As COVID-19 cases continue on an upward trend in Turkey, the pandemic may get even worse in the coming winter months amid the risk of a flu epidemic.
Coronavirus Scientific Advisory Board member professor Serap Şimşek Yavuz warned that several respiratory viruses, such as the Rhinovirus, have been detected much earlier this year.
“With the easing of COVID-19 restrictions, the flu epidemic may well make a comeback. This is our biggest concern,” she said.
Read more at:
Double pandemic feared as COVID-19 cases rise in Turkey | Daily Sabah
Showing posts with label Turkey. Show all posts
Showing posts with label Turkey. Show all posts
Thursday, October 21, 2021
Tuesday, January 26, 2021
Covid-19 Vaccine: Turkey, Serbia, Bosnia and Hungary Put Trust in Russian, Chinese Vaccines - by Hamdi Firat Buyuk, Danijel Kovacevic, and Milica Stojanovic
While the majority of countries in Central and Southeast Europe have brokered deals to obtain Western-manufactured COVID-19 vaccines, Turkey, Hungary, Bosnia and Herzegovina and Serbia are keeping their options open and also obtaining Chinese and Russian vaccines – despite concerns about their reliability.
Some health experts have warned that the effectiveness of these vaccines is still not fully researched, and note that their delivery dates are also still uncertain.
“Unfortunately, Turkey could not purchase a vaccine in which all three phases of research had been completed. Furthermore, there are no plans to bring [Western] Moderna or AstraZeneca vaccines [to Turkey],” Emrah Altindis, a Turkish professor of Biology at Boston College, wrote on Twitter.
Turkey said earlier that it would purchase 50 million doses of China’s CoronaVac vaccine, which is still in third of phase of research. After various delays, only 3 million doses arrived on December 31. So far, Turkey has vaccinated 1.2 million of its more than 82 million citizens.
Note EU-Digest: At a press conference in Beijing a state taskforce announced the vaccine had exceeded World Health Organization standards and would help establish effective immunity in China.
Health officials said vulnerable groups would be prioritised ahead of the general population. Key groups have already been receiving vaccines under emergency approvals, including about a million receiving the Sinopharm vaccine.
Read more at: Turkey, Serbia, Bosnia and Hungary Put Trust in Russian, Chinese Vaccines | Balkan Insight
Some health experts have warned that the effectiveness of these vaccines is still not fully researched, and note that their delivery dates are also still uncertain.
“Unfortunately, Turkey could not purchase a vaccine in which all three phases of research had been completed. Furthermore, there are no plans to bring [Western] Moderna or AstraZeneca vaccines [to Turkey],” Emrah Altindis, a Turkish professor of Biology at Boston College, wrote on Twitter.
Turkey said earlier that it would purchase 50 million doses of China’s CoronaVac vaccine, which is still in third of phase of research. After various delays, only 3 million doses arrived on December 31. So far, Turkey has vaccinated 1.2 million of its more than 82 million citizens.
Note EU-Digest: At a press conference in Beijing a state taskforce announced the vaccine had exceeded World Health Organization standards and would help establish effective immunity in China.
Health officials said vulnerable groups would be prioritised ahead of the general population. Key groups have already been receiving vaccines under emergency approvals, including about a million receiving the Sinopharm vaccine.
Read more at: Turkey, Serbia, Bosnia and Hungary Put Trust in Russian, Chinese Vaccines | Balkan Insight
Friday, August 21, 2020
Turkey: 'Natural gas find could close Turkey's current account gap'
Friday’s big announcement of a natural gas find in the Turkish Black
Sea could eliminate the country’s current account deficit issue, said
Turkey’s treasury and finance minister on Friday.
“With the current exploration and potential here, I hope in the coming days we will talk about a current account surplus,” said Berat Albayrak, speaking alongside Energy and Natural Resources Minister Fatih Donmez on the Turkish drill ship Fatih off the Black Sea province of Zonguldak.
The discovery of significant gas resources in the Black Sea could reduce Turkey’s reliance on energy imports, he added.
Some 320 billion cubic meters of natural gas reserves were found after the drill ship Fatih started work on July 20 off the Black Sea coast, as announced Friday by President Recep Tayyip Erdogan.
Read more at:
'Natural gas find could close Turkey's current account gap' | TurkishPre
“With the current exploration and potential here, I hope in the coming days we will talk about a current account surplus,” said Berat Albayrak, speaking alongside Energy and Natural Resources Minister Fatih Donmez on the Turkish drill ship Fatih off the Black Sea province of Zonguldak.
The discovery of significant gas resources in the Black Sea could reduce Turkey’s reliance on energy imports, he added.
Some 320 billion cubic meters of natural gas reserves were found after the drill ship Fatih started work on July 20 off the Black Sea coast, as announced Friday by President Recep Tayyip Erdogan.
Read more at:
'Natural gas find could close Turkey's current account gap' | TurkishPre
Friday, June 5, 2020
EastMed Gas Pipeline: EU reiterates support for EastMed pipe, urges Turkey to respect international law - by Kostis Geropoulos
The European Union supports the EastMed gas pipeline project as one
option of tapping gas supplies from the East Mediterranean for the EU, Peter Stano, lead EU spokesperson for Foreign Affairs and Security Policy, told New Europe on June 5.
