Turkey finance – Otel Moni http://otelmoni.com/ Mon, 21 Nov 2022 16:04:20 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://otelmoni.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Turkey finance – Otel Moni http://otelmoni.com/ 32 32 Live News: Israel Accelerates Interest Rate Hike https://otelmoni.com/live-news-israel-accelerates-interest-rate-hike/ Mon, 21 Nov 2022 15:37:13 +0000 https://otelmoni.com/live-news-israel-accelerates-interest-rate-hike/

The United States is gearing up for Thanksgiving Day celebrations, so expect the traditional round of travel mayhem and stories of traffic jams in the days leading up to Thursday’s National Day. Then get ready for the economic analysis of the Black Friday sales figures the next day.

After about a week of international summits, President Joe Biden will be forced to talk turkey with a turkey (rather than other world leaders) this Monday as he embarks on the traditional holiday poultry pardon. – of course, others may choose to save a turkey due to escalating costs.

Across the Atlantic, where the pre-Christmas bird flu nightmare for Britain’s festive poultry farmers is deepening, the big constitutional event is the Supreme Court’s ruling – expected on Wednesday – on whether the Scottish parliament could call a second referendum on independence without the approval of the British government in Westminster.

Scottish National Party leader Nicola Sturgeon, who ironically has the first failed referendum to win the premiership to thank because it forced the resignation of her predecessor Alex Salmond, upped the ante by making an offer for IndyRef2.

Scottish independence campaigners attend a rally in Glasgow © Robert Perry/EPA-EFE

The court is expected to rule against Sturgeon’s proposal, which some say is his real aim, as it will stoke nationalist sentiment of grievance against Westminster ahead of the general election, due within the next two years.

UK business leaders will be able to speak out on UK policy at the CBI conference, which starts in Birmingham on Monday. Speakers include a ‘senior cabinet minister’, John Lewis Partnership Chair Sharon White and BT Group Chief Executive Philip Jansen.

Oh yes, and there is still football being played. Click for FT’s full coverage of Qatar.

Economic data

Flash G7 Purchasing Managers Index reports are the culmination of a light statistical calendar, thanks in large part to Thanksgiving. In addition, the OECD updates its economic forecasts on Tuesday.

Rate-setting intentions will be in the news again with November’s Federal Open Market Committee minutes showing how opinions are changing among US central bankers. Rate hikes are expected in South Korea, which is expected to increase by 25 basis points, and in South Africa, where an increase of 75 basis points is expected. Turkey is bucking this trend with an expected large drop of 150 basis points.


Just in time for the biggest retail event on the US calendar, we have a handful of earnings from US and UK retailers Best Buy, Abercrombie & Fitch, Halfords, Pets at Home and Mothercare.

The Ingka Group, which owns most of the Ikea stores globally, released full-year figures on Thursday, which will include the furniture retailer’s profits.

Read the full schedule for the week ahead here.

8 Affordable Alternatives to Expensive Holiday Foods https://otelmoni.com/8-affordable-alternatives-to-expensive-holiday-foods/ Fri, 18 Nov 2022 22:00:18 +0000 https://otelmoni.com/8-affordable-alternatives-to-expensive-holiday-foods/

Rawpixel.com / Shutterstock.com

Do you know how much your Thanksgiving dinner will cost you extra this year? CBS reported that historically, food prices have only increased 2% per year. This year, the United States government estimates that food prices will increase by 9.5% to 10.5%.

Holiday Spending: Get the best holiday shopping and saving tips
Learn More: If Your Credit Score Is Below 740, Take These 4 Moves

With double-digit percentage increases predicted for holiday staples including turkey, potatoes, stuffing and canned pumpkin, many households are looking for cheaper ingredients to help maintain dinner budgets. festivals. Check out these alternatives to more expensive holiday foods.

Instead of cooked ham, buy slices of smoked ham

The price of a Honey Baked or Spiral Sliced ​​Ham can cost anywhere from $25 to $75 or more. Families who buy ham for holiday meals often end up with far more than they need.

Instead of buying a whole ham, buy slices of smoked ham in the amount you need, said Matt Johnson, founder of Cook Like a Master. Johnson said the Simple Truth sliced ​​cured ham is currently $1.25 a pound at Kroger. Choosing to buy slices of smoked ham inside a whole ham can help you cut your costs in half.

Take our survey: Are you struggling to pay your utility bills?

Find a discount Turkey

If you shop at the wrong time, or at a grocery store or supermarket that has no deals, turkeys can be very expensive. Households don’t necessarily need to swap the turkey if they really want it for Thanksgiving. Instead, they have to search and find promotions.

Johnson uses the example of Kroger turkeys, which are currently 60% off with the purchase of $25 worth of groceries. Grocery Outlet Bargain Market is also offering a free turkey with the purchase of $50 worth of groceries.

Don’t live near one of these supermarket chains? If you’re a Costco member, consider getting Butterball Antibiotic-Free Boneless Turkey Breast the next time you shop. Julie Ramhold, consumer analyst at DealNews.com, said while it’s not the cheapest Thanksgiving item — around $20 for just under 5 pounds of meat — it’s a solid choice for families looking for smaller turkeys.

Instead of holiday roasts, buy beef stew meat

Christmas roasts often use high-quality cuts of meat like tenderloin or sirloin, said Kelsey Lorencz, RDN, registered dietitian and nutrition consultant for Fin vs Fin. However, these cuts can cost between $10 and $30 per pound.

Instead, consider serving beef stew meat that has been slow-cooked all day or pressure-cooked. “It will be just as tender at a much better price,” Lorencz said.

Swap Charcuterie Board Ingredients

They’re an instant crowd pleaser with guests ready to snack before the big meal, but charcuterie boards can easily eat up $50-$100 off your budget if you decide to splurge on expensive cheeses and meats. artisanal.

Johnson recommends being financially savvy with the items you add to your charcuterie board. Replace the more expensive board staples with these alternative, inexpensive items that allow you to retain the snacking experience.

  • Skip the artisanal meats and opt for hard salami ($3.85/8 ounces at Aldi), Genoa salami ($3.75/8 ounces at Aldi) and Salame Italiano ($4.39/3 ounces at Aldi).

  • Swap cheese balls instead of fancy block cuts. “A sharp cheddar cheese ball and a port cheese ball will only cost you $2.19 each at Aldi,” Johnson said.

  • Instead of crostini, get an assortment of crackers like the Savoritz assortment ($3.85/13 ounces at Aldi).

  • Cut apple slices ($2.50 for two apples at Aldi) and space them around the tray for filling.

  • Add Honey Roasted Peanuts ($2.15 at Aldi) as a final addition to the whole platter.

“The total is $24.87 for a board that can provide five to six people with a happy snack before or during dinner,” Johnson said.

Instead of mixed nuts, make a snack mix

The mixed nut dishes not only go quickly with hungry guests, but they cost around at least 60 cents an ounce.

Instead, Lorencz recommends making a mix of savory snacks. Pair mixed nuts with budget-friendly ingredients like house brand crispy rice cereal and chocolate candies.

Opt for frozen berries instead of fresh

Make a dessert that requires fruit as a garnish? Consider replacing fresh berries with frozen berries. Frozen berries are already prepared to make the cooking experience easier and tend to be more affordable than fresh berries.

Skip Fresh for frozen vegetables too

Similar to buying frozen berries instead of fresh berries, see how many frozen vegetables you can get for nutritious holiday side dishes. Walmart, for example, sells Great Value frozen green beans for 88 cents a bag.

Swap sparkling apple cider for booze

If you’re worried that booze will add to the cost of your holiday dinner budget, consider getting a few bottles of sparkling apple cider.

Ramhold said shoppers can get four 25.4 fluid ounce bottles of sparkling cider for less than $13 at Costco. This festive drink can be enjoyed by everyone at the table and is a great alternative to wine or soda options.

More from GOBankingRates

This article originally appeared on GOBankingRates.com: 8 Affordable Alternatives to Expensive Holiday Foods

Pennsylvania AG Josh Shapiro accuses his own former campaign consultant of large-scale voter fraud https://otelmoni.com/pennsylvania-ag-josh-shapiro-accuses-his-own-former-campaign-consultant-of-large-scale-voter-fraud/ Wed, 16 Nov 2022 19:34:45 +0000 https://otelmoni.com/pennsylvania-ag-josh-shapiro-accuses-his-own-former-campaign-consultant-of-large-scale-voter-fraud/

Pennsylvania’s governor-elect rose to prominence by downplaying Republican voter fraud fears

Pennsylvania Attorney General Joshua Shapiro/Facebook

Chuck Ross • November 16, 2022 2:30 p.m.

Pennsylvania Governor-elect Josh Shapiro, who has gained notoriety for downplaying Republican allegations of voter fraud, accused one of his former campaign consultants of “large-scale” ballot tampering on Wednesday.

Shapiro, in his capacity as Attorney General of Pennsylvania, alleges that Philadelphia political consultant Rasheen Crews duplicated more than 1,000 signatures on petitions to add his clients to the Democratic primary ballots for the 2019 Philadelphia mayor elections.

“By soliciting and organizing the large-scale forgery of signatures, the defendant undermined the democratic process and the right of Philadelphians to a free and fair election,” Shapiro said in a statement announcing the charges.

The announcement of the indictment just a week after the gubernatorial election could raise questions for Shapiro, who was a vocal critic of Republicans who questioned the results of Pennsylvania’s 2020 election. According to an arrest affidavit, Shapiro’s office opened an investigation into Crews in September 2019. It’s unclear why it took three years to bring charges against him.

Crews has consulted with dozens of national and local candidates over the years, according to campaign finance disclosures. Shapiro’s attorney general’s campaign paid Crews $2,000 in 2016, according to the Pennsylvania Campaign Finance Database.

Crews’ customers denied knowledge of the infringement scheme, according to the affidavit. Crews allegedly hired individuals to forge signatures so that his clients would be listed on Democratic primary ballots for the Philadelphia mayoral elections. He had the ballot applications notarized and then filed them with the Pennsylvania Department of State.

James Berardinelli, who hired Crews to obtain signatures for a legal campaign, told Shapiro’s office that he was unaware that Crews had included fake signatures on his ballot petition.

Federally, Rep. Dwight Evans (D., Pa.) has paid Crews $19,075 for a variety of services since 2016. The campaign paid Crews $800 in May to serve as a poll worker, according to filings with the Federal Election Commission. Evans hired crews for grassroots organizing, “voter contact” and “petitions” in the 2016 and 2018 cycles. Evans was elected in a special election in 2016 to replace former Rep. Chaka Fattah (D., Pa.), who resigned from Congress in June 2016 after his conviction for fraud and racketeering.

The Philadelphia chapter of the International Brotherhood of Electrical Workers paid Crews $50,625 between 2014 and 2016, according to campaign disclosures. The Justice Department accused the union last year of waging a campaign of intimidation against rank-and-file members since at least 2014 to force them to vote for incumbent union leaders.

Shapiro and Evans’ offices did not respond to requests for comment.

INSIGHT-Middle East’s fertile crescent dries up as rains fail https://otelmoni.com/insight-middle-easts-fertile-crescent-dries-up-as-rains-fail/ Mon, 14 Nov 2022 07:03:28 +0000 https://otelmoni.com/insight-middle-easts-fertile-crescent-dries-up-as-rains-fail/


Photo report: https://reut.rs/3E0FE2x

By Amina Ismail and Maha El Dahan

DIWANIYA, Iraq, Nov 14 (Reuters) – Abbas Elwan has been drilling well after well in a desperate bid to find water for his family’s parched farmland in southern Iraq. After yet another failed attempt in August, he took a gun from the kitchen of their mud house and slipped out into the night.

