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☆ Turkey's lira sinks to near record low as Erdogan is reelected
▼ + stars: | 2023-05-29 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The Turkish lira sank Monday as incumbent Recep Tayyip Erdogan secured his victory in the 2023 presidential election, extending his rule into a third decade in power. "We have a pretty pessimistic outlook on the Turkish Lira as a result of Erdogan retaining office after the election," Wells Fargo's Emerging Markets Economist and FX Strategist Brendan McKenna told CNBC's "Squawk Box Asia." He expects Turkey's unorthodox monetary and economic policy frameworks to remain in place going forward. Turkey's monetary policy places an emphasis on the pursuit of growth and export competition rather than taming inflation, and Erdogan endorses the unconventional view that raising interest rates increases inflation. "With limited FX reserves and massively negative real interest rates the pressure on the lira is heavy," Ash continued.

☆ Putin congratulates 'dear friend' Erdogan as NATO's Turkey challenge looks set to stay
▼ + stars: | 2023-05-29 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Russian President Vladimir Putin was among the leaders that congratulated Erdogan on his win on Monday, calling him a "dear friend," according to the Kremlin. Turkish President Tayyip Erdogan meets with his Russian counterpart Vladimir Putin in Sochi, Russia August 5, 2022. Putin, in his congratulatory message Monday, praised Erdogan's efforts to "conduct an independent foreign policy," according to his spokespeople. The outlook is mixed among political and economic analysts inside and outside of Turkey whether Erdogan is bad news for the future of NATO. "Putin clearly wants NATO to fragment, and Erdogan in charge increases the likelihood of NATO fragmenting," Harris said after the election's first round in mid-May.

☆ Can Gulf money save Turkey's economy?
▼ + stars: | 2023-05-11 | by ( Idil Karsit | ) www.cnbc.com time to read: +1 min

Turkey has become a top destination for wealthy Gulf tourists injecting much-needed dollars into the country's economy. Between 2016 and 2019, Qatar increased its investments in Turkey by nearly 500%, replacing countries like Germany and Russia as its second largest foreign direct investor. Gulf states offered relief, either in the form of currency swap lines or direct deposits. It borrows money from the so-called friendly countries to finance its short-term capital needs. Watch the video above to understand why Turkey needs Gulf money.

☆ Nothing comes for free: What China hopes to gain in return for helping Russia
▼ + stars: | 2023-03-21 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +5 min

Russian President Vladimir Putin and Chinese President Xi Jinping leave after a reception in honor of the Chinese leader's visit to Moscow, at the Kremlin in Moscow, Russia March 21, 2023. Unofficially, however, analysts say the presidents are also likely to discuss ways for China to assist Russia without it risking being hit with Western sanctions itself. For many close watchers of Russia and China's deepening relationship over the past decade, the big question then is this: What could China want in return for helping Moscow? China was diversifying its energy sources and turning to Russia, Bachulska noted, as well as looking to its neighbor for raw materials. "But still, in overall bigger-picture terms, China has an upper hand economically and if China supports Russia in a more substantial way this will continue even more," she added.

☆ Russia’s economy is hurting despite Putin’s bluster
▼ + stars: | 2023-02-22 | by ( Julia Horowitz | ) edition.cnn.com time to read: +9 min

Russia’s economy did weaken as a result. “The Russian economy and system of government have turned out to be much stronger than the West believed,” Putin said in a speech to Russia’s parliament Tuesday. The bloc, which dramatically reduced its dependence on Russian natural gas last year, officially banned most imports of Russian crude oil by sea in December. Russia’s oil problemIn fact, Russia’s export revenue from oil rose last year. On the declineThe International Monetary Fund still expects Russia’s economy to expand by 0.3% this year and 2.1% the next.

