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Tensions between the United States and Turkey have been steadily rising since American pastor Andrew Brunson was detained by Turkish officials on charges of terrorism and espionage. While the decline accelerated last Friday after the Trump administration announced new tariffs on Turkey, the USA denied responsibility for Turkey's economic state.
  • Erdogan Vows to Boycott U.S. Electronic Goods Amid Pastor Spat

    Erdogan Vows to Boycott U.S. Electronic Goods Amid Pastor Spat

    Markets

    The lira lost 20% of its value versus the dollar on Friday . He also said on Friday that he had ordered to double U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively. The industry ministry announced the activation of $1.2bn for the Turkish industrial production, along with some other measures taken by the finance ministry on Tuesday.
  • Musk in talks with Saudi fund, others on Tesla buyout

    Musk in talks with Saudi fund, others on Tesla buyout

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    Musk is going full steam ahead and working with financial advisors Silver Lake and Goldman Sachs as well as receiving legal advice from law firms Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson. The PIF board is headed by the Crown Prince Mohammed bin Salman. A link between Musk's tweet and the Saudi involvement was soon made as the CEO's announcement ended with the " funding secured " phrase.
  • Turkey Financial Crisis: Stocks at Record Low as Lira Plunges Again

    Turkey Financial Crisis: Stocks at Record Low as Lira Plunges Again

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    The Trump administration punished Turkey with economic sanctions and traffic hikes over the detention of an American Christian pastor standing trial on disputed terrorism charges. "If they've got iPhone, there is Samsung on the other side". "What do you want to do?" "On the one hand you are going to be a strategic partner and on the other hand you put a bullet into your strategic partner", Erdogan added.
  • World’s least liveable cities dominated by crime, civil unrest and terrorism

    World’s least liveable cities dominated by crime, civil unrest and terrorism

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    Globally, Vienna was ranked as the most liveable city, followed by Melbourne; the least liveable was Damascus in Syria followed by Dhaka in Bangladesh. "Osaka's improvements in scores for quality and availability of public transportation, as well as a consistent decline in crime rates, have contributed to higher ratings in the infrastructure and stability categories respectively".
  • Photos Show Horrifying Scenes from California Wildfires

    Photos Show Horrifying Scenes from California Wildfires

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    Zinke and U.S. Department of Agriculture Secretary Sonny Perdue are in California this week to meet with state officials and to personally thank the firefighters who are battling the fires. It is part of the Mendocino-Complex Fire in Lake, Mendocino and Colusa Counties. Another massive blaze, the Carr Fire , has blackened about 207,000 acres and killed eight people in and around Shasta County, north of Sacramento near the OR state line.
  • Turkey prepares action plan for banks and businesses to tackle economic woes

    Turkey prepares action plan for banks and businesses to tackle economic woes

    Markets

    Japan's Nikkei lost 2.0 percent with every bourse in the region in the red. BBVA is the most exposed, followed by UCG, ING, BNPP and HSBC , whose share price was down 0.8 per cent in afternoon trading. In other commodity markets, gold was last down half a percent at $1,204 an ounce. European travel stocks were hard hit with TUI posting the worst performance of the British blue chip index, with a 4.3 percent fall.
  • Rupee’s record low complicates RBI’s job of keeping prices in check

    Rupee’s record low complicates RBI’s job of keeping prices in check

    Markets

    It had breached the 69-mark against the United States dollar amid global uncertainties and concerns over inflation. Investors are turning to dollar as safe haven with Turkey's currency lira crisis continuing since the last week. The intervention aided the rupee stabilise just a tad below 70 to a Dollars at 69.98 around 11.05 a.m. The currency had recovered from an all-time low of 69.91 and strengthened by 23 paise to 69.68 against the U.S.
  • Saudi Arabia's PIF Has Shown No Interest In Bankrolling Tesla Buyout

    Saudi Arabia's PIF Has Shown No Interest In Bankrolling Tesla Buyout

    Markets

    According to the report , which cites people with knowledge of PIF's plans, the fund is working to be a part of "any investor pool that emerges" to take Tesla private. The U.S. Securities and Exchange Commission, which has been gathering information about Tesla's public pronouncements on manufacturing goals and sales targets, is intensifying its scrutiny of the company's public statements in the wake of Musk's tweet, people familiar with the matter have said.
  • Eat Free at McDonald’s for Life With the Mcgold Card

    Eat Free at McDonald’s for Life With the Mcgold Card

    Markets

    To enter, customers can either order a meal using the McDonald's app between August 10 and August 24, or enter via email, as the official rules stipulate that no purchase is actually neccessary. The contest is similar to one run by coffee chain Starbucks, which was called Starbucks for Life, only not as generous. The victor will be drawn at random and then be notified within two days.
  • Allegedly Suicidal Man Crash Lands Stolen Aircraft

    Allegedly Suicidal Man Crash Lands Stolen Aircraft

    Markets

    Later the man said: "I've got a lot of people that care about me. The situation was not their fault but I think they could have given a little more guidance or announced to the plane this is what's going on instead of leaving us all to fend for ourselves", said Leddy.
  • Tesla's board might not know where Elon's 'secure' funding is coming from

