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BUDAPEST, Hungary (AP) — Hungarian Prime Minister Viktor Orbán sent a letter to his Swedish counterpart, Ulf Kristersson, inviting him to Budapest to discuss Sweden's accession into the NATO military alliance, Orbán wrote Tuesday in a post on X, formerly known as Twitter. The invitation comes as Hungary and Turkey remain the only NATO members not to have ratified Sweden's bid to join the alliance. Turkish President Recep Tayyip Erdogan lifted his opposition to Sweden's membership last year in response to efforts by Stockholm to tackle supporters of Kurdish militants and other groups in Sweden that Ankara views as security threats. Erdogan has also openly linked Sweden’s NATO membership to Ankara’s efforts to purchase U.S.-made F-16 fighter jets, and has called on Canada and other NATO allies to lift arms embargoes on Turkey. Sweden and Finland abandoned their decades-long neutrality and sought membership in NATO amid heightened security concerns following Russia’s invasion of Ukraine in February 2022.

Persons: Viktor Orbán, Ulf Kristersson, Orbán, Vladimir Putin, Recep Tayyip Erdogan, Erdogan Organizations: NATO, Twitter, Sweden's, Nordic, Fidesz Locations: BUDAPEST, Hungary, Hungarian, Budapest, Turkey, Ankara, Ukraine, Orbán, Turkish, Stockholm, Sweden, Canada, Finland

☆ Explainer-What Turkey Gained in Delaying Sweden's NATO Bid
▼ + stars: | 2024-01-23 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +4 min

Turkey ratified Finland's bid in April 2023 but, along with NATO member Hungary, has kept Sweden waiting. While Erdogan sent Sweden's NATO bid to Turkey's parliament for consideration last October, he openly linked the F-16s with its ultimate ratification. WHAT IS THE CURRENT STATE OF SWEDEN'S BID? Though Turkey was seen as the main hurdle, Hungary has also not ratified Sweden's bid. Hungary pledged not to be the last to ratify the bid, but its parliament is in recess until around mid-February.

Persons: Huseyin Hayatsever, Jonathan Spicer ANKARA, Tayyip Erdogan, Erdogan, Gunnar Strommer, Jens Stoltenberg, Thomas Goffus, Viktor Orban, Timothy Heritage Organizations: NATO, Ankara, Kurdistan Workers ' Party, European Union, Canada, U.S . Congress, Eurofighter Locations: Sweden, Finland, Ukraine, Turkey, Hungary, Stockholm, Helsinki, Washington, SWEDEN, FINLAND, Madrid, Kurdistan, Ankara, United States, Netherlands, SWEDEN'S

☆ Turkey’s parliament approves Sweden’s NATO membership, lifting key a hurdle
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: +5 min

Turkish legislators on Tuesday endorsed Sweden's membership in NATO, lifting a major hurdle on the previously nonaligned country's entry into the military alliance. The legislators ratified Sweden's accession protocol by 287 votes to 55, with four abstentions. Hungary then becomes the only NATO ally not to have ratified Sweden's accession. Turkey's main opposition party also supported Sweden's membership in the alliance but a center-right party and the country's pro-Kurdish party declared they would oppose it. U.S. President Joe Biden's administration never formally tied the sale of the F-16s to Turkey's ratification of Sweden's NATO membership.

Persons: Tayyip Erdogan, Ulf Kristersson, Jens Stoltenberg, Sweden's, Recep Tayyip Erdogan, Burak Akcapar, Erdogan, Koray Aydin, Joe Biden's, John Kirby, Viktor Orbán Organizations: Swedish, NATO, Official Gazette, Ankara, Kurdistan Workers ' Party, Good Party, U.S . Congress, Administration, Turkey, National Security, Nordic Locations: Vilnius, Hungary, Turkey, Ankara, Stockholm, Kurdistan, Sweden, Turkey's, Canada, Washington, NATO, Finland, Ukraine, Budapest

