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☆ Turkey's central bank raises interest rate less than expected, to 17.5%
▼ + stars: | 2023-07-20 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Turkey's Taksim Square, with the figure of Kemal Ataturk, the first president, and the Turkish flag in the background. Turkey's central bank on Thursday hiked its key interest rate by 250 basis points to 17.5%, coming in below analyst forecasts of 500 basis points as the country's monetary policymakers embark on a long and painful mission to tackle double-digit inflation. "Monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved," the bank said in a statement, following its interest rate decision. In its statement Thursday, the central bank reiterated its aim to get inflation down to 5% in the medium term — which many economists see as unrealistic at this rate. Traditional economic orthodoxy holds that rates must be raised to cool inflation, but Erdogan — a self-declared "enemy" of interest rates who calls the tool "the mother of all evil" — vocally espoused a strategy of lowering rates instead.

Persons: Turkey's, Kemal Ataturk, Recep Tayyip Erdogan, Erdogan —, — Organizations: Turkish Locations: Turkey

☆ The orthodoxy is failing when it comes to recession calls, says Jim Cramer
▼ + stars: | 2023-07-18 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe orthodoxy is failing when it comes to recession calls, says Jim Cramer'Mad Money' host Jim Cramer breaks down recession calls and why the economy and stock market has been resiliant.

Persons: Jim Cramer

"There is no country, none, that presents a broader, more comprehensive threat to our ideas our innovation our economic security than the Chinese government and the Chinese Communist Party," Wray testified. Wray said that Americans "would be shocked to hear" that virtually all companies doing business in China are required to allow those cells. Wray did not name specific companies who have been required to house CCP cells in China. It's not the first time Wray has raised concerns about Beijing's alleged efforts to enforce communist political views within foreign companies operating in China. "And it doesn't just apply to Chinese companies; it applies to foreign companies if they get to a certain size in China, as well," Wray told CNBC.

Persons: Christopher Wray, SAUL LOEB, Wray, China's, Antony Blinken, Janet Yellen, Lance Gooden, I've, Gooden, It's, Biden, — CNBC's Christina Wilkie Organizations: Federal Bureau of Investigation, AFP, Getty Images, Chinese, Party, Committee, Chinese Communist Party, CCP, FBI, U.S . Chamber of Commerce, Business, Apple, Nike, Street, Fidelity, Financial Times, HSBC, CNBC, Republican Locations: Washington ,, China, Beijing, Washington, Texas, British, BlackRock

LONDON, July 3 (Reuters) - World stocks rose to a two-week peak on Monday, with Japan's Nikkei closing at its highest level in 33 years, drawing support from signs that cooling inflation might temper central banks' appetite to further hike rates. U.S. data on Friday, which hinted towards cooling inflation, helped bolster gains in the tech sector and underpinned sentiment in world stocks. MSCI's world equity index (.MIWD00000PUS) rose 0.25% to its highest level in just over two weeks, while the pan-European STOXX 600 index also hit a two-week peak (.STOXX). Chinese blue chips (.CSI300) shed 5% last quarter while much of the developed world rallied. Key U.S. data this week include closely watched surveys on manufacturing and services, job openings and the June payrolls report.

Persons: Seema Shah, Jan von Gerich, May's, Michael Feroli, Brent, Dhara Ranasinghe, Wayne Cole, Karin Strohecker, Amanda Cooper, David Evans, Mark Potter Organizations: Japan's Nikkei, Bank of Japan, Nasdaq, Apple, Frankfurt, Bank of, Key, JPMorgan, Fed, Thomson Locations: Asia, London, U.S, Saudi Arabia, Russia, Sydney

☆ Morning Bid: How high will BoE go?
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

