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From 'Star Wars' to 'Independence Day,' an excellent adventure down summer-movie memory lane

Times entertainment columnist Glenn Whipp and film critic Justin Chang sat down to reminisce about their favorite movies and moviegoing experiences of the season.




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Michelle Obama 'Becoming' documentary is a surprise new Netflix release

A documentary chronicling former First Lady Michelle Obama's book tour for her bestselling memoir, "Becoming," is coming to Netflix next month.




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Lewis Hamilton and Sebastian Vettel labelled 'nervous' by Max Verstappen's father



Lewis Hamilton, Sebastian Vettel and Max Verstappen have enjoyed some interesting battles over the years.




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Princess Anne mysterious gold jewellery in new video - rare sighting of little-known piece



PRINCESS ANNE, 69, appeared in a video on the Royal Family Instagram to celebrate the International Day of the Midwife. A video of the Princess Royal, the Queen's only daughter, was posted to the IGTV of the account.




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Queen VE Day speech: Her Majesty makes touching nod to her father with jewellery choice



THE QUEEN addressed the nation as part of VE Day celebrations today, and Her Majesty wore her Aquamarine Clip Brooches, making a sweet nod to her father, who gave her the jewellery.




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British Open cancelled for first time since WWII due to coronavirus as new dates scheduled



The British Open has been cancelled due to the coronavirus pandemic.




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Premier League under threat of being cancelled ahead of crunch vote



League Manager Association boss Richard Bevan admits the Premier League could be cancelled.




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English rugby faces financial ruin if next year's Six Nations are cancelled



English rugby faces a bleak future should the coronavirus crisis continue into next year.




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Coronavirus POLL: Should Boris have enforced quarantine for travellers to UK sooner? VOTE



BORIS JOHNSON is set to announce a 14-day quarantine for travellers into the UK to avoid a second coronavirus peak - but should the Prime Minister have brought in the measure before now?




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Cruise: Travellers must abide by these strict protocols for future cruise holidays



CRUISE holidays are currently on hold, but new plans to implement safety regulations means that travellers must fit certain health criteria in order to sail. What will the new measures entail?




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We are suffering in a pandemic, we don’t need to be labelled too, says VANESSA FELTZ



LABELS, who needs them? Do you really want to be branded a lockdown "accepter", "sufferer" or "resister"? What is the point of shoving us into personality pigeonholes as if we are predestined to capitulate, throw in the towel, or give up?




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This weekend: New Ariana Grande and Justin Bieber, Michelle Obama doc, 'SNL' season finale

Out this weekend: Ariana Grande and Justin Bieber's new duet, Michelle Obama's documentary on Netflix and the season finale of "Saturday Night Live."

      




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Cody Zeller recalls Harbaugh brothers telling IU basketball team to be 'blood-sucking bats'

IU basketball alum Cody Zeller recalls getting an unusual pep talk from Super Bowl coaches John and Jim Harbaugh

       




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Cody Zeller recalls Harbaugh brothers telling IU basketball team to be 'blood-sucking bats'

IU basketball alum Cody Zeller recalls getting an unusual pep talk from Super Bowl coaches John and Jim Harbaugh

       




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Cody Zeller recalls Harbaugh brothers telling IU basketball team to be 'blood-sucking bats'

IU basketball alum Cody Zeller recalls getting an unusual pep talk from Super Bowl coaches John and Jim Harbaugh

       




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WATCH LIVE NOW: Storytellers Project brings you personal stories about belonging

Join the Des Moines Storytellers Project LIVE in your home as five Americans share personal stories about belonging.

       




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4 ways Janelle Monae lifted everyone up by getting down in Indianapolis

Janelle Monae brought a thinking-human's dance party to Indianapolis to promote standout album 'Dirty Computer.'

       




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John Mellencamp will collect Woody Guthrie Prize as Rock Hall exhibit shifts to Oklahoma

Woody Guthrie Center will honor John Mellencamp's career of spotlighting "the everyday man and woman, the less fortunate and the forgotten."