“The EU supports the EastMed pipeline project,” Stano said, adding that this pipeline is a Project of Common Interest under the 4th Union List and the related feasibility study receives EU funds. It should be seen as one option of tapping EastMed gas supplies for the EU alongside shipping it to the EU by tankers in the form of Liquefied Natural Gas (LNG), he added.
On June 2, during a webinar, the energy ministers of Israel, Cyprus and Greece as well as US Assistant Secretary of State for Energy Resources Frank Fannon also reiterated their support for the EastMed pipeline.
However, on June 4, Turkey’s President Recep Tayyip Erdogan, meeting Libya’s internationally recognised leader Fayez Sarraj in Ankara, said Turkey would step-up its cooperation with Sarraj’s government, to drill for natural resources in the East Med based on an agreement on sea borders signed by Turkey and Libya last November.
The EU spokesman reminded that European leaders adopted at the European Council in December EU conclusions clearly stating that a memorandum of understanding signed by Turkey and Libya on the delimitation of maritime jurisdictions in the Mediterranean Sea infringes upon the sovereign rights of third States, does not comply with the Law of the Sea and cannot produce any legal consequences for third States. “The European Council also unequivocally reaffirmed its solidarity with Greece and also Cyprus regarding these actions by Turkey,” Stano said.
The EU spokesperson reminded that on May 15, the EU Foreign Ministers also approved a statement about the situation in the Eastern Mediterranean, “which demonstrates the EU’s unity in supporting Greece and Cyprus and sends a clear signal and a firm message to Turkey that we uphold our principles and interests.” The delimitation of EEZs and continental shelf should be addressed through dialogue and negotiation in good faith, in full respect of international law and in pursuit of the principle of good neighbourly relations, he said. “The most recent escalating actions by Turkey regrettably go in the opposite direction,” he added.
Stano called on all international community members to abide by these principles and refrain from any actions undermining regional stability and security. “The EU and Turkey have a strong interest in an improvement of their relations through a dialogue which is intended to create an environment of trust. We will continue our diplomatic engagement with Turkey to try to steer our relationship towards a cooperative and constructive approach,” the EU spokesperson said.
Greece’s Prime Minister Kyriakos Mitsotakis sent letters on June 3 to the EU Council and Commission presidents protesting over Turkey’s activities in the Eastern Med. “We have seen reports about a letter sent by Prime Minister of Greece Mitsotakis to President of the European Commission (Ursula) von der Leyen,” Stano said. “We will check if the letter has already been received and reply in due time.”
Fannon told the webinar the Turkey-Libya MoU is “provocative” and could cause “instability” in the region. Charles Ellinas, a senior fellow at the Global Energy Center at the Atlantic Council, told New Europe on June 5 it helps that the US State Department has confirmed that islands are entitled to EEZs. This is the obvious outcome of applying the UN law of the seas, UNCLOS, he said. “But this support – by the US and the EU – and cooperation between Israel, Cyprus and Greece will not deter Turkey,” Ellinas said, adding that Ankara is determined to proceed with exploration and drilling in the EEZs of Cyprus and Greece taking advantage of the cessation of drilling activities by the international oil companies due to coronavirus and the crisis that has hit the oil and gas industry. “Turkey is still drilling in Cyprus EEZ, persisting with its East Med dominance plans – despite the crisis – clearly showing that there is no economic basis to its actions,” he said.
“Turkey is capitalising on its maritime ‘agreement’ with Libya, that it entered into specifically for this purpose,” Ellinas said, adding, “This, of course, impacts the rights of Cyprus or Greece to their EEZs and to a certain extent Egypt, but not Israel directly. Turkey is using the Libya deal, drilling in the EEZs of Cyprus and Greece, in order to create facts in support of its claims, perhaps in preparation for eventual negotiations”.
Read more at: EU reiterates support for EastMed pipe, urges Turkey to respect international law | New Europe
“The EU supports the EastMed pipeline project,” Stano said, adding that this pipeline is a Project of Common Interest under the 4th Union List and the related feasibility study receives EU funds. It should be seen as one option of tapping EastMed gas supplies for the EU alongside shipping it to the EU by tankers in the form of Liquefied Natural Gas (LNG), he added.
On June 2, during a webinar, the energy ministers of Israel, Cyprus and Greece as well as US Assistant Secretary of State for Energy Resources Frank Fannon also reiterated their support for the EastMed pipeline.
However, on June 4, Turkey’s President Recep Tayyip Erdogan, meeting Libya’s internationally recognised leader Fayez Sarraj in Ankara, said Turkey would step-up its cooperation with Sarraj’s government, to drill for natural resources in the East Med based on an agreement on sea borders signed by Turkey and Libya last November.
The EU spokesman reminded that European leaders adopted at the European Council in December EU conclusions clearly stating that a memorandum of understanding signed by Turkey and Libya on the delimitation of maritime jurisdictions in the Mediterranean Sea infringes upon the sovereign rights of third States, does not comply with the Law of the Sea and cannot produce any legal consequences for third States. “The European Council also unequivocally reaffirmed its solidarity with Greece and also Cyprus regarding these actions by Turkey,” Stano said.
