Money Talks

Leaders of the Group of Seven advanced economies have been meeting in Hiroshima, Japan. They've agreed to step up sanctions on Russian exports, including industrial machinery, tools, and other technology that Moscow is using to wage war in Ukraine. Meanwhile, stocks in Tokyo reached their highest levels in three decades, after the latest GDP figures showed the world's third-largest economy had emerged from recession. Tulay Kalyon Haznedaroglu reports. #JapanEconomy #JapanGDP #Recession

The head of the UK's central bank says inflation will prove hard to pull down amid a so-called "wage-price spiral" locking in higher prices. Bank Governor Andrew Bailey said on Wednesday that higher prices carrying over from last year's pandemic reopening and energy price shocks are at risk of getting worse. That's as a lack of workers is forcing firms to offer higher wages to try to fill open vacancies. But that is contributing to a so-called 'wage-price spiral'. That means more money for workers results in higher prices for everyone, worsening the cost of living crisis. The Bank of England's target inflation is 2% but the current rate is still more than five times that, despite hiking interest rates 12 consecutive times. #BankofEngland #UKEconomy #UKInflation

The US has seen its rate of inflation fall since peaks last year and unemployment remains at historic lows. This is despite the looming threat of a recession and a series of bank failures that have rattled markets that upended regional financial institutions. But none of these problems compared to the threat posed by a legislative deadlock over whether the US should pay its debts. The remaining money will run out by June 1st, forcing bitter political rivals to the negotiating table. What are they arguing over? Wilson Dizard has more. #USEconomy #USDebtCrisis #USDefault

Elon Musk has seen advertisers and even news agencies flee from Twitter after his purchase of the platform last year. He has tried to turn it into a subscription service. Now, he'll be getting a boost from a controversial cable news figure. Musk says his site welcomes voices from the left, as long as they pay him. But will the latest move boost the site, or accelerate its decline? Wilson Dizard has this report.

The world's second richest man, Elon Musk, is again in the news for his management of Twitter. He's bringing a far-right US television personality, Tucker Carlson, onto his platform as he attempts to turn the social media site into a video-sharing platform. Carlson was fired from Fox News last month, in the wake of a $787 million settlement the US channel paid out to a voting machine company over false 2020 election claims, many of them made by Carlson himself. But Musk is betting that controversy surrounding Carlson will bring users to Twitter, the platform he paid $44 billion to purchase last year with the help of money from Silicon Valley and Gulf investors. He also leveraged his own Tesla stock, but its value has cratered over the last year. #ElonMusk #TuckerCarlson #Twitter

April saw an 8.5% increase in China's exports, a sign that the country's main source of economic growth has bounced back after years of pandemic lockdowns. April's numbers beat analyst expectations of 8% but were down from the 14.8% rise seen in March. Goldman Sachs forecasts China's economy to expand by 6% for 2023, but the pace of activity is set for a slowdown in the second half of this year. Beijing is keen to see these numbers go up and will be offering cheaper credit and infrastructure spending to make it happen. A return to normalcy in China could also be good news for the rest of the world, where cheaper Chinese imports could help dull the sting of inflation. #ChinaExports #ChinaEconomy #ChinaInflation

Oil prices crept up on Monday, shaking off fears last week that the US economy is headed for a recession. A strong jobs report on Friday did much to calm the nerves of markets, even as part of the US banking sector continues to show signs of fragility. Investors will be watching out for more economic indicators set to be released on Wednesday. Investors have been sensitive to Federal Reserve interest rate hikes, with the US central bank hiking rates by another 25 basis points last week. #OilPrices #USEconomy #USFed

Turkish President Recep Tayyip Erdogan has announced the discovery of oil reserves in eastern Turkiye. Once operational, it will increase the country's overall hydrocarbon production from 100,000 barrels to 180,000 per day, and help to lessen the country's dependence on foreign oil. TRT World's Kubra Akkoc has visited the excavation site. #TürkiyePetrol #Gabar #TürkiyeEconomy

