The MediTelegraph

Turkey's tumbling lira tests Erdogan's rate resolve / ANALYSIS

Istanbul - Turkish central bank head Murat Uysal has stuck to the rate-cutting script since President Tayyip Erdogan hired him to lift Turkey out of a recession and currency crisis. A year later with the COVID-19 pandemic now crushing the lira, some traders and analysts say they think Uysal will instead hike rates to head off a deeper crisis

European factory activity returned to modest growth

London - Euro zone manufacturing activity expanded modestly last month, its first growth since early 2019, and Asia's pain eased as the contraction slowed in export-reliant nations, adding to hopes the sector is emerging from the hit of the coronavirus pandemic. Just over 18 million people have been infected by the coronavirus and the hit from lockdowns and social distancing policies to contain its spread have had a devastating impact on global growth

Philippines fears for economy as tough lockdown returns

Manila - Tens of millions of people in and around the Philippine capital will go back to a strict lockdown from Tuesday, threatening incomes and hopes for reviving a once dynamic economy as authorities take drastic measures to halt surging virus cases. Before the coronavirus pandemic, the Philippines was one of Asia's fastest growing economies

Azerbaijan lowers its economic outlook

Baku - Azerbaijan has lowered its economic outlook, projecting its oil-driven economy will shrink by 5% this year from an earlier forecast of 3.8%, the finance ministry said on Saturday. Its updated budget will be discussed next week. The ministry also lowered its 2020 oil price forecast, which it uses to calculate its budget

Austrian economy shrank 10.7% in the second quarter

Vienna - The Austrian economy shrank 10.7% in the second quarter, marking its biggest contraction since the data series began after World War Two, as the coronavirus pandemic hit both domestic and foreign demand

Spain enters steep recession, wiping out six years of growth

Madrid - Spain recorded a historic fall in GDP in the second quarter of the year, with the 18.5% drop wiping out all the post-financial crisis recovery of the last six years, data from National Statistics Institute showed on Friday

Dubai World makes final repayment to creditors of $ 8.2 billion

State conglomerate Dubai World, whose assets include global port operator DP World, said on Tuesday it had made a final payment of $8.2 billion to creditors

Another Iranian cargo ship en route to Venezuela

Teheran - Another Iranian oil tanker is en route to Venezuela, as the Islamic Republic of Iran continues to defy the sanctions put on both the nations (Iran and Venezuela) by the United States of America’s (USA). As per various reports received, the Iran-flagged "Golsan" is en route to Venezuela and is expected to dock soon

U.S. sanctions imposed on Iranian shipping network over proliferation take effect

U.S. sanctions imposed on Iran’s shipping network took effect on Monday, months after they were announced in December following accusations of supporting proliferation of weapons of mass destruction.  

Moody's expects poor GDP numbers for the first quarter / ANALYSIS

London - Preliminary first -quarter GDP estimates for several euro zone member countries and for the currency area itself will make the coming week extremely busy. We expect the numbers to be awful. Whole swaths of the European economies were forced to shut down in March owing to the COVID -19 crisis

The desirable and undesirable lessons learned from Covid-19 / ANALYSIS

The Covid-19 pandemic is teaching western nations exactly what their crisis response capabilities actually are, while considerable benefit will be gained from this, unfortunately, not all of those analysing our performance are our friends.

Dnv sets up risk funds and invests in start-ups

The Norwegian classification society DNV GL has launched a venture fund to invest in industry 4.0

Credit Suisse, others back initiative to factor CO2 cuts into shipping finance

Credit Suisse, BNP Paribas and French public investment bank Bpifrance are the latest lenders to join an initiative to link provision of shipping finance to cuts in carbon dioxide emissions

Moody's upgrades long-term rating of NordLB

Moody's has today upgraded by two notches the long-term ratings of Norddeutsche Landesbank GZ, NordLB, and its rated subsidiaries. NordLB's long-term senior unsecured debt and deposit ratings were upgraded to A3 from Baa2 

Hong Kong leader vows to work closely with Beijing's new envoy

The Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region reports to China's State Council or Cabinet, and is the main platform for Beijing to project its influence in the city

Turkey, hazelnut exports up over 43% in 4 months

The Black Sea Hazelnut and Products Exporters' Union reported that Turkey earned $1.09 billion from hazelnut exports during the first four months of the season, which starts in September and ends in August

Capital measures implemented: NordLb saved

The NordLb has received the hoped-for capital injection. The shareholders paid 2.8 billion euros into the share capital. 

