Economy

How r/WallStreetBets Made GameStop’s Stock Price Soar: Reddit Takes on Short Sellers – TLDR News

Over the last week the subreddit WallStreetBets has been making waves in the stock market, pushing up the values of companies like GameStop and Blackberry. These amateur traders seem to have outwitted and confused the professionals – earning millions in the process. In this video we break down the story and explain how Redditors broke …

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Turkey sovereign wealth fund turns into debt fund – report – Ahval

Turkey’s sovereign wealth fund has turned into the country’s biggest source of financing after the central bank’s foreign currency reserves turned negative, the trade deficit widened and revenue for the tourism industry slumped, Sözcü newspaper reported. The fund’s balance sheet took a big hit in 2019 and those financial problems intensified last year as it …

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Why Trump Shielded Turkey’s Halkbank And Tried to Help Iran Evade Sanctions – Foreign Policy

The U.S. president never could grasp that shielding Turkey’s Halkbank for Erdogan would make Iranian sanctions evasion easier. On March 1, a U.S. District Court in New York will start the trial of what is alleged to be the largest-ever sanctions evasions scheme, a $20 billion plan prosecutors say was carried out by Turkey’s state-owned …

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Turkey’s Frantic Gold Rush Points to a Financial Crisis Ahead – The National Interest

Ultimately, the demand for gold reflects the realities of political and economic life in Turkey. On the one hand, citizens try to preserve what little wealth they have. On the other, a predatory political elite seeks economic gain amid the chaos.

In all likelihood, ordinary Turks will bear the brunt of their government’s ill-advised economic policies and machinations involving gold. If the currency crisis deepens, then Erdogan may have to ban FX deposits and convert citizens’ savings at an “official”— i.e., below-market—exchange rate, letting hyperinflation and negative real rates do the work. On Nov. 20, Erdogan asked Turks to “register whatever you have under the pillow, both abroad and domestically, without any question.” It is unlikely that many Turks will respond.

Whereabouts of former minister Albayrak subject of speculation, jokes among Turks – Turkish Minute

Turkey’s Former finance minister, Berat Albayrak, who is also the son-in-law of President Recep Tayyip Erdoğan, has not appeared in public since his unexpected resignation from office in early November, leading to widespread speculation as well as jokes about his whereabouts. In a surprise move on Nov. 8, Albayrak stepped down, citing health reasons, in …

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Turkish hotels in fire sale – BNE IntelliNews

Around 2,000 Turkish hotels and other tourist facilities, from the 5-star to the boutique, are reportedly presently on sale on online platforms. A total of 86 new adverts for the sale of hotels in Turkey were uploaded on popular e-commerce platform Sahibinden.com in the first two days of 2021. Turkish daily Sozcu defined the situation as reflecting …

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Turkey’s Slow-Motion Economic Crisis – Project Syndicate

Banks cannot engineer a balance between exchange rates and interest rates in a country with free capital flows, where banks’ funding conditions are affected by the global economic environment and by country risk. As Turkey has demonstrated, using banks for this purpose destroys both internal and external economic balances. ISTANBUL/WASHINGTON, DC – No one should …

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Turkish inflation is really 36.7 percent, research group says – Ahval

Turkey’s annual consumer price inflation rate was 36.7 percent last month, far higher than official claims, said ENAGrup (ENAG), an independent institution set up last year to track the country’s inflation. Inflation in Turkey accelerated to 14.6 percent in December from 14 percent the previous month, the Turkish Statistical Institute (TÜİK) said on Monday. ENAG …

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Turkish inflation up more than expected to 14.6% – Reuters

FILE PHOTO: People wait in line to buy vegetables sold in a tent set up by the municipality in the Bayrampasa district of Istanbul, Turkey, February 11, 2019. REUTERS/Murad Sezer ISTANBUL (Reuters) -Turkish inflation edged higher than expected to 14.6% year-on-year in December as food costs jumped, official data showed on Monday, keeping pressure on …

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Turkey’s monetary policy outlook in 2021 – Yetkin Report

From the perspective of a monetary economist, inflation is always the first item that should be addressed on the way to sustainable growth. Hence my unduly emphasis on price stability. Despite all the tragedy and loss, perhaps one of the few gains in 2020 was to bring the abstract notion of price stability down to …

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Southern Gas Corridor to strengthen economic, political and geostrategic co-op – Trend

The Southern Gas Corridor, which will supply Caspian gas to Europe via Turkey, will turn Azerbaijan and Turkey into a strategic energy corridor, Murat Akan, international trade operation specialist in Turkey, told Trend. “Natural gas has entered its golden age, because it has gained geopolitical importance and has become a constant element of international policies. …

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FarsNews Agency Armenia to Replace Turkey with Iran for Import of Over 2,000 Goods – FARS

TEHRAN (FNA)- Trade Promotion Organization of Iran (TPOI) said Armenia has announced that it will replace 2,250 Turkish products with Iranian goods in reaction to the recent Turkish sanctions. “Due to Turkish sanctions, Armenia has planned to replace Iranian goods with 2,250 products imported from Turkey,” the Iranian official said, adding that this will be …

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