Imanoglu announced an investigation into property purchases in December, but it won’t help with funding. Erdogan’s already “crazy project” is meanwhile getting crazier. The pro-government broadcaster A Haber has now gone so far as to spread a rumor that ten ships are buried somewhere along the route of the planned canal, full of gold from the Crusaders.
If the financial problems cannot be solved through a generous fund, then through the imagination. “News and information at a glance. Collection of articles by n-tv.de on the subject of the Federal Ministry of Transport The car toll planned by Transport Minister Scheuer ended embarrassingly, the dispute the guilt continues to smolder: the opposition demands an independent investigator.
But Scheuer defends himself against that. He raises constitutional concerns. Due to the corona pandemic, there are fewer trucks on Germany’s roads. This is also noticeable in the revenue from the truck toll.
But the Ministry of Transport is already seeing light at the end of the tunnel. A formal error in the new catalog of fines plays into the hands of automobile associations: Most federal states want to override the more stringent speeding rules. Only Thuringia is resisting it.
The Federal Audit Office does not handle Scheuer with kid gloves. Even with the car toll, the Bonn authority came to the conclusion that the CSU minister had broken public procurement law. Now the auditors see similar shortcomings in the new motorway company.
They demand that the funds remain blocked. A new catalog of fines for road traffic violations has been in effect for a few weeks. Many drivers find the new penalties far too harsh – the Association of Cities and Towns also endorses this ruling.
The municipalities are now in favor of milder rules for traffic offenders. Philipp Amthor wanted to bring Augustus Intelligence into conversation in Berlin and was successful with it. The Federal Ministry of Transport confirms contacts with the company. But money did not flow.
In view of the corona pandemic, the railway is breaking off billions of euros in revenue. Now the state is supposed to step in. The majority of the workforce also wants to make their contribution. But the greatest contribution should be made by the taxpayer.
In the end, the mountain of debt grows. Rail transport plays a major role in achieving the climate targets set by the federal government. But responses he received from the government to an inquiry make a Green politician doubt it. Just in effect, changes are already being planned: The new catalog of fines in road traffic is to be toned down again – for drivers who are traveling too fast. Transport Minister Scheuer’s volte met with approval, but also fierce criticism.application biology essay writing service
Those who drive too fast have faced harsher penalties since the end of April. Critics consider this to be excessive. Transport Minister Scheuer is therefore rowing back: The penalties should be milder again. But the federal states still have a say in this. “According to experts, the return of the dolphins to the waters is an indicator of a healthy ecosystem (Photo: imago images / Depo Photos) Turkey is also keeping public life to a minimum due to the corona virus down.
While people struggle with the measures, the environment breathes a sigh of relief. For a long time now, dolphins have been moving on the Bosphorus again. The dolphins are conquering the Bosphorus: Because of the Corona requirements, the marine mammals in Istanbul are coming closer to the coast again and are seen there more often than usual, like the head of the amateur and sport fishing association , Erol Orkcu said. “The decline in boat and passenger traffic across the Bosporus is having a major impact,” he said. Because of the corona pandemic, shipping has almost come to a standstill. In addition, there is a fishing ban in the otherwise heavily traveled strait between Europe and Asia.
A four-day curfew has been in effect in Istanbul and 30 other cities in the country since Thursday. It was supposed to end at midnight on Sunday; before the pandemic, fishing was a daily ritual of Istanbul. Thousands of hobby fishermen gathered on the Galata Bridge and on the banks of the Bosporus. According to experts, the return of dolphins to the water is an indicator of a healthy ecosystem. Since 1983, hunting for marine mammals has been banned in Turkey and dolphins are protected by law.
So far, more than 2,700 people have died in Turkey from the lung disease Covid-19 caused by the coronavirus. Source: ntv.de, can / AFP “The Turkish lira is in free fall. Investors fear that President Erdogan could have even more influence on it The central bank, however, appeases his compatriots. There is nothing to worry about, he says, because “we have our people, our God.” Turkish President Recep Tayyip Erdogan is trying to allay fears of a further decline in the lira currency “Don’t worry,” Erdogan called out to his followers in Rize on the Black Sea.
