Category: Business

  • Turkey, UK ink info partnership agreement

    Turkey, UK ink info partnership agreement

    ANKARA – Anatolia News Agency

    Turkey and the UK could cooperate in investing in third countries, the UK’s Business Secretary Vince Cable told journalists in Ankara on Monday. REUTERS photo
    Turkey and the UK could cooperate in investing in third countries, the UK’s Business Secretary Vince Cable told journalists in Ankara on Monday. REUTERS photo

    Turkey and the United Kingdom signed Monday an information partnership agreement in a bid to create new opportunities and develop new commercial ties between the two countries.

    The agreement was signed between Turkish Economy Minister Zafer Çaglayan and the U.K. Business Secretary Vince Cable, following a meeting between Turkish and British delegations in Ankara.

    “The information partnership agreement we signed today will create new opportunities and new commercial developments between Turkey and the U.K.,” Çaglayan said at the signing ceremony.

    The target is to double the trade volume by 2015, he said. “More than 2,300 British firms have made investments worth $4.1 billion in Turkey while the number of Turkish firms investing in the United Kingdom has risen to 100.” The minister said trade volume between the two countries had reached $12 billion in 2010 and continued to rise in 2011. Turkey’s exports to the U.K. increased to $4.6 billion and imports totaled $3.4 billion in the period between January and July, Çağlayan said.

    “Under the agreement, we will carry out several projects especially in energy and energy productivity [sectors]. Turkey is planning to make energy investments worth $120 billion in the next 10 years,” Çağlayan said.

    Çağlayan also said Turkey and the U.K. would work on Turkey’s project to make Istanbul a regional finance center. “We want to benefit from the U.K.’s experiences in this regard.”

    Cable said the U.K. considered Turkey a strategic partner. The U.K. wants to cooperate with Turkey especially in investing in third countries, he added.

     

  • Resistant Tuberculosis Sweeps Across Europe at ‘Alarming Rate’

    Resistant Tuberculosis Sweeps Across Europe at ‘Alarming Rate’

    By Simeon Bennett

    Drug-resistant tuberculosis is spreading at an “alarming rate” in Europe, the World Health Organization said as it introduced a plan to fight the disease that may save 120,000 lives and as much as $12 billion.

    Reported cases of extensively drug-resistant tuberculosis in the region tripled in 2009 from 2008 levels, and the six countries with the world’s highest rates of patients with the most dangerous drug-evading form are all in Europe, the WHO said in a statement yesterday.

    The London borough of Brent, home to Wembley Stadium and the headquarters of brewer Diageo Plc, has become western Europe’s tuberculosis capital, with more new cases each year than Karonga district in Malawi, a rural area still battling leprosy, according to the U.K.’s Health Protection Agency.

    “This problem is a man-made phenomenon resulting from inadequate treatment or poor airborne infection control,” Hans Kluge, a special representative on drug-resistant tuberculosis in the WHO’s European region, said in the statement. “We need wide involvement to tackle the damage that humankind has done.”

    European nations aim to diagnose at least 85 percent of patients with multidrug-resistant TB in Europe, and treat at least 75 percent of them by 2015, the Geneva-based WHO said. They will commit to national action plans that include dedicated facilities and improved public awareness, according to the agency. Of about 81,000 cases in 2009, the WHO estimates 34 percent were diagnosed and 22 percent were treated adequately.

    Achieving the goals may prevent as many as 263,000 cases of drug-resistant TB, saving 120,000 lives and $5 billion in lost productivity. A further $7 billion may be saved by averting future cases, the WHO said.

    www.bloomberg.com, Sep 15, 2011

  • Police crack down on ‘Occupy Wall Street’ protests

    Police crack down on ‘Occupy Wall Street’ protests

    Corporate States of America

    Matt Wells

    New York police accused of heavy-handed tactics as 80 anti-capitalist protesters on ‘Occupy Wall Street’ march are arrested

    Participants in the Occupy Wall Street
    The Occupy Wall Street protests. Photograph: Tina Fineberg/AP

    The anti-capitalist protests that have become something of a fixture in Lower Manhattan over the past week or so have taken on a distinctly ugly turn.

    Police have been accused of heavy-handed tactics after making 80 arrests on Saturday when protesters marched uptown from their makeshift camp in a private park in the financial district.