☆ Right-wing Quran burning in Sweden enrages Turkey and throws a new wrench in Nordics’ NATO bid
▼ + stars: | 2023-01-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Rasmus Paludan holds a burning Koran outside of the Turkish embassy on January 21, 2023 in Stockholm, Sweden. Jonas Gratzer | Getty Images News | Getty ImagesOn Saturday, far-right demonstrators burned a Quran and chanted anti-Muslim slogans in front of Turkey's embassy in Stockholm, Sweden. Several media outlets and independent journalist gather to see Rasmus Paludan stage a Koran burning outside the Turkish embassy on January 21, 2023 in Stockholm, Sweden. Swedish Prime Minister Ulf Kristersson reportedly denounced the protest as an act of "sabotage" against the country's NATO membership bid. Nonetheless, he expressed confidence that Turkey would approve his country's NATO bid.

☆ A top investment chief explains why bonds offer an attractive hedge for a mild and brief recession in 2023
▼ + stars: | 2023-01-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

I'm senior reporter Phil Rosen, and below I'm sharing my conversation with Northwestern Mutual's chief investment officer, Brent Schutte. He sees the bond market as this year's best recession hedge. Phil Rosen: You said you're expecting a mild and brief recession this year. Brent Schutte: The good news is that the bond market has repriced, and the bond market is a hedge against that recession. BC: I do think earnings will come down this year, and cheaper equities give a margin of safety against that.

☆ Russia's hopes for a Republican landslide to hurt Ukraine are vanishing fast
▼ + stars: | 2022-11-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +9 min

Shift in power ... and Ukraine support? Russia could well hope that a shift in power after the the midterm elections could herald a cooler attitude toward Ukraine. "Further, most Republicans remain staunchly committed to Ukraine support, despite House minority leader Kevin McCarthy's announcement of 'no blank check' for the Ukrainians under a Republican-led House. Russia's President Vladimir Putin listens while then-U.S. President Donald Trump speaks during a press conference in Helsinki, Finland, in 2019. "The war in Ukraine must provide the U.S. with the best chance for regime change in Russia, of taking Putin out.

☆ Erdogan says Turkey will keep cutting interest rates, mocks British pound
▼ + stars: | 2022-09-29 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Turkish President Tayyip Erdogan addresses members of his ruling AK Party (AKP) during a meeting at the parliament in Ankara, Turkey May 18, 2022. MANDATORY CREDITTurkey will keep cutting interest rates, its President Recep Tayyip Erdogan said, despite soaring inflation at over 80%. Faced with deepening economic problems, Erdogan also took the time to throw some barbs at the U.K., saying that the British pound has "blown up." The currency has lost roughly 28% of its value against the dollar this year and 80% in the last 5 years as markets shunned Erdogan's unorthodox monetary policy of cutting interest rates despite high inflation. "Turkey has 80% inflation and I guess the worst performing currency over the past decade.

☆ Preşedintele ucrainean Volodimir Zelenski vrea dizolvarea Curţii Constituţionale
▼ + stars: | 2020-10-31 | by ( ) agora.md time to read: +4 min

Preşedintele ucrainean Volodimir Zelenski a propus, vineri, Radei Supreme să dizolve Curtea Constituţională. Propunerea vine ca urmare a deciziei acesteia de a invalida o serie de legi anticorupţie pentru că ar fi „prea severe”, scrie Agerpres. Peste 1.000 de persoane, între care mulţi militanţi anticorupţie, au protestat, vineri, în faţa sediului Curţii Constituţionale împotriva deciziei acesteia. Preşedintele Curţii, Oleksandr Tupitski, a acuzat Preşedinţia că încearcă să pună botniţă instituţiei sale, afirmând că proiectul de lege conţine „semnele unei lovituri de stat”. Denunţând totodată decizia Curţii, opoziţia şi numeroşi experţi au criticat şi proiectul de lege prezidenţial, deoarece Constituţia ucraineană nu prevede posibilitatea destituirii judecătorilor săi printr-un vot parlamentar şi nici anularea deciziei sale.

Persons: Volodimir Zelenski, Zelenski, Ea, Curţii, Timothy Ash, Timothy Ash Organizations: Radei Supreme, Securitate Naţională, Apărare, Uniunii Europene, Preşedintele Curţii Locations: Ucraina, ucraineni, Londra, AGORA, neconstituţională, legislaţia, Moldova

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