Home Blog Page 176

Karim Benzema to Leave Real Madrid amid Saudi Pro League Contract Rumors

0

Karim Benzema to Leave Real Madrid amid Saudi Pro League Contract Rumors

DT(SPORTS) – French star Karim Benzema will leave Real Madrid this summer and is expected to sign with Saudi Arabian club Al-Ittihad, according to ESPN’s Julien Laurens and Alex Kirkland.

Sky Italy’s Gianluca Di Marzio reported the 35-year-old will make his decision official Thursday.

Laurens reported Tuesday that Al-Ittihad was prepared to offer Benzema €400 million over two seasons, matching the contract Cristiano Ronaldo signed with Al-Nassr.


READ MORE : Will Jose Mourinho Stay At Roma After Europa League Final Defeat?

Benzema had a verbal agreement with the Spanish giant to keep him at the club till 2024, that eventually did not materialise. He will reportedly sign for a Saudi Arabia-based club.

There have been rumours circulating about a lucrative three-year deal for Benzema from Saudi Pro League club Al Ittihad, that will see him earn close to €100 million per year. He allegedly held talks with former teammate Cristian Ronaldo before taking a decision.

Benzema has scored 353 goals and has 165 assists for Real Madrid, since joining the side in 2009 from Ligue 1 club Lyon. He has secured a total of 25 titles with Real, including five UEFA Champion Trophy and four league titles.

The 35-year-old was honoured with the prestigious Ballon d’Or award last year after playing a crucial role in Madrid’s success in the La Liga, UEFA Champions League and the Super Cup in the 2021/22 season, scoring 44 goals.

Benzema, on his 35th birthday, announced his retirement from international football just after the FIFA World Cup concluded last year, in which he could not participate after failing to recover in time from an injury. France went on to lose the finals to Argentina in penalty shootouts.

Benzema signed for Real Madrid during the 2009 summer transfer window, and his arrival coincided with the return of a Galácticos era at the Santiago Bernabéu.

Along with Benzema, Madrid brought in Ronaldo, Kaká and Xabi Alonso in 2009, while Ángel Di María and Mesut Özil joined in 2010. Luka Modrić, Gareth Bale, James Rodríguez and Toni Kroos were among the notable stars who followed.


Karim benzema tweet that they made something.

Follow Us: Facebook | Instagram | Twitter | Youtube |

Dwayne Johnson says he’s returning to ‘Fast & Furious’ franchise as Hobbs

Dwayne Johnson says he’s returning to ‘Fast & Furious’ franchise as Hobbs

DT BEATS  — (CNN) Dwayne Johnson is officially returning to the “Fast & Furious” franchise.

Johnson announced the news on his social media on Thursday, saying that he’s “one hundred percent confirming” that his character Luke Hobbs is back in the mix, and thanked audiences for their support and excitement surrounding his surprise cameo in “Fast X,” which hit theaters in May.

The actor also known as The Rock also teased that more is to come between Hobbs and Jason Momoa’s character Dante.

“If you thought that ‘The Rock’ versus ‘Stone Cold’ Steve Austin headlining three WrestleManias was earth-shattering, well, wait until you see Dante and Hobbs collide,” he said, calling back to his days as a professional wrestler.

While Johnson wasn’t explicitly clear on what the next “Fast” installment is, The Wrap is reporting that an untitled Hobbs movie is in the works at Universal Pictures that will be a “bridge” between “Fast X” and “Fast X: Part II,” instead of Johnson returning in a “Hobbs & Shaw” sequel film (“Fast & Furious Presents: Hobbs & Shaw” was a 2019 “Fast & Furious” spinoff starring Johnson and Jason Statham as Deckard Shaw).


READ MORE : Al Pacino expecting fourth child at 83 with his 29-year-old girlfriend Noor Alfallah

The “Black Adam” star first appeared as Hobbs in 2011’s “Fast Five” and went on to star in five films in the franchise thereafter.

In 2021, Johnson told CNN that he “would not be returning to the franchise” after last appearing in the 2019 “Hobbs & Shaw” spinoff movie, and despite a public plea from mainstay “Fast & Furious” star Vin Diesel asking him to return.