Hikma Meteab found her husband’s body the next day with a gunshot wound to the head in a dried up irrigation canal near the arid land that once produced enough wheat and barley to support the extended Elwan family.

“It was his last hope, and there was no water,” Abbas’s brother Ali, 56, told Reuters, standing in the scorching heat near a field with dead plants sticking out. baked soil.

As world leaders gather in Egypt for a climate summit to address issues such as water and food security, Elwan’s plight highlights a crisis facing Iraq and the world. countries in the Middle East that could fuel more unrest in the region as communities battle over dwindling water resources.

Reuters spoke to more than two dozen people in five provinces of Iraq who all said a prolonged drought, which has only worsened in recent years, was crippling livelihoods. Farmers in neighboring Syria and Turkey are also struggling with lower rainfall.

“Climate change is a reality in Iraq,” said the United Nations mission in Iraq, adding that the country was the fifth most vulnerable country to the fallout from global warming due to rising temperatures, falling rainfall , salinity and dust storms.

In Iraq, officials and water experts said the rains came later and ended earlier in each of the past three years.

Part of the ‘Fertile Crescent’, an arc that stretches from the Mediterranean to the Persian Gulf where agriculture flourished more than 10,000 years ago, Iraq was devastated by a triple hit of rainfall over weak, decades of conflict and less water flowing through its two main rivers, the Tigris and Euphrates.

“Desertification now threatens almost 40% of the land area of ​​our country – a country that was once one of the most fertile and productive in the region,” Iraqi President Abdul Latif Rashid said at the climate summit in Egypt. last week.


Nadhir Al-Ansari, a professor at Lulea University of Technology in Sweden, said rainfall in Iraq had decreased by 30% over the past three decades, with the lowest rainfall occurring in the past two years.

“What was once known as the Fertile Crescent started dying off about 35 years ago,” he said.

Declining volumes of water flowing from Turkey via the Tigris and Euphrates, the rivers Iraq relied on most for irrigation, left it more exposed when the rains dried up, said Harry Istepanian , independent energy and water expert in Washington and principal researcher. at the Iraqi Energy Institute.

“Precipitation and groundwater have become very important,” he said.

Baghdad says upstream dams, mostly in Turkey, are draining its rivers. Turkey claims that it has never altered the course of the rivers or cut off the water.

Ankara’s ambassador to Iraq said in July that drought had also hit Turkey and instead of asking for more water, Baghdad should manage its supplies more carefully.

In southeastern Turkey, where the Tigris and Euphrates draw their waters, rainfall in the year to September was 29% lower than the average for the previous three decades, and was even worse in 2021 , according to data from the Turkish Meteorological Agency.

The combination of dams and drought has reduced the waters of Iraq’s two rivers this year to just a fifth of previous levels, water expert Istepanian said.

The inefficient use of water that Iraq gets – due to mismanagement, illegal siphoning of supplies, and old and leaking infrastructure after decades of war – has combined with a growing population fast to exacerbate the crisis, he said.

Nearly 90% of rainfed crops, mainly wheat and barley, have failed this season, according to the Food and Agriculture Organization of the United Nations (FAO) in Iraq.

Before 2020, Iraq could produce nearly 5.5 million tons of wheat. Last year, the government only received 2.1 million, Salah El Hajj Hassan, FAO representative in Iraq, told Reuters.


On his farm in Diwaniya province, Abbas Elwan received a monthly unemployment benefit of $200, but with declining harvests and rising food prices, he fell into debt.

In desperation, Abbas, who was 62 when he committed suicide, tried to dig wells so he could grow vegetables.

Each well costs the equivalent of his monthly allowance. Each time the water would emerge for a few days and then dry up. Now the family is struggling to find even drinking water, Ali Elwan said.

Their village of Al-Bu Hussain is one of many lining the banks of an ancient canal – the bed of which is now dry – which was part of a network of waterways east of the Euphrates.

In the nearby village of Al-Bouzayyat, many have left for cities or other provinces in search of employment. “The village is empty,” said Hedyya Ouda, one of the few residents still alive when Reuters visited her in October.

Ouda and her husband stopped growing wheat and barley three years ago due to water shortages, sold their livestock and were forced to walk about 60 km (40 miles) twice a month to buy drinking water.

When Reuters returned to their village in November, both had left for the city.

“About 800 families have left the villages,” said Shahid Al-Shahed, mayor of the district where Elwan’s farm is located.

“I don’t even think about providing water for agricultural plans. I’ve been thinking about how to provide drinking water for two months,” he said.

Independent consultant Istepanian said water consumption in Iraq is expected to be close to 70 billion cubic meters a year, but has now almost halved to around 40 billion.

“It will be the fourth consecutive dry year, the weather forecast does not look optimistic and the reservoirs are completely out of service,” said Ahmed Al-Khazali, an operational authority official at the Ministry of Water Resources.

While southern Iraq has suffered some of the most severe shortages, few regions are immune. In northern Iraq and Syria, the same mix of low rainfall and rivers has combined with conflict and neglect to devastate rural communities.


In Kurdish-controlled northern Iraq, wheat production has fallen by 70% this year to 300,000 tonnes, said Karwan Sabah Hama Salih, director general of water resources at the region’s agriculture ministry. , forcing many people to dig wells.

“Digging wells is not a strategic solution, but we don’t have a quick alternative,” he said.

Across the Syrian border, levels at dams on the Euphrates have dropped by up to 5 meters, shrinking reservoirs and leaving farmers struggling to access remaining water supplies.

