09292016Thu
Last update: Thu, 29 Sep 2016 11pm

Europe

World - Europe

Erdogan suggests Moody's can be 'bought' after rating cut ANKARA: Turkish President Recep Tayyip Erdogan on Thursday attacked Moody's after it downgraded the country's sovereign debt rating to "junk" status, appearing to suggest the ratings agency could be bought off.Moody's downgraded Turkey's rating by one notch on Friday to the speculative or "junk" level of "Ba1" because of the country's political turmoil and unpredictability.Downgrades by major rating agencies typically translate into higher borrowing costs for a government.The president said the economy continued to strengthen and see investments, dismissing the downgrade's impact and telling the agency: "Drop Turkey's rating however much you want."He appeared to suggest that the ratings agency was corrupt during a televised speech in Ankara to Turkish neighbourhood heads in charge of local administration."Put three-five cents extra money in their pockets and get the rating you want. This is how they work. We know where they get their instructions, we will always speak the truth," he said, ...

World - Europe

Erdogan says extending state of emergency would be good for Turkey ANKARA: Extending a state of emergency for another three months would be beneficial for Turkey as it requires more time to eradicate the threat from terrorist groups after a failed coup attempt in July, President Tayyip Erdogan said on Thursday.Speaking a day after Turkey's National Security Council recommended the extension of the emergency rule, Erdogan said the measure sped up Ankara's fight against terrorism and he believed Turks would support it."The government will make the ...

World - Europe

Italy's PM warns Britain over post-Brexit rights in EU LONDON: Britain must not expect to end up with more rights than other countries outside the EU following Brexit negotiations, Italy's Prime Minister Matteo Renzi warned in an interview Thursday.Renzi also told the BBC that he blamed Britain's former premier David Cameron for June's vote to leave the European Union.His comments are the latest from a European leader to highlight the tough stance Britain is likely to face in Brexit negotiations when it triggers Article ...

World - Europe

Turkey security body says emergency should be extended ISTANBUL: Turkey's top national security body chaired by President Recep Tayyip Erdogan on Wednesday said a three-month state of emergency imposed in the wake of the July 15 coup bid should be extended when it expires in October."The decision was taken to recommend extending the state of emergency in order to continue ensuring the protection of our democracy, rule of law, rights and freedoms of our citizens in an efficient manner," the National Security Council ...

World - Europe

EU watchdog says must learn from Japan and speed up fixing banks LONDON: Europe must heed the lesson from Japan and tackle its "zombie banks" as fast as possible without going soft on capital requirements, a top European Union banking watchdog said on Wednesday. Andrea Enria, chairman of the European Banking Authority, said some of Europe's banks share the characteristics of poorly performing banks in Japan in the past, such as overcapacity and too many bad loans on their books. "I hope we don't share the time ...

World - Europe

Portugal changes terms of loan to bank resolution fund LISBON: Portugal's finance ministry said on Wednesday it has changed the terms of the state's loans to the bank resolution fund, including extending maturities, helping the country's banks avoid having to make extraordinary payments into the fund. The fund, which received 3.9 billion euros from the government for the 4.9-billion-euro rescue of indebted Banco Espirito Santo (BES) in 2014, is formally owned by Portugal's banks which pay interest on the loan. "The revision of the ...

World - Europe

Spain's Socialist number two says Sanchez remains party head despite resignations MADRID: The leader of Spain's Socialists, Pedro Sanchez, will remain head of the party despite a wave of resignations by senior party members aimed at dislodging him, the party's number two said on Wednesday. Cesar Luena told a news conference that the Socialist party's 38-strong executive committee would not be dissolved even though 17 of its members resigned on Wednesday in a bid to unseat their leader and break Spain's nine-month political deadlock. If the ...