Siamco automotive continues to produce diversity of brands within the plan 2020

Warda said in a statement to the delegate of SANA that (SIAMCO) continues to produce cars within the framework of cooperation between Iran and Syria and in line with the absorptive capacity of the market

Uae and Egypt agree to strengthen bilateral trade ties

Non-oil trade between the UAE and Egypt, the most populous Arab country, last year reached Dh20.1 billion

EU court should not intervene in Croatia/Slovenia border dispute

Brussels - An adviser at the EU Court of Justice agreed with Croatia on Wednesday that settling the border between Slovenia and Croatia was not a matter on which EU courts should rule.

China’s bitcoin miners scoop up greater production power

London - China’s bitcoin miners now control two-thirds of the crypto network’s processing power, research showed on Wednesday, a growing share that is likely to benefit the country’s miners.

Terrorism: police shoot dead knife man on London Bridge

London - British police shoot dead knife man. Police say this was a terrorist incident.

Italy’s Salvini triumphs in Umbria as govt alliance slumps

Rome - Rightist bloc storms to 20-point win over govt parties. Salvini’s League confirmed as most popular party.

Street clashes spur Catalan leader to call for Madrid talks

Barcelona - Catalonia’s pro-independence regional chief Quim Torra called for talks with Spain’s central government on Saturday to try to end a wave of violence sparked by the jailing of separatist leaders.

EU deadlocked over Albania membership

Brussels - Bitterly divided EU leaders failed Friday to reach agreement on allowing Albania and North Macedonia to start talks to join the bloc, dealing a fresh blow to their membership hopes. Summit talks ended without a decision despite seven hours of backroom haggling

For Russian business, big dreams in Africa / FOCUS

Moscow - From diamonds and arms to nuclear power and oil, Russia has major business ambitions in Africa, even if it is coming late to the party. Western countries like France and the United States are deeply entrenched in African economies and in recent years China has emerged

Lebanese government faces calls to resign

Beirut - The Lebanese government faced calls to resign Thursday after thousands of furious demonstrators took to the streets across the country to protest dire economic conditions. Public anger has simmered since parliament passed an austerity budget in July to help trim a ballooning deficit

S.Africa’s Ramaphosa says nation working to attract private investment

London - South Africa is working to restore its institutions and secure private investment in order to grow the economy, President Cyril Ramaphosa told the Financial Times Africa Summit in London on Monday.

Trump’s hailing of $50bln in Chinese farm purchases seen as ‘meaningless’

Beijing - China’s record for U.S. agri imports was $25.8 bln in 2012. Rules on hormones, drugs a hurdle for more meat imports.

Cyprus, Greece, Egypt call on Turkey to end ‘provocative’ actions

Cairo - Cyprus, Greece and Egypt called on Turkey on Tuesday to “end its provocative actions” in the Eastern Mediterranean Sea, including exploring for oil in Cyprus’ territorial waters, which they called “a breach of international law”.

Spain plans loans, tariff breaks to gird tourism sector after Thomas Cook collapse

Madrid - Spain is preparing a plan worth 300 million euros ($328 million) to shore up the economies of its sun-drenched tourist spots after the collapse of British travel group Thomas Cook, acting Tourism Minister Reyes Maroto said on Thursday.

Who loses and who gains from the demise of Thomas Cook?

London - The world’s oldest travel firm Thomas Cook collapsed on Monday, stranding more than half a million holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

Travel group Thomas Cook battles for survival ahead of Monday deadline

London - Bosses meeting creditors, lenders to agree its future. Company could go into administration early Monday.

China exempts some U.S. goods from retaliatory tariffs as fresh talks loom

Beijing - China announced its first batch of tariff exemptions for 16 types of U.S. products, days ahead of a planned meeting between trade negotiators from the two countries to try and de-escalate their bruising tariff row.

Hong Kong police fire tear gas as clashes erupt after thousands appeal to Trump

Hong Kong - Violence breaks out in now familiar pattern.Thousands of protesters call on U.S. to help.

Hong Kong police fire tear gas after fending off airport protest

Hong Kong - Tear gas fired again in densely populated Mong Kok. Only passengers allowed to board trains, buses to airport.

French minister hopes for closer ties with new Italy government

Cernobbio - With the arrival of a new government in Rome, France and Italy have a unique chance to strengthen their ties through joint projects and closer cooperation on European matters, French Finance Minister Bruno Le Maire said on Saturday.

Greek PM set to outline tax cuts, structural reforms

Athens - Greece’s prime minister is expected on Saturday to detail tax cuts for companies strained by years of austerity, while also promising pro-business reforms aimed at convincing lenders to ease the nation’s fiscal target from 2021.

