Russian-blocked Ukrainian Black Sea port of Odesa earlier this week had been in the port since Feb. 23, 2022, the day before the start of Russia's full-scale invasion of Ukraine. Moscow has not indicated whether it would respect the shipping corridor, and shipping and insurance sources have expressed concerns about safety. Ukraine said the corridor will be primarily used to evacuate ships that were stuck in Ukrainian ports. Local broadcasters have said the ship will anchor at Ambarli port in the south of Istanbul.

Persons: Joseph Schulte, Murad Sezer, Kim Coghill, Raju Gopalakrishnan Organizations: Local, Thomson Locations: ISTANBUL, Turkey's Bosphorus, Hong, Kong, Ukraine, Moscow, Istanbul

Analysts said it tests President Tayyip Erdogan's resolve to maintain good relations with Russian President Vladimir Putin, whom he has invited to Turkey this month to discuss resuming the UN-brokered deal that had protected grain exports from Ukraine. "Ankara's silence is strange but shows it is still counting on Putin to visit and return to the grain deal." It wants the West to accept some Russian demands, and for Russia to drop others, to restart Ukraine grain exports under UN and Turkish oversight. A Turkish defence ministry official, requesting anonymity, said Ankara was looking into the Black Sea raid but gave no more details. "Therefore Erdogan should negotiate and try to convince Western countries, not Putin, for the reinstatement of the grain deal," he said.

Persons: Mehmet Bey, Umit, Erdogan, Putin, NATO's, Tayyip Erdogan's, Vladimir Putin, Yoruk Isik, Grynspan, Sezer, Huseyin Hayatsever, Gabrielle Tétrault, Farber, Kirsten Donovan Organizations: Coordination Centre, REUTERS, Ankara, Analysts, UN, Bosphorus Observer, United Nations Conference, Trade, Development, Thomson Locations: Yenikapi, Istanbul, Turkey, ISTANBUL, Ukraine, NATO, Moscow, Russia, Ankara, Odesa, Turkish, Palau, Russian

☆ Russian navy vessel damaged in drone attack - Ukrainian source
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

The Russian Navy's large landing ship Olenegorsky Gornyak sets sail in the Bosphorus, on its way to the Black Sea, in Istanbul, Turkey February 9, 2022. REUTERS/Murad Sezer/File PhotoAug 4 (Reuters) - The Russian navy's Olenegorsky Gornyak landing ship was damaged during a sea drone attack conducted by Ukraine's SBU security agency and navy near the Russian port of Novorossiysk on Friday, a Ukrainian intelligence source said. "As a result of the attack, the Olenegorsky Gornyak received a serious breach and currently cannot conduct its combat missions," the source told Reuters. "All the Russian statements about a 'repelled attack' are fake," the source said. Russia's defence ministry said earlier that Ukrainian sea drones had attacked a Russian navy base near the Black Sea port of Novorossiysk, a major hub for Russian exports, and were destroyed by Russian warships.

Persons: Murad Sezer, Ukraine's, Gornyak, Tom Balmforth, Toby Chopra, Philippa Fletcher Organizations: REUTERS, Reuters, Russian, Thomson Locations: Istanbul, Turkey, Novorossiysk, Ukrainian, Russian, Ukraine, Moscow

☆ China's sprawling spy agencies are designed to root out the 'five poisons' at home and abroad, British intelligence says
▼ + stars: | 2023-08-03 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +8 min

Yin Gang/Xinhua via Getty) (Xinhua/Xinhua via Getty ImagesIn a recent report to parliament, the British intelligence services detailed the operations and goals of the Chinese intelligence services. The Chinese intelligence services are also collecting information on the Chinese democracy movement at home and abroad — including in the US — in an attempt to subvert it. According to the British intelligence report, Xi has sought to make Chinese intelligence activity more professional through reform and investment. "In more ways than one, the broad remit of the Chinese Intelligence Services poses a significant challenge to Western attempts to counter their activity," the report said, citing assessments by British intelligence officers. "To compound the problem, it is not just the Chinese Intelligence Services: the Chinese Communist Party co-opts every state institution, company and citizen.