CNN —The Turkish parliament voted Tuesday to approve Sweden’s NATO membership bid. Of the 346 members of parliament who voted, 287 were in favor of Sweden’s accession and 55 voted to reject it. However, on Tuesday, Hungary’s Prime Minister Victor Orban said he had invited his Swedish counterpart, Ulf Kristersson, to visit Hungary to negotiate the terms of Sweden’s accession. Sweden and Finland applied for NATO membership in May 2022 following Russia’s invasion of Ukraine earlier that year. Erdogan initially objected to Sweden’s membership bid, accusing Swedish officials of being too lenient on military groups, including the Kurdistan Workers’ Party (PKK).

Persons: Recep Tayyip Erdogan, Victor Orban, Ulf Kristersson, Erdogan, Ben Cardin Organizations: CNN, Turkish, NATO, Foreign Affairs Commission, Hungary’s, Kurdistan Workers ’ Party, Foreign Locations: Turkish, Hungary, Sweden, Finland, Ukraine, Turkey, United States

☆ Turkish Parliament to Debate Sweden's NATO Bid on Tuesday -Sources
▼ + stars: | 2024-01-22 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Huseyin HayatseverANKARA (Reuters) - The Turkish parliament's general assembly is set to debate Sweden's NATO membership bid on Tuesday, three sources from parliament said. But NATO member Turkey raised objections over what it said was the two countries' protection of groups that Ankara deems terrorists. Erdogan sent Sweden's bid to parliament in October, but has also linked its ratification with U.S. approval of sales of F-16 fighter jets to Turkey. After talks with Turkish Foreign Minister Hakan Fidan earlier this month, U.S. Secretary of State Antony Blinken said he expected Turkey to ratify Sweden's NATO membership bid "in coming weeks." The parliament's foreign affairs commission approved the bid last month in the first step of the ratification process.

Persons: Huseyin Hayatsever, Tayyip Erdogan, Erdogan, Sweden's, Hakan Fidan, Antony Blinken, Christina Fincher Organizations: Turkish, NATO, Finland's, Kurdistan Workers ' Party, European Union, White House, U.S, Congress, Erdogan's AK Party, CHP Locations: Huseyin Hayatsever ANKARA, Sweden, Finland, Ukraine, Turkey, Ankara, Hungary, United States, Stockholm, Canada, Netherlands

☆ Soccer Player Detained by Turkey After Message of Support for Israel
▼ + stars: | 2024-01-15 | by ( Safak Timur | ) www.nytimes.com time to read: +3 min

An Israeli soccer player was briefly detained by the Turkish authorities and suspended by his club after he displayed a message of support for Israel during a game on Sunday. The player, Sagiv Jehezkel, a 28-year-old wing for the top-division club Antalyaspor, flashed the message after he scored the tying goal in a match. To celebrate, Mr. Jehezkel jogged to the corner of the field, where photographers were positioned, and pointed to a message on a band of tape on his left wrist. Mr. Jehezkel, in his statement to prosecutors, said his message was a call for the war to end, according to Turkish news media. On Sunday, the president of Antalyaspor, Sinan Boztepe, said the club’s board had suspended Mr. Jehezkel from the team.

Persons: Sagiv, Jehezkel jogged, David, “, Adem Akalan, Jehezkel, Antalyaspor, Sinan Boztepe, Eden Karzev, Recep Tayyip Erdogan Organizations: Israel, Antalyaspor, Associated Press Turkish, ”, Hamas Locations: Israeli, Israel, Turkish, Turkey, Antalya, Gaza

☆ Turkish lira hits fresh record low against the U.S. dollar
▼ + stars: | 2024-01-11 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The Turkish lira hit a fresh record low against the U.S. dollar on Thursday, trading at 30.005 to the greenback just before noon local time. It marks the first time that the lira has broken 30 against the dollar, which was up 0.17% against the Turkish currency from the previous day's session. The beleaguered lira has fallen some 37% against the U.S. benchmark over the past year, as monetary policymakers try to combat double-digit inflation by steadily raising interest rates. Inflation in the country of roughly 84 million rose to 64.8% on an annual basis in December, up from 62% in November. It's still an improvement on the prior year, after Turkish inflation hit a peak of 85.5% in October 2022.

