Turkish crisis weakens shekel against dollar

President Tayyip Erdogan addresses his supporters in Bayburt Turkey on Aug. 10 2018. The Associated Press

Exotix Capital, a specialist emerging market investment bank, said in an email on Monday: "International investors would like to see the same actions taken in Argentina recently: much higher interest rates (e.g. a more than 10 percentage point hike), a commitment to address inflation and improve fiscal performance, and engagement with multilateral lenders such as the IMF".

Erdogan indicated he was in no mood to offer concessions to the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years.

In a statement the White House clarified that Trump had authorized the preparation of documents to raise steel and aluminum tariffs through his authority under Section 232 of US trade law.

Details and implementation of the plan remained vague.

"This is the sign of a clear attack, a challenge", Albayrak said.

Turkey's central bank, perhaps under the influence of a president who has declared himself an "enemy" of higher interest rates, is yet to raise interest rates in response to the crisis.

In an interview with the newspaper Hurriyet, Treasury and Finance Minister Berat Albayrak also said the government had no plans to seize foreign currency deposits or convert deposits to the Turkish lira.

The Turkish lira plummeted over the weekend, hitting a record low of 7.06 lira to the dollar in early Asian trade.

Yet the dollar was still up nearly 10 percent on the day at 7.0000 lira.

Turkish President Recep Tayyip Erdogan, embroiled in a bitter dispute with the US, a North Atlantic Treaty Organisation ally, contended Sunday the plunging value of his country's lira currency amounted to a "political plot" against Turkey.

Cristiano Ronaldo scores for Juventus on his friendly debut
Cristiano Ronaldo scored his first goal for Juventus today, albeit in the pre-season friendly, against a Juventus B team. The storied Italian club hopes signing Ronaldo will help it add to the European Cups it won in 1985 and '96.

Here's Omarosa's Recorded Conversation with John Kelly in The Situation Room
Privately, many are wondering how many tapes she might have - and whether they are heard speaking on them. She also said the doors were locked. 'But that doesn't sell books, and that doesn't settle scores'.

Indonesia plane crash: Boy, 12, survives Papua accident
The wreckage of the plane was found in a heavily forested area on a mountain side in the Oksibil subdistrict on Sunday morning. Papua Province is considered a challenging area for pilots to fly due to its rapidly changing weather conditions.

In his speech, Erdogan, referring to industrialists, said, "Do not prefer to rush to banks and buy foreign currency".

The lira's plunge sparked tremors through global markets on Monday, dragging a gauge for emerging-market currencies to the lowest in more than a year.

Spanish banks have $83.3 billion in exposure to Turkish markets, while French banks are owed $38.4 billion and Italian banks owed $17 billion.

However, experts paint a bleaker picture, warning that global markets may face major ramifications as investors try to assess the impact of the crisis on European banks that have lent money to Turkey.

Turkish President Recep Tayyip Erdogan lashed out against the United States on Monday, criticizing that the North Atlantic Treaty Organisation ally seeks to "stab Turkey in the back" by the use of sanctions. "All of our action plan and measures are ready", Albayrak said, without elaborating.

Presidential Communications Director Fahrettin Altun described the rumors as "disinformation campaign" based on a statement by President Recep Tayyip Erdoğan, who had said on August 12 that "You must know that keeping this nation on its feet is not just our duty but also the duty of industrialists and merchants".

For the Pound, there are no material stats scheduled for release through the day, with the current geo-political storm having a relatively muted impact, the Pound having already been beaten into submission over Brexit and fears of a hard exit from the European Union that is about to have its hands full should Turkey collapse into a financial crisis and begin defaulting on government paper. "With God's permission we will overcome this", Erdogan told his party members in the Black Sea city of Trabzon.

Raising interest rates was a "tool of exploitation" against business, he said.

"President Erdogan of Turkey is showing no sign of backing down against the United States", said market analyst David Madden at CMC Markets UK, adding the crisis risked having a "knock-on effect" around Europe.

On Sunday, Germany's Economy Minister Peter Altmaier criticized the US sanctions against Turkey.


  • Turkey takes action in bid to curb currency crisis

    Turkey takes action in bid to curb currency crisis

    Erdogan said his country would begin to seek new partners, following what he described as a "political plot" against Ankara. Mr Cavusoglu said: "We support diplomacy and negotiations but it is not possible for us to accept impositions".
    Neymar In PSG Squad For Ligue 1 Opener, Cavani And Mbappe Missing

    Neymar In PSG Squad For Ligue 1 Opener, Cavani And Mbappe Missing

    Substitute Timothy Weah added a third from close range with a minute to go to wrap up a decent night's work for the title holders. They included forward Kylian Mbappe, who helped France win the World Cup , and Belgium right back Thomas Meunier.
    Intel's new Core i9-9900K: 8C/16T with all-core 4.7GHz boost

    Intel's new Core i9-9900K: 8C/16T with all-core 4.7GHz boost

    This would be an incredible feat, with Intel making sure the 9900K is the best 8C/16T processor on the market. Four cores can run together at 4.8GHz, and it can utilise 6 or all physical cores and still achieve 4.7GHz.
  • Black box of crashed Seattle plane found

    Black box of crashed Seattle plane found

    He also told the controller he "wasn't really planning on landing" the aircraft, and he described himself as "just a broken guy". The theft was conducted by a Horizon air employee, described in media reports as a ground service agent.
    Japanese Man Detained in N. Korea

    Japanese Man Detained in N. Korea

    The report, citing government sources, said that details of the middle-aged man's detainment were unclear, and that he may be suspected of spying.
    Blue light from smartphones could accelerate blindness

    Blue light from smartphones could accelerate blindness

    The good news in all this is that the research could lead to ways of preventing or treating the blue light's effects. The blue light from digital devices like smartphones could accelerate blindness , researchers found.
  • FBI Fires Peter Strzok, Agent Removed From Russia Investigation Over Trump Texts

    FBI Fires Peter Strzok, Agent Removed From Russia Investigation Over Trump Texts

    House Republicans cheered Strzok's firing, with House Majority Leader Kevin McCarthy saying on Twitter that it was "long overdue". The texts were cited in a 500-page report released in June by the Justice Department's inspector general.
    Police unions pull out of Dolphins game over anthem issue

    Police unions pull out of Dolphins game over anthem issue

    His father, Mike London, was also a police officer and the first black head football coach in University of Virginia history. Some players took a knee, while Malcolm Jenkins of the Eagles raised a fist. "Find another way to protest".
    Official debuts for new Liverpool signings

    Official debuts for new Liverpool signings

    A misplaced header from Ben Mee beat Hart but Burnley defender Matt Lowton headed clear off the line. Their best one followed a lucky bounce off the referee but Marko Arnautovic miscued his shot.
  • Leonardo Ulloa leaves Leicester for Mexican side Pachuca

    Leonardo Ulloa leaves Leicester for Mexican side Pachuca

    After struggling for goals during his time in England, the forward will hope to revive his club career in Turkey. Ulloa's Leicester team-mate Islam Slimani has been shipped out on loan and will spend the season at Fenerbahce.
    On Sridevi’s birth anniversary, Janhvi Kapoor shares a throwback photo

    On Sridevi’s birth anniversary, Janhvi Kapoor shares a throwback photo

    The Padma Shri awardee had also made a mark with her stellar performances in Tamil, Telugu, Hindi, Malayalam and Kannada films. A veteran in her own right, Sridevi has worked on several films during her career and has proved her mettle across languages.
    Turkish central bank tries to contain currency crisis that affected Asian markets

    Turkish central bank tries to contain currency crisis that affected Asian markets

    Turkey also wants the USA to hand over Pennsylvania preacher Fethullah Gulen which it blames for the 2016 coup attempt. Turkey's lira extended its precipitous slide Monday, with the selloff spreading to other emerging market currencies.


