Turkey's President Recep Tayyip Erdogan. Kayhan Ozer/AP
Turkey's President Recep Tayyip Erdogan. Kayhan Ozer/AP

Moody's slashes Turkey's credit rating further



Turkey’s credit rating was cut further into junk by Moody’s Investors Service on an erosion of institutional strength as well as more risk of external shocks and geopolitical risks. The lira weakened.

Moody’s lowered the rating one notch to Ba2, two levels below investment grade, with a stable outlook, Moody’s analyst Kristin Lindow said in a statement Wednesday. That leaves the nation on par with Brazil, Croatia and Costa Rica.

The government of President Recep Tayyip Erdogan appears focused on short-term measures, undermining effective monetary policy and economic reform, Ms Lindow wrote. Persistent inflation and political drivers, such as the ongoing state of emergency following an attempted coup in 2016, have weighed on the country. Debt and rollover needs have worsened, she wrote.

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“The potential triggers of a re-evaluation of Turkish country risk by foreign investors continue to multiply with the continuing deterioration of Turkey’s geopolitical situation,” Ms Lindow wrote. “Turkey’s sovereign rating would likely be downgraded if there is a material increase in the probability and proximity of a balance of payments crisis.”

Moody’s cited the refusal to implement a decision in January by the Constitutional Court to release journalists Mehmet Altan and Sahin Alpay, who were charged with attempting to destroy the constitutional order. Mr Altan was later sentenced to life, while Mr Alpay awaits his verdict.

“The geopolitical risk arising from Turkey’s recent engagement in Syria becomes more marked the longer and deeper the engagement goes on,” Moody’s said, regarding the “Olive Branch” offensive against Syrian Kurdish militants that started Jan. 20.

The lira fell as much as 0.4 per cent to 3.8093 per US dollar after the downgrade, and was trading 0.2 per cent lower at 3.8072 at 10:25 a.m. local time. The currency is little changed so far this year, compared with a 2.5 per cent gain in the MSCI index of emerging-market currencies. Ten-year government bond yields rose as much as 10 basis points to 12.3 percent.

Moody’s also downgraded the long-term senior unsecured debt of state-run Hazine Mustesarligi Varlik Kiralama, a Turkish special purpose vehicle used to issue sukuk lease certificates.

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

MATCH INFO

Mainz 0

RB Leipzig 5 (Werner 11', 48', 75', Poulsen 23', Sabitzer 36')

Man of the Match: Timo Werner (RB Leipzig)

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

Racecard
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Key facilities
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  • Premier League-standard football pitch
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  • Disruption Lab and Research Centre for developing entrepreneurial skills
What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
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T20 SQUADS

Australia: Aaron Finch (c), Mitchell Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, D’Arcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa.

Pakistan: Sarfraz Ahmed (c), Fakhar Zaman, Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Hussain Talat, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shinwari, Hassan Ali, Imad Wasim, Waqas Maqsood, Faheem Ashraf.

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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MATCH INFO

Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)

Arsenal win 5-4 on penalties

Man of the Match: Ainsley Maitland-Niles (Arsenal)

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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Stage results

1. Julian Alaphilippe (FRA) Deceuninck-QuickStep  4:39:05

2. Michael Matthews (AUS) Team BikeExchange 0:00:08

3. Primoz Roglic (SLV) Jumbo-Visma same time 

4. Jack Haig (AUS) Bahrain Victorious s.t  

5. Wilco Kelderman (NED) Bora-Hansgrohe s.t  

6. Tadej Pogacar (SLV) UAE Team Emirates s.t 

7. David Gaudu (FRA) Groupama-FDJ s.t

8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t     

9. Bauke Mollema (NED) Trek-Segafredo  s.t

10. Geraint Thomas (GBR) Ineos Grenadiers s.t

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The specs

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Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

On day three of the process, 14 embryos were biopsied for gender selection.

The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later. 

More from Armen Sarkissian
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Emirates Cricket Board Women’s T10

ECB Hawks v ECB Falcons

Monday, April 6, 7.30pm, Sharjah Cricket Stadium

The match will be broadcast live on the My Sports Eye Facebook page

 

Hawks

Coach: Chaitrali Kalgutkar

Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish

 

Falcons

Coach: Najeeb Amar

Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh

 

 

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

UAE currency: the story behind the money in your pockets