Qatar Rescues Turkey With $15 Billion

16 August, 2018, 20:25 | Author: Regina Silva
  • Qatar has close ties with Turkey whose President Recep Tayyip Erdogan is seen here being welcomed by Qatari Emir Sheikh Tamim bin Hamad Al Thani in Doha

"Turkey's currency has bounced back from record lows after a lifeline from Qatar".

Earlier on Wednesday, Qatar pledged $15 billion in investment to Turkey, which will be channeled into banks and financial markets, a Turkish government source told Reuters.

The bail-out followed talks in Ankara between the emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, and Turkey's President Recep Tayyip Erdogan.

In total, companies in Turkey have $217 billion in net foreign-exchange debt, equal to about a quarter of gross domestic product, according to central bank data. Turkey retaliated with some $533 million of tariffs on some USA imports - including cars, tobacco and alcoholic drinks - and said it would boycott us electronic goods, singling out Iphones.

The tit-for-tat tariffs were announced amid Turkey's rejection of a USA demand to release Brunson, the American pastor, who is sentenced to imprisonment in the country on espionage and terrorism-related charges for almost two years. "We will boycott the electronics products of the U.S".

"Qatar has pledged Dollars 15 billion of direct investments in Turkey", presidential spokesman Ibrahim Kalin wrote on Twitter yesterday.

Lira has lost around 40% against the U.S. dollar this year, due to worries over Erdogan's growing control over the economy and his repeated calls for lower interest rates despite high inflation.

The weakness of the Turkish currency has rippled through global markets.

Every Indian can be proud of manned space mission: ISRO chief
The mission, first proposed almost a decade ago, would cost the famously frugal space agency less than £1.1bn, he added. The plan is to launch the rocket from a site at Sriharikota, located in the southern Indian state of Andhra Pradesh .


China printing currencies for countries like Nepal, Lanka and Bdesh
In the last 24 hours, rumor mills were abuzz with reports that Indian currencies has been printed in China . Many countries such as Denmark prefer to outsource the printing of their currency due to the cost involved.


Google Has Killed Call Recording In Android Smartphone, Once And For All!
HMD also confirmed its last year's models including the Nokia 8, Nokia 6 and Nokia 5 will be getting the Pie treatment, as well. The stable update should arrive sometimes this autumn, although we don't have an exact date to share with you.


The lira has lost almost 40 percent of its value against the dollar this year, driven by worries over Erdogan's growing influence on the economy and his refusal to raise interest rates despite high inflation.

His detention has soured relations with Washington, with US President Donald Trump doubling aluminum and steel tariffs for Turkey in punitive actions against Ankara's refusal to release Brunson.

The pastor is now being held under house arrest.

The crisis has sent the Turkish currency into free fall since Friday. Administration officials said the USA does not now have any meetings scheduled with Turkish officials to discuss Brunson's case.

Turkey and Qatar - which is also a very close USA ally - have become close economic and political partners in recent times. "The tariffs are specific to national security".

Tensions between the United States and Turkey have been steadily rising since American pastor Andrew Brunson was detained by Turkish officials on charges of terrorism and espionage.

A spokesman for the Turkish president has said Washington must stop trying to influence Turkey's judiciary.

Recommended:

  • Bitcoin price (BTC/USD) tops $6,400, but struggles to find direction

    Bitcoin price (BTC/USD) tops $6,400, but struggles to find direction

    At the moment, the entire cryptocurrency market cap stands at, $214 billion, with Bitcoin having a market cap of $108 billion. At the time of publishing Bitcoin's market share is above 49%, the highest it has been this calendar year.

    Turkey issues sharp tariffs on USA imports

    The Turkish currency began to recover after authorities this week took steps to help bank liquidity and limit swap transactions. President Donald Trump said he had authorised higher tariffs on aluminium and steel imports from Turkey .
    Trump's latest boost to the dollar: US-Turkey spat

    Trump's latest boost to the dollar: US-Turkey spat

    The call for a boycott appears to be Erdogan's answer to the US decision to double tariffs on Turkish steel and aluminum imports. The imprisonment of United States pastor Andrew Brunson has weighed heavily on relations, leading to a series of escalations.
  • Legendary singer Aretha Franklin has died

    Legendary singer Aretha Franklin has died

    Franklin appeared on the cover of TIME in 1968, with a story that commended the "fierce, gritty conviction" of her voice. Her music is legendary. "And she just sounds so damn good". "We have lost the matriarch and rock of our family".
    Militants attack security training center in Kabul city

    Militants attack security training center in Kabul city

    So far more than 150 people have been killed in the fighting, according to a local member of parliament. Taliban spokesman Zabihullah Mujahid claimed responsibility for the assault.
    Manafort trial turns from prosecution's case to his defense