      




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4 ways Janelle Monae lifted everyone up by getting down in Indianapolis

Janelle Monae brought a thinking-human's dance party to Indianapolis to promote standout album 'Dirty Computer.'

       




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Janelle Monae brings her Dirty Computer Tour to the Murat Theatre

       




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Coronavirus: Travellers 'struggling without water and power'

People from the travelling community say they are struggling to access water, electricity and sanitation.




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Coronavirus in care homes: Michelle O'Neill calls for 'universal testing'

Michelle O'Neill says a regular programme of testing is required, as figures reveal 232 care home deaths.




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Trash-talking Tony Bellew gets thrashed at Fifa by Michael Obafemi

Trash-talking Tony Bellew gets thrashed by Michael Obafemi in the second day of the Premier League invitational Fifa tournament.




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Cody Zeller recalls Harbaugh brothers telling IU basketball team to be 'blood-sucking bats'

IU basketball alum Cody Zeller recalls getting an unusual pep talk from Super Bowl coaches John and Jim Harbaugh

       




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The anti-Chinese prejudice being fuelled in Kenya

Before it recorded a single case of the virus, Kenya witnessed a number of anti-Chinese incidents.




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Timeline: Seychelles

A chronology of key events




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Country profile: Seychelles

Key facts, figures and dates




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Blyth festival 2020 season cancelled

The Blyth Festival will not be staging any plays this year.




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Michelle Obama goes low and leads Team USA to victory in celebrity dodgeball match on ‘Late Late Show’

The former first lady and her A-list friends triumphed over late-night host James Corden and his squad.




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John Lithgow, Annette Bening, Alfre Woodard and more come together for live performance of the Mueller report

Several Hollywood A-listers gave a reading of select parts of the report in New York.




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Michelle Obama talks about her last night at the White House, Democratic presidential candidates in interview

“The transition happens so quickly; it’s like you don’t even get to move your furniture out until the new president takes the oath of office,” Obama told Gayle King in an interview at Essence Festival.




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Pete Buttigieg may have stars such as Ellen DeGeneres and Jennifer Aniston to thank for his fundraising haul

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During the Mueller hearing, the hallway was really the place to be

Outside the committee room Wednesday, several lawmakers got to see and be seen.




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Michelle Obama, Lin-Manuel Miranda, James Corden and more expected at National Portrait Gallery’s gala

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Viola Davis will play Michelle Obama in Showtime anthology series ‘First Ladies’

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Michelle Obama will be the focus of the upcoming Netflix documentary ‘Becoming’

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AT#97 - Travel to The Seychelles (and Dubai)

The Seychelles (and Dubai)




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AT#563 - Travel to The Seychelles

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AT#676 - Travel to La Rochelle, France

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Attorney for Jailed Dallas Salon Owner Shelley Luther Slams Obama Loyalist Judge as a “Tiny Tyrant”

The following article, Attorney for Jailed Dallas Salon Owner Shelley Luther Slams Obama Loyalist Judge as a “Tiny Tyrant”, was first published on 100PercentFedUp.com.

Warren Norred, attorney for Shelley Luther, joined Tucker Carlson to discuss the decision by an Obama loyalist Texas judge to jail his client for reopening her salon during the COVID-19 pandemic. Norred said the judge has exposed himself for the “tiny tyrant” that he is. The judge jailed Luther and even fined her $7,000. Texas […]

Continue reading: Attorney for Jailed Dallas Salon Owner Shelley Luther Slams Obama Loyalist Judge as a “Tiny Tyrant” ...




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Texas Gov Abbott Frees Salon Owner Shelley Luther: “Criminals shouldn’t be released to prevent COVID-19 just to put business owners in their place”

The following article, Texas Gov Abbott Frees Salon Owner Shelley Luther: “Criminals shouldn’t be released to prevent COVID-19 just to put business owners in their place”, was first published on 100PercentFedUp.com.

