Turkish president Recep Tayyip Erdogan has rejected proposals of a partnership with the European Union, insisting that full membership to the bloc is the only option.
Hosting Mr Erdogan on a visit to Paris last month, French president Emmanuel Macron said it was "hypocrisy" to say progress could be made on Turkish EU membership, instead floating the idea of a partnership.
The bloc must "keep its promises" to Turkey, Mr Erdogan told Italy's Stampa newspaper in an interview published on Sunday, ahead of his arrival in Rome on Sunday evening for a 24-hour visit.
"The EU is blocking access to negotiations and suggests that lack of progress is because of us. It's unfair. Just like it is that other countries are pushing for options other than membership," he said.
"We want full membership. Other options are not satisfactory."
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Read more:
Germany and Turkey seek to rescue relations from 'current spiral'
Opinion: Turkey's permanent state of emergency is crippling its chances of development
Turkey complains over long wait for EU membership
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He stressed the country's "important" role in stemming the flow of migrants to Europe, which he said offered "security and stability" to the continent.
Turkish ambitions to join the EU date back over half a century but accession talks started in October 2005.
Out of the total of 35 chapters needed to be closed to join the EU, 16 have been opened with just one closed. No new chapter has been opened since financial and budgetary provisions was opened in June 2016.
The Turkish president also defended his country's recently-launched "Olive Branch" operation in the northern Syrian region of Afrin. The operation is targeting the Skyrian Kurdish People's Protection Units (YPG) militia which Ankara sees as a terror group.
"The Turkish armed forces are not in Afrin to fight armed Kurdish groups. We don't have problems with the Kurdish Syrians, we are only fighting terrorists, and we have the right to do it," insisted Mr Erdogan, repeating that Turkey was not seeking territorial gains.
Mr Erdogan's flying visit to Italy will include a meeting with his Italian counterpart, Sergio Mattarella.
He will also be the first Turkish president to visit the Vatican in 59 years, where he will thank Pope Francis for challenging US president Donald Trump's decision to recognise Jerusalem as the capital of Israel.
"We are both in favour of the status quo and we have the will to protect it," he said.
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Killing of Qassem Suleimani
Which products are to be taxed?
To be taxed:
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
UAE currency: the story behind the money in your pockets
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RESULT
Manchester City 5 Swansea City 0
Man City: D Silva (12'), Sterling (16'), De Bruyne (54' ), B Silva (64' minutes), Jesus (88')
Racecard
6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m
6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m
7.10pm: The View at the Palm - Handicap (TB) Dh85,000 (Dirt) 1,400m
7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m
8.20pm: Club Vista Mare - Handicap (TB) Dh95,000 (D) 1,900m
8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m
9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m
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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
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