Turkey’s central bank raised its benchmark rate by 625 basis points on Sept. 13 in a move that boosted the Turkish Lira and may ease investor concerns about monetary policy. The Central Bank has increased the lending rate to 24 percent, meaning it has now increased interest rates by 11.25 percentage points since late April. The bank said there was still an upside risk to the inflation outlook from what it called a deterioration in pricing behavior, despite weaker domestic demand conditions. Source Hurriyet Daily
The bankruptcy of Yukos Oil in Russia will not be recognized in the Netherlands, the Dutch Supreme Court ruled on Friday, upholding a decision in 2017 by a lower appeals court. Source: The Moscow Times
The German government is debating whether to follow the United States and allies such as Australia in restricting China’s Huawei Technologies from accessing its next-generation mobile networks on national-security grounds.
Some Western countries have barred Huawei from their markets after US officials briefed allies that Huawei is at the beck and call of the Chinese state, warning that its network equipment may contain “back doors” that could open them up to cyberespionage. Huawei says such concerns are unfounded. Source: The Irish Time
- The bipartisan bills target firms supposedly in breach of US sanctions, and specifically cite Huawei and ZTE
- Republican Senator Tom Cotton branded Huawei ‘an intelligence-gathering arm of the Chinese Communist Party’
The measures would require the US president to ban the export of US components to any Chinese telecommunications company that violates US sanctions or export control laws. Source: South China Morrning Post