After a hotter than anticipated inflation report on Wednesday, markets priced in a nearly 50% chance that the BoE would opt for a half a percentage point hike. Economists, polled by Reuters last week, unanimously expected the BoE to raise interest rates by 25 bps to 4.75%, their highest since 2008. Markets are pricing in a 72% chance of a 25 bps hike next month and then no more, according to CME FedWatch tool. Swiss National Bank and Norway's Norges Bank are also due to announce their policy decisions, with a 25 basis point hike widely expected from both central banks. Reuters GraphicsKey developments that could influence markets on Thursday:Economic events: Policy rate decision from BoE, Turkey's central bank, Swiss National Bank and Norway's Norges BankReporting by Ankur Banerjee in Singapore; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Ankur Banerjee, BoE, Jerome Powell, Powell, Hafize Gaye Erkan, Muralikumar Organizations: Ankur, Bank of England, Reuters, Federal, Swiss National Bank, Norway's Norges Bank, Thomson Locations: Europe, China, Hong Kong, Asia, Japan, Turkey's, Singapore

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

☆ Smaller-than-expected Turkey rate hike hits lira, bonds
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 22 (Reuters) - Turkey's new central bank governor Hafize Gaye Erkan delivered a smaller-than-expected interest rate hike at her first rate meeting on Thursday, sending the lira and the country's dollar-denominated sovereign bonds sharply lower. The bank lifted its key rate 650 basis points to 15% compared to the median of 21% expected in a Reuters poll. "On the other hand they are promising more tightening ahead... so you have to give them the benefit of the doubt." "I am more worried about the medium-term outlook which is likely to see further lira depreciation. TIM ASH, EM SENIOR SOVEREIGN STRATEGIST, BLUEBAY ASSET MANAGEMENT"Ouch - disappointing.

Persons: Hafize Gaye Erkan, PIOTR MATYS, Erkan, Erdogan, PETER KISLER, JON HARRISON, Amruta Khandekar, Ali Kucukgocmen, Marc Jones, Libby George, Karin Strohecker, Hugh Lawson Organizations: Thomson

☆ Turkish central bank to hike rates sharply in post-election pivot
▼ + stars: | 2023-06-21 | by ( Ali Kucukgocmen | ) www.reuters.com time to read: +4 min

But the level remains uncertain as the central bank has not given any signals as to its next steps, including the size or pace of potential hikes. Some economists have expressed doubt about Erdogan's commitment to abandoning his unorthodox policy of low rates, which led the central bank to slash its policy rate from 19% in 2021 to 8.5% currently. The median estimate for the policy rate at end-2023 was 30%, with forecasts ranging from 18% to 35%. He named Naci Agbal as central bank governor in Nov. 2020 but, after some sharp rate hikes, replaced him less than five months later. The central bank is scheduled to announce its rate decision at 1100 GMT on Thursday.

Persons: Murad Sezer, Tayyip Erdogan, Hafize Gaye Erkan, Malek Drimal, Erdogan, Mehmet Simsek, Moody's, Naci, Simsek, Ali Kucukgocmen, Marc Jones, Jonathan Spicer, Daren Butler, Christina Fincher Organizations: REUTERS, Societe Generale, stoke, Thomson Locations: Istanbul, Turkey, ISTANBUL

☆ Ugandan law widens Anglican Church rift over LGBTQ rights
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

Justin Welby, the head of the Church of England and the worldwide Anglican Communion's 85 million members, said last week he had written to Ugandan Archbishop Stephen Kaziimba to express "grief and dismay" at Kaziimba's support for the law. Issues of LGBTQ rights have sharply divided Anglicans, with the church's GAFCON coalition of conservative adherents among the most critical. The statement by Mbanda, who is also the head of Rwanda's Anglican Church, mentioned but did not explicitly offer support for the Ugandan law. Anglicans created GAFCON in 2008 in response to what the group says was certain Western churches' abandonment of bible-based orthodoxy. The Church of Uganda says 36% of Uganda's population of around 45 million are Anglicans.