The EU spokesperson reminded that on May 15, the EU Foreign Ministers also approved a statement about the situation in the Eastern Mediterranean, “which demonstrates the EU’s unity in supporting Greece and Cyprus and sends a clear signal and a firm message to Turkey that we uphold our principles and interests.” The delimitation of EEZs and continental shelf should be addressed through dialogue and negotiation in good faith, in full respect of international law and in pursuit of the principle of good neighbourly relations, he said. “The most recent escalating actions by Turkey regrettably go in the opposite direction,” he added.
Stano called on all international community members to abide by these principles and refrain from any actions undermining regional stability and security. “The EU and Turkey have a strong interest in an improvement of their relations through a dialogue which is intended to create an environment of trust. We will continue our diplomatic engagement with Turkey to try to steer our relationship towards a cooperative and constructive approach,” the EU spokesperson said.
Greece’s Prime Minister Kyriakos Mitsotakis sent letters on June 3 to the EU Council and Commission presidents protesting over Turkey’s activities in the Eastern Med. “We have seen reports about a letter sent by Prime Minister of Greece Mitsotakis to President of the European Commission (Ursula) von der Leyen,” Stano said. “We will check if the letter has already been received and reply in due time.”
Fannon told the webinar the Turkey-Libya MoU is “provocative” and could cause “instability” in the region. Charles Ellinas, a senior fellow at the Global Energy Center at the Atlantic Council, told New Europe on June 5 it helps that the US State Department has confirmed that islands are entitled to EEZs. This is the obvious outcome of applying the UN law of the seas, UNCLOS, he said. “But this support – by the US and the EU – and cooperation between Israel, Cyprus and Greece will not deter Turkey,” Ellinas said, adding that Ankara is determined to proceed with exploration and drilling in the EEZs of Cyprus and Greece taking advantage of the cessation of drilling activities by the international oil companies due to coronavirus and the crisis that has hit the oil and gas industry. “Turkey is still drilling in Cyprus EEZ, persisting with its East Med dominance plans – despite the crisis – clearly showing that there is no economic basis to its actions,” he said.
“Turkey is capitalising on its maritime ‘agreement’ with Libya, that it entered into specifically for this purpose,” Ellinas said, adding, “This, of course, impacts the rights of Cyprus or Greece to their EEZs and to a certain extent Egypt, but not Israel directly. Turkey is using the Libya deal, drilling in the EEZs of Cyprus and Greece, in order to create facts in support of its claims, perhaps in preparation for eventual negotiations”.
Read more at: EU reiterates support for EastMed pipe, urges Turkey to respect international law | New Europe
Tuesday, May 12, 2020
Spain, France ease coronavirus restrictions
Spain and France both took steps Monday to loosen the tight
restrictions that the countries imposed to try to control the spread of
the coronavirus pandemic.
In Seville, Spain, waiters in face masks served coffees and "bocadillo" sandwiches at café terraces as parts of the country eased restrictions while the number of new fatalities dropped to a near two-month low.
In Seville, Spain, waiters in face masks served coffees and "bocadillo" sandwiches at café terraces as parts of the country eased restrictions while the number of new fatalities dropped to a near two-month low.
Friday, February 28, 2020
EU blacklists two Turkish nationals over illegal gas exploration offshore Cyprus
The European Union on Thursday blacklisted two Turkish nationals as
retaliation over Ankara’s oil and natural-gas exploration in waters that
are part of the exclusive economic zone of member country Cyprus.
The EU asset freezes and travel bans on the two people, whom the bloc plans to identify later on Thursday, Bloomberg reports.
The sanctions are the first of their kind in response to the actions of a nation seeking to join the EU.
However, the decision by EU governments in Brussels stops short of targeting any Turkish companies.
This reflects a desire to avoid antagonising a key ally in the fight to prevent Middle East migration, particularly from war-torn Syria.
Relations between the EU and Turkey have been deteriorating since Turkish President Recep Tayyip Erdogan responded to a failed coup attempt in mid-2016 by unleashing a widespread crackdown on political opponents.
Ties soured further in 2018 when the Turkish navy prevented drilling by Italy-based Eni SpA in Cypriot waters.
And again late last year, when Turkey carried out a military operation in northern Syria to carve out a buffer zone and struck a controversial accord with Libya on their maritime boundary.
The energy-exploration tensions are a reminder of the most basic European disagreement with Turkey: its occupation of the northern part of Cyprus since a 1974 invasion.
Read more at: EU blacklists two Turkish nationals over illegal gas exploration offshore Cyprus – In-Cyprus.com
The EU asset freezes and travel bans on the two people, whom the bloc plans to identify later on Thursday, Bloomberg reports.
The sanctions are the first of their kind in response to the actions of a nation seeking to join the EU.
However, the decision by EU governments in Brussels stops short of targeting any Turkish companies.
This reflects a desire to avoid antagonising a key ally in the fight to prevent Middle East migration, particularly from war-torn Syria.
Relations between the EU and Turkey have been deteriorating since Turkish President Recep Tayyip Erdogan responded to a failed coup attempt in mid-2016 by unleashing a widespread crackdown on political opponents.
Ties soured further in 2018 when the Turkish navy prevented drilling by Italy-based Eni SpA in Cypriot waters.
And again late last year, when Turkey carried out a military operation in northern Syria to carve out a buffer zone and struck a controversial accord with Libya on their maritime boundary.
