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One presidential candidate from a small party, Muharrem Ince, withdrew on Thursday citing a faked "character assassination" carried out online. "We find it unacceptable for another country to interfere in Turkey's election process in favour of a political party. [1/4] FILE PHOTO-Kemal Kilicdaroglu, presidential candidate of Turkey's main opposition alliance, greets his supporters during a rally ahead of the May 14 presidential and parliamentary elections, in Tekirdag, Turkey April 27, 2023. Kilicdaroglu said a fundamental problem of Turkey's foreign policy in Erdogan's AK Party (AKP) tenure was the exclusion of the foreign ministry from the policy-making process. Turkey, Kilicdaroglu said, will pursue a peace-oriented foreign policy that prioritises its national interest and acts in line with the modern world.
He came to prominence as mayor of Istanbul in the 1990s, and was celebrated in the first decade of the new millennium for transforming Turkey's economy into an emerging market powerhouse. But recent years have been far less rosy for the religiously conservative leader, whose own economic policies have triggered a cost-of-living crisis. Now, given a recent downturn in support for Erdogan, some fear he may play dirty to ensure his hold on power. The stakes are high for the entire country and, more broadly, global geopolitics – and the mood on the ground is tense. Mustafa Kamaci | Anadolu Agency | Getty Images"I'm very concerned that [Erdogan] may deploy underhanded tactics, cheating and even violence," Ibish said.
Paolo Scaroni has previously served as chief executive officer of both Enel and Eni. Photo: Italy Photo Press/Zuma PressROME—New executives were appointed to top roles in Italy’s leading energy companies on Wednesday, despite fierce opposition from some foreign investors who had challenged the picks made by the firms’ main shareholder, the Italian government. The most controversial appointment is that of Paolo Scaroni as chairman of Enel , the state-controlled utility company. The nomination of Mr. Scaroni, an energy-industry veteran and ally of former Italian prime minister Silvio Berlusconi , drew sharp criticism because of his history of close business dealings with Russia.
Rebuilding Ukraine depends on luring private money
  + stars: | 2023-05-10 | by ( Pierre Briancon | ) www.reuters.com   time to read: +7 min
KYIV, May 10 (Reuters Breakingviews) - Oleksandr Gryban is already thinking of the moment when Ukraine can build again. But the real challenge is to convince sceptical private investors both at home and abroad that Ukraine is a good destination for their cash. Investors can take solace that the team tasked with rebuilding Ukraine has proven competent and resourceful. There is a bull case for private investment in Ukraine. The other factor that might lure private capital involves Ukraine helping itself, by completing reforms initiated in the last few years.
With large swathes of Taiwan's territorial waters restricted due to defense, shipping and other uses, offshore wind developers will soon run out of space. It's a question of whether you want to pay the price," insurance broker Clive Lin told offshore wind developers in a packed lecture hall in Taipei. Political risk insurance is typically not covered in mainstream insurance policies, so developers have to buy it additionally. The risk of a military confrontation and its impact on Taiwan's wind farms are hard to quantify, analysts say. "In a kinetic conflict invasion, Taiwan's going to have so many other problems, offshore wind is going to be way down on the list," Cancian said.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSingapore and Hong Kong had a head start as business hubs but South Korea evolved fast: AmCham KoreaJames Kim of the American Chamber of Commerce in Korea says South Korea is a "great country" for foreign investors.
Aramco’s dividend largesse contains a hard logic
  + stars: | 2023-05-09 | by ( ) www.reuters.com   time to read: +2 min
That could work out to up to $18 billion a year, Royal Bank of Canada analysts reckon. Given that there are solid long-term reasons to hold Aramco shares, it might seem odd that the world’s largest oil producer feels the need to keep its investors on side. Meanwhile, Aramco’s dividend has been fixed since its listing, but that arrangement expires next year. Flagging to prospective foreign investors that its dividend policy is not entirely dependent on the whims of the Saudi state is probably not a bad idea. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Factbox: Key players in Turkey's election campaign
  + stars: | 2023-05-09 | by ( ) www.reuters.com   time to read: +6 min
Turkey's longest-serving leader logged more than a dozen election victories and survived an attempted coup in 2016. CHP LEADER KEMAL KILICDAROGLUKilicdaroglu, 74, head of the main opposition Republican People's Party (CHP), was named the six-party opposition alliance's presidential candidate in March. HOMELAND PARTY LEADER MUHARREM INCEFormer physics teacher and headmaster Muharrem Ince, 58, is seen as having little chance of becoming president. OPPOSITION FIGURES:IYI PARTY LEADER MERAL AKSENERFormer interior minister Meral Aksener, 66, leads the second-largest party in the opposition alliance, the centrist and nationalist IYI Party. ANKARA MAYOR MANSUR YAVASNationalist politician and lawyer Mansur Yavas, 67, defeated the AKP's Ankara mayoral candidate 2019 as the CHP candidate backed by an opposition alliance.
