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☆ Erdogan Says E.U. Must ‘Clear the Way’ for Turkey Before It Will Support Sweden’s NATO Bid
▼ + stars: | 2023-07-10 | by ( Ben Hubbard | More About Ben Hubbard | ) www.nytimes.com time to read: 1 min

ISTANBUL — President Recep Tayyip Erdogan of Turkey said on Monday that the European Union should open the way for Turkey to join the bloc before Turkey allows Sweden to join NATO, adding a surprising new condition that could further stall the military alliance’s efforts to expand. Mr. Erdogan’s latest demand came a day before the opening of NATO’s two-day annual summit, where leaders, including President Biden, had hoped to secure unanimous approval from member states to allow Sweden to become the 32nd member. That outcome now appears increasingly unlikely, with Mr. Erdogan posing the main obstacle to Sweden’s membership. “First, clear the way for Turkey in the European Union, then we will clear the way for Sweden as we did for Finland,” Mr. Erdogan told reporters before traveling to the NATO summit.

Persons: Recep Tayyip Erdogan, Biden, Erdogan, ” Mr Organizations: European Union, NATO Locations: ISTANBUL, Turkey, European, Sweden, Finland

☆ Sweden is in the final stretch to NATO membership. But Turkey could yet derail it
▼ + stars: | 2023-07-10 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Turkish President Tayyip Erdogan arrives for a NATO summit in Madrid, Spain June 29, 2022. With much at stake for Turkey, Sweden, and the NATO alliance, whichever direction Turkey moves in will have significant consequences for them all. "Turkey's blockade on Sweden's NATO progression isn't a clear-cut ticket to economic fallout, but it is playing with fire," said Guney Yildiz, a researcher focused on Turkey and Syria. Russian President Vladimir Putin is expected to meet Turkey's President Recep Tayyip Erdogan on Thursday. "Either Turkey approves Sweden's NATO membership at Vilnius or it risks a major break in relations with the West and at a time when Turkey's macro is on the edge.

Persons: Tayyip Erdogan, Doce, —, Joe Biden, Recep Tayyip Erdogan, Washington, Erdogan, Biden, Ryan Bohl, Rane, Guney, Syria Erdogan, Vladimir Putin, Kamal Alam, Christine Olsson, Alam, Guney Yildiz, Yildiz, Timothy Ash, Ash Organizations: NATO, Reuters NATO, Nordic, Ankara, Turkish, East, CNBC, Russia, Kurdish Workers ' Party, Atlantic Council, Kurdish Democratic Society Center, Afp, Getty, ISIS, EU, Anadolu Agency, BlueBay Asset Management, West Locations: Madrid, Spain, Vilnius, Lithuania, Sweden, Turkey, Hungary, EU, Ankara, Turkish, North Africa, Finland, Ukraine, Russia, Syria, Moscow, Kyiv, Stockholm, Kurdish, Europe, East Syria

CNN —NATO chief Jens Stoltenberg said on Monday that Turkey has agreed to back Sweden’s bid to join the military alliance. Erdoğan has stood in the path of Sweden joining NATO for more than a year over a multitude of concerns. Turkey had resisted Sweden’s bid to join NATO for a long time, giving multiple reasons – including accusations that Swedish officials have been complicit in Islamophobic demonstrations, such as the burning of the Quran. More importantly, Turkey claims that Sweden allows members of recognized Kurdish terror groups to operate, most notably the militant Kurdistan Workers’ Party (PKK). But Erdoğan had faced pressure to step out of the way of Sweden’s NATO bid from his European and American allies.

Persons: Jens Stoltenberg, Recep Tayyip Erdoğan, Erdoğan, Erdogan, ” Stoltenberg, Sweden’s, Jake Sullivan, Joe Biden, Biden “, CNN’s Fareed Zakaria, Kyriakos, ” Biden, It’s Organizations: CNN, NATO, European Union, Grand, Assembly, Kurdistan Workers ’ Party, Air Force, White, Biden Locations: Turkey, Vilnius, Lithuania, Sweden, Lithuanian, Greece, “ Turkey, Mitsotakis

CNN —Turkish President Recep Tayyip Erdogan said Monday that Brussels should clear the path for Ankara’s accession to the European Union, before his country approves Sweden’s bid for NATO membership. “First, let’s clear Turkey’s way in the European Union, then let’s clear the way for Sweden, just as we paved the way for Finland,” Erdogan said at a news conference, before he departs for the NATO summit in Lithuania. Erdogan also emphasized that “Turkey has been waiting at the gate of the European Union for over 50 years now,” and “almost all NATO member countries are European member countries.”NATO had been aiming to admit Sweden to the alliance before July 11, when its major summit begins in Vilnius, Lithuania – but Turkey blocked Sweden’s accession due to long-running disagreements between the two countries.

