Turkey to boycott US-made electronic products: Erdogan


The argument over the pastor, Andrew Brunson, has sparked the worst crisis between the North Atlantic Treaty Organisation allies in decades and led to fears that Turkey's economic problems could cause a new global financial crisis.

"We are at a time of transition from bipolar order to multi-polarization", he said at a press conference with his Turkish counterpart Mevlut Cavusoglu in Ankara.

Meanwhile, Turkish officials said Qatar had pledged 15 billion (£11.7 billion) of direct investments for Turkey, in a bid to help the economy.

On the Milan stock exchange, shares in motorway operator Atlantia were sharply lower after a bridge collapsed on the A10 Italian motorway which the company runs.

President Trump has since intervened and called for the pastor's immediate release.

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Photos of the wreckage showed the white plane charred and in pieces in the front yard nearby an overturned and crushed auto . This frame from video shows the scene of a small plane that crashed into a house in Payson, Utah , on Monday, Aug 13, 2018.

Some joked bitterly on social media that the plunge of the lira would make Apple products unaffordable for Turks in any case.

These stemmed from Ankara's rapprochement with both Moscow and Tehran, and Turkey's increasing clashes with the U.S. over Syria, where the Pentagon adopted the Syrian Kurdish YPG militia as its principal proxy ground force, even as the Turkish military has been waging a protracted and bloody counterinsurgency campaign against the PKK, the Kurdish separatist movement in Turkey itself. "Necessary instructions on the issue have been issued to our agencies", Yahya Ustun, spokesman for the country s flag-carrier, wrote on Twitter. "What do you want to do? We have a target of having 40-million tourists since 2017 and if there's nothing negative this objective will be achieved".

Turkey's high level of inflation and foreign indebtedness became a concern for global markets last week when US President Donald Trump threatened to impose stiff tariffs on the nation, triggering a slump in the lira and raising fears of instability among European lenders.

The lira was steady at 6.53 to the dollar and 7.43 to the euro in Asian morning trade, well off the record lows of 7.24 to the dollar and 8.12 to the euro seen Monday. The unit is down about a fifth against the greenback since Friday.

The euro is under pressure because of the impact of the Turkish lira collapse on euro zone banks with exposure to Turkey and due to concerns about a fiscal spending spree by the Italian government which is involved in a standoff with Brussels.

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But details of the fighting were unclear as most of the city's telecoms masts were destroyed in fighting over recent days. Government radio and television was shut down and only Radio Shariat, a Taliban station, was broadcasting.

"As the (Turkish) lira did not depreciate further, that has taken out some tension from the market".

"Significantly more than just official promises of action are needed to exit the current crisis", said Andy Birch, principal economist at IHS Markit, calling for "a sharp central bank rate rise".

The lira has lost more than 40 per cent this year and crashed to an all-time low of 7.24 to the USA dollar early on Monday, hit by worries over Mr Erdogan's calls for lower interest rates and worsening ties with the US.

The lira plunged against the dollar and other currencies in the past week, sparked by concerns over Erdogan's economic policies and a dispute with the USA over the detention of an American pastor, who is on trial on espionage and terror-related charges.

One Turkish court has rejected an American Christian pastor's appeal to be released from house arrest and for his travel ban to be lifted, but an upper court is yet to rule on the appeal, his lawyer told Reuters on Wednesday.

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He added that most capital for the deal would come from equity and it would not be "wise" to burden the company with added debt. Musk's August 7 tweets helped push Tesla's stock price more than 13 percent above the prior day's close.

United States embassy charge d affaires Jeffrey Hovenier on Tuesday visited Brunson in the western city of Izmir.