Business

Erdogan, Macron vow to boost economic ties - Turkish presidential source

Erdogan, Macron vow to boost economic ties - Turkish presidential source Although the lira gained some respite on Tuesday, investors say measures taken by the central bank on Monday to ensure liquidity failed to address the root cause of lira weakness. Cavusoglu said ties with the bloc, which have been strained in recent years, were on a firmer basis and had started normalising. Central bank data showed foreign currency deposits held by local investors rose to $159... [Full Article...]

Turkish court rejects U.S. pastor Andrew Brunson's appeal

Turkish court rejects U.S. pastor Andrew Brunson's appeal Turkey's currency, the lira, bounced back sharply on Wednesday morning, falling back below six per dollar. But many analysts say the only way for the authorities to show they are really serious about tackling Turkey´s economic problems - which include inflation approaching some 16 percent - would be a sharp rate hike. [Full Article...]

Turkey's Erdogan pledges boycott on United States electronics

Turkey's Erdogan pledges boycott on United States electronics The dispute between the USA and Turkey has started an economic crisis in Turkey that has pushed its currency to historic lows. On Tuesday the White House said President Trump was frustrated that Turkey had not released Andrew Brunson, the evangelical pastor held on terrorism charges that Washington believes are fabricated. [Full Article...]

Firefighter dies in Mendocino Complex Fire

Firefighter dies in Mendocino Complex Fire Eight civilians have also been killed in the blazes across the state. The fatality marks the sixth firefighter to be killed in California's wildfires this year alone. Fire crews are working tirelessly in sweltering conditions, battling multiple fires. The reopening of Yosemite Valley, by far the most heavily touristed area of the park, came as firefighters continued to make slow, steady prog... [Full Article...]

Wall Street dragged down by fall out from Turkey's currency crisis

Wall Street dragged down by fall out from Turkey's currency crisis Even with the rebound, the lira has plunged 25 percent this month as tension with the US over a jailed American pastor deepened and Erdogan ruled out higher rates and an global bailout. The appeal document seen by Reuters said the court should prevent any unlawful political interventions and lift judicial control provisions imposed on Brunson. [Full Article...]

Oil steady as emerging market woes dim demand outlook

Oil steady as emerging market woes dim demand outlook On Friday, Bloomberg also reported that the Islamic Republic's state-run National Iranian Oil Company was planing to reduce official prices for September sales to Asia to their lowest level in 14 years. Iran's state news agency IRNA reported that an "informed source" inside the country's oil ministry did not provide extensive details and sought to downplay the move as common industry practice. [Full Article...]

Turkish lira dip spells trouble for Asian markets

Turkish lira dip spells trouble for Asian markets On Monday, Erdogan said that spreading false news about the economy was treason and recent USA actions were a stab in the back against Ankara. Turkish President Tayyip Erdogan makes a speech during a ceremony marking the second anniversary of the attempted coup at the Presidential Palace in Ankara, Turkey, July 15, 2018. [Full Article...]

Rupee recovers 35 paise after breaching 70/$-mark; falls 10% in 2018

Rupee recovers 35 paise after breaching 70/$-mark; falls 10% in 2018 The rupee hit an all-time low of 70 .1 to a United States dollar earlier today on concerns over Turkey's economic woes. The currency opened at 69.84 against the dollar and touched a high of 69.75 before falling to 70.08 at 10.34 am, Mint reported. [Full Article...]

Tesla directors: 'No formal proposal' to take company private

Tesla directors: 'No formal proposal' to take company private Musk has since attempted to calm things down by issuing a blog post Monday in which he expressed confidence that conversations with a Saudi sovereign wealth fund can lead to a deal. The special committee has the authority to take any action on behalf of the board to evaluate and negotiate a potential transaction and alternatives to any transaction proposed by Musk, the company said in the st... [Full Article...]

Iran's Khamenei bans holding direct talks with United States

Iran's Khamenei bans holding direct talks with United States The rial currency has lost about half of its value since April under the threat of revived USA sanctions, with heavy demand for dollars among ordinary Iranians trying to protect their savings. The Supreme Leader criticised Mr Rouhani's government after a sharp fall in the Rial currency prompted angry protests from citizens. Thousands of Iranians have protested in recent weeks against sharp ris... [Full Article...]

Erdogan says US 'wrong' to threaten Turkey after Trump doubles tariffs

Erdogan says US 'wrong' to threaten Turkey after Trump doubles tariffs Mr Trump is also declaring that "Our relations with Turkey are not good at this time!". Turkey has vowed to retaliate, but its currency has steadily weakened, removing some of the bite of the tariffs by making Turkish goods cheaper for USA consumers. [Full Article...]

'Suicidal' Man Steals, Crashes Empty Plane From Seattle Airport

'Suicidal' Man Steals, Crashes Empty Plane From Seattle Airport The man's condition after the crash wasn't immediately known. "The wings are off, the fuselage is, I think, kind of positioned upside down", Debra Eckrote , the Western Pacific regional chief for the National Transportation Safety Board , said . [Full Article...]

Weedkiller glyphosate 'doesn't cause cancer' - Bayer

Weedkiller glyphosate 'doesn't cause cancer' - Bayer Two of Britain's leading garden centre chains are reviewing their products after a weedkiller was blamed for causing the terminal cancer of an American man awarded more than $289m (£226m) in damages. The suit is one of hundreds in progress and will nearly certainly be appealed by Monsanto, which was recently purchased by chemical giant Bayer . Johnson's team expressed confidence in the verdict,... [Full Article...]

Trump threatens auto tariffs if trade talks fail

Trump threatens auto tariffs if trade talks fail At Trump's direction, the Commerce Department in May launched a probe into whether imports of cars, trucks and auto parts pose a national security risk, invoking the same 1962 trade law used to justify broad tariffs on steel and aluminum - including those imposed on Canada and Mexico. [Full Article...]

McDonald's offers free food 'for life' through McGold Card contest

McDonald's offers free food 'for life' through McGold Card contest The victor of the contest will receive a "McGold Card", which earns them two free meals per week for the next 50 years - not exactly unlimited food for life, but an offer no hardcore McDonald's fan would sneeze at. Rob Frankel, a Los Angeles-based branding strategy expert, tells CNBC that he's not impressed. The app also has coupons including free fries with any mobile orders on Fridays. [Full Article...]

Wall St set to open lower as trade tensions escalate

Wall St set to open lower as trade tensions escalate Mylan's 6.8 percent drop was the most on the benchmark S&P 500 after the drugmaker reported quarterly results and said it was actively evaluating a "wide range of alternatives". You have banks losing because the 10-year U.S. Treasury (yield) came down". The Nasdaq Composite Index increased 3.46 points, or 0.04 percent, to 7,891.78. [Full Article...]

Ryanair braces for biggest ever one-day strike

Ryanair braces for biggest ever one-day strike Ryanair employees are on strike in Germany , Ireland , Sweden , Belgium and the Netherlands, forcing the firm to cancel 394 flights. A total of around 400 flights Europewide have been cancelled due to the strike action, AFP reported - equating to around 55,000 passengers. [Full Article...]

Turkey's Erdogan Calls On Turks To Dump Dollars, Euros

Turkey's Erdogan Calls On Turks To Dump Dollars, Euros The country's economy was already in trouble, but the lira's selloff was heavily compounded by Donald Trump's announcement that he was doubling tariffs on Turkish steel and aluminum . "Some countries have engaged in behavior that protects coup plotters and knows no laws or justice", he said. Washington "must give up the misguided notion that our relationship can be asymmetrical", he said ... [Full Article...]

U.S. media criticizes Trump's tariffs decision on Turkey

I have just authorised a doubling of tariffs on steel and aluminium with respect to Turkey as their currency, the Turkish lira , slides rapidly downward against our very strong dollar! That turned into a rout on Friday, with the currency diving as much as 18 per cent at one point, the biggest one-day drop since a 2001 financial crisis in Turkey. [Full Article...]

Lira plummeting further into crisis ensures a brutal conclusion to eventful week

Lira plummeting further into crisis ensures a brutal conclusion to eventful week But the trade minister, Ruhsar Pekcan, said: "We implore President Trump to return to the negotiating table". A 20 percent fall in exports would only reduce GDP by 0.1 percentage point or less per year in the 19 countries that use the euro currency. [Full Article...]


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