    Tesla's board might not know where Elon's 'secure' funding is coming from

    Markets

    So, even if Musk did post the tweet hoping to damage short sellers by boosting Tesla stock price, it wouldn't be illegal unless it were untrue, she said . The Securities and Exchange Commission is investigating Musk's disclosure of the potential deal, according to reports earlier this week. Short-sellers of Tesla's stock have faced increasing aggression from Musk over recent months, with the billionaire citing the lack of market support as one of the main reasons he wants to take the ...
  • Trump Announces 'Doubling' Of Tariffs On Steel, Aluminum From Turkey

    Trump Announces 'Doubling' Of Tariffs On Steel, Aluminum From Turkey

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    Iran has also suffered from a major tumbling of its currency this year partly over reimposition of USA sanctions after Trump abandoned a 2015 nuclear deal. evangelical pastor Andrew Brunson on terrorism charges in Turkey. "This treatment by America of its strategic partner has annoyed us, it has upset us", Mr Erdogan said.
  • House of Frazer bought by Mike Ashley

    House of Frazer bought by Mike Ashley

    Markets

    The would-be rescuers were told to submit their "best and final offers" yesterday to PwC, which is advising House of Fraser's lenders and bondholders. banner pulled out. Department store giant and high street staple House of Fraser has been rescued hours after it announced its intention to call in administrators.
  • How major USA stock indexes fared Friday

    How major USA stock indexes fared Friday

    Markets

    The S&P 500 and Dow ended down slightly on Thursday as gains in Apple AAPL.O and Amazon AMZN.O were offset by losses in energy and financial shares. Seven of the 11 major S&P sectors were higher, with the materials sector leading the gains as aluminum prices rose. Tribune shares rose 2.9 percent.
  • Local pilot reacts to stolen Horizon airplane

    Local pilot reacts to stolen Horizon airplane

    Markets

    The man sounds calm at times and jokes with operators on the ground, who try to direct him to places to land. According to the Pierce County Sheriff's office, the suspected hijacker is a 29-year-old airline mechanic, who allegedly performed aerial stunts with the plane.
  • Tesla plunges, wiping out tweet-fueled rally in just two days

    Tesla plunges, wiping out tweet-fueled rally in just two days

    Markets

    Tesla CEO Elon Musk's tweets about taking the company private and having the funding to do it has the SEC's attention. Directors plan to meet financial advisers next week and are likely to tell chairman Elon Musk to recuse himself while they mull his proposal, CNBC reported Thursday , citing unidentified people familiar with the matter.
  • Stolen Plane Flies From Seattle, Crashes After Jets Scramble To Intercept

    Stolen Plane Flies From Seattle, Crashes After Jets Scramble To Intercept

    Markets

    Gary Beck , President and CEO of Horizon Air, said in a statement the plane crashed "about an hour" after it left Sea-Tac airport. Preliminary information suggests that the mechanic stole the Horizon Air Q400 and the crash occurred because the person was "doing stunts in air or lack of flying skills", the Pierce County Sheriff's Department said on Twitter.
  • The View From London: We're In A Full-Scale China Trade War

    The View From London: We're In A Full-Scale China Trade War

    Markets

    An editorial published by the official Xinhua News Agency on Wednesday stated that China would get through the storm and those imposing the tariffs would end up hurting themselves. The financial pain so far has been felt by individual companies or industries - and their workers - rather than by either the overall USA or Chinese economy.
  • Trump doubles steel & aluminum tariffs on Turkey

    Trump doubles steel & aluminum tariffs on Turkey

    Markets

    Following a few uneventful days of summer trading, Turkey's lira tumbled 14% on Friday, as a standoff over an imprisoned USA pastor led to President Donald Trump doubling tariffs on that nation's steel and aluminum exports. The ripple effects of Turkey's spiraling currency crisis was felt globally as the Dow Jones Industrial Average and the S&P 500 fell 0.8% and 0.5%, respectively, following Trump's tweet.
  • Bitcoin is the Best House in a Tough Market: Fundstrat's Tom Lee

    Markets

    Prices began dropping yesterday after the SEC extended the Cboe exchange-traded fund decision. The increase in trading volume, however, hasn't stopped the cryptocurrency prices from recording losses. "A green light for the bitcoin ETF would fire the starting gun on a race among institutional investors to cash-in on this new product". Ethereum is in major downtrend and is trading well below $390-400.
  • Trump authorizes doubling of tariffs on Turkey's steel, aluminum

    Trump authorizes doubling of tariffs on Turkey's steel, aluminum

    Markets

    Fears over contagion even pushed global equity markets lower, with some European banks coming under heavy selling pressure due to their exposure to Turkey. Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence. "Portfolio investors need to believe the story in terms of the policy mix - real interest rates need to stay sufficiently high to provide enough carry for FX risk", says Tim Ash, a strategist at ...