🇹🇷 Türkiye expects inflation near 60% – over double previous estimate
Türkiye's central bank expects inflation to reach 58% by the end of 2023, its new governor Hafize Gaye Erkan said Thursday at her debut press conference.
The new forecast is more than double the 22.3% outlined in the central bank’s last inflation report three months ago.
Erkan said exchange rate developments, changes to economic policy, stronger-than-expected domestic demand, and a new forecasting approach had all contributed to the higher forecast.
The central bank also revised its forecast for the end of 2024 to 33% and its forecast for the end of the following year to 15%.
"We will dynamically optimize the monetary tightening process by continuously measuring the effects of our decisions on inflation, markets, monetary and financial conditions," Erkan added.
The Turkish lira has hit a slew of new record lows over the past 18 months as traders digested lower rates in the country despite most other major central banks embarking on monetary tightening programs.
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Türkiye's central bank expects inflation to reach 58% by the end of 2023, its new governor Hafize Gaye Erkan said Thursday at her debut press conference.
The new forecast is more than double the 22.3% outlined in the central bank’s last inflation report three months ago.
Erkan said exchange rate developments, changes to economic policy, stronger-than-expected domestic demand, and a new forecasting approach had all contributed to the higher forecast.
The central bank also revised its forecast for the end of 2024 to 33% and its forecast for the end of the following year to 15%.
"We will dynamically optimize the monetary tightening process by continuously measuring the effects of our decisions on inflation, markets, monetary and financial conditions," Erkan added.
The Turkish lira has hit a slew of new record lows over the past 18 months as traders digested lower rates in the country despite most other major central banks embarking on monetary tightening programs.
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Multipolar Market
Robert Kennedy Jr vows to back dollar with Bitcoin and exempt it from taxes US Democratic presidential candidate Robert F. Kennedy Jr. unveiled a plan to exempt Bitcoin from capital gains tax when it is converted into US dollars and to begin backing the greenback…
Robert F. Kennedy Jr says he bought 14 BTC for his 7 kids
Democratic US presidential candidate Robert F. Kennedy Jr. tried to prove his commitment to Bitcoin by buying 14 Bitcoins last May.
The purchase came after the media rebuked the alleged crypto supporter for promoting Bitcoin but not owning any.
"I bought two Bitcoin for each of my seven children," Kennedy said on Twitter Spaces, noting that he did so "right after" his speech at the Bitcoin Conference in May.
"Now I'm a Bitcoin owner, and I'm sure they'll now find a different way to come at me, but no one can say I didn't put my money where my mouth is."
Despite Kennedy seemingly only promoting himself to the crypto community, online wagering sites put his odds of winning the Democratic Party's nomination at around 11%.
Cryptobros alone aren't enough to defeat Biden
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Democratic US presidential candidate Robert F. Kennedy Jr. tried to prove his commitment to Bitcoin by buying 14 Bitcoins last May.
The purchase came after the media rebuked the alleged crypto supporter for promoting Bitcoin but not owning any.
"I bought two Bitcoin for each of my seven children," Kennedy said on Twitter Spaces, noting that he did so "right after" his speech at the Bitcoin Conference in May.
"Now I'm a Bitcoin owner, and I'm sure they'll now find a different way to come at me, but no one can say I didn't put my money where my mouth is."
Despite Kennedy seemingly only promoting himself to the crypto community, online wagering sites put his odds of winning the Democratic Party's nomination at around 11%.
Cryptobros alone aren't enough to defeat Biden
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Multipolar Market
Biden pushes for Von der Leyen to be NATO chief Joe Biden is pushing for Ursula von der Leyen to be installed as the next NATO secretary general after Defense Minister Ben Wallace's candidacy was blocked, The Telegraph reported, citing its sources in NATO.…
The 28th World Congress on Law – the flagship biennial event of the US-based World Jurists Association (WJA) – held its closing ceremony last Friday, July 21, at the UN HQ in New York.
The event saw King Felipe VI of Spain and Canada's Prime Minister Justin Trudeau present EU Commission President Ursula von der Leyen with the "World Prize for Peace and Freedom," which she received on behalf of the institution she heads.
Yeah, it's not a joke
The World Congress on Law is sometimes referred to as the "Davos of Law". Its World Prize for Peace and Freedom is the WJA's highest honour, given to individuals or institutions that have apparently distinguished themselves in promoting "peace through the rule of law."
In this respect it is also similar to the Nobel Peace Prize, which among others has been awarded to the likes of Henry Kissinger for peace in Vietnam and Barack Obama for stabilizing the Middle East.
Given that, the EU Commission award is no exception, considering that the EU and the US are basically the only ones not calling for an immediate ceasefire right now.
A negotiated settlement now poses a threat to stop the trillions of dollars of taxpayer funds that Julian Assange believes will be washed through Ukraine and back into the hands of the transnational security elite.
"A ceasefire would be inherently unstable and destabilise the region along the contact line. Nobody would invest or rebuild, and the conflict could flare up again at any time," said Ursula Von der Leyen back in May, agitating Ukrainians to die in a highly successful counteroffensive.
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Multipolar Market
Sam Bankman-Fried demands his charges be dismissed Sam Bankman-Fried, the disgraced former FTX CEO, has asked a US judge to drop 10 of 13 criminal charges against him over the crypto exchange's collapse, according to a Monday filing to the Manhattan federal…
Feds drop campaign finance charge against Sam Bankman-Fried
Former crypto mogul and head of the failed FTX exchange Sam Bankman-Fried will not be charged with sponsoring the US Democratic Party, federal prosecutors said.
Quite a surprise, isn't it?
"The Government does not intend to proceed to trial on the campaign contributions count," the US Attorney wrote in a letter to drop the charge.
Sam Bankman-Fried was charged with fraud and campaign finance violations after the collapse of his crypto exchange. He was extradited from the Bahamas to face trial in a US federal court and has been out on a $250 million bail pending trial.
Bankman-Fried is accused of, among other things, making over 300 political contributions worth tens of millions of dollars through straw donors and using corporate funds.
"Bankman-Fried's use of straw donors allowed him to evade contribution limits on individual donations to candidates to whom he had already donated," reads a superseding indictment.
That said, Bankman-Fried still faces several charges, including defrauding FTX clients and lenders, for which he could get decades in prison.
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Former crypto mogul and head of the failed FTX exchange Sam Bankman-Fried will not be charged with sponsoring the US Democratic Party, federal prosecutors said.
Quite a surprise, isn't it?
"The Government does not intend to proceed to trial on the campaign contributions count," the US Attorney wrote in a letter to drop the charge.
Sam Bankman-Fried was charged with fraud and campaign finance violations after the collapse of his crypto exchange. He was extradited from the Bahamas to face trial in a US federal court and has been out on a $250 million bail pending trial.
Bankman-Fried is accused of, among other things, making over 300 political contributions worth tens of millions of dollars through straw donors and using corporate funds.
"Bankman-Fried's use of straw donors allowed him to evade contribution limits on individual donations to candidates to whom he had already donated," reads a superseding indictment.
That said, Bankman-Fried still faces several charges, including defrauding FTX clients and lenders, for which he could get decades in prison.
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IMOEX rose above 3000 for first time since February 2022
The Moscow Exchange Index (MOEX Russia Index) increased by 0.44% to 3,001.13, according to trading data. The indicator rose above 3000 points for the first time since February 22, 2022.
Since the beginning of the year, the Russian stock market has gained over 39% and continues to move upward despite analysts' warnings of a near-term correction.
Demand for shares remains relatively high. This prevents the Russian market from a deeper and longer correction, despite some players starting to lock in profits at new highs.
The market remains optimistic, mainly due to expectations of restored dividend payments by metallurgical companies, the start of a new quarterly and semi-annual corporate reporting period, as well as the redomiciliation of Russian companies.
Additionally, further improving situation on the energy market also has a positive impact on the market.
Nonetheless, experts are pessimistic about future dynamics of the index, as the probability of subsequent local correction looks quite high, given the overheated market.
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The Moscow Exchange Index (MOEX Russia Index) increased by 0.44% to 3,001.13, according to trading data. The indicator rose above 3000 points for the first time since February 22, 2022.
Since the beginning of the year, the Russian stock market has gained over 39% and continues to move upward despite analysts' warnings of a near-term correction.