The energy-exploration tensions are a reminder of the most basic European disagreement with Turkey: its occupation of the northern part of Cyprus since a 1974 invasion.
Read more at: EU blacklists two Turkish nationals over illegal gas exploration offshore Cyprus – In-Cyprus.com
Thursday, January 9, 2020
EU Energy Supply: Russia and Turkey turn on EU gas pipeline
Russia and Turkey have turned on a new gas pipeline to the EU, continuing efforts to lock in Russia's best customer.
The TurkStream pipeline launch was "a very important event not only for Russia and Turkey, but also for the states of southern Europe, for the entire European continent", Russian president Vladimir Putin told press at a ceremony in Istanbul on Wednesday (8 January).
And European countries were "already expressing very great interest" in buying the gas, Turkish president Recep Tayyip Erdogan said.
Putin praised the pipeline as a feat of modern engineering.
"It is a high-tech project because the gas pipeline runs at tremendous depth, as well as in a very hostile environment," he said.
Erdogan said its symbolism recalled "Ottoman times", when tsars and sultans first built relations 500 years ago.
Read more at: Russia and Turkey turn on EU gas pipeline
The TurkStream pipeline launch was "a very important event not only for Russia and Turkey, but also for the states of southern Europe, for the entire European continent", Russian president Vladimir Putin told press at a ceremony in Istanbul on Wednesday (8 January).
And European countries were "already expressing very great interest" in buying the gas, Turkish president Recep Tayyip Erdogan said.
Putin praised the pipeline as a feat of modern engineering.
"It is a high-tech project because the gas pipeline runs at tremendous depth, as well as in a very hostile environment," he said.
Erdogan said its symbolism recalled "Ottoman times", when tsars and sultans first built relations 500 years ago.
Read more at: Russia and Turkey turn on EU gas pipeline
Sunday, September 8, 2019
Turkey - US relations: Turkey calls on U.S. to lift barriers to boost trade - by MURAD SEZER
Turkey asked the United States to lift trade barriers between the two
countries during talks on Saturday aimed at sharply increasing bilateral
commerce, Turkey's trade minister said.
Read more:
Turkey calls on U.S. to lift barriers to boost trade
Read more:
Turkey calls on U.S. to lift barriers to boost trade
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Thursday, July 25, 2019
Turkey needs higher productivity for continual growth says World Bank
In a written statement, the World Bank Group said it recently launched an economic memorandum on "Firm Productivity and Economic Growth in Turkey" at a conference held in the capital Ankara.
"While acknowledging the importance of economic stability, the memorandum explored how Turkey could achieve sustained growth by accelerating productivity, particularly in 'pro-development' sectors, capable of delivering both added value and employment," it said.
The World Bank highlighted that economic integration and innovation have boosted firm-level productivity, though reforms could further accelerate these positive impacts.
"The analysis shows that the most productive industries and firms are not necessarily capturing the most resources.
"Apart from a handful of industries such as motor vehicles, basic metals and textiles, productivity in manufacturing has more recently stagnated," it said.
The group said that while construction and services have expanded rapidly, they also exhibit low and falling productivity.
"In services, there is scope to expand more sophisticated industries like information and communications technologies which raise productivity in manufacturing and other sectors," it said.
The World Bank also noted that growth and development required more productive companies to compete in the current world market, which can be enabled through structural reforms.
Read more at : Turkey needs higher productivity for continual growth: World Bank - Latest News
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"While acknowledging the importance of economic stability, the memorandum explored how Turkey could achieve sustained growth by accelerating productivity, particularly in 'pro-development' sectors, capable of delivering both added value and employment," it said.
The World Bank highlighted that economic integration and innovation have boosted firm-level productivity, though reforms could further accelerate these positive impacts.
"The analysis shows that the most productive industries and firms are not necessarily capturing the most resources.
"Apart from a handful of industries such as motor vehicles, basic metals and textiles, productivity in manufacturing has more recently stagnated," it said.
The group said that while construction and services have expanded rapidly, they also exhibit low and falling productivity.
"In services, there is scope to expand more sophisticated industries like information and communications technologies which raise productivity in manufacturing and other sectors," it said.
The World Bank also noted that growth and development required more productive companies to compete in the current world market, which can be enabled through structural reforms.
Read more at : Turkey needs higher productivity for continual growth: World Bank - Latest News
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Monday, May 6, 2019
Cyprus-Turkish Relations: Turkey drills for gas in Cyprus' waters, prompting EU outcry - by Andrew Rettman
The EU and US have urged Turkey to stop drilling for gas in Cyprus' maritime zone - but Ankara has told its allies it would do so anyway.
Brussels and Washington spoke out over the weekend after a Turkish ship called Fatih, meaning "Conqueror", began drilling a 5,500-metre well in the Mediterranean Sea on Friday (3 May) in a zone claimed both by Cyprus and by the Turkey-backed, breakaway Turkish Republic of Northern Cyprus (TRNC).
Read more at: Turkey drills for gas in Cyprus' waters, prompting EU outcry
Tuesday, April 16, 2019
Wednesday, April 10, 2019
TURKEY - Military purchases: Turkey will look elsewhere (Russia) if US wont sell them Patriots and F-35s
"Turkey says it will look elsewhere if U.S. won't sell Patriots, F-35s" -
Read more at:
Wednesday, March 6, 2019
The Netherlands: Russian money laundering machine shifted millions through the Netherlands
In total, almost €1bn of the money ended up in the Netherlands, some of which was used to buy two luxury yachts, said the research project, which includes Trouw and the Groene Amsterdammer magazine plus Dutch investigative journalism collective Investico.