AI is also a concern in Hollywood. Some of the most popular US TV shows shut production on Tuesday, after writers went on strike. One of their demands is to prevent studios from using artificial intelligence to generate new scripts from writers' work. They also want to see a fairer share from the rise of streaming services. TRT World's Andy Roesgen reports. #HollwoodStrikes #OnlineStreaming #AI

Inflation has continued to rise in many countries around the world. COVID-19 impacted global supply chains and Russia's war in Ukraine triggered an energy crisis forcing gas and petrol prices to rise. The US, Europe and Australia have all raised interest rates to combat inflation but this has not come without its costs. Emre Boz has more. #USFed #ECB #Globalinflation

The US banking sector has had a bad year. Several major regional banks have failed, and stock prices are down. The US Federal Reserve blames bad management for failing to respond to an era of higher interest rates that made it more expensive to cover customers' deposits, while still turning a profit. These smaller banks were exempt from tough liquidity rules imposed on their bigger counterparts in the wake of the 2008 financial crisis. The most recent casualty was First Republic, which fell on the 24th of April. #USBankingCrisis #JPMorgan #FirstRepublicBank

It is a topic that has been stirring conversations across the globe: Will Artificial Intelligence take away our jobs? IBM CEO Arvind Krishna thinks so. His company is holding off on hiring for jobs that A-I could potentially perform. IBM is one of the first companies to openly talk about an A-I takeover. But what will it look like? #IBM #AI #JobsTakeover

The US Federal Reserve is set to announce its next decision on interest rates. Markets are expecting a 25 basis point rise, or perhaps keeping base rates stable. The US missed growth expectations for the first quarter, leading some to believe regulators will ease off on efforts to cool the economy and ease inflation. Price increases are down from last summer's 40-year highs, showing the tightening has worked. But the Fed's medicine for inflation comes with side effects, including the potential for lending to dry up in the banking sector. But so far, unemployment remains low and consumer spending strong. #USFed #USEconomy #USBankingCrisis

The US could default on $31.4 trillion in debt as soon as June 1. That's the date Treasury Secretary Jannet Yellen announced Monday, giving Congress less than a month to strike a deal. US President Joe Biden has called for a meeting with Republican Speaker of the House Kevin McCarthy and other leaders to hash out an agreement on spending that avoids an unprecedented default. Democrats want to pass an increase to the debt ceiling and keep paying interest on US bonds, that doesn't involve slashes to social spending that Republicans have proposed. The new date adds serious urgency to a problem that has been brewing since January when the Treasury Department started using stop-gap measures to keep paying its obligations to creditors. President Biden on Monday stressed the importance of protecting the creditworthiness of the country. #USDebtCeiling #USEconomy #JannetYellen

US financial authorities have finalized a deal that rescues clients of First Republic Bank but shuts down the bank itself. The institution has been in crisis since March when it fell victim to a crisis of confidence across the financial sector. Wall Street behemoth JP Morgan Chase will take over responsibility for the depositors' accounts. First Republic's troubles came in the wake of the collapse of Silicon Valley Bank. On Friday, the Federal Reserve said severe mismanagement and a lack of oversight led to SVB's demise. A recent rapid rise in interest rates intended to tame inflation caught both institutions off guard, and some lawmakers blame the relaxation of rules in 2018 that let banks operate with less cash on hand to meet depositors' needs. #FirstRepublicBank #JPMorganChase #USBankingCrisis

Turkiye's premier aerospace and technology festival opened its doors on Thursday, showcasing the latest in Turkish innovation. Teknofest is also looking to seeking to attract the brightest minds from across the country. Ilyas Avci reports. #TürkiyeTechnology #Kizilelma #Gokbey