With regard to Diesel, Johnson touched upon the current status of his relationship with the “Pitch Black” star in his announcement on Thursday, saying despite their past differences, “we’ve been like brothers for years” and that they’re leading with the idea of “resolve” as they look toward the future of “bigger plans are the bigger build outs.”

With all that in mind, he said, “it’s really not a hard decision to make: It’s a yes.”

Captioning the post on Instagram, Dwayne Johnson wrote, “Hope you’ve got your funderwear on…HOBBS IS BACK….And he just got lei’d…Luke Hobbs will be returning to the Fast & Furious franchise. Your reactions around the world to Hobbs’ return in Fast X have blown us away.”

Addressing his feud with Vin Diesel, Dwayne Johnson wrote, “Last summer @vindiesel and I put all the past behind us. We’ll lead with brotherhood and resolve – and always take care of the franchise, characters & FANS that we love.”

Are you excited to see the return of Dwayne Johnson in the Fast & Furious family? Share with us through comments.

Follow Us: Facebook | Instagram | Twitter | Youtube | Google News

Vizag to host International Organic Mahotsav-2023 from June 2

0

Vizag to host International Organic Mahotsav-2023 from June 2

Vizag, India (TH)- The International Organic Mahotsav-2023 will be organised at the Gadiraju Palace in Visakhapatnam from June 2 to 4. Agriculture and Cooperation Minister Kakani Govardhan Reddy will Inaugurate the event on June 2.

The Rythu Sadhikara Samstha (RySS) is organising the event, which is aimed at encouraging the farmers who are practising natural farming methods and connecting them with the consumers within the country and outside.


READ MORE : Will Jose Mourinho Stay At Roma After Europa League Final Defeat?

An exhibition will be organised, where domestic and international FPOs, agri-preneurs, government and private agri-busines firms and technology companies will set up stalls. Organic farm produces from different States, and millet-based products will be on display. A brochure for the event was released on Tuesday, said a press release.

Disclaimer: This report is auto generated from the TH. Diplomat Times holds no responsibility for its content.

Will Jose Mourinho Stay At Roma After Europa League Final Defeat?

0

Will Jose Mourinho Stay At Roma After Europa League Final Defeat?

Budapest, Hungary(Forbs) – The Europa League final between Roma and Sevilla wasn’t one for the footballing purist. In fairness, it was never expected to be. Most knew going into the occasion this wasn’t going to be a European final replayed over and over again. This wasn’t going to be Istanbul 2005 or Barcelona 1999; it was going to be a long, drawn-out and most probably tedious affair.

By the end, it was worse than Marseille against Red Star in Bari 32 years ago. This was 146 minutes of non-football. By the end, Paulo Dybala’s 34th minute goal felt like it had been scored days ago, or when he was still playing for Juventus.


READ MORE : French Open: Novak Djokovic brushes past Aleksandar Kovacevic in opener

The ends would’ve justified the means, as it always does with Mourinho, had Roma won. It can be hard to remember now, through the haze of tactical fouls and diving, but Roma had the better chances; Tammy Abraham and Andrea Belotti simply had to score, and their spurned chances perhaps reflect a lack of self-confidence in both. Belotti, mostly used as a sub this season, has scored no goals in Serie A, while Abraham hasn’t come close to matching his first season in Italy, with the English striker perhaps being the collateral damage in Dybala’s move to Rome.

As Roma’s last two months of the season was built on winning the Europa League, and therefore gaining entry into the Champions League, not winning the trophy makes the campaign feel a failure. Mourinho had bet it all on winning this competition for a third time, and had essentially discarded the league by early April. They went all-in, and Roma fell at the last hurdle.

What does the future hold for Mourinho? Links with Paris Saint-Germain have bubbled in the background for most of the season, but Mourinho has always stated he hasn’t held talks with anyone.

Mourinho would no doubt like one final crack at the big time with a team containing financial muscle. In this respect, a move to the French capital easily outweighs staying in Rome, but it’s doubtful that fans in Paris would shower him with anything close to the love he’s received in the Italian capital.