Officials accuse Turkey of reducing the flow of the river in the past two years to half the level it committed to in a 1987 deal, a charge Ankara denies.

“I stopped farming because it was impossible to irrigate farmland,” said Ahmed Hammoud, standing beside the newly dried up banks of the Euphrates in northern Syria.

Syria’s long-running civil war grew out of anti-government protests in 2011 following a long drought that affected crop and livestock yields and drove people to cities.

The United Nations climate science panel said in April that the population upheaval was directly linked to the drought, although it said the uprising was likely to have broken out anyway.

In southern Iraq, competition for water is now fueling disputes and conflicts among farming communities, according to seven Iraqi tribal leaders and officials.

Mustafa Qazmouz, a 23-year-old farmer in Diwaniyah, was killed three years ago in a conflict after his neighbor widened a pipeline from a canal to divert more water, said Qazmuz’s brother, Haider.

“If there had been water, these problems wouldn’t have started,” he said.

In October, a video posted on social media showed security forces brawling with farmers on a canal in Al-Muthana. Thirty people were injured and 11 arrested, said Abdel Wahab Al-Yasary, deputy governor in charge of agriculture and water in the southern province.

He said the fight broke out when Water Ministry workers started replacing a distribution pipe in the canal because the water level had dropped below. Downstream residents feared the move was designed to divert more water away from them.

Standing near a nearly dry branch of the canal, tribal leader Maksad Rahim said he remembers when it was full of clear water and the green landscape with trees.

“Now there are so many sandstorms because there are no plants and trees to protect us,” he said.

(Reporting by Amina Ismail in Diwaniya and Maha El Dahan in Dubai; Additional reporting by Emad al-Khuzaie and Alaa Al-Marjani in Diwaniya and Orhan Qereman in northern Syria; Editing by Dominic Evans and David Clarke)

Turkey prices come back down in time for Thanksgiving. here’s why https://otelmoni.com/turkey-prices-come-back-down-in-time-for-thanksgiving-heres-why/ Fri, 11 Nov 2022 17:25:00 +0000 https://otelmoni.com/turkey-prices-come-back-down-in-time-for-thanksgiving-heres-why/

Just a few weeks ago, it looked like it was going to be a very expensive Thanksgiving. A combination of inflation and a deadly virus outbreak among birds had pushed prices for whole frozen turkeys to $1.99 a pound, up 73% from a year earlier.

Instead of continuing to climb, however, the retail price for turkeys has fallen dramatically since mid-October. The average price for a frozen whole turkey is now 96 cents a pound, the U.S. Department of Agriculture said in its weekly report released Thursday. That’s still up about 8% from a year ago, but it’s a much more reasonable increase.

So what happened?

Why turkey prices are falling

First, a little about why prices have gone up: this year’s outbreak of avian flu, which is most often spread by migratory waterfowl such as ducks and geese, has resulted in the death of tens of millions of domestic chickens and turkeys.

Waterfowl “are infected but not getting sick,” Denise Derrer, director of public information for the Indiana State Board of Animal Health, told CNET. “Then they spread the virus in their feces or anywhere on earth.” Infected waterfowl can transmit influenza to other wild birds, domestic poultry and other animals, although rarely to humans.

This year, infections in the United States began to appear in January, and the first outbreak in turkeys at a commercial poultry site occurred in February, the CDC reported. As migratory birds complete their fall migration, there has been a drop in infections, Bernt Nelson, economist at the American Farm Bureau Federation, told CNET.

“That’s not to say we won’t see a resurgence in the spring when they return, but we’re leaving peak season for now,” Nelson said.

In September, he noted, there were about 70 bird flu outbreaks in the United States, resulting in the culling of 6.15 million birds. In October, there were 93 outbreaks, but they were located and only resulted in the culling of 2.1 million birds. This month there have been 30 confirmed outbreaks so far, affecting 1.3 million birds.

The Walmart Effect

A woman buys turkey at Walmart

Walmart has reduced prices for frozen whole turkeys “so families don’t have to worry about how they’ll set their holiday table.”


Besides a drop in infections, there is another reason why the average price of turkeys has fallen. During the first week of November, Walmart, the largest grocery retailer in the United States with 5,335 stores, announced that it was bringing Thanksgiving staple prices back to 2021 levels.

“We’ve made significant investments in addition to our everyday low prices so customers can get a traditional Thanksgiving meal at last year’s prices,” Walmart executive vice president John Laney said in a statement. of November 3. “We have been working with suppliers for months to ensure a solid supply for all holiday meal essentials.”

Walmart now sells at least one brand of frozen whole turkeys at 98 cents a pound.

The company said its lower prices would continue through December 26. Walmart did not immediately respond to a request for comment.

Other grocery chains are also lowering their prices. For example, the discount supermarket chain Aldi is corresponding to 2019 prices on festive dishes like sweet potatoes, frozen vegetables and apple pie as part of its “Thanksgiving Price Rewind”. Aldi stores in Dallas sell a brand of frozen whole turkeys for as low as $1.07 a pound. Another discount supermarket chain, Lidl, cut turkeys to 49 cents a pound, CBS News reported.

The USDA summed up the situation in its November 10 weekly report: Retailers are lowering prices with “the intention of getting the consumer through their door.” In other words, grocers still believe in loss leaders.

Your Thanksgiving Turkey May Be Even Smaller

With avian infections declining, poultry farmers have focused on preparing birds for market. But with less time to fatten them up, US Agriculture Secretary Tom Vilsack said this year’s bird may be smaller than in previous years.

“Turkeys raised now for Thanksgiving may not have all the time they need to hit 20 pounds,” Vilsack said during a Nov. 1 press briefing. “I don’t think you need to worry about whether or not you can carve your turkey on Thanksgiving,” he added. “It’s going to be there, maybe smaller, but it’s going to be there.”

