Tokyo Banking Correspondent
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Nov 2, 2015

Turkish markets surge on return to single-party rule

ISTANBUL, Nov 2 (Reuters) – Turkish assets rallied on
Monday, with the lira on track for its biggest one-day gain in
seven years and stocks up 5 percent after an election that
returned the country to single-party rule, ending months of
investor uncertainty.

The AK Party, founded by President Tayyip Erdogan, took just
shy of 50 percent of Sunday’s national vote, giving it a clear
majority of around 316 seats in the 550-seat parliament and a
far higher margin of victory than even party insiders had
expected.

Oct 30, 2015

No ‘U-turn’ seen for beleaguered Turkish markets after critical vote

ISTANBUL (Reuters) – Turkey’s snap election on Sunday will likely be a pivotal one for financial markets, setting the stage for further uncertainty – and selling – or ushering in a new government that could help quell recent volatility.

But whatever happens, analysts warn, investors shouldn’t expect a panacea for the chronic political worries that have hammered the lira currency and upended Turkey’s position as one of the world’s most promising emerging markets.

Sep 5, 2015

G20 financial leaders: cheap central bank cash alone not enough for balanced growth

ANKARA (Reuters) – World financial leaders agreed on Saturday that over reliance on cheap cash from loose central bank monetary policy will not lead to balanced economic growth and that as activity picks up, interest rates would have to rise.

Instead, G20 governments agreed that they should focus more on what they themselves can do to boost growth, Britain’s Finance Minister George Osborne told Reuters.

Sep 5, 2015

G20 fin leaders: cheap central bank cash alone not enough for balanced growth

ANKARA (Reuters) – World financial leaders agreed on Saturday that over reliance on cheap cash from loose central bank monetary policy will not lead to balanced economic growth and that as activity picks up, interest rates would have to rise.

Instead, G20 governments agreed that they should focus more on what they themselves can do to boost growth, Britain’s Finance Minister George Osborne told Reuters.

Sep 5, 2015

G20 fin leaders: cheap c.bank cash alone not enough for balanced growth

ANKARA, Sept 5 (Reuters) – World financial leaders agreed on
Saturday that over reliance on cheap cash from loose central
bank monetary policy will not lead to balanced economic growth
and that as activity picks up, interest rates would have to
rise.

Instead, G20 governments agreed that they should focus more
on what they themselves can do to boost growth, Britain’s
Finance Minister George Osborne told Reuters.

Sep 5, 2015

S.Africa’s Kganyago says further rand weakness not necessarily bad

ANKARA, Sept 5 (Reuters) – A further fall in South Africa’s
rand is not necessarily a bad thing and the currency should be
allowed to play its role as a shock absorber, Central Bank
Governor Lesetja Kganyago said on Saturday.

Kganyago also told Reuters in an interview at the Group of
20 finance chiefs meeting that, to the extent rand depreciation
was part of a global foreign exchange rebalancing, it need not
be a worry.

Sep 3, 2015

G20 finance ministers meet in Turkey as China casts clouds over growth

ANKARA (Reuters) – When the Group of 20 finance ministers and central bankers meet on Friday in Turkey, China’s market turmoil is likely to be the biggest problem they do nothing about.

Slower growth in China and rising market volatility have boosted the risks to the global economy, staff of the International Monetary Fund warned on Wednesday, citing a mix of potential dangers such as depreciating emerging market currencies and tumbling commodity prices.

Sep 1, 2015

Turkey’s G20 presidency becomes casualty of political turmoil

ANKARA, Sept 1 (Reuters) – When Turkey took over the helm of
the G20 this year, it hoped to promote an image of an emerging
economic power forging a strategy to tackle sluggish global
growth and giving low-income nations a stronger voice.

But as G20 finance ministers and central bankers meet in
Ankara this week, such aspirations seem unlikely to be realised.
Political upheaval at home and conflict on its borders have
diverted its attention and left Turkey looking anything but a
model emerging market.

Aug 13, 2015

Turkish lira at record low, stocks slide after coalition talks fail

ISTANBUL, Aug 13 (Reuters) – The Turkish lira hit a record
low and stocks tumbled as much as 3 percent on Thursday after
coalition talks between the ruling AK Party and the main
opposition failed, setting the stage for a snap election and
more investor uncertainty.

Markets had been hoping the Islamist-rooted AKP would be
able to form a coalition with the centre-left, pro-business CHP
and avoid an early election.

Aug 10, 2015

U.S. consulate, police station attacked in Istanbul

ISTANBUL (Reuters) – Two attackers opened fire on the U.S. consulate building in Istanbul on Monday while 10 people were injured in a car bombing at a police station overnight, weeks after Turkey launched what it described as a “synchronized war on terror”.

Police armed with automatic rifles cordoned off streets around the U.S. consulate in the Sariyer district on the European side of the city, following the gun attack there.

    • About David

      "David Dolan covers banks, consumer lenders and financial regulation in the world's second-largest economy. Before that, he covered Tokyo's stock market for Reuters and also did reporting stints on Capitol Hill and Chicago's City Hall. He was born in Ireland and grew up in Chicago."
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