Romanisti have put up with the at-times dire brand of football on offer – and selling out the Stadio Olimpico countless times in the process – because Mourinho instilled a mentality that’d been missing since the days of Fabio Capello. They embraced him, and he in turn did the same.


Mourinho has brought Roma to as many European finals in his two seasons than the club had in their entire history, but it’s not difficult to sense he’s frustrated with the lack of funds available. Over €100m ($107m) was spent in his first summer but, as he so often likes to point out, only €7m ($8m) was shelled out last summer on right-back Zeki Celik.

Roma’s debt, according to the ever reliable financial expert Swiss Ramble, is around the €380m ($406m) mark, the second largest in Italy behind Inter. The Friedkin Group have sank an estimated €500m ($535m) since buying the club in 2020, and it’s likely this summer’s transfer budget would’ve been contingent on qualifying for the Champions League. Roma’s run to the final of the Europa League earned them close to €20m ($21m) (this would’ve been higher had it not been for FFP sanctions), yet as most know, Roma could’ve earned more by just playing six Champions League games next season and losing them all than by winning UEFA’sEFA +1.4% secondary competition.

“My players deserve more, and I deserve more too and I want to fight for more,” he said in his post-final press conference. “I still want to stay under conditions that can allow me to give more.” There are limitations in this Roma side, and the ‘conditions’ Mourinho speaks of are no doubt substantial investment in the summer market.

Disclaimer: This report is auto generated from the FORBS. Diplomat Times holds no responsibility for its content.

Tesla’s Elon Musk meets Chinese foreign minister, who calls for ‘mutual respect’ in US-China relations

Tesla’s Elon Musk meets Chinese foreign minister, who calls for ‘mutual respect’ in US-China relations

BEIJING (AP) — China’s foreign minister met Tesla Ltd. CEO Elon Musk on Tuesday and said strained U.S.-Chinese relations require “mutual respect,” while delivering a message of reassurance that foreign companies are welcome.

U.S.-Chinese relations are especially tense after Washington shot down a Chinese balloon believed to be gathering intelligence and warned Beijing against supplying arms to Russia for its war against Ukraine. The Wall Street Journal reported China has rejected a request for its defense minister to meet the U.S. defense secretary when both are in Singapore this weekend.

“We need to keep the steering wheel in the right direction of mutual respect, peaceful coexistence and win-win cooperation,” Qin Gang told Musk, according to a ministry statement.

The two sides should “avoid ‘dangerous driving,’ ” Qin said. He gave no details of steps to improve relations.


READ MORE : Elon Musk appoint Twitter’s new CEO is an NBCUniversal executive with deep ad industry ties

Musk’s visit comes at a time when the ruling Communist Party is trying to revive investor interest in China’s slowing economy. Foreign companies are uneasy following raids on consulting firms and given the strained Chinese relations with Washington.

Qin said China will “unswervingly promote high-level opening up” and create a “market-oriented, law-based and internationalized business environment,” according to the statement. “China’s development is an opportunity for the world.”

China’s electric vehicle market “has broad prospects for development,” the ministry quoted Qin as saying. China accounts for half of global electric vehicle sales and is the site of Tesla’s first factory outside the United States.

Tesla opened the first wholly foreign-owned auto factory in China in 2019 after Beijing eased ownership restrictions to increase competition and speed up industry development.

The Chinese statement cited Musk as saying Tesla was willing to expand its business in China and “opposes decoupling,” a reference to fears the world may split into multiple markets with incompatible products.

Tesla didn’t respond to requests by email for information about Musk’s visit to China.

By JOE McDONALD

Disclaimer: This report is auto generated from the AP. Diplomat Times holds no responsibility for its content.

BRICS foreign ministers : Jaishankar meets Russian counterpart Lavrov in South Africa

0

BRICS foreign ministers : Jaishankar meets Russian counterpart Lavrov in South Africa

Cape town, SOUTH AFRICA(PTI)- External Affairs Minister S Jaishankar on Thursday met his Russian counterpart Sergey Lavrov and discussed issues of bilateral and global interests.