Several campaigns are currently running against Turkey, he said, referring to the dispute with the United States. “Don’t pay attention to them.” The lira has lost more than a third of its value since the beginning of the year, and in the morning it slipped again to a record low. The dollar rose against the lira at times by more than three percent to 5.75 lira. “Don’t forget, when they have their dollars, then we have our people, our God,” said Erdogan. “We work hard. Look at what we were 16 years ago and look at ourselves today.” Erdogan’s Islamic-conservative party AKP had won a clear victory in the 2002 parliamentary elections. He himself was Prime Minister from 2003 to 2014 and then took over the office of President.
A constitutional referendum in 2017 gave Erdogan enormous power and increased influence over the central bank, which has been worrying international investors for months. There is also the dispute with the USA over the US pastor Andrew Brunson, who is being held in Turkey. A Turkish delegation seeking detente returned from Washington this week with no tangible results. Erdogan has dubbed himself an “opponent of interest rates” and announced that he would like to exercise greater control over monetary policy.
He wants the banks to grant cheap loans and thus further stimulate economic growth. However, investors fear that it could overheat. The president has already called on his compatriots to convert their dollar and euro balances into their domestic currency, and the dramatic sell-off of the Turkish lira is fueling fears of bank defaults among stockbrokers.
According to a report in the “Financial Times”, banking supervisors of the European Central Bank (ECB) are now taking a closer look at European financial institutions with connections to Turkey. The lira has been tumbling from one low to the next for days, and the euro and the share prices of European banks came under strong pressure before the weekend. “The tense situation could be alleviated by courageous action by the Turkish central bank,” commented economist Thomas Gitzel from VP Bank the location. “What would be necessary would be a strong interest rate hike, which would show that the monetary authorities on the Bosporus are willing not to watch the domestic currency fall. But this is precisely what has been lacking in the past few days and weeks.” Source: ntv.de, jug / rts “Where is Turkey headed under Erdogan?” The country is in danger of heading for bankruptcy. “(Photo: picture alliance / dpa) The sell-off of the Turkish lira is increasingly becoming a threat to the European financial system. Stock exchange traders fear failures in the banking sector. The stocks of large financial houses are coming under pressure.
ECB specialists are checking the Bosphorus connections. Before the weekend, European equities trading suddenly broke out: the dramatic decline in the Turkish lira is fueling investors’ fear of the crisis on the Bosphorus spreading to the banking sector. The prices of the major banks slipped sharply on the stock exchanges in Paris, Madrid, Milan and Frankfurt. The lira crash in Turkey could put banks with strong business in Turkey under pressure, they fear. According to a report in the “Financial Times”, the ECB banking supervisors are therefore already taking a closer look at all Turkey connections of European financial institutions. “There is also concern that the European banks will not see their money from Turkey again,” said a market observer. The focus is initially primarily on the major bank BBVA from Spain, the Italian UniCredit and the French BNP Paribas, whose share prices are in the The course yield around four percent each time. However, investors also reacted noticeably nervous at other banks.
The sharp price losses are spread across the entire European banking sector, with Deutsche Bank shares being among the biggest losers in the leading index in Germany. With a discount of almost 4.3 percent to 10.28 euros, the titles are still at the lower end of the Dax around noon. Commerzbank shares are also being sucked in and surrendering 2.5 percent.
The lira has been tumbling from one low to the next for days. Since the early morning, the currency depreciation has also had a negative effect on the euro. “Investors are selling Turkish stocks and bonds on a large scale and are thus creating ever more devaluation pressure,” said analyst Clemens Bundschuh from Landesbank LBBW. Stockbrokers have already played through a payment default by Turkey. “For some time now, investors have identified the developing currency crisis in Turkey as a local problem, but the accelerated pace of the crash is fueling concerns about European banks ‘exposure to Turkey,” said CMC Markets’ market analyst Michael Hewson, summarizing sentiment on the stock markets. The prospect of a new economic model does not alleviate these worries, as Hewson emphasizes, – especially not “against the background of a president who implores divine assistance and puts his people against the rest of the world.” The new program aims to stabilize the Turkish economy the Turkish Minister of Economic Affairs and Finance Berat Albayrak – Erdogan’s son-in-law – will present before the weekend.