Persons: Recep Tayyip Erdogan, ” Erdogan, Erdogan Organizations: CNN, European Union, NATO Locations: Brussels, Sweden, Finland, Lithuania, Turkey, Vilnius, Lithuania –

☆ Turkey will host Russian President Vladimir Putin
▼ + stars: | 2023-07-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTurkey will host Russian President Vladimir PutinTurkish President Recep Tayyip Erdoğan will host the Russian president in Turkey next month. CNBC's Dan Murphy reports.

Persons: Vladimir Putin, Recep Tayyip Erdoğan, CNBC's Dan Murphy Organizations: Turkey Locations: Vladimir Putin Turkish, Russian, Turkey

☆ Russia said it was blindsided by Turkey after Zelenskyy left the country with formerly imprisoned Azov battalion members
▼ + stars: | 2023-07-09 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

Five Ukrainian soldiers returned from Turkey, President Volodymyr Zelenskyy announced. Many of these troops who held the line by hiding in bunkers and tunnels under the Azovstal steel plant were Azov battalion members. A prisoner swap organized with the help of Turkey and Saudi Arabia in September allowed hundreds of Ukrainian soldiers to return home. Zelenskyy announced part of the agreement included that five commanders of the Azov battalion who led the charge in Mariupol would remain in Turkey until the war concluded. As for the other Azov soldiers captured in Mariupol, 22 are currently facing trial in Russia after the country designated the battalion as a terrorist group.

Persons: Volodymyr Zelenskyy, Turkey's Erdogan, Vladimir Putin, Zelenskyy, Dmitry Peskov, Recep Tayyip Erdogan, Peskov, Erdogan, Putin Organizations: Service, Ukrainian National Guard, Twitter, Reuters, Kremlin, Azov, Human Rights Watch, Geneva Convention Locations: Turkey, Russia, Wall, Silicon, Azov, Ankara, Mariupol, Russian, Ukraine, Saudi Arabia, Geneva

☆ NATO unity will be tested at upcoming summit. Ukraine's possible entry may be the biggest challenge
▼ + stars: | 2023-07-09 | by ( ) www.cnbc.com time to read: +8 min

Patriot long-range air defence systems of the German Bundeswehr armed forces are deployed at Vilnius Airport ahead of the upcoming NATO Summit in Vilnius, Lithuania on July 7, 2023. "I don't think it's ready for membership in NATO," President Joe Biden told CNN in an interview airing Sunday. More than two-thirds of alliance members have banned the weapon because it has a track record for causing many civilian casualties. As for Ukraine's possible entry into NATO, the alliance said in 2008 that Kyiv eventually would become a member. "That's an issue that will cause tension and dissent, and that's not what the Vilnius summit is all about," he said.

Persons: NATO's, Joe Biden, Donald Trump, Biden, Douglas Lute, Barack Obama, Vladimir Putin, Wagner, Lute, Mitch McConnell, Putin, Daniel Fried, Volodymyr Zelenskyy, Recep Tayyip Erdogan, Finland, Erdogan, It's, Anders Fogh Rasmussen, Max Bergmann, They've, Bergmann, Viktor Orban, Idaho Sen, Jim Risch, aren't, Risch, I'm, we've, Jens Stoltenberg, who's, Mette Frederiksen, Stoltenberg, Rasmussen, Skip Davis, that's Organizations: German Bundeswehr, Vilnius Airport, NATO Summit, NATO, CNN, Republican, Kentucky, Associated Press, Putin, Atlantic Council, Ukraine, State Department, Center for Strategic, International Studies, Senate Foreign Relations, Danish, Center for Locations: German, Vilnius, Lithuania, Russian, Ukraine, Sweden, Eastern Europe, United States, Israel, Moscow, Finland, U.S, Russia, Kyiv, Poland, Estonia, Latvia, Czech Republic, Turkey, Stockholm, Idaho, Hungary, Baltic, Norwegian, Danish

☆ Turkey isn't getting much use out of its Russian-made missile-defense system, but that's not why Erdogan is keeping it around
▼ + stars: | 2023-07-09 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +8 min

The first parts of a Russian S-400 system are unloaded at an airport near Ankara in July 2019. Turkey's S-400 lacks that integration, as it hasn't been connected to NATO's radar network because alliance members fear that doing so could expose other systems to Russian observation. That made Russia's S-400 seem like not only a valid alternative but a preferable option to the US-made Patriot missile-defense system. (The US withdrew Patriot batteries from Turkey in late 2015, adding to Turkish concerns and desire for another air-defense system.) After the initial signing, the deal went into limbo over reported political disagreements and Turkey never received the system.

