Turkey central bank ready to take ‘all necessary measures’ for stability

Agencies
August 13, 2018

Istanbul, Aug 13: Turkey’s central bank on Monday announced it was ready to take “all necessary measures” to ensure financial stability after the collapse of the lira, promising to provide banks with liquidity.

“The central bank will closely monitor the market depth and price formations, and take all necessary measures to maintain financial stability, if deemed necessary,” the bank said in a statement, vowing to provide “all the liquidity the banks need.”

The statement came after the Turkish lira hit record lows against the dollar amid a widening diplomatic spat with the United States.

The detention of US pastor Andrew Brunson since October 2016 on terrorism charges has sparked the most severe crisis in ties between the two NATO allies in years.

The central bank announced the series of measures on Monday, a day after Erdogan’s son-in-law Berat Albayrak, who is treasury and finance minister, announced an action plan was in the pipeline.

“In the framework of intraday and overnight standing facilities, the Central Bank will provide all the liquidity the banks need,” the bank said.

The bank also revised reserve requirement ratios for banks, in a move also aimed at staving off any liquidity issues.

It said with the latest revision, approximately 10 billion lira, $6 billion, and $3 billion equivalent of gold liquidity will be provided to the financial system.

The nominally independent central bank has defied pressure to hike interest rates which economists said would curb the fall of the lira.

Erdogan on Saturday called interest rates as “tool of exploitation” that makes the poor poorer and the rich richer.

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Agencies
June 29,2020

Protests condemning the Israeli plan to annex parts of the occupied West Bank are set to take place in the United States and Europe on the same day prime minister Benjamin Netanyahu plans to begin the process.

The demonstrations will be held on Wednesday in Chicago, San Diego, Brooklyn, Los Angeles and San Francisco. Other Western cities will also witness similar protests, including Toronto, Madrid and Valencia.

Students for Justice in Palestine, Jewish Voice for Peace, and American Muslims for Palestine are among the pro-Palestinian groups organizing the protests.

The Samidoun Palestinian Prisoner Solidarity Network, one of the organizers, urged "direct actions and popular mobilizations in [Palestinian] refugee camps, cities and villages," and professed "loyalty to the martyrs" on its call for the events.

Another group, Al-Awda or the Palestinian Right to Return Coalition, decried "72 years of genocide, ethnic cleansing and dispossession" of Palestinians.

It also tied their demonstrations to the protests against anti-black racism in the US and beyond.

"We demand the defunding and dismantling of US police alongside the defunding and dismantling of Zionist colonialism and racist Israeli apartheid," Al-Awda said on its website.

Netanyahu has set July 1 as the date for the start of cabinet discussions on the annexation plan.

He has been driven ahead by US President Donald Trump, who unveiled a “peace” plan for the Middle East in January that effectively sidelines the Palestinians altogether.

The plan, which Trump himself has described as the “deal of the century,” envisions Jerusalem al-Quds as “Israel’s undivided capital” and allows the Tel Aviv regime to annex settlements in the occupied West Bank and the Jordan Valley. The plan also denies Palestinian refugees the right of return to their homeland, among other controversial terms.

The Palestinians want the West Bank as part of a future independent Palestinian state with East Jerusalem al-Quds as its capital.

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Agencies
May 7,2020

Dubai, May 7: Indians in the UAE have voiced scepticism about a "massive" operation announced by New Delhi to bring home some of the hundreds of thousands of nationals stranded by coronavirus restrictions.

"It is just propaganda," said Ishan, an Indian expatriate in Dubai, one of seven emirates in the UAE and long a magnet for foreign workers.

He was reacting to his government's announcement this week that it would deploy passenger jets and naval ships to bring home citizens stuck in a host of countries.

India's consulate in Dubai said it received about 200,000 requests from nationals seeking repatriation -- mostly workers who have lost their jobs in the pandemic.

One vessel was heading to the UAE, India's government said, while two flights were scheduled to depart the UAE for India on Thursday.

But the plans drew scorn from Ishan, who was a manager at a luxury services company before he was made redundant last month.

"It's like throwing a dog a bone," the 35-year-old complained on Wednesday, dismissing the Indian government's efforts as a drop in the ocean.