Ron DeSantis has signed a new bill banning Chinese citizens from buying land in Florida. DeSantis cited concerns that Chinese investors have been buying up too much farmland in the state. Ron DeSantis signed a bill into law on Monday that bans most Chinese citizens from purchasing land in his state. The new bill, SB 246, prevents Chinese nationals from buying land in Florida unless they are also American citizens or permanent residents. Investors from Canada own the most US land out of any foreign country, holding 12.8 million acres worth around $11.6 billion, per the department's 2021 report.
The May 14 vote, which lands during the Turkish Republic's centenary year, is Erdogan's biggest test yet. At the same time, a global reversal in market liquidity left Turkey and other emerging markets starved for funding. But the economic crisis was damaging. This trend accelerated in 2013, wiping out big gains made in 2006-2010 during Erdogan's first decade in charge. "If Erdogan wins the election and continues his economic policy it will come to a complete crash at one point.
The updated law doesn't clearly define what constitutes China's national security or interests. The new law follows a recent spate of sanctions, probes, and detentions into foreign firms in China. Even now, the terms relating to national security and interest are still "not explicitly defined," the Eurasia Group wrote. The updated law is also particularly concerning because of the recent developments surrounding foreign firms in China. China's recent crackdown on foreign businesses is spurring concernsIn April, Chinese police questioned staff at American consultancy Bain in Shanghai.
The dollar's weakening trend that started in late September is likely to continue, according to UBS. The prospect of Federal Reserve halting interest-rate increases will likely weigh on the greenback, strategists said. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Its miserable run will likely continue as the Federal Reserve looks set to halt its interest-rate increases and given the risk of a banking crisis, according to UBS. UBS warned that a slowdown in US economic growth is also likely to weigh on the buck.
In recent months, Chinese investigators have detained employees of U.S. due-diligence firm Mintz Group, visited consultancy Bain & Company and suspended auditor Deloitte’s Beijing operations for three months. Security watchdogs have restricted overseas access to financial data providers like Wind Information, as well as academic database China National Knowledge Infrastructure. Local banks loaned 3.9 trillion yuan ($560 billion) in March alone while corporations issued 328 billion yuan of bonds. Besides Wind, other Chinese data providers including company databases Qichacha and TianYanCha have stopped opening to offshore users, according to three of the sources. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
The visit is Dimon's first to mainland China since the pandemic gathered pace in 2020 and closed the world's second-largest economy for almost three years as it enforced some of the world's most stringent restrictions. He will also visit Hong Kong in early June after the Shanghai trip, two of the sources added. Dimon visited the Asian financial hub of Hong Kong to meet the bank's staff and clients in November 2021. A JPMorgan spokesperson in Hong Kong declined to comment on Dimon's visit to mainland China and Hong Kong. Reporting by Julie Zhu in Hong Kong, Scott Murdoch in Sydney and Nupur Anand in New York; Editing by Sumeet Chatterjee and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
But a drumbeat of government security measures, including a broadening of counterespionage laws, and unannounced visits by investigators to the Chinese offices of several foreign firms have sent a shiver of worry that under Xi Jinping, economic pragmatism could again give way to a heightened focus on state control. International consulting and advisory firms are among those that have faced questioning from Chinese security officers in recent weeks, adding to fears among foreign investors that the authorities may be trying to choke off their access to unvarnished information about markets, competitors and potential deals in China. The scrutiny has left some companies questioning whether their China operations are at risk. Officers visited the Shanghai office of Bain & Company, a major American consulting firm, and questioned employees, Bain said in late April. And the Mintz Group, an American company specializing in corporate investigations, said in late March that officials visited its Beijing office and detained five Chinese employees.
MUMBAI, May 3 (Reuters) - Indian rupee is expected to open higher on Wednesday, boosted by a broad decline on the U.S. dollar and plunge in yields amid worries over the U.S. banking sector. Non-deliverable forwards indicate the rupee will open at around 81.76-81.80 to the dollar compared to 81.88 in the previous session. The rupee reached 81.7225 on Tuesday, before dollar bids by public sector banks, probably for the Reserve Bank of India, prompted it to reverse course. The U.S. Federal Reserve will most likely raise rates by 25 basis points later in the day, interest rate futures indicate. Investors will be eyeing the U.S. central bank's forward guidance to assess the path ahead for interest rates.
ADDIS ABABA, May 3 (Reuters) - Ethiopia will issue up to five banking licenses to foreign investors in the next five years, part of plans to open up the financial services sector to foreign competition, a senior central bank official said on Wednesday. "We will give three to five licenses within five years," vice governor of the central bank Solomon Desta told reporters. Ethiopia's banking industry is dominated by state-owned Commercial Bank of Ethiopia, and the sector has 29 players, all of them locally owned. Desta said foreign investors would have different options to enter the industry, including forming joint ventures with domestic players, or establishing local subsidiaries. Foreign investors have long eyed sectors including banking, telecoms, transportation and aviation in Ethiopia, a country of more than 100 million people and one of the biggest economies in Sub-Saharan Africa.
