Turkey lira slides after Erdogan son-in-law named finance chief

Newly appointed Turkish Finance Minister Berat Albayrak. (AFP / ADEM ALTAN)
Updated 10 July 2018
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Turkey lira slides after Erdogan son-in-law named finance chief

  • The naming of Berat Albayrak, the husband of Erdogan’s elder daughter Esra and formerly energy minister, comes as something of a surprise.
  • The lira has lost over 20 percent against the dollar this year, with markets rattled by Erdogan’s repeated urgings to the nominally independent central bank to lower rates despite high inflation.

ISTANBUL: The embattled Turkish lira on Monday lost 3.5 percent in value against the US dollar after Turkish President Recep Tayyip Erdogan named his son-in-law Berat Albayrak as finance minister in a new government.
The appointment of finance minister had been keenly awaited by markets, with the naming of Albayrak, the husband of Erdogan’s elder daughter Esra and formerly energy minister, coming as something of a surprise.
The Turkish lira lost 3.5 percent in value to trade at 4.73 lira to the dollar and lost 3.5 percent to trade at 5.5 to the euro.
There was no sign in the new government of Mehmet Simsek, the former deputy prime minister in charge of the economy and a former Merrill Lynch economist seen by markets as a reassuring figure.
There had also been rumors Erdogan was preparing to appoint a big name from outside politics to the job, but these did not come to fruition.
The lira has lost over 20 percent against the dollar this year, with markets rattled by Erdogan’s repeated urgings to the nominally independent central bank to lower rates despite high inflation.
Markets were also unnerved by a decree earlier that the central bank governor would no longer have the power to appoint his deputies.


Samsung delays Galaxy Fold media events in China

Updated 22 April 2019
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Samsung delays Galaxy Fold media events in China

  • Instead of plaudits ahead of the phone’s launch on April 26 in the US, Samsung has instead received brickbats
  • The hashtag #foldgate trended on Twitter because of the smartphone issues

SEOUL: Smartphone maker Samsung postponed media events for its Galaxy Fold planned for this week in Hong Kong and Shanghai, a company official said, days after reviewers of the foldable handset reported defective samples.
The official did not elaborate on reasons or rescheduling.
Instead of plaudits ahead of the phone’s launch on April 26 in the United States, the South Korean conglomerate has been blighted by technology journalists reporting breaks, bulges and blinking screens after using their samples for as little as a day.
Samsung said it received “a few” reports of damage to the displays of samples of the $1,980 handset, raising the specter of the combustible Galaxy Note 7 three years ago which the firm ultimately pulled from shelves at massive cost.
The reviewers’ reports of broken screens went viral online and prompted the creation of hashtag #foldgate on Twitter.
Samsung has hailed the folding design as the future in a field that has seen few surprises since Apple’s iPhone in 2007. Chinese rival Huawei Technologies has also announced a folding handset, the Mate X.
The Samsung official on Monday said it had no change to its previously announced release date in the United States.
It plans to begin South Korean and European sales in May, and Chinese sales from an undisclosed date.