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☆ Turkey says it's ready to help de-escalate Israeli-Palestinian conflict
▼ + stars: | 2023-10-07 | by ( Tuvan Gumrukcu | ) www.reuters.com time to read: +2 min

ANKARA, Oct 7 (Reuters) - Turkish Foreign Minister Hakan Fidan held calls on Saturday with his regional counterparts to discuss the fighting between Israel and Palestinians, a foreign ministry source said, as Ankara said it stood ready to help de-escalate the situation. The source said Fidan discussed the conflict with his Saudi, Qatari, Iranian, Palestinian and Egyptian counterparts, but did not provide any further details. Earlier, Turkey's foreign ministry repeated President Tayyip Erdogan's call for restraint and strongly condemned the loss of civilian lives. The conflict comes as Turkey, which has backed Palestinians in the past and supported a two-state solution to the conflict, works to normalise ties with Israel after years of animosity. Prior to Saturday's violence, Erdogan had said Israeli Prime Minister Benjamin Netanyahu may visit Turkey in October-November to discuss cooperation on energy, while Turkey's energy minister said he planned to visit Israel in November.

Persons: Hakan Fidan, Fidan, Antony Blinken, Tayyip Erdogan's, Israel, Erdogan, Benjamin Netanyahu, Nick Macfie, David Holmes Organizations: Turkish, Saudi, Qatari, Israel, Thomson Locations: ANKARA, Israel, Ankara, Turkey

☆ Gripen fighters built to battle Russian jets are on the table for Ukraine, but only if Sweden gets to join NATO, Stockholm says
▼ + stars: | 2023-10-06 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

Sweden is asking its military to explore the prospects of sending Ukraine its Gripen fighter jets. But there won't be any transfer until Stockholm joins NATO, its defense minister said. Citing Russia's invasion of Ukraine, Sweden and neighboring Finland first announced their intentions to join NATO over a year ago, breaking away from decades of neutrality. The Gripen was designed to take on Russian fighter jets and features electronic-warfare capabilities built to counter the radars in Moscow's aircraft and ground-based air-defense systems. Even if Sweden decides to send Gripens to Ukraine, it would be many months before they actually reach the battlefield.

Persons: —, Pål Jonson, — Gen, Micael, Jonson, JAS, Saab JAS, PATRICK TRAGARDH, Volodymyr Zelenskyy, Sukhois, Gripens Organizations: Gripen, NATO, Service, Swedish Armed Forces, Swedish Defense, Sweden, Saab, Getty, Kyiv, Swedish Air Force, Ukrainian Air Force, Royal United Services Institute Locations: Sweden, Ukraine, Russia, Stockholm, Swedish, Finland, Turkey, Hungary, Lulea, AFP, Kyiv, Russian

How the $13 trillion economy's slowdown will affect other emerging markets is still an unanswered question for investors. "Lower for longer Chinese growth is shaping a new regime of investments," Amundi's head of emerging markets Yerlan Syzdykov told Reuters. The World Bank trimmed its 2024 China growth forecast to 4.4% from 4.8%. 6/DEVELOPING REFORMThe World Bank, IMF and other multilateral development banks are under pressure to boost lending to poorer countries to fund development and tackle climate change. China and other large emerging economies have long demanded a greater say in the global financial architecture, which is still dominated by parameters set out by the 1944 Bretton Woods meeting, where the IMF and World Bank were established.

Persons: Abdelhak, Joseph Cuthbertson, Syzdykov, Anna Gelpern, Gregory Smith, Smith, Mehmet Simsek, Tayyip Erdogan, Erdogan, drubbing, Timothy Ash, Jorgelina, Rosario, Rachel Savage, Marc Jones, Karin Strohecker, Christina Fincher Organizations: International Monetary Fund, World Bank, Palais des, REUTERS, Federal Reserve, International Monetary, PineBridge Investments, Reuters, Bank, Ukraine, U.S, Kyiv, Paris Club, IMF, American, London, G Investments, JPMorgan, Egypt IMF, Fitch, Reuters Graphics Reuters, Finance, BlueBay Asset Management, Thomson Locations: Palais, Palais des Congres, Marrakech, Morocco, Argentina, Pakistan, Kenya, Egypt, CHINA, China, UKRAINE, Ukraine, Zambia, Sri Lanka, Ghana, Georgetown, Nigeria, TURKEY, Ankara, New York, Washington, London, Woods

