FNAIOS
Aò
E' una riflessione comune
Io la neutralizzo riportandomi con la mente al momento (pericoloso) dell'acquisto. E poi, insomma, se uno vuole osare una incrementatina gliela dà.
Obbligazioni valute high yield TURCHIA bond in usd e lira turca (8 lettori)
- Creatore Discussione sentex
- Data di Inizio
Io la neutralizzo riportandomi con la mente al momento (pericoloso) dell'acquisto. E poi, insomma, se uno vuole osare una incrementatina gliela dà.
fabriziof
Forumer storico
GiàE' una riflessione comune
tommy271
Forumer storico
* Rispondendo a una domanda dal sito web dell'Hellas Journal, un portavoce del Dipartimento di Stato USA ha deplorato la decisione di Ankara di acquistare il sistema russo S-400 e non ha escluso l'imposizione di sanzioni da Washington ai sensi della legge CAATSA.
* Sulla questione se il Dipartimento di Stato abbia "cambiato posizione" sulle sanzioni, il rappresentante ha citato l'esempio della Cina, poiché in questo caso l'attivazione delle sanzioni è avvenuta tre mesi dopo l'acquisizione dell'S-400 .
"Comprendiamo che la ricezione dei sistemi è in corso.
È importante ricordare che alla Cina sono state imposte sanzioni secondo CAATSA pochi mesi dopo l'acquisizione degli S-400.
Non stiamo commentando le discussioni interne che hanno preceduto la decisione ", ha detto un portavoce del Dipartimento di Stato.
* Sulla questione se il Dipartimento di Stato abbia "cambiato posizione" sulle sanzioni, il rappresentante ha citato l'esempio della Cina, poiché in questo caso l'attivazione delle sanzioni è avvenuta tre mesi dopo l'acquisizione dell'S-400 .
"Comprendiamo che la ricezione dei sistemi è in corso.
È importante ricordare che alla Cina sono state imposte sanzioni secondo CAATSA pochi mesi dopo l'acquisizione degli S-400.
Non stiamo commentando le discussioni interne che hanno preceduto la decisione ", ha detto un portavoce del Dipartimento di Stato.
m.m.f
Forumer storico
Bloomberg - Are you a robot?
Turkey’s President Recep Tayyip Erdogan doesn’t like it when the country’s banks charge people relatively heavily to borrow money. That alone doesn’t make him unusual for a politician, given that cheap money can garner electoral support. What makes Erdogan extraordinary is his unorthodox argument for low interest rates and his determination to bring them about by wresting control of monetary policy from theoretically independent central bankers.
1. What’s Erdogan beef with high interest rates?
He says first that they slow economic growth and second that they fuel inflation. Both are grave concerns for him after his party suffered stinging losses in 2019 municipal elections in major cities, including the commercial hub Istanbul. Turkey is experiencing its first recession in a decade and inflation has been running at between three and four times the central bank’s 5% target.
2. Are his arguments reasonable?
The first is. When a central bank increases rates, banks are less able to borrow to maintain mandatory reserves and tend to lend at their own elevated rates. This makes loans for businesses rarer and more expensive and so can slow the economy. But Erdogan’s second notion -- that elevated interest rates cause prices to rise -- contradicts conventional economic theories. They hold that when rates increase, borrowing decreases, leading consumers to spend less and curbing inflation.
3. What’s the basis of Erdogan’s theory?
neo-Fisherite Rebellion” in 2014 by Bloomberg Opinion columnist Noah Smith when he was an assistant professor of finance at Stony Brook University in New York. It was a reference to a theory by Yale University economist Irving Fisher on the relationships among inflation, nominal interest rates and real interest rates, which account for inflation. Critics of the neo-Fisherites say that even if their theory had merit, it wouldn’t apply to an economy like Turkey’s, which suffers from chronically high inflation and is reliant on foreign funding. Lowering interest rates reduces the return on investing in Turkish assets, and the local currency tends to weaken relative to others when foreigners decide to put their money elsewhere. That increases the cost of imported goods in liras and results in higher prices, or more inflation. In any case, the neo-Fisherite view hasn’t gained sufficient currency to become the foundation of any country’s monetary policy -- though Erdogan is trying to make it Turkey’s.
5. What’s Erdogan done to put his views into action?
Eroding the independence of the central bank, he claimed the exclusive power to appoint members of the bank’s rate setting board after winning re-election in 2018. In early July, he fired the bank’s governor, Murat Cetinkaya, after pressuring it to restrain borrowing costs. Cetinkaya’s successor then delivered the biggest rate cut since at least 2002, when Turkey adopted inflation targeting as its monetary framework. In many countries, giving central bankers the autonomy to determine short-term rates is seen as insurance against the impulse of politicians to boost credit at the expense of the economy’s longer-term health.
