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Erdogan son-in-law named energy minister in new Turkey cabinet ANKARA: Turkish Prime Minister Ahmet Davutoglu on Tuesday announced a new cabinet stacked with loyal allies of President Recep Tayyip Erdogan, including his son-in-law Berat Albayrak who was named energy minister. Another longstanding Erdogan ally, Binali Yildirim, was named transport minister but there was no space in the cabinet for former deputy premier Ali Babacan, a trusted figure in global financial markets.Copyright AFP (Agence France-Presse), 2015

Russia says to halt gas supplies to Ukraine, mulling coal cut off over Crimea MOSCOW: Russian Energy Minister Alexander Novak said Moscow would cut gas supplies to Ukraine on Tuesday or Wednesday because Kiev had not paid up front for more gas and might also halt coal supplies to Ukraine in retaliation for a power blackout of Crimea.Alexander Novak, in comments to Vesti FM radio station, was speaking as Russian-annexed Crimea continued to rely on emergency generators to meet its basic power needs after unknown saboteurs blew up electricity ...

German business morale unexpectedly rises in November BERLIN: German business morale unexpectedly improved in November, a survey showed on Tuesday, suggesting company executives in Europe's largest economy are more upbeat despite weaker export prospects in emerging markets.The Munich-based Ifo economic institute's business climate index, based on a monthly survey of some 7,000 firms, jumped to 109.0 from 108.2 in October.The reading was the strongest since June 2014 and compared with the Reuters consensus forecast for a reading of 108.2.The survey was conducted ...

South Africa's economy grows 0.7 percent in third quarter PRETORIA: South Africa's economy grew by 0.7 percent in the third quarter of 2015 after contracting 1.3 percent in the three months to June, Statistics South Africa said on Tuesday, as Africa's most industrialised economy avoided a technical recession.Stats S.A. said gross domestic product expanded by 1 percent on an unadjusted year-on-year basis in the third quarter, compared with 1.2 percent growth in the previous three months.Economists polled by Reuters had expected a quarter-on-quarter increase ...

China seeks to deepen ties with global accounting rules LONDON: China will look at how its international companies could make greater use of cross-border accounting rules to better inform investors, the Chinese authorities and a global accounting body said on Tuesday.The London-based International Accounting Standards Board (IASB) and the Chinese Ministry of Finance said they had created a working group to build on a decade-old cooperation agreement.The earlier agreement led to China moving its book-keeping rules substantially in line with the IASB's, used in ...

Germany's Schaeuble says need to ensure tax base doesn't erode BERLIN: German Finance Minister Wolfgang Schaeuble said the global community needs to ensure that its tax base does not erode due to corporate tax loopholes, pointing to Pfizer's $160 billion deal to buy Botox maker Allergan ."It shows how important it is (...) that we ensure that our tax basis doesn't erode," Schaeuble said in a speech to the German lower house of parliament on Tuesday.On Monday, Pfizer said it would buy Allergan and shift ...

Cameron pressures MPs over Syria strikes vote LONDON: British Prime Minister David Cameron vowed Monday to make his case for Britain joining air strikes on Syria this week as he unveiled a new defence strategy stressing counter-terrorism and intelligence.Cameron said he would make a statement in the House of Commons on Thursday as he steps up pressure for MPs to back joining international action against Islamic State militants following the November 13 attacks in Paris, which killed 130 people.His comments came as ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln