Aurelia Butler

US Treasury secretary Janet Yellen has warned of a “constitutional crisis” if Congress does not raise the federal debt limit, as the government remains in danger of running out of cash in the absence of new borrowing capacity.The White House and Republican lawmakers are in a deadlock over lifting the debt ceiling, which Yellen has said could be breached as early as June 1. The Biden administration has considered whether they could invoke the 14th amendment of the US constitution to continue issuing new debt to pay social security recipients, bondholders, government employees and others without legislative approval.A clause in the amendment states that “the validity of the public debt of the United States, authorised by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned”. Economists and constitutional experts, however, are split over whether sidestepping Congress in this way would be legal.Asked whether Biden would invoke the 14th amendment, Yellen said she did not yet want to consider emergency options, but using the clause would be “among the not-good options”. Raising the debt ceiling was Congress’s job, she added.Here’s what else I’m keeping tabs on:Japan-Korea visit: Japanese prime minister Fumio Kishida meets South Korean president Yoon Suk Yeol today in the first summit between the two nations in a decade.FTX scandal: Lawyers for FTX founder Sam Bankman-Fried will have until today to file court motions in New York to formally respond to the criminal fraud charges brought against him by federal prosecutors. Coronation: Financial markets in the UK are closed for public holiday today after the coronation of King Charles III.Five more top stories1. US states are accelerating an arms race of tax breaks and deal sweeteners as they aggressively court foreign investors drawn to America by Joe Biden’s clean energy and chips subsidies2. Warren Buffett’s Berkshire Hathaway has sold billions of dollars of US stocks, a signal the famed investor saw little appeal in a volatile market.Related: Buffett says bank runs would have been ‘catastrophic’ if not for deposit guarantee. 3. Russia has started a partial evacuation from southern Ukraine, raising fresh concerns about its safety. 4. Western companies warn of a hit from China’s slow recovery, after the country’s sudden reopening from pandemic restrictions prompted over-optimistic growth forecasts.5. China holds security and trade talks with the Taliban, as Beijing looks to boost investment in the crisis-hit country.The Big Read

The FBI’s headquarters in Washington. In one Telegram channel observed by the FT, a user posted what they claimed was a directory of the bureau’s employees © Al Drago/Bloomberg

Following leads from cyber security researchers who study hacker forums for a living, the Financial Times observed over two weeks several chat groups hosting tens of thousands of pages of documents, sometimes freshly harvested from recent security breaches, sometimes consisting of repackaged nuggets from previous hacks. Take a look inside the online marketplace for US secrets.We’re also reading and listening to . . . AI regulation: Artificial intelligence systems can be of enormous benefit to society. But the superintelligent technology needs superintelligent regulation — and fast, writes the FT’s editorial board.India’s economic miracle: In the southern state of Karnataka, a new economic miracle is unfolding in a vibrant local democracy, writes Ruchir Sharma, chair of Rockefeller International.FT Weekend podcast 🎧: This week, host Lilah Raptopoulos speaks to a longtime palliative care nurse on what we owe the people who help us die.Chart of the dayProgressives are winning the immigration debate in western countries, with some theorising that the success of anti-immigration populism shocked previously complacent moderates into vocalising support for diversity, writes chief data reporter John Burn-Murdoch.Hear Hillary Clinton live in conversation with the FT’s US national editor Edward Luce on May 20 at our FTWeekend Festival. Register now and get $20 off as a newsletter subscriber with the promotion code NewslettersxFestival at ft.com/festival-us.Take a break from the newsPete Betts, one of the world’s most experienced environmental negotiators, has only months to live. Still hopeful about the planet, he tells Pilita Clark the 13 lessons he wants to leave behind.Additional contributions by Tee Zhuo and Emily Goldberg More