Persons: Recep Tayyip Erdogan, It's Organizations: U.S, Ankara Locations: Morgan's, New York

☆ Turkey's Erdogan says Israel's Netanyahu 'will be tried as war criminal'
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +3 min

ISTANBUL, Dec 4 (Reuters) - Turkish President Tayyip Erdogan said on Monday that Israeli Prime Minister Benjamin Netanyahu would eventually be tried as a war criminal over Israel's ongoing offensive in the Gaza Strip, while slamming Western countries supporting Israel. Turkey, which supports a two-state solution to the decades-old conflict, has sharply criticised Israel over its campaign in Gaza, launched in response to militant group Hamas' rampage on Oct. 7. In a speech to an Organisation of Islamic Cooperation (OIC) committee meeting in Istanbul, Erdogan said the Western nations supporting Israel were giving it "unconditional support to kill babies" and were complicit in its crimes. "Beyond being a war criminal, Netanyahu, who is the butcher of Gaza right now, will be tried as the butcher of Gaza, just as Milosevic was tried," Erdogan said, in reference to Yugoslav ex-President Slobodan Milosevic who was tried for genocide, crimes against humanity, and war crimes at a tribunal in The Hague. "We must absolutely evaluate the United Nations Human Rights Council and the International Criminal Court (ICC) within this framework," he said, adding Israel's nuclear arsenal must not be forgotten.

Persons: Tayyip Erdogan, Benjamin Netanyahu, Erdogan, Netanyahu, Milosevic, Slobodan Milosevic, U.N, Antonio, Guterres, Daren Butler, Jonathan Spicer, Alex Richardson Organizations: Hamas, Islamic Cooperation, NATO, OIC, Arab League, United Nations Human Rights Council, Criminal Court, ICC, United Nations Security Council, Security Council, Thomson Locations: ISTANBUL, Gaza, Israel, Turkey, Istanbul, Yugoslav, The Hague, Western, United States, Russia, China, Britain, France

☆ COP28: No-shows and walkouts as Israel-Hamas war looms over crucial climate talks
▼ + stars: | 2023-12-02 | by ( Angela Dewan | ) edition.cnn.com time to read: +7 min

CNN —Israeli President Isaac Herzog spent his day on Friday meeting with high-profile leaders at the COP28 climate talks in Dubai. Herzog was supposed to give an address that day calling for action on the climate crisis. The Israel-Hamas war is casting a shadow over the COP28 climate talks. The UK's King Charles III shakes hands with Israeli President Isaac Herzog at the COP28 climate talks in Dubai on December 1, 2023. The Middle East has long been wracked with conflict, but the climate crisis was one area that was helping repair old rifts.

Persons: Isaac Herzog, Herzog, King Charles III, Recep Tayyip Erdogan, Cyril Ramaphosa, Israel, Rishi Sunak, Israel “, ” Sunak, Iran doesn’t, It’s, Jordanian King Abdullah II, “, ”, Ulrich Eberle, Biden, ” Eberle, Joe Biden, —, Jordan, Ayman Safadi, Al, haven’t, Alden Meyer, ” Alden, “ It’s Organizations: CNN, United Arab, European Union, United Nations, Hamas, Presidential Press, Reuters, South, Israel, UN, Crisis, Gaza, “, UAE Locations: Dubai, Gaza, United Arab Emirates, Qatar, United Kingdom, India, Israel, Iran, China, Jordanian, SeanGallup, UAE, Palestinian, Al Jazeera, Ukraine

