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☆ A man started a new relationship while married to his wife with Alzheimer's. He shared how they're making it work.
▼ + stars: | 2024-11-21 | by ( Kim Schewitz | ) www.businessinsider.com time to read: +4 min

AdvertisementTownsend Davis and his wife had been married for 10 years when she was diagnosed with Alzheimer's. He told The New York Time's Modern Love podcast he started a relationship while caring for his wife. Townsend Davis, who lives in Brooklyn, New York, and his wife Bridget had been married for a decade when she was diagnosed with early-onset Alzheimer's in June 2015. AdvertisementNearly 10 years after the diagnosis, Davis started a new relationship with another woman while still caring for his wife. Davis said that while Deb helped move Bridget, his wife told his new girlfriend she was "a good person."

Persons: Townsend Davis, Davis, Bridget, Deb, Teddy Organizations: Alzheimer's, New, The New York Times Locations: New York, Brooklyn , New York

☆ Trump is already wielding power and causing massive disruption
▼ + stars: | 2024-11-11 | by ( Stephen Collinson | Trump S Determination To Project Peerless Authority Is Playing Out On Multiple Fronts | ) edition.cnn.com time to read: +11 min

Democrats are, meanwhile, coming to terms with the massive fallout of their failure to stop Trump’s return to power, even as they dissolve into self-recrimination. They lack a clear leader to revive their message or a platform of power if Republicans retain control of the House. Establishing dominance over Washington Republicans: Trump has been mostly behind closed doors since his victory rally last week. Trump is promising to return to the volatile foreign policy that defined his first term — and then some. The conundrum facing US allies was laid out by French President Emmanuel Macron, who rode the Trump first-term rollercoaster.

Persons: Donald Trump, Trump, —, Mike Pompeo, Nikki Haley, Elise Stefanik, rouser Elon Musk, Volodymyr Zelensky —, Joe Biden —, Susie Wiles, Pompeo, Haley, Roger Stone, MAGA, “, ” Trump, Tony Carrk, Elect Trump, Florida Sen, Rick Scott —, Vivek Ramaswamy —, Dakota Sen, John Thune, Texas Sen, John Cornyn, Thune, Cornyn, ”, Washington, trepidation, Jim Jordan, Dana Bash, Jordan, Jack Smith, Musk, Trump —, Vladimir Putin, Emmanuel Macron, Macron, ” Macron Organizations: CNN, White, Republicans, GOP, United, New York, Trump, Pentagon, Overseas, peerless, CIA, South Carolina governor’s, Washington Republicans, Republican, United States, Democrats, Union, Ohio Republican, SpaceX Locations: Florida, United Nations, Europe, Taiwan, Iran, Russia, United States, Arizona, Washington, South Carolina, New York, ., Dakota, Texas, “ State, China

Turkey's Central Bank headquarters is seen in Ankara, Turkey in this January 24, 2014 file photo. Yet five foreign investors told Reuters that this week's rate hike signalled a new independence among policymakers who are serious about addressing unrelenting pressure on the currency and reining in inflation expectations. "It feels like they are correcting the mistakes they made with their first rate hike decisions," said Viktor Szabo, portfolio manager at abrdn in London. Erdogan, who has fired four central bank chiefs in four years, has said little about the rate hikes. Reuters GraphicsTurkish stock, Eurobond and CDS markets are more attractive targets this year and next, especially after the rate hike, investors and officials say.

