Erdogan hints Turkey may ban some Israeli goods because of Gaza violence

Turkish President Tayyip Erdogan has hinted about a boycott of Israeli goods. (AP)
Updated 22 May 2018
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Erdogan hints Turkey may ban some Israeli goods because of Gaza violence

  • Erdogan is campaigning for re-election in June
  • Comments follow deaths in Gaza

President Tayyip Erdogan has hinted that Turkey might consider imposing a ban on imports of some Israeli goods over the killing of Palestinian protesters by Israeli forces on the Gaza border, media reported on Tuesday.

Erdogan, who is campaigning for re-election in June, last week hosted Muslim leaders who condemned the events in Gaza and the opening of the United States embassy in Jerusalem.

Speaking to reporters on a return flight from Bosnia on Sunday, Erdogan said the 57-member Organization of Islamic Cooperation (OIC) had recommended that a boycott be imposed on Israeli goods.

“I hope that OIC member countries implement a boycott decision in line with the recommendation. Consequently, no product should be brought from there any more. Naturally we will assess this situation in the same way,” Hurriyet newspaper reported Erdogan as saying.

A declaration by the OIC on Friday repeated a call for countries to ban “products of the illegal Israeli settlements from entering their markets,” referring to goods produced in the Israeli-occupied West Bank and Golan Heights.

It did not seek a ban on all Israeli goods.

The declaration also called for “economic restrictions (on) countries, officials, parliaments, companies or individuals” who followed the United States and moved their embassies to Jerusalem.

US President Donald Trump’s move to recognize Jerusalem as Israel’s capital and shift the US embassy there reversed decades of US policy, upsetting the Arab world and Western allies.

Erdogan said last week that Trump’s move had emboldened Israel to put down the protests at the border with Gaza with excessive force, likening the actions of Israeli forces to Nazi Germany’s treatment of Jews in World War Two, when millions were killed in concentration camps.

The violence in Gaza, where more than 60 Palestinians were killed on May 14 led to Turkey and Israel expelling each other’s senior diplomats. Erdogan also traded barbs on Twitter with Israeli Prime Minister Benjamin Netanyahu.

Israel was the 10th-largest market for Turkish exports in 2017, buying some $3.4 billion of goods, according to IMF statistics.

Data from Turkey’s statistics institute showed that trade volume between the two was at $4.9 billion in 2017. Turkey, which has a trade surplus with Israel, imports plastics and mineral oils among other goods from there.

Erdogan said Turkey would reconsider its ties with Israel.

“We will put our relations on the table, in particular our economic and trade relations. We have an election ahead of us. After the election we will take our steps in this direction,” Erdogan was quoted as saying.


Gulf stocks extend losses on tanker attacks

Updated 9 min 50 sec ago
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Gulf stocks extend losses on tanker attacks

  • Cautious mood among investors as fears of military confrontation rise

DUBAI: Stock markets in the Gulf extended losses on Sunday reflecting a cautious mood among investors following last week’s oil tanker attacks. 

The attacks on the tankers in the Gulf of Oman on Thursday raised fears of a military confrontation in a vital shipping route for global oil supply and heightened tensions between Iran and the US, which have been in a standoff over Iran’s nuclear program. 

The Saudi index had dropped 1.6 percent on Thursday and fell a further 0.6 percent on Sunday after slight gains in early trade. Most Saudi banks were down, despite Sunday’s announcement by Saudi British Bank that its merger with Alawwal Bank was completed. 

HIGHLIGHTS

• Gulf stocks reverse early gains.

• Gulf of Oman tanker attacks dampen investor mood.

• Saudi banks mostly down despite SABB-Alawwal merger.

The two banks have combined to create the country’s third largest lender, becoming a single listed company after regulatory approvals. SABB’s shares shed 0.1 percent. Alinma Bank, however, gained 0.4 percent, and was one of the stocks registering the highest trading volume on Sunday. 

In the UAE, the Dubai and Abu Dhabi indexes fell 0.7 percent and 0.2 percent, respectively. The Dubai market had risen earlier in the day, boosted by DAMAC Properties and Union Properties, which closed up 2.2 percent and 0.5 percent, respectively. But heavyweight Emaar Properties, the largest developer in the emirate, fell 2.5 percent, weighing on the index. 

Dubai’s telecom operator Du (Emirates Integrated Telecommunications Co) shed 0.4 percent, reversing earlier gains, after it said the UAE sovereign wealth fund Emirates Investment Authority had increased its stake by buying 463.3 million shares from Mamoura Diversified Global Holding and General Investments. 

In Abu Dhabi, blue chip companies Aldar Properties, First Abu Dhabi Bank and Abu Dhabi National Oil Company for Distribution, led losses, dragging down the main index. The other Gulf markets were all in the red, except for the Bahrain index, which rose slightly. 

In Egypt, the index gained 0.2 percent, boosted by a 4.5 percent gain by Pioneers Holding Company for Financial Investments. The company said one of its divisions, Arab Dairy Products, had received a letter of intent from a Netherlands based company about a plan to buy it.