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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

"The fresh water is finished," said Khamis Adel, a lifelong fishermen and indigenous Marsh Arab from Al-Khora in Basra. It's a question asked by many who once lived off Iraq's marshlands, rich waterways which gave birth to civilization in ancient Mesopotamia. As the rivers and marshlands dry out, so too does the economy that they sustain. "Now a fisherman is nothing, they are like beggars," he said, pushing his boat along the canal in humid heat. Even after the 2003 U.S. invasion, when parts of the marshes were flooded again, water levels did not fully recover.

Persons: Essam, Khamis Adel, Mohsen, Hasan Moussa, Hasan, Naame Hasan, Adel, Saddam Hussein, Ahmed Saeed, Issam, Timour Azhari, William Maclean Organizations: REUTERS, UNESCO, of, U.N's, Organization for Migration, WE, Thomson Locations: Iraqi, Basra, Iraq, BASRA, NAJAF, Al, Khora, of Eden, Mesopotamia, Turkey, Iran, Najaf, U.S, Issam Sudani, Timour, Baghdad

☆ For Turkey, Erdogan Victory Brings More Risky Economic Policy
▼ + stars: | 2023-06-02 | by ( Patricia Cohen | ) www.nytimes.com time to read: +1 min

Critics of the president’s economic approach were somewhat heartened by reports that Mr. Erdogan is expected this weekend to appoint Mehmet Simsek, a former finance minister and deputy prime minister, to the cabinet. Mr. Simsek is well thought of in financial circles and has previously supported a tighter monetary policy. Mr. Barkey argues that Mr. Erdogan will have no choice but to make a U-turn on policy by winter, when energy import costs rise and some debt payments are due. Others are more skeptical that Mr. Erdogan will back down from his insistence that high interest rates fuel inflation. To deal with the large external deficit and depleted central bank reserves, Mr. Erdogan has been relying on allies like Russia, Qatar and Saudi Arabia to help bolster its reserves by depositing dollars with the central bank or extending payment deadlines and discounts for imported goods like natural gas.

Persons: Mr, Erdogan, Mehmet Simsek, Simsek, ”, Henri Barkey, Simsek’s, Barkey, Kadri Tastan, didn’t, “ Organizations: Lehigh University ., German Marshall Fund, Capital Economics Locations: Turkey, Brussels, Russia, Qatar, Saudi Arabia

☆ Turkish lira continues slide to new record lows following Erdogan's election victory
▼ + stars: | 2023-05-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

People walking next to a Turkish national flag at the historical grand bazaar in Istanbul. The Turkish lira slumped to yet another all-time low Tuesday, extending its slide after the re-election of incumbent President Recep Tayyip Erdogan. The currency was last trading at 20.15 against the greenback at around 5 a.m. Tuesday morning local time, surpassing Monday's lows. Turkey's Election Board on Sunday confirmed that Erdogan won Turkey's 2023 presidential election with 52.14% of the votes, while his opponent Kemal Kilicdaroglu received 47.86%. He subsequently went on to become the country's deputy prime minister from 2015 to 2018.

☆ Shake Shack settles with activist investor, adds independent director
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

But Shake Shack said on Tuesday that Engaged Capital would support the board's full slate of directors at the 2023 annual meeting of stockholders. The company has named Jeffrey Lawrence, former finance chief at apparel retailer FIGS Inc (FIGS.N) and Domino's Pizza Inc (DPZ.N), as an independent director. It has also mutually agreed with Engaged Capital to add another director with restaurant operations experience. Engaged Capital did not immediately respond to Reuters request for additional comments. In May, Shake Shack posted a smaller-than-expected first-quarter loss, benefiting from higher prices for its menu items that offset pressures from rising prices of beef and other cost pressures.

☆ Montenegro court releases crypto entrepreneur Do Kwon on bail
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +2 min

BELGRADE, May 12 (Reuters) - A court in Montenegro agreed on Friday to release Do Kwon, a cryptocurrency entrepreneur charged in the U.S. with a multibillion-dollar fraud, on bail of 400,000 euros ($440,320), pending a trial on local charges. Following his arrest in Montenegro in March, the U.S. District Court in Manhattan made public an eight-count indictment against Do Kwon for securities fraud, wire fraud, commodities fraud and conspiracy. He was detained with Han Chang-joon, Terraform Labs' former finance officer, who will also be released on bail of 400,000 euros. "The court ... found that the possibility of losing the posted bail of 400,000 euros each, works sufficiently to dissuade them from any desire to flee," the statement said. Montenegrin police arrested Do Kwon and Chang-joon at Podgorica airport as they tried to board a flight to Dubai.

