Dow loses, Nasdaq gains after Fed affirms improvement

Major indexes in the US stock market closed Wednesday mixed after the Federal Reserve affirmed American economy has improved but it is short of full recovery.

The Dow Jones plummeted 127 points, or 0.36%, to 34,930, while the S&P 500 was almost flat by losing less than one point to 4,400 to end the day at negative territory. Both indexes posted losses for the second day in a row.

The Nasdaq, on the other hand, jumped 102 points, or 0.7%, to 14,762 driven by tech companies such as Twitter and Google’s parent Alphabet soaring 2.3% and 3.2%, respectively.

Investors got mixed results from the Federal Reserve statement that said sectors most adversely affected by the coronavirus pandemic have shown improvement, but they have not fully recovered.

The Fed Chair Jerome Powell later said in a press conference that inflation has increased notably in the US and it will likely remain elevated in coming months before moderating.

The markets will now await signals from the Fed officials at the annual Jackson Hole Economic Symposium that will be held in late August, and the Fed’s next meeting on Sept. 21-22 where it will release projections on economic growth, inflation and interest rates.

European stocks close higher with strong earnings

European stocks closed higher Wednesday with optimism amid strong earnings from major companies.

STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 European countries, was up 0.66% to 461.70 points.

London’s FTSE 100 rose 0.29% to 7,016 and Germany’s DAX 30 added 0.33% to 15,570.

French stock market, the CAC 40, increased 1.18% to 6,609, while Italy’s Borsa Italiana FTSE MIB 30 added 0.7% to 25,261.

IBEX 35 of Spain was up 0.4% to 8,733.

Optimism came amid strong earnings from major banking institutions.

UK-based multinational bank Barclays saw attributable profit soaring to £3.8 billion ($5.28 billion) in the first six months of the year ending June, from £695 million ($966 million) during the first half of 2020, according to financial results.

German multinational investment bank and financial services company Deutsche Bank saw profit before taxes jump to €2.75 billion ($3.26 billion) in the January-June period, up from €364 million ($431 million) the same period last year.

Pfizer raises coronavirus vaccine sales forecast to $33.5B for 2021

Pfizer raised its revenue forecast from coronavirus vaccine sales to $33.5 billion for 2021, according to financial results statement released Wednesday.

The US pharmaceutical firm’s previous estimates were $26 billion and $15 billion, made in May and February, respectively.

The revised projection in revenue from the BNT162b2 vaccine, which was developed with German partner BioNTech, reflects 2.1 billion doses that are expected to be delivered under contracts signed through mid-July, said the statement.

Pfizer’s total revenue increased 92% to $18.98 billion in the second quarter, up from $9.86 billion during the same period last year.

The company said BNT162b2 contributed $7.8 billion in direct sales and alliance revenues.

Net income increased 59% to $5.56 billion, from $3.49 billion, year-over-year.

Pfizer stocks were up 2.9% to $43.24 around 11.26 a.m. on the New York Stock Exchange, just shy of its record of $43.35.

Turkey, Angola to achieve trade volume target in ‘very short time’: Official

Turkey and Angola are on the verge of achieving their $500 million trade volume target, Turkey’s trade minister said on Wednesday.

“Considering the potential of the two countries, this target will be achieved in a very short time,” said Mehmet Mus, speaking at the Turkey-Angola Business Forum, an event in Turkey’s capital Ankara.

Underlining that the Turkish government greatly values the development of economic relations with Angola, one of the largest economies in Africa, Mus told the forum that a large delegation from Turkey would visit the Southern African nation, which has one of the largest economies on the continent, in October.

“I’m confident that in this visit, we’ll advance our bilateral relations and maintain the momentum we’ve achieved,” he said.

Noting that such industries as agricultural processing, mining, and textiles in Angola held promise, Mus said sub-sectors like the construction and modernization of power plants, electricity transmission infrastructure and electricity distribution services stood out with enormous potential.

Tosyali Holding investment to be flag carrier project

With Turkish investments on the agenda in Angola, especially in mining, the flour industry, pharmaceuticals, and fertilizers, Mus announced that Turkish iron and steel giant Tosyali Holding accelerated work on an iron ore mine project in the country.