☆ Erdogan Sees Advantage in U.S. Senator Menendez's Troubles -Media
▼ + stars: | 2023-09-26 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +1 min

ANKARA (Reuters) - President Tayyip Erdogan said Turkey needs to turn the legal troubles of U.S. Senator Bob Menendez, a long-time critic of his government, into opportunity for its requested purchase of F-16 U.S. fighter jets, Turkish media said on Tuesday. NATO member Turkey requested in October 2021 to buy 40 Lockheed Martin Corp F-16 fighters and 79 modernisation kits for its existing warplanes. The Biden administration is linking F-16 fighter jet sales to Turkey with Ankara's ratification of Sweden's NATO membership bid, Erdogan also said. Turkey will ratify Stockholm's bid if the administration keeps its promise on the F-16 sale, he added.

Persons: Tayyip Erdogan, Bob Menendez, Menendez, Erdogan, Turkey's, Joe Biden's, Biden, Huseyin Hayatsever, Jonathan Spicer Organizations: Democrat, Senate Foreign Relations, NATO, Turkey, Lockheed Martin Corp Locations: ANKARA, Turkey, Jersey, U.S

☆ Erdogan sees advantage in U.S. senator Menendez's troubles -media
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

Turkey's President Tayyip Erdogan addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsANKARA, Sept 26 (Reuters) - President Tayyip Erdogan said Turkey needs to turn the legal troubles of U.S. Senator Bob Menendez, a long-time critic of his government, into opportunity for its requested purchase of F-16 U.S. fighter jets, Turkish media said on Tuesday. Erdogan raised Turkey's pending ratification of Sweden's NATO membership bid and said the White House must also fulfil its promise on the F-16s. The Biden administration is linking F-16 fighter jet sales to Turkey with Ankara's ratification of Sweden's NATO membership bid, Erdogan also said.

Persons: Tayyip Erdogan, Brendan McDermid, Bob Menendez, Menendez, Erdogan, Turkey's, Joe Biden's, Biden, Huseyin Hayatsever, Jonathan Spicer Organizations: General Assembly, REUTERS, Rights, Democrat, Senate Foreign Relations, NATO, Turkey, Lockheed Martin Corp, Thomson Locations: New York City, U.S, Rights ANKARA, Turkey, Jersey

☆ Turkey will back Sweden's NATO bid if U.S. keeps promise on F-16 sale - Erdogan
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

AXEL HEIMKEN/Pool via REUTERS/ File Photo Acquire Licensing RightsANKARA, Sept 26 (Reuters) - Turkey's parliament will keep its promise to ratify Sweden's NATO bid if U.S. President Joe Biden's administration paves the way for F-16 jet sales to Ankara, President Tayyip Erdogan said on Tuesday, according to Turkish media. Speaking to reporters on his flight back from Azerbaijan's exclave of Nakhchivan, Erdogan said that Foreign Minister Hakan Fidan and U.S. Secretary of State Antony Blinken discussed Sweden's NATO membership bid last week in New York. The U.S. administration is linking F-16 fighter jet sales to Turkey with Ankara's ratification of Sweden's bid, Erdogan said. "If they (the U.S.) keep their promises, our parliament will keep its own promise as well. Turkish parliament will have the final say on Sweden's NATO membership," he said.

Persons: AXEL HEIMKEN, Joe Biden's, Tayyip Erdogan, Erdogan, Hakan Fidan, Antony Blinken, Huseyin Hayatsever, Jonathan Spicer Organizations: US Airforce, Air, Rights, Sweden's NATO, NATO, Thomson Locations: Jagel, Germany, Rights ANKARA, Ankara, Azerbaijan's, Nakhchivan, New York, U.S, Turkey

☆ NATO's 2 least-friendly members have a history of aerial showdowns, and they're both about to get new stealth jets
▼ + stars: | 2023-09-12 | by ( Paul Iddon | ) www.businessinsider.com time to read: +7 min

Greece and Turkey both plan to roll out new stealth jets by the end of the decade. Greece is acquiring F-35s from the US, while Turkey is building the domestically designed TF Kaan. The TF KAAN at its presentation ceremony in Ankara on May 1. AdvertisementAdvertisementBohl said several factors could hinder timely production of the TF Kaan, including fiscal considerations, national spending priorities, and Ankara's foreign partnerships. Stealth jets over the AegeanAn F-16 with Greece's Zeus solo display team at an airshow in Pireus in November 2016.

