Erdogan slams Western media over negative economy coverage

President Recep Tayyip Erdogan singled out The Financial Times in his remarks. (File/AFP)
Updated 18 April 2019

Erdogan slams Western media over negative economy coverage

  • Turkey’s economy has slipped into its first recession in a decade after a currency crisis last year battered the lira
  • The Turkish leader has in the past attacked Western media coverage on the country’s economy

ISTANBUL: Turkey’s President Recep Tayyip Erdogan on Thursday criticized Western media coverage of the country’s economy after a Financial Times report questioned the central bank’s management of foreign currency reserves.
Turkey’s economy has slipped into its first recession in a decade after a currency crisis last year battered the lira, leaving foreign investors jittery over the government’s policies to manage growth.
The Financial Times on Wednesday reported that the central bank had bolstered its foreign reserves with short-term lending in what analysts worried was a way to overstate its buffer against any new lira crisis.
Last month, the lira fell nearly six percent in one day because of investor concerns over foreign reserves as well as worries the government had turned to unorthodox ways to shore up the currency before March 31 elections.
“Unfortunately, some quarters in the West, using all their media tools, are trying to say our economy has collapsed,” Erdogan told a business forum.
“Let them write what they want, write the headlines they want. The Financial Times writes some things. But the situation in my country is clear.”
The Turkish leader has in the past attacked Western media coverage on the country’s economy. Last month, he blamed currency fluctuations on a Western plot led by the United States to weaken Turkey.
The lira was down almost 1.5 percent against the dollar in Thursday afternoon trading.
The Financial Times story said it had calculated Turkey’s foreign reserves were much lower than the $28.1 billion officially reported in April if the short-term borrowing was stripped out of the calculation.
In a response to the FT, the central bank acknowledged short-term operations may impact reserve figures, though it said its accounting was in compliance with international standards.
But some analysts told the FT they were worried about unorthodox methods and transparency.
The weakening economy was part of the reason Erdogan’s AKP lost Ankara and Istanbul in last month’s local election, in what was a stinging rebuke to the ruling party after more than a decade and a half in power.
After a trade dispute with the US last year, Washington imposed sanctions on Turkey and tariffs on some Turkish goods, leading to a 30 percent slide in the lira’s value.


Google tightens political ads policy to thwart abuse

Updated 21 November 2019

Google tightens political ads policy to thwart abuse

  • The Internet company said its rules already ban any advertiser, including those with political messages, to lie

SAN FRANCISCO: Alphabet Inc’s Google will stop giving advertisers the ability to target election ads using data such as public voter records and general political affiliations, the company said in a blog post on Wednesday.
The move comes at a time when social media platforms are under pressure over their handling of political advertising ahead of the US presidential election in 2020.
Google said it would limit audience targeting for election ads to age, gender and general location at a postal code level. Political advertisers also can still contextually target, such as serving ads to people reading about a certain topic.
Previously, verified political advertisers could also target ads using data gleaned from users’ behavior, such as search actions, that categorized them as left-leaning, right-leaning or independent. They could also upload data such as voter file lists to target ads to a lookalike audience which exhibited similar behaviors to those in the data.
Google will enforce the new approach in the United Kingdom within a week, ahead of the country’s general election on Dec. 12. It said it would enforce it in the European Union by the end of the year and in the rest of the world starting on Jan. 6, 2020.
“Given recent concerns and debates about political advertising, and the importance of shared trust in the democratic process, we want to improve voters’ confidence in the political ads they may see on our ad platforms,” Scott Spencer, vice president of product management for Google Ads, said in the blog post.
Google is the top seller of online ads in the United States, but smaller rivals with fewer targeting restrictions may now attract more business from campaigns, one political ad buyer, speaking on condition of anonymity, told Reuters on Wednesday.
Google added examples to its misrepresentation policy to show that it would not allow false claims about election results or the eligibility of political candidates based on age or birthplace.
Last month, Google refused to remove an ad run by President Donald Trump’s re-election campaign on its YouTube video-streaming service that Democratic presidential hopeful Joe Biden’s campaign said contained false claims, because it did not violate the policy.
A Google spokeswoman told Reuters on Wednesday that the video would still be allowed under the latest policy.
Social media giant Facebook Inc. has been criticized by lawmakers and regulators over its decision to not fact-check ads run by politicians on its platform, while Twitter has decided to ban political ads.
Google also clarified that its policies for political and nonpolitical ads prohibit doctored and manipulated media.
On Dec. 3, the company will expand its ad transparency efforts to ads related to state-level elections, including them in an online database created to catalog political advertising.