Persons: Yin, Ma Ying, Xi Jinping, Chuang, Gong, Dalai Lama, Murad Sezer, Xi, Xie Huanchi, hoover, Stavros Atlamazoglou Organizations: Chinese Communist Party, intel, Beijing, Service, Ministry of Public Security, Yin Gang, Getty, Xinhua, of State Security, of Public Security, Force, NSA, REUTERS, CCP, of, People, US National Counterintelligence and Security Center, Chinese Intelligence Services, Hellenic Army, 575th Marine Battalion, Army, Johns Hopkins University, Johns Hopkins, School, International Locations: China, Wall, Silicon, Beijing, Xinhua, Taipei, Singapore, Xinjiang, Taiwan, Tibet, Bhutan, Nepal, India, Istanbul, Johns

☆ Saudi Arabia buys Turkish drones during Erdogan's visit
▼ + stars: | 2023-07-18 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

Erdogan and Saudi Crown Prince Mohammed bin Salman attended the signing ceremony between Turkish defence firm Baykar and the Saudi defence ministry, Saudi state news agency SPA reported. Erdogan arrived in the Saudi Red Sea city of Jeddah on Monday for the first stop of a Gulf tour. Saudi Arabia will acquire the drones "with the aim of enhancing the readiness of the kingdom's armed forces and bolstering its defense and manufacturing capabilities," Defence Minister Prince Khalid bin Salman said in a tweet on Tuesday. SPA said Erdogan and Prince Mohammed attended the signing of a defense cooperation plan by Prince Khalid and Turkish Defence Minister Yasar Guler. Developing a local military industry has been part of an ambitious plan by Prince Mohammed to diversify the kingdom's economy away from oil.

Persons: Tayyip Erdogan, Erdogan, Saudi Crown Prince Mohammed bin Salman, Baykar, Prince Khalid bin Salman, Haluk Bayraktar, Jamal Khashoggi, Prince Mohammed, Prince Khalid, Yasar Guler, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Enas Alashray, Daren Butler, Jamie Freed, Lincoln, Tomasz Janowski, Bernadette Baum Organizations: Saudi Crown, Defence, Investments, United, United Arab Emirates, Turkish Defence, Turkish, Thomson Locations: RIYADH, Saudi Arabia, Saudi, Saudi Red Sea, Jeddah, Ankara, United Arab Emirates, Turkey, East, North Africa, Istanbul, Qatar, United Arab, Riyadh, UAE, Nahyan, Cairo

☆ Saudi drone deal entails technology transfer, joint production -Baykar
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, July 18 (Reuters) - An accord which Saudi Arabia signed to buy Turkish drones entails cooperation in technology transfer and joint production, the Turkish company Baykar said on Tuesday in a statement. "With the comprehensive agreement, there will cooperation on technology transfer and joint production in order to advance the high technology development capability of the two countries," the statement said. Baykar said 75% of its revenues had come from exports since it began drone research and development in 2003. It said it had signed export agreements with 30 countries for its Bayraktar TB2 combat drone and with six countries for the larger Bayraktar Akinci combat drone. Reporting by Can Sezer; Writing by Daren Butler; Editing by Huseyin Hayatsever and Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Baykar, Tayyip Erdogan's, Daren Butler, Huseyin Hayatsever, Alison Williams Organizations: Turkish, Thomson Locations: ISTANBUL, Saudi Arabia, Turkish

Erdogan's ties to Russian President Vladimir Putin have weighed on Turkey's relations with its traditional Western allies for years, along with other factors including concern over his increasingly autocratic rule. "Turkey doesn't want the Turkish-Russian relationship to be badly hurt, but this will inevitably have an impact on relations. Ankara has been important to Moscow as Erdogan has refused to join Western sanctions against Russia over the Ukraine invasion. 'ROSE-TINTED SPECTACLES'The Kremlin said it intended to develop relations with Turkey "despite all the disagreements". In 2009, Cyprus blocked six out of the 35 chapters Turkey must conclude as part of its EU accession negotiations.

Persons: Erdogan, Tayyip Erdogan, Vladimir Putin, Volodymyr Zelenskiy, Dalay, Washington, Biden, Putin, Dmitry Peskov, Peskov, Evren Balta, Orhan Coskun, Tom Perry, Mark Heinrich Our Organizations: NATO Russian, NATO, Western, Analysts, Ukraine, Chatham, VISA, Turkish, Reuters, Kremlin, Russia, European Union, EU, Union, Ozyegin University, Thomson Locations: Sweden, Turkey, Washington, ANKARA, ISTANBUL, U.S, Russia, Ukraine, Ankara, Moscow, Turkish, NATO, Republic of Turkey, Europe, Cyprus

☆ Turkey's Erdogan to host Putin, hopes for Black Sea grain deal extension
▼ + stars: | 2023-07-07 | by ( Can Sezer | ) www.reuters.com time to read: +3 min

ISTANBUL, July 8 (Reuters) - Turkey's President Tayyip Erdogan said on Saturday that he was pressing Russia to extend a Black Sea grain deal by at least three months and announced a visit by President Vladimir Putin in August. Erdogan said work was under way on extending the Black Sea grain deal beyond its expiration date of July 17 and for longer periods beyond that. The deal would be one of the most important issues on the agenda for his meeting with Putin in Turkey next month, he said. "Our hope is that it will be extended at least once every three months, not every two months. Russia, angry about aspects of the grain deal's implementation, has threatened not to allow its further extension beyond July 17.

Persons: Tayyip Erdogan, Vladimir Putin, Volodymyr Zelenskiy, Zelenskiy's, Erdogan, Putin, Zelenskiy, Petr Fiala, Stringer, Dmitry Peskov, Ezgi Erkoyun, Oleksandr Kozhukhar, Orhan Coskun, Elaine Monaghan, Huseyin Hayatsever, Jonathan Spicer, Gareth Jones, Diane Craft Organizations: Ukraine, United Nations, Zelenskiy, REUTERS, NATO, Western, Thomson Locations: ISTANBUL, Russia, Turkey, Bulgaria, Czech Republic, Ukraine, Czech, Prague, Crimean Tatars, Istanbul

☆ UN aid chief to Russia: Don't 'chuck away' Black Sea grain deal
▼ + stars: | 2023-07-07 | by ( Michelle Nichols | ) www.reuters.com time to read: +5 min

"The world has seen the value of the Black Sea Initiative ... this isn't something you chuck away," the U.N.'s Martin Griffiths told reporters. Zelenskiy said the Black Sea deal was important to help the world fight hunger. Russia has described the Black Sea deal and the agreement to facilitate its own exports as a single package. The Black Sea deal allows for ammonia exports - a key ingredient in nitrate fertilizer - but none has shipped. As the expiration date looms, the Black Sea grain deal is grinding to a halt.

Persons: Martin Griffiths, Volodymyr Zelenskiy, Tayyip Erdogan, Erdogan, Zelenskiy, Griffiths, Michelle Nichols, Elaine Monaghan, Oleksandr Kozhukhar, Doina Chiacu, Grant McCool Organizations: UNITED NATIONS, U.N, United Nations, Black Sea Initiative, United, Zelenskiy, Russian Federation, Russian Agricultural Bank, International Energy Agency, Sezer, Thomson Locations: Russia, Moscow, Odesa, United Nations, Turkey, Ukraine, Ukrainian, Istanbul, Russian, United, United States, European Union, Britain, Togliatti, Washington, Kyiv

With the use of central bank reserves to protect the lira’s value before the election, reserves fell to a historical low in early June, with net reserves at minus $5.7 billion. Hence, there is no use of foreign exchange reserves and a period of increasing reserves has started," he added. His comments echoed the view of bankers that the central bank had "completely stopped" using its reserves. CENTRAL BANK MEASURESUnder new central bank steps announced at the weekend, the securities maintenance ratio that banks are required to allocate to their foreign currency deposit was reduced to 5% from 10%. The new regulation said banks whose lira deposits are less than 57% of total deposits will have to hold an additional seven percentage points of securities, compared to the previous seven additional points applied to banks that held less than 60% lira deposits.

