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In-The-News September Edition Turkey “Erdogan Is Sworn In as President of Turkey “ Two weeks ago Turkey elected its first directly elected president. Beyond the political and cultural significance, this also has a huge impact on Turkey’s economy. Tayyip Erogdan, the recently elected president of Turkey, is known for his ability to bring foreign investment. During the 2008 financial crisis, Turkey experienced the best five years of growth it has ever experienced due to Erogdan’s friendly foreign investment policies. Looking forward, he has stated that he will continue to implement such policies in order to further benefit the Turkish people. http://www.nytimes.com/2014/08/29/world/europe/erdogan-is-sworn-in-as-presidentof-turkey.html “Turks spend half of their salaries on food, housing” Turks spend almost half of their salaries on food and housing. If you add transportation to the mix, Turkish households spend approximately 62% of their salaries on food, housing, and transportation. To make matters worse, a recent drought, that has lasted almost a year, has significantly reduced water levels and increased food prices. Another negative ramification of this drought has been the increase in the inflation rate, which as of August 2014 was calculated to be 9.54%. Analysts are predicting a substantial rise in unemployment in the upcoming months as a result of the current situation. Volume 2, Edition 1 Turkey Facts - The Republic of Turkey is the largest national economy in Central and Eastern Europe. Turkey's economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for about 30% of employment. - Today, Turkey occupies one of the most strategic locations in the world. Turkey controls access to the Black Sea. Russia’s only warm water ports lie on the Black Sea. Furthermore, as the only member of NATO in direct proximity to Russia, Iran, Syria and Iraq, Turkey’s strategic importance cannot be underestimated. Did you know? - The Turkish national sport is called yagli gures (oil wrestling) – so called because wrestlers grease themselves with olive oil to make it difficult for an http://www.todayszaman.com/business_turks-spend-half-their-salaries-on- opponent to grasp them. food-housing_357936.html - Turks write the date in an unusual way: they include the day of the week in the middle of the date. They usually write the day first, then the month, then the day of the week, and finally the year. For example, December 3, 2014 is written … 3.12.Thursday.15. (Periods are used instead of commas.) Key events: August 10 – Presidential Election October 4 - Sacrifice Feast October 29 – Republic Day Tayyip Erdogan was sworn in as the country’s first directly elected president. China Brazil “China manufacturing growth slows and house “Brazil goes into a Recession after Two Quarter prices fall” Slide” In August, the purchasing managers index (PMI) for China fell from 51.7 to 51.1, showing a slow in manufacturing growth. The growth of manufacturing activity is one of the key measures used to watch the health of the Chinese economy and some are worried that the recent fall in housing prices throughout China is slowing manufacturing growth. During the first quarter of 2014, Brazil, saw a drop in their GDP of .2%. After the recently concluded second quarter, Brazil’s GDP dropped further by .6%. Since “two consecutive quarters of contraction,” define a recession, Brazil is now under the label of an economic recession. Some blame the drop in car exports to Argentina, while others blame the hosting the World Cup. The forecast is that there will be no http://www.telegraph.co.uk/finance/economics/11067256/Chinamanufacturing-growth-slows-and-house-prices-fall.html “Chinese authorities targeting foreign firms” growth in Brazil’s GDP for the year of 2014. http://riotimesonline.com/brazil-news/rio-business/brazil-goes-intorecession-after-two-quarter-slide/ Chinese authorities have been targeting executives of multinational firms when they visit China for allegedly violating Chinese antitrust laws. They performing impromptu inspections of their hard drives without due process. Chinese officials argue that they are just in their actions due to the fact that “Everyone is equal under the law”. http://www.economist.com/news/business/21613348-chinasantitrust-crackdown-turns-ugly-foreign-carmakers-forefrontunequal Chile “Energy in Chile: Winds of change” The cost of energy is a major issue in Chile. Chile's copper mines consume 39% of the country's electricity. Mines have to get by on a mix of Bolivian