Persons: Justin Welby, Stephen Kaziimba, Joe Biden, GAFCON, Laurent Mbanda, Mbanda, Welby, Archbishop Kaziimba, Philbert Girinema, George Obulutsa, John Stonestreet Organizations: Wednesday, of England, U.S, Anglican, Global, Thomson Locations: KIGALI, Uganda, Africa

☆ Tucker Carlson: Democrats arrested Trump because 7 years ago he said Bush lied about Iraq
▼ + stars: | 2023-06-14 | by ( John Cook | ) www.businessinsider.com time to read: +4 min

On the third installment of "Tucker on Twitter," Carlson said Trump's arrest was for accusing George W. Bush of lying about Iraq in 2016. "We can point to the precise moment that permanent Washington decided to send Donald Trump to prison," Tucker said: Feburary 16, 2016. That's the day of a Republican primary debate in Greenville, South Carolina, at which Trump violated Republican orthodoxy by accusing George W. Bush of lying in the run-up to the Iraq War. 3 America's principles are at stake pic.twitter.com/eJNSUVvvqY — Tucker Carlson (@TuckerCarlson) June 13, 2023"We should never have been in Iraq," Trump said at the debate. And because Trump said it, Carlson argued, the clock started on a process that led to his arrest this week.

Persons: Tucker, Carlson, George W . Bush, —, Tucker Carlson, Donald Trump wasn't, George W, Bush, Donald Trump, eJNSUVvvqY — Tucker Carlson, Trump, Hillary Clinton, Barack Obama, Obama, John Dingell, Sen, Al Franken, Elijah Cummings, Ernest " Fritz, Hollings Organizations: Twitter, Service, Privacy, Fox, Trump, GOP, Republican Party, National Archives, Records Administration, Democratic, Rep, Intelligence, U.S . Intelligence Community's Locations: Iraq, Washington, Greenville , South Carolina

Former US President Donald Trump arrives to deliver remarks at Trump National Golf Club Bedminster in Bedminster, New Jersey, on June 13, 2023. That sort of comment is further than where many of Trump's rivals for the GOP presidential nomination will go publicly. Still, even out in the open, there are indications that they believe this federal indictment is far more serious than the last one. But the Trump indictment took over, with participants expressing deep concern about backlash and the party's fracturing beyond repair. On one hand, if Trump's GOP rivals blast him, they risk further alienating his committed GOP supporters.

Persons: Donald Trump, aren't, Ron DeSantis, Trump, I'm, Trumper, George Washington, James Madison, Thomas Jefferson, Joe Biden, Hunter, Mick Mulvaney, Mulvaney, MAGA, Mike Pence, Nikki Haley, Sen, Tim Scott, Vivek Ramaswamy, Scott, Haley, Pence, what's, Chris Christie, Christie, Hal Lambert, Larry Steinhouse, — Hallie Jackson, Henry J, Gomez, Jonathan Allen Organizations: Trump National Golf Club Bedminster, GOP, Florida Gov, Justice Department, Trump, Republican, Republicans, NBC News, White, Department, Courier, Street, Former New Jersey Gov, CNN, DOJ, Reuters, CBS, NBC Locations: Bedminster , New Jersey, New York, Florida, Georgia, Lago, Palm Beach , Florida, Charleston , South Carolina, Trump, Pennsylvania

☆ Turkey's Erdogan says he agrees to monetary policy turnaround under new Finance Minister Simsek
▼ + stars: | 2023-06-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Turkey's President Recep Tayyip Erdogan has named former economy chief Mehmet Simsek as his new treasury and finance minister. Turkish President Recep Tayyip Erdogan on Wednesday appeared to make a crucial shift regarding the future of his inflation-ridden country's monetary policy. Newly appointed Finance Minister Mehmet Simsek, who previously served as deputy prime minister and finance minister between 2009 and 2018, is widely respected by investors. The president was referring to his opposition to raising interest rates, which he said was not changed. "But upon the thinking of our treasury and finance minister," Erdogan added, "we have accepted that he will take steps swiftly, comfortably with the central bank."

Persons: Recep Tayyip Erdogan, Mehmet Simsek, Erdogan Locations: Turkey

☆ Dollar eases after jump in U.S. jobless claims; Fed in focus
▼ + stars: | 2023-06-09 | by ( ) www.cnbc.com time to read: +2 min

An employee deals with U.S. one-hundred dollar banknotes at a bank on June 16, 2022 in Hai an, Nantong City, Jiangsu Province of China. The dollar retreated on Friday, dragged down by lower U.S. Treasury yields after a spike in weekly jobless claims raised hopes that a peak in U.S. interest rates was near, as the focus turned to the upcoming week packed with central bank meetings. Against the Japanese yen , the greenback dipped to a one-week low of 138.765, tracking a slide in U.S. Treasury yields. The benchmark 10-year Treasury yield last stood at 3.7317%, after falling 7 basis points on Thursday. So that'll show up in payrolls numbers and jobless claims and these sorts of numbers," said Jarrod Kerr, chief economist at Kiwibank.