These efforts will gain even more momentum in October, said Mus, noting that when the project is completed, it would become a “flag-carrier” project of economic relations between the two countries and make an important contribution to Angola’s industrialization and development.

“In the coming period, we agreed with my Angolan counterpart to strengthen our cooperation through big and important projects like this one,” he added.

Pointing to the importance of the building contracting sector for the development of bilateral ties, Mus said Turkish firms had undertaken a total of five projects in Angola so far worth nearly $810 million.

“I believe Turkish contractors can play a role in many infrastructure projects such as railways, airports, ports, bridges or water distribution-transmission lines in Angola in the coming period,” he stressed.

He also said that the launch of direct passenger and cargo flights between Istanbul and Luanda, Angola’s capital, will accelerate bilateral relations, adding that an ongoing three-day visit to Turkey by Angola’s President Joao Manuel Gonalves Lourenco has been “instrumental in taking the long-awaited concrete step in this field. I believe the Istanbul-Luanda-Istanbul flights will increase contacts between our business people and our countries.”

Lourenco also spoke at the forum, calling on Turkish businesses to invest in his country. “I want them to see the opportunities in Angola. I invite not only the private sector but also the public sector.”

On Tuesday, Lourenco’s Turkish counterpart, President Recep Tayyip Erdogan, welcomed him with an official ceremony at the Presidential Complex in Ankara.

One-on-one and delegation meetings were then followed by a signing ceremony of bilateral agreements.

*Writing and contributions by Aysu Bicer

China’s Shi Zhiyong breaks weightlifting record, wins Olympic gold

Chinese athlete Shi Zhiyong on Wednesday won the Olympic gold medal in the men’s 73kg weightlifting event at Tokyo 2020.

Zhiyong, 27, broke all three Olympic records in snatch, clean and jerk, and total with 364 kg. He lifted 166 kg in snatch and 198 kg in clean and jerk.

Julio Ruben Mayora Pernia of Venezuela won the silver medal with a lift of 346 kg and Albania’s Briken Calja won bronze medal with a 341 kg lift.

China has so far bagged the second-most gold medals in the 2020 Tokyo Olympics with 12 medals after host country Japan.

Borsa Istanbul opens midweek down

Turkey’s benchmark stock index opened at 1,358.79 points on Wednesday, down 0.06% or 0.76 points from the previous close.

At Tuesday’s close, Borsa Istanbul’s BIST 100 index was up 0.77% to 1,359.55 points, with a daily trading volume of more than 11.04 billion Turkish liras ($1.29 billion).

The US dollar/Turkish lira exchange rate stood at 8.5550 as of 9:30 a.m. local time (0630GMT) on Wednesday, down from 8.5710 at the previous close.

The euro/Turkish lira exchange rate was down to 10.1050 from 10.1250, while one British pound traded for 11.9000 Turkish liras, versus 11.8960 at the previous close.

One barrel of Brent crude oil was sold for $73.97 as of 10 a.m. local time (0700GMT).

Turkish Central Bank reserves rise to $97.7B in June

The Turkish Central Bank announced on Wednesday that its official reserves amounted to $97.7 billion as of the end of June.

Total reserve assets increased 6.1% from the previous month, according to the bank’s international reserves and foreign currency liquidity report.

Foreign currency reserves – in convertible foreign currencies – totaled $55.6 billion, up 19.5% from May.

On the other hand, the bank’s gold reserves diminished 7.8% on a monthly basis to $40.5 billion.

Short-term predetermined net drains of the government and the central bank – including foreign currency loans, securities, and foreign exchange deposit liabilities – fell by 3% to stand at $22.7 billion, the report said.

Of these, almost $17.1 billion were in principal repayments and $5.6 billion in interest payments.

Additionally, outstanding foreign exchange and gold liabilities arising from the central bank’s financial derivative activities with resident and non-resident banks stood at $65.1 billion, of which $23.7 billion are due in one month, the report added.

Young Black female South African rooftop farmer hopes to turn concrete jungle green

It’s a chilly Monday morning in Morningside, the richest suburb of Sandton municipality in Johannesburg, South Africa, and Zandile Kumalo, a young Black hydroponics farmer, is already at work on her rooftop garden.

