Erdogan slams Western media over negative economy coverage

President Recep Tayyip Erdogan singled out The Financial Times in his remarks. (File/AFP)
Updated 18 April 2019
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Erdogan slams Western media over negative economy coverage

  • Turkey’s economy has slipped into its first recession in a decade after a currency crisis last year battered the lira
  • The Turkish leader has in the past attacked Western media coverage on the country’s economy

ISTANBUL: Turkey’s President Recep Tayyip Erdogan on Thursday criticized Western media coverage of the country’s economy after a Financial Times report questioned the central bank’s management of foreign currency reserves.
Turkey’s economy has slipped into its first recession in a decade after a currency crisis last year battered the lira, leaving foreign investors jittery over the government’s policies to manage growth.
The Financial Times on Wednesday reported that the central bank had bolstered its foreign reserves with short-term lending in what analysts worried was a way to overstate its buffer against any new lira crisis.
Last month, the lira fell nearly six percent in one day because of investor concerns over foreign reserves as well as worries the government had turned to unorthodox ways to shore up the currency before March 31 elections.
“Unfortunately, some quarters in the West, using all their media tools, are trying to say our economy has collapsed,” Erdogan told a business forum.
“Let them write what they want, write the headlines they want. The Financial Times writes some things. But the situation in my country is clear.”
The Turkish leader has in the past attacked Western media coverage on the country’s economy. Last month, he blamed currency fluctuations on a Western plot led by the United States to weaken Turkey.
The lira was down almost 1.5 percent against the dollar in Thursday afternoon trading.
The Financial Times story said it had calculated Turkey’s foreign reserves were much lower than the $28.1 billion officially reported in April if the short-term borrowing was stripped out of the calculation.
In a response to the FT, the central bank acknowledged short-term operations may impact reserve figures, though it said its accounting was in compliance with international standards.
But some analysts told the FT they were worried about unorthodox methods and transparency.
The weakening economy was part of the reason Erdogan’s AKP lost Ankara and Istanbul in last month’s local election, in what was a stinging rebuke to the ruling party after more than a decade and a half in power.
After a trade dispute with the US last year, Washington imposed sanctions on Turkey and tariffs on some Turkish goods, leading to a 30 percent slide in the lira’s value.


Netflix to roll out cheaper mobile-only plan for India

Updated 18 July 2019
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Netflix to roll out cheaper mobile-only plan for India

  • India is among the last big growth markets for the company
  • Netflix faces competition from Amazon’s Prime Video and Walt Disney Co’s Hotstar
Netflix said on Wednesday it would roll out a lower-priced mobile-only plan in India within the next three months to tap into a price-sensitive market at a time the streaming company is losing customers in its home turf.
India is among the last big growth markets for the company, where it faces competition from Amazon.com Inc’s Prime Video and Hotstar, a video streaming platform owned by Walt Disney Co’s India unit.
Netflix lost US streaming customers for the first time in eight years on Wednesday, when it posted quarterly results. It also missed targets for new subscribers overseas.
“India is a mobile-first nation, where many first-time users are experiencing the Internet on their phones. In such a scenario, a mobile-only package makes sense to target new users,” said Tarun Pathak, analyst at Counterpoint Research.
The creator of “Stranger Things” and “The Crown” said in March that it was testing a 250-rupee ($3.63) monthly subscription for mobile devices in India, where data plans are among the cheapest in the world.
The country figures prominently in Chief Executive Officer Reed Hastings’ global expansion plans.
“We believe this plan, which will launch in the third quarter, will be an effective way to introduce a larger number of people in India to Netflix and to further expand our business,” the company said in a letter to investors released late on Wednesday.
Netflix currently offers three monthly plans in India, priced between 500 rupees ($7.27) and 800 rupees $11.63).
It has created a niche following in the country by launching local original shows like the thriller “Sacred Games” and dystopian tale “Leila,” which feature popular Bollywood actors.
The second season of “Sacred Games” is set to release in August.
In contrast, Hotstar, which also offers content from AT&T Inc’s HBO and also streams live sports, charges 299 rupees ($4.35) per month. Amazon bundles its video and music streaming services with its Prime membership.
“We’ve been seeing nice steady increases in engagement with our Indian viewers that we think we can keep building on. Growth in that country is a marathon, so we’re in it for the long haul,” Netflix Chief Content Officer Ted Sarandos said.