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Turkey lucky without natural resources, says Stiglitz ISLAMABAD: Nobel laureate in economics, Joseph Stiglitz said Turkey could be considered lucky in not having an abundance of natural resources, while addressing officials and economists in Istanbul on Monday."Turkey perhaps has good fortune of not having many natural resources, unlike many countries in Africa," said Stiglitz during his keynote address at the UN Development Program conference on "The Role of Private Sector in Poverty Reduction and Social Inclusion", Anadolu News Agency Reported.He argued that an abundance of natural resources created high revenues but low employment. This, he explained, harms the social equity needed for healthy growth.He added that an abundance of natural resources generally caused lack of competitiveness for exports because of the high national currency.The Columbia University professor, once chief economist at the World Bank, also underlined the need for public investments, claiming they were "complementary" to private investment"We need systems of taxes (...) to generate the revenues ...


New poll shows major shake-up for Brazil election ISLAMABAD: The likely replacement of Eduardo Campos, the Brazilian presidential candidate killed in a plane crash last week, could force a run-off vote with incumbent Dilma Rousseff, a poll has shown.The results of the poll, released on Monday, showed that Marina Silva of the Brazilian Socialist Party, known as the PSB, would come second in the first round and tie with Rousseff in the run-off, Anadolu News Agency Reported.The Datafolha poll was the first since ...

Two arrested in US school shooting plot in LA LOS ANGELES: Two students in the Los Angeles area have been arrested on suspicion of plotting a mass shooting at a high school, police said Monday.The violence was to have taken place at South Pasadena High School, local police said in a statement.Police averted a potential mass shooting after receiving information from school officials, the statement from the South Pasadena Police Department said.The two adolescents had planned to kill three staff members and as many ...

Kurdish protester killed in clashes with Turkish security forces DIYARBAKIR: A Kurdish protester died and two people were injured on Tuesday during violent clashes with Turkish security forces in southeast Turkey, an AFP reporter said. Clashes erupted when protesters gathered at a cemetery in the southeastern town of Lice to prevent Turkish soldiers from demolishing a controversial statue of a PKK founder.Copyright AFP (Agence France-Presse), 2014

China to spend $1bn on massive Caribbean resort ST. JOHN'S: Chinese investors are to plunge more than US$1 billion into developing Antigua and Barbuda's first mega-resort, creating 1,000 jobs for the tiny cash-strapped nation.Construction on the mammoth 1,600-acre (647-hectare) multi-hotel, residential and commercial project is slated to begin early next year. The 'Singulari' scheme -- 50 per cent bigger than the regionally-heralded Baha Mar resort under way in the Bahamas -- is being lauded as a major feather in the East Caribbean country's ...

Liberia 'losing grip on Ebola' as hunt for patients goes on MONROVIA: Liberia was desperately searching for 17 Ebola patients Monday who fled an attack on a quarantine centre in the capital Monrovia, as the outbreak appeared to overwhelm authorities in west Africa's worst-hit nation.Searches of the teeming West Point slum have so far failed to turn up any of the missing victims as neighbouring Guinea said a wave of sick Liberians had begun crossing the border, which it had officially closed 10 days ago. Club-wielding ...

US troops in Ferguson as Obama calls for calm FERGUSON: US National Guard troops were deployed Monday after unrest in a Missouri town where a white police officer shot dead an unarmed black teenager, as President Barack Obama called for calm.A clearly uncomfortable Obama said there was no excuse for local police to employ "excessive force" and urged the state to make only "limited" use of the guards, while still condemning violent protest.By late afternoon, about 200 National Guard soldiers arrived at command headquarters, ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
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Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
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WeeklyAugust 15, 2014
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