The OCCRP says Troika Dialog, once Russia’s largest private investment bank, channeled billions of dollars out of Russia from 2004 via a network of 70 offshore companies with accounts in Lithuania. The two Lithuanian banks were closed down in 2011 and 2013.
The scheme was discovered in a collection of 1.3 million banking transactions and other documents obtained by OCCRP and the Lithuanian news site 15min.lt, which stem from the two Lithuanian banks.
Some of the money was channeled into the Netherlands via the Amsterdam Trade Bank (ATB) and Turkey’s C. ATB, part of Russia’s Alfa Bank, is already involved in corruption investigations.
Smaller amounts were moved through ING and ABN Amro, the Groene Amsterdammer said. ‘The million euro payments came from the Troika Bank and had many signs of money laundering,’ the magazine said.
In addition, €43m went to the Rabobank account of luxury yacht builder Heesen, according to Dutch investigative news collective Investico.
‘How could all this happen under the watchful eye of the central bank DNB?’ the magazine asked. ‘Banks are banned from carrying out transactions if they don’t know who profits, but, the central bank says, banks often have no idea who is really hiding behind anonymous companies.’
The central bank declined to answer specific questions about the claims, the Groene Amsterdammer said.
EU-Digest
Saturday, December 29, 2018
Middle East: A new direction for the Middle East in the vacuum left behind by Trump
Read more at:
https://www.timesofisrael.com/russia-to-host-putin-erdogan-rouhani-summit-on-syria/
Friday, December 14, 2018
EU -Turkey-Russian Energy Cooperation: "Politics can make strange bedfellows" - Russia’s Gas Strategy Gets Help From Turkey - by Marc Pierini
 |
| Politics/Energy can make strange bedfellows |
For Ankara, the project is a symbol of
Turkey’s independent decisionmaking and of the country’s significance in
the wider region. Seen from Ankara, Turkish Stream serves a political
purpose. It celebrates the blossoming friendship between Turkey and Russia
and confirms Ankara’s ambition to be part of the solution to major
international issues—in this case, securing the gas needs for a large
part of the EU.
However, Turkish Stream will also increase Ankara’s dependence on Moscow for its energy needs.
The project’s second meaning is that Turkey is contributing to an essential element of Russia’s multi-pronged, long-term strategy of remaining Europe’s major gas supplier, while creating a “third gas corridor” in addition to the Ukrainian and Baltic Sea supply routes. This strategy is unfolding on several fronts: in Ukraine; in the Baltic Sea; and through future extensions of Turkish Stream to southern and central Europe (toward Bulgaria, Serbia, Hungary, Slovakia, and to Greece and Italy.)
It is also worth noting that Turkish Stream is not part of the EU’s Energy Union plans since it does not contribute to diversification of supplies. In fact, it will rather reinforce Russia’s market predominance in both Turkey and the EU.
In Ukraine, the multi-pipeline network channeling Russian gas to Western Europe will remain a vital link.
But reducing its use could inflict massive losses in terms of transit
costs for authorities in Kiev, which is part of Russia’s strategy in
Ukraine.
Much will depend on negotiations for the
extension of the Russia-Ukraine commercial agreement, which will end in
2019. To help alleviate Kiev’s concerns, Germany has made the
continuation of transit via Ukraine an ingredient of a final agreement
on Nord Stream 2, the latter being the subject of controversies within the EU.
The Russian strategy is in no way limited
to selling Russian gas on the European continent. It extends much
further afield in the wider Eastern Mediterranean region.
Egypt is a case in point.
Following the massive discoveries in the so-called Zohr field to the north and east of the Nile River delta, Russia bought a 30 percent stake
from the Italian energy group ENI in 2016 with the consent of the
Italian government, which Moscow has had a long and close relationship
with. The official reason for the sale was the need for ENI to spread
the risk of its Egyptian operation.
Similarly, offshore gas discoveries in
Lebanese waters have attracted Russian interest— although drilling off
Lebanon is largely dominated by France’s TOTAL and Italy’s ENI, who have
a 40 percent share each. Russia’s NOVATEK has bought a 20 percent stake.
Russia has also made moves to control both the oil and gas sector in Syria,
despite the ongoing war. The actual effect of these recent maneuvers
will very much depend on the final political arrangement expected to end
the almost eight-year-old civil war. Many of Syria’s oil and gas fields
are located north and east of the Euphrates River, currently outside
the control of regime forces. In addition, for reasons linked to the
ongoing naval military activities, no offshore exploration has yet taken
place in Syrian waters.
In Iraq, Russia is involved in pipeline deals in the Kurdistan region
through a number of oil and gas companies, although the actual exports
would have to take place through Turkish territory or possibly even
through Syria in the distant future.
Such an ambitious Russia strategy is justified by Europe’s gas market fundamentals.