    Manafort trial turns from prosecution's case to his defense

    The case against Manafort has long centered on whether he lied when he claimed not to control any foreign bank accounts. Gates said he helped Manafort commit crimes in an effort to lower his tax bill and fund his lavish lifestyle.
  • Ghazni attack: 70 policemen killed in Afghanistan's provincial capital

    Ghazni attack: 70 policemen killed in Afghanistan's provincial capital

    The Taliban are going from house to house to find government officials or their relatives to kill", said one resident, Sayed Zia. But in others "the Taliban have positioned their fighters in high buildings shooting at security forces from there", he added.
    Arsenal's Petr Cech backed to keep No. 1 spot by Unai Emery

    Arsenal's Petr Cech backed to keep No. 1 spot by Unai Emery

    The moment displayed on the video happened during the weekend match between Arsenal and Manchester City , which finished 0-2 to the visitors.
    Fortnite New LTM: Soaring 50's, Plus Sniper Shootout Changes

    Fortnite New LTM: Soaring 50's, Plus Sniper Shootout Changes

    Limited Time Mode: Soaring 50s: This mode is a twist on the traditional 50 vs 50 mode , featuring an extra emphasis on mobility. The only weapons players will happen upon here are sniper rifles, and the spawn rate of floor loot has been reduced by 50%.
  • Watch James Corden Carry Ariana Grande Into Starbucks on ‘Carpool Karaoke’

    Watch James Corden Carry Ariana Grande Into Starbucks on ‘Carpool Karaoke’

    Watch Corden and Grande belt out " Side to Side ", Little Shop of Horrors' " Suddenly Seymour ", and more hits in the video above. She previously joined Corden on Monday's Late Late Show , taking on the role of Rose in " Soundtrack to Titanic ".
    Qatar promises $15B investment in Turkey - presidency

    Qatar promises $15B investment in Turkey - presidency

    Cavusoglu said ties with the bloc, which have been strained in recent years, were on a firmer basis and had started normalising. Brunson is accused of backing a 2016 coup attempt against Erdogan, which Brunson denies.
    Motorola’s new mid-range P30 phone looks almost  identical to the Huawei P20

    Motorola’s new mid-range P30 phone looks almost identical to the Huawei P20

    Coming to the pricing, the Motorola P30 with 64GB and 128GB of internal storage is priced at 2099 Yuan and 2499 Yuan respectively. The device comes in 64GB and 128GB storage options and there is also a MicroSD card slot for further expansion of up to 256GB.


Popular

Aretha Franklin dead: Queen of Soul passes away at age 76
But in 2013 when Bey was criticised for lip-syncing at President Obama's inauguration, Franklin came to the singer's defence. Her family had told media in her hometown of Detroit this month that she was gravely ill and asked for prayers.

At least 76 people overdose on K2 in New Haven, Connecticut
Emergency responders spent several hours today working to treat the victims and transport them to the hospital. At the height of the situation, emergency crews were sprinting across the 16-acre park from victim to victim.

La Liga announces plans to play regular season games
He added that the focus was to play the first regular season La Liga match in the U.S. "as soon as possible", either this season or next.

US Newspapers Hit Back At Donald Trump Over 'Fake News' Claims
US President Donald Trump has tweeted that the " fake news media" is the "opposition party", while calling it "very bad" for the US.

Unemployment falls to lowest level for 40 years UK News
The region's employment rate was 78.7%, 0.5% higher than the period from January to March, with almost 3.1 million people in work. In the North West there were 148,000 people unemployed down 6,000 on the previous quarter giving a rate of 4.1 per cent.

Malaysia Court Rules North Korea Assassination Trial Can Proceed
Kim Jong-nam died at Kuala Lumpur's airport previous year after the toxic VX nerve agent was rubbed on his face. The court has set dates for the women to take the stand between November and next February.

New Study Suggests Vaping Is More Dangerous Than First Thought
But scientists and health officials across the world are now divided over the safety of e-cigarettes. Previous studies have focused on the chemical composition of e-cigarette liquid before it is vaped.

China, U.S. to hold lower-level trade talks in late August
The countries imposed steep tariffs on billions of dollars of each other's exports this summer and have threatened more. But Trump backed away from the agreement and the two nations have been locked in a tit-for-tat trade war ever since.

Indian subcontinent gets La Liga free
Facebook has bought the rights to broadcast La Liga on the social media platform for free in India and 7 other Asian countries . Last year, Facebook bid US$600 million to stream Indian cricket but lost to Rupert Murdoch's 21st Century Fox Inc.

Defiant as Trump rages, Omarosa says she won't be silenced
Omarosa deflected and added, "There's somebody in the White House who is sleeping around with everybody". Nonetheless, this is the first time Omarosa has said that Trump hit on her.