Persons: Umit, Erdogan's unorthodoxy, Mehmet Simsek, Goldman Sachs, Tayyip Erdogan's, Viktor Szabo, Ola El, Van Eck, ERDOGAN, Erdogan, Simsek, Hafize Gaye Erkan, Cevdet Yilmaz, Blaise Antin, TCW, Kaan, Neuberger Berman, Jonathan Spicer, Marc Jones, Jorgelina, Hugh Lawson Organizations: Turkey's Central Bank, Finance, Goldman, Reuters, abrdn, Emerging Markets, Wall Street, JPMorgan, Reuters Graphics, CDS, Yeni, United Nations, International Monetary Fund, Thomson Locations: Ankara, Turkey, ANKARA, LONDON, New York, London, Van, Los Angeles, Reuters Graphics Turkish, Yeni Safak, Morocco, Japan, Singapore, Hong Kong, Istanbul, Rosario

☆ Turkey shocks with big rate hike to 25% to cool raging inflation
▼ + stars: | 2023-08-24 | by ( ) edition.cnn.com time to read: +2 min

Turkey’s central bank hiked its key interest rate by a surprisingly large 7.5 percentage points to 25% Thursday, signaling a new determination to address rebounding inflation as part of a broader policy U-turn. The poll, conducted last week, showed that interest rates were not expected to rise to 25% until the end of the year. The rate hike “sends a very strong signal that the [bank] is determined to rein in inflation and the initial market response is very positive,” said Piotr Matys, senior FX analyst at In Touch Capital Markets. Erdogan’s past drive to slash interest rates sparked a currency crisis in late 2021 and sent inflation above 85% last year. The currency is down about 68% in two years largely due to Erdogan’s previously outspoken opposition to high rates and influence over the central bank.

Persons: Tayyip Erdogan, ”, Piotr Matys, “, Erdogan, ” Erdogan, Hafize Gaye Erkan, — Osman Cevdet Akcay, Fatih Karahan, — Organizations: Analysts, Touch, Wall Street

The surprise move leaves the policy rate at its highest level since 2019, and sent the Turkish currency to its strongest level since mid-July. The bank has raised its one-week repo rate (TRINT=ECI) by 1,650 basis points since June. The lira had touched new all-time lows almost daily in recent weeks, including in the minutes before the policy decision. The central bank said that rising oil prices and a deterioration in inflation expectations suggests that inflation will end the year at the upper bound of its forecasts. The central bank has also selectively tightened credit.

Persons: Tayyip Erdogan, Piotr Matys, Dado Ruvic, Erdogan, Hafize Gaye Erkan, Osman Cevdet Akcay, Fatih Karahan, Hatice, Ezgi Erkoyun, Christina Fincher, Angus MacSwan Organizations: Analysts, Istanbul bourse, Touch, Turkey Lira, REUTERS, Wall Street, Thomson Locations: ISTANBUL, Istanbul, Ankara

The VAT rate charged on goods and services rose to 20% from 18%, while that on basic goods such as toilet paper and detergents increased to 10% from 8%, effective immediately, the Official Gazette said. "Reducing the budget deficit is the aim of the latest increase in taxes and fees, and some other steps to ensure fiscal discipline are on the agenda too. The tax increases could raise Turkey's budget revenues by around 2%, Oyak Investment said in a note. Economists said the increased VAT rate charged on goods and services would boost state revenues by around 30 billion lira. Separately, Turkey on Friday also exempted from witholding tax the dividend payments of own shares purchased by companies listed on the Istanbul bourse.

Persons: Tayyip Erdogan, QNB Finansbank, Erdogan, Economists, Ezgi Erkoyun, Burcu Karakas, Orhan Coskun, Jonathan Spicer, Gareth Jones Organizations: stoke, Official Gazette, Bank Insurance, Oyak Investment, Istanbul bourse, Thomson Locations: ISTANBUL, Turkey, Istanbul

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

☆ Turkey's Erdogan appoints a former Goldman executive as its new central bank chief
▼ + stars: | 2023-06-09 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Exterior of the Turkish Central Bank, known as Turkiye Cumhuriyet Merkez Bankasi in Ankara. Turkey's President Recep Tayyip Erdogan has appointed a former Wall Street banker Hafize Gaye Erkan as the country's new central bank governor — another move that could potentially mark a policy pivot away from economic unorthodoxy. Erkan, Turkey's first female central bank chief, was a former managing director at Goldman Sachs and co-CEO at First Republic Bank. She is also Turkey's fifth central bank governor in four years. The caveat would lie in how much autonomy the central bank could exercise, and to what extent —something that Demiralp says investors will have to wait and see.