Jaishankar, who is here to participate in a conclave of five-nation grouping BRICS (Brazil-Russia-India-China-South Africa), held talks with Lavrov on the sidelines of the BRICS Foreign Ministers’ Meeting.

“Good to meet FM Sergey Lavrov of Russia in Cape Town this morning on BRICS FMM sidelines. Our discussions covered bilateral matters, BRICS, G20 and SCO,” Jaishankar said in a tweet.


READ MORE : Kenya and Russia to sign trade pact, President Ruto says

Follow our social media accounts for Breaking/Updates

PM Modi highlights ‘HIT’ formula for Indo-Nepal relations, says new agreements will make partnership

0

PM Modi highlights ‘HIT’ formula for Indo-Nepal relations, says new agreements will make partnership

New Delhi, INDIA(PTI) India and Nepal will strive to take their bilateral ties to Himalayan heights and resolve all matters, including the boundary issue, in this spirit, Prime Minister Narendra Modi said on Thursday after holding wide-ranging talks with his Nepalese counterpart Pushpakamal Dahal ‘Prachanda’.

In his media statement after the meeting, Modi said he and Prachanda have taken many important decisions to make the partnership between the two countries a “super hit” in the future.

The two leaders held high-level talks and jointly launched several infrastructure projects and signed seven agreements to boost cooperation in key areas like trade and energy.

Hon’ble Prime Minister Mr. Pushpa Kamal Dahal ‘Prachanda’ here on New Delhi for a Four-Day Official Visit to India today at the cordial invitation of the Prime Minister of India, His Excellency Shri Narendra Modi.

The Prime Minister is accompanied by his daughter Ms. Ganga Dahal.

Nepal is bordered on three sides by India, with an open frontier allowing traffic without passports or visas.

Modi said they agreed to further deepen their historic ties and “take our relations to Himalayan heights.” He said they agreed to resolve all their outstanding issues, including a border dispute.

Dahal said at a joint news conference that they reviewed ongoing projects and discussed ways to further cooperate in connectivity, energy and people-to-people contact.


READ MORE : Al Pacino expecting fourth child at 83 with his 29-year-old girlfriend Noor Alfallah

Nepal-India Relations

Nepal and India enjoy excellent bilateral ties. Founded on the age-old connection of history, culture, tradition and religion, these relations are close, comprehensive and multidimensional and are pronounced more in political, social, cultural, religious and economic engagements with each other. To add up the formal flavor to such historic relations, the two countries established diplomatic relations on 17 June 1947. The unwavering commitment to the principles of peaceful coexistence, sovereign equality, and understanding of each other’s aspirations and sensitivities has been the firm foundation on which our bilateral relations have been growing further.

Nepal’s solemn desire to cultivate and foster the cordial and friendly ties with its neighboring countries are reflected in its long standing position of not allowing its territory to be misused by any elements inimical to India and also expects same sort of reciprocity and assurances from her. The open border between the two countries remains a unique feature of our relations. Frontier without restriction has greatly facilitated the free movements of our people to each other’s territory and enhanced interactions.


Nepal-India Economic Relations

India has been a key development partner of Nepal. The latter received strong support and solidarity from the people and Government of India in advancing its home-grown peace process as well as in the process of writing the Constitution through the elected Constituent Assembly.

Following the massive earthquakes in Nepal in April and May 2015, India promptly offered helping hands. The Government of India has also been substantially supporting Nepal’s reconstruction efforts.

The Indian cooperation started in 1952 with the construction of an air-strip at Gaucharan. Since then, India has been assisting primarily in the areas of infrastructure development and capacity development of human resources in Nepal.

Such assistance received from India has helped supplement the developmental efforts of Nepal. India’s economic assistance to Nepal has grown manifold in the past few decades, particularly since the restoration of multiparty democracy in Nepal in 1990.

As agreed during the State Visit to India of then Prime Minister of Nepal Mr. Pushpa Kamal Dahal ‘Prachanda’ in September 2016, a Nepal-India Joint Oversight Mechanism has been constituted co-chaired by the Foreign Secretary of Nepal and the Indian Ambassador to Nepal to review the progress made and resolve issues in the implementation of the projects under India’s economic and development cooperation.