Nelson from the Farm Bureau confirmed that market weights have come down to some extent: whole turkeys are around 4.5% smaller than they were in August and 7% smaller than in November 2021.

For more Thanksgiving tipshere is where you can order a turkey by mail order and here is our cheat sheet for prepare your Thanksgiving meal like a pro.

Turkish bonds look overvalued for Morgan Stanley after rally https://otelmoni.com/turkish-bonds-look-overvalued-for-morgan-stanley-after-rally/ Wed, 09 Nov 2022 11:16:45 +0000 https://otelmoni.com/turkish-bonds-look-overvalued-for-morgan-stanley-after-rally/

(Bloomberg) —

Bloomberg’s Most Read

Morgan Stanley strategists say Turkey’s dollar bonds now look overpriced after leading a rally in emerging high-yield markets in recent weeks.

“In absolute and relative terms, Turkey looks expensive,” Neville Mandimika, London-based sovereign emerging markets strategist at Morgan Stanley, said in a note to clients. “Given the uncertain political trajectory, we maintain our aversion stance as the risk/reward ratio is clearly not favourable.”

Morgan Stanley said 10-year yields are now trading at a six-month z-score nearly two standard deviations below the mean, which is near multi-year lows and compares unfavorably to similarly rated peers. . Meanwhile, there are risks related to monetary policy, next year’s election and the possibility of further bond sales.

Turkish dollar-denominated bonds are on a tear, rising for a fourth day on Wednesday to push 10-year yields down four basis points to 9.8%, the lowest level since mid-September. This followed the sale of $1.5 billion in bonds due 2028 on Monday, although the country was still $2 billion short of its borrowing target for the year.

Turkey rates new dollar bonds as it leads emerging market debt rally

Mandimika said more shows remained a major risk.

“Historically, Turkey issued when the market was trading relatively well: low volatility and at times when EMBI spreads were compressing. They could still come to market for another $2 billion if market conditions hold,” he said.

Bloomberg Businessweek’s Most Read

©2022 Bloomberg LP

FirstFT: Democrats depend on turnout to avoid midterm election rout https://otelmoni.com/firstft-democrats-depend-on-turnout-to-avoid-midterm-election-rout/ Sun, 06 Nov 2022 21:05:35 +0000 https://otelmoni.com/firstft-democrats-depend-on-turnout-to-avoid-midterm-election-rout/

Hello. This article is an on-site version of our FirstFT newsletter. Sign up for our Asia, Europe/Africa or Americas edition to get it delivered straight to your inbox every weekday morning

Hello. Democrats raced to rally their voters yesterday in a bid to avoid landslide defeats in Tuesday’s midterm elections, with Republicans holding a slim advantage in the polls, which should be enough for them to regain control of the House of Representatives after four years.

Early voting data indicated high turnout across the country and massive spending on political advertising as both parties made their final pitches to Americans, who will deliver their verdict on Biden’s agenda as well as the call from a Republican party that is still in the thrall of former President Donald Trump.

The Senate majority hangs in the balance and will come down to a handful of hotly contested races, including in Pennsylvania, Nevada and Georgia. The ruling party in the White House typically loses seats in Congress in its first midterm election. Moreover, this year, Biden and the Democrats face brutally negative ratings on issues ranging from inflation to crime and immigration.

In a series of rallies over the weekend, top Democrats, including Biden and former President Barack Obama, made appearances in states that voted for their party in the last presidential election, a sign of their political vulnerability. Biden campaigned Saturday in Pennsylvania – the state where he grew up – after a visit to Illinois, then flew to New York yesterday for an event with Governor Kathy Hochul, who faces a surprisingly tough challenge from Republican Lee Zeldin.

“This election is about Biden’s agenda. People don’t like high inflation, high crime, open borders, fentanyl, that’s what we’re talking about,” Rick Scott, a Florida senator and chairman of the Republican National Senate Committee, told NBC. Scott was campaigning with Trump yesterday on behalf of Florida Senator Marco Rubio.

Join leaders such as Singapore’s Minister of Trade and Industry, Vice Chairman, CEO and Executive Director of Mewah International Inc. and many more on November 23 in Singapore at The Westin and online to talk about the future of the commodity industry. Register here for your in-person or digital pass today.

1. Beijing refutes market rumors of a faster end to the zero-Covid policy China’s National Health Commission reiterated the country’s commitment to eliminating Covid-19 at a press conference on Saturday, setting markets for greater volatility as officials warn of a winter flu season” severe and complex”.

2. Sweden distances itself from Kurdish groups to win Turkey’s support for NATO Many Western countries have backed the People’s Protection Units, a Kurdish militia that helped defeat the Isis terror group in Syria, but Sweden’s new centre-right government has said it will distance itself from the group because Turkey sees the militia as a direct threat.

3. Protests in Iran fuel ethnic tensions Mahsa Amini’s death in September after her alleged violation of the Islamic dress code sparked some of the largest and longest-lasting anti-regime protests in Iran. Today, Iran’s hardline politicians fear that a protracted unrest could leave the country vulnerable to threats from ethnic separatists and Islamist insurgents.

4. Japan to sign military pact with UK as allies monitor Chinese threat Japan and the United Kingdom plan to sign a major defense pact in December that will allow the countries to strengthen their cooperation with the United States in the Indo-Pacific. The pact will facilitate joint exercises and logistical cooperation between nations. It will also establish a legal framework to simplify the heavy bureaucratic formalities for the entry of troops into each other’s countries.

5. US oil producers rake in $200 billion from Ukraine war price spike Overall net income for publicly traded oil and gas companies operating in the United States was $200.24 billion for the second and third quarters of the year. The figure marks the most profitable six months ever for the sector and puts it on track for an unprecedented year.

