People across Turkey will head to the polls on Sunday for what is considered the country's most critical vote in its modern history.
The election pits long-time President Recep Tayyip Erdogan against former civil servant Kemal Kilicdaroglu, who heads a six-party opposition alliance.
The vote is seen as the greatest electoral challenge Mr Erdogan has faced during his long reign, and its outcome will have regional and global ramifications.
A record number in the diaspora have already cast their vote, with polls predicting a tight result.
So what is really at stake in Turkey?
Why is the election so important?
Mr Erdogan has ruled Turkey, as prime minister and then president, since 2002, and is the country's most prolific leader since Mustafa Kemal Ataturk, the founder of modern Turkey.
Millions of people have known nothing other than life under Mr Erdogan during more than 20 years of uninterrupted rule.
The AKP leader has positioned himself as a bastion against secularism and the more progressive opposition, and a defender of Turkey against the West, making the fight for power as much about identity as it is about politics.
He has pushed for the election to be held during a highly symbolic year as Turkey marks its centenary.
The country is reeling from the devastation of a massive earthquake that hit the county in February, exacerbated by a crippling economic crisis, inflation and a record devaluation of the Turkish lira — factors that will play a role in steering voters one way or another.
The outcome of the election will not only shape the start of Turkey's second century, but will also determine the legacy of Mr Erdogan, now in his final bid for the presidency.
A victory for the opposition — which has pledged to “return democracy” to Turkey — will be decisive for the country's large Kurdish minority and thousands of government critics who have been imprisoned since Mr Erdogan adopted an increasingly hardline rule following a failed coup attempt in 2016.
The CHP, a secularist party headed by Mr Kilicdaroglu, has allied itself with the HDP, a pro-Kurdish party that has borne the brunt of the government clampdown, with hundreds of its officials dismissed.
The HDP, which is campaigning under the banner of the Green Left party following a proposed ban before the elections, is now backing the opposition and its support for the CHP may boost Kurdish votes.
“The world is watching because this is also an experiment, because Turkey, like some other countries, has been going down the authoritarian path for a while,” Ozgur Unluhisarcikli, director of the German Marshall Fund’s Ankara office, told AFP.
“And if this trajectory can be reversed through elections only, that could set an example for other countries.”
What are the key issues?
Turkey's economy has been battered by record inflation — peaking at over 85 per cent last year — and a deadly earthquake that killed more than 50,000 people in February and inflicted an estimated $35 billion in damages.
The soaring cost-of-living crisis has been a key point of discussion in the run-up to the elections, and the opposition has pledged to boost small business and reduce chronic unemployment.
However, economists have said many of the working-class hardest hit by inflation will still back the ruling AKP.
When it comes to foreign relations, the opposition has pledged to unfreeze EU accession talks and end a Turkish veto on Sweden's bid for Nato membership.
Regionally, analysts expect Turkey to normalise relations with Syria in either case, but this may be expedited under Mr Kilicdaroglu, who has also pledged to send home Syrian refugees — almost 5 per cent of Turkey's population — within two years.
Another big issue domestically is the state of democracy in the country. Mr Kilicdaroglu claims that an opposition victory will bring back democracy and free speech and restore foreign trust in Ankara.
Mr Erdogan's rule has been criticised both domestically and internationally as largely authoritarian.
Who is predicted to win?
It is an extremely tight race. But under current polling, Mr Kilicdaroglu is predicted by many to secure a narrow victory over Mr Erdogan.
An average of the last 18 polls conducted by Euronews put Mr Kilicdaroglu on 48.9 per cent of the vote, ahead of Mr Erdogan's 45.8 per cent. It was conducted before Muharrem Ince, who polled an average of 2.3 per cent, withdrew from the race.
While Mr Erdogan has a large and loyal support base domestically and in diaspora, millions of first-time voters are taking to the polls this weekend, and young people are expected to back the opposition.
There is a big chance that voting will go to a second round on May 28 and may trigger unrest across the country.
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Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
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Brief scoreline:
Tottenham 1
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RESULTS
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg