Meet Turkey’s New Sovereign Wealth Fund Chairman, Who Has “Now Taken Public Companies Prisoners”

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What does a man who already controls pretty much everything in his country  from politics to the judiciary to defense  give to himself? How about direct takeover of his country’s sovereign wealth fund?

President Recep Tayyip Erdogan has appointed himself chairman of Turkey’s sovereign wealth fund after recent promises to exert greater influence over the economy. He’s nixed the old guard management and hand-picked their replacements, in a move his political rival, presidential candidate who lost the June election, Muharrem Ince, has aptly described as taking “public companies prisoners”.

And not to be one to break medieval sultanate tradition, he’s further named his son-in-law and Finance Minister Berat Albayrak as deputy chairman. Continue reading

China Sets Stage for Xi to Stay in Office Indefinitely

China's President Xi Jinping

China’s President Xi Jinping / Reuters

 

BEIJING (Reuters) – China’s ruling Communist Party on Sunday set the stage for President Xi Jinping to stay in office indefinitely, with a proposal to remove a constitutional clause limiting presidential service to just two terms in office.

Since taking office more than five years ago, Xi has overseen a radical shake-up of the party, including taking down top leaders once thought untouchable as part of his popular war on deep-rooted corruption.

Sunday’s announcement, carried by state news agency Xinhua, gave few details. It said the proposal had been made by the party’s Central Committee, the largest of its elite ruling bodies. The proposal also covers the vice president position. Continue reading

Federal Reserve Insider Alan Greenspan Warns: There Will Be a “Significant Market Event… Something Big Is Going To Happen”

 

With the Federal Reserve printing trillions upon trillions of dollars to keep the economic system afloat, many investors and financial pundits have surmised that the fundamental economic problems facing the United States during the crash of 2008 have been resolved. Stocks are, after all, at historic highs. Continue reading

CEO of French oil giant Total dies in jet crash at Moscow’s Vnukovo Airport

The CEO of France’s oil and gas giant Total, Christophe de Margerie, was among four people killed in a business jet crash at Vnukovo Airport in Moscow after the aircraft hit a snowplow on take-off.

Total’s chairman and CEO was the only passenger in the Falcon 50 business jet besides three crewmembers who were also French citizens.

“Total confirms with deep regret and great sadness that Chairman and CEO Christophe de Margerie died just after 10pm (Paris time) on October 20 in a private plane crash at Vnukovo Airport in Moscow, following a collision with a snow removal machine,” the company said in a statement. Continue reading

PLA Must “Prepare for Struggle”

In a growing sign of how twitchy the Chinese government is as the Communist Party prepares for its leadership transition this year, the country’s military has been warned to prepare for an “ideological struggle.”

A commentary in the top official military newspaper, Liberation Army Daily, said the People’s Liberation Army must “resolutely resist the incursion of all kinds of erroneous ideas, not be disturbed by noise, not be affected by rumors, and not be drawn by undercurrents, and ensure that at all times and under all circumstances the military absolutely obeys the command of the Party central leadership, the Central Military Commission and Chairman Hu,” Reuters notes.

The call comes as the government struggles to tamp down persistent rumors of instability, or even a violent power struggle, at the very top of government. Last month, the Internet in China lit up with rumors of a coup, as stories ricocheted around social media sites like Sina Weibo that tanks and armored cars had taken to the streets in Beijing and other major cities.

Full article: PLA Must “Prepare for Struggle” (The Diplomat)