"Let's say they repatriate 400 people on the first day, and about 5,000 people in 10 days, what difference has it made?"

India banned all incoming commercial flights in late March as it imposed one of the world's strictest lockdowns to tackle the spread of coronavirus.

The UAE is home to a 3.3-million-strong Indian community, who make up around 30 per cent of the Gulf state's population.

To the anger of some Indian expatriates, the evacuees will have to pay for their passage home and spend two weeks in quarantine on arrival.

"We are upset over the failure of our government," Ishan said. "What about the people with no money? How are you helping them?"

The Indian consulate could not be reached for comment.

Ibrahim Khalil, head of the Kerala Muslim Cultural Center in Dubai, said the consulate had asked him to select 100 Indian nationals for repatriation.

"We are planning to pay for the tickets of those who cannot afford it," he said, adding that the elderly, pregnant and those suffering from illnesses were a priority.

But one Indian woman, eight months pregnant in the neighbouring emirate of Sharjah, was not one of the lucky ones chosen to go back home in one of Thursday's planned departures.

"We called them but nobody would pick up," the 26-year-old, who requested anonymity, told AFP.

She arrived in the UAE a few months ago to visit her husband, who lives in a shared apartment with another family to save money.

"We have no insurance here and the medical expenses are too costly," said the woman, who was anxious to leave to give birth at home.

"I just hope that I am chosen to go back to India. I don't know why I haven't been considered."

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News Network
January 8,2020

Dubai, Jan 8: A Ukrainian airliner crashed soon after taking off from Tehran's Imam Khomeini airport on Wednesday, killing all 176 people aboard, Iran's state television and Ukraine's leaders said.

The Boeing 737 belonging to Ukraine International Airlines crashed near the airport and burst into flames. Ukraine's embassy in Iran, citing preliminary information, said the plane had suffered engine failure and the crash was not caused by "terrorism".

Ukraine President Volodymyr Zelenskiy said there were no survivors.

"My sincere condolences to the relatives and friends of all passengers and crew," Zelenskiy said in a statement, adding that Ukraine was seeking to establish the circumstances of the crash and the death toll.

Iranian TV said the crash was due to technical problems but did not elaborate. State broadcaster IRIB said on its website that one of the plane's two black boxes - the flight data recorder and the cockpit voice recorder - had been found.

Iranian media quoted an Iranian aviation official as saying the pilot of the airliner did not declare an emergency.

There was no official word from Ukraine International Airlines. It was the Kiev-based airline's first fatal crash.

"The fire is so heavy that we cannot (do) any rescue... we have 22 ambulances, four bus ambulances and a helicopter at the site," Pirhossein Koulivand, head of Iran's emergency services, told Iranian state television.

Ukraine's prime minister and Iranian state TV said 167 passengers and 9 crew were on board. Iranian TV said 32 of those on board were foreigners.

Television footage showed debris and smouldering engine parts strewn across a field, and rescue workers with face masks retrieving bodies of the victims.

According to air tracking service FlightRadar24, the plane that crashed was Flight PS 752 and was flying to Kiev. The plane was three years old and was a Boeing 737-800NG, it said.

The model's twin engines are made by CFM International, a U.S.-French venture co-owned by General Electric and France's Safran.

Modern aircraft are designed and certified to cope with an engine failure shortly after take-off and to fly for extended periods on one engine. However, an uncontained engine failure releasing shrapnel can cause damage to other aircraft systems.

A spokesman for Boeing said the company was aware of media reports of a plane crash in Iran and was gathering more information. The plane manufacturer grounded its 737 MAX fleet in March after two crashes that killed 346 people.

The 737-800 is one of the world's most-flown models with a good safety record and which does not have the software feature implicated in crashes of the 737 MAX.

Under international rules overseen by the United Nations, Iran is responsible for leading the crash investigation.

Ukraine would be involved and the United States would usually be accredited as the country where the Boeing jet was designed and built. France, where the engine maker CFM has half its activities, may also be involved.

There was no immediate word on whether the U.S. National Transportation Safety Board would be involved in the probe amid escalating tensions between the U.S. and Iran. The NTSB usually invites Boeing to give technical advice in such investigations.

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