Demand for shares remains relatively high. This prevents the Russian market from a deeper and longer correction, despite some players starting to lock in profits at new highs.
The market remains optimistic, mainly due to expectations of restored dividend payments by metallurgical companies, the start of a new quarterly and semi-annual corporate reporting period, as well as the redomiciliation of Russian companies.
Additionally, further improving situation on the energy market also has a positive impact on the market.
Nonetheless, experts are pessimistic about future dynamics of the index, as the probability of subsequent local correction looks quite high, given the overheated market.
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💶 No gain – no grain
That seems to be the new EU's strategy of helping Ukraine
Poland, Hungary and Romania refused to bear the costs for the transportation of Ukrainian grain, Politico reported.
The main difficulties now are: the high cost of fuel, poor infrastructure and the difference in railroad engineering in Ukraine and Europe.
Lithuania previously offered its ports for the transit of Ukrainian products, but this did not work out either.
All because Lithuania asked for compensation for itself and for Ukraine.
So the main point is - everyone wants that Ukrainian grain. No one just seems to be wanting to pay extra for it.
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That seems to be the new EU's strategy of helping Ukraine
Poland, Hungary and Romania refused to bear the costs for the transportation of Ukrainian grain, Politico reported.
The main difficulties now are: the high cost of fuel, poor infrastructure and the difference in railroad engineering in Ukraine and Europe.
Lithuania previously offered its ports for the transit of Ukrainian products, but this did not work out either.
All because Lithuania asked for compensation for itself and for Ukraine.
So the main point is - everyone wants that Ukrainian grain. No one just seems to be wanting to pay extra for it.
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Era of global boiling arrived, says UN chief
The era of global warming is over and "the era of global boiling has arrived," UN Secretary-General António Guterres said after scientists confirmed July is the hottest month on record.
"Climate change is here. It is terrifying. And it is just the beginning," Guterres warned.
"It is still possible to limit global temperature rise to 1,5°C [above pre-industrial levels], and avoid the very worst of climate change. But only with dramatic, immediate climate action," he added.
"The air is unbreathable, the heat is unbearable, and the level of fossil fuel profits and climate inaction is unacceptable. Leaders must lead. No more hesitancy, no more excuses, no more waiting for others to move first," UN Secretary-General stated.
According to Gutteres, there is simply no more time for this.
Hoax or not, one could move to Siberia as a last resort, right?
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The era of global warming is over and "the era of global boiling has arrived," UN Secretary-General António Guterres said after scientists confirmed July is the hottest month on record.
"Climate change is here. It is terrifying. And it is just the beginning," Guterres warned.
"It is still possible to limit global temperature rise to 1,5°C [above pre-industrial levels], and avoid the very worst of climate change. But only with dramatic, immediate climate action," he added.
"The air is unbreathable, the heat is unbearable, and the level of fossil fuel profits and climate inaction is unacceptable. Leaders must lead. No more hesitancy, no more excuses, no more waiting for others to move first," UN Secretary-General stated.
According to Gutteres, there is simply no more time for this.
Hoax or not, one could move to Siberia as a last resort, right?
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🤡🇬🇧 Britain sends classified data to Russia's ally... by accident??
Britain's Ministry of Defense has been sending classified information to Russia's ally for several years, The Telegraph reports.
The big embarrassment occurred because of one typo. The officials missed the letter "i" in the e-mail address: they sent the messages to an address ending with the domain ".ml", not ".mil". The former belongs to Mali, the latter to the United States military.
Meanwhile, Mali is not only a close partner of Russia, but also one of the six African countries to which Vladimir Putin promised free grain supplies.
The publication also recalls that a similar problem came to light last week: a similar error in the US resulted in millions of military emails reaching Mali.
However, the scale of the miscalculation in the British Ministry of Defense "does not go in any comparison", writes The Telegraph.
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Britain's Ministry of Defense has been sending classified information to Russia's ally for several years, The Telegraph reports.
The big embarrassment occurred because of one typo. The officials missed the letter "i" in the e-mail address: they sent the messages to an address ending with the domain ".ml", not ".mil". The former belongs to Mali, the latter to the United States military.
Meanwhile, Mali is not only a close partner of Russia, but also one of the six African countries to which Vladimir Putin promised free grain supplies.