Latest news

Turkey Announces 'Action Plan' to Ease Market Concerns
Turkey's banking watchdog BBDK in a statement said it was limiting banks' foreign exchange swap transactions. Albayrak described the Lira's weakness as "an attack", echoing President Erdogan, who is his father-in-law.

Which Note 9 color do you like best?
In terms of sales, Samsung is the leading player in India. "In terms of its size, China is a market we can not give up", he said. Many believe, the Galaxy S9 and S9+ are the worst-selling Galaxy S devices since the Galaxy S3 that was released in 2013.

Trump claims win in US House race, but Democrat surge looms
Susan Cahill, a 66-year-old retired state employee in Olympia, said she dropped her ballot off at the mailbox on Sunday. Cantwell is Washington's junior senator and the ranking member of the Energy and Natural Resources Committee.

Canada has to wait to re-enter NAFTA talks says Trump
MacNaughton said in an interview last week that predictions NAFTA can be settled by the end of August are "aspirational". It seems that new sticking points have emerged over Trump's threat to impose steep automotive tariffs.

‘No chance’ Willian would have stayed at Chelsea under Conte
Players like that want to play football, no? "That's why he (Sarri) talked about "fun" football (on arriving at Chelsea)". But, with the Italian now gone, it seems Willian is now happy with his current role under Maurizio Sarri at the club.

North and South Korean leaders to meet for third summit in September
A unification flag hangs on a military fence near the demilitarized zone (DMZ) separating the two Koreas in Paju, South Korea January 15, 2018.

Paul Pogba Hints At Manchester United Unhappiness With Latest Comments
He went on to say: "There are things I can not say otherwise I will get fined". "There are things I can not say otherwise I will get fined".

‘Milestone event’: Five states sign historic deal on status of Caspian Sea
The host, Kazakh President Nursultan Nazarbayev said before the signing that the leaders were "participants in a historic event". Rouhani said that by signing of convention, a new step has been taken to improve relations among the five littoral countries.

Iran's leader orders government not to talk to US
The US reinstated certain economic sanctions against Iran last week, with President Trump promising more to come in November. Iran's Supreme Leader Ayatollah Ali Khamenei is seen at the Hussayniyeh of Imam Khomeini in Tehran, Iran, August 13, 2018.

Tiger closes PGA Championship with awe-inspiring 64 in final round
But he was bitterly disappointed he didn't get full relief from TV towers on the 16th and ended up making a bogey from seven feet. They both missed 6-foot birdies on the 17th, and Scott had to settle for third when he bogeyed the final hole for a 67.

Saudi Arabia looks to invest big in Tesla
Still, without proof that funding was secured to privatize Tesla , Musk may soon be held accountable for his online shenanigans. Tesla board members are preparing to meet with financial advisers this week to evaluate Musk's proposal.

Turkey's finance chief: Action plan ready to ease markets
Andrew Craig Brunson, an evangelical pastor from Black Mountain, North Carolina, arrives at his house in Izmir, Turkey , in July. Do not take a stance saying "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong".

Brooks Koepka wins 2018 PGA Championship
There appears to be one major difference, however: Norman tended to melt in big moments, and Koepka seems to live for them. Not only did Tiger finish second at the PGA Championship, but he was also tied for sixth at The Open Championship.

Meghan's father hung up on Harry in phone row
A USA source revealed that the Duchess still wants to maintain a relationship with her dad, but just wants some time out. According to reports, Meghan's mam Doria Ragland is making the move to the United Kingdom to be closer to her daughter.

Ticketmaster to close resale website Seatwave
Ticketmaster has vowed to be transparent to fans about the difference between new and resold tickets and stamp down on the touts. The sites will close permanently in October in the United Kingdom and Ireland; and later in the year for the rest of Europe.

Other news