Alibaba and the $15 bln question: Amid Hong Kong’s protests, when to list?

Hong Kong - HK listing likely to raise $10 bln-$15 bln-sources . Company considering several different timetables-sources.

U.S. to delay China tariffs on some products, including laptops, cell phones

Washington - The Trump administration will delay 10% tariffs on certain Chinese products, including laptops and cell phones, that had been scheduled to start next month, the Office of the U.S. Trade Representative said on Tuesday.

Portugal’s fuel drivers strike, government calls in police

Lisbon - Fuel tanker drivers start indefinite strike. Tourist destination Algarve among areas worst hit .

Portugal’s fuel-tanker drivers vote to go ahead with strike

Lisbon - The crisis declaration allows the government to ensure full supplies to ports, hospitals, airports and other priority users.

Japan’s Mount Asama erupts, weather agency issues warning

Tokyo - The Japan Meteorological Agency said Mount Asama in central Japan erupted late on Wednesday and issued a warning not to approach the volcano.

Italian Senate backs train link with France, widening coalition rift

Rome - Long-delayed rail link involves Alpine tunnel. League issues threaten to collapse govt.

Trump warns China not to wait for 2020 U.S. election to make trade deal

Washington - U.S. President Donald Trump on Tuesday warned China against waiting out his first term to finalize any trade deal, saying if he wins re-election in the November 2020 U.S. presidential contest, the outcome could be no agreement or a worse one.

Morocco’s BMCE Bank looks to build on China ties to deliver $11 bln tech city

Rabat - The city, to be called Tanger Tech Mohammed VI, aims to support 100,000 jobs and house 300,000 people, and the first development phase has already been achieved with industrial investors expected to receive the first plots later this year.

Deutsche Bank to quit equities, shrink investment bank in 7.4 bln euro overhaul

Berlino - Deutsche Bank plans to scrap its global equities business and scale back its investment bank in a sweeping, 7.4 billion euro overhaul designed to turn around the struggling German flagship lender.

US tradedeficit rises to five-month high

Washington - The U.S. trade deficit rose to a five-month high in Mayas the politically sensitive imbalances with China and Mexico widened. The Commerce Department said Wednesday that the gap between the goods and services the U.S. sells and what it buys from foreign countries rose 8.4% to $55.5 billion in May

UN wants urgent end to migrant returns to Libya

Benghazi - The U.N. refugee agency is calling for an immediate end to bringing migrants trying to cross the Mediterranean back to Libya after an airstrike hit a detention center, killing at least 40 people. UNHCR had warned less than two months ago that anyone inside the Tajoura detention center was at risk

China to ease limits on foreign investment

Beijing - China is reforming key industries to allow for greater foreign investment, according to state media. Xinhua reported the National Development and Reform Commission of the People’s Republic of China said Sunday sectors including oil exploration and mining are to be deregulated for more foreign capital inflows

Iraqi oil minister expects 6-9 months OPEC output deal extension

Vienna - Iraqi Oil Minister Thamer Ghadhban said on Sunday that he expects a global deal cutting crude production to be extended by six to nine months and that his country supports all efforts to improve stability in the oil market.

France plans to scrap 1 bln euros of tax breaks for companies

Paris - The government will finance the remaining 4 billion euros through lower spending, Darmanin said during an interview for the Grand Jury show with reporters from LCI television, RTL radio and Le Figaro newspaper.

Alibaba files for HK listing that may raise $20 bln as soon as Q3

Hong Kong - Alibaba deal could be biggest follow-on offering in 7 years Would come about five years after record $25 bln NY float.

Norway fund may have to offload $1 bln stake in Glencore in shift away from coal / GRAPHIC

Oslo - Fund is world’s largest sovereign wealth fund-

Ford to close Wales engine plant in 2020

London - Ford will close its engine plant in Bridgend, south Wales, by September 2020, a trade union said on Thursday, putting 1,700 jobs at risk in the latest blow to Britain’s car industry.

Reeling from tariff threat, Mexico begins immigration talks in Washington

Washington - Fighting to stave off punitive tariffs announced by U.S. President Donald Trump, a senior Mexican delegation was set to begin high level talks on Monday in Washington.

China trade war of words heads for Fox cable TV face-off

Beijing - China’s propaganda war with the United States over their escalating trade dispute will reach a crescendo of sorts when a broadcaster from Chinese state television debates a Fox Business host in prime time on the U.S. cable network.

