Erdogan tells US: Turkey will find new friends

Passersby using umbrellas struggle against a heavy rain and wind in front of an electronic stock quotation board as Typhoon Shanshan approaches Japan's mainland in Tokyo Japan

"Making a speech like Albayrak's in the midst of a currency free fall without a single concrete measure shows utter lack of comprehension about what's happening and what's required", tweeted Harvard economist Dani Rodrik.

The US has demanded the release of Andrew Brunson and on Friday doubled tariffs on steel and aluminum imports. Import taxes for aluminum will be 20 percent. That is two times the level announced earlier this year in March.

Investors piled into "safe" government debt, with German yields hitting three-week lows and the yield on the benchmark US 10-year Treasury note falling to 2.88822 percent. "We care about the law, the language of the law", he said about the U.S. policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.

Trump tweeted that the latest tariff decision came as Turkey's currency, the lira, "slides rapidly downward against our very strong Dollar".

BBVA, owner of nearly 50 per cent of Istanbul-based Turkiye Garanti Bankasi AS, fell more than 5 per cent. Garanti and its local peers face a wave of corporate defaults and loan restructurings as the lira's collapse makes it harder for Turkish companies to repay the dollars they have borrowed in recent years.

His chief advisor and spokesperson Ibrahim Kalin pointed out more blatantly that the U.S. might lose Turkey for good.

Exchange-rate volatility not only complicates loan repayments, it also drives inflation higher and erodes the value of existing loans in the local currency.

Turkey's President Recep Tayyip Erdogan in Rize spoke of Turkey's plans to trade in local currencies with some countries. "This is Turkey", he said.

Markets are deeply concerned over the direction of domestic economic policy under Erdogan with inflation at almost 16 percent but the central bank reluctant to raise rates in response. Erdogan has appealed to the people to convert their dollars to liras, saying Turkey is in the midst of an "economic war" with the West. He returned to his familiar refrain of urging Turks to use their reserves of dollars, euros and gold to buy up lire.

Seattle plane crash: Family of man who crashed stolen plane issue statement
Investigators expect they will be able to recover both the cockpit voice recorder and the event data recorder from the plane. Two F-15 fighter jets scrambled from Portland "minutes later" to intercept it, according to Pierce County Sheriff's Office.

Prince Harry Heads Back to Botswana Without Wife Meghan Markle
Several months later, he admits that Harry was right to criticise him all along. Thomas never made it to the wedding after suffering from a heart attack.

Sarri learns lessons from Chelsea's opening win at Huddersfield
Before the second goal, the Terriers had hit a post through Steve Mounie's header, but it was to be Sarri's and Chelsea's day. Kepa Arrizabalaga made his Chelsea debut at Huddersfield , just days after becoming the most expensive goalkeeper in history.

According to central bank data, Turkey's non-financial companies' foreign currency liabilities now exceed their foreign exchange assets by more than $200bn. Following the tweet, Turkey responded by imposing duties on $1.8 billion in US goods including coal and paper.

One of the hard issues affecting U.S.

Much of the tensions between the two countries centre on an American cleric, jailed in Turkey on terrorism charges. Brunson is on trial and faces up to 35 years in prison if he is found guilty.

Relations between the two North Atlantic Treaty Organisation allies have sunk to their lowest point in decades over a number of issues including the detention of United States pastor Andrew Brunson on terror-related charges, prompting the Turkish lira to hit record lows against the dollar.

The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism.

He added: "Relations with countries who behave like this have reached a point beyond salvaging".

In the worst case scenario of the collapse of a European bank, there could be "contagion" - other countries and banks, including those in Britain, may be imperilled - raising the spectre of the economic turmoil that followed the 2008 global banking crisis.

Erdogan had on Friday held a phone call with Russian President Vladimir Putin to discuss economic and trade issues as well as the Syria crisis.

Related:

Comments

Latest news

Seattle airport employee steals plane, takes off and crash lands
Fighter jets were scrambled after Russell, 29, stole a 76-seat Horizon Air plane at about 7.32pm local time on Friday. He then said: "I wouldn't know how to land - I wasn't really planning on landing it". "It's very unusual", she said.

Harry Maguire will not be bitter, insists Claude Puel
Julien Laurens shares his insights on Paul Pogba's cryptic social media post after Manchester United's win over Leicester . Meanwhile, interest in Mina ended when the Colombian's advisors asked for what has been described as a "ridiculous" fee.

Jordan policemen killed in storming of militants’ hideout
On Saturday, Prime Minister Omar al-Razzaz vowed that Jordan would "not be complacent in the hunt for terrorists". Ghneimat said that the security forces raided the house in Salt after receiving a tip-off.

Tiger Woods gets in the hunt despite his putting problems
To top things off, weather blew in early in the afternoon (thunderstorms are always possible when you have your tournament in St. He wound up with triple bogey, and scrambled to get back in the mix. "He's got a great head on his shoulders", Furyk said.

PTI invites PML-N to Imran's oath-taking ceremony
The summit-level meeting of the group had been uncertain since bilateral ties between India and Pakistan created a hurdle. A press statement issued by the Indian High Commission said Mr.

Growth doubles to 0.4pc as economy bounces back from cold snap
The ONS also said that the economy grew by 0.1 per cent in June, down from a more robust 0.3 per cent in the previous month.

Trump calls former WH aide Omarosa a "lowlife"
Manigault Newman worked in the White House for almost a year as an assistant to the president and the director of communications for the Office of Public Liaison.

Bairstow & Woakes put England in strong position at Lord’s
The shot that brought up his century - a pull over mid-wicket for three - was a rare mistimed stroke. Speaking of, forecast of rain could be India's saving grace.

A winning start for Manchester United but there's trouble in store
Pogba said "everybody was on the same page" in the France dressing room, from manager Didier Deschamps to the staff and players. It's going to be easier and it makes the team go higher. "I always love this club".

Widodo chooses cleric as VP pick in election race
The pair will square off against Prabowo and deputy Jakarta governor Sandiaga Uno, a former businessman and private equity tycoon. Indonesia, the world's third-largest democracy and biggest Muslim-majority country , goes to the polls in April.

Irish retailing family step in to buy Poundworld
Dublin retailing family, the Hendersons, opened a store called Poundworld in Ireland in 1984. The would be no obligation for the new Poundworld shops to rehire existing staff members.

Arsenal Manager: Pep Is Better Me
Asked if the response showed he has created the ideal culture, the 46-year-old said: "Yes, of course - that's the dream". Emery ended by confirming that he will make a late decision on Sunday on who he might start.

Hawks grant Carmelo Anthony's wish, send him jersey
Carmelo Anthony reached a verbal agreement to join the Houston Rockets , sources told Yahoo Sports and USA Today on Tuesday. Anthony previously said in an interview he wanted to get a jersey from the Hawks with his name on the back.

Kinder Morgan Inc (KMI) Plans $0.20 Quarterly Dividend
Return on assets (ROA) is a financial ratio that shows the percentage of profit a company earns about its overall resources. The Profitability ratios reveals facts about how much stock is profitable and what the past Profitability performance.

NASA blasts off historic spaceship to Sun
The Parker Solar Probe carries a lineup of instruments to study the Sun both remotely and in situ, or directly. "We are ready. It is said to endure unprecedented levels of heat, and radiation 500 times greater than that experienced on Earth.

Other news