☆ Paraguay Picks a New President: What You Need to Know
▼ + stars: | 2023-04-30 | by ( Jack Nicas | Laurence Blair | ) www.nytimes.com time to read: +1 min

The Colorado incumbent, President Mario Abdo Benítez, cannot run again because of term limits — and surveys show he is one of Latin America’s most unpopular leaders because of his handling of the pandemic. Representing the Colorado Party at the polls will be Paraguay’s former finance minister. In January, the U.S. government placed financial sanctions on the Colorado Party’s leader, the former president Horacio Cartes, accusing him of bribing his way to power. The sanctions have complicated the party’s financing. Some recent polls have shown that the leading opposition candidate — a conservative who is still to the left of the Colorado Party’s contender — holds a narrow lead.

The ruling Colorado Party has dominated Paraguayan politics for the last three-quarters of a century, in power for all but five years. "We never talked about politics before, because a win for the Colorado Party was a done deal," 40-year-old bank worker Gustavo Vera told Reuters in the capital. "There's more corruption in Paraguay than work... All I know is we have to work much harder to make ends meet." The U.S. Treasury earlier this year imposed sanctions on party chief Horacio Cartes and Vice President Hugo Velazquez, citing "rampant corruption." Alegre, on his third presidential campaign, has pulled together a broad alliance of independent parties to challenge the powerful Colorado political machine.

☆ US shale producer Pioneer's founder and CEO Sheffield to retire
▼ + stars: | 2023-04-26 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Scott Sheffield, who built U.S. oil producer Pioneer Natural Resources (PXD.N) into the largest producer in Texas, will retire at the end of the year, the company said on Wednesday. With its $52 billion market value, Pioneer has repeatedly been discussed as a potential candidate for U.S. oil majors. Sheffield, 70, was Pioneer’s founding CEO from 1997 to 2016 and its chairman since 1999. In an interview, Sheffield declined to comment on merger rumors, noting Pioneer "will always do the right thing for shareholders." Richard Dealy, Pioneer's chief operating officer and former finance chief, was named CEO, effective upon Sheffield's retirement.

But Pena, who has powerful party backing, is able to keep a cool head amid the tumult, his supporters say. "I think what characterizes him is that he has infinite tranquility," said Lea Gimenez, who served as Pena's deputy when he was finance minister and was later finance minister herself. Opinion polls suggest either Pena or center-left opposition leader Efrain Alegre could triumph and most analysts predict a close race. "He matured very quickly, being a young father... he became an adult very quickly," a former colleague told Reuters. He became finance minister in 2015.

☆ Mexico eyes U.S. return of $246 million confiscated from former official
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, April 12 (Reuters) - The United States has said it will return money and assets confiscated from a convicted former senior Mexican state official that were worth over $246 million, Mexican President Andres Manuel Lopez Obrador said on Wednesday. The U.S. Justice Department this week notified Mexico's attorney general's office that it had accepted a request from the Mexican government to recover the assets, which Lopez Obrador said were worth more than $246 million. Lopez Obrador told a news conference he wanted some of the money to go to programs focused on preventing drug consumption. Villarreal, who served under the Institutional Revolutionary Party (PRI), was ultimately convicted in Texas of money laundering. Lopez Obrador is hoping his National Regeneration Movement (MORENA) can change that, but opinion polls suggest the party is facing an uphill struggle due to internal splits.

☆ Barclays investors urged to reject bonuses for ex-CFO - Glass Lewis
▼ + stars: | 2023-04-06 | by ( Iain Withers | ) www.reuters.com time to read: +1 min

LONDON, April 6 (Reuters) - Investor advisory firm Glass Lewis has recommended shareholders in Barclays (BARC.L) vote against its pay for top bosses because of long-term bonuses awarded to its former finance chief at a time the bank sold billions of pounds of securities in error. Barclays docked the pay of its ex-CFO Tushar Morzaria and its current top executives by a combined 1 million pounds ($1.25 million) in February over the blunder, but Glass Lewis said the deductions for Morzaria did not go far enough. The proxy adviser said it objected to long-term awards that vested last year for 2020, under which Morzaria was awarded nearly 3 million pounds after the deductions, representing 70% of the potential total pot. Reuters attempted to contact Morzaria via Legal & General, who were not immediately available. ($1 = 0.8020 pounds)Reporting by Iain Withers Editing by Tommy Reggiori Wilkes, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

[1/5] Grammy award-winning Fugees rapper Prakazrel (Pras) Michel, who is facing criminal charges in an alleged illegal lobbying campaign, arrives for opening arguments in his trial at U.S. District Court in Washington, U.S., March 30, 2023. "This is a case about foreign money, influence and concealment," Lockhart said during her opening statement in Washington on Thursday. "Through this scheme, the defendant duped the Obama campaign," Lockhart told the jury. For his work on these two lobbying campaigns on behalf of Low and China, prosecutors said Michel was paid $70 million. Low remains a fugitive in the Michel case.