The publication also recalls that a similar problem came to light last week: a similar error in the US resulted in millions of military emails reaching Mali.
However, the scale of the miscalculation in the British Ministry of Defense "does not go in any comparison", writes The Telegraph.
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URGENT LIVESTREAM Q&A ON @INTELREPUBLIC:
Send war questions to insider @IntelLana.
Watch her answer live on Monday 31 July at 17:00 UTC @IntelRepublic
Send war questions to insider @IntelLana.
Watch her answer live on Monday 31 July at 17:00 UTC @IntelRepublic
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Russia-Africa summit: what went on today
The second day of the summit brought some more news on Russian-African cooperation.
Most important ones:
💸 African countries' debt of $23 billion to Russia has been written off
✊🏻 Russia will help African countries fight extremism and terrorism
🤝 African representation in the Security Council and other UN structures is supported by Russia because "the time has come to correct historical injustice"
👮🏾♂️ African military and police officers will be able to undergo training in Russia
🏛 Moscow will help African countries open new embassies and consulates in Russia, and will also open new embassies in Africa itself
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The second day of the summit brought some more news on Russian-African cooperation.
Most important ones:
💸 African countries' debt of $23 billion to Russia has been written off
✊🏻 Russia will help African countries fight extremism and terrorism
🤝 African representation in the Security Council and other UN structures is supported by Russia because "the time has come to correct historical injustice"
👮🏾♂️ African military and police officers will be able to undergo training in Russia
🏛 Moscow will help African countries open new embassies and consulates in Russia, and will also open new embassies in Africa itself
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🇭🇺 Food inflation in Hungary remains high
Hungary's food inflation, although down from record levels in the past two decades, is still the highest in the EU, despite price caps on basic foodstuffs.
Prices in supermarkets – not counting products with price caps, such as 2.8% fat milk or flour – are about 20% higher than in Germany. This does not take into account the stark wage gap: the average wage in Germany is around €3,900 per month, while in Hungary it is €1,300.
Hungarians thus currently simply cannot afford many products. Butter costs €1.29 in Germany and already €2.10 in Hungary, cottage cheese costs almost 60 euro cents more in Hungary than in Germany, while Nutella is just over 25% more expensive.
Hungarian Prime Minister Viktor Orbán has already found the culprits – supermarket chains, or rather the multinational corporations behind them. In his opinion, they behave like price speculators: raise prices when there is no reason for it, something he considers unjustified and unacceptable.
Subscribers from Hungary - is everything really that bad?
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Hungary's food inflation, although down from record levels in the past two decades, is still the highest in the EU, despite price caps on basic foodstuffs.
Prices in supermarkets – not counting products with price caps, such as 2.8% fat milk or flour – are about 20% higher than in Germany. This does not take into account the stark wage gap: the average wage in Germany is around €3,900 per month, while in Hungary it is €1,300.
Hungarians thus currently simply cannot afford many products. Butter costs €1.29 in Germany and already €2.10 in Hungary, cottage cheese costs almost 60 euro cents more in Hungary than in Germany, while Nutella is just over 25% more expensive.
Hungarian Prime Minister Viktor Orbán has already found the culprits – supermarket chains, or rather the multinational corporations behind them. In his opinion, they behave like price speculators: raise prices when there is no reason for it, something he considers unjustified and unacceptable.
Subscribers from Hungary - is everything really that bad?
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China, India compete for Indonesia
Indonesia has received a promise from China to invest at least $13 billion, Nikkei reported.
Under the $11.5 billion plan, Chinese glass and solar panel factories will be established in Indonesia. The country has also secured a pledge from Chinese companies to invest $1.5 billion in the health sector.
However, China is not the first neighbor to decide to strengthen its financial ties with Indonesia. The country is also India's largest trading partner in the ASEAN region.
India and Indonesia recently launched a new trade channel to deepen joint economic ties, agreeing to cooperate on digital technology, payment systems and trade in local currencies.
Thus, Indonesia gets not one but two major investors, which usually cannot fail to have a positive impact on the economy.
But the situation could get unpleasant if the big players fail to agree on their areas of influence. Then Indonesia may become a stage for rivalry between the two, and this in turn could be negative for the economy.
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Indonesia has received a promise from China to invest at least $13 billion, Nikkei reported.