Persons: Dhruv Gopinath, Pratt, Whitney, Ryan Bohl, RANE, Yavuz Ozden, Bohl, George Tzogopoulos, Tzogopoulos, Greece's, George Panagakis, Cuneyt Organizations: NATO, Service, US Air Force, Souda Air Base, Tech, Turkish Aerospace Industries, GE, East, TF, Hellenic Air Force, Turkish, BAE Systems, Stealth, Pacific Press, Getty, NATO Air Policing, Anadolu Agency, Ankara Locations: Greece, Turkey, Wall, Silicon, Dhruv Gopinath Athens, Ankara, North Africa, Turkish, Crete, Azerbaijan, Pakistan, Pireus, Athens, Malbork, Poland

☆ Turkey's post-election pivot 'clearly' positive for credit rating, Moody's says
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Ankara's credit score, which affects how much the government pays to borrow on capital markets, has been in decline for years due to repeated episodes of unorthodox policy-driven crises. "The change of course is clearly credit positive," Moody's analyst Dietmar Hornung told Reuters. Moody's rates Turkey a 'junk' grade B3 with a "stable outlook". "We need a track record of more orthodox policy and a reduction of the accumulated imbalances." Reporting by Marc Jones Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Moody's, Tayyip Erdogan's, Erdogan, Dietmar Hornung, Fitch, Hornung, Marc Jones, Alexandra Hudson Organizations: Moody's Corporation, Reuters, P Global, Alexandra Hudson Our, Thomson Locations: Manhattan , New York, U.S, Turkey

☆ The US is making 'irreversible' progress with a former Russian partner in a tense corner of Europe, but not everyone in NATO will be happy
▼ + stars: | 2023-08-29 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +8 min

For Cyprus, it's a move away from its longtime partner in Russia, but Turkey isn't happy about it. Cyprus has made "important strides" in its military and security cooperation with the US, Michalis Giorgallas, Cyprus' minister of defense, told Insider in response to written questions. Giorgallas told Insider. "This trajectory will continue," Giorgallas told Insider, adding that after the National Guard partnership, "our defense cooperation with the US has become irreversible and we look forward to what's to come." Giorgallas told Insider that the area is historically an unstable one and that the instability has become more visible in more domains, such as at sea and in the air over the region.

Persons: it's, Michalis Giorgallas, aren't, ROY ISSA, Panteleyev, Yiannis Kourtoglou, Giorgallas, John Yountz, —, IAKOVOS HATZISTAVROU, Christopher Cavoli, BIROL BEBEK, Constantine Atlamazoglou Organizations: Service, NATO, UN, Getty, Cypriot, Russian Navy, Airbus, US Army, Staff, Military Education, Training, Cypriot National Guard, New Jersey National Guard, National Guard, US European Command, Turkish, Fletcher School of Law, LinkedIn, Twitter Locations: Republic of Cyprus, Cyprus, Russia, Turkey, Wall, Silicon, Europe, East, North Africa, Moscow, Turkish Republic of Northern Cyprus, Ankara, Washington, Crimea, Ukraine, Limassol, AFP, US, Nicosia, Larnaca, John Yountz Cypriot, Cypriot, Greece, Tartus, Northern Cyprus

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

The sustained inflationary pressure, driven by a lira drop and tax hikes, comes as President Tayyip Erdogan's new finance minister and central bank chief orchestrate a policy U-turn including interest rate hikes that are expected to slow domestic demand. But in the meantime the U-turn has hammered the currency and left authorities asking already-stretched households for patience. In July, consumer prices soared nearly 10% sequentially due to tax hikes and a lira crash. This month, forecasts by five economists show them rising between 5.5% and 8.5%, with fallout from mid-July tax hikes lagging into August. After years of divergence with market expectations, the central bank matched those last month when it raised its end-2023 annual inflation forecast to 58.0% from a previous 22.3%.