☆ At climate summit, Turkey, South Africa hit out at Israel over Gaza war
▼ + stars: | 2023-12-01 | by ( Alexander Cornwell | ) www.reuters.com time to read: +5 min

Turkish President Tayyip Erdogan delivers a national statement at the World Climate Action Summit during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. "The current situation in Gaza constitutes a war crime and a crime against humanity; those responsible must be held accountable under international law," he said. The war against the innocent people of Palestine is a war crime that must be ended now," he said in his address. The "international youth delegate" said he would try to raise awareness at the COP28 conference of the Palestinian cause. The assault sparked outrage in the Arab world, though most Western leaders have supported what they say is Israel's right to defend itself.

Persons: Tayyip Erdogan, Al Sudani, Israel, Cyril Ramaphosa, Jordan's King Abdullah, Mohammed Ursof, Antony Blinken, Blinken, Rishi Sunak, Sheikh Tamim bin Hamad Al Thani, Isaac Herzog, Sheikh Mohamed bin Zayed Al Nahyan, Herzog, Oded Joseph, Bahrain's King Hamad bin Isa Al Khalifa, Abdul Latif Rashid, Gustavo Petro, Alexander Cornwell, Nadine Awadalla, Jana Choukeir, Huseyin Hayatsever, Mai Shams El, Richard Valdmanis, William Maclean Organizations: United Nations, Change, United Arab Emirates, REUTERS, Rights, Reuters, Hamas, United, U.S, State Department, Palestinian Authority, Dubai, UAE, Foreign Ministry, Reuters COP28, Thomson Locations: Dubai, United Arab, Israel, Gaza, Palestinian, Africa, Palestine, UAE, Qatar, Egypt, Jordan, Bahrain, COP28

☆ Sweden expects Turkey to approve its NATO membership 'within weeks'
▼ + stars: | 2023-11-30 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

BRUSSELS — Sweden expects Turkey to approve its NATO membership "within weeks," the country's foreign affairs minister told CNBC after a months-long impasse over Stockholm's future within the alliance. Sweden sent a formal application to join NATO back in May 2022, alongside Finland. The latter became an official member in April 2023, but Sweden has been kept waiting by member nations Hungary and Turkey. During a NATO summit in July, Turkey's President Recep Tayyip Erdogan agreed to let Sweden into the alliance. "I had a bilateral with my colleague the foreign minister of Turkey, Hakan Fidan, where he told me he expects the ratification to take place within weeks," Swedish Minister for Foreign Affairs Tobias Billström said Wednesday in Brussels.

Persons: Recep Tayyip Erdoğan, Ulf Kristersson, Jens Stoltenberg, Hungary's, Recep Tayyip Erdogan, Hakan Fidan, Tobias Billström, Billström Organizations: Swedish, NATO, BRUSSELS —, CNBC, Kurdistan Workers Party, Foreign Locations: Vilnius, BRUSSELS, BRUSSELS — Sweden, Turkey, Sweden, Finland, Hungary, Turkish, Brussels

Unlike most of its Western allies and some Gulf states, Turkey does not view Hamas as a terrorist group and hosts some of its members. Nelson said Turkey was connected to Hamas' past efforts to raise funds from donors, investment portfolios, charities and non-profit organisations. Even if Turkey sees Hamas as legitimate, he said the group could still violate domestic laws, though he gave no specific example of this happening. "There is sufficient opportunity for Turkey to address this problem under its own domestic legal authorities irrespective of U.S. sanctions," he said. Turkey says sanctions will not be circumvented on its soil and that nothing transiting is used in Russia's war effort.