☆ Trump loses bid to delay October 2 fraud trial where New York attorney general will try to run him out of state
▼ + stars: | 2023-03-21 | by ( Laura Italiano | ) www.businessinsider.com time to read: +6 min

A judge denied Trump's request for a six-month delay for his October 2 fraud trial in New York. State Attorney General Letitia James sued Trump, his family, and his business in September. The judge declined to move the trial date even though lawyers for Trump said Tuesday that even just a three-week delay would be useful. But the attorney general alleges a decade-long pattern of fraudulent valuations that go beyond the subjective, one of James' lawyers said. "Our complaint shows that there were objective facts that are false," assistant attorney general Kevin Wallace told the judge.

☆ Beijing may allow foreign financial firms to list in China - ex-finance minister
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, March 18 (Reuters) - China will encourage foreign capital to participate in its financial markets and may allow foreign-funded financial institutions to go public in the country when "conditions are ripe", local media quoted a former finance minister as saying on Saturday. China has been stepping up efforts to woo foreign companies and investors to aid an economic recovery after the dismantling of its zero-COVID policy late last year. It has sped up fund license approvals for foreign asset managers in recent months. Lou also commented on the recent collapse of Silicon Valley Bank, saying Chinese authorities attached great importance to preventing and resolving systemic risks and were trying to improve financial supervision with the creation of a new financial regulatory body. "We will also continue to cooperate with the financial regulatory agencies of other countries to jointly prevent and resolve systemic risks in the global financial system and maintain the stability and prosperity of the global financial market," he added, according to the newspaper.

☆ PG&E Appoints CFO as Utility Aims to Reduce Wildfire Risk
▼ + stars: | 2023-03-15 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

PG&E’s incoming CFO has been a special adviser to the company since January. PG&E Corp. hired the former finance chief at Chevron Phillips Chemical Co. to oversee its finances as the utility focuses on its capital-spending plan in part aimed at reducing wildfire risk. The San Francisco-based company, which provides electricity and natural gas to millions of Northern California residents, on Wednesday said it appointed Carolyn Burke as executive vice president and chief financial officer. Ms. Burke, who has been a special adviser to PG&E since January, will also serve as the company’s executive vice president of finance, effective immediately.

☆ UK growth demands better-directed fiscal fireworks
▼ + stars: | 2023-03-13 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

As a former health minister, Hunt is familiar with the Hippocratic Oath’s principle of “first, do no harm.” That credo didn’t resonate with former finance minister Kwasi Kwarteng. The Institute for Fiscal Studies estimates that borrowing in the current financial year is running 31 billion pounds below the November forecast by the Office for Budget Responsibility (OBR), the UK’s independent fiscal watchdog. A further 6 billion pounds will freeze fuel duties, avoiding a 23% rise from April. In November, the OBR forecast that Downing Street would meet that goal with just 9.2 billion pounds to spare. That would still cost 11 billion pounds a year but would boost investment by 5% in the long run.

☆ UK PM Sunak rules out law change for return of Parthenon marbles
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

SAN DIEGO, March 13 (Reuters) - British Prime Minister Rishi Sunak ruled out changing a law which prohibits the British Museum handing the Parthenon marbles permanently back to Greece. Sunak is unlikely to break with the stances of his two predecessors who were both against any kind of loan of the marbles to Greece. "The UK has cared for the Elgin Marbles for generations. "We share their treasures with the world, and the world comes to the UK to see them. The collection of the British Museum is protected by law, and we have no plans to change it."