Texas Governor Greg Abbott just changed the coronavirus order to free Salon A La Mode owner Shelley Luther from jail. Abbott tweeted out a comment about the poor treatment of the business owner: Throwing Texans in jail whose biz’s shut down through no fault of their own is wrong. I am eliminating jail for violating […]

Continue reading: Texas Gov Abbott Frees Salon Owner Shelley Luther: “Criminals shouldn’t be released to prevent COVID-19 just to put business owners in their place” ...




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Video: Salon Owner Shelley Luther Released from Jail After Obama-Loyalist Judge Sentenced Her to 7 Days

The following article, Video: Salon Owner Shelley Luther Released from Jail After Obama-Loyalist Judge Sentenced Her to 7 Days, was first published on 100PercentFedUp.com.

Salon A La Mode owner Shelley Luther was just released from jail today. The Texas Supreme Court and Texas Governor Greg Abbott both called for her release today (see below). When Luther left jail she was greeted by supporters who yelled “Shelley’s Free!” She thanked all of the new friends she’s made during this difficult […]

Continue reading: Video: Salon Owner Shelley Luther Released from Jail After Obama-Loyalist Judge Sentenced Her to 7 Days ...




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Mother of the Year, Michelle Obama Explains How Having Kids Was A “Concession”… Had To Give Up Her “Aspirations and Dreams” [VIDEO]

The following article, Mother of the Year, Michelle Obama Explains How Having Kids Was A “Concession”… Had To Give Up Her “Aspirations and Dreams” [VIDEO], was first published on 100PercentFedUp.com.

While campaigning for her community organizer turned presidential candidate husband, Barack, Michelle Obama told a crowd of his supporters in Milwaukee, Wisconsin that for the first time in her life, she was proud to be an American. Four years later, Michelle Obama was a keynote speaker at the DNC convention, where she told Democrats how […]

Continue reading: Mother of the Year, Michelle Obama Explains How Having Kids Was A “Concession”… Had To Give Up Her “Aspirations and Dreams” [VIDEO] ...




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Video: Dallas Salon Owner Shelley Luther Gets Surprise Visit from Sen Ted Cruz for a Celebratory Haircut

The following article, Video: Dallas Salon Owner Shelley Luther Gets Surprise Visit from Sen Ted Cruz for a Celebratory Haircut, was first published on 100PercentFedUp.com.

When Dallas, Texas salon owner Shelley Luther opened her salon in defiance of the lockdown order in Texas, she was visited numerous times by the local police and then sentenced to 7 days in jail with a fine of $7,000. After public outrage at her punishment, the Texas Supreme Court stepped in to demand her […]

Continue reading: Video: Dallas Salon Owner Shelley Luther Gets Surprise Visit from Sen Ted Cruz for a Celebratory Haircut ...




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A Credit-fuelled Economic Recovery Stores Up Trouble for Turkey

17 February 2020

Fadi Hakura

Consulting Fellow, Europe Programme
Turkey is repeating the mistakes that led to the 2018 lira crisis and another freefall for the currency may not be far off.

2020-02-17-TurCB.jpg

Headquarters of the Central Bank of the Republic of Turkey. Photo: Getty Images.

Since the 2018 economic crisis, when the value of the lira plummeted and borrowing costs soared, Turkey’s economy has achieved a miraculous ‘V-shaped’ economic recovery from a recession lasting three quarters to a return back to quarterly growth above 1 per cent in the first three months of 2019.

But this quick turnaround has been built on vast amounts of cheap credit used to re-stimulate a consumption and construction boom. This so-called ‘triple C’ economy generated a rapid growth spurt akin to a modestly able professional sprinter injected with steroids.

This has made the currency vulnerable. The lira has steadily depreciated by 11 per cent against the US dollar since the beginning of 2019 and crossed the rate of 6 lira versus the US dollar on 7 February. And there are further warning signs on the horizon.

