Turkish lira slips as Trump unclear on sanctions

Turkey's troubled lira tumbled on August 13, 2018 to fresh record lows against the euro and dollar, piling pressure on stock markets on fears the country's crisis could spill over into the world economy.
Updated 19 July 2019

Turkish lira slips as Trump unclear on sanctions

  • At 0454 GMT, the lira was at 5.6295 against the dollar, easing from a close of 5.6150 on Thursday
  • The currency had firmed late on Thursday from levels around 5.7 earlier in the day after Trump said the United States is not currently looking at sanctioning

ISTANBUL: The Turkish lira weakened slightly early on Friday, giving up some of the gains made the previous evening as U.S. President Donald Trump was unclear over whether his administration was looking at imposing sanctions on Turkey.

His comments came following a U.S. decision to remove Ankara from the F-35 fighter jet programme after it began receiving delivery of the Russian S-400 missile defence system last week.

At 0454 GMT, the lira was at 5.6295 against the dollar, easing from a close of 5.6150 on Thursday. The currency had firmed late on Thursday from levels around 5.7 earlier in the day after Trump said the United States is not currently looking at sanctioning Turkey over its purchase of the Russian defence system.
But Trump appeared to contradict that comment later, saying such a move on sanctions was in fact under consideration, sparking confusion at a tense time for relations between the two NATO allies.

"It's a very, very difficult situation for a lot of reasons," Trump said, when asked if he had ruled out sanctions on Ankara. "So we're looking at it. We'll see what we do."
The first parts of the S-400 air defence system were flown to the Murted military air base northwest of Ankara last Friday, sealing Turkey's deal with Russia.


Philippine jobless rate hits record 17.7% in April due to pandemic

Updated 05 June 2020

Philippine jobless rate hits record 17.7% in April due to pandemic

  • The Philippines is facing its biggest economic contraction in more than three decades
  • April’s 17.7 percent unemployment rate equivalent to 7.3 million people without jobs

MANILA: The Philippines’ unemployment rate surged to a record 17.7 percent in April, the statistics agency said on Friday, as millions lost their jobs due to a pandemic-induced lockdown that battered the economy.
The Philippines, which before the pandemic was one of Asia’s fastest growing economies, is facing its biggest contraction in more than three decades after the new coronavirus shuttered businesses and crushed domestic demand.
April’s unemployment rate, which is 7.3 million people without jobs, compares with 5.3 percent in January and 5.1 percent in April last year.
“We should not lose sight of the fact that this loss in employment is really temporary,” Economic Planning Undersecretary Rosemarie Edillon said in an online news conference.
The lockdown in the capital, Manila, which was one of the world’s longest and strictest, was relaxed as of June 1 to allow much-needed business activity to resume and soften the economic blow of the coronavirus, which has infected more than 20,000 in the country.