The day ahead

Earnings Ryanair today announces its H1 figures. Lyft is also reporting results today, after announcing major job cuts late last week.

Economic indicators China today released its trade balance figures for the month of October.

Finances in the EU Eurozone finance ministers are meeting today ahead of tomorrow’s meeting of the Economic and Financial Affairs Council (Ecofin) of all EU finance ministers.

United States Supreme Court The highest US court will hear arguments in two important cases for regulators: Axon Enterprise v Federal Trade Commission; and Securities and Exchange Commission v Cochran. If the court sided with plaintiffs on the FTC and SEC, it would become easier for parties to challenge enforcement actions in federal court before regulators have concluded internal proceedings.

What else we read

COP27 shines spotlight on Egypt’s rights abuses As the United Nations Climate Change Conference gets under way in Egypt, activists hope to use the event to shine the international spotlight on the country’s dire human rights record, and that Western leaders will seize the opportunity to put pressure on the autocratic rulers of Cairo.

Sanaa al-Seif, left, is joined by climate activists Greta Thunberg and Andreas Magnusson, and Mona Seif, sister of imprisoned blogger Abd El-Fattah

Sanaa al-Seif, left, is joined by climate activists Greta Thunberg and Andreas Magnusson, and Mona Seif, sister of imprisoned blogger Abd El-Fattah © Hollie Adams/Getty Images

How Elon Musk’s ‘war room’ of advisers is transforming Twitter In his first week as owner, the billionaire operated with a cast of trusted lieutenants from a secret “war room” at the company’s headquarters in San Francisco to remove management, begin takedowns of massive jobs and launch new products.

Companies can no longer remain black boxes The opacity makes it difficult for regulators, investors, workers and customers to understand important facts. Today, many new laws in the United States require companies to publish pay scales in job postings. Pay transparency regulations should also force openness in other areas, writes Rana Foroohar.

  • Further reading: For more information on the latest trends in the world of work and careers, sign up for the FT’s Working It newsletter here.

How I Saved Energy and Stopped Worrying About Light Switches As energy conservation becomes a bigger issue, life becomes more complicated. For those struggling with bills (as in much of Europe) or hit by power outages (as in Ukraine), the energy crisis can be overwhelming. For those of us in more privileged positions, this poses a question: we want to do our part, writes Henry Mance, but how far will we go?

The cost of getting South Africa to stop using coal South Africa is one of the most coal-dependent countries in the world, but also one of the most inefficient at turning fossil fuels into economic output. And although rich countries pledged $8.5 billion a year ago to help the country shift away from dirty energy, negotiations are tense.


Series 5 of The crown is a long-awaited salacious portrayal of divorce, tell-all interviews and, uh, toe-sucking. Although for many viewers this is the crescendo the show has built, it has also already sparked a backlash, leading Netflix to add a disclaimer the show is indeed a “fictional drama”. .

Imelda Staunton, center, brings quiet dignity to her role as queen

Imelda Staunton, center, brings quiet dignity to her role as queen

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]]> Disputes between Libya block the resolution of the conflicts between Turkey and Egypt https://otelmoni.com/disputes-between-libya-block-the-resolution-of-the-conflicts-between-turkey-and-egypt/ Thu, 03 Nov 2022 19:23:56 +0000 https://otelmoni.com/disputes-between-libya-block-the-resolution-of-the-conflicts-between-turkey-and-egypt/

Turkey’s recent moves in Libya, including controversial new deals with Tripoli, have backfired on its budding bid to normalize relations with Egypt and gain leverage in energy disputes in the eastern Mediterranean.

Egyptian Foreign Minister Sameh Shoukry said last week that dialogue with Ankara had been halted after two rounds of exploratory talks due to “the lack of change in Turkey’s practices in Libya”. His remarks dampened Ankara’s prospects for a new chapter with Cairo atop its fence with the United Arab Emirates, Saudi Arabia and Israel. Cairo is upset with Ankara’s signing of three new agreements with the Tripoli-based caretaker government in October, including one on oil and gas exploration in the eastern Mediterranean. The deals have also angered Libya’s eastern-based parliament, which disputes the legitimacy of Prime Minister Abdul Hamid Dbeibah and has endorsed another prime minister.

Turkey hoped that the talks with Egypt, chaired by the deputy foreign ministers, would lead to a meeting between the foreign ministers of the two countries. Ankara was also changing its tone towards Egyptian President Abdel Fattah al-Sisi, replacing reprobation with praise. The Turkish Chargé d’Affaires in Cairo recently told Egyptian media that Ankara “appreciates the impressive progress on the socio-economic development program in Egypt under [Sisi’s] leadership.”

Ankara also appeared to accommodate Sisi’s sensitivities by restricting the activities of Muslim Brotherhood exiles in Turkey.

On October 30, Asharq al-Awsat reported that Turkish police had arrested 34 Muslim Brotherhood members, including journalists, who had called for anti-Sisi protests at the upcoming United Nations climate conference in Egypt. Detainees were at risk of deportation for breaching public order. Among them are believed to be people involved in efforts to revive pro-Brotherhood media in other countries, including Britain, after Turkey decided to restrict their activities last year.

On October 28, a post on the Twitter account of Hossam al-Ghamri – the former editor-in-chief of al-Sharq, one of the TV channels that Turkey has blocked – said that Ghamri had been arrested and risked being deported. Brotherhood supporters have launched a social media campaign urging Turkey to release the journalist. Finally, Ghamri tweeted on October 30 that he had been released.

Although Ankara forced the suspension of programs featuring vocal criticism of Sisi and shut down media outlets that defied the restrictions, its measures have yet to satisfy Cairo.

