FT News Briefing Turkey’s voters lose faith in Erdogan
Apr 17, 2023
Turkish voters are increasingly losing faith in President Erdoğan, particularly in the heartland as economic struggles mount. The podcast discusses the political landscape's shifting allegiances, revealing a blend of frustration and uncertainty among voters. Meanwhile, over $200 billion has been pledged to U.S. manufacturing projects, and a major investor has sold off a substantial stake in Charles Schwab amidst banking turmoil. Additionally, Poland and Hungary are taking drastic steps by halting grain imports from Ukraine to appease domestic farmers.
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US Manufacturing Boom
- Over $200B has been committed to US manufacturing projects since the Inflation Reduction Act and CHIPS Act.
- Commitments to clean tech and semiconductors have doubled since 2021, attracting deals from Asian companies like LG.
Schwab Shareholder Bails
- Charles Schwab's shares dropped during the banking panic, and GQG Partners sold its entire $1.4B stake.
- GQG, managing $90B in assets, likely reinvested elsewhere due to market nervousness.
Turkey's Tight Election
- Turkish President Erdogan faces his toughest election challenge in 20 years against Kemal Kılıçdaroğlu.
- Economic struggles and the earthquake response are key issues, but Kılıçdaroğlu's charisma is questioned.