Salvini vows to unite EU populists, lacks willing partners / ANALYSIS

Milan - Italy’s victorious right-wing leader, Matteo Salvini, says the European elections have created “a new geography” of anti-élite sentiment in the EU. But it is far from certain that he will be able to forge a bloc from parties who are united around a strict euroskeptic, anti-migrant, anti-Islam platform, but little else

Chinese tourism to US drops for 1st time

New York - After more than a decade of rapid growth, Chinese travel to the U.S. is falling. And that has cities, malls and other tourist spots scrambling to reverse the trend. Travel from China to the U.S. fell 5.7% in 2018 to 2.9 million visitors

“East Med cooperation to counter Russia”

Nicosia - Eliot Engel, chairman of the House Foreign Affairs Committee, says the U.S. is looking for friendly nations in the region that share core democratic values in light of what he calls Russia’s “malevolent machinations.”

“Freight villages: drafting a proposal for a new law” / INTERVIEW

Rome - The activity of Italy’s Federlogistica-Conftrasporto association has gained momentum following Luigi Merlo becoming its president; formerly Mr. Merlo was Transport Councilor for the Liguria Region, president at the Port Authority of Genoa, and manager of shipping company MSC.

Trump vs. Iran: Saudis say they will defend themselves

Dubai - Saudi Arabia does not want war but will not hesitate to defend itself against Iran,a top Saudi diplomat said Sunday after the kingdom’s energy sector was targeted this past week amid heightened tensions in the Persian Gulf

U.S., China bicker over “extravagant expectations” on trade deal

Beijing - Google suspends some business with Huawei. Latest U.S. warship sailing angers Beijing.

Six Chinese firms banned from exporting sensitive U.S. goods

Washington - The U.S. Commerce Department said on Monday it added six Chinese technology firms, one Pakistani firm and five based in the United Arab Emirates to its list of entities that are banned from exporting sensitive U.S. technologies and other goods.

Magnitude 6.1 earthquake strikes Panama

Panama - A magnitude 6.1 earthquake struck 29 miles (47 km) northwest of Panama’s coastal city of David on Sunday.

BlackRock unnerved by Italian politics in quitting Carige rescue

Milan - U.S. asset manager BlackRock withdrew from a proposed rescue of Italian bank Carige because the plan needed more co-investors and the country’s political situation was unhelpful, a source familiar with its decision said on Thursday.

Fire at oil pipeline in southwest Iran under control

Geneva - A fire broke out at an oil pipeline in southwest Iran after an accident on Monday and is under control, the Tasnim news agency reported.

Turkey cannot quickly abandon Iranian oil, minister says as U.S. waiver ends

Istanbul - Turkey will be unable to diversify oil imports quickly after the United States ended waivers on purchases from Iran, the Turkish foreign minister said on Thursday, a day after a U.S.-imposed sanctions deadline.

Armed group tried to attack Libya’s El Sharara oilfield

Tripoli - An armed group tried to attack Libya’s El Sharara oilfield, the country’s biggest, but there was no impact on production from the incident, a field engineer said on Monday.

“Nothing wrong giving Russian passports to East Ukraine residents”

Vladivostok - Russian President Vladimir Putin said on Thursday there was nothing wrong with easing rules for residents of Ukrainian rebel regions to receive Russian passports

Putin says U.S. guarantees unlikely to prompt N.Korea to de-nuclearise

Vladivostok - Russian President Vladimir Putin said that he thought U.S. security guarantees would probably not be enough to persuade Pyongyang to shut its nuclear programme

China to show new warships

Beijing - China will show off new warships including nuclear submarines and destroyersat a parade next week marking 70 years since its navy’s founding, a senior commander said on Saturday, as Beijing flexes its increasingly well-equipped military muscle

Ukraine enters uncharted new era / FOCUS

Kiev - Ukraine entered uncharted political waters on Monday after near final results showed a comedian with no political experience and few detailed policies had dramatically up-ended the status quo and won the country’s presidential election by a landslide

EU urges new Ukraine leader to push reforms

Brussels - The European Union delivered formal congratulations to Ukraine’s novice president elected on Monday but made clear it expects TV comic Volodymyr Zelenskiy to pursue halting reforms, including fighting corruption

China wants to ban bitcoin mining

Shanghai - China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector

ECB will ask Deutsche Bank to raise fresh funds for merger

Frankfurt - The European Central Bank will ask Deutsche Bank to raise fresh funds before it gives the go-ahead for a merger with a state-backed rival.

Bitcoin soars past $5,000, mystery buyer seen as catalyst

London - Bitcoin breaks through $5,000 in biggest one-day gain in year. Computer-driven traders in Asia follow - analyst.

