Journalists hold banners protesting for press freedom. AFP 
Journalists hold banners protesting for press freedom. AFP 

Turkey tries anti-Erdogan journalists on 'terror' charges



Staff from one of Turkey's most respected opposition newspapers on Monday rejected as absurd "terror" charges against them on the first day of a trial which has intensified alarm over press freedom under president Recep Tayyip Erdogan.

The 17 defendants from the Cumhuriyet daily were detained from October last year and a dozen of them have now spent more than eight months in jail without being convicted of any crime.

They have been held under a state of emergency imposed after the July 2016 failed coup aimed at ousting Mr Erdogan that the authorities blame on US-based preacher Fethullah Gulen.

The staff - including writers, cartoonists and executives - were applauded by supporters crammed into the Istanbul courtroom as the trial opened, an AFP journalist said.

Supporters released dozens of multicoloured balloons outside the courthouse, chanting: "Don't be silenced! A free media is a right!"

If convicted, the defendants face varying terms of up to 43 years in jail.

In an extraordinary coincidence, the trial opened on Turkey's annual national day of the press which marks the end of official censorship in the Ottoman Empire in 1908 under Sultan Abdulhamid II.

'Illogical' 

Those appearing in court included some of the best known names in Turkish journalism including the columnist Kadri Gursel, the paper's editor-in-chief Murat Sabuncu, cartoonist Musa Kart as well as its chairman Akin Atalay.

They are charged with supporting in the newspaper's writings three groups considered by Turkey as terror outfits - the Kurdistan Workers' Party (PKK), the ultra-left Revolutionary People's Liberation Party-Front (DHKP-C) and Mr Gulen's movement, which Ankara calls the Fethullah Terror Organisation (FETO).

The indictment accuses Cumhuriyet of beginning a "perception operation" with the aim of starting an "asymmetric war" against Mr Erdogan.

But supporters insist the paper has always been bitterly critical of the three groups, including Mr Gulen's organisation. Mr Gulen denies any link to the failed coup.

"To say I was in contact with FETO members is illogical and against good sense," Mr Gursel told the court. "There is nothing to justify my jailing - nothing apart from slander."

Mr Atalay said it was the authorities who were scared. "But Cumhuriyet will not give in … independence and liberty are written into the DNA of the paper."

'Test for Turkey'

Cumhuriyet (Republic), which was set up in 1924 and is Turkey's oldest mainstream national title, has been a thorn in the side of Mr Erdogan in recent years.

It is one of the few genuine opposition voices in the press, which is dominated by strongly pro-government media and bigger mainstream dailies that are increasingly wary of challenging the authorities.

Also being tried in the case is the investigative journalist Ahmet Sik who in 2011 wrote an explosive book "The Imam's Army" exposing the grip Mr Gulen's movement had on the Turkish state.

Eleven of the 17 including Mr Gursel, Mr Sabuncu, Mr Kart and Mr Sik, are held in custody, while the others are free.

Since their arrests, Cumhuriyet has continued publishing the columns of the jailed journalists but with a blank white space instead of text.

"This trial is a test for Turkey," Aydin Engin, one of the writers on trial who was freed after his initial arrest. "Erdogan says justice is balanced in Turkey. Now we will see."

Being tried in absentia is the paper's former editor-in-chief Can Dundar, who was last year sentenced to five years and 10 months in jail over a front-page story accusing the government of sending weapons to Syria.

He has now fled Turkey for Germany.

'Journalism on trial'

The opposition fears the emergency has been used to go after anyone who dares defy the government and the trial is seen as a test for press freedom under Mr Erdogan.

Turkey ranks 155th on the latest Reporters Without Borders (RSF) world press freedom index, below Belarus and the Democratic Republic of Congo.

According to the P24 press freedom group, there are 166 journalists behind bars in Turkey, most of whom were arrested under the state of emergency.

Mr Erdogan, however, insisted in an interview earlier this month there were just "two real journalists" behind bars in Turkey and anyone else was jailed for offences including robbing ATMs.

"It's journalism in Turkey, not just Cumhuriyet, that is being put on trial," said RSF secretary general Christophe Deloire.

The UN Working Group on Arbitrary Detention, in an opinion released last month, said it found that the detention of the staff was arbitrary and that they should be immediately released and given the right to compensation.

Filiz Kerestecioglu, an MP from the opposition Peoples' Democratic Party (HDP), commented: "According to the government, all of the opposition are terrorists. The only ones that are not terrorists are themselves."

Warlight,
Michael Ondaatje, Knopf 

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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HOW DO SIM CARD SCAMS WORK?

Sim swap frauds are a form of identity theft.

They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen 

They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.

The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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  • 600-seat auditorium
  • Spaces for historical and cultural exploration
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  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

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Plan to boost public schools

A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.

It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.

Aspects of the school model will be extended to international private schools, the education minister has previously suggested.

Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.