Turkey s Investment Grade Hangs In Balance As Post-coup Purges Deepen
Turkey is rated at the lowest investment grade rung of BBB-/Baa3 by Fitch and Moody's respectively, allowing its bonds to be bought by more conservative funds that require a country to be classed as investment grade by at least two agencies.
Davutoglu, Deputy Prime Minister Ali Babacan and finance minister Mehmet Simsek met fund managers and bankers in New York last week in an attempt to allay concerns about the central bank's independence, fuelled by President Tayyip Erdogan's criticism of the bank and its policies.
Davutoglu met on Saturday night with Basci, Vahdettin Ertas, the head of Turkey's capital markets board (SPK) and Cavit Dagdas, acting undersecretary at the Treasury at the prime minister's office along with Babacan. (Reporting by Humeyra Pamuk; Editing by Greg Mahlich)
Turkish Airlines, arguably the country's most recognised brand, has fired 211 staff over alleged links to Gulen's religious movement, while a source at the central bank said purges of junior officials had also started there.
Other big drugmakers have made similar investments. Bristol-Myers Squibb Co has a tie-up with uniQure to develop gene therapies for heart diseases, while Celgene Corp has teamed up with bluebird bio Inc for cancer. (Reporting by Natalie Grover in Bengaluru; Editing by Maju Samuel)
Research into gene therapy, which aims to insert corrective genes into malfunctioning cells, goes back a quarter of a century but the field has experienced multiple setbacks and been plagued by safety concerns.
"Developments in domestic and foreign markets over the past couple of weeks have been discussed in the light of the prime minister's assessments based on his impressions of meetings with foreign investors during his New York visit," one of the sources said on Sunday.
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But controversy flared after the Tehran museum chief this year handed out an award for a Holocaust cartoon, and the loan project was reportedly further complicated by fears in the Islamic republic about legal claims if the pictures travel abroad.
The Prussian Cultural Foundation (SPK) said the claim, which seeks the return of the Welfenschatz collection including centuries-old busts of saints and golden crucifixes, was without merit and did not involve a forced sale due to Nazi persecution.
ISTANBUL, March 8 (Reuters) - Turkish Prime Minister Ahmet Davutoglu met central bank governor Erdem Basci and senior economy officials late on Saturday following his arrival back from New York to discuss the lira's weakness, sources at the premier's office said.
The U.S. Food and Drug Administration has yet to approve any gene therapies but Europe has approved two - a treatment from GlaxoSmithKline for a rare immune disorder in babies and one from uniQure NV for a serious blood condition.
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While raw economic data suggests Turkey does not deserve a sub-investment grade rating, the government needs to persuade the ratings agencies that it will uphold the rule of law and is serious about forging ahead with promised economic reforms, said Ozgur Altug, chief economist at Istanbul-based BGC Partners.
"Sienna, Orange black on Dark Brown" by Mark Rothko is on display at Tehran's Museum of Contemporary Art (TMOCA) and is part of a collection bought in the 1970s by Farah Pahlavi ©Atta Kenare (AFP/File)
Through the acquisition, Pfizer will gain access to Bamboo's experimental gene therapies for rare diseases such as Duchenne Muscular Dystrophy (DMD), giant axonal neuropathy (GAN), Friedreich ataxia (FA) and Canavan disease.