Global trade slowed in Q4, WTO says

Geneva - World trade shrank by 0.3 percent in the fourth quarter of 2018 and is likely to grow by 2.6 percent this year, slower than 3.0 percent growth in 2018 and below a previous forecast of 3.7 percent.

Brexit in disarray: May under pressure to go for soft strategy

London - May advised by some to call an election. “A laughing stock” - Siemens’ UK head.

Turkish lira turns positive. Istanbul slips from Erdogan

Istanbul - The Turkish lira firmed on Monday, clawing back early losses after President Tayyip Erdogan’s AK Party lost control of the capital Ankara.

Life after Super Mario unnerves global investors

London - “Whatever it takes” is a daunting legacy for any departing central bank chief to bequeath a successor and leaves world markets anxious about what is to come after Mario Draghi leaves the European Central Bank later this year

“China and EU to strengthen multilateralism”

Paris - French President Emmanuel Macron on Tuesday acknowledged historic rivalries between the European Union and China as he called on both to strengthen multilateralism: “We would like to make progress renovating multilateralism.”

STX Engine fined for violating subcontract law

Seoul - South Korea’s antitrust regulator said Sunday that it has fined STX Engine Co. 20 million won (US$18,000) for violating the country’s subcontracting law.

Thousands of Moroccan teachers stage protest over pay terms

Rabat - About 10,000 teachers staged a new protest in the Moroccan capital Rabat on Sunday to demand permanent jobs, hours after police had used water cannon to disperse an overnight demonstration.

Italy endorses China’s Belt and Road plan in first for a G7 nation

Rome - Italy endorsed China’s ambitious “Belt and Road” infrastructure plan on Saturday, becoming the first major Western power to back the initiative to help revive the struggling Italian economy.

HK catches Singapore in most expensive city race

Tbilisi - Paris and Hong Kong for the first time joined Singapore as the world’s most expensive cities to live in, a study revealed on Tuesday, with utilities and transport driving up the cost of living. Zurich,Geneva and Japan’s Osaka trailed closely

“Positive signs” in Airbus-China talks

Nairobi - There are encouraging signs that European planemaker Airbus is closingin on a long-negotiated deal with China for dozens of new narrow-body jets, an aide to French President Emmanuel Macron said on Thursday

Finish what you started on reforms, IMF tells Greece

Athens - “Greece should reconsider recent changes in collective bargaining policies and press ahead with its unfinished reform agenda,” the IMF said.

China must not “colonise” Italian business -ruling League

Defiant judges, clerics pile pressure on Algeria’s Bouteflika

Algiers - Judges take stand against Bouteflika. Clerics reject state interference.

Algeria orders early university holiday as students spur protests

Algiers - Algerian authorities on Saturday ordered an early start to the spring university holiday, an apparent attempt to weaken two weeks of student-led protests against President Abdelaziz Bouteflika.

Italy aims to sign preliminary Belt and Road deal with China

Rome - Chinese President Xi to visit Italy March 22, 23. Rome looks to allay allies worries over any deal.

Iran hopes trade channel skirting U.S. sanctions will work within weeks

Vienna - Iran hopes a new trade channel with Europe aimed at cushioning the blow of reimposed U.S. sanctions will be working within weeks, its deputy foreign minister said on Wednesday.

The port of Genoa signs alliance with CCCC

Genoa - “We are working to establish a new company in partnership with the Chinese group CCCC (China Communications Construction company), which will help us in the procurement phases of some major works related to the port of Genoa”.

Uljanik shipyard selects strategic partner

Croatia’s troubled shipbuilder Uljanik has selected domestic shipyard Brodosplit as its strategic partner, the company informed the Zagreb Stock Exchange on Thursday.

China hacked Norway’s Visma to steal client secrets

London - Attack part of global Chinese hacking campaign. Company says hackers stopped before they reached clients.

“Fruit and veg producers are waiting for 5G” / INTERVIEW

Italian companies will have to manage the arrival of e-commerce and new supply chain patterns.

Germany facing big budget hole as economy slows

Berlin - Scholz sees shortfall of 25 bln euros by 2023. Exit from coal is among further risks for the budget.

Trump says sending military to Venezuela ‘an option’

Washington - U.S. President Donald Trump said that sending the military to Venezuela was “an option” .

Russia tells Venezuela it must repay its debt to Moscow on time

Moscow - Russia expects Venezuela to make its next scheduled debt repayment to Moscow on schedule at the end of March, the Russian Ministry of Finance said on Tuesday.