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Turkey's central bank hikes key interest rate to 35%
  + stars: | 2023-10-26 | by ( Jenni Reid | ) www.cnbc.com   time to read: +1 min
Turkish Central Bank Governor Hafize Gaye Erkan answers questions during a news conference for the Inflation Report 2023-III in Ankara, Turkey on July 27, 2023. Turkey's central bank on Thursday hiked its key interest rate from 30% to 35%, in an ongoing bid to rein in inflation. The turnaround began in June, when Turkey's President Recep Tayyip Erdogan — who spearheaded the controversial policy stance — appointed former Wall Street banker Hafize Gaye Erkan as new central bank governor. The key interest rate has been hauled up from 8.5% since then, and economists argue it needs to go further. Inflation is forecast by the central bank to reach just over 60% by the end of 2023, while the Turkish lira has plummeted, making imports more expensive.
Persons: Turkish Central Bank Governor Hafize Gaye Erkan, Recep Tayyip Erdogan —, , Hafize Gaye Erkan Organizations: Turkish Central Bank Governor, Reuters, Wall Street Locations: Ankara, Turkey, Turkey's
Trump appeared to mix up two different countries while talking about Hungary's Prime Minister Viktor Orbán. AdvertisementAdvertisementFormer President Donald Trump mistakenly referred to Hungary's Prime Minister Viktor Orbán as "the leader of Turkey" during a rambling speech. "Viktor Orbán, did anyone ever hear of him, he is probably one of the strongest leaders anywhere in the world. He is the leader of Turkey," said Trump, adding that Orbán shares a "front" with Russia. AdvertisementAdvertisementX user @Acyn captured part of the speech:Trump: I was very honored, there’s a man, Viktor Orbán.
Persons: Trump, Viktor Orbán, Orbán, , Donald Trump, Recep Tayyip Erdoğan, Victor Orbán, doesn't, there’s, Joe Biden, Tucker Carlson Organizations: Hungary's, Service, Fidesz, Fox News, Conservative Locations: Hungary, Russia, Turkey, Derry , New Hampshire
CNN —Sweden inched a step closer to joining NATO on Monday after Turkey’s president sent accession protocols to parliament. Russia’s invasion of Ukraine prompted both Sweden and Finland to seek NATO membership but the former’s entry had been stymied by Turkey. Turkish President Recep Tayyip Erdogan’s sign off on the accession protocols comes after months of delays but it is unclear how long the process will take. Since applying for membership, Sweden has tightened its anti-terror legislation and agreed to work more closely with Turkey on its security concerns. The United States welcomed the news that Erdogan had signed and sent Sweden’s NATO accession protocols to the Turkish parliament on Monday.
Persons: Recep Tayyip Erdogan’s, Erdogan, Jens Stoltenberg, Matt Miller, Organizations: CNN, NATO, Turkish, Sweden’s, Kurdistan Workers ’ Party, European Union, The United, , Hungary’s, Reuters Locations: Sweden, Russia’s, Ukraine, Finland, Turkey, Turkish, The United States, NATO, Hungary
Turkey's President Tayyip Erdogan addresses lawmakers from his ruling AK Party at the Turkish Parliament in Ankara, Turkey October 11, 2023. NO ARCHIVES./File Photo Acquire Licensing RightsANKARA, Oct 23 (Reuters) - Turkish President Tayyip Erdogan on Monday submitted a bill approving Sweden's NATO membership bid to parliament for ratification, the presidency said, in a move welcomed by Stockholm that clears the way for it to join the Western defence alliance. "The Protocol on Sweden's NATO Accession was signed by President Recep Tayyip Erdogan on October 23, 2023 and referred to the Grand National Assembly of Turkey," the presidency said on social media platform X without elaborating. Finland's membership was sealed in April, in a historic expansion of the alliance, but Sweden's bid had been held up by Turkey and Hungary. Erdogan has previously linked Sweden's NATO bid to U.S. support for its request.