Persons: Erdogan, Tayyip Erdogan's, Hafize Gaye Erkan, Erdogan's, Erkan, Mehmet Simsek, Moody's, Daren Butler, Jonathan Spicer, Toby Chopra Organizations: Turkish Statistical Institute, Thomson Locations: Erdogan ANKARA, Istanbul, Turkey's

☆ Saudi Arabia in pact with Turkey's Baykar Tech to localise drone manufacturing
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Aug 7 (Reuters) - Saudi Arabia signed a strategic agreement with Turkish defence firm Baykar Tech to localise the manufacturing of drones in the kingdom, state-owned Saudi Arabian Military Industries (SAMI)posted on messaging platform X, formerly known as Twitter, on Sunday. The agreement "will enhance SAMI’s role in supporting the national defence industry and strengthening our local capabilities," SAMI said. In July, Saudi Arabia agreed to buy Turkish drones from Baykar in the biggest defence contract in Turkey's history. Investments and funding from the Gulf have helped relieve pressure on Turkey's economy and its currency reserves since 2021, when Ankara launched a diplomatic effort to repair ties with Saudi Arabia and the United Arab Emirates. Reporting by Muhammad Al Gebaly and Hatem Maher; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: SAMI, Jamal Khashoggi, Muhammad Al Gebaly, Hatem Maher, Leslie Adler Organizations: Turkish, Tech, Saudi Arabian Military Industries, United, Thomson Locations: CAIRO, Saudi Arabia, Ankara, United Arab Emirates, Turkey, East, North Africa, Saudi, Istanbul

☆ Greece and Cyprus welcome EU bid to re-engage with Turkey, but urge caution
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Cyprus President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis walk during a welcome ceremony at the Presidential Palace in Nicosia, Cyprus July 31, 2023. The division of Cyprus between its Greek and Turkish Cypriot populations, a source of friction between Greece and Turkey, has also been an impediment. Cyprus was divided after a Turkish invasion in 1974 triggered by a Greek Cypriot coup engineered by the military junta then ruling Greece. It is represented in the EU by an internationally-recognised Greek Cypriot government. In recent years the Turkish Cypriot side has advocated a two-state settlement, rejected by Greek Cypriots.

Persons: Nikos Christodoulides, Kyriakos Mitsotakis, Yiannis Kourtoglou, Mitsotakis, Christodoulides, Ersin Tatar, Michele Kambas, Conor Humphries Organizations: Cyprus, REUTERS, Monday, European Union, EU, Christodoulides, Cypriot, United Nations, Turkish Cypriot, Greek, Thomson Locations: Nicosia, Cyprus, Yiannis, Yiannis Kourtoglou NICOSIA, Greece, Turkey, Ankara, Turkish, EU, Cyprus's, Cypriot, Turkish Cypriot

☆ EU ready to re-engage with Turkey, but sets conditions
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, July 20 (Reuters) - European Union foreign ministers agreed on Thursday that the bloc should re-engage with Turkey, but set some conditions and did not endorse Ankara's calls to revive its moribund membership bid. Turkey has been an official candidate to join the EU for 24 years, but accession talks have stalled since 2016 over the bloc's concerns about human rights violations and respect for the rule of law. "We discussed how to re-engage with Turkey," EU foreign policy chief Josep Borrell said in a press conference after a meeting of the bloc's foreign ministers in Brussels. "We are convinced there is a reciprocal interest to develop a stronger relationship between Turkey and the European Union." But he noted the EU wanted Turkey to show movement too, especially on the issue of EU member Cyprus, the northern part of which was invaded by Turkey in 1974 and has since been under occupation.

Persons: Tayyip Erdogan, Josep Borrell, Borrell, Jan Strupczewski, Andrew Gray, Paul Simao Organizations: Union, EU, NATO, European Union, European Convention of Human, Reuters, Thomson Locations: BRUSSELS, Turkey, Turkish, EU, Brussels, Cyprus, Nations, Ankara

☆ Abu Dhabi's ADQ signs $11.5 bln deals with Turkey for earthquake relief, exports
▼ + stars: | 2023-07-19 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Abu Dhabi sovereign wealth fund ADQ said on Wednesday it signed two memoranda of understanding to finance up to $8.5 billion of Turkey earthquake relief bonds and $3 billion in credit facilities to support Turkish exports. The bonds, agreed with Turkey's finance ministry, will fund "comprehensive reconstruction efforts in southern and central Turkiye," ADQ said in a statement. Abu Dhabi has also shifted to deploy more economic diplomacy, often using ADQ. IHC, also chaired by Sheikh Tahnoun, bought a 50% stake in Turkey's Kalyon Enerji for $490 million last August. Reporting by Yousef Saba; Additional reporting by Yomna Ehab; Editing by Peter Graff and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

Persons: ADQ, Tayyip Erdogan, Abu, Abu Dhabi, Sheikh Tahnoun bin Zayed, Sheikh Mohammed, Sheikh Tahnoun, Yousef Saba, Yomna Ehab, Peter Graff, Mike Harrison Organizations: Export Credit Bank of Turkiye, United Arab, UAE, Thomson Locations: Abu Dhabi, Turkey, Turkiye, Syria, United Arab Emirates, Riyadh, Turkey's