Persons: Jarrod Kerr, Tayyip Erdogan, Hafize Gaye Erkan, Mohammed Elmi Organizations: U.S, Treasury, Federated Hermes Locations: Hai, Nantong City, Jiangsu Province, China, Asia, U.S, Kiwibank, United States

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

☆ Turkish lira crashes as new government sets sights on ‘rational’ policies
▼ + stars: | 2023-06-07 | by ( ) edition.cnn.com time to read: +3 min

Markets are also waiting for the appointment of a new central bank governor to replace Sahap Kavcioglu, who spearheaded interest rate cuts under Erdogan’s unorthodox policies. Bankers say the lira’s continued gradual depreciation will lead to improved market conditions and halt a decline in central bank reserves. But it sparked a record lira crisis in 2021 and sent inflation to a 24-year high above 85% last year. Erdogan is considering appointing Hafize Gaye Erkan, a senior finance executive in the United States, as central bank governor, Reuters reported Monday. Erkan would be the country’s fifth central bank chief in four years, after Erdogan fired previous governors as part of frequent policy shifts.

Persons: Tayyip Erdogan, Erdogan, Mehmet Simsek, Simsek, Sahap Kavcioglu, ”, Tim Ash, “, Hafize Gaye Erkan, Erkan, Paul McNamara Organizations: BlueBay Asset Management, Bankers, Reuters, Simsek, GAM Locations: Turkish, United States, Ankara, Turkey

Markets are also waiting for the appointment of a new central bank governor to replace Sahap Kavcioglu, who spearheaded rate cuts under Erdogan's unorthodox policies. "I think we are seeing the impact of Simsek pushing (the Turkish central bank) for rational policy." Bankers say the lira's continued gradual depreciation will lead to improved market conditions and halt a decline in central bank reserves. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year. Erdogan is considering appointing Hafize Gaye Erkan, a senior finance executive in the United States, as central bank governor, Reuters reported on Monday.

Persons: Tayyip Erdogan, Erdogan, Mehmet Simsek, Simsek, Sahap Kavcioglu, Tim Ash, Hafize Gaye Erkan, Erkan, Paul McNamara, Huseyin Hayatsever, Jonathan Spicer, Ali Kucukgocmen, Tom Hogue, Christina Fincher Organizations: BlueBay Asset Management, Bankers, Reuters, Simsek, GAM, Thomson Locations: ANKARA, Turkish, United States, Ankara, Turkey, Jorgelina, Rosario, London

☆ Turkey’s new economic broom has too much to tidy
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

That’s unlikely to be enough to counter President Tayyip Erdogan’s long-held penchant for economic mismanagement. Simsek, who was finance minister and deputy prime minister between 2009 and 2018, would have a nearly impossible task even in normal conditions. He has to tame inflation that is running at 39.6%, bolster a currency hovering near a record low against the U.S. dollar, and restore Turkey’s credibility with international investors. But that would further weaken the lira and do little to tame inflation. Simsek needs more than investors’ respect to right Turkey’s listing ship.

Persons: Mehmet Simsek, ’, Tayyip Erdogan’s, Simsek, Erdogan, Francesco Guerrera, George Hay, Streisand Neto Organizations: Reuters, U.S ., Twitter, Toyota, Thomson

☆ Erdogan considering Erkan as Turkey cenbank chief, sources say
▼ + stars: | 2023-06-05 | by ( Orhan Coskun | ) www.reuters.com time to read: +4 min

Erkan met with Mehmet Simsek, Turkey's newly-appointed treasury and finance minister, in Ankara on Monday, one of the sources said. The two sources told Reuters she is set to meet Erdogan soon to discuss the possible role. Turkey's policy rate was cut to 8.5% from 19% in 2021, setting off a historic currency crash in late 2021. Erkan would be the country's fifth central bank chief in four years. The central bank has been the linchpin of Erdogan's programme of monetary stimulus and targeted credit to boost economic growth, exports and investments.