Persons: hasn't, Turkey's, Recep Tayyip Erdogan's, Lisel, David E, Banks, Erdogan, UMIT TURHAN COSKUN, Washington, Jens Stoltenberg, Orhan Cicek, MURAT CETINMUHURDAR Organizations: Service, Ankara, Turkish, NATO, Turkish Defence Ministry, Johns Hopkins University, King's College, Getty, ISIS, Kurdish PKK, Patriot, US, NATO NATO, Anadolu Agency Locations: Russian, Turkey, Ankara, Wall, Silicon, Russia, Turkish, King's College London, Hintz, Istanbul, AFP, Erdogan's, Washington, Kurdish, East, Eurasia, Banks, TURKISH, Moscow, France, Italy, Franco, Italian

☆ What Biden needs to accomplish with his NATO trip
▼ + stars: | 2023-07-08 | by ( Betsy Klein | ) edition.cnn.com time to read: +11 min

London CNN —President Joe Biden embarks on a weeklong trip to Europe on Sunday, and the stakes couldn’t be higher for the future of the NATO alliance. Biden makes a stop in London ahead of his attendance at the NATO Summit in Vilnius, Lithuania, followed by meetings with Nordic leaders in Helsinki, Finland. But Biden will be a key player in determining what specific, measurable criteria or timelines, if any, are offered to Ukraine for NATO membership during this summit. Sweden’s NATO membership is “within reach,” NATO Secretary General Jens Stoltenberg said in a news briefing following a meeting of senior officials from Turkey, Sweden and Finland Thursday. And I’m really looking – anxiously looking forward for your membership,” Biden told Kristersson during a meeting in the Oval Office.

Persons: Joe Biden, Biden, month’s, Wagner, Yevgeny Prigozhin’s, Vladimir Putin’s, ”, Chris Skaluba, Michael McCaul, Jake Sullivan, “, Volodymyr Zelensky, ” Zelensky, Zelensky, Sweden’s, Recep Tayyip Erdoğan, Jens Stoltenberg, Stoltenberg, Ulf Kristersson, ” Biden, Kristersson, –, it’s, Max Bergmann, Bergmann, China’s “, Sullivan, King Charles III, Jill Biden, Finnegan Biden, Rishi Sunak Organizations: London CNN, NATO, Nordic, Transatlantic Security Initiative, Strategy, Security, Foreign, US House Foreign, CNN, Wall Street, Turkish, White, Eurasia Program, Stuart Center, Center for Strategic, International Studies Locations: Europe, London, Vilnius, Lithuania, Helsinki, Finland, Ukraine, Russia, Belarusian, Bucharest, Romania, Eastern Europe, Sweden, Turkey, NATO’s, Madrid, Vilnius “, United Kingdom, Windsor, Norway, Iceland, Denmark, China

For months, NATO leaders had hoped that when they convened for their annual summit next week, they could use the occasion to welcome Sweden as the alliance’s newest member. Now, that outcome appears all but impossible, as stalling by Hungary and continued objections by President Recep Tayyip Erdogan of Turkey have drawn out the process, raising questions about when Sweden might be able to join and what sort of breakthrough would be necessary. All 31 member states must agree to admit new members, and the split over Sweden risks denting the alliance’s ability to project a united front against President Vladimir V. Putin of Russia as his forces seek to beat back a Ukrainian counteroffensive. NATO officials say the hope is to get all the alliance’s leaders to agree at the two-day summit set to begin on Tuesday in Vilnius, the Lithuanian capital, to let Sweden join. Then, the thinking goes, Mr. Erdogan and Prime Minister Viktor Orban of Hungary can push the approval through their respective parliaments.

