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Tuesday, 10 July 2018

Erdogan, high sultan of nepotism

Well that didn’t take long: Turkish sultan Recep Tayyip Erdogan waited a good two seconds after his election before appointing his son-in-law to head the treasury and Finance Ministry, the FT reports. We wonder what’s next in his plan to re-establish the Ottoman empire — perhaps eunuchs conscripted from refugee camps?

Other random things you should know this morning:

  • Striking oil workers in Norway could drive up the price of Brent crude, having already sent the benchmark price up to nearly USD 78.50 / bbl yesterday. (Reuters)
  • The number of expat workers in KSA was down 6% in the first three months of this year to 10.2 mn as business slowed and the government hiked fees to employ foreign workers. (Bloomberg)
  • Sound familiar? Rolling power outages are a feature of the landscape in the nation’s capital as electricity use soars after temps spike above 40°C. It’s not Cairo, you’re not stuck in a time machine: It’s Tehran. (Bloomberg)
  • The dark side to M&A: Lashups between companies with divergent corporate norms and cultures can be really bad news for investors. (Financial Times)

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