A stronger demand for gas in Europe is good for Russia. According to Oxford Energy,
gas demand in Europe (Turkey and non-EU Eastern Europe included, except
Serbia) has started rising again for three consecutive years—in 2015,
2016, and 2017—to reach a level of 548 billion cubic meters (bcm), due
to continued economic recovery, the impacts of climate change, and the
increased use of gas by the power sector. The trend seems to be
continuing in 2018.
According to the Finnish Institute for International Affairs,
Russia took advantage of several factors: economic recovery and
decreasing gas production in the EU, lower Russian selling prices, and
the current limited availability of non-Russian liquefied natural gas
(LNG) on the European market.
In addition, preexisting disputes between the EU and Russia (including an antitrust investigation against Gazprom, and a Russian complaint at the WTO) have been resolved, signaling that commercial interests on both sides have prevailed, despite a less-than-optimal political climate.
In such an environment, Russia is in a strong position to keep dominating gas supplies to the EU,
which amounted to 40 percent of extra-EU imports in 2016—although
new developments could upset the current situation, such as a rapid
development of LNG exports to Europe from other sources.
LNG imports amounted to only 14 percent of total extra-EU gas imports in 2017, with the main supplies coming from Qatar (41 percent), Nigeria (19 percent), and Algeria (17 percent).
LNG imports amounted to only 14 percent of total extra-EU gas imports in 2017, with the main supplies coming from Qatar (41 percent), Nigeria (19 percent), and Algeria (17 percent).
In this wider context, and seen from Brussels, Turkish Stream—with
a final projected capacity to deliver 31.5 bcm/y, of which 15.75 bcm/y
would go to Europe —is a relatively small component of the wider gas
supply chain to the EU. In fact, it would represent just over 6 percent
of the EU’s imports at 2017 levels.
Yet, seen from Moscow, the pipeline is
potentially a significant addition to Russia’s capabilities to export
gas to Europe (Turkey included). Assuming that Turkish Stream’s second
phase will be completed and operational, it would represent between 16
and 19 percent of Russian sales to the EU and Turkey (at 2017 levels and
all other factors remaining unchanged).
In that sense, the ceremony on November 19
in Istanbul was more than just another photo opportunity. It was a
symbol of the success of Russia’s objectives in the wider Western
European area, with Turkey’s help.
Together with Russia’s S-400 missile
deal with Turkey, it was a symbol of how efficiently Moscow has been
using Ankara’s relative diplomatic isolation to its advantage. For
Ankara, this was another way of telling the world: Turkey matters.
Saturday, October 20, 2018
USA: Trump says: Saudi Explanation for journalist's death is credible The US president also says he doesn't want it to impact arms sales to Saudi Arabia. 'Because it means 600,000 jobs' - by W.G. Dunlop
US President Donald Trump said
Friday he found Saudi Arabia's explanation about the death of dissident
journalist Jamal Khashoggi credible and termed it an "important first
step."
Trump added if the US takes action, he does not want it to impact arms sales to the kingdom, which said Khashoggi was killed in a fight at its Istanbul consulate. Turkish officials pointed to a state-sanctioned hit.
"I do, I do," Trump said when asked if he found the Saudis' explanation credible, adding: "It's early, we haven't finished our review or investigation, but... I think it's a very important first step."
"I would prefer, if there is going to be some form of sanction or what we may determine to do, if anything... that we don't use as retribution canceling $110 billion worth of work, which means 600,000 jobs," he said during a visit to Arizona, referring to a major arms deal with the kingdom.
Trump has sent mixed messages about Khashoggi for days, vowing a severe response but also saying that the United States wants to preserve its close relationship with the conservative kingdom.
Members of the US Congress were far harsher in the wake of the kingdom's admission that Khashoggi was dead.
Read More: Trump: Explanation for journalist's death is credible The president says if the U.S. did take action over Jamal Khashoggi's death, he doesn't want it to impact arms sales to Saudi Arabia. 'Means 600,000 jobs' »
Trump added if the US takes action, he does not want it to impact arms sales to the kingdom, which said Khashoggi was killed in a fight at its Istanbul consulate. Turkish officials pointed to a state-sanctioned hit.
"I do, I do," Trump said when asked if he found the Saudis' explanation credible, adding: "It's early, we haven't finished our review or investigation, but... I think it's a very important first step."
"I would prefer, if there is going to be some form of sanction or what we may determine to do, if anything... that we don't use as retribution canceling $110 billion worth of work, which means 600,000 jobs," he said during a visit to Arizona, referring to a major arms deal with the kingdom.
Trump has sent mixed messages about Khashoggi for days, vowing a severe response but also saying that the United States wants to preserve its close relationship with the conservative kingdom.
Members of the US Congress were far harsher in the wake of the kingdom's admission that Khashoggi was dead.
Read More: Trump: Explanation for journalist's death is credible The president says if the U.S. did take action over Jamal Khashoggi's death, he doesn't want it to impact arms sales to Saudi Arabia. 'Means 600,000 jobs' »
Sunday, September 9, 2018
The new emerging face of "Democracy": Taking democracy for granted is a fatal flaw - by Hasan Suroor
Professor of Politics and International Studies at Cambridge
University, David Runciman provides in his book an interesting insight
to Modi’s India and Democracy.
I am not sure that many in the Modi Government would be familiar with the name of David Runciman, professor of Politics and International Studies at Cambridge University.