The 29-year-old Kumalo told Anadolu Agency she was motivated to start the hydroponics farm on the concrete rooftop of Morningside Shopping Centre in Sandton after realizing she could supply fresh vegetables to those in her vicinity.

“My farm is on the rooftop of Morningside Shopping Centre, which houses several food chain stores and restaurants, so this was an ideal market. There is no transport cost for me,” she said in an interview.

Kumalo, the holder of a diploma in analytical chemistry from the Vaal University of Technology, approached property development firm Flanagan & Gerard, the co-owners of Morningside Shopping Centre, to start the farm as its co-owners.

Kumalo grows a range of fresh vegetables such as baby spinach, lettuce, tomatoes, green peppers, and some herbs.

“We harvest every week from our rooftop farm and supply our products to shops downstairs,” she said, adding her farm provides a reliable supply to her clients.

Kumalo’s 300-square-meter (3,229-square-foot) farm — Neighbour Roots hydroponic farm, is now the talk of the town.

She has generated huge media interest being the first young Black woman to operate a rooftop hydroponics farm on a shopping center in Sandton and co-own such a farm in South Africa’s most affluent district in a country where farming is largely dominated by white people.

Kumalo, who has been interested in farming since her university days, started her first hydroponics farm in her backyard in 2019, creating awareness of zero hunger in her community.

She told Anadolu Agency that her hope is to have more farms on rooftops in Sandton and to make the concrete jungle of rooftops greener.

“We are also working closely with schools to show them how tech agriculture works in urban farming,” she said.

What is hydroponics farming?

Hydroponics farming is a method of growing plants without soil using water and nutrients but needs electricity most of the time to run machines that pump water for irrigation.

Kumalo said that unlike conventional farming, where farmers don’t recirculate their water, “in hydroponics we recirculate our water, and by doing that we save up to 80%, and we can yield up to 90% of our crop production. Cases of crop failures are minimal compared to other methods of farming.”

The farm currently employs Kaelo Moroke as a technical manager. The Information Technology (IT) graduate said he quit his job at a local bank as an IT specialist for his passion in farming four years ago and advises youths to venture into farming.

“Among the benefits of our farming method is that it fights carbon emissions. We don’t use pesticides and chemicals like in conventional farming,” he said.

Moroke also said that hydroponics farming is ideal in South Africa, especially in its urban areas, where land is still in the hands of a few.

“In South Africa, we have land issues, climatic conditions, so this hydroponics farming system makes us overcome these challenges,’’ he said as he switched on the water pump to start irrigating the farm.

Moroke appeals to youth to embrace farming, which he describes as the basic form of humanity.

“We eat every day, and farming should not be neglected. Youth should farm in the backyards of their homes to stop hunger or to sell the produce,” he said.

Kumalo said her farm also employs seasonal workers to help with harvesting and cleaning.

She said clients like her vegetables because they are of premium quality.

“Our veggies are usually fresh, have a longer shelf life and good flavor,’’ she noted.

Tatarstan to be ‘bridge’ for Turkey to enhance trade ties with Russia

The Russian Republic of Tatarstan will serve as a bridge for Turkey to boost its economic ties with Russia, the head of Turkey’s Union of Chambers and Commodity Exchanges (TOBB) said on Wednesday.

Turkish businesspeople led by TOBB head Rifat Hisarciklioglu gathered with Rustam Minnikhanov, Tatarstan’s president, as part of the current three-day Kazan Summit 2021, with Anadolu Agency as its global communications partner.

Tatarstan, with a large ethnic Tatar population, attracts the largest amount of Turkish investments in Russia, Hisarciklioglu said, adding: “Tatarstan gets 30% of Turkey’s investments in Russia.”

Pointing to the Tatarstan government’s “private sector-friendly” approach, Hisarciklioglu said: “We are open to cooperate with Tatar companies in Turkey’s first indigenous electric vehicle by TOGG Turkey’s Automobile Initiative Group.”

Minnikhanov also highlighted that strong historical ties between the two republics are reflected in bilateral economic and trade ties.

Touting successful Turkish investments in Tatarstan, Minnikhanov said they significantly contributed to boosting foreign trade in the country.

The Kazan Summit 2021, called by organizers one of the leading international economic events of the Russian Federation and the countries of the Organization of Islamic Cooperation (OIC), lasts through Friday.