Turkey’s President Recep Tayyip Erdogan has named former economy chief Mehmet Simsek as his new treasury and finance minister.
Source: World Economic Forum
In the unveiling of his new cabinet, Turkey’s President Recep Tayyip Erdogan named former economy chief Mehmet Simsek as his new treasury and economy minister, leading to some optimism that the country will now forge a new economic path.
Simsek was known for his market friendly policies, and subsequently went on to become the country’s deputy prime minister from 2015 to 2018 after his stint as Turkey’s finance minister.
Erdogan, whose victory in the 2023 presidential election means an extension of his rule into a third decade in power, has changed most of his cabinet members with exception of the health and culture ministers.
Simsek creating a new team in the key economy portfolio would imply that he will have “pretty strong control over broader economic policy,” BlueBay Asset Management’s Senior EM Sovereign Strategist Timothy Ash said via e-mail. “The Turkish economy has a chance of pulling back from the brink,” he continued.
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Goldman Sachs’ analysts similarly hold the view that the new appointment could bring about a greater chance of more orthodox policies.
“We believe the choice of Mehmet Simsek as the new treasury and finance minister increases the likelihood that monetary policy will shift towards a more orthodox direction,” Goldman wrote in a report dated June 3.
Turkey’s monetary policy currently places an emphasis on the pursuit of growth and export competition rather than taming inflation. Defying traditional monetary policies, Erdogan endorses the unconventional view that raising interest rates increases inflation, setting the central bank on a rate-cutting cycle amid surging inflation.
The Turkish lira has been on a significant depreciation lower in recent years, in part due to Erdogan’s policies and his influence over the country’s central bank. This fall has increased since the second round of the presidential elections, sliding to fresh lows following Erdogan’s re-appointment.
The lira was trading at 21.1023 against the dollar on Monday morning, after starting the year at roughly 18.6935.
Turkish President Recep Tayyip Erdogan’s new Cabinet at the Cankaya Palace.
Anadolu Agency | Anadolu Agency | Getty Images
Goldman Sachs forecasts that the currency still has room to weaken further to deeper lows: 28 against the greenback in 12 months, compared to a previous estimate of 22.
“We revise our USD/TRY forecasts higher to 23.00, 25.00 and 28.00 in 3-, 6- and 12-months (versus 19.00, 21.00 and 22.00, previously),” the investment bank’s analysts wrote.
Wolfango Piccoli, the co-president of research firm Teneo believes that Simsek’s return will “at best” yield a partial re-adjustment of Turkey’s current economic policy. Piccoli added that a dramatic U-turn that embraces an outright conventional monetary policy approach is unlikely.
“It is also unclear for how long Erdogan may tolerate a more pragmatic stance on the economic front,” he said in a research note dated June 2. “To Erdogan, Simsek is the trick he uses until the markets give Turkey some respite.”
Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.
“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”
Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.
Canadian pricing has yet to be announced.
Electrek’s Take
FedEx electric delivery vehicle; via Workhorse.
There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.
The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.
Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).
The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.
LIEBHERR
Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.
The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.
The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
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To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
enclosed cab vs. open canopy
32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
HX19e electric mini excavator; via Hyundai Construction Equipment.
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.