The detention allegations, circulated by social media accounts linked to the Brotherhood, were apparently misleading. Turkish officials said only one journalist was briefly detained and Arab media often publish such allegations “to stir up trouble and make the Muslim Brotherhood leaders in Turkey uncomfortable”.

That prospect could bolster suspicions in Cairo that Turkey is playing a double game, but Libya appears to be Egypt’s priority condition for reconciling with Turkey.

The energy exploration agreement and the two military agreements Ankara signed with Tripoli last month have been widely interpreted as Turkish support for Dbeibah in the dispute over its legitimacy. Cairo agrees with the argument that Dbeibah’s term ended in December 2021 when Libya planned to hold elections but failed, and it backs Fathi Bashagha, the prime minister approved by parliament earlier This year. In a gesture of protest that Cairo no longer recognizes Dbeibah’s government, Egypt’s foreign minister walked out of an Arab League meeting in September as Libya’s foreign minister began chairing the session.

Egyptian support for Bashagha shows that Brotherhood considerations are not the only factor shaping attitudes in Cairo. Sisi, for example, has been keen to normalize relations with Qatar and attract Qatari investment, even though Doha has not disconnected the Brotherhood.

In Libya, many Muslim Brotherhood leaders support Bashagha against Dbeibah. The Muslim Brotherhood was central to Turkey’s game in Libya until recently, but Ankara realized that the Muslim Brotherhood channel would not secure its interests in the country.

Ankara tended to believe that Emirati money was the main driver of Egypt’s support for Khalifa Hifter’s eastern forces in Libya’s civil war. The UAE has funded Hifter but has stayed away from Libya since Turkey helped Tripoli break the siege of Hifter in 2019. Turkey has since normalized relations with the UAE, with Libya ceasing to be a subject of tension between the two countries. The support that Bashagha receives from the Brotherhood is said to have influenced the Emirati position.

The calculation underlying Ankara’s recent moves in Libya is that the Egyptian-Emirati partnership in Libya has collapsed and Cairo cannot insist on red lines as strongly as before without financial support. Moreover, Ankara may place less importance on reconciliation with Cairo now that it has broken its diplomatic isolation by playing a mediating role in the wake of the Russian invasion of Ukraine. Overall, Turkey feels free to do as it sees fit in Libya, playing ball with Russia on the one hand and gaining tacit support from partners such as the United States and Britain on the other. ‘somewhere else.

Yet Ankara could be wrong about Egypt. As Turkey seeks to expand its influence across North Africa, Cairo continues to view the Turkish military presence in Libya as a serious threat. According to Arab media, Sisi pushed for a condemnation of Turkey at the November 1-2 Arab League summit in Algeria. The final statement stopped short of open condemnation but dismissed “foreign interference” in Arab affairs, which was widely seen as a reference to Turkey and Iran.

Furthermore, Egypt remains aligned with Greece against Ankara’s maritime demarcation agreement with Tripoli and the economic zone it claims in the eastern Mediterranean.

Industrial cities to host 4IR as Saudi Arabia diversifies away from oil https://otelmoni.com/industrial-cities-to-host-4ir-as-saudi-arabia-diversifies-away-from-oil/ Sat, 29 Oct 2022 23:07:32 +0000 https://otelmoni.com/industrial-cities-to-host-4ir-as-saudi-arabia-diversifies-away-from-oil/

Turkey seeks partnership with Saudi Arabia as it plans to be an energy hub for Europe, minister tells Arab News

RIYADH: Turkey is seeking more cooperation with Saudi Arabia and other countries as it plans to be an energy hub for Europe, its finance minister has said.

“Turkey, due to its geographical position, is an energy corridor between Russia, Iran and Saudi Arabia. Any type of natural gas or oil that is going to be transported or shipped will cost less and will be shipped more safely,” Arab News said in an interview.

Speaking on the sidelines of the 6th edition of the Future Investment Initiative forum in Riyadh, the minister did not specify how the two countries could cooperate, but said that peace in the region would reduce energy costs.

“Turkey and Saudi Arabia are also helping each other, which will bring peace to the region. This peace will bring more affordable gas prices, energy prices, and allow both countries to look to the future “, he added.

Saudi Arabia is the largest oil exporter in the world. Its gas reserves stand at nearly 300 trillion cubic feet, making it the fifth largest gas reserve in the world. However, the Kingdom does not export gas and it intends to increase production to meet local demand and eliminate the use of oil and other liquids in power generation.

Saudi Commerce Minister Majed Al-Qasabi estimated that Saudi investments in Turkey would total $18 billion, and he expects to see around $3-5 billion in new investments in the coming period. (Reuters)

Nebati’s comments come a week after Turkish President Recep Tayyip Erdogan said he had agreed with his Russian counterpart Vladimir Putin to form a natural gas hub in Turkey.

Addressing members of his AK party in parliament on October 19, Erdogan said Putin had said Europe could source gas from the hub in Turkey.

“When we look at Europe, they are dependent on Russian gas and they will go through the winter with enormous stress. It is obvious, and new steps and new structuring must be taken,” Nebati added.

“And that is why our President Erdogan said that Turkey, which will become a hub, should take the necessary measures for the distribution of Iranian gas or Russian gas to Europe. And this will help bring peace to the region and create a secure environment for this cargo,” he added.

Nebati, who held several meetings with Saudi officials during his visit, including finance and trade ministers, said the measures taken by Turkey will help reduce the cost of energy by lowering the cost of transport. .

“This will lead to the solution of high prices, which puts the world in the face of recession. And in this sense, it is good to interpret this as Turkey being ready to take all the responsibilities as our president said to take a step to comfort the whole world, especially Europe in this gas challenge”, did he declare.

Saudi Arabia is also increasing its oil exports to Europe, the country’s energy minister, Prince Abdulaziz bin Salman, said at the same event in Riyadh.
He said shipments in September nearly doubled from a month ago, reaching 950,000 barrels per day.

