The fallout from the U.S. crackdown on Huawei intensified this week, as trade negotiations between Washington and Beijing reportedly hit a roadblock.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
The U.S. government on Monday temporarily eased some trade restrictions imposed recently on China's Huawei, a move that sought to minimize disruption for the telecom company's...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
See which stocks are posting big moves after the bell on Monday, May 20.Market Insiderread more
Binny Bansal, co-founder of Indian e-commerce giant Flipkart, says there are three traits that led to the business landing a record-breaking sale to retail giant Walmart.Entrepreneursread more
Silicon Valley argues that Wall Street focuses too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
U.S. President Donald Trump told his supporters in Pennsylvania that his high-stakes trade war with China had strengthened the state's steel industry and jobs.Politicsread more
Iran has quadrupled its output of nuclear material amid rising tension with the U.S. and dangerous escalations in the Middle East.Energyread more
The past 12 months marked a "lost year" for Turkey, which would have experienced stronger economic growth had it not been for deteriorating geopolitical relations, an economist has told CNBC.
Unicredit's Chief Economist for Central and Eastern Europe Lubomir Mitov believes Turkey should have "benefitted tremendously" from the situation in Europe — where the central bank boosted asset purchases to buoy the economy — as well as low oil prices. However, internal political strife and geopolitics helped offset those gains, he explained.
"This was a lost year for Turkey," Mitov told CNBC Wednesday.
"Turkey is underperforming (and) has been underperforming for the full year...it's even underperforming after the elections. If you look at the markets, Turkey is probably 3 to 4 percent weaker than it should have been after the elections, but for these geopolitical problems," Mitov said.
Peter Toogood, an investment director at City Financial Investment Company Limited, also argued that a lack of structural reforms are keeping Turkey from feeling the full benefits of economic boons like low oil prices.
"They're the flagship for everything that's wrong in emerging markets, they have wasted the opportunity. They've undertaken massive government spending, they've massively increased nominal wages...if there's an example of how to lose productivity advantage, they've been it," he said.
"The lira continues to decline, it has had no meaningful impact … the oil price has come down, (and) it should be the absolute example of a beneficiary, and it hasn't been."
Though the previous government made efforts to maintain positive relations with neighboring states Mitov says that Turkey now has "almost no neighbors left," having sparked rows with Iraq, Syria, and Egypt.
Heightened tensions with Russia have also thrown a spanner in the works, he said, with Moscow clamping down on agricultural imports, setting stringent visa limits, and restricting tourism to Turkey. This coming after the military shot down a Russian fighter jet on the Syrian border on November 24, killing one of the two pilots on board.
Russia also announced Wednesday that it would ban Turkish companies from participating in state tourism, construction and hotel services starting January 1, according to Reuters.
Forecasts from the European Bank for Reconstruction and Development suggest the row with Russia could shave 0.4 percent off Turkish growth rates if sanctions are fully implemented throughout the next year.
Mitov said money from Europe — with about $3.4 billion being transferred to Turkey as part of plans to stem the flow of migrants into the EU — will help offset the pain from Russian sanctions. But he added that Turkey still isn't performing as strongly as it should be. Turkish officials have downgraded gross domestic product estimates for the year to 2.5 percent, from previous forecasts of 4 percent.
"(This) is very low for a country of the size of Turkey," Mitov said.