China

Turkey extends tax cuts to overcome economic difficulties

Xinhua News Agency | Mar 22, 2019 at 3:39 PM
  • Turkey extended tax cuts on cars and other goods on Thursday in a bid to promote consumption amid economic recovery following the currency turmoil in recent months.
  • The title deed fee discount and the VAT cuts in housing sales and the furniture sector from 18 percent to 8 percent will continue until the end of the year.
  • The withholding tax on foreign currency time deposits of between six months and one year was raised to 20 percent from 16 percent.

United States

“Losing Faith” – Turkish Lira Crashes As Central Bank Unexpectedly Tightens Policy

Zero Hedge | Mar 22, 2019 at 3:11 PM
  • The Turkish Lira is crashing by the most since the record low collapse in August amid Erdogan’s standoff with Trump.
  • The plunge comes as Turkey’s central bank unexpectedly tightened its monetary stance.
  • Low deposit rates, heightened concern over the inflation outlook and skepticism over the “anti-market” measures, such as price controls, that the government has taken is behind the “continued retail bid for dollars”.

China

Turkey’s Erdogan praises New Zealand reaction to attacks on mosques

Xinhua News Agency | Mar 22, 2019 at 11:14 AM
  • Turkish President Recep Tayyip Erdogan on Friday praised the reactions of New Zealand’s government and its people to the recent terror attacks on two mosques which left 50 people dead.
  • Erdogan voiced his appreciation of the presence of Winston Peters, New Zealand’s deputy prime minister and foreign minister, at the meeting.

China

Turkey says Trump’s remarks on Golan Heights signal new crisis

Xinhua News Agency | Mar 22, 2019 at 9:44 AM
  • Turkish President Recep Tayyip Erdogan said on Friday that U.S. President Donald Trump’s “unfortunate remarks” on the Golan Heights could trigger a new crisis in the region.
  • Israel seized the Golan Heights in a war in 1967 and annexed it in the 1980s.

Hungary

Szijjártó says gas safe, even without Moscow-Kiev agreement

Budapest Business Journal | Mar 22, 2019 at 9:20 AM
  • Minister of Foreign Affairs and Trade Péter Szijjártó said Alexey Miller, CEO of Russian energy company Gazprom, assured him at a meeting in Moscow on Thursday that gas deliveries to Hungary would continue next year even if Moscow and Kiev fail to reach an agreement on transit deliveries via Ukraine.
  • The current agreement between Russia and Ukraine on the transit of gas bound for Europe expires on December 31, 2019, and the sides have still not signed another to replace it, MTI confirmed.
  • During his visit, Szijjártó also met with First Deputy Chairman of the Federation Council Nikolay Fyodorov, First Deputy Minister for Foreign Affairs Vladimir Titov, Minister of Trade and Industry Denis Manturov, and Minister of Energy Alexander Novak.

China

OIC FMs meet over anti-Muslim violence

Xinhua News Agency | Mar 22, 2019 at 9:17 AM
  • The foreign ministers of the Organization of Islamic Cooperation (OIC) member states are meeting in Istanbul on Friday over how to respond to hatred speeches, violence and terror against Muslims.
  • The meeting was called by Turkey following terror attacks on two mosques in New Zealand’s Christchurch on March 15.
  • The minister urged the administrators, decision-makers and politicians in places where Muslims live to take practical steps against rising violence.

Russian Federation

Gas deliveries to Hungary via TurkStream to begin in late 2021

TASS Russian News Agency | Mar 22, 2019 at 3:51 AM
  • Russia will begin delivering its natural gas to Hungary via the Turk Stream pipeline in the second half of 2021, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said in a Rossiya-24 TV channel forecast on Thursday.
  • The TurkStream project includes construction of a gas pipeline under the Black Sea to the European part of Turkey and further to the border with Greece.
  • In May 2018, Gazprom and Turkey signed a protocol on a land-based part of the transit leg of the TurkStream gas pipeline, due to supply Russian gas to European customers.

Greece

Azerbaijan’s Socar sees commercial benefits from OPEC/non-OPEC deal

Hellenic Shipping News | Mar 22, 2019 at 12:00 AM
  • Azerbaijan’s participation in the OPEC/non-OPEC production agreement will bear fruit beyond stabilizing oil prices, with state-owned producer Socar expecting further commercial cooperation with other members of the coalition, a top company official told S&P Global Platts in an interview this week.
  • Condensate production at its Shah Deniz project is forecast at 3.8 million mt in 2019 and then rising by around 18% to 4.5 million mt in 2020.
  • In the medium term this may include Kazakhstan resuming deliveries via the BTC pipeline network as oil production there grows.

Greece

Yilport in Talks for $2 Billion California Terminal Deal

Hellenic Shipping News | Mar 22, 2019 at 12:00 AM
  • A representative for Cosco previously referred questions on the Long Beach terminal to Orient Overseas International Ltd..
  • The Port of Long Beach is a U.S. gateway for trans-Pacific trade and the second-busiest container seaport in the U.S., handling more than 7.5 million containers each year or cargo valued at almost $200 billion.
  • In 2017, the company attempted to acquire Ports America Holdings Inc., a U.S maritime-terminal operator, as part of a plan to be among the 10 largest container-terminal operators in the world by 2025.