
Istanbul protests erupt over jailing of opposition mayor
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Zawya
an hour ago
- Zawya
Turkey inflation dips to 35% in June, a bit below forecast
ISTANBUL - Turkey's annual inflation rate dipped a bit more than expected to 35.05% in June, and to 1.37% on a monthly basis, official data showed on Thursday, likely reinforcing expectations of an interest rate cut in coming months. Food and drinks inflation dipped by 0.27% from the previous month, the Turkish Statistical Institute said, helping to keep overall disinflation on track. Annual inflation has fallen from a peak of 75% in May of last year, paving the way for monetary easing that began in December but was reversed in April. In a Reuters poll, annual consumer price inflation was expected to be 35.2% while the monthly rate was seen at 1.45% in June. In May, inflation also came in lower than expected at 35.41% annually and 1.53% monthly, setting expectations that the central bank would return to interest rate cuts later this summer. In March, Turkish assets came under pressure, with the lira hitting a record low against the U.S. dollar after Istanbul Mayor Ekrem Imamoglu — President Tayyip Erdogan's main political rival — was jailed pending trial on graft charges that he denies. A rate hike in April offset the market volatility. The central bank also responded by selling some $57 billion in foreign currency and took steps to tighten policy by 700 basis points. Last month, the bank kept interest rates steady at 46% and promised to maintain tight policy until a sustained decline in inflation is achieved. It had also said the decline in the underlying trend of inflation continued in June. The lira held steady at 39.885 to the dollar after the data. The domestic producer price index rose 2.46% month-on-month in June for an annual rise of 24.45%, the data also showed. (Reporting by Jonathan Spicer and Canan Sevgili)


The National
8 hours ago
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Iran suspends co-operation with UN nuclear watchdog, and Israel close to finalising ceasefire
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UAE Moments
13 hours ago
- UAE Moments
Turkish Magazine's Prophet Muhammad Cartoon Causes Uproar
Hundreds of people came onto the streets in Istanbul, Türkiye, on Monday, June 30, after LeMan magazine published a cartoon, which appears to show the Prophet Muhammad (P.B.U.H). LeMan wrote on X, "The work does not refer to the Prophet Muhammed in any way." Portestors gathered outside the magazine's offices in the city, chanting, "tooth for tooth, blood for blood, revenge, revenge". Riot police were deployed, and a correspondent from Agence France-Presse (AFP) reported seeing rubber bullets and tear gas being fired to disperse the crowds. The country's interior minister, Ali Yerlikaya, revealed that the magazine's editor-in-chief, graphic designer, institutional director, and cartoonist have been detained. The chief public prosecutor's office has initiated an investigation into the matter for "publicly insulting religious values". The country;s justice minister, Yilmaz Tunc, said that the necessary legal measures will be taken against the detainees. Arrest warrants have been issued for other members of the magazine's senior management. LeMan has apologized fo the cartoon, but they had rejected allegations that the cartoon depicts the Prophet. The cartoonist wanted to portray the righteousness of the oppressed Muslim people by depicting a Muslim killed by Israel, and he never intended to insult religious values," the magazine said in a statement on X. "We do not accept the stain that is cast on us because there is no depiction of our Prophet. You have to be very malicious to interpret the cartoon in this way."