(Reuters) – A look at the day ahead in Asian markets from Jamie McGeever.Asian markets are set for a positive start to the week on Monday after strong U.S. jobs data on Friday soothed recession and banking sector fears, and sparked the best day for world equities in five months.The regional economic data calendar on Monday is light, with the final reading of Japanese purchasing managers index and Taiwanese trade for April the main releases. Graphic: MSCI World equity index – daily change – https://fingfx.thomsonreuters.com/gfx/mkt/zdpxdgxzmpx/MSCIworld.png Monday’s market tone will probably be set by the U.S. feel-good factor, boosted by surprisingly strong corporate earnings, and whether investors think the U.S. really will defy the odds and head for a soft landing. Federal Reserve Chair Jerome Powell, for one, is very optimistic: “It’s possible that this time is really different. The case of avoiding a recession is, in my view, more likely than having a recession,” he said on Wednesday after raising the benchmark overnight interest rate by a quarter of a percentage point to a 16-year high.Two reports on U.S. credit conditions and loan demand on Monday and Tuesday will be more closely watched than usual, in light of the cumulative effect of the Fed’s rate hikes and recent stress in the regional banking system.Asian market sentiment later in the week could be molded by a batch of Chinese economic indicators: trade, lending and money supply figures for April on Tuesday, and CPI inflation on Thursday.These reports will give investors a clearer insight into how well the region’s largest economy is doing after abandoning its COVID-19 lockdown restrictions.The signs are mixed at best. The heavily indebted property sector remains under severe stress, April’s PMI reports were soft, and the economic surprises index – at a 17-year high a few weeks ago – has now declined 13 days in a row.Economic momentum is clearly slowing. Graphic: China economic surprises index – https://fingfx.thomsonreuters.com/gfx/mkt/znvnbmxryvl/ChinaEconSurprise.png Technology giant JD (NASDAQ:JD).com and China’s largest chip foundry Semiconductor Manufacturing International Corp both release first-quarter earnings on Thursday.Figures on Sunday, meanwhile, showed that China FX reserves rose $21 billion in April to $3.205 trillion, higher than expected and the highest since February last year. Potentially market-moving events later in the week include: G7 finance ministers meeting in Niigata, Japan from Thursday through Saturday, Bank of Japan minutes of its April 27-28 policy meeting on Wednesday, and the Bank of England’s policy meeting on Thursday. Here are three key developments that could provide more direction to markets on Monday:- Japan services, composite PMI (April, final)- Australia business conditions index (April)- Taiwan trade (April) (By Jamie McGeever; Editing by Diane Craft) More

WELLINGTON (Reuters) -Gastroenterologist Wesley Kasen arrived in Hawke’s Bay New Zealand in February with his wife Marnie, two kids and dog from Colorado. Their arrival filled a vacancy at the local hospital. The Kasens are part of a migrant boom helping to ease the country’s acute labour shortages – a relief for firms desperate to fill vacancies and keep a lid on wages but which economists warn risks fanning inflation and keeping rates higher for longer. The government, keen to plug the job shortages and make inroads in the global talent war, is facilitating the inflow of migrants drawn to the country’s unspoilt, scenic landscape, relative safety and liberal politics. “I am just constantly amazed by how friendly the people are everywhere we go, and how easy things are,” said Marnie.However, it may not be so easy for the Reserve Bank of New Zealand, which has noted that rising long-term net migration could boost activity and inflation, with surging migration inflows highlighted in robust labour market data this week. “There is a risk that we don’t get the recession and that we keep sort of plodding in a lot stronger environment which would frustrate the outlook for inflation, would frustrate the central bank, keep interest rates higher for longer,” said Kiwibank chief economist Jarrod Kerr.Indeed, New Zealand’s migrant numbers are tracking at a much faster pace than expected a few months back and are set to hit a record this year, which could keep demand strong and more worryingly reignite the housing market – a perennial thorn in the RBNZ’s inflation battle.A net 51,955 migrants settled in New Zealand in the year ended February, according to Statistics New Zealand. ANZ and Westpac economists say total net arrivals could hit a record 100,000 this year if current trends persist. STICKY INFLATION New Zealand’s inflation is running at an annual 6.7% rate, off a three-decade 7.3% peak hit in the second quarter last year, but still at historically elevated levels and well beyond the top end of the central bank’s 1%-3% target despite the nation’s most aggressive policy tightening cycle in a quarter century. The benchmark cash rate is currently sitting at more than a 14-year high of 5.25% after a streak of hikes that began in October, 2021, yet the risk is that the RBNZ might have more work to do, potentially even pushing the peak beyond the current forecast of 5.50% “If the demand impulse (from migration) overrules the supply effects it would take inflation longer to fall to the RBNZ’s target and could even necessitate more tightening than anyone is so far bargaining on,” said Stephen Toplis, head of research at the Bank of New Zealand, in a note to clients.Kiwibank’s Kerr noted there were already signs of weakness in the economy to hopefully keep pushing inflation lower. Economic growth contracted 0.6% in the fourth quarter.MORE LABOUR, LESS HOUSES New Zealand is desperate for migrants to fill jobs for everything from driving buses to programming computer games but like Australia and Singapore, which are also trying to attract new migrants, the country faces a systemic housing shortage.House prices, a key driver of inflation, rose rapidly for a decade before peaking in 2021. Since then, higher interest rates coupled with a construction boom have seen prices fall 16% although they are now starting to stabilise thanks in part to the migrant-led demand for homes.It is largely good news for the government, which has introduced new policies to fill job gaps that businesses say were stymieing growth, although any significant rise in house prices will play badly for voters. NZBus, one of the country’s biggest public bus operators, is a case in point. It is currently training 72 Fijian and Filipino bus drivers. That helps to tamp down wage inflation by pushing against pressure to raise pay, but at the same time keeps consumer prices stubbornly high.Infometrics principal economist Brad Olsen said increased migration is good news for businesses desperate for workers though it also poses a real challenge.“Adding any additional demand to the economy at the moment does seem to be a challenge for New Zealand given that inflationary pressures are still high.” More