Persons: Tayyip Erdogan, Erdogan, Sweden's, Recep Tayyip Erdogan, Ulf Kristersson, Kristersson, Gumrukcu, Huseyin Hayatsever, Simon Johnson, Alex Richardson, Hugh Lawson Organizations: AK, Turkish, Presidential Press, Rights, NATO, Kurdistan Workers Party, European Union, Grand National Assembly of, Sweden's, Thomson Locations: Ankara, Turkey, Rights ANKARA, Stockholm, United States, Sweden, Grand National Assembly of Turkey, Finland, Ukraine, Hungary
President Recep Tayyip Erdogan of Turkey signed the protocol approving Sweden’s bid to join the NATO military alliance and sent it to the Turkish Parliament on Monday, according to a brief statement from his office. It was not immediately clear why Mr. Erdogan, who had refused to officially endorse Sweden’s NATO bid for many months, suddenly decided to back it now, nor when Parliament would vote on it. After Russia’s invasion of Ukraine last year, Sweden and Finland, which both have borders with Russia, applied to join NATO, a process that is subject to approval by all of the alliance’s members. Mr. Erdogan initially refused to back either of them, but later changed his stance on Finland, paving the way for it to join NATO in April. But he continued to hold out on Sweden, accusing it of not doing enough to crack down on Turkish separatists and other Turkish dissidents in Sweden that Turkey considers terrorists.
Persons: Recep Tayyip Erdogan, Erdogan, Mr Organizations: NATO Locations: Turkey, Turkish, Ukraine, Sweden, Finland, Russia
ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan has submitted a protocol for Sweden's admission into NATO to Turkey's parliament for ratification, his office said Monday. Erdogan had been delaying ratification of Sweden's membership, accusing Stockholm of being too soft on Kurdish militants and other groups he considers to be security threats. All 31 NATO allies must endorse Sweden's membership. It was not immediately known when Sweden's membership would come to the floor. Earlier this month, NATO Secretary General Jens Stoltenberg urged Turkey to quickly ratify Sweden's membership in the military organization.
Persons: Recep Tayyip Erdogan, Erdogan, Vladimir Putin, Jens Stoltenberg, Stoltenberg Organizations: Turkiye, Nation's, Culture Center, NATO, Turkish Grand National Assembly, Associated Press Locations: Ankara, Turkiye, ANKARA, Turkey, Stockholm, Sweden, Hungary, Finland, Russia, Ukraine, Brussels
Russian state media has touted the Su-57 fighter jet as a formidable, fifth-generation aircraft. Sukhoi Su-57 fighter jets perform at the MAKS 2019 air show in Zhukovsky, outside Moscow, Russia, August 27, 2019. Sukhoi Su-57 jet fighter performs during International military-technical forum "Army-2020" at Kubinka airbase in Moscow Region, Russia August 25, 2020. So why is it that the Su-57 isn't doing what a true fifth-generation stealth fighter should theoretically be able to do in Ukraine? AdvertisementAdvertisementSukhoi Su-57 fighter jets perform at the MAKS 2019 air show in Zhukovsky, outside Moscow, Russia, August 27, 2019.
Persons: it's, , there's, Mike Dahm, Sukhoi Su, Aleksey Nikolskyi, haven't, They're, Assad, Sergei Shoigu, Maxim Shemetov There's, Su, Russia's, Justin Bronk, Bronk, Vladimir Putin, Recep Tayyip Erdogan, Maxim Shemetov, Dahm, There's, that's Organizations: Aviation, intel, Service, NATO, US, Mitchell Institute for Aerospace Studies, Sputnik, REUTERS, Russian, Ukraine, International, Army, Sukhoi, Royal United Services Institute, Aircraft Locations: Ukraine, Russia, Moscow, Zhukovsky, Kremlin, Syria, Kubinka, Moscow Region, Russian, Ukrainian, NATO
CNN —President Joe Biden left for home after seven hours in the Israeli war zone with an increasingly tense Middle East in worse shape than when he arrived. Still, given the huge political investment of American prestige and leverage involved in a sudden presidential trip, it’s fair to raise the question of what exactly Biden’s trip delivered. Biden’s speech to the Israeli people, however, was an eloquent statement of support to an ally traumatized by a terror attack. Ivo Daalder, a former US ambassador to NATO, told CNN’s Anderson Cooper that Biden’s visit had been worthwhile in demonstrating that Israel was not alone. Biden’s presence bolstered the message sent by two aircraft carrier battle groups he has deployed to the area.