Swedish Foreign Minister Tobias Billstrom said staff at the Swedish embassy in Baghdad were safe but Iraqi authorities had failed in their responsibility to protect the embassy. Thursday's demonstration was called by supporters of Shi'ite cleric Muqtada al-Sadr to protest at the second planned Koran burning in Sweden in weeks, according to posts in a Telegram group linked to the influential cleric and other pro-Sadr media. He stood by the embassy storming on Thursday, telling a press conference the U.S. "has no right to condemn the burning of the Swedish embassy but should have condemned the burning of the Koran". "Yes, yes to the Koran," protesters chanted. Sweden has seen several Koran burnings in recent years, mostly by far-right and anti-Muslim activists.

Persons: Tobias Billstrom, Sayyed Hassan Nasrallah, Mohammed Shia Al, Billstrom, Muqtada al, Moqtada al, Read, Tayyip Erdogan, Ulf Kristersson, Timour Azhari, Anna Ringstrom, Supantha Mukherjee, Johan Ahlander, Marie, Louise Breusch Rasmussen, Ahmed Rasheed, Tom Hogue, Tom Perry, Lincoln, Bernadette Baum, William Maclean, Alison Williams, Cynthia Osterman Organizations: NATO, Sweden's Ericsson, State Department, Telegram, Turkish, Sweden's, Islam, Marie Mannes, Thomson Locations: Iraq, BAGHDAD, STOCKHOLM, Swedish, Stockholm, Baghdad, Iraqi, Sweden, Tehran, Turkey, Washington, Sadr, Copenhagen

☆ Turkey's Erdogan ends Gulf tour with Abu Dhabi visit
▼ + stars: | 2023-07-19 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

Abu Dhabi is Erdogan's last stop in a Gulf tour that included the Saudi Red Sea city of Jeddah and Doha. Reaping the benefits of his diplomatic efforts, Saudi Arabia agreed on Tuesday to buy Turkish drones in the biggest defence contract in Turkey's history. Turkey also sent troops to Doha when Saudi Arabia and the UAE imposed a blockade on Qatar in 2017. Abu Dhabi agreed last year to a $5-billion swap deal in local currencies with Ankara to help its struggling lira. Reporting by Rachna Uppal in Abu Dhabi and Yousef Saba in Dubai, writing by Aziz El Yaakoubi; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Abu Dhabi, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Rachna Uppal, Yousef Saba, Aziz El Yaakoubi, Bernadette Baum Organizations: United Arab Emirates, Turkish, Thomson Locations: ABU DHABI, Abu Dhabi, Saudi Red Sea, Jeddah, Doha, Saudi Arabia, Riyadh, Turkey, UAE, Qatar, Ankara, Nahyan, Gulf, Dubai

☆ 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

☆ Turkey increases fuel tax as it bolsters stretched budget
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +2 min

ANKARA, July 16 (Reuters) - Turkey raised tax on petrol on Sunday to help to fund a 1.12 trillion lira ($42.2 billion) increase to its 2023 budget after February's earthquakes and the May presidential election sent spending soaring. The wider deficit was largely because of increased spending ahead of May elections, when President Tayyip Erdogan was elected for a third term, as well as on rebuilding work after the earthquakes in southern Turkey. The earthquakes, which killed more than 50,000 people, are expected to cost Turkey more than $100 billion in total. In the latest step to strengthen the Treasury's cash reserves, the tax rate for gasoline was increased to 7.52 lira per litre from 2.52 lira ($0.1) while tax on diesel oil rose to 7.05 lira from 2.05 lira. The 1.12 trillion lira boost to Ankara's budget was approved by parliament on Saturday and follows various other recent tax increases among efforts to bolster government coffers, including a two percentage point increase to VAT.

Persons: Tayyip Erdogan, Ali Kucukgocmen, Diane Craft, David Goodman Organizations: stoke, Ece Toksabay, Thomson Locations: ANKARA, Turkey

Those export controls, which "were imposed for important reasons," remain in place, Canadian Prime Minister Justin Trudeau's office said in statement. "The Prime Minister discussed Sweden's accession to NATO with our partners in Vilnius, including with President Erdogan," the statement said. Ahead of the NATO summit, Turkey, already seeking assurances over the F-16s in talks with Washington, asked that Canada's export controls also be rolled in to the final discussion, the person familiar with the talks said. At Vilnius, Canada outlined its position to Turkey on rules regarding uses of any exported technologies, and was awaiting a response. This means the talks on export controls are no longer frozen, a move that helped play a role sealing Erdogan's pledge over Sweden, the person said.

