Turkish Lira banknotes. File photo/ Reuters
ISTANBUL: The Turkish lira weakened more than 1 per cent against the dollar early on Tuesday after the United States halted delivery of equipment related to the F-35 fighter aircraft to Turkey.
At 0519 GMT, the lira stood at 5.5550 against the US currency, compared with a close on Monday of 5.4913.
The lira has been volatile in the uncertain aftermath of local government elections, weakening 2.5 per cent on Monday to 5.7 per dollar before recovering ground.
In Istanbul, both the main opposition Repulican People’s Party (CHP) and President Tayyip Erdogan’s AK Party claimed victory in the mayoral elections. Later, both candidates said CHP’s Ekrem Imamoglu was around 25,000 votes ahead.
The disagreement over the F-35 is the latest of a series of diplomatic disputes between the United States and Turkey, foremost among which are Turkish demands that the United States extradite cleric Fethullah Gulen, differences over Middle East policy and the war in Syria, and sanctions on Iran.
US officials have told their Turkish counterparts they will not receive further shipments of F-35 related equipment needed to prepare for the arrival of the stealthy fighter aircraft, sources told Reuters on Monday.
Washington’s step to block the delivery of the jet comes amid fears, harbored by the United States and other NATO allies, that radar on the Russian S-400 missile system will learn how to spot and track the F-35, making it less able to evade Russian weapons.
The Turkish lira eased to 5.62 against the dollar early on Wednesday, remaining under pressure after weakening a day earlier as the United States halted delivery of equipment related to a Turkish order of F-35 fighter planes.
Japan will forge ahead with a planned sales tax hike to 10 per cent in October, likely knocking the economy into contraction in the fourth quarter, a Reuters poll showed. Tokyo has twice postponed raising the sales tax from 8 per cent but Prime Minister Shinzo Abe has repeatedly said the hike would be proceeded this time. To blunt its economic impact, the government has earmarked about 2 trillion yen ($18 billion) in spending.
The Sharjah Research, Technology and Innovation Park (SRTI Park) participated in the Annual Investment Forum (AIM) 2019 to discuss the park’s rapid growth towards creating an innovation-based economy by supporting applied scientific and technological research to carry out investment activities.
The Sharjah Airport on Thursday received Turkish Airlines’ inaugural flight from Istanbul. Starting in April, the airline will operate a daily flight to Sharjah from Istanbul’s new airport. The aircraft was welcomed with a traditional water salute, and a reception was held for the airline’s officials in the presence of Ali Salim Al Midfa, Chairman of Sharjah Airport Authority,
Businesses across the eurozone stumbled into the second quarter as demand remained weak despite more modest price rises, surveys showed on Thursday. Growth stuttered in Germany and forward-looking indicators in its Purchasing Managers’ Index suggest a contraction among manufacturers
Cityscape Abu Dhabi 2019 has been hailed a success in charting a clear path for the UAE capital’s real estate sector as it navigates current market challenges, with the three-day show witnessing sold-out project launches, proactive changes to property laws and in-depth industry-changing discussions.
TOULOUSE: Airbus sales chief Christian Scherer said it is selling longer-range versions of its A321, while signalling a shift away from chasing market share at any cost and predicting Boeing will emerge quickly from the grounding of its rival 737 MAX.
The 9th edition of FAHR International Conference, which was held by the Federal Authority for Government Human Resources, under the patronage of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, successfully concluded on Thursday.