But this week’s crackdown on civil rights activists and dissidents is the biggest endorsement of his new book, “How Democracy Ends”, in which he lists India as among the countries where democracy is being upended in the name of protecting it from supposedly undemocratic forces. India, according to him, illustrates the threat that democracy is facing from “executive aggrandisement” and “strongmen chipping away at it while paying lip service to it”.
It represents the new emerging face of democracy where it all appears tickety-boo on the surface, but is haemorrhaging from inside. Indians might find it embarrassing that he lumps their country with such authoritarian democracies as Hungary, Poland, Turkey and the Philippines where too “strongmen” are “chipping away” at democratic institutions while paying lip service to them.
Runciman sees Narendra Modi as part of a growing cast of “ever more characterful performers” alongside Donald Trump, Recep Erdogan, and Lech Kazcynski, among others, who have converted democracy into an “elaborate performance” to engage public attention while quietly wrecking it from inside. Like them, he has developed a “personality cult” operating through networks of private interests and hardline followers .
Read more: Taking democracy for granted is a fatal flaw | National Herald
I am not sure that many in the Modi Government would be familiar with the name of David Runciman, professor of Politics and International Studies at Cambridge University.
But this week’s crackdown on civil rights activists and dissidents is the biggest endorsement of his new book, “How Democracy Ends”, in which he lists India as among the countries where democracy is being upended in the name of protecting it from supposedly undemocratic forces. India, according to him, illustrates the threat that democracy is facing from “executive aggrandisement” and “strongmen chipping away at it while paying lip service to it”.
It represents the new emerging face of democracy where it all appears tickety-boo on the surface, but is haemorrhaging from inside. Indians might find it embarrassing that he lumps their country with such authoritarian democracies as Hungary, Poland, Turkey and the Philippines where too “strongmen” are “chipping away” at democratic institutions while paying lip service to them.
Runciman sees Narendra Modi as part of a growing cast of “ever more characterful performers” alongside Donald Trump, Recep Erdogan, and Lech Kazcynski, among others, who have converted democracy into an “elaborate performance” to engage public attention while quietly wrecking it from inside. Like them, he has developed a “personality cult” operating through networks of private interests and hardline followers .
Read more: Taking democracy for granted is a fatal flaw | National Herald
Wednesday, August 15, 2018
Turkey - US feud: lira went back up 7% after Turkey slaps Tariffs on US products
The lira surged 7% after Turkey hit back at US 'attacks' by slapping American cars, alcohol, and tobacco with huge tariffs
To read the full report go to:
http://flip.it/ARmkM9
http://flip.it/ARmkM9
Tuesday, August 14, 2018
Global Currencies: Wall Street’s bet on global currencies is bloodied with the U.S. dollar soaring - by Luke Kawa and Sid Verma
Politics have foiled the best-laid plans of Wall Street’s currency strategists.
Turmoil
in Turkey as well as strife between Italian leaders and the European
Union have forced dollar bears to throw in the towel on bets that the
rest of the world’s currencies would continue to play catch-up with the
greenback in 2018. A continued flight to safety propelled the Bloomberg
Dollar Spot Index to a 13-month high on Monday.
The
advance prompted TD Securities to close the G10 foreign exchange
convergence trade recommended in its 2018 outlook after losses of more
than 4 per cent. The team targeted 10-per-cent upside in going long the
euro, Swedish krona, and New Zealand dollar relative to the U.S. and
Swiss currencies. In early Tuesday trading, the Bloomberg Dollar Spot
Index eased 0.2 per cent.
“The
soft patch in global growth and the emergence of Italian political
tumult curtailed this thesis even though the ECB signaled the end of QE
this year,” writes Mazen Issa, TD’s senior foreign-exchange strategist.
Read more: Wall Street’s bet on global currencies is bloodied with the U.S. dollar soaring - The Globe and Mail
Friday, August 10, 2018
Turkey: Will Turkey′s economic woes reach Europe? - probably not say the experts
With diplomatic tensions high, the Turkish lira has hit yet another
all-time low against the US dollar, which not only impacts the
Mediterranean country. But will its spillover into the eurozone bring a
bang?
Turkey's embattled lira on Friday hit new record lows against the US dollar, losing some five percent in value as fears grew over the exposure of European banks and tensions with the United States showed no sign of easing as Washington piled more pressure on Ankara through sanctions after a meeting between a Turkish delegation and US officials in Washington yielded no apparent solution to a diplomatic rift over the detention in Turkey of an evangelical American pastor.
The lira went into free-fall, sinking more than 12 percent at one point to reach and all-time low, having now lost more than one third of its value this year against the US dollar and the euro.
More broadly, concerns over the sickly Turkish economy's wider impact were intensified Friday by a report in the Financial Times that the supervisory wing of the European Central Bank had began to look more closely at eurozone lenders' exposure to the country.
Deepening investor concerns about Turkey's authoritarian trajectory under President Recep Tayyip Erdogan and the economic fallout have also weighed on the currency. Markets are deeply concerned over the direction of economic policy in Turkey where inflation has hit nearly 16 percent while the central bank remains reluctant to raise rates in response.
Speaking to supporters in the Black Sea province of Rize late on Thursday, Erdogan dismissed concerns over the currency as a campaign against his country. "There are various campaigns being carried out. Don't heed them," Erdogan said.