Persons: Recep Tayyip Erdogan, Hafize Gaye Erkan, —, Turkey's, Goldman Sachs, Mehmet Simsek's, Selva Demiralp, Demiralp Organizations: Turkish Central Bank, Wall Street, First Republic Bank, Princeton, Koç University, CNBC Locations: Ankara, U.S, Istanbul

The central bank's first female governor, Erkan is also its fifth chief in four years, underlining the challenge she may face delivering a lasting policy turnaround after Erdogan has all but stamped out the bank's independence in recent years. Analysts now expect Turkey's central bank to hike interest rates to between 20% and 25% from 8.5% as soon as this month. ORTHODOX FINANCE MINISTERErdogan, a self-proclaimed "enemy" of interest rates, has pressed the central bank to deliver stimulus in recent years and has been quick to replace its governor. The central bank slashed its policy rate to 8.5% from 19% in 2021, leaving real rates deeply negative and the lira largely managed by dozens of regulations covering credit and foreign exchange. But the last central bank governor to raise rates, Naci Agbal, was fired in 2021 after less than five months on the job.

Persons: Tayyip Erdogan, Hafize Gaye Erkan, Goldman Sachs, Erdogan's, Erdogan, Kavcioglu, Selva Demiralp, Mehmet Simsek, Simsek, Erkan, Naci Agbal, Marsh, Kathryn Wylde, Wylde, Ali Kucukgocment, Jonathan Spicer, Daren Butler, Cynthia Osterman, Hugh Lawson Organizations: Lira, First Republic Bank, Official Gazette, Koc University, U.S . Federal Reserve, Princeton University, First, JPMorgan, Analysts, FINANCE, Greystone, Partnership, New, Thomson Locations: ISTANBUL, United States, unorthodoxy, Erkan, U.S, New York City

[1/4] Turkish President Tayyip Erdogan, accompanied by his wife Emine Erdogan, greets the audience during a meeting of his ruling AK Party to announce the party's election manifesto ahead of the May 14 elections, in Ankara, Turkey April 11, 2023. Erdogan is facing the biggest political challenge since his AK Party (AKP) came to power in 2002, with polls showing support sagging in recent years after unorthodox economic policies hobbled the lira currency and sent inflation surging. Erdogan said last week a team was working on strengthening economic policies under the coordination of former economic tsar Mehmet Simsek, who is well respected by international investors. In the presidential election next month, Erdogan will be up against the main opposition alliance candidate, Kemal Kilicdaroglu. On foreign policy, Erdogan said the AKP would continue normalizing relations in the region and aim to build an "axis of Turkey".

Separately, in a televised interview on Wednesday, Erdogan downplayed the significance of the meeting with Simsek, saying such meetings were ordinary. A senior government official told Reuters the AKP was somewhat divided with some members opposed to Simsek's return, and described the outcome of the Erdogan meeting as "undesirable". The party may now need to revise its economic platform ahead of the election campaign, he added. The AKP declined to comment on whether it was revising its economic strategy ahead of the vote. Two recent polls by MAK and Turkiye Raporu show the opposition presidential challenger Kemal Kilicdaroglu between 4 and 9 percentage points ahead of Erdogan.

[1/4] Turkish President Tayyip Erdogan and Central Bank Governor Sahap Kavcioglu are pictured during a signing ceremony in Ankara, Turkey, June 8, 2022. But his drastic transformation of the economy and financial markets means such a change would bring its own uncertainties. The election will also determine what role regional military power and NATO member Turkey plays in conflicts in Ukraine, where Erdogan has helped broker talks, and in neighbour Syria. In the short-term it seems to have worked however, halting a years-long rise in Turks converting lira into dollars. Last week, Turkey had no problem borrowing $2.75 billion from international capital markets.

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