Hello and welcome to the working week.US president Joe Biden is meeting House speaker Kevin McCarthy and other top congressional leaders to address the threat of the nation defaulting on its debt. The talks at the White House on Tuesday have been called after Treasury secretary Janet Yellen warned that the government risked running out of cash as soon as 1 June.A significant military anniversary for Russians and an important gathering of Nato military heads will ensure the war in Ukraine also remains headline news this week.Victory Day is a big national holiday for Russians, commemorating Nazi Germany’s surrender to Soviet forces in 1945. But this year’s anniversary on Tuesday will be notable for the low-key nature of many celebrations, including the cancellation of local military parades.The Ukraine conflict will also provide the mood music for a meeting of Nato chiefs of defence in Brussels on Wednesday. Given that we have yet to see Ukraine’s long-awaited counter-offensive, there will be little cause for celebration here either.Media businesses dominate the earnings reports this week, in particular the quarterly results from Rupert Murdoch’s two titans of broadcasting and newspapers: Fox and News Corp. The businesses have themselves been the subject of front page headlines with the record out-of-court settlement with Dominion and concerns about whether Rupert has lost his sure touch amid a family battle for succession.Another potentially interesting story is a midweek vote of confidence in the chair of middle-class Britain’s favourite department store John Lewis. More details about that below.The big economic event of the week will be the Bank of England’s monthly Monetary Policy Committee meeting. It is believed that the MPC has one more quarter-point rise left in its tightening cycle, but a poll of economists by Reuters found it was too close to call whether this increase — taking the base rate to 4.5 per cent — would happen this week.The week ends with a batch of crucial elections. The most significant, on Sunday, are Turkey’s presidential and parliamentary plebiscites, where populist strongman Recep Tayyip Erdoğan faces his toughest re-election campaign after two decades in power. Opposition leader Kemal Kılıçdaroğlu is bullish, last month telling the FT he would not let the election be “stolen” by Erdoğan. FT journalists will be on the ground reporting the results as they come in.Thank you for your comments about The Week Ahead. Keep them coming by emailing me at [email protected] dataIt is not a bumper week for economic data, but there will be inflation rate updates from China, Germany and the US. Attention then returns to the UK on Friday for its first take on Q1 GDP.CompaniesIt feels like we’ve passed the peak of the latest earnings season, but there are plenty of big-name companies reporting this week from a variety of sectors, including Disney, Nissan and Rolls-Royce. Could there be a change at the top of the British middle class’s favourite department store chain? A vote of confidence in John Lewis chair Dame Sharon White will be held on Tuesday and Wednesday among the employee-owned retailer’s 74,000 staff. The plebiscite happens once a year and a vote against White would be a surprise, but this time it could be messy due to growing unrest about the retailer’s recent poor performance.Key economic and company reportsHere is a more complete list of what to expect in terms of company reports and economic data this week.MondayGermany, April industrial production figuresUK, financial markets closed for public holiday after coronation of King Charles IIIUS, the deadline for lawyers for FTX founder Sam Bankman-Fried to file court motions in New York, formally responding to the criminal fraud charges brought against him by federal prosecutorsResults: Marubeni FY, PayPal Q1, Six Flags Entertainment Q1, Tyson Foods Q2TuesdayAustralia, treasurer Jim Chalmers presents the annual federal BudgetFrance, trade balance figuresUK, Halifax House Price Index and British Retail Consortium-KPMG Retail Sales MonitorUS, former Coinbase Global product manager Ishan Wahi due to be sentenced after pleading guilty in the first insider trading case involving cryptocurrencyResults: Airbnb Q1, Allbirds Q1, BuzzFeed Q1, Direct Line Q1 trading update, Duke Energy Q1, Electronic Arts Q4, Fox Q3, Mitsubishi FY, Nintendo FY, Saudi Aramco Q1, Sumitomo FY, Warner Music Group Q2, Wynn Resorts Q1WednesdayGoogle holds its annual Input/Output developer conference, featuring launches of new products and a speech from chief executive Sundar PichaiStephanie