"Don't forget, if they have their dollars, we have our people, our God. We are working hard. Look at what we were 16 years ago and look at us now," he said. On Friday, Turkish Finance Minister Berat Albayrak — at the same time Erdogan's son-in-law — is set to unveil the government's latest plan for country's economy.
Turkish economist Korkut Boratav sees the need for urgent action: "The economy is fragile. Due to the foreign debts of companies and banks and the current account deficit, there is a great need for foreign capital."
A new analysis by Berenberg Bank sees little long-term impact of high Turkish inflation and low interest rates on eurozone gross domestic product (GDP) growth. "Even if eurozone goods exports to Turkey were to fall by, say, 20 percent, this would subtract no more than 0.1 percentage point from growth in the big eurozone," according to the report.
Even Turkey's annual GDP which is around €750 billion ($860 billion) is only equivalent to 6.5 percent of the eurozone's GDP. Though this is four times larger than Greece, it is still "less than half the size of the Italian economy, despite Turkey's larger population of around 80 million versus around 60 million for Italy," according to the analysis.
And even if eurozone exports to Turkey fell through the floor, previous experience has shown that European companies are "pretty quick in identifying and switching to new markets. Selling more elsewhere would offset some of the hypothetical decline in eurozone exports to Turkey." Once any crisis was over, the bank expects exports to recover quickly.
Obviously a real Turkish crisis would have knock-on effects, though Berenberg sees Europe's exposure to Turkish banks as being too small to cause much harm. Even in the worst case scenario, "bank supervisors in the eurozone would have sufficient tools at their disposal to contain the damage," making a credit crunch in any part of the eurozone highly unlikely, concludes the upbeat analysis.
Korkut Boratav is more concerned and thinks an intervention by the IMF is the only way to save the European banks. "The Europeans should have known that they should not lend to distressed banks," criticizes Boratav. "This is one of the most important principles of the free market economy — if you lend money, you take a risk and must accept the losses."
Read more: Will Turkey′s economic woes reach Europe? | Business| Economy and finance news from a German perspective | DW | 10.08.2018
Turkey's embattled lira on Friday hit new record lows against the US dollar, losing some five percent in value as fears grew over the exposure of European banks and tensions with the United States showed no sign of easing as Washington piled more pressure on Ankara through sanctions after a meeting between a Turkish delegation and US officials in Washington yielded no apparent solution to a diplomatic rift over the detention in Turkey of an evangelical American pastor.
The lira went into free-fall, sinking more than 12 percent at one point to reach and all-time low, having now lost more than one third of its value this year against the US dollar and the euro.
More broadly, concerns over the sickly Turkish economy's wider impact were intensified Friday by a report in the Financial Times that the supervisory wing of the European Central Bank had began to look more closely at eurozone lenders' exposure to the country.
Deepening investor concerns about Turkey's authoritarian trajectory under President Recep Tayyip Erdogan and the economic fallout have also weighed on the currency. Markets are deeply concerned over the direction of economic policy in Turkey where inflation has hit nearly 16 percent while the central bank remains reluctant to raise rates in response.
Speaking to supporters in the Black Sea province of Rize late on Thursday, Erdogan dismissed concerns over the currency as a campaign against his country. "There are various campaigns being carried out. Don't heed them," Erdogan said.
"Don't forget, if they have their dollars, we have our people, our God. We are working hard. Look at what we were 16 years ago and look at us now," he said. On Friday, Turkish Finance Minister Berat Albayrak — at the same time Erdogan's son-in-law — is set to unveil the government's latest plan for country's economy.
Turkish economist Korkut Boratav sees the need for urgent action: "The economy is fragile. Due to the foreign debts of companies and banks and the current account deficit, there is a great need for foreign capital."
A new analysis by Berenberg Bank sees little long-term impact of high Turkish inflation and low interest rates on eurozone gross domestic product (GDP) growth. "Even if eurozone goods exports to Turkey were to fall by, say, 20 percent, this would subtract no more than 0.1 percentage point from growth in the big eurozone," according to the report.
Even Turkey's annual GDP which is around €750 billion ($860 billion) is only equivalent to 6.5 percent of the eurozone's GDP. Though this is four times larger than Greece, it is still "less than half the size of the Italian economy, despite Turkey's larger population of around 80 million versus around 60 million for Italy," according to the analysis.
And even if eurozone exports to Turkey fell through the floor, previous experience has shown that European companies are "pretty quick in identifying and switching to new markets. Selling more elsewhere would offset some of the hypothetical decline in eurozone exports to Turkey." Once any crisis was over, the bank expects exports to recover quickly.
Obviously a real Turkish crisis would have knock-on effects, though Berenberg sees Europe's exposure to Turkish banks as being too small to cause much harm. Even in the worst case scenario, "bank supervisors in the eurozone would have sufficient tools at their disposal to contain the damage," making a credit crunch in any part of the eurozone highly unlikely, concludes the upbeat analysis.
Korkut Boratav is more concerned and thinks an intervention by the IMF is the only way to save the European banks. "The Europeans should have known that they should not lend to distressed banks," criticizes Boratav. "This is one of the most important principles of the free market economy — if you lend money, you take a risk and must accept the losses."
Read more: Will Turkey′s economic woes reach Europe? | Business| Economy and finance news from a German perspective | DW | 10.08.2018
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