Persons: Recep Tayyip Erdogan, Vladimir V, Putin, Russia, Erdogan, Viktor Orban Organizations: NATO Locations: Sweden, Hungary, Turkey, Ukrainian, Vilnius, Lithuanian

☆ Biden Backed NATO Expansion, but It Won’t Be Easy
▼ + stars: | 2023-07-05 | by ( Matthew Cullen | ) www.nytimes.com time to read: +1 min

President Biden welcomed Prime Minister Ulf Kristersson of Sweden at the White House today to emphasize America’s support for the Nordic nation’s swift acceptance into NATO. Sweden’s entry into NATO would be a significant blow to President Vladimir Putin of Russia, who has sought to halt the alliance’s expansion. But as the alliance prepares for a show of unity at a summit in Lithuania next week, the only major barrier is President Recep Tayyip Erdogan of Turkey, a NATO ally. He has been able to block Sweden because acceptance requires unanimous consent. The U.S. has tried to placate the Turkish leader, including by supporting the sale of new F-16 fighter jets to Turkey, but Erdogan hasn’t budged.

Persons: Biden, Ulf Kristersson, Vladimir Putin of, Recep Tayyip Erdogan of, Erdogan hasn’t budged Organizations: NATO Locations: Sweden, Vladimir Putin of Russia, Ukraine, Lithuania, Recep Tayyip Erdogan of Turkey, NATO, Turkey, U.S, Stockholm

☆ Turkey's inflation rate cools despite steep lira plunge
▼ + stars: | 2023-07-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Turkey's monthly inflation rate for June came in lower than expected, despite the continued collapse of the lira currency following the re-election of President Recep Tayyip Erdogan. Turkey's consumer price index rose 3.92% month-on-month, official data showed Wednesday. On a year-on-year basis, inflation rose 38.21%, also slightly lower than Reuters' forecasts of 39.47%. "The lira freefall starts to take its toll once again as it reignites cost pressures," he said. Ash added that the central bank will need to "work very hard to bring inflation meaningfully down from here."

Persons: Recep Tayyip Erdogan, Bartosz Sawicki, Timothy Ash, Ash Organizations: Reuters, CNBC

☆ Putin strives to reassert control after Wagner mutiny
▼ + stars: | 2023-06-27 | by ( Christian Edwards | ) edition.cnn.com time to read: +8 min

CNN —For two days after Wagner chief Yevgeny Prigozhin called off his abortive mutiny, Russian President Vladimir Putin said nothing in public. Putin thanked security forces at the Kremlin Tuesday, for helping Russia to avoid "civil war." “Putin values loyalty above all else,” Dmitri Alperovitch, a member of the Homeland Security Advisory Council, told CNN. Lukashenko claimed he told Prigozhin that he would be “crushed like a bug” if he continued his advance towards Moscow, and persuaded him to call of the mutiny. Now that the dust has settled after a chaotic weekend, Putin is attempting to project an image of control.

Persons: Wagner, Yevgeny Prigozhin, Vladimir Putin, Prigozhin, ”, Putin, clement, Sergei Guneev, Dmitri Alperovitch, Kirill Shamiev, ” Shamiev, Shamiev, Roman Romokhov, they’ve, ’, Alexander Lukashenko, ” Lukashenko, Lukashenko, Recep Tayyip Erdogan, Erdogan, Alexander Ermochenko, “ Organizations: CNN, Kremlin, Sputnik, Homeland Security Advisory, European Council, Foreign Relations, Don, Getty, Federal Security Service, Novosti, Reuters Locations: Russian, Belarus, Russia, Ukraine, Moscow, Rostov, AFP, Kremlin

☆ Opinion: It wasn’t like this in Moscow in 1991
▼ + stars: | 2023-06-27 | by ( Frida Ghitis | ) edition.cnn.com time to read: +8 min

The short-lived rebellion prompted a furious reaction from his patron, Russian President Vladimir Putin, the usually cool modern-day czar. Long day covering a coup in Moscow on 1991, with @wolfblitzer and the legendary reporters Dick Blystone and Tom Mintier, with photographer Phil Turner. Our CNN Moscow bureau was teeming with action. In a famous image from August 1991, Russian President Boris Yeltsin rallies demonstrators against the coup plot against Mikhail Gorbachev. But even many of his opponents rejected the notion of a military coup.