It's been a hard 12 months for tech. Lay-offs have eliminated thousands of jobs in Silicon Valley, and more may be on the way. But for the sector's biggest firms, there's some good news. Alphabet, Microsoft, Meta and Amazon have all reported strong first-quarter results, despite clouds on the horizon. #Alphabet #Microsoft #Meta

After an almost three-year diplomatic row, South Korea has once again begun normalising trade with Japan, putting Tokyo back on its so-called "white list" of countries that enjoy preferential treatment in trade. The relationship went sour over a South Korean court ruling, demanding reparations for victims of forced labor during World War Two. Emre Boz has more. #SouthKoreaTrade #SouthKoreaEconomy #JapanTrade

Artificial Intelligence is the next frontier in tech that has the industry a-buzz, and critics alarmed. Supporters say A-I will have the power to transform lives - and livelihoods - for the better.. while skeptics fear the technology could one day render humans obsolete. And now governments are scrambling to get ahead of A-I's rapid development. Wilson Dizard reports. #ChinaAIServices #ChinaTech #ArtificialIntelligence

The world's biggest economy is slowing down, US GDP fell to an annualized 1.1 percent last quarter, after growing 2.6% from October through December. Politics may put further pressure on the US economy as lawmakers spar over raising the debt ceiling. If they disagree the US faces its first-ever default on its debt which would rock its economy and beyond, Tulay Kalyon Haznederoglu has more: #USHouse #DebtCeiling #USEconomy

It's been a hard 12 months for tech. Layoffs have eliminated thousands of jobs in Silicon Valley, and more may be on the way. But for the sector's biggest firms, there's some good news. Alphabet, the parent company of search titan Google, saw revenue of 70 billion dollars and a net profit of $15 billion in the first quarter of 2023. That's a billion dollars more than markets anticipated. Microsoft turned a $18.3 billion profit from $50 billion in total revenue. And they'll need every penny they can get, as the two companies gear up for a battle for dominance in Artificial Intelligence services. That will require major investments in hardware and, for the moment, expensive human talent. #Google #Microsoft #TechSector

First Republic Bank was one of the victims of the US bank panic that gripped markets in March. It's back in the news with dismal figures for the first quarter of the year. Deposits dropped by 40%, but the bleeding has since stopped and withdrawals have leveled out. Now, total deposits stand at $102 billion. That's almost what they were in March last year. Bank officials on an earnings call have expressed appreciation for the $30 billion pumped into the regional bank by America's largest financial behemoths in a deal brokered by the federal government. These big banks were willing to spend big to avoid a wider crisis in the sector. #FirstRepublicBank #USEconomy #USBanks

Fox News has settled a defamation lawsuit out of court brought by voting machine company Dominion. The network has agreed to pay Dominion 787 million dollars. The lawsuit was filed by Dominion after Fox News spread false claims that their voting machines were rigged in favor of Joe Biden in the 2020 Presidential Election. Muttalip Erdogan has the details. #FoxNews #Dominion #Settlement

The holiday that marks the end of the Muslim fasting month of Ramadan, Eid al Fitr, is here, and the Muslim world looks forward to celebrating. But the mood in Pakistan's Karachi is mixed due to the economic crisis. Tulay Kalyon Haznedaroglu explains. #Eid #PakistanEconomy #EidInPakistan

Life is better when you share it. Netflix announced it was pushing back a broad rollout of its password-sharing crackdown to the second quarter, as it faces stiff competition from Disney Plus and other rivals. The streaming giant also added fewer new customers than expected in the January to March period and offered a disappointing outlook for the coming months.