Saudi's United Electronics Co shelves plans for Egypt expansion
  + stars: | 2023-05-01 | by ( ) www.reuters.com   time to read: +1 min
DUBAI, May 1 (Reuters) - United Electronics Company (4003.SE), known as eXtra, has decided to discontinue its expansion plans in Egypt, it said on Monday, following a feasibility study. The expected negative financial impact of shelving the expansion in Egypt is about 38 million riyals ($10.13 million), the company said in a bourse statement. "After reviewing the feasibility of the company continuing to move forward with external expansion in the Arab Republic of Egypt, United Electronics Company announces that the Board of Directors has decided...to discontinue the company's plans to expand in Egypt," the statement said. Companies from the Gulf have been eyeing expansion opportunities in Egypt which offers a big market for their goods and services. ($1 = 3.7506 riyals)($1 = 30.8500 Egyptian pounds)Reporting by Rachna Uppal; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
Russia's benchmark MOEX index is trading at levels not seen in over 12 months. The MOEX Russia Index has gained 24% so far this year after tanking 42% in 2022. The benchmark MOEX Russia Index on the Moscow Exchange hit a high of 2,646.18 on Thursday — its highest level since early April 2022. Despite the surge in the MOEX index, trading volumes in its equities market fell 41% from a year ago amid sanctions. The MOEX Index ended at 2,634.96 on Friday.
France’s economy grew 0.2% in the first quarter of this year, its national statistics agency said Friday, after stagnating in the previous quarter. Yet the long-running protests are unlikely to leave a lasting dent in France’s economy, according to Charlotte de Montpellier, a senior economist at Dutch bank ING. But its $2.8 trillion economy has held up comparatively well. Office buildings illuminated in the La Defense business district of Paris, France, on Monday, Feb. 6, 2023. ‘Momentum’ building for banksBritain’s exit from the European Union has also been a boon for France’s financial sector.
It is unlikely to be resolved quickly even if the markets keep rallying and China economy keeps global growth ticking. Data paints a murky picture, but supports brokers' analysis that the bid from long-only money managers is absent. Allocation analysis from data firm EPFR shows a broad downtrend, especially to U.S.-domiciled China funds. EPFR figures show allocation to China funds outside the U.S. has increased for two years and mainland markets' recent performance has also been encouraging. "Our reservations about China's long-term investment prospects are based on our outlook for returns to capital."
MILAN, April 28 (Reuters) - Italian tycoon Francesco Gaetano Caltagirone, the third-largest investor in Generali (GASI.MI), on Friday withheld his approval for the insurer's 2022 accounts, two sources said, after attempting to bring about a management shake-up last year. They proposed an alternative candidate for the job but lost out in the April 2022 shareholder vote. During the AGM, Donnet said those results put Generali "in an excellent position" to achieve all the targets of its plan to 2024. In April last year, at the height of the shareholder clash, the 2021 accounts got around 85% of AGM votes. Italy's Benetton family, with a 4.8% stake, also challenged Donnet who had the support of Generali's top shareholder Mediobanca (MDBI.MI), which holds 13% of the insurer.
Singapore-based online property portal PropertyGuru maintains a "conservative outlook in 2023" amid challenges, and expects full year 2023 revenue of between 160 million Singapore dollars and SG$170 million and adjusted EBITDA of between SG$11 million and SG$15 million. SINGAPORE — Singapore is raising taxes for property purchases amid concerns that surging prices "could run ahead of economic fundamentals." This will be the third round of cooling measures by Singapore following previous similar moves. Still, "property prices showed renewed signs of acceleration amid resilient demand" in the first three months of the year. "If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes."
REUTERS/Edgar SuSINGAPORE, April 27 (Reuters) - Vera Liu, a Singapore property agent, was panicking in the wee hours of Thursday morning after new property taxes saw two of her deals fall through. Policymakers are growing concerned that foreign investors increasingly see Singapore property as a hot asset class, squeezing out locals. Christine Sun, the senior vice president of research & analytics at OrangeTee & Tie, called it a "freezing measure" for foreign buyers. Shares of Singapore property companies fell on Thursday, with City Development (CTDM.SI) and UOL Group (UTOS.SI), which have large Singapore footprints, hit hardest. "There's little impact on the other 90%," said Mak, who has been analysing Singapore property for more than two decades.
Brazil woos sceptical foreign investors with new fiscal plan
  + stars: | 2023-04-24 | by ( ) www.reuters.com   time to read: +4 min
Rebounding commodity prices and a hawkish, independent central bank made Brazil an emerging market investor darling last year. But stocks are in the red in dollar-terms (.MIBR00000PUS) in 2023 compared to small gains in wider emerging markets (.MSCIEF) and a more than 20% rise in Mexico's equities (.MIMX00000PUS). "It feels to me like there are a lot of things that can go wrong," said William Jackson, chief emerging markets economist with Capital Economics. Ronaldo Patah, chief investment officer Brazil at UBS Wealth Management, said that despite uncertainties, Lula's fiscal reform suggested he had shifted his focus to the future -- and away from unravelling previous reforms. "Foreign investors have goodwill for Brazil - they want to invest."
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