Should Albayrak’s plans disappoint, investors must expect further flight movements by international investors. “So far, President Erdogan has been unimpressed by the reaction of the financial markets,” said Commerzbank analyst Lutz Karpowitz. “It’s a dangerous game: the later it gives in, the greater the damage, because without a change in policy the situation is likely to escalate further. Then capital controls would also be likely. Anyone who doesn’t want to give in to Erdogan at the moment should see another massive lira weakness plan. “” Turkey is in big trouble, “confirmed economist Carsten Hesse from Berenberg Bank. “After a credit-fueled boom, the rise in inflation and the dramatic collapse of the currency indicate that the country is now at risk of bankruptcy.
In addition to the obvious risks for Turkey itself, this raises the question of how much the euro zone would be affected. “Foreign exchange expert Manuel Andersch from BayernLB also sees an acutely threatening situation:” The lira now seems to be in free fall . Unless the Turkish central bank breaks free from Erdogan’s political fetters and raises the key interest rate drastically, a balance of payments crisis is inevitable. “” The tense situation could be alleviated by courageous action by the Turkish central bank, “said Thomas Gitzel, economist at VP Bank . “What would be necessary would be a sharp increase in interest rates, which would show that the monetary authorities on the Bosphorus are willing not to sit and watch the domestic currency decline. But this is exactly what has been lacking in the past few days and weeks. “Source: ntv.de, mmo / rts” “The Turkish automobile company Karsan has been manufacturing commercial vehicles since 1981.
The Hasanağa plant in Bursa can produce over 18,000 vehicles per year in one shift. (Photo: REUTERS) Volkswagen has postponed the decision on its possible new plant in Turkey. The mood after Ankara’s Syria offensive is too politically charged for the billion-dollar investment. Business and politics on the Bosphorus are still counting on the deal – they know why, kilometer after kilometer is paved with factory premises. Factory halls with the charm of oversized containers stand close together.
In between there are dead straight streets, as if drawn with a ruler, not built for pedestrians but for the transport of heavy equipment. The industrial area in and around Bursa in north-western Turkey, around 100 kilometers from Istanbul, is one of the most dynamic regions in the country. Thousands of companies have settled here over the past decades. The region is now also the vibrant center of the Turkish auto industry.
Bosch, Fiat, Ford, Renault – everything of international standing and name is represented. Turkey is in crisis mode. Ankara is looking for brave investors, for whom politics is of secondary importance. (Photo: Diana Dittmer) It is not for nothing that the fourth largest city in the country is called “Detroit of Turkey”. What an entrepreneur’s heart desires is there: there is no shortage of young professionals, there are six universities and ten research and development centers. The big international names on the factory gates seem almost like an appeal: Turkey as an investment location is better than its reputation, seems to be invisible somewhere, but appearances are deceptive: Lira crash, trade war, the unstable domestic political situation and now too nor the much-criticized Syria policy – all of this leaves its mark.
The Turkish economy has passed its zenith and the economy is shrinking. After years of growth, it has to seek new trust. The country urgently needs new investors. Travelers can see how urgent they are when they land at Istanbul Airport, where posters advertise possible investments.
The country and its people are groaning under an unemployment rate of 14 percent and the still extremely weak lira. According to economist Steve Hanke from Hopkins University in Baltimore, inflation was still just under 50 percent in May, even if the official figures only placed it at 18.7 percent. The automotive industry is also feeling the effects. Their success is largely built on export. Almost every tenth car in the 28 EU countries comes from Turkey.
Although things are still pounding – according to the Turkish auto association OIB (Automotive Industry Exporters Association), more than 1.3 million cars were manufactured for export in Turkey in 2018 – both production and exports are falling.