Turkey’s finance minister said his country has a natural gas production strategy.

“As you know, in the Black Sea we have found natural gas and we have a large reserve. In the coming months, we will start using this natural gas,” he said.

Saudi-Turkish cooperation Nebati said his country is trying to expand economic cooperation with Saudi Arabia, which will benefit the region.

“In the coming period, the cooperation between Saudi Arabia and Turkey will, of course, trigger new areas of cooperation and with the vision of Saudi Arabia and
Turkey’s vision for 2023, we will enter a new century and help bring peace and prosperity to the region,” he added.

He added that Turkey supports the Kingdom’s bid to host Expo 2030 and that the two countries stand together against terrorism.

Speaking to TRT last week, Saudi Commerce Minister Majed Al-Qasabi said he estimated Saudi investment in Turkey at a total of $18 billion and expected to see approximately $3-5 billion in new investments over the coming period.

Nebati said the recent exchange of visits between the Turkish President and Saudi Crown Prince Mohammad bin Salman “will be beneficial for both parties” and as a result investments, trade relations and the volume of trade in both directions will increase. .

Turkish economic growth

Turkey’s economy grew by 7.6% on an annual basis in the second quarter of 2022, leading to GDP growth of 7.5% in the first half of the year. Last year, the economy grew by 11.8%, according to official figures.

“When you look at this growth, it has happened through internal trade, external trade and balanced growth. It shows the internal potential of catering to a younger population and being a hub of production and manufacturing,”

Nebati explained. The Turkish economic model is based on investment, productivity and employment, and in the coming period with falling commodity prices and energy prices, “this will help balance the deficit current, and this will allow Turkey to solve all the challenges that we have experienced since last year,” he added.

Turkey’s economic growth has been supported by huge investments in infrastructure over the past two decades, he said.

Turkey and Saudi Arabia are also helping each other, which will bring peace to the region.

This peace will bring more affordable gas prices, energy prices, and allow both countries to look to the future.

“We have built huge infrastructure such as railways, highways, airports and seaports. We have completed all our infrastructure, including investments in hospitals and education, from primary schools to universities. »

The level of localization in the Turkish economy is high, reaching 80% in the defense industry, where in the past it was around 20%, he added.

Turkish inflation

Nebati expects this growth to continue, but admits rising inflation and fluctuating exchange rates remain a challenge.

He said inflation in Turkey rose because commodity prices from last year rose along with shipping costs, transport costs and energy prices.

“But in the fight against inflation, we focused on human beings. We wanted to grow. We don’t want people losing their jobs as we continue our manufacturing and productivity.

“We are not stepping on the brake too much and we want to solve this problem slowly, and we are lucky because the pressure on energy prices is easing,” he added.

“We don’t perceive inflation as in the world. We see it in a human approach. We don’t want people to lose their jobs. And we will make every effort to ensure that they do not lose their jobs.

Nebati expects inflation to slow from December, and for next year, “we will have the target level of 25% inflation. And as I said, we are acting decisively to solve this problem.

Prices for agricultural products have fallen and the effect of inflation “due to last year’s currency attacks has also slowed”, he added.

Dubai’s Emirates NBD third-quarter profit climbs 51% https://otelmoni.com/dubais-emirates-nbd-third-quarter-profit-climbs-51/ Thu, 27 Oct 2022 07:12:00 +0000 https://otelmoni.com/dubais-emirates-nbd-third-quarter-profit-climbs-51/

DUBAI, Oct 27 (Reuters) – Emirates NBD (ENBD.DU), Dubai’s biggest bank, reported a 51% rise in third-quarter net profit on Thursday on higher revenue, including net interest income and transactions.

Emirates NBD posted a net profit of 3.8 billion dirhams ($1.03 billion) in the quarter, compared to 2.5 billion dirhams in the third quarter of 2021.

EFG Hermes estimated net profit at 3.14 billion dirhams.

In its corporate and institutional banking division, net income rose 1% “due to lower valuation allowances and higher fee income, increased capital market activity which compensated for lower volumes in the debt capital market”.

Emirates NBD has won a top spot in all of Dubai’s state-run initial public offerings this year, raising its fees and reviving a long-dormant business.

Net interest income jumped 37% on “improved loan and deposit mix” due to higher interest “impacting margins” and “strong growth in new loans“, said ENBD.

Net interest margins reached 3.57% in the quarter, compared to 2.65% a year earlier and 3.09% in the second quarter.

The balance sheet total increased by 1% compared to the previous quarter to 721 billion dirhams. Its non-performing loan ratio fell to 5.8% from 6.1% in the previous quarter. Cash coverage fell to a ratio of 152.2% from 154.8% in the second quarter.

ENBD, the second largest lender in the United Arab Emirates behind First Abu Dhabi Bank, said its loss on the net monetary position of its Turkish subsidiary DenizBank was 2.4 billion dirhams in the first nine months of 2022.

Turkey and Egypt, where the ENBD also has a unit, “saw a strong increase in service inflows and tourism revenue, offsetting some of the impact of rising energy costs on the current account deficit,” the ENBD said.

“The outlook for the Middle East remains positive despite the weak global backdrop. Rising oil prices in 2022 pushed GCC budgets into surplus and strengthened sovereign balance sheets,” Emirates NBD said in a statement.

It revised its growth forecast for the United Arab Emirates up this year to 7% and for 2023 revised down to 3.9%.

Rates are rising at a faster pace than ENBD predicted, he said, as inflation remains at multi-decade highs in several countries.

($1 = 3.6727 UAE Dirham)

Reporting by Yousef Saba; Editing by Jacqueline Wong

Our standards: The Thomson Reuters Trust Principles.