Saturday, 17 November, 2018

Turkish firms cancel iPhone orders amid nationwide boycott on U.S. products

Turkish firms cancel iPhone orders amid nationwide boycott on U.S. products Turkish firms cancel iPhone orders amid nationwide boycott on U.S. products
Jean Garcia | 17 August, 2018, 21:26

Still, many investors remain on edge about the situation in Turkey and other emerging markets amid a strengthening US dollar and rising interest rates.

Three big companies operating in Dogubank, a trade center specialized in the sales of electronic products in central Istanbul, suspended 50 million USA dollars' worth of iPhone orders, the Turkish daily said.

The lira hit a record low of 7.24 to the dollar earlier this week, down 40 percent this year, as investors fretted over Erdogan's influence over monetary policy and the row with the United States.

Investors, already anxious about Turkey's economy, were irked by a diplomatic and trade dispute with the United States over the continued detention of an American pastor Andrew Brunson on espionage and terror-related charges.

Referring to Brunson, Trump said: "They have a great Christian pastor there, he's a very innocent man".

Qatar pledged $15 billion of investment in Turkey on Wednesday that a government source in Ankara said would be channeled into its banks and financial markets.

The United States on Wednesday ruled out removing steel tariffs that have contributed to a currency crisis in Turkey even if Ankara frees a U.S. pastor, as Qatar pledged $15 billion in investment to Turkey, supporting a rise in the Turkish lira.

With Ankara locked in a complex rift with Washington, he also played down a decision by President Donald Trump to double tariffs on imports of Turkish metals.

In another high-profile case, a Turkish court ruled on August 15 to release from jail Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.

Mr Trump said: "They want to hold our wonderful pastor".

Google employees sign protest letter over China search engine
According to the letter, the employees are demanding more transparency so they can understand the moral implications of their work.

The selling has also deepened concerns about the broader economy, particularly Turkey's dependence on energy imports and whether foreign-currency debt poses a risk to banks.

Mr Brunson denies any involvement.

The currency lost almost 40 percent against the dollar this year, driven by worries over President Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

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.

Turkish President Tayyip Erdogan announced yesterday that the country would boycott all electronics from the United States amid tension and rising conflict between the two countries and its leaders.

The United States and Turkey have exchanged tit-for-tat tariffs in an escalating attempt by Trump to induce Erdogan into giving up the pastor.

U.S. Treasury chief Steve Mnuchin earlier said the U.S. could put more sanctions on Turkey. "Having said that, we fully support the president's approach".

Erdogan has remained defiant, urging Turks to sell their gold and dollars for lira and describing the crisis as an "economic war".

There are signs that the weakness in Turkish currency markets is already spreading.

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