gas, coal-fired power and diesel, which is expensive. The mining community is taking the situation into their own hands and using renewables to get their costs down. Chile has plenty of wind; therefore they built Mantega, Brazil’s finance minister, assures that Brazil is not in a recession despite recent figures, stressing that as unemployment is not rising, the slump is just temporary, photo by Agencia Brasil. “Brazil's Market Gains as Politics Shift” Investors have an increased interest in Brazil as President Dilma Rousseff falls in the polls. What seemed as a definite re-election for a second term has now turned as poll numbers have been falling for Rousseff against the Socialist Party Candidate Marina Silva. Investors look positively at Ms. Silva positioning on loosening state control over key sectors of the economy http://online.wsj.com/articles/brazils-market-gains-as-politics-shift1410280287 the biggest wind farm in the country north of Santia- Argentina go. These wind farms will provide 20% of the mines “Government Defends Plan to Increase Exports to electricity. Russia” http://www.economist.com/blogs/americasview/2014/09/energychile?zid=305&ah=417bd5664dc76da5d98af4f7a640fd8 In response to sanctions placed upon it, Russia has announced a sanction against the United States, European Union, Canada, Australia, and Norway. The sanctions enacted by Russia include sanctions on meat, fish, dairy, fruit and vegetables. This places Argentina in a position to increase its food exports to Russia. http://www.buenosairesherald.com/article/169313/gov%E2%80%99tdefends-plan-to-increase-exports-to-russia Japan “Is Japan's Economy Headed for Collapse?” Despite overwhelming skepticism in the West, Japan states its economy is not broken. Although Japan is facing a host of economic issues (aging population, high public debt, low GDP growth), Prime Minister Shinzo Abe has developed a three part program to change Japan's economic outlook. His program includes fiscal stimulus, quantitative easing and structural changes for corporations and the labor market. short, Japan's economic prospects are brighter with Prime Minister Abe's plan but the west must be patient for the results. http://nationalinterest.org/feature/japans-economy-headed-collapse11217?page=2 “Japan’s Ajinomoto to Buy Texas Frozen-Food Producer” Ajinomoto Co., known for seasonings and cooking oil, an- South Korea “East Asia nearing Free Trade Agreement” South Korea, China, and Japan have concluded their fifth round of Free Trade Agreement talks. The three sides have bridged differences over goods and service trade, as well as differences over investments. No timetable for the signing has been announced but all three countries are promoting an agreement. Once signed, the Free Trade Agreement would cover a combined region of 1.5 billion people. http://www.wantchinatimes.com/news-subclasscnt.aspx?id=20140907000007&cid=1201 “South Korea May Catch Japan's Economic Cold” nounced Wednesday they will purchase US frozen-food giant, Recently, South Korea’s economy has been slowly Windsor Quality Holdings L.P. of Houston for $800 million. drifting towards deflation and a low-growth rate. When the acquisition is finalized, Ajinomoto will hold the high- This has also happened to their neighbor Japan, in est share of the North American ethnic frozen-food market at which both of the countries consumers have been 36%. leaning towards the saving side, rather than the http://online.wsj.com/articles/ajinomoto-buys-texas-frozen-food-company1410325728?KEYWORDS=japan spending side. Even companies are hoarding money as they face lower demand rates from households. The Bank of South Korea has made an attempt to Indonesia “Indonesia stock market hits record high” The Indonesian stock market hit a record high because investors believe that new president Joko Widodo will cut the fuel subsidy bill. Investors are excited with Widodo’s background as a businessman and governor but worry that he will face a “race against time” to satisfy market expectations for economic http://www.ft.com/cms/s/0/3123c120-3734-11e4-847200144feabdc0.html#axzz3CjfTi3TH “Mitsubishi may invest 1 billion USD in Indonesia's auto industry” Between 2006 and 2014, Mitsubishi has invested $7 billion in Indonesia, and is looking to invest another billion this year. Not only are they investing in Indonesia’s automobile industry, but they also invest in Indonesian based companies like DonggiSenoro liquefied natural gas and Strand Minerals Pte. Ltd. http://www.thejakartapost.com/news/2014/09/10/mitsubishi-may-invest-us1billion-auto-business.html