Persons: Brian Nelson, Nelson, Tayyip Erdogan, RUSSIA Nelson, We're, Jonathan Spicer, Alex Richardson, Gareth Jones, Emelia Organizations: Treasury, Terrorism, Financial, Turkish, United Arab, Ukraine, Thomson Locations: ISTANBUL, Turkish, Turkey, Israel, Istanbul, Gaza, United States, Washington, Sudan, Algeria, United Arab Emirates, RUSSIA, Russia, Ukraine, Ankara, Moscow, Kyiv

☆ What to watch at COP28 on Friday?
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

United Arab Emirates Minister of Industry and Advanced Technology and COP28 President Sultan Ahmed Al Jaber speaks during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, November 30, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - This year's COP28 climate summit, being held in the glitzy Middle East city of Dubai, clicks into its first full day of scheduled events on Friday. Britain's King Charles III, who has spent decades working on environmental issues, is expected to address the conference. A second day of leaders' speeches is planned for Saturday. The summit's opening on Thursday featured pleas by the COP28 president, Sultan Ahmed al-Jaber, for all parties to work together toward a consensus on the future of fossil fuels.

Persons: Sultan Ahmed Al Jaber, Amr Alfiky, Britain's King Charles III, William Ruto, Tayyip Erdogan, Volodymyr Zelenskiy, Prince Mohammed bin Salman Al Saud, Sultan Ahmed al, Jaber, Katy Daigle, Lisa Shumaker Organizations: United Arab Emirates Minister of Industry, Advanced Technology, United Nations, Change, United Arab Emirates, REUTERS, Rights, Kenyan, Saudi, Thomson Locations: Dubai, United Arab, East

☆ Turkey expects to ratify Sweden accession to NATO 'within weeks', Swedish minister says
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

Turkish Foreign Minister Hakan Fidan speaks with Swedish Foreign Minister Tobias Billstrom ahead of the NATO Foreign Ministers meeting at NATO Headquarters in Brussels, Belgium, November 28, 2023. SAUL LOEB/Pool via REUTERS/ File Photo Acquire Licensing RightsBRUSSELS, Nov 29 (Reuters) - Turkey has said it expects to ratify Sweden's long-delayed accession to NATO within weeks, Sweden's foreign minister told journalists on Wednesday. Some in the Western defence bloc had hoped Sweden's ratification would be completed by now for an accession ceremony to take place on the sidelines of the Brussels meeting. "The Turkish foreign minister (Hakan Fidan) didn't present a date but said 'within weeks'. He expected the ratification of Sweden's NATO protocol to be made within weeks.

Persons: Hakan Fidan, Tobias Billstrom, SAUL LOEB, Tayyip Erdogan, Finland's, Billstrom, Ingrid Melander, Benoit Van Overstraeten, Andrew Heavens Organizations: Turkish, Swedish, NATO, NATO Headquarters, Rights, Kurdistan Workers, European Union, Thomson Locations: Brussels, Belgium, Rights BRUSSELS, Turkey, Sweden, Finland, Ukraine, Ankara, United States, Stockholm, Turkish

☆ Turkey Expects to Ratify Sweden Accession to NATO 'Within Weeks', Swedish Minister Says
▼ + stars: | 2023-11-29 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

BRUSSELS (Reuters) - Turkey has said it expects to ratify Sweden's long-delayed accession to NATO within weeks, Sweden's foreign minister told journalists on Wednesday. But Tayyip Erdogan, president of NATO member Turkey, raised objections over what he said was the countries' protection of groups that Ankara deems terrorists. Some in the Western defence bloc had hoped Sweden's ratification would be completed by now for an accession ceremony to take place on the sidelines of the Brussels meeting. "The Turkish foreign minister (Hakan Fidan) didn't present a date but said 'within weeks'. He expected the ratification of Sweden's NATO protocol to be made within weeks.

Persons: Tayyip Erdogan, Finland's, Tobias Billstrom, Hakan Fidan, Billstrom, Ingrid Melander, Benoit Van Overstraeten, Andrew Heavens Organizations: NATO, Kurdistan Workers, European Union Locations: BRUSSELS, Turkey, Sweden, Finland, Ukraine, Ankara, United States, Stockholm, Brussels, Turkish

☆ Exclusive: European fund giant Amundi dips toe back into Turkey's lira
▼ + stars: | 2023-11-28 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. "We have started to cover our underweight in Turkish lira a few weeks ago," Strigo told Reuters, referring to the process of taking a more positive view on the currency. Amundi, while the first major fund to formally declare its shift, is not alone in testing the waters, according to other foreign investors and bankers. "It is probably the easiest way for now," Strigo said about the use of FX forwards to express that balance. With the bank having lifted rates to 40% from 8.5% since June, Amundi thinks another hike next month could finish the job.

Persons: Sarah Meyssonnier, Sergei Strigo, Amundi's, Strigo, Tayyip Erdogan, Amundi, Goldman Sachs, Erdogan, sceptics, Central Bank Governor Hafize Gaye Erkan, Marc Jones, Karin Strohecker, Jonathan Spicer, Susan Fenton Organizations: REUTERS, Reuters, Investment, JPMorgan, FX, Graphics, Central Bank Governor, Reuters Graphics Reuters, Thomson Locations: Paris, France, Turkey, Turkish, New York, London, Istanbul

BUDAPEST, Hungary (AP) — Turkish President Recep Tayyip Erdogan will visit Hungary's capital in December, his second trip to Budapest this year at a time when both countries remain the only NATO members not to have ratified Sweden's accession into the trans-Atlantic military alliance. It wasn't clear whether Erdogan and Orbán would discuss Sweden's NATO membership, which has been delayed for more than a year by Hungary and Turkey. Erdogan's government has delayed Sweden's ratification over accusations that Stockholm is too soft on Kurdish militants and other groups Turkey considers to be security threats. Finland became a NATO member in April after Turkey and Hungary were the last two members of the alliance to ratify the Nordic nation’s accession. Orbán's government has alleged that Swedish politicians have told “blatant lies” about the condition of Hungary’s democracy, but hasn't given specific conditions for approving Sweden's accession.

Persons: Recep Tayyip Erdogan, Erdogan, Bertalan Havasi, Viktor Orbán, Havasi didn't, Orbán, Hungary's, “, ___ Suzan Fraser Organizations: NATO, Turkish Strategic Cooperation Council, Hungarian, ATV, Associated Press, Fidesz, Sweden’s Locations: BUDAPEST, Hungary, Budapest, Hungarian, Turkey, Stockholm, Sweden, Finland, Ukraine, “, Ankara

☆ Erdogan tells UN chief Israel must be tried in international courts for Gaza crimes
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Turkish President Tayyip Erdogan attends a press conference with German Chancellor Olaf Scholz (not pictured) at the Chancellery in Berlin, Germany, November 17, 2023. REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsANKARA, Nov 28 (Reuters) - Turkish President Tayyip Erdogan on Tuesday told United Nations Secretary General Antonio Guterres that Israel must be held accountable in international courts for what he called war crimes it committed in Gaza, the Turkish presidency said. Israel has mounted an offensive by air and ground against Hamas militants in Gaza in which more than 15,000 people have been killed, according to Gaza health authorities. "During the call, President Erdogan said Israel continues to shamelessly trample on international law, the laws of war, and international humanitarian law by looking in the eyes of the international community, and it must be held accountable for the crimes it committed in front of international law," it said in a statement. Erdogan has called the Israeli attacks on Gaza a genocide and accused Israel of being a "teror state".

Persons: Tayyip Erdogan, Olaf Scholz, Liesa, General Antonio Guterres, Erdogan, Guterres, Israel, Hakan Fidan, Alison Williams, Angus MacSwan Organizations: REUTERS, Rights, Tuesday, United Nations, Security, Wednesday, . Security, Arab League, of Islamic Cooperation, European Union, Israel, Thomson Locations: Berlin, Germany, Rights ANKARA, Israel, Gaza, New York, Turkey, United States, European, Spain, Belgium

☆ Elon Musk’s quest in foreign affairs plagued by his own online behavior
▼ + stars: | 2023-11-28 | by ( Brian Fung | ) edition.cnn.com time to read: +9 min

Washington CNN —Elon Musk is an increasingly important player in global affairs and has been touring the world to meet with political leaders in recent months. “We can observe Elon Musk’s Twitter/X activity that he regularly consumes right-wing content and this increased during COVID-19,” Facciani said in an email. More recently, however, Musk’s ambitions have come a bit closer to earth and become far more concrete. There are many world leaders who hold extreme or far-right views, of course. Musk’s outbursts that contradict widely held international norms and values are meant for a specific internet audience that Musk mistakes for being representative of the wider world.

Persons: Washington CNN — Elon Musk, White supremacists, Musk, Benjamin Netanyahu, It’s, George Soros, Netanyahu, Matthew Facciani, “, Elon, ” Facciani, Vladimir Putin, Rishi Sunak, Recep Tayyip Erdogan, he’s, Ron DeSantis ’, Robert Kennedy Jr, ’, ” Musk, ”, reactionism Organizations: Washington CNN, Defamation League, Whites, White, The University of Notre Dame, Twitter, UK, Florida Republican Gov, United States Locations: Israel, Gaza, COVID, Ukraine, Crimea, Washington, United, Russia

☆ Turkey Raises Interest Rates to 40 Percent to Tame Runaway Inflation
▼ + stars: | 2023-11-24 | by ( Santul Nerkar | More About Santul Nerkar | ) www.nytimes.com time to read: +1 min

Turkey’s central bank has raised interest rates to 40 percent, its highest level in nearly two decades, in a significant move to tame the country’s runaway inflation after the country’s president, Recep Tayyip Erdogan, had previously defied economic convention by cutting rates to slow price increases. The increase of 5 percentage points on Thursday, which was larger than expected and the sixth consecutive increase by the bank, came as inflation in Turkey is running at 61.36 percent. That has sent the cost of basic household necessities soaring and sharply devalued the country’s currency, the lira. Under Mr. Erdogan, Turkey has struggled with persistently high inflation in recent years. As a result, Turkey’s gross domestic product, the primary measure of economic output, boomed to nearly more than $1 trillion, making it the world’s 19th-largest economy.

Persons: Recep Tayyip Erdogan, Erdogan Organizations: Mr Locations: Turkey

☆ Turkey hikes interest rates to 40% to battle sky-high inflation
▼ + stars: | 2023-11-23 | by ( Associated Press | ) www.businessinsider.com time to read: +2 min

Turkey's central bank raised interest rates by five percentage points on Thursday. It was the sixth consecutive rate hike and took the rate to 40%. AdvertisementANKARA, Turkey (AP) — Turkey's central bank delivered another huge interest rate hike on Thursday as it tries to curb double-digit inflation that has left households struggling to afford food and other basic goods. AdvertisementFollowing Erdogan's reelection in May, he appointed a new economic team, which has quickly moved toward reversing his previous policy of keeping interest rates low. Under Erkan's tenure, the central bank has hiked its main interest rate from 8.5% to 40%.

Persons: —, Recep Tayyip Erdogan, Merrill Lynch, Mehmet Simsek, Hafize Gaye Erkan Organizations: Service Locations: ANKARA, Turkey, Ukraine, U.S

ANKARA, Turkey (AP) — Turkey’s central bank delivered another huge interest rate hike on Thursday as it tries to curb double-digit inflation that has left households struggling to afford food and other basic goods. The bank pushed its policy rate up by 5 percentage points, to 40%, marking its sixth big interest rate hike in a row focused on beating down inflation that hit an eye-watering 61.36% last month. President Recep Tayyip Erdogan has long been a proponent of an unorthodox policy of cutting interest rates to fight inflation and had fired central bank governors who resisted his rate-slashing policies. Other central banks around the world have raised interest rates rapidly to target spikes in consumer prices tied to the rebound from the COVID-19 pandemic and then Russia's war in Ukraine. Under Erkan’s tenure, the central bank has hiked its main interest rate from 8.5% to 40%.

Persons: Recep Tayyip Erdogan, Merrill Lynch, Mehmet Simsek, Hafize Gaye Erkan Locations: ANKARA, Turkey, Ukraine, U.S

☆ Stocks maintain November reign, oil nagged by OPEC doubts
▼ + stars: | 2023-11-23 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 22, 2023. Traders were getting their moves in despite the annual U.S. Thanksgiving holiday scything volumes but there was plenty to keep them busy while they did it. Wall Street's benchmark S&P 500 (.SPX) is nearing a fresh high for 2023 and both it and MSCI's all-country world index (.MIWD00000PUS) are both up more than 8% this month alone. For the MSCI world index, that is the best showing since November 2020 when COVID-19 vaccine hopes were driving markets wild. Reporting by Marc Jones; Editing by Christina Fincher and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Geert Wilders, Robert Alster, Viktor Orban, Wilders, Mark Rutte, Tayyip Erdogan, Sterling, Jeremy Hunt, Changpeng Zhao, Marc Jones, Christina Fincher, Jonathan Oatis Organizations: REUTERS, Staff, PMI, ECB, Oil, OPEC, Traders, Asset Management, Freedom Party, Labour, Green, People's Party for Freedom and Democracy, European, U.S, HK, Reuters, Europe, Thomson Locations: Frankfurt, Germany, Europe, U.S, European, France, Holland, Ukraine, Asia, Pacific, Japan, COVID, Brent, Bitcoin

☆ Turkey Tells NATO That Sweden Won't Join by Next Week's Meeting -Sources
▼ + stars: | 2023-11-22 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

Last week, the Turkish parliament's foreign affairs commission delayed a vote on Sweden's NATO membership bid in order to hold further talks on the subject. The Turkish Foreign Ministry was not immediately available for comment. Both Sweden and Finland had requested to join NATO in May last year following Russia's invasion of Ukraine. For ratification, the bill needs to be approved by the Turkish foreign affairs commission before being put to a full parliament vote, which could come days or weeks later. While NATO member Hungary also has not ratified Sweden's membership, Turkey is seen as the main roadblock to Sweden's accession.

Persons: Jonathan Spicer, Sabine Siebold, Tayyip Erdogan, Finland's, Erdogan, Ezgi Erkoyun, Leslie Adler Organizations: NATO, Turkish Foreign Ministry, Nordic, Kurdistan Workers, European Union Locations: Sabine Siebold ANKARA, BRUSSELS, Turkey, Turkish, Brussels, Sweden, Finland, Ukraine, embargoes, United States, Stockholm, Hungary

Last week, the Turkish parliament's foreign affairs commission delayed a vote on Sweden's NATO membership bid in order to hold further talks on the subject. NATO foreign ministers will meet in Brussels on those days, Nov. 28-29, a gathering that some in the Western defence bloc had hoped would mark Sweden's accession. The Turkish Foreign Ministry was not immediately available for comment. Both Sweden and Finland had requested to join NATO in May last year following Russia's invasion of Ukraine. While NATO member Hungary also has not ratified Sweden's membership, Turkey is seen as the main roadblock to Sweden's accession.

Persons: Tayyip Erdogan, Olaf Scholz, Liesa, Finland's, Erdogan, Ezgi Erkoyun, Leslie Adler Organizations: REUTERS, Rights, NATO, Turkish Foreign Ministry, Nordic, Kurdistan Workers, European Union, Thomson Locations: Berlin, Germany, Rights ANKARA, BRUSSELS, Turkey, Turkish, Brussels, Sweden, Finland, Ukraine, embargoes, United States, Stockholm, Hungary

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