the currency in freefall the stock market in the klein and a president peddling conspiracy theory turkey is economy is in dire straits and analysts are skeptical about the country's attempts to get things back on track also in the program the long mosque new of lawsuits questioning is treated by out of tesla not he says saudi arabia is going to fund it and saving the dead sea problem new mining regulations could stop a mineral heavy waters from disappearing altogether. this is a business i'm christopher caldwell come turkey is fighting come on may collapse while president out of one rallied against what he called become nomic terrorists the country's central bank on monday said it would provide liquidity and cut reserve requirements for banks the lira clawed back some losses but remains under pressure last week the turkish currency hit a record low against the dollar shed more than forty percent of its value since the

beginning of the year the fallout from de niro's plunge sent the euro to a new thirteen month low and hammered emerging market currencies as investors worried about contagion. now ever since that failed coup attempt in twenty sixteen turkey's central bankers have resisted raising interest rates despite double digit inflation the kind of inflation that makes a currency crisis possible and likely. for tourists these days turkey is a shopping paradise the fall of the turkish lira so prices tumble that is if you're paying in euro's or dollars there are long lines in front of luxury stores like this one for the population and the turkish economy the devaluation is a catastrophe the already high inflation rate is gathering even more steam and imported goods are getting much more expensive turkey central bank wants to end the crisis with the help of emergency measures among other things banks should be able to borrow money in foreign currencies but financial experts doubt that such

measures will be successful i very much doubt that what's being announced at the moment is going to be sufficient to stabilize the turkish there which has been the focal point for most investors and you know i think the basic problem as i keep coming back to is that. when the the economic institutions have being largely hollowed out turkish president air to one blames among others u.s. president donald trump first starting the crisis by doubling tariffs on steel and aluminum he also called into question the relationship with nato and implied that turkey would be willing to go to war everyone is also attacking critics who speculate in social media about the condition of turkish banks. and their economic terrorists on social media the judiciary has taken measures we have pushing them with the capital markets board and will impose the necessary punishment once we

seize them these are all traders everyone is warning turkish businesses not to declare bankruptcy and he's also calling on turks who live abroad to buy turkish lira using their euro or dollar savings but in berlin district where a large number of berlin's turks live not many are prepared to make that investment . i live in germany i don't need any lira when i mean turkey no problem i've done it before. why should i do that who's going to pay my rent i buy lira and then watch how does my rent get paid i. need. the fall of the lira is a very popular subject among turks in germany almost everyone has friends in family there the immediately hear how the situation is deteriorating from day to day. now for some more analysis let's bring in gastric jenkins he's

a turkey expert at the institute for security and development policy welcome to the program garth how big is the chance that this turns into an international crisis i think a lot depends on what happens next as you mentioned as the experience of contagion if you were not script leons managers that can tell you. the risk of contagion is going to go down but at the moment we're seeing no indication he's going to act very quickly and if we have a complete meltdown and to of course that's going to her it's an awfully percussion president on says economic terrorists as he calls them but face the full force of the law for spreading false reports and plotting to harm turkey those are not the right steps to contain this crisis i would assume in your opinion no trying to shoot the messenger is not the way to go that's what we've seen people being arrested to have investigations against what they posted on social media and it

doesn't of course dress the main problem which is i'm not out of. this. what does turkey what does the president of turkey have to do to restore confidence in his country. the first thing he has to do is to do something it's now eight days since the crisis really broke now since the u.s. imposed sanctions on two ministers but we still haven't seen any real measures the first thing i think asked that we go and it's a substantial rise in interest rates justice as an immediate measure to try to stop this hemorrhaging and then needs to be doing house to show that it's going to allow the central bank to be independent and introduce a comprehensive plan to try to write some of the problems in the economy but the interest rate hike has to come darryl jenkins of the institute for security and development policy talking to us from istanbul gareth thank you so much. tesla t.v. executive musk says he is and talks with saudi arabia's sovereign wealth fund and

other investors to take the carmaker private musk said saudi arabia asked about front has been pushing to take tesla private and talks dating back nearly two years u.s. market regulators last week reportedly asked the company to explain musk's tech claim made on twitter that financing for such a move had been secured musk said that since his twitter pulse last week the saudi funds managing director had expressed support for the deal subject to financial and other due diligence. now a short while ago i asked our wall street correspondents a fisherman ski if investors think long moscow's making sense with declaring the saudis were meant when he tweeted about secure funding. well i believe he delivered kind of an explanation for the term funding secured and from investors who are already thinking that this is probably not

a coincidence that the tweet about going private came shortly after news of the saudi arabian front buying a five person take in ten plus surveys and i mean there's a reasonably big chance that a lot of investors are going to stay invested in a private test as well which would make it more inexpensive for you and his lenders to take test but and go private and his most recent blog post wrote he left the july thirty first meeting with the saudis with no question that a deal with the saudis sober and fund could be close and that it was just a matter of getting the profits moving and this is why you were approached to finding security and the august seventh announcement. so if you must be reporting from wall street there now shares in german chemicals giant buyer plunged ten percent on monday after last week's decision by a us court to order a monsanto which wire recently acquired to pay almost three hundred million dollars in damages throwing grounds keeper wayne johnson who suffers from lymphoma claims

his cancer could have been caused by his contact with monsanto's roundup week killer the jury agreed ruling that monsanto should have warned buyers that the product could cause cancer observers believe thousands more names could fall by or says the court's decision goes against overwhelming scientific evidence. to the middle east or the dead to see is training by one metre every year the main reason for this alarming development falling water levels of the jordan river which feeds the dead sea but industry also plays a part especially mining operations that extract minerals from the sea. wellness and health tourists have long known the benefits of the mineral rich dead sea but not only the beauty industry is flourishing here. tel aviv based israel chemicals is the biggest company extracting minerals from the dead sea

they've been doing so for more than six decades under a longstanding license the israeli government says mining activities make up around forty percent of the reason why the sea is drying up. the money it's all elected and they have no incentive to reduce the amount of water they pump or even to think about it to think about from where they get the soil to build the dikes all the actions through which they actually destroy the environment are allowed under the existing concession. the israeli government is now planning to return the mining rights in twenty twenty two eight years ahead of schedule it would be a one off chance to set new regulations and kind of the impact the mining has on the environment israel could show leadership here in helping to stabilize that did see by putting in requirements that instead of just speak to the exploitation of the dead sea from the mineral industry to the sustainable utilize zation of the

resources of the dead sea to benefit future generations. the big question now is whether israel chemicals will agree to an early read send the ditzy mining concession is one of their core assets but off the roll you can't extract minerals from a sea that isn't there anymore. they'd wait if that has been hitting japan for the past few weeks is now also impacting a true institution of the japanese culture the famous pre-dawn tuna auction of the world's biggest fish market fishmongers here have had to keep their tuna in cool trucks until the last moment as aging air conditioners are struggling to keep temperatures in the market hauls down the two keiji market opened in one hundred thirty five and is now set to move to a more modern site on that hopefully provides a more modern cooling system as well. that's

a show is what more i highly recommend our social media feeds to you i'm christopher thankful botched. the be. going to. come.

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