turn this around by lowering interest rates from 2.5 to 2.25. The federal government also has plans for taxing corporation’s profits that don’t go towards investments, wage incensements, or dividend payments http://www.businessweek.com/articles/2014-09-04/south-koreamay-catch-japans-economic-cold Philippines "Philippines will excel in the era of Globalization " The president of the Philippines spoke about how the nation will excel amid the increasing competition brought about by globalization. He expects more competition to push businesses in the Philippines to do better as a whole. Philippine economy grew by 7.2% just last year making the nation one of the best performing economies in Asia. http://business.inquirer.net/178425/ph-like-gilas-will-excel-amidglobalization-aquino Saudi Arabia X Russia “TOC wants more Saudi female athletes “ “Russian Minister Says Oil Sector Already Dented Olympic Committee (IOC) recently met to discuss Saudi by Sanctions” Arabia’s failure to include any female athletes on their The United States and European Union have imposed sanc- 199 roster for the Asian games. Women athletes are tions on Moscow. These sanctions limit Russia’s ability to viewed as not “sufficiently competitive” in Saudi Arabia, gain funding for foreign technology, which would help while all other competing countries have increased fe- with the exploration and recovery of shale oil in the Ba- male representatives at the games. However, with their zhenov Formation in western Siberia. Although physically current decision for the Asian Games, and no female extracting the oil is still at least 5 years away, Russia’s ina- competitors at the Youth Olympics last month, their bility to acquire the proper technology could further slow- pledge to send women athletes to Rio de Janeiro does down the process. not look too promising. http://www.themoscowtimes.com/business/article/russian- http://www.aljazeera.com/sport/olympics/2014/09/ioc-wants-more- minister-says-oil-sector-already-dented-by-sanctions/506761.html saudi-female-athletes-20149913410759380.html India New Saudi Arabian Olympic Chief and the International “Kingdom puts its focus on future development of human resources“ “India Willing to go ahead with Free Trade Pact Saudi Arabia is making the necessary shift from a society with EU” fixated on oil wealth to human resources. Saudi Arabian On September 10th, India declared its willingness to continue efforts with the European Union to compromise on terms for a free trade agreement. Commerce Secretary Rajeev Kher also stated that India is looking into expanding into new markets, such as Latin America, Africa, South Asia, and West Asia, in order to intensify their preferential trade status. officials realize oil wealth is finite and as such, an imme- http://economictimes.indiatimes.com/news/economy/policy/indiawilling-to-go-ahead-with-free-trade-pact-with-eu-nirmalasitharaman/articleshow/42189680.cms http://www.arabnews.com/saudi-arabia/news/625981 diate restructuring of their time and energy is essential to ensure their wealth in the upcoming years. Saudi Arabia’s 2014 national budget is centered around inventing in human resources concentrating on education, health and housing. “Success in advertising via mobile phones in In- South Africa dia is near.” “South Africa current account deficit widens as strikes In India, new research shows that mobile advertising is hit exports” becoming more of a possibility unlike. Facebook is Workers strikes in the platinum, metals, and engineering sec- running a “missed call” ad campaign. They are har- tors of the South African economy have worsened South Afri- nessing the power of using missed calls (because they ca’s current account deficit. This caused the rand, the currency don’t rack up data fees for users) to display and redi- of South Africa, to depreciate in value to its lowest level in near- rect to advertisements with information like sport ly sixth months. South African reserve banks are now consider- scores or offers. ing raising interest rates in an attempt to pull more capital out http://www.wired.com/2014/09/why-facebook-is-totallyrethinking-online-ads-in-africa-and-india/ Geneseo International Business Club Editors: Brigid Lonergan & Leah Swarthout Contact: [email protected] of the economy and make the rand stronger. This move would most likely help importers in the economy but would hurt exporters who are already struggling with a shaky economy and falling commodity prices. http://af.reuters.com/article/investingNews/idAFKBN0H418V20140909