The Mechanism meets once every two months.

(PTI and MOFA NEPAL)

What is Title 42, why is it ending and what’s happening now at the US-Mexico border?

0

What is Title 42, why is it ending and what’s happening now at the US-Mexico border?

HARLINGEN, Texas (Border Report) — U.S. Immigration and Customs Enforcement had a drop of over 13,000 detainees in ICE custody in the days following the lifting of Title 42, according to data from Syracuse University.

The university’s Transactional Records Access Clearinghouse, or TRAC, which tracks all immigration cases nationwide, found the number of asylum-seekers in ICE detention went from nearly 40,000 on May 19 to 27,330 on May 21.

Of those detained, 61% — or 16,705 — had no criminal record, according to TRAC data.

Most of the detainees are in Texas, which has nearly 10,000 in custody, TRAC said.

The South Texas ICE Processing Center in Pearsall, Texas and the South Texas Family Residential Center in Dilley, Texas, each have over 1,200 migrants in custody, as of May 21, according to ICE data analyzed by TRAC.

The Otay Mesa Detention Center in San Diego had 750 in custody, and the El Paso Service Processing Center had 600, TRAC reported.


READ MORE : Tesla’s Elon Musk meets Chinese foreign minister, who calls for ‘mutual respect’ in US-China relations

What is Title 42?

In the early days of the coronavirus pandemic, the US Centers for Disease Control and Prevention issued a public health order that officials said aimed to stop the spread of Covid-19. The order allowed authorities to swiftly expel migrants at US land borders. The policy is widely known as Title 42, for the portion of US code that allowed the CDC director to issue it.

Migrants encountered under Title 42 have been either returned to their home countries or sent back into Mexico. Under the policy, authorities have expelled migrants at the US-Mexico border more than 2.8 million times since the policy began, according to US Customs and Border Protection data.

The policy, which officials have relied on to manage a spiraling situation at the border, is set to end at 11:59 p.m. ET on Thursday.


Why is Title 42 ending?

We’ve known for months that Title 42’s days were numbered.

The policy’s end comes as the Biden administration is ending the Covid public health emergency nationally.

The emergency declaration was the legal underpinning for Title 42’s border restrictions, in addition to a number of other policies.


What will happen at the border after Title 42 is lifted?

Officials predict that lifting Title 42 is likely to spur a significant increase in the number of migrants trying to cross into the US.

One reason for the expected spike: Many migrants who were sent back to Mexico under the policy are desperate and losing patience.

Advocates say for many of those who were expelled under Title 42, the situation has been dire.

Since Biden took office, Human Rights First says it’s identified more than 13,000 incidents of kidnapping, torture, rape or other violent attacks on people blocked or expelled to Mexico under Title 42.

Some communities are already dealing with an influx of migrants.

Brownsville, Texas, began seeing a spike about a week and a half ago, according to Sergio Cordova, a founder of the non-profit organization Team Brownsville.
The organization has been receiving about 1,000 migrants a day at its center, Cordova said. And while many quickly move on to their next destinations, dozens have slept on the streets over the last week.

El Paso, which declared a state of emergency ahead of Title 42’s expiration, already has about 2,300 migrants living on the streets around two shelters downtown, and some aid organizations worry they won’t have the resources to help everyone if that number grows.

Follow Us: Facebook | Instagram | Twitter | Youtube |

Al Pacino expecting fourth child at 83 with his 29-year-old girlfriend Noor Alfallah

Al Pacino expecting fourth child at 83 with his 29-year-old girlfriend Noor Alfallah

Actor Al Pacino is expecting his fourth child at the age of 83, his representatives have confirmed.

The Godfather star has announced his 29-year-old girlfriend Noor Alfallah is eight months pregnant.

According to US media reports, Pacino and Alfallah have been together since the Covid-19 pandemic.

Pacino already has three children – two with Beverly D’Angelo and one with Jan Tarrant.