    Footage has emerged on YouTube showing stocky police officers coralling a group of young female protesters and then spraying them with mace, despite being surrounded and apparently posing threats of only the verbal kind.

    YouTube footage of protesters being pepper-sprayed

    NYPD officers strung orange netting across the streets to trap groups of protesters, a tactic described by some of them as “kettling” – a term more commonly used by critics of a similar tactic deployed by police in London to contain potentially violent demonstrations there.

    The media here in New York has been accused of being slow off the mark to cover the demonstrations, which have been going on for more than a week.

    Here are some links to our coverage over the past week.

    • This is a gallery of photographs taken by John Stuttle last weekend.
    • Karen McVeigh visited the camp in Zuccotti Park on Monday
    • Later in the week, Paul Harris recorded video interviews with some of the protesters.

    Now, however, the local media has paid more attention – almost certainly because Saturday’s protest became disruptive, bringing chaos to the busy Union Square area and forcing the closure of streets.

    The New York Times quoted one protester, Kelly Brannon, 27, of Ridgewood, Queens:

    They put up orange nets and tried to kettle us and we started running and they started tackling random people and handcuffing them. They were herding us like cattle.

    The scenes are showing signs of attracting high-profile criticism. Anne-Marie Slaughter, who was director of policy planning, at the State Department from 2009 to 2011, said on Twitter: “Not the image or reality the US wants, at home or abroad,” linking to a picture of a police officer kneeling on a protester pinned to the ground.

    Here’s an extract from a Reuters report, which said the demonstrators were protesting against “bank bailouts, the mortgage crisis and the US state of Georgia’s execution of Troy Davis”.

    At Manhattan’s Union Square, police tried to corral the demonstrators using orange plastic netting. Some of the arrests were filmed and activists posted the videos online.

    Police say the arrests were mostly for blocking traffic. Charges include disorderly conduct and resisting arrest. But one demonstrator was charged with assaulting a police officer. Police say the officer involved suffered a shoulder injury.

    Protest spokesman Patrick Bruner criticized the police response as “exceedingly violent” and said the protesters sought to remain peaceful

    And this is a fuller take from Associated Press.

    The marchers carried signs spelling out their goals: “Tax the rich,” one placard said. “We Want Money for Healthcare not Corporate Welfare,” read another.

    The demonstrators were mostly college-age people carrying American flags and signs with anti-corporate slogans. Some beat drums, blew horns and chanted slogans as uniformed officers surrounded and videotaped them.

    “Occupy Wall Street,” they chanted, “all day, all week.”

    Organizers fell short of that goal. With metal barricades and swarms of police officers in front of the New York Stock Exchange, the closest protesters could get was Liberty Street, about three blocks away.

    The Vancouver-based activist media group Adbusters organized the weeklong event. Word spread via social media, yet the throngs of protesters some participants had hoped for failed to show up.

    “I was kind of disappointed with the turnout,” said Itamar Lilienthal, 19, a New York University student and marcher.

    Update: 11.30am ET Sunday

     

    In the comments, there has been some debate about my description of the protesters as “anti-capitalist”. Some commenters say this description is inaccurate.

    Here’s a typical comment, from kismequik:

    The Occupy Wall Street protest isn’t anti-capitalist – it’s anti-unregulated capitalism.

    And another, from NatalieNY:

    I am disappointed to find you referring to this protest as anti-capitalist which has a negative and alienating connotation, and which is a dangerously false label.

    This is about our broken system and taking our government back to a place of being about and for the people, not corporate interests.

    Other commenters point out more media coverage today, including a front-page piece in the New York Daily News.

    www.guardian.co.uk, 25 September 2011

  • Ry Cooder takes on the bankers

    Ry Cooder takes on the bankers

    By Nicola Stanbridge

    Today Programme

    Ry

    The guitarist Ry Cooder is most famous for his Buena Vista Social club recording, which he used to highlight his opposition to America’s trade embargo on Cuba.

    In his new album he continues his political stance, claiming he will use his music to take on bankers and give voice to “ordinary working people”.

    Pull Up Some Dust And Sit Down completes the circle with the musician’s first albums, which covered songs by Woody Guthrie and Lead Belly that evoked the desperate times of The Great Depression.

    The opening track on your album is a song about bankers. How do you see your role – venting spleen, recording events, or as a modern day protest singer?

