Turkey

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Much of the subject of discussion amongst ministers in the last week has been whether to offer some industrial sectors tax breaks to help them deal with the continuing economic crisis or not.
The publication in February of confidential e-mails from the European Commission's envoy to Ankara Karen Fogg has fuelled debate in Turkey on its relations and aspirations with the European Union.
In an unexpected move on March 14th, Turkey's central bank cut interest rates by one and three percent for the overnight lending rate and the overnight borrowing rate respectively.
Turkey's State Institute of Statistics announced on March 3rd that February Consumer Price Inflation (CPI) figures showed a rise of only 1.8%, bringing the annual rate to 73.1%.
Tourism to the UAE has suffered in the wake of the September 11th terrorist attacks. Optimism in the sector’s recovery is returning, however, especially with the advent of the Dubai Shopping Festival that began on March 1st.
In a bid to attract global financial institutions to the UAE, Dubai crown prince Sheikh Mohammed bin Rashid al Maktoum announced on February 16th that the emirate would set up the Dubai International Financial Centre (DIFC), with the first licences to be issued at the end of 2002.

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