Persons: Erdogan, Tayyip Erdogan's greenlight, Justin Trudeau's, Joe Biden, Devlet Bahceli, We've, Huseyin Hayatsever, Jonathan Spicer, Steve Scherer, John Irish, Tom Perry, Jamie Freed Organizations: NATO, Atlantic, Organization, Canada, Canadian, Washington, U.S, Kurdistan Workers Party, European Union, Nationalist Movement Party, Erdogan's, Thomson Locations: Turkey, Erdogan, ANKARA, Canada, Ankara, Sweden, Stockholm, Vilnius, Washington, United States, Armenia, Nagorno, Karabakh, Finland, Turkish, Ukraine, Turkey's, Helsinki, European, Istanbul, Ottawa

NATO allies, instead, agreed that Ukraine would join eventually, when "allies agree and conditions are met," their statement said but offered no details on when, if ever, Kyiv would meet such conditions. Before leaving the United States to attend the summit, Biden bypassed allies' concerns about approving cluster munitions for Ukraine to battle Russia. Most Republicans seeking to unseat Biden have largely kept silent about Biden's performance during the NATO summit, suggesting they see little to gain by criticizing him. Trump has long admired Russian President Vladimir Putin and has expressed skepticism of extended U.S. involvement in the Ukraine war; on Tuesday he criticized Biden's decision to send munitions to Ukraine. Haley on Tuesday criticized the NATO alliance and Biden for not committing to add Ukraine.

Persons: Joe Biden, Biden, we've, Donald Trump, Ivo Daalder, Daalder, Trump, Vladimir Putin, Biden's, Mike Pence, Nikki Haley, Haley, Steve Holland, Trevor Hunnicutt, Jonathan Landay, Sabine Siebold, Andrew Gray, John Irish, Heather Timmons, Howard Goller Organizations: NATO, White, Atlantic, TRUMP, Trump, Republican, Democrat, Chicago Council, Global Affairs, Thomson Locations: VILNIUS, Europe, U.S, Ukraine, Lithuania, Sweden, Western, Vilnius, Kyiv, United States, Russia, Washington, Cyprus, Asia

☆ CNBC Daily Open: Red hot tech
▼ + stars: | 2023-07-12 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange during morning trading on July 06, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Energy stocks led Wall Street gainsU.S. stocks rose for a second session Tuesday, with energy stocks the leading advancers in the S&P 500 as WTI crude rose to its highest level since May 1. [PRO] Goldman's bullish on XpengGoldman Sachs initiated coverage of Xpeng with a buy rating, seeing nearly 30% upside for the Chinese electric-vehicle maker.

Persons: Warren, Temasek's, Lina Khan's, Recep Tayyip Erdoğan, Xpeng Goldman Sachs Organizations: New York Stock Exchange, CNBC, Energy, Wall Street, Traders, Dow Jones Industrial, Buffett, Temasek, Federal Trade, Microsoft, Activision Blizzard, NATO, EU Locations: New York City, Berkshire, U.S, Temasek, India, Southeast Asia, EU, Turkey, Sweden

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

☆ Sweden's path to NATO membership cleared after Turkey greenlights bid
▼ + stars: | 2023-07-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

Turkey's President Recep Tayyip Erdogan agreed to back Sweden's bid to join NATO, clearing the latter's pathway to become a part of the military alliance. "Completing Sweden's accession to NATO is a historic step that benefits the security of all NATO allies at this critical time. The move was swiftly criticized and threatened to derail Sweden's NATO membership bid. NATO said Sweden and Turkey have cooperated closely to address the latter's security concerns since last year's summit. NATO's expansion along Europe's eastern flank with Finland and Sweden's membership could also make the military alliance "much stronger," Courtney added.

Persons: Recep Tayyip Erdogan, Jens Stoltenberg, Erdogan, Joe Biden, Erdoğan, William Courtney, Courtney Organizations: NATO, Turkey, PKK, Kurdish Workers ' Party, U.S, RAND Locations: Vilnius, Lithuania, Turkey, Sweden, Finland, Syria, Sweden's, Ankara

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