Credit bonanza

Statistics reveal that Turkish domestic credit grew by around 13 per cent on average throughout 2019.  The credit bonanza is still ongoing. Mortgage-backed home sales jumped by a record high of 600 per cent last December alone and the 2019 budget deficit catapulted by 70 per cent due to higher government spending.

Turkey’s central bank fuelled this credit expansion by cutting interest rates aggressively to below inflation and, since the start of this year, purchasing lira-denominated bonds equivalent to around one-third of total acquisitions last year to push yields lower.

Equally, it has linked bank lending to reserve requirements – the money that banks have to keep at the central bank – to boost borrowings via state and private banks. Banks with a ‘real’ loan growth (including inflation) of between 5 and 15 per cent enjoy a 2 per cent reserve ratio on most lira deposits, which authorities adjusted from an earlier band of 10-20 per cent that did not consider double-digit inflation.

Cumulatively, bond purchases (effectively quantitative easing) and reserve management policies have also contributed to eased credit conditions.

Commercial banks have also reduced deposit rates on lira accounts to less than inflation to encourage consumption over saving. Together with low lending rates, the boost to the economy has flowed via mortgages, credit card loans, vehicle leasing transactions and general business borrowings.

Accordingly, stimulus is at the forefront of the government’s economic approach, as it was in 2017 and 2018. It does not seem to be implementing structural change to re-orient growth away from consumption towards productivity. 

In addition, governance is, again, a central issue. President Recep Tayyip Erdogan’s near total monopolization of policymaking means he guides all domestic and external policies. He forced out the previous central bank governor, Murat Cetinkaya, in July 2019 because he did not share the president’s desire for an accelerated pace of interest rate reductions.

New challenges

Despite the similarities, the expected future financial turbulence will be materially different from its 2018 predecessor in four crucial respects. 

Firstly, foreign investors will only be marginally involved. Turkey has shut out foreign investors since 2018 from lira-denominated assets by restricting lira swap arrangements. Unsurprisingly, the non-resident holdings of lira bonds has plummeted from 20 per cent in 2018 to less than 10 per cent today.

Secondly, the Turkish government has recently introduced indirect domestic capital controls by constraining most commercial transactions to the lira rather than to the US dollar or euro to reduce foreign currency demand in light of short-term external debt obligations of $191 billion.

Thirdly, the Turkish state banks are intervening quite regularly to soften Lira volatility, thereby transitioning from a ‘free float’ to a ‘managed float’. So far, they have spent over $37 billion over the last two years in a futile effort to buttress the lira. This level of involvement in currency markets cannot be maintained.

Fourthly, the Turkish state is being far more interventionist in the Turkish stock exchange and bond markets to keep asset prices elevated. Government-controlled local funds have participated in the Borsa Istanbul and state banks in sovereign debt to sustain rallies or reverse a bear market.  

All these measures have one running idea: exclude foreign investors and no crisis will recur. Yet, when the credit boom heads to a downturn sooner or later, Turks will probably escalate lira conversions to US dollars; 51 per cent of all Turkish bank deposits are already dollar-denominated and the figure is still rising.

If Turkey’s limited foreign reserves cannot satisfy the domestic dollar demand, the government may have to impose comprehensive capital controls and allow for a double digit depreciation in the value of the lira to from its current level, with significant repercussions on Turkey’s political stability and economic climate.

To avoid this scenario, it needs to restore fiscal and monetary prudence, deal the with the foreign debt overhang in the private sector and focus on productivity-improving economic and institutional reforms to gain the confidence of global financial markets and Turks alike.




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Should Debt in the Developing World be Cancelled?




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CBD News: Statement Delivered by Ms. Gabrielle Obermayr, Member of the Bureau of CBD SBSTTA-14, on the occasion of the UNFCCC SBSTA-32 on 31 May 2010, Bonn, Germany.




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CBD Communiqué: Seychelles Makes Major Contribution to Aichi Biodiversity Targets