Persons: Joe Biden, Biden, movingly, , Israel –, Jordan’s King Abdullah II, Recep Tayyip Erdogan, Abdel Fattah el, Mahmoud Abbas, , Israel’s, Israel “, ” Biden, , “ they’ll, Sisi, ” Mark Regev, CNN’s Wolf Blitzer, Benjamin Netanyahu, Ivo Daalder, CNN’s Anderson Cooper, Israel, Daalder, Netanyahu, ” Daalder Organizations: CNN, Air Force, Israel, Palestinian, West Bank, US State Department, United, Islamic Jihad, US Defense Department, National Security Council, Jihad, White, NATO, Hezbollah Locations: Gaza, Israel, Gaza City, Amman, Tunisia, Iraq, Iran, Lebanon, United States, Washington, Egypt, “ Israel, America
Turkey's Bayraktar TB2 drone has been praised for its performance against Russia in Ukraine. A Bayraktar TB2 drone, purchased in a crowdfunding campaign, displayed at a Lithuanian air base in July 2022. ReutersThe US no doubt supports Turkish drone sales to Ukraine and welcomes the TB2's success against Russian forces. In 2021, the US took issue with Turkey's sale of TB2 armed drones to Ethiopia during the Tigray War. The US government frequently touts its efforts to rally international support for Ukraine, and it undoubtedly welcomes the addition of Turkish TB2s Kyiv's arsenal.
Persons: Turkey's, , Petras Malukas, TB2, Jodi Eastham, Pat Ryder, Ryder, Lloyd Austin, Austin, Recep Tayyip Erdogan, Joe Biden, GABRIEL BOUYS, Donald Trump, Biden, Paul Iddon Organizations: Russia, Service, Russian, Ukraine, Reuters, ISIS, Syrian Democratic Forces, Kurdistan Workers ' Party, US Army, Staff, Pentagon, Turkish Foreign Ministry, US, NATO, Getty, Turkish, Government, Islamic Locations: Ukraine, Turkey, Turkish, Kyiv, Ankara, Washington, Russia, Lithuanian, Syria, TB2s, Azerbaijan, Nagorno, Karabakh, Ethiopia, Tigray, Kurdistan, Hasakah, United States, Madrid, AFP, Government of Turkey, Islamic State, Iraq, today's
The Rafah crossing between Gaza and Egypt is still closed, leaving humanitarian supplies piling up on the Egyptian side of the border. But, Israel has closed its two border crossings with Gaza and imposed a “complete siege” of the territory. That has left the Rafah crossing as the only viable outlet to get people out of the enclave – and supplies into it. Also complicating matters: border authorities have not managed to repair Israeli airstrike damage to the Gaza side of the Rafah border crossing, a Palestinian official said. Abu Obaida claimed 22 of the hostages in Gaza were killed in Israeli airstrikes (CNN cannot independently verify that claim).
Persons: Sameh Shoukry, Abu Odaida, Abu Obaida, Antonio Guterres, Rishi Sunak, Recep Tayyip Erdoğan, Benjamin Netanyahu, Antony Blinken, Yoav Gallant, Yair Lapid, Joe Biden, Netanyahu, White Organizations: Egypt’s, UN, UN Office, Humanitarian Affairs, European Commission, World Health Organization, Israel Defense Forces, IDF, CNN, United Nations, Hezbollah, British, Israeli, State Department, Pentagon, Hamas Locations: Rafah, Gaza, Egypt, Israel, Lebanon, Lebanese, Turkish, East
Live Updates | Day 8 of the Latest Israel-Hamas War
  + stars: | 2023-10-14 | by ( Associated Press | Oct. | At A.M. | ) www.usnews.com   time to read: +13 min
No decision on a ground offensive has been announced, although Israel has been massing troops along the Gaza border 3. Israeli military spokesman Read Adm. Daniel Hagari said Saturday Israel had so far identified 126 captives. GERMANY TO START EVACUATING CITIZENS FROM ISRAELBERLIN — The German army will start evacuating its citizens from Israel with military airplanes. Hezbollah said its fighters struck several Israeli military positions in the disputed Chebaa Farms and Kfar Chouba hills in the afternoon. ISRAELI MILITARY ANNOUNCES IT IS PREPARED FOR ‘COORDINATED’ OFFENSIVEJERUSALEM — The Israeli military says it has prepared a “coordinated” offensive in the Gaza Strip involving air, ground and naval forces.