Under the $11.5 billion plan, Chinese glass and solar panel factories will be established in Indonesia. The country has also secured a pledge from Chinese companies to invest $1.5 billion in the health sector.
However, China is not the first neighbor to decide to strengthen its financial ties with Indonesia. The country is also India's largest trading partner in the ASEAN region.
India and Indonesia recently launched a new trade channel to deepen joint economic ties, agreeing to cooperate on digital technology, payment systems and trade in local currencies.
Thus, Indonesia gets not one but two major investors, which usually cannot fail to have a positive impact on the economy.
But the situation could get unpleasant if the big players fail to agree on their areas of influence. Then Indonesia may become a stage for rivalry between the two, and this in turn could be negative for the economy.
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Ongoing spending to fight the energy crisis and the COVID-19 pandemic has pushed Germany's public debt to a historic high of nearly €2.4 trillion, Spiegel reported.
Final figures from the Federal Statistical Office released on Friday put the debt of the federal government, states, municipalities and social security, including all off-budget entities, at €2.368 trillion.
On a per capita basis, this represents an increase in debt of €244, to €28,164. These statistics only take into account liabilities to the non-public sector, such as banks and private companies both at home and abroad.
Of the total debt, €1,620.4 trillion is owed exclusively to the federal government, reflecting a 4.6% increase. In contrast, liabilities of the states fell by 5% to €606.9 billion.
Among the states, Saarland once again had the highest per capita debt at €13,651, followed by Schleswig-Holstein with €11,188. The lowest per capita debts were recorded, as in previous years, in Saxony with €1,352 and Bavaria with €1,425.
Funding Zelensky is getting costly!
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US to provide Taiwan weapons under Ukraine's scheme
Biden signed an executive order to send weapons to Taiwan under emergency authority.
The transfer is done under the Presidential Drawdown Authority, the same mechanism Washington uses to send weapons to Ukraine
Previously, US presidential administrations have approved those shipments, and the emergency authority is invoked for the first time.
This aid package worth up to $345 million is the first tranche in a total of $1 billion, that was allotted to this purpose this year.
Administration declined to publicly provide details on the arms they sending.
But earlier it's been said that the package was expected to include four unarmed MQ-9A reconnaissance drones, yet their inclusion could be canceled. As officials was working out details of removing advanced equipment from the drones that only the US Air Force was allowed to use.
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Biden signed an executive order to send weapons to Taiwan under emergency authority.
The transfer is done under the Presidential Drawdown Authority, the same mechanism Washington uses to send weapons to Ukraine
Previously, US presidential administrations have approved those shipments, and the emergency authority is invoked for the first time.
This aid package worth up to $345 million is the first tranche in a total of $1 billion, that was allotted to this purpose this year.
Administration declined to publicly provide details on the arms they sending.
But earlier it's been said that the package was expected to include four unarmed MQ-9A reconnaissance drones, yet their inclusion could be canceled. As officials was working out details of removing advanced equipment from the drones that only the US Air Force was allowed to use.
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😁 Kannagi Finance rugpulled its users for over $2 million
Kannagi Finance, a revenue aggregator protocol on zkSync Era, has reportedly rugpulled – i.e. the developers abandoned the project and ran away with investors' funds.
As a result, users have suffered major losses, while the price of the native token KANA has nosedived.
The protocol's official website has allegedly "expired." Meanwhile, its social media channels, including the official Twitter account are inaccessible.
Total value locked has plummeted from $2.13 million on Friday to near zero this morning, putting users losses at over $2 million.
Classic scam
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Kannagi Finance, a revenue aggregator protocol on zkSync Era, has reportedly rugpulled – i.e. the developers abandoned the project and ran away with investors' funds.
As a result, users have suffered major losses, while the price of the native token KANA has nosedived.
The protocol's official website has allegedly "expired." Meanwhile, its social media channels, including the official Twitter account are inaccessible.
Total value locked has plummeted from $2.13 million on Friday to near zero this morning, putting users losses at over $2 million.
Classic scam
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The Moscow City, a business area in the Russian capital, has been attacked a few minutes ago. A residential building damaged.
No casualties have been reported yet. Residents are being evacuated.
Reports say air defense working outside of Moscow.
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