    All those things are good. I don’t look at it that way, though. I’m an older guy now and I’ve been making records for so darn long, I look upon it as the life that I have. As Albert Einstein used to say, you do the best you can with what you’ve got.

    What have the bankers done to you?

    This is déjà vu – what caused the great depression has caused it all over again. The banking laws that FDR put in place in the 1930s worked very well until it was all deregulated during Reagan’s time. So now, 40 years later, we have this problem that nobody can solve.

    So what the Republicans were trying to do over this period, wasn’t just to deregulate banking so that you could have unlimited profits. What they wanted was a return to a period of “pristine capitalism” when there were no unions, and there was no labour movement and there were no protections for the working people and profits were maximised.

    It was a wonderful time for the working elite. This is what they’re trying to recreate and, man, they’re succeeding.

    So it’s not the bankers themselves – although, of course they’re driven mad by their greed for money. And I’m sorry for them because that’s a crappy kind of lifestyle to have. How many BMWs do you need? How many Rolex watches you gonna wear in your lifetime, for crying out loud? What is it about that kind of desire? I don’t understand it.

    In another song you dream of sending in Jesse James to sort out Wall Street. And you say “my 44 will do the talking”. I didn’t think violence and inciting hatred were allowed in America…

    Well, see, the point here is that Jesse James was a primitive white man from the 19th Century. And in those days the hero was a one-man, one-gun hero. It’s a very popular American myth.

    But what Jesse doesn’t realise [in the song] is that while he’s been up in heaven, the forces massed against him… He can’t overcome the growth of the corporate, military-industrial equation. He can’t walk down Wall Street and shoot up the place. No-one would even pay attention to him. The hero is outnumbered and outgunned. The wagons are circling, but what’s he going to do? What’s anyone going to do?

    Do you own a gun?

    No! No guns please!

    My neighbour does, though. He told me so. He says to me, “my guns are in a bomb-proof safe”. I said, “what are you preparing for?”. He said, “when the zombies come.” That was the end of that conversation.

    Tell us the story of Quicksand

    Well, in the Sonoran desert, right around the US-Mexican border, the temperatures get up around 140F (60C) . You can’t live in that kind of heat, but there’s a trail leading from the Mexican side through Arizona. It’s called the Devil’s Highway and it’s been a migrant trail for 200 years.

    People go out there and try to do it on foot, but if you make one mistake and go five minutes out of your way, you become disorientated and dehydrated. And they find these mummified bodies out there. The heat has just baked them through. And the people who live through it often refer to having a vision of the Virgin of Guadalupe flying overhead. This is a very common vision when the dehydration sets in.

    So in the song the person says, “I see in my mind my mother, at home. And now I’m seeing the Virgin – take a message back to my home.”

    What’s your take on immigration to the US?

    It’s been a political issue in California for hundreds of years. We’ve had migrant workers here for almost 300 years – Chinese, Japanese, Filipino, Mexican, Italian… my own grandfather.

    Would you say the economy is dependent on immigrants?

    Oh, totally. But in political times, you will have the forces of repression wanting to say, “hey, they’re taking your jobs, send them back”. We had a Chinese expulsion, Japanese expulsion. Woody Guthrie wrote a great song about deportation.

    They’re playing political games, but a terrible price is being paid by people.

    It’s often the case, though, that immigrants are forced to take the tougher jobs…

    Sure, immigrants will do work that no-one else will do. There was even a movie about it – A Day Without Mexicans. In Los Angeles everything would come to a screeching halt.

    You seem to favour stories about unlikely heroes – Harry Dean Stanton was one in Paris, Texas. Can we see thematic links in your work through time?

    I suppose you can. I always say I’ve got three ideas and I keep recycling them.

    What are the three ideas?

    I forget what the other two are – but the bottleneck guitar was a nice thing I was introduced to. Records were my first teachers, and then people showed me how. I asked [pioneering steel guitarist] John Fahey, “what is that sound?” and he said, “well, you get a bottle, you put it on your little finger and you play”.

    I had a lot of luck in meeting great musicians who were kind enough to show me things. Otherwise, I don’t know what I’d be doing today. Probably sacking groceries. I wanted to be a car pinstriper but there was nobody to teach me how to do it. So I said, “music’s good too. I’ll do that maybe, since I can’t work out how to do this pinstriping”.

    Do you ever find yourself trying to recapture the public acceptance you had for Buena Vista Social Club?