☆ Roku hires Stitch Fix's Dan Jedda as finance chief
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Streaming service Roku Inc (ROKU.O) said on Wednesday it has hired former finance chief of personalized styling service company Stitch Fix Inc (SFIX.O) Dan Jedda as its chief financial officer. Roku had in its latest earnings report said it will cut costs while forecasting better-than-expected quarterly revenue on higher ad spends on the platform. Jedda's departure from Stitch Fix, which was announced by the company on Tuesday, comes months after the exit of its chief executive amid workforce cuts. Stitch Fix also missed estimates for its second-quarter results and lowered its full-year revenue forecast, signaling waning interest for its curated apparel boxes. Reporting by Yuvraj Malik in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Tunisia holds prominent critics of president in pre-trial detention, lawyers say
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

Feb 25 - A Tunisian anti-terrorism investigative judge decided on Saturday to hold three prominent politicians and a high-profile businessman in pre-trial detention, their defence team said, amid a continuing crackdown targeting opposition figures. The four men are the first to face a judicial hearing among over a dozen leading figures critical of President Kais Saied who have been detained this month. Late on Friday, police also detained Ghazi Chaouachi, another prominent critic of Saied, his son said. Saied has said some of those detained are behind food shortages that economists have blamed on a crisis in state finances. Police have also detained a senior figure in the powerful UGTT labour union and several members of a police union on separate charges.

☆ Parthenon marbles could be seen both in London and Athens, museum chair says
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 16 (Reuters) - The UK is working on a new arrangement with Greece through which the Parthenon Sculptures could be seen both in London and in Athens, British Museum chair George Osborne said on Thursday, describing it as a win-win situation. Osborne, a former finance minister, reiterated that the museum was having constructive talks with the Greek government about the marbles which have been a source of dispute between the two European countries for centuries. "But I think there is a way forward where these sculptures, the Elgin Marbles, the Parthenon Sculptures, could be seen both in London and in Athens, and that will be a win-win for Greece and for us." "If we wanted to send all the Elgin Marbles back then that would require an act of parliament, and that would be beyond my authority," he said. "But what the museum can do is try and form a new relationship with Greece."

☆ Wall Street trading firms aren't giving up on crypto just yet
▼ + stars: | 2023-02-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A bunch of high-profile Wall Street investors just piled into a startup that pledges to fix a major issue in the crypto industry. And while plenty of those bets blew up — the most spectacular of which was crypto exchange FTX — that hasn't stopped Wall Street. Click here to read more about a new crypto startup that's got backing from some of Wall Street's top trading firms. For a breakdown of all the key partnerships between Wall Street and cloud partners, check out our running list of more than 30 deals. Cheman Cheung left Wall Street after his father passed away to recover from a state of "mental chaos."

☆ Tunisia police arrest ex-judges sacked by president, lawyer and media say
▼ + stars: | 2023-02-12 | by ( Tarek Amara | ) www.reuters.com time to read: +2 min

The local Mosaique FM radio network said Akremi's arrest was linked to the investigation into the assassination a decade ago of Chokri Belaid, a political activist. Ennahda, the biggest opposition party, said the arrests were aimed at intimidating opponents of Tunisia's president. Saied's political opponents, whom he has labelled traitors, have accused him of a coup aimed at dismantling the democracy built after a 2011 revolution. The president has denied those accusations, saying his moves were lawful and necessary to save Tunisia from chaos. Over recent months, authorities have arrested or opened investigations into several of Saied's political opponents.

☆ Tunisian police detain prominent politicians and businessman
▼ + stars: | 2023-02-11 | by ( Tarek Amara | ) www.reuters.com time to read: +2 min

TUNIS, Feb 11 (Reuters) - Tunisian police detained politicians and a prominent, politically connected businessman on Saturday, their lawyers said, in a case that local media said was based on suspicion of conspiracy against state security. Ennahda, an Islamist party that is the biggest in the opposition, said the arrest of Turki was aimed at intimidating the president's opponents. The Salvation Front, the main opposition coalition against Saied, condemned his arrest, saying police had questioned him several times for meeting opposition figures at his home. Neither Turki nor Ltaif have been prominent critics of the president. The businessman, Ltaif, was also arrested at his home, his lawyer Redha Bel Hadj said by phone.

☆ I quit my job at JPMorgan after entering a state of 'mental chaos.' Here's how I found a new career I'm passionate about.
▼ + stars: | 2023-02-10 | by ( Doris Lam | ) www.businessinsider.com time to read: +6 min

He quit finance after his dad passed away to try and recover from his state of "mental chaos." I really didn't have a burning passion for anything growing up. My family and I brainstormed for a different career path and ended up with economics because I was good at math. People always said that economics would lead to a good career in finance or consulting, so I was happy to give it a try. I shut myself away and didn't spend much time with my friends because I was in such a state of mental chaos.

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