Persons: Erdogan, Tayyip Erdogan, Hafize Gaye Erkan, Erkan, Mehmet Simsek, Sahap Kavcioglu, Goldman Sachs, Simsek, Kathryn Wylde, Wylde, Naci Agbal, Marsh, Jonathan Spicer, Daren Butler, Angus MacSwan, Emelia Organizations: Reuters, First Republic Bank, Treasury, Ivy League, Princeton, New, First, JPMorgan, Greystone, Thomson Locations: Turkey, ANKARA, United States, Ankara, New York City, U.S

☆ Erdogan's new pick for Turkish finance minister has markets hoping for economic orthodoxy
▼ + stars: | 2023-06-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Turkey's President Recep Tayyip Erdogan has named former economy chief Mehmet Simsek as his new treasury and finance minister. In the unveiling of his new cabinet, Turkey's President Recep Tayyip Erdogan named former economy chief Mehmet Simsek as his new treasury and economy minister, leading to some optimism that the country will now forge a new economic path. Simsek was known for his market friendly policies, and subsequently went on to become the country's deputy prime minister from 2015 to 2018 after his stint as Turkey's finance minister. Simsek creating a new team in the key economy portfolio would imply that he will have "pretty strong control over broader economic policy," BlueBay Asset Management's Senior EM Sovereign Strategist Timothy Ash said via e-mail. "The Turkish economy has a chance of pulling back from the brink," he continued.

Persons: Recep Tayyip Erdogan, Mehmet Simsek, Simsek, Erdogan, Timothy Ash

☆ Turkey inflation dips to 39.6% on relief from free gas
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +3 min

ISTANBUL, June 5 (Reuters) - Turkish annual inflation fell to 39.59% in May, official data showed on Monday, broadly in line with expectations, largely due to the government offsetting price rises in other goods by providing natural gas free of charge. The government had pledged ahead of last month's elections that it would provide free gas in May, and a monthly free 25 cubic metres until May 2024. The poll had forecast that annual consumer price inflation (CPI) (TRCPIY=ECI) would be 39.2%, and was expected to end the year at 45%. Clothing and shoe prices recorded the largest monthly increase with 9.85%, followed by restaurant and hotel prices with 7.10%. The weight of natural gas in the inflation basket is 2.9%.

Persons: Tayyip Erdogan, Erdogan, Mehmet Simsek, Liam Peach, Peach, Cevdet Yilmaz, Canan Sevgili, Daren Butler, Ali Kucukgocmen, Jonathan Spicer, William Maclean Organizations: Turkish Statistical Institute, Treasury, Finance, Capital Economics, Thomson Locations: ISTANBUL

☆ Turkish lira slips despite appointment of well-regarded finance minister
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Turkey's lira slid almost 1% on Monday in thin trading during the Asian day to weaken past 21 per dollar, in a shaky initial reaction to the appointment of highly-regarded Mehmet Simsek as finance minister. The lira hit 21.1 to the dollar, not far above a record low of 21.8 made last week. Simsek, 56, won markets' confidence during terms as finance minister and deputy prime minister between 2009 and 2018. Turkey's annual consumer price inflation hit a 24-year peak beyond 85% last year, and stood at 44% in April in a sign that further monetary tightening was required, according to Elmi. "A simple return to credible economic policy could see a marked change in Turkey's investment appeal," he said.

Persons: Mehmet Simsek, Tayyip Erdogan's, Mohammed Elmi, Tom Westbrook, Shri Navaratnam, Jamie Freed Organizations: Federated Hermes, Thomson Locations: Turkey

☆ Turkey's Erdogan to take oath, name new-look cabinet
▼ + stars: | 2023-06-03 | by ( Huseyin Hayatsever | ) www.reuters.com time to read: +3 min

Turkey's longest serving leader, Erdogan garnered 52.2% support in the May 28 runoff vote. The new parliament convened on Friday and Erdogan will officially start his new term by taking his oath on Saturday at around 3 p.m. (1200 GMT) in the general assembly in Ankara. Simsek was highly regarded by investors when he served as finance minister and deputy prime minister between 2009 and 2018. Erdogan, 69, became prime minister in 2003 after his AK Party won an election in late 2002 following the worst economic crisis of Turkey since the 1970s. In his victory speech, Erdogan said inflation, which hit a 24-year peak of 85% last year before easing, was Turkey's most urgent issue.

