Economy

Turkish court rejects release appeal of American Pastor

Turkish court rejects release appeal of American Pastor

Turkey's battered lira weakened 5 percent on Friday after a Turkish court rejected a U.S. Christian pastor's appeal for release, a day after the United States warned of further sanctions unless Ankara hands over the detained minister.

Ebbing concerns over the fallout from the Turkish lira's recent slide also helped strengthen the euro against the dollar.

Earlier on Thursday, Treasury Secretary Steve Mnuchin hinted at more sanctions over Brunson, saying, "We have more that we are planning to do if they don't release him quickly".

Mr Erdogan is angry that the U.S. has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt.

"They can't take our people", the president said, calling Brunson a "wonderful Christian pastor". Experts are concerned that the country's economy is overheated and that businesses will have a harder time paying back massive debts.

Davis Cup 'radical changes' criticised by former players, Tennis Australia
Ties would feature only two singles and a doubles games in a reduction on the current four singles and one doubles format. The first championship will be held on an indoor hardcourt from November 18-24, 2019, in either Madrid or Lille , France.

Turkey's currency, which had recovered from record losses against the dollar earlier in the week, was down about 6 percent against the dollar on Friday, at 6.17.

His words came shortly after the high court in Turkey rejected the pastor's appeal for release.

Trump, who has doubled steel and aluminum tariffs on Turkey, said the steel tariffs had kicked in and the aluminum tariffs would take effect soon.

US stocks and emerging market currencies rebounded on Thursday after China said it will hold trade talks with the United States this month and Turkey's lira continued its recovery.

Albayrak spoke Thursday with his German counterpart Olaf Scholz and they agreed to "take steps in order to reinforce economic cooperation", Albayrak's office said.

Omarosa says Trumps offered her US$15000 a month for her "silence"
The roll out of Manigault Newman's book and some of her critical and unverified observations appear to have rattled the president. I know you're making $179,000 at the White House and I think we can work something out where we keep you right along those lines.

Erdogan has moved to shore up alliances in Europe and the Middle East, easing pressure on the battered lira, as the standoff with the US has deepened.

On Wednesday, in retaliation, Turkey increased tariffs on several US-origin products, including alcohol, tobacco products and cars.

Meanwhile, Turkish courts have moved to defuse other legal cases that have irritated relations with the EU.

The leader of Turkey's main opposition party said Erdogan was using the standoff over the evangelical pastor as a "pretext", blaming the United States for economic problems and diverting attention from his own alleged mismanagement.

Also worrying investors has been President Recep Tayyip Erdogan's refusal to allow the central bank to raise interest rates to support the currency, as experts say it should.

Ireland rise in latest Federation Internationale de Football Association rankings
In other rankings news, Germany's shocking early exit from the World Cup saw the 2014 winners collapse from first to 15th. But an unexpected run to the quarterfinals, where it lost to Croatia on penalties, pushed it up 21 places to 49th.

FILE PHOTO: A 100 Turkish lira banknote is seen on top of 50 Turkish lira banknotes in this picture illustration in Istanbul, Turkey August 14, 2018.


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