6. What’s it matter if Erdogan is wrong?
If he’s wrong -- and history suggests he is -- the lower rates he’s pushing will produce a weaker lira and higher inflation. Erdogan may come to regret his actions, as those things could eat into his power base. There’s also a risk that investors in Turkish debt will be turned off by the drop in interest. The Turkish debt market is one of the biggest among emerging markets; worth around $223 billion, it’s on par with Russia’s. Because Turkey suffers from a savings shortage, it relies on these investors to finance economic expansion. A retreat by them could undercut cheaper money’s positive effects on growth.
Turkey’s President Recep Tayyip Erdogan doesn’t like it when the country’s banks charge people relatively heavily to borrow money. That alone doesn’t make him unusual for a politician, given that cheap money can garner electoral support. What makes Erdogan extraordinary is his unorthodox argument for low interest rates and his determination to bring them about by wresting control of monetary policy from theoretically independent central bankers.
1. What’s Erdogan beef with high interest rates?
He says first that they slow economic growth and second that they fuel inflation. Both are grave concerns for him after his party suffered stinging losses in 2019 municipal elections in major cities, including the commercial hub Istanbul. Turkey is experiencing its first recession in a decade and inflation has been running at between three and four times the central bank’s 5% target.
2. Are his arguments reasonable?
The first is. When a central bank increases rates, banks are less able to borrow to maintain mandatory reserves and tend to lend at their own elevated rates. This makes loans for businesses rarer and more expensive and so can slow the economy. But Erdogan’s second notion -- that elevated interest rates cause prices to rise -- contradicts conventional economic theories. They hold that when rates increase, borrowing decreases, leading consumers to spend less and curbing inflation.
3. What’s the basis of Erdogan’s theory?
neo-Fisherite Rebellion” in 2014 by Bloomberg Opinion columnist Noah Smith when he was an assistant professor of finance at Stony Brook University in New York. It was a reference to a theory by Yale University economist Irving Fisher on the relationships among inflation, nominal interest rates and real interest rates, which account for inflation. Critics of the neo-Fisherites say that even if their theory had merit, it wouldn’t apply to an economy like Turkey’s, which suffers from chronically high inflation and is reliant on foreign funding. Lowering interest rates reduces the return on investing in Turkish assets, and the local currency tends to weaken relative to others when foreigners decide to put their money elsewhere. That increases the cost of imported goods in liras and results in higher prices, or more inflation. In any case, the neo-Fisherite view hasn’t gained sufficient currency to become the foundation of any country’s monetary policy -- though Erdogan is trying to make it Turkey’s.
5. What’s Erdogan done to put his views into action?
Eroding the independence of the central bank, he claimed the exclusive power to appoint members of the bank’s rate setting board after winning re-election in 2018. In early July, he fired the bank’s governor, Murat Cetinkaya, after pressuring it to restrain borrowing costs. Cetinkaya’s successor then delivered the biggest rate cut since at least 2002, when Turkey adopted inflation targeting as its monetary framework. In many countries, giving central bankers the autonomy to determine short-term rates is seen as insurance against the impulse of politicians to boost credit at the expense of the economy’s longer-term health.
6. What’s it matter if Erdogan is wrong?
If he’s wrong -- and history suggests he is -- the lower rates he’s pushing will produce a weaker lira and higher inflation. Erdogan may come to regret his actions, as those things could eat into his power base. There’s also a risk that investors in Turkish debt will be turned off by the drop in interest. The Turkish debt market is one of the biggest among emerging markets; worth around $223 billion, it’s on par with Russia’s. Because Turkey suffers from a savings shortage, it relies on these investors to finance economic expansion. A retreat by them could undercut cheaper money’s positive effects on growth.
m.m.f
Forumer storico
Bloomberg - Are you a robot?
markets
Turkish Car Sales Plummet as Industry Demands Government Support
By
Taylan Bilgic
2 agosto 2019 12:59
Turkish Car Sales Plummet as Industry Demands Government Support
By
Taylan Bilgic
,
2 agosto 2019 12:59
Sales of cars and light commercial vehicles, or LCVs, fell 66% in July from a year earlier to about 18,000 units, according to data published by the Automotive Distributors’ Association, known as ODD. The drop was the biggest since October, taking losses in the first seven months to 48%.
“The industry has been contracting for the past two years,” ODD Chairman Ali Bilaloglu said by phone on Friday. To kickstart sales, a special tax on cars with engines smaller than 1,600 cubic centimeters should be repealed for this year, he said.