Persons: Tayyip Erdogan, Erdogan, Jens Stoltenberg, Nicolas Maduro, Viktor Orban, Nikol Pashinyan, Mehmet Simsek, Simsek, Huseyin Hayatsever, Jonathan Spicer, Frances Kerry Organizations: NATO, Armenian, Anadolu Agency, Reuters, AK Party, Thomson Locations: ANKARA, Ankara, Hungarian, Turkey

☆ Transfer of holy icon shows Russian Orthodoxy's new sway under Putin
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +5 min

Emphasising its importance to the faithful, Putin last month ordered Andrei Rublev's "Trinity" be transferred to the Russian Orthodox Church from Moscow's Tretyakov Gallery for a year. For some, though, there is unease at the sway of the Church - and concern about possible damage to the fragile icon. She quipped that Russian leaders over the centuries have turned to icons in tough situations with the hope of victory. "Masterpieces of Russian icon painting and national shrines should not be exposed to unjustified risk," members of a cultural council within the Russian Academy of Sciences wrote in an open letter to Russian Minister of Culture Olga Lyubimova. "The only space suitable for placing the icon 'Trinity' by Andrei Rublev is in the halls of the Tretyakov Gallery, which is confirmed by almost a century of practice."

Persons: Vladimir Putin's, Putin, Andrei Rublev's, Moscow's Tretyakov, the, Josef Stalin, Abraham, Regina Elsner, Sergius –, Bolsheviks, Kirill of Moscow, Kirill, Putin's, Ksenia, Leonardo da Vinci's, Mona Lisa, Tretyakov, Korobeynikova, Olga Lyubimova, Andrei Rublev, Lucy Papachristou, Guy Faulconbridge, Mark Potter Organizations: Trinity Sunday, Soviet Union, Church, Eastern European, International Studies, Kremlin, Putin, Reuters, Russian Academy of Sciences, Thomson Locations: MOSCOW, Moscow, Ukraine, Moscow's, Soviet, Mamre, Russian, Berlin, Russia, Trinity, St, Moscow –, Gdansk

☆ Lira hits record low as Turkey prepares for new cabinet
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, May 31 (Reuters) - Turkey's lira tumbled on Wednesday to a fresh record low against the dollar as President Tayyip Erdogan prepared to decide the shape of his new cabinet and the direction of economic policy after an election triumph. In its third successive day of losses, the lira weakened nearly 1.5% to a record of 20.75 against the U.S. currency, taking its losses this year to nearly 10%. Investors have been concerned about the sustainability of Turkey's unorthodox economic policies as it followed a low-rate programme championed by Erdogan. A Reuters poll forecast the economy to have expanded 3.9% in the first quarter, with growth of 2.8% in 2023. Reporting by Ezgi Erkoyun; Additional reporting by Karin Strohecker; Editing by Tom Hogue and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Erdogan, Mehmet Simsek, Ezgi Erkoyun, Karin Strohecker, Tom Hogue, Clarence Fernandez Organizations: KNG Securities, Turkish Statistical, Reuters, Thomson Locations: ISTANBUL

☆ Wall Street Journal insiders are bracing for more changes under its new top editor, including layoffs that could hit as early as this week
▼ + stars: | 2023-05-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Wall Street Journal staffers are bracing for layoff news as early as this week and other changes under its new EIC. Emma Tucker has shaken up the top editor ranks, and insiders expect changes to the editing process. Wall Street Journal staffers are bracing for layoffs and broader changes under new top editor Emma Tucker. People expect Tucker to overhaul the cumbersome front-page editing process for top enterprise stories and deemphasize commodity news in favor of more investigative pieces, with specifics to come as early as June. "She's not afraid to ask questions that are challenging Wall Street Journal orthodoxy," a second insider said.

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