Markets

Turkey’s president says country will defy economic threats

Turkey’s president says country will defy economic threats

The threat of sanctions comes amid Trump's concerns over Brunson, who is accused of being involved with an attempted coup that led to tens of thousands of people being arrested in 2016.

Turkish President Recep Tayyip Erdogan has bristled at such USA pressure.

They also agreed on a meeting between the two countries finance ministers "as soon as possible".

The pastor's appeal had been rejected by a lower court and was sent to the higher court, Brunson's lawyer Ismail Cem Halavurt said, according to Anadolou.

On Friday, the Turkish lira snapped a three-day rebound, sliding more than 5 percent against the dollar on worries about the threat of more American economic sanctions unless Turkey hands over detained US evangelical pastor Andrew Brunson.

Turkish President Tayyip Erdoğan called for a boycott of United States technology, such as the iPhone, in response to the additional sanctions and tariffs leveled by the Trump administration.

China is the latest country to offer some comforting words to President Recep Erdogan, as Turkey experiences a currency meltdown and a tariff spat with the U.S.

In currency markets, the dollar index .DXY fell 0.06 percent, while the euro was up 0.19 percent to $1.1365 after closing Wednesday at its lowest point since July 2017.

The lira has lost almost 40 per cent against the USA dollar this year, driven by worries over Mr Erdogan's growing control over the economy and his repeated calls for lower interest rates despite high inflation.

On Friday, ratings agencies Standard & Poor and Moody's downgraded Turkey's credit rating further to "junk" status, pointing to currency volatility and concerns over central bank independence.

This decision caused the fall of the Turkish lira to the historic low.

Brunson, who has been living in Turkey for more than two decades, was accused of helping supporters of the US -based Fethullah Gülen who Turkish authorities say masterminded the 2016 coup attempt in which 250 people were killed.

"Do you think the lira will gain against the dollar if Brunson is released?" A senior Turkish official, asked about the case, said that the judiciary is independent and the verdict is up to the courts.

"Turkey did not and will not surrender to those which try to make Turkey as a strategic target", he said in reference to the USA without naming the country.

Trump added: "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!" Trump tweeted on Thursday. They want to hold our wonderful pastor. It was presented to the judge as the incriminating evidence against him.

The 50-year-old pastor and the USA government vehemently deny those charges.

Trump later tweeted that the USA "will pay nothing" for the release "but we are cutting back on Turkey!". "That's politics", he said.


  • Arsenal's Cech gets nod for Bridge clash

    Arsenal's Cech gets nod for Bridge clash

    Arsenal manager Unai Emery will keep faith with goalkeeper Petr Cech for his return to Chelsea on Saturday. Also, with Bernd Leno [it's the same].
    Manafort Team Opts to Not Present a Defense, Rests Case

    Manafort Team Opts to Not Present a Defense, Rests Case

    The judge hearing the case in federal court in Alexandria, Virginia , has rejected a defense motion to dismiss the case. Attorney Uzo Asonye, standing, gave the government's opening in Manafort's trial on tax evasion and bank fraud.
    Trump signs defense bill prohibiting U.S.  government from using ZTE, Huawei tech

    Trump signs defense bill prohibiting U.S. government from using ZTE, Huawei tech

    While Trump praised the military during his remarks at New York's Fort Drum, the president did not address McCain. While the bill-signing event was closed to the public, critics of President Trump and Rep.
  • Curd of the Pharaohs: oldest cheese found in Egypt

    Curd of the Pharaohs: oldest cheese found in Egypt

    The world's oldest cheese , dating back more than 3,000 years, has been discovered inside an Egyptian tomb, scientists have said. In one of the broken jars, researchers found a "solidified, whitish" mass, wrapped in a piece of canvas, researchers said.
    Liverpool 4, West Ham 0: Mane grabs brace in big win

    Liverpool 4, West Ham 0: Mane grabs brace in big win

    West Ham manager Manuel Pellegrini has ruled out making a move for former Manchester City midfielder Yaya Toure . During pre-season I played alongside a variety of different players and we blended really well.
    Turkey says it will boycott US electronic goods

    Turkey says it will boycott US electronic goods

    Erdogan last week ruled out the possibility of higher interest rates, which economists say are needed to stabilize the currency. She added that it was too early to comment on the exposure of German companies to the economic situation in Turkey .
  • Nick Jonas & Priyanka Chopra Officially Announce Engagement!

    Nick Jonas & Priyanka Chopra Officially Announce Engagement!

    We already know that Priyanka is super close to her mother and her mother must obviously be the happiest person on the occasion. There among the many congratulatory comments on Priyanka's Instagram post, was Nick's adorable post which read, "Wow congrats".
    India’s three-time prime minister Vajpayee dies at 93

    India’s three-time prime minister Vajpayee dies at 93

    Serving as prime minister briefly in 1996 then again from 1998 to 2004, Mr Vajpayee was admired even by prominent political foes. India and Israel also set up a joint anti-terror commission after a visit by foreign minister Jaswant Singh in the same year.
    Bitcoin Prices Surge in Turkey After Lira Plummets 20 Percent

    Bitcoin Prices Surge in Turkey After Lira Plummets 20 Percent

    China's blue chip index shed 1.4%, while Hong Kong stocks lost 1.6% as the local dollar fell to the limits of its trading band. Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top US diplomat in Turkey would visit Brunson later Tuesday.
  • Bodies of missing wife, daughters found in Colorado

    Bodies of missing wife, daughters found in Colorado

    Nick Thayer said it didn't cross their minds to ask Watts if he was involved. "May Satan have mercy on his soul", Rzucek wrote. She said the two friends were supposed to meet later in the day, but Watts didn't answer her phone.
    Fight for Afghan city rages despite Kabul's claim of upper hand

    Fight for Afghan city rages despite Kabul's claim of upper hand

    Mr Danish said at least 25 security forces had died in the fighting along with 150 Taliban fighters. They said they "liberated" the central prison in Ghazni and freed all Taliban prisoners.
    Turkey is boycotting iPhones, but it hurts Turkey more than Apple

    Turkey is boycotting iPhones, but it hurts Turkey more than Apple

    The United States is also considering a fine against Turkey's state-owned Halkbank for allegedly helping Iran evade US sanctions . President Erdogan has accused the United States of trying to "bring Turkey to its knees through threats over a pastor ".