Bruce, the chief financial officer of struggling fund manager Abrdn, steps down after the company’s annual general meeting todayGermany, April consumer price index (CPI) and harmonised indices of consumer prices (HICP) inflation rate dataUK, KPMG and Recruitment & Employment Confederation Report on JobsUS, April CPI inflation rate dataResults: ABN Amro Q1, Ahold Delhaize Q1, Alstom FY, Asos H1, Compass Group H1, Continental AG Q1, Crédit Agricole Q1, Disney Q2, E.ON Q1, Ferroglobe Q1, Melrose Industries trading update, New York Times Company Q1, Nippon Steel Q4, Panasonic FY, Toyota Q4, Tui H1, Wetherspoon trading updateThursdayChina, April CPI and producer price index (PPI) inflation rate dataUK, Bank of England’s Monetary Policy Committee’s rate-setting meetingUS, April PPI inflation rate dataResults: 3i Group FY, Bayer Q1, Deutsche Telekom Q1, Foxconn Q1, Honda Motor FY, ING Q1, ITV Q1 trading update, News Corp Q3, Nissan Motor Q4, Pirelli Q1, Rolls-Royce AGM and trading update, RWE Q1, SoftBank FYFridayThe former head of Argentine sports marketing company Torneos y Competencias Alejandro Burzaco, who pleaded guilty in 2015 to racketeering and other charges as part of a sprawling corruption probe in football, is due to be sentenced at a Manhattan courtFrance, April CPI and HICP inflation rate figuresUK, flash Q1 GDP estimateUS, University of Michigan consumer sentiment surveyResults: Allianz Q1, Balfour Beatty AGM and trading update, Beazley Q1 trading update, Norwegian Air Q1, Richemont FY, Société Générale Q1, Tata Motors Q4, Toshiba FYWorld eventsFinally, here is a rundown of other events and milestones this week. MondayKorea, Japanese prime minister Fumio Kishida meets South Korean president Yoon Suk Yeol in the first summit between the two nations in a decadeSwitzerland, WTO May General Council meeting begins in GenevaUS, president Joe Biden is set to meet Senate minority leader Mitch McConnell and House speaker Kevin McCarthy at the White House to discuss the government’s debt ceilingTuesdayIndonesia, the 42nd summit for Association of Southeast Asian Nations (Asean) member states begins in Labuan Bajo Russia, Victory Day commemorating Nazi Germany’s formal surrender to the Soviet Union on 9 May 1945UK, the 1,400 security officers in the Unite union at Heathrow airport begin a 48-hour strike in an ongoing dispute about pay. Separately, Unite members at GSK’s Ware factory begin a 49-hour walk out in a national pay dispute with the pharmaceuticals company.WednesdayBelgium, Nato’s chiefs of defence meet in Brussels to discuss issues of strategic importance to the military alliance, namely the Ukraine conflict.UK, further strike action, this time by Public and Commercial Services union members working for HMRC in Glasgow and Newcastle over pay, pensions, job security and redundancy terms. This is the first of a series of walkouts that are set to continue into June.ThursdayJapan, G7 finance ministers and central bank governors’ meeting in NiigataFridayGuatemala, Ninth Summit of the heads of state of the Association of Caribbean States in AntiguaUS, president Joe Biden hosts Spanish prime minister Pedro Sánchez for talks at the White HouseSaturdayPortugal, Brazil’s former president Jair Bolsonaro and his son Eduardo Bolsonaro are expected to attend a far-right summit in LisbonSweden, foreign minister Tobias Billstrom and the EU’s high representative for foreign affairs and security policy Josep Borrell will jointly host the EU Indo-Pacific Ministerial Forum in Stockholm.UK, Liverpool will host the 2023 Eurovision Song Contest, one of the world’s largest televised events, on behalf of Ukraine, which won last year.UK, members of the RMT rail union resume strike action across 14 train operators after rejecting the latest offer from the Rail Delivery GroupSundayAlbania, local electionsGermany, Ukrainian president Volodymyr Zelenskyy to receive Germany’s prestigious Charlemagne Prize (Karlspreis) for “defending their country’s sovereignty as well as Europe and its values”.Israel, 75th anniversary of the country’s declaration of independenceItaly, first round of municipal electionsThailand, parliamentary electionsTurkey, presidential and parliamentary electionsUS, Canada, Australia: Mother’s Day More

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Sunday issued a stark warning that a failure by Congress to act on the debt ceiling could trigger a “constitutional crisis” that also would call into question the federal government’s creditworthiness.Yellen sounded the alarm over possible financial market consequences if