Crash Landing
Turkey's July vehicle sales drop dramatically after tax cuts
With the economy reeling from a currency crisis last summer, Treasury & Finance Minister Berat Albayrak rolled out significant tax breaks at the end of October to support waning domestic demand.
The so-called Special Consumption Tax, applied to cars with engine sizes that account for nearly 60% of the market, was reduced by 15 percentage points and the valued-added tax on commercial vehicles was slashed to 1% from 18%. The incentives expired in June.
If similar measures aren’t taken again, domestic sales could fall to about 350,000 units this year, Bilaloglu said. That’s a long shot from 2016’s record of 983,720 units.
“Dealerships have reached a point of decision on whether to continue their business or not,” he said.
In July, Fiat vehicle sales fell 64%, while those of Ford Motor Co. and Volkswagen AG vehicles declined 80% and 77%, respectively, the data show. Overall, the decline in passenger cars reached 63% last month, while LCV sales fell 76%.
Shares of Ford Otomotiv were down 2.7% at 1:15 p.m. in Istanbul. Tofas, a joint venture of Fiat Chrysler Automobiles NV and Turkey’s Koc Holding AS, dropped 3.4%. Dogus Otomotiv, the distributor of Volkswagen vehicles, fell 0.6%.
markets
Turkish Car Sales Plummet as Industry Demands Government Support
By
Taylan Bilgic
2 agosto 2019 12:59
Turkish Car Sales Plummet as Industry Demands Government Support
By
Taylan Bilgic
,
2 agosto 2019 12:59
- Vehicle sales slumped in July, a month after tax cuts expired
- Unit sales may close 2019 at about a third of the 2016 record
Sales of cars and light commercial vehicles, or LCVs, fell 66% in July from a year earlier to about 18,000 units, according to data published by the Automotive Distributors’ Association, known as ODD. The drop was the biggest since October, taking losses in the first seven months to 48%.
“The industry has been contracting for the past two years,” ODD Chairman Ali Bilaloglu said by phone on Friday. To kickstart sales, a special tax on cars with engines smaller than 1,600 cubic centimeters should be repealed for this year, he said.
Crash Landing
Turkey's July vehicle sales drop dramatically after tax cuts
With the economy reeling from a currency crisis last summer, Treasury & Finance Minister Berat Albayrak rolled out significant tax breaks at the end of October to support waning domestic demand.
The so-called Special Consumption Tax, applied to cars with engine sizes that account for nearly 60% of the market, was reduced by 15 percentage points and the valued-added tax on commercial vehicles was slashed to 1% from 18%. The incentives expired in June.
If similar measures aren’t taken again, domestic sales could fall to about 350,000 units this year, Bilaloglu said. That’s a long shot from 2016’s record of 983,720 units.
“Dealerships have reached a point of decision on whether to continue their business or not,” he said.
In July, Fiat vehicle sales fell 64%, while those of Ford Motor Co. and Volkswagen AG vehicles declined 80% and 77%, respectively, the data show. Overall, the decline in passenger cars reached 63% last month, while LCV sales fell 76%.
Shares of Ford Otomotiv were down 2.7% at 1:15 p.m. in Istanbul. Tofas, a joint venture of Fiat Chrysler Automobiles NV and Turkey’s Koc Holding AS, dropped 3.4%. Dogus Otomotiv, the distributor of Volkswagen vehicles, fell 0.6%.
Vespasianus
Princeps thermarum
.
tommy271
Forumer storico
* Il presidente turco R.T. Erdogan ha dichiarato mercoledì che la Turchia non accetterebbe l'annessione illegale della Crimea .
"Abbiamo nostri parenti nella loro storica patria Crimea, proteggere la loro identità e cultura, preservare i loro diritti e le loro libertà fondamentali sono le priorità della Turchia", ha detto il presidente turco in una conferenza stampa congiunta con il presidente ucraino Volodymyr Zelensky, dopo il loro incontro ad Ankara.
* Il presidente ucraino ha descritto la Turchia come "un buon vicino, un amico sincero e un importante partner strategico".
"Abbiamo nostri parenti nella loro storica patria Crimea, proteggere la loro identità e cultura, preservare i loro diritti e le loro libertà fondamentali sono le priorità della Turchia", ha detto il presidente turco in una conferenza stampa congiunta con il presidente ucraino Volodymyr Zelensky, dopo il loro incontro ad Ankara.
* Il presidente ucraino ha descritto la Turchia come "un buon vicino, un amico sincero e un importante partner strategico".