The taps have been opened on a pipeline connecting Turkiye to its largest gas field. Turkish President Recep Tayyip Erdogan led the official ceremony. The Sakarya field is also the largest in the Black Sea and it's hoped it will cater for 25 percent of the country's energy needs. Our diplomatic correspondent Andrew Hopkins reports from Zonguldak on Turkiye's Black Sea coast. #TürkiyeGas #TürkiyeEconomy #RecepTayyipErdogan

Germany has completed the decade-long process of switching off its fleet of nuclear power plants. Fears of accidents and the accumulation of radioactive waste have motivated Germany's anti-nuclear movement for decades. Supporters of nuclear power say it offers a greener option in a warming world. Was Germany's decision a matter of policy or of politics? As Wilson Dizard reports, that's just the first in a future filled with questions without easy answers. #GermanyEconomy #GermanyNuclearPlants #GermanyEnergy

Asia-Pacific markets are all in the red today as Japan's core inflation for March was unchanged from February, steady at 3.1%. This level is well above the Bank of Japan's target range as government subsidies so far only had a limited effect in bringing down price pressures. High inflation has battered Japan's economy since late 2022. Friday's reading comes ahead of a Bank of Japan meeting next week, where the bank is widely expected to maintain its ultra-loose policy under new head Kazuo Ueda. #JapanEconomy #JapanInflation #BankofJapan

Riots and protests over inequality and a rise in the retirement age have rocked France in recent weeks, but that hasn't slowed down France's premier luxury brand. LVHM, the maker of Louis Vuitton and Dior products that retail for tens of thousands of dollars, saw its revenue increase by 17% in the first quarter of 2023. A post-pandemic rebound in demand in Asia helped boost the figure, along with more sales in Japan and Europe. The US remained a weaker but stable part of LVHM's balance sheet. Overall, the company pulled in $23 billion in the year's first three months. The company's CEO Bernard Arnault recently overtook Elon Musk to become the world's richest man.

The International Monetary Fund has released its estimates for US growth, and they defy some of the worst predictions for disaster that bubbled up in 2022. The US economy is expected to dodge a severe recession, but still see a 1.6% growth in 2023 and 1.1% growth in 2024. That's in part due to monetary tightening, intended to control inflation, but also because of a humbling of lender exuberance after several high-profile bank failures. But the IMF had better news for Turkiye, where it forecasts 3.6 percent growth in 2024, but revised down estimates for 2023 from 3 percent to 2.7 percent. #IMF #USEconomy #TürkiyeEconomy

After a long Easter weekend, markets in Asia are trading mostly higher as investors mull the US Federal Reserve's path going forward. Fears of further tightening by the Fed have been tempered by last week's US jobs report that showed modest growth, but not the kind of so-called overheating that would prompt significantly higher rates. The Shanghai Composite fell .44 percent as the Nikkei, Kospi and Hang Seng all showed gains. But Chinese investors have more reason to worry about the long-term future of their domestic economy, as a new report showed a continuing decline in the country's population. It will soon lose its top spot to India. #AsianMarkets #ChinaPopulation #ChinaEconomy

The holy month of Ramadan has fostered joy around the world. But in Lebanon, a country in the grip of a crippling economic and political crisis, there's not much happiness to go around. Priyanka Navani reports #Ramadan #LebanonEconomy #LebanonInflation

The UK has some of the highest childcare costs in the world, according to the OECD, standing out among its European neighbors. As the country grapples with a cost-of-living crisis, many parents are struggling to make ends meet. Lape Olarinoye has more #UKEconomy #UKChildcare #UKCostOfLiving

Officials in Baghdad and Erbil have reached a preliminary agreement that ends the Kurdish regional government's ability to carry out independent oil exports. Turkiye had halted flows via a pipeline to the Mediterranean port of Ceyhan from Iraq's Kirkuk fields. That's after the International Chamber of Commerce ordered Ankara and Baghdad to pay each other compensation in a long-running arbitration dispute. Iraq's central government, which considers independent Kurdish oil exports illegal, accused Turkiye of violating their 1973 agreement by trading oil with the KRG without its consent. Turkish Energy Ministry said the ICC ordered Iraq to compensate for several violations concerning the case. #IraqPolitics #TürkiyePolitics #OilDeal

The Egyptian pound has plunged 20 percent against the dollar since the start of the year. It became the sixth-worst-performing currency in 2023, with analysts predicting it will decline further. As it falls, the people of Egypt feel the heat. Emre Boz reports. #EgyptianEconomy #EgyptianPound #IMF

The video-sharing platform TikTok has a billion active users. If those people were citizens of a country, it would be the third largest in the world. But regulators in some of the app's biggest markets, like the United States, fear it will allow the Chinese government to intrude into their citizens' privacy, interfere in their political systems and induce psychological harm among young people. And it's not just the US. A few years ago, Australia enjoyed a cordial trade relationship with China. Now, as relations sour, officials in Canberra are taking aim at the app and drawing the ire of their counterparts in Beijing. Is there any solution? Wilson Dizard has more. #AustralianPolitics #TikTokBan #ChinaPolitics

US monetary policymakers have spent the last year trying to tame inflation with higher interest rates to slow hiring, and shed jobs. and curb spending. That may finally be happening, and with it, fears of a recession. Private sector job growth rose by 145,000 in March. That's below analyst expectations. Meanwhile, annual pay went up by 6.9 percent, down from 7.2 percent in February. New hires were evenly split between the services and manufacturing sectors, despite the dominance of the service sector in the US labor market. Leisure and hospitality saw additional hires, while the financial industry lost workers. US Fed Chairman Jerome Powell has pushed to put the US economy in a medically induced coma to ease price increases. Waking it back up is another question, and some analysts worry he won't be able to. #Payrolls #USEconomy #USJobs

Google's finance chief Ruth Porat has announced the company is making cuts to employee services, the latest in a string of efforts to trim the fat within the tech sector. The company said it's cutting back on fitness classes, staplers, tape, and the frequency of laptop replacement for employees. The cost-cutting measures come as Google goes through its most severe era of austerity in almost two decades. Google's employees can count themselves lucky that they're not victims of layoffs, which have claimed more than 300 thousand jobs across the tech sector since the start of 2022, according to industry tracker layoffs.fyi, A third of those were in January alone, with the pace of pink slips slowing since then. #TechSector #Google #USEconomy

Oil prices are surging after OPEC+ unexpectedly announced it was slashing output by 1.16 million barrels per day. This is fueling new fears of higher consumer prices, as central banks are hoping to reverse inflationary trends. The move comes just after Russia decides to cut oil production by 500,000 barrels per day until the end of the year. International benchmark Brent futures have jumped 5% to $84 a barrel, and US benchmark WTI is trading at nearly $80 a barrel. In March, oil tumbled to its lowest level since December 2021 amid a banking rout. #OPEC #OilPrices #Brent

A draw for the first owners of Turkiye's first domestically built fully electric car was held on Wednesday. Turkish carmaker, Togg, has received more than 170,000 pre-orders for its first model T10-X. The firm had announced that the number of deliveries in 2023 would be at 12,000 but after the high demand, it raised that figure to 20,000. The standard range model T10-X starts from around 50, 000 dollars, while the long-range model was priced at about 64, 000 dollars. Togg plans to produce one million vehicles in five different models by 2030 in its 1.2 million square meter facility in Turkiye.

Germany is one of the countries with the highest wealth inequality in Europe. A recent study said children and young adults are feeling it the most, with poverty at new highs. As Sibel Karkus reports from Berlin, many are depending on social services as government help is insufficient. #GermanEconomy #Poverty #WealthGap

February 24th marked one year since Russian tanks and troops crossed the border into Ukraine with the aim of regime change. It's also been a year that has transformed Russia's place in the world economy, pushing it away from Europe and towards new markets in China and India for its energy. So far, the direst predictions about Russia's economic collapse have not come true. But will 2023 see Russian President Vladimir Putin's luck run out? Several factors are not working in his favor. Wilson Dizard has the story. #RussianEconomy #Russia'sWarinUkraine #RussianMilitary