Persons: Murad Sezer, Lira, Tayyip Erdogan, Hafize Gaye Erkan, Enver Erkan, Daren Butler, Canan, Jonathan Spicer, Emelia Sithole Organizations: REUTERS, Securities, Bankers, Thomson Locations: Istanbul, Turkey, ANKARA, backtrack, Turkish

☆ Turkey's lira hits fresh record lows after rate hike
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, June 23 (Reuters) - The Turkish lira weakened as much as 2.8% to a fresh record low early on Friday, extending losses as the central bank's large rate hike a day earlier, reversing President Tayyip Erdogan's policy, fell short of market expectations. The lira last traded at 25.2015, some 1.3% weaker than Thursday's close. At its weakest point of 25.59 it was nearly 27% weaker against the U.S. currency this year. The move marked a change in course after years of monetary easing in which the one-week repo rate (TRINT=ECI) had been cut to 8.5% from 19% in 2021 in an unorthodox policy pursued despite soaring inflation. Reporting by Can Sezer; Editing by Daren ButlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan's, Hafize Gaye Erkan, Erdogan, Erkan, Daren Butler Organizations: Thomson Locations: ISTANBUL, Turkey's

☆ Analysis: Investors lament lost opportunity after unconvincing Turkish rate hike
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Murad Sezer/IllustrationLONDON, June 23 (Reuters) - Foreign investors hoping for a game-changing rate hike from Turkey's newly appointed central bank chief said Thursday's disappointing move to a key rate of just 15% could keep some money on the sidelines. "They lost one perfect chance to demonstrate that they mean business," said Viktor Szabo, emerging markets investment director with Abrdn. But analysts said that after Thursday's decision, Erkan and Simsek would need to work even harder to prove the country had indeed shifted course. Already in the week to June 16, foreign investor holdings of Turkish government bonds had fallen by $16.2 million. "I don't think investors will throw in the towel just yet because I think there is still expectation there is more to come in the coming months," said Kaan Nazli, portfolio manager at Neuberger Berman.

Persons: Murad Sezer, Thursday's, Hafize Gaye Erkan, Viktor Szabo, Abrdn, it's, It's, Tayyip Erdogan, Mehmet Simsek, Eric Fine, Marek Drimal, Simsek, Dan Wood, William Blair, Fitch, Erdogan, Erkan, Kaan, Neuberger Berman, Karin Strohecker, Marc Jones, Toby Chopra Organizations: REUTERS, Societe Generale, Thomson Locations: Istanbul, Turkey, VanEck

The central bank said inflation will come under further pressure. Erdogan said last week he approved the steps Simsek would take with the central bank, suggesting he had given the green light to rate hikes. The central bank's key rate remains below deposit rates that reach up to 40% and real rates are still deeply negative. The central bank's net reserves fell to a record low of negative $5.7 billion last month. Authorities hope foreign investors and hard currency will return after a years-long exodus, potentially reducing the central bank's need to intervene to keep the lira stable.

Persons: Tayyip Erdogan's, Hafize Gaye Erkan, Erkan, Erdogan, Mehmet Simsek, Piotr Matys, Ezgi Erkoyun, Ali Kucukgocmen, Christina Fincher, Daren Butler Organizations: Reuters Graphics, Wall Street, InTouch, Reuters, Thomson Locations: ISTANBUL, Ankara

Search resuls for: "Sezer"

25 mentions found