Persons: Frida Ghitis, Yevgeny Prigozhin, Wagner, Vladimir Putin, Putin, ”, Isn’t Putin, Wolf Blitzer, Mikhail Gorbachev, Gorbachev, Dick Blystone, Tom Mintier, Phil Turner, that’s, Crews, Boris Yeltsin, Yeltsin, Recep Tayyip Erdogan, “, Erdogan, Hugo Chavez, Chavez, Nicolas Maduro, –, Prigozhin’s, Don —, Prigozhin, Russia’s, Facebook Prigozhin, I’ve Organizations: CNN, Washington Post, Politics, Wagner Group, Frida Ghitis CNN, AFP, Getty, Protesters, Putin, Twitter, Facebook, NATO Locations: Russia, Moscow, Russian, Soviet Union, Crimea, Long, CNN Moscow, Ukraine, Ankara, Turkish, Venezuelan, Venezuela, Rostov

☆ Special Report: US, Swedish prosecutors study graft complaint naming son of Turkey's Erdogan
▼ + stars: | 2023-06-26 | by ( David Gauthier-Villars | ) www.reuters.com time to read: +16 min

The proposed plan was detailed in communications and business documents seen by Reuters, as well as by a person familiar with the matter. A screengrab shows information about the AL-100K dashboard breathalyzer on the website of Swedish company Dignita Systems. Reuters was unable to confirm independently whether President Erdogan and his son Bilal were aware of, or had involvement in Dignita's alleged kickback scheme. Ibn Haldun University was founded by Turgev, a charity organization President Erdogan helped create in the 1990s, when he was mayor of Istanbul. In 2016, Italian prosecutors conducted a money-laundering probe into Bilal Erdogan on suspicion he had brought cash into the country without declaring it.

Persons: Recep Tayyip Erdogan, Erdogan, Dignita, Bilal Erdogan, Anders Eriksson, Bilal, Dignita's, Scott Greytak, Ibn Haldun, Turgev, Erdogan's, Eriksson, Irfan Gunduz, Gunduz, Erdogan’s, " Eriksson, Bilal –, Bilal Erdogan –, – Dignita, Smart, Matthew Strausz, Anders, David Gauthier, Daniel Flynn Organizations: Reuters, Dignita Systems, Dignita's U.S, Turkish, U.S . Department of Justice, International U.S, DOJ, Smart, Apollo Global Management, North Atlantic Treaty Organization, NATO, Nordic, Swedish, Ibn Haldun University, Ibn, Dignita, Tugva, BMZ, Islamic, Smart Start, Thomson Locations: United States, Sweden, Swedish, U.S, Turkey, Washington, States, Texas, Ankara, Stockholm, Istanbul, Turkish, Tugva, Islamic State, Syria, Russia, American, Gunduz

☆ Putin Calls Allies as Wagner Advances Toward Moscow
▼ + stars: | 2023-06-24 | by ( ) www.wsj.com time to read: 1 min

Russian President Vladimir Putin made calls to a number of foreign leaders still friendly with the Kremlin on Saturday “in relation to the attempted armed mutiny” in the country, according to the Kremlin. Putin spoke with his closest ally throughout the war in Ukraine, Belarusian President Alexander Lukashenko, as well as Turkish President Recep Tayyip Erdogan, the Kremlin said.

Persons: Vladimir Putin, Putin, Alexander Lukashenko, Recep Tayyip Erdogan Organizations: Kremlin Locations: Ukraine

CNN —Russian President Vladimir Putin is facing the greatest threat to his authority in two decades after Yevgeny Prigozhin, the head of the Wagner paramilitary group and Putin’s former ally, launched an apparent insurrection. Prigozhin has been highly critical of Russia’s military leadership and their handling of the war in Ukraine, but he had always stopped short of criticizing Putin directly. Wagner group also claimed to have seized Russian facilities in a second city, Voronezh, some 600 kilometers (372 miles) to the north of Rostov-on-Don. Alexander Gusev, the governor of the Voronezh region, said the Russian military was engaging in “combat measures” in the area. Stunning escalationSaturday’s dramatic events come off the back of Prigozhin’s very public and months-long feud with Russia’s military leadership.