    Well, those master musicians of Cuba were a revelation to many people. To the non-Latin people who bought that record in great numbers, this was a door opened. This music, the sound of Cuba coming through the voices and the artistry of these older masters.

    They had a “pre-media mind”. Before radio, before television, minds were formed by other kinds of human association and music. That can never be recaptured. So that album is one of those “adios” experiences. Wave goodbye, it’s the last remnant of this sound. The record was successful for that reason.

    www.bbc.co.uk, 24 September 2011

  • Turkey may join US in sanctions against Syria

    Turkey may join US in sanctions against Syria

    BON VILLELABEITIA

    Published: 2011/09/22 09:11:58 AM

    TURKEY has suspended talks with Syria and may impose sanctions, Prime Minister Recep Tayyip Erdogan said yesterday — the clearest sign yet Turkey has parted ways with President Bashar al-Assad over his crackdown on antigovernment protesters.

    After long maintaining close relations with neighbour Syria, Turkey has spoken out increasingly against Mr al-Assad. Mr Erdogan said last week that Turkey’s approach to Syria had changed and it would announce its “final” decision by the time of the United Nations General Assembly meeting in New York.

    “I halted talks with the Syrian government. I did not want to come to this point. But the Syrian government forced us to make such a decision,” Mr Erdogan told Turkish journalists in New York yesterday after meeting US President Barack Obama on the sidelines of the General Assembly.

    “The US has sanctions regarding Syria. Our foreign ministers will be working together to decide what our sanctions may be. ” He said the santions “may not resemble those on Libya. Every sanction differs according to country, people and demographic structure.”

    Mr al-Assad’s attempt to stamp out dissent by having troops and tanks assault restive areas has led the US and European Union to gradually escalate economic sanctions.

    Turkey, which has been Syria’s main trading partner, had resisted sanctions after suffering the effects of past sanctions imposed on Iraq during Saddam Hussein’s rule and now on Iran, another neighbour.

    Bilateral trade between Turkey and Syria was $2,5bn last year, up from $500m in 2004.

    Turkey is one of the few countries in the world that has had open communication lines with Damascus.

    Separately, Syria accused Israel yesterday of posing a threat to the world with its “huge military nuclear arsenal”, a day after the Jewish state criticised Damascus for stonewalling a United Nations watchdog investigation into its atomic activities. The exchange, at a UN nuclear agency meeting, underlined deep divisions between Arab states and Israel. Reuters

    via BusinessDay – Turkey may join US in sanctions against Syria.

  • Turkey’s hidden treasure

    Turkey’s hidden treasure

    by Daniel Dombey

    In Turkey, gold is a way of life. For example, a Turkish bride often brings an outsize purse to her wedding, all the better for guests to drop gold coins into. (If she’s unlucky, they will pin bank notes on her gown instead.)

    But now, it looks like the national interest in the shiny metal could have an impact on the national accounts as well – and just at the right time.

    Turkey has hefty financing needs. It has a current account deficit of about $75bn, which is increasingly bankrolled by volatile financial flows rather than long term foreign direct investment. And figures out this week showed that foreign debt due in the next 12 months adds up to another $132bn, which means the country needs more than $200bn in external financing.

    Enter Ozgur Altug at BGC Partners in Istanbul.

    In a research note, he says the Turks have around $300bn of gold under their pillows – or, alternatively, 4,670 tons of the stuff or 649m standardised gold coins (of wedding fame), which averages out at about 32 coins a household.

    Of course, during the past few years, when the gold price has gone up, this has (inadvertently?) proved a good investment.

    “The historic high gold price, global worries and efforts to bring gold holdings into the financial system could trigger further gold sales,” Altug writes. “Even 5 per cent liquidation of the under-pillow gold could contribute to the GDP growth by two percentage points, which could limit the possible negative impact of another global recession.”

    Not only that, but the metal could also work its magic with Turkey’s financing needs, he says.

    During tough economic times in 2009, Turkey became a net gold exporter for the first time – because people were selling their hoards, or at least part of them. As Altug points out, similar sales today would help bring down the current account deficit.

    So much is possible when you’ve got $300bn hidden away – if that is indeed the case. The central bank, which has a mere $90bn or so in reserves, must be enviously eyeing the pillows of the nation.

    via Turkey’s hidden treasure | beyondbrics | News and views on emerging markets from the Financial Times – FT.com.