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ANKARA: In an overnight decision on Dec. 2, Turkish President Recep Tayyip Erdogan appointed Nureddin Nebati as the country’s new minister of treasury and finance in place of Lutfi Elvan, adopting orthodox policy rather than monetary easing. Elvan, having disagreed with Erdogan over the decrease of interest rates, reportedly stepped down from the post voluntarily. He was a
Russia will be holding elections to the State Duma, the lower house of parliament, this weekend and experts expect the vote to bolster the Kremlin further.
ANKARA: The Turkish lira again slumped to a fresh low early on Wednesday, losing 0.6 percent of its value and hitting a low of 8.88 lira to the US dollar after President Recep Tayyip Erdogan announced his willingness to cut interest rates June 1. The drop is alarming in a country that already faces significant financial stress due in part to the coronavirus pandemic, with the
There are doubts whether the Biden-Putin summit can achieve anything.
And while the political pundits and policymakers are busy with the election campaign, business leaders are keenly watching with interest at the developments in Berlin. One such figurehead is Joe Kaeser, the former chief executive of engineering powerhouse Siemens, who told CNBC that the rise of the Greens is an "interesting thing to watch." "For the first time they've got a chancellor candidate, a female. This time they have the aspiration to rule the country, not just (on an) environmental (level), but on a 'I'm going to run one of the most efficient economies in the world' (level). That's a...