Persons: Vladimir Putin, Yevgeny Prigozhin, Wagner, Sergei Shoigu, Valery Gerasimov, Prigozhin, Putin, ” Putin, Igor Artamonov, Sergei Sobyanin, Recep Tayyip Erdoğan, “, ”, Don “, ” “, ” Prigozhin, Rostov, Don, Alexander Gusev, Shoigu, –, Gen, Vladimir Alekseev, Sergei Naryshkin, Naryshkin, Ramzan Kadyrov, Vladimir Rogov, Rogov saif, ” Wagner, Stringer, Dmytro Kuleba, Serhii Cherevatyi Organizations: CNN, Prigozhin, Moscow, Terrorism, Security, Russian, RIA Novosti, Kremlin, Russian Southern Military Headquarters, Ministry of Defense, Russian Ministry of Defense, Foreign Intelligence Service, Russian Historical Society, Telegram, Southern Military District, Reuters, Russian Foreign, European Union, US State Department, Britain’s Ministry of Defense, Russian National Guard, Ukrainian, Twitter, Ukrainian Armed Forces Locations: Moscow, Ukraine, Russian, Rostov, Voronezh, Lipetsk, Russia, St . Petersburg, Belarus, Uzbekistan, Kazakhstan, Turkey, Prigozhin’s, Prigozhin, Don, Canada, France, Germany, Italy, Japan, EU

☆ Turkish lira sinks to fresh lows following the central bank's interest rate hike
▼ + stars: | 2023-06-23 | by ( Lee Ying Shan | ) 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. The Turkish lira sank to new record lows after Turkey's central bank raised the country's benchmark interest rate by 650 basis points in a dramatic monetary policy reversal. The central bank lifted its key interest rate by almost double, from 8.5% to 15% Thursday, marking the country's first hike since March 2021. The lira — which has been extending its plunge since President Recep Tayyip Erdogan's reelection — was last trading at 24.97 against the greenback. Newly appointed Governor Hafize Gaye Erkan hinted at more hikes until the inflation situation in the country improves.

Persons: Turkey's, Kemal Ataturk, Recep Tayyip Erdogan's, —, Steve Hanke, Hafize Gaye Erkan, Erkan Organizations: Turkish, Johns Hopkins University

☆ Central banks around the world just made borrowing costs more expensive
▼ + stars: | 2023-06-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The central banks of the UK, Turkey, Norway, and Switzerland all raised interest rates yesterday. The Bank of England is the UK's central bank. Let's start with the Bank of England's decision to raise interest rates by 50 basis points and bring borrowing costs to 5%. Turkey's central bank, meanwhile, raised interest rates by 650 basis points to 15%, which was somehow less than markets expected. Just to cover our bases: Norway's central bank raised its core lending rate by half a percentage point, and Switzerland's policymakers hiked its benchmark rate by a quarter point.

Persons: Phil Rosen, Powell, Myron Jobson, Recep Tayyip Erdogan, Spencer Platt, Jerome Powell's, Goldman Sachs, David Rosenberg, it's, Warren Buffett, Jason Ma, Nathan Rennolds Organizations: Bank of England, Bank of, Interactive, New York Stock Exchange, U.S . House, Dow, Getty, Apogee Enterprises, Homeowners, Apple, Microsoft, Nvidia, S3 Partners, BMO Capital Markets, Berkshire Hathaway, Gates Foundation Locations: Manhattan, Turkey, Norway, Switzerland, Maremagnum, Turkey's, New York City, U.S, New York, Los Angeles, London

☆ CNBC Daily Open: Rate hikes and red lights
▼ + stars: | 2023-06-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. But May's inflation reading for the U.K. was a scorcher: Inflation last month remained unchanged from April, while core inflation actually rose from 6.8% to 7.1% year over year. Turkey's welcome hikeTurkey's central bank — under its new governor Hafize Gaye Erkan — doubled the country's interest rate from 8.5% to 15%. Yet market strategists from UBS and JPMorgan Chase and are already warning that the stock market may be overvalued.

Persons: BOE's, BOE, Hafize Gaye Erkan —, Recep Tayyip Erdogan's, Jerome Powell, Martin Gruenberg, Ocado, JPMorgan Chase Organizations: CNBC, of England, Federal, Nasdaq, Dow Jones Industrial, UBS, JPMorgan Locations: —

☆ Opinion | Assessing Modi’s Leadership of India
▼ + stars: | 2023-06-23 | by ( ) www.nytimes.com time to read: +1 min

But I’m totally aghast at the tirade against Prime Minister Narendra Modi in “During Modi’s Visit, Biden Plans to Focus on Common Interests” (news analysis, June 22). For the past year or so, you have published articles critical of Mr. Modi, accusing him of being authoritarian and anti-democratic. This article talks about a crackdown on dissent under Mr. Modi and India backsliding in democracy. Similar articles have pointed out large-scale incarceration of political opponents ever since Mr. Modi’s party has been voted to power. I’ve not seen any mass jailing or subversion of democracy in India as is happening in other countries like Turkey.