Persons: Israel, Lloyd Austin, , Israel —, , Yifat Zailer, Zailer, Read, Daniel Hagari, Hezbollah’s, Ali Youssef Alaaeddine, Alaaeddine, ERDOGAN'S, Recep Tayyip Erdogan, Bilal Erdogan, Suleyman Soylu, Mustafa Sentop, ” Erdogan, Sentop, Khalil Hachem, Rabad Akoum, ” Israel, Ismail Haniyeh, ” Haniyeh, Haniyeh, Mohammad Abu Selim, Medhat Abbas, Hakan Fidan, Sameh Shoukry, IT'S, ROME —, “ We’ve, Antonio Tajani, Tajani, , ” Tajani, TT, Tobias Billström, Elina Valtonen, Hossein Amirabdollahian, Saleh Arouri, Ziad Nakhaleh, Amirabdollahian Organizations: United Nations, Gaza, United States Defense, TEL, ISRAEL BERLIN —, Hamas, Lufthansa, BEIRUT —, Associated Press, AP, Ministry, Sunday, South, MEDIA, BEIRUT, National News Agency, OFFICIAL, EGYPT BEIRUT —, OF, Gaza —, Shifa, Health Ministry, FROM, Romania — Romania’s Ministry of Foreign Affairs, Israel, NORDIC, FROM ISRAEL HELSINKI, Nordic, Helsinki Airport, Iran’s, Manar, Islamic, Hezbollah Locations: Gaza City, Israel, Gaza, Egypt, Israeli, Lebanon, ISRAEL, SYRIA, TEL AVIV, Syria, Golan, GERMANY, Germany, Jordan, BEIRUT, Palestinian, ISTANBUL ISTANBUL, Istanbul, United States, Tel Aviv, Dubai, South, Lebanese, Chebaa, Kfar Chouba, JERUSALEM, EGYPT BEIRUT, GAZA, Shifa, FROM ISRAEL, TURKEY, ISTANBUL, Turkish, Embassy, Turkey, BUCHAREST, Romania, Romanian Embassy, ITALY, ROME, Italian, Rome, FINNS, Finland, Sweden, Helsinki, Stockholm, Swedish, Stockholm’s Arlanda, Beirut, Hezbollah’s, Amirabdollahian, Iran, Iraq, Jihad
The NLRB alleged that X fired Yu after she attempted to organize other Twitter workers who were upset about Musk's sudden change to the company's work requirements. Five days later, Yue was fired and told that she was violating an unspecified company policy, the legal document said. The NLRB alleges that X has "been interfering with, restraining, and coercing employees in the exercise of the rights guaranteed" under national labor law. "After 12 amazing years and 3 weeks of chaos, I'm officially fired by Twitter," Yue said in a tweet on Nov. 15. WATCH: Elon Musk has "cut off the good guys, empowered the bad guys" on X
Persons: Elon Musk, Recep Tayyip Erdogan, Fatih Aktas, Elon Musk's X, management's, Yao Yue, Musk, X, Yu, Yue, Slack, Yue's, Twitter, X didn't, I'm Organizations: United Nations, UN, Anadolu Agency, Getty Images, National Labor Relations Board, Twitter, San, National Labor Relations, NLRB, CNBC Locations: New York, United States, San Francisco
She told a Texas court that son X "is only absent from California over [her] objection." Grimes, the musician who has three children with Elon Musk , told a Texas court last week that their eldest son X Æ A-XII Musk isn't with her in California "over [her] objection." The artist, whose real name is Claire Boucher, asked a Texas court on October 6 to throw out Musk's child-custody case. Their oldest child, three-year-old son X, is "only absent from California over [Boucher's] objection," according to the document, obtained by Insider. In his biography on Musk, Walter Isaacson wrote that with X Musk had a "free-range" parenting style that was far from "doting."