In a career spanning more than five decades, Pacino has appeared in The Irishman, The Godfather, Scarface and Scent of a Woman, winning an Oscar for best actor for the latter.

Alfallah works in the film industry and has produced films such as Billy Knight, Little Death and Brosa Nostra.


READ MORE : Turkey’s new cabinet almost certain to include Simsek, four sources say

She previously dated musician Mick Jagger in 2017.

As BBC News reports, Pacino’s representatives have now confirmed that the actor’s fourth child is set to arrive within the next month.

Pacino already has two children with Beverly D’Angelo (22-year-old twins named Anton and Olivia) and one child with Jan Tarrant (a 33-year-old daughter named Julie Marie).

Robert De Niro’s got nothing on Al Pacino … the 83-year-old actor’s girlfriend is a month away from giving birth … multiple sources tell TMZ.

Noor Alfallah is 8 months pregnant, our sources say. The 29-year-old has been linked to Pacino since April 2022.


Who is Al Pacino

Alfredo James Pacino born April 25, 1940) is an American actor. Considered one of the greatest and most influential actors of the 20th century, Pacino has received numerous accolades: including an Academy Award, two Tony Awards, and two Primetime Emmy Awards, making him one of the few performers to have achieved the Triple Crown of Acting.

He has also been honored with the Cecil B. DeMille Award in 2001, the AFI Life Achievement Award in 2007, the National Medal of Arts in 2011, and the Kennedy Center Honors in 2016.

A method actor, Pacino studied at HB Studio and the Actors Studio, where he was taught by Charlie Laughton and Lee Strasberg. Pacino went on to receive the Academy Award for Best Actor for his role in Scent of a Woman (1992). His other Oscar-nominated roles include The Godfather (1972), Serpico (1973), The Godfather Part II (1974), Dog Day Afternoon (1975), and …And Justice for All (1979), Dick Tracy (1990), Glengarry Glen Ross (1992), and The Irishman (2019). Other notable films include The Panic in Needle Park (1971), Author! Author! (1982), Scarface (1983), The Godfather Part III (1990), Carlito’s Way (1993), Heat (1995), Donnie Brasco (1997), The Devil’s Advocate (1997), Any Given Sunday (1999), The Insider (1999), Insomnia (2002), Ocean’s Thirteen (2007), Jack and Jill (2011), Once Upon a Time in Hollywood (2019) and House of Gucci (2021).


Al Pacino’s Early Life 

Alfredo James Pacino was born in the East Harlem neighborhood of Manhattan, New York City, on April 25, 1940, the only child of Italian-American parents Rose (née Gerardi) and Salvatore Pacino.

His parents divorced when he was two years old.  He then moved with his mother to the South Bronx to live with her parents, Kate and James Gerardi, who were Italian emigrants from Corleone. Pacino’s father was from San Fratello and moved to work as an insurance salesman and restaurateur in Covina, California.

In his teenage years, Pacino was known as “Sonny” to his friends. He had ambitions to become a baseball player and was also nicknamed “The Actor”:  He attended Herman Ridder Junior High School, but soon dropped out of most of his classes except for English. He subsequently attended the High School of Performing Arts, after gaining admission by audition. His mother disagreed with his decision and, after an argument, he left home. To finance his acting studies, Pacino took low-paying jobs as a messenger, busboy, janitor, and postal clerk, as well as once working in the mailroom for Commentary.


Who is Noor Alfallah

Alfallah’s father, Falah, who was born in Kuwait, is the founder of ThirtyOneCapital, according to his LinkedIn profile. He shares four children with wife Alana, an American citizen.

Alfallah is the eldest of sisters Sophia and Remi, as well as brother Nasser. The siblings grew up in Beverly Hills, Calif.

Alfallah reportedly graduated from the University of Southern California’s Cinematic School of Arts before continuing her education at the University of California Los Angeles.

She obtained her masters in film and television producing from the latter.

Not only is Alfallah the vice president of Lynda Obst Productions at Sony, but she also has a pod-producing deal with Imagine Entertainment.