Persons: Donald Trump, Narendra Modi, Biden, Modi, Vladimir Putin, Recep Tayyip Erdogan, Viktor Orban Organizations: Mr Locations: Indian American, United States, “, India, Turkey

☆ Turkey hikes interest rates as Erdogan reverses policy on fighting inflation
▼ + stars: | 2023-06-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

London CNN —Turkey’s central bank hiked interest rates to 15% from 8.5% Thursday in a dramatic reversal of its unorthodox policy of cutting the cost of borrowing to tame painfully high inflation. Annual consumer price inflation has come down from a two-decade high of 85.5% in October but was still almost 40% in May. This is the first rate decision by Turkey’s central bank since last month’s reelection of President Recep Tayyip Erdogan. Erdogan had ordered his central bank to cut rates nine times since late 2021, when inflation around the world started to accelerate, whereas most economies have raised rates. In that time, the value of the Turkish lira has crashed almost 170% to stand at a record low of 23.60 against the US dollar on Thursday.

Persons: Recep Tayyip Erdogan, Hafize Gaye Erkan, Goldman Sachs, Erdogan, Erdogan —, —, Mehmet Simsek, Turkey’s, Merrill Lynch Organizations: London CNN

☆ Turkey's central bank hikes interest rate to 15% in dramatic U-turn to tackle 40% inflation
▼ + stars: | 2023-06-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Residents waiting at a bus stop under a large Turkish flag in Istanbul, Turkey, on Sunday, April 30, 2023. Turkey's central bank jacked up the country's key interest rate Thursday, almost doubling it from 8.5% to 15% as the new economic administration of recently re-elected President Recep Tayyip Erdogan embarked on a dramatic monetary policy U-turn. The bank said that there will be further gradual monetary tightening until the inflation picture in the country improves. The whopping 650-basis-point rate rise is the country's first since March 2021, but was below analyst expectations of a 1,150-basis-point hike to 20%. Not enough," Timothy Ash, emerging markets strategist at BlueBay Asset Management, wrote in an note via email.

Persons: Recep Tayyip Erdogan, Hafize Gaye Erkan, Timothy Ash, — Organizations: Turkish, BlueBay Asset Management Locations: Istanbul, Turkey, Turkey's

☆ U.S. still expects Sweden's NATO ascension by July despite Turkey tensions, U.S. ambassador says
▼ + stars: | 2023-06-16 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Ambassador to Turkiye Jeffry Flake speaking in Washington D.C., United States on May 3, 2023. The U.S. is still holding out hope that Sweden will join NATO by July in spite of Turkey's apprehensions, Ambassador to Ankara Jeffry Flake said. "We hope Sweden can become a member of NATO soon," Flake told CNBC's Dan Murphy Friday, adding that Sweden has taken a number of measures to address Turkey's security concerns. Officials from Sweden, Turkey, Finland and NATO had convened in Ankara with hopes of easing Turkey's objections. Turkey, Finland and Sweden had last year inked an agreement to on the sidelines of the NATO summit in Madrid, committing to address Turkey's security demands.

Persons: Turkey's apprehensions, Ankara Jeffry Flake, Flake, CNBC's Dan Murphy, Recep Tayyip Erdogan, Erdogan Organizations: Washington D.C, NATO Locations: Washington, United States, U.S, Sweden, Ankara, Vilnius, Turkey, Finland, Turkish, Anadolu, Madrid

☆ CNBC Daily Open: The Fed paused, but so did markets
▼ + stars: | 2023-06-15 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Federal Reserve Board Chairman Jerome Powell speaks during a news conference following the Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on June 14, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Pause and playThe Federal Reserve left interest rates unchanged, as widely expected. That could mean a return to raising rates to combat Turkey's sky-high inflation, which was 39.6% in May.

Persons: Jerome Powell, Recep Tayyip Erdogan, Erdogan, Elon Musk, Noel Barrot, Barrot, Jeffrey Gundlach, Gundlach Organizations: Federal Reserve, CNBC, Dow Jones, Nasdaq, Twitter, DoubleLine Locations: Washington ,, Europe, France, EU, U.S

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