Persons: Grimes, Elon Musk's, X, , Elon Musk, Claire Boucher, Musk, Tesla, Tesla's, Walter Isaacson, X Musk, Walter Isaacson’s, Isaacson, Recep Tayyip Erdoğan, We're, Grimes —, Shivon Zilis Organizations: Tesla, Service, Variety, SpaceX Locations: California, Texas, Hungary, Tesla's gigafactory, Turkey, New York
Thierry Breton, the European commissioner for the internal market, said on X that the European Union's executive arm, the European Commission, is investigating whether X is complying with the Digital Services Act. The act went into effect in late August, requiring platforms that have over 45 million monthly active users in the EU to scan for and remove illegal content from their services and to detail their methodologies. Breton sent a letter to X owner Elon Musk expressing concern about the spread of disinformation and "violent and terrorist" content on the service and urging Musk to respond within 24 hours time. "We continue to respond promptly to law enforcement requests from around the world, including EU member states," X said in the letter. "At the time of receipt of your letter, we had not received any notices from Europol relating to illegal content on the service."
Persons: Elon Musk, Recep Tayyip Erdogan, Fatih Aktas, Thierry Breton, Breton, Musk, Mark Zuckerberg, Linda Yaccarino, X Organizations: Turkish, United Nations, UN, Anadolu Agency, Getty, European, European Commission, Digital Services, DSA, EC Locations: New York, United States, European, Israel
False subtitles have been added to a video of Turkish President Tayyip Erdogan expressing his support for the occupied Palestinian territories in July 2023 to claim that he is warning the U.S. against intervening in the October Israel-Hamas war. The subtitles say: “I am warning America don’t In israel palestine war... We are with our innocent Palestenien brother’s... We are ready to defend Palestine at any price.”The social media video carries a watermark for news outlet Middle East Eye. It uploaded the original video showing Erdogan voicing support for a two-state solution during a televised conference before talks with Palestinian President Mahmoud Abbas in July 2023. The clip on social media starts 8 seconds into the Middle East Eye video. Incorrectly translated subtitles warning the U.S. against intervention in the Israeli-Palestinian conflict have been added to a video of Erdogan from July 2023.
Persons: Tayyip Erdogan, Recep Tayyip Erdoğan, Erdogan, Mahmoud Abbas, Read Organizations: Palestinian, Palestine, Twitter, Facebook, Reuters, Thomson Locations: Israel, israel palestine, Palestine, Turkey
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe deployment of the US Navy's newest supercarrier to the eastern Mediterranean to deter regional powers from joining the war in Israel is likely more for optics, an expert told Insider. AdvertisementAdvertisementThe US carrier strike group sent toward Israel arrived Tuesday afternoon, the Pentagon said. It is the USS Gerald R. Ford's first full deployment, which began months ago and has mostly involved exercises with military partners.
Persons: supercarrier, America's, , Gerald R, Hayat, Alvi, It's, Dwight D, Eisenhower, Recep Tayyip Erdogan, Ford's, Ford, Hazem Qassem Organizations: Israel, Service, Hamas, Pentagon, Ford Carrier Strike Group, US Naval College, Human Rights Watch, The Washington Post, Defense, Ford, US, Wall Street Locations: Israel, Palestinian, , Iran, Lebanon, United States, Turkish, Gaza
Grimes is seeking physical custody of her and Elon Musk's three kids, according to court documents. AdvertisementAdvertisementGrimes is suing Elon Musk and asking for physical custody of the three children they share, according to court records obtained by Insider. Grimes, whose legal name is Claire Boucher, is seeking physical custody of her and Musk's kids — 3-year-old X and 1-year-olds Exa and Tau — as well as joint legal custody. Grimes' lawsuit also requests that Musk's suit be thrown out. Differentiating legal custody and physical custody allows parents to share decision-making and rights of access to the kids without an equal custody split, Davis said.
Persons: Grimes, Elon Musk's, Musk, , Elon Musk, Claire Boucher, Tau —, Neama, Holly Davis, Kirker Davis, Davis, Recep Tayyip Erdoğan, We're, Shivon Zilis, Walter Isaacson, Zilis Organizations: Service, San Francisco Superior Court, San Francisco, West, SpaceX Locations: California, Los Angeles, Texas, Turkey, New York
CNN —One of Turkey’s most prestigious film festivals was canceled Friday after a political documentary provoked the ire of the government. The Antalya Golden Orange Film Festival, in its 60th year, was due to be held in Antalya, on the Turkish riviera, from October 7 to 14. The documentary film “Kanun Hukmu” (or “The Decree”) was first removed from its schedule last week. A screening of the documentary film "Kanun Hukmu" was canceled, then reinstated — and then canceled again. After this, the festival removed the film once again and then finally canceled the entire event.
Persons: Nejla Demirci, , Ahmet Boyacıoglu, , , filmgoers, Muhittin, Recep Tayyip Erdogan, Erdogan Organizations: CNN, Antalya Golden Orange Film, Twitter, Hurriyet Daily, Tourism Ministry of, Hurriyet, Antalya Golden Orange Locations: Antalya, Turkey, Tourism Ministry of Turkey, Antalya’s
Istanbul CNN —Turkey’s military carried out airstrikes targeting Kurdish militants in northern Iraq on Sunday, just hours after the Kurdistan Workers’ Party (PKK) claimed responsibility for a deadly bombing in the capital in the latest attack of its nearly four-decade long insurgency. The ministry said in a statement that two attackers murdered a civilian and stole his vehicle ahead of the opening of parliament in Ankara. According to Ankara, the PKK trains separatist fighters and launches attacks against Turkey from its bases in northern Iraq and Syria, where a PKK-affiliated Kurdish group controls large swaths of territory. And in November last year, Ankara blamed the PKK for a bomb attack on a central pedestrian boulevard in Istanbul that killed six and injured dozens. In recent years, Turkey has carried out a steady stream of operations against the PKK domestically as well as cross-border operations into Syria.
Persons: Istanbul CNN —, , Ali Unal, Recep Tayyip Erdogan Organizations: Istanbul CNN, Kurdistan Workers ’ Party, Turkish Defense Ministry, United Nations Charter, European Union, Turkey’s, Ministry, Firat News Agency, Sunday, Group, Kurdistan Regional Government Locations: Istanbul, Iraq, Kurdistan, Metina, Gara, , Turkey, United States, Ankara, Turkish, Iran, Kordestan, Iraqi Kurdistan, Syria, Kurdish
Menendez, the senior Democratic senator for New Jersey, has been a vocal opponent of Turkey receiving aircraft to update its fighter fleet. “One of our most important problems regarding the F-16s were the activities of U.S. Sen. Bob Menendez against our country,” Erdogan told journalists on a flight back from Azerbaijan on Monday. “Menendez’s exit gives us an advantage but the F-16 issue is not an issue that depends only on Menendez,” Erdogan added. Neither Washington nor Ankara have openly admitted a link between Sweden’s bid to the F-16 deal but it is widely acknowledged unofficially. “We will raise our voices even more for Turkish Republic of Northern Cyprus to be recognized by other countries,” Erdogan said.
Persons: , Sen, Bob Menendez, Recep Tayyip Erdogan, Menendez, U.S . Sen, ” Erdogan, Antony Blinken, Hakan Fidan, Erdogan, Blinken, Fidan, , , Benjamin Netanyahu Organizations: U.S, Senate Foreign Relations, Democratic, U.S ., Turkish, NATO, Finland, Israeli, General Assembly Locations: ISTANBUL, Turkish, New Jersey, Turkey, Azerbaijan, Ankara, Greece, Sweden, Stockholm, Ukraine, Hungary, Washington, Nakhchivan, Nagorno, Karabakh, Baku, Armenia, Iran, Tehran, New York, Israel, Cyprus, Turkish Republic of Northern Cyprus
ISTANBUL (AP) — Turkey’s central bank raised its key interest rate by 5 percentage points Thursday, another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan. The Turkish central bank started cutting rates in late 2021 under pressure from Erdogan. Before their appointments, the central bank had cut its key interest rate from around 19% in 2021 to 8.5% earlier this year. Erdogan has fired three central bank governors who resisted pressure to cut rates before appointing Erkan’s predecessor in 2021. Following Erkan’s appointment, the bank has raised its key rate a series fo time: by an aggressive 7.5 percentage points in August, 2.5 percentage points in July and 6.5 percentage points in June.
Persons: Recep Tayyip Erdogan, Erdogan, Merrill Lynch, Mehmet Simsek, Hafize Gaye Erkan, Erkan’s Organizations: U.S . Federal Reserve, Bank of England, U.S Locations: ISTANBUL, Turkey, Turkish, Erdogan, Central, Ukraine
Turkey's central bank hikes interest rate to 30%
  + stars: | 2023-09-21 | by ( Natasha Turak | ) www.cnbc.com   time to read: +2 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 hiked its key interest rate to 30% on Thursday, a 500-basis point jump from 25%, as Ankara continues to battle double-digit inflation. 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. After starting on its hiking path, the central bank in July stated its aim to get inflation down to 5% in the medium term — an ambitious forecast, as Turkey's annual inflation jumped to near 59% in August. Ankara now expects annual inflation to reach 65% at the end of 2023, up from a forecast of 24.9% a year ago.
Persons: Turkey's, Kemal Ataturk, Recep Tayyip Erdogan, Erdogan —, Organizations: Turkish, greenback Locations: Ankara, Istanbul, Turkey
Armenia and Azerbaijan have already fought two wars over Nagorno-Karabakh since the collapse of the Soviet Union. Nagorno-Karabakh, known as Artsakh to Armenians, is a landlocked region in the Caucasus Mountains and lies within Azerbaijan’s borders. Under the Soviet Union, of which Azerbaijan and Armenia are both former members, Nagorno-Karabakh became an autonomous region within the republic of Azerbaijan in 1923. After years of sporadic clashes between the two sides, the Second Karabakh War began in 2020. The news of fresh strikes on Nagorno-Karabakh sparked cryptic reactions from prominent Russian figures showing little sympathy for Armenia.
Persons: , Tofik Babayev, , Siranush Sargsyan, Nikol Pashinyan, Ilham Aliyev, Aliyev, , Armenia’s, Recep Tayyip Erdogan, Dmitry Peskov, Karen Minasyan, Vladimir Putin, Pashinyan, haven’t, Armenpress, Margarita Simonyan, Judas Organizations: CNN, Soviet Union, Karabakh, Artsakh Defense Army, Armenian Soviet, United Nations General Assembly, Kremlin, ” Analysts, Getty, Collective Security, Organization, US Locations: Nagorno, Karabakh, Azerbaijan, Armenia, Soviet, Artsakh, Azerbaijan’s, Soviet Union, Turkey, Russia, Moscow, AFP, Azerbaijani, Armenian Soviet Socialist Republic, Turkish, Ottoman, Baku, Ukraine, Rome
ISTANBUL (AP) — Turkish President Recep Tayyip Erdogan said that he trusts Russia as much he trusts the West. “To the extent the West is reliable, Russia is equally reliable. Erdogan is visiting New York four months after winning elections that extended his 20-year rule for another five years. Some members of the U.S. Congress have indicated the provision of F-16s to update Turkey’s fighter fleet is dependent on Ankara agreeing to Sweden’s NATO membership. Erdogan also drew a line between Sweden’s NATO bid and Turkey’s EU accession.
Persons: Recep Tayyip Erdogan, Vladimir Putin, Erdogan, , ” Erdogan, Mr, Biden, , Putin Organizations: Kremlin, U.S, PBS, General, EU, , New York, European Union, Union, Washington, NATO, Congress, Turkish, Turkey ” Locations: ISTANBUL, Russia, Africa, New York, ” Ankara, Ukraine, Turkey, New, Turkish, Turkey’s, Hungary, Stockholm, Ankara, Sweden
Elon Musk had an awkward moment when he brought his son X to a meeting with the Turkish president. Erdogan asked Musk "where is your wife?" X is one of three children Musk has had with pop singer Grimes, who Musk is separated from, and never married. asked Erdogan, as the two men exchanged small talk. AdvertisementAdvertisementMusk, who has been outspoken in his belief that people should have more children to prevent the world's population from collapsing, now has 10 known children with three different women.
Persons: Elon Musk, X, Erdogan, Musk, Grimes, Recep Tayyip Erdogan, We're, pic.twitter.com, 1eyl7tE3Kj, Turkey's Organizations: Service, SpaceX, Tau, Turkish, United Nations, General Assembly, Turkish Directorate of Communications, Twitter Locations: Turkish, Turkey, Wall, Silicon, San Francisco, New York
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