Noor Alfallah also active very on Instagram

(BBC with WIKIPEDIA and GETTYIMAGES )

Turkey’s new cabinet almost certain to include Simsek, four sources say

Turkey’s new cabinet almost certain to include Simsek, four sources say

ANKARA,(Reuters) – Turkish President Tayyip Erdogan is viewed as almost certain to include former economy chief Mehmet Simsek in his new cabinet, either as finance minister or as a vice president responsible for the economy, four senior officials said.

Simsek was highly regarded by financial markets when he served as finance minister and deputy prime minister between 2009 and 2018. A key role for him now could signal a departure from years of unorthodox policy underpinned by low interest rates despite high inflation and heavy state control of markets.


READ MORE : GLOBSEC 2023 : Macron says Putin has jolted NATO awake at Bratislava summit

One of the officials said the new policy would be “mixed”, rather than orthodox, and change was expected to be gradual. Erdogan’s office and Simsek were not immediately available for comment.

After chairing a final meeting of his old cabinet on Wednesday, Erdogan will announce new ministerial roles by Saturday, officials said. The new cabinet is almost certain to include his spokesman Ibrahim Kalin and intelligence chief Hakan Fidan, they added.

The four officials who spoke to Reuters said no final decisions had been made and Erdogan could yet change his mind.

The officials said Erdogan was thinking of appointing Simsek as vice president, but that Simsek would prefer a role directly in charge of economic policy and so could take the post of Treasury and Finance Minister, now occupied by Nureddin Nebati.

Analysts were cautious about the prospect of Simsek’s appointment and whether it would bring a shift in policy.

“Over the past years, we had many changes, we had several central bank governors and we hoped something would change but nothing changed,” said Guillaume Tresca, Senior Emerging Market Strategist at Generali Investments.

“Erdogan has stuck to unorthodox strategy and I see few reasons for him to change his strategy.”

Erdogan won a landmark election runoff on Sunday despite a cost-of-living crisis and a series of currency crashes that analysts say were largely brought on by his economic programme, which has kept foreign investors away.

Speculation about a possible role for Simsek, which investors see as bullish for Turkish assets, accelerated after he held talks with the president on Monday.

One of the sources, a senior official with knowledge of the subject, said Erdogan and Simsek had spoken for 2-1/2 hours.

“It was a pretty good meeting. Only a few points are being worked on. They will be completed in a short time,” he said.

The same official said former minister Cevdet Yilmaz could take up the role of Treasury and Finance Minister if Simsek were to become a vice president. Another previous Treasury minister, Lutfi Elvan, was also expected to be put in charge of an economy-related ministry, the official said.


MIXED RATHER THAN ORTHODOX

The lira slid to a new record low of 20.75 versus the dollar on Wednesday on concerns about Turkey’s depleted FX reserves and uncertainty over the direction of policy.

In his post-election victory speech, Erdogan said: “We are designing an economy focused on investment and employment, with a finance management team that has an international reputation.”

After leaving the finance ministry in 2015, Simsek was deputy prime minister until 2018, stepping down just before the first of a series of lira crashes.

The four officials said that after the cabinet appointments, attention would shift to a change at the top of the central bank, with one ruling AK Party official saying it “would not be a surprise” if current governor Sahap Kavcioglu were replaced.

Another senior party official said Simsek’s arrival was meant to herald a new era for the economy and help address big current account deficits, tumbling central bank reserves and inflation that was 44% in April. Last year, inflation hit a 24-year high of 85%.

“Think of the policy to be implemented as being a bit mixed, rather than orthodox or not. There will be traces of both policies,” the official said, adding that initial results should be seen after six months under Simsek.

A self-described enemy of interest rates, Erdogan has pushed aggressive monetary stimulus that slashed the key rate to 8.5% from 19% in 2021, in order to stoke economic growth, exports and investments.

If he has to do so again, “I don’t think this relationship is going to work”, Ash said.

“The market wants an independent central bank, with the ability to do whatever is needed to address head-on the looming balance of payments crisis.”

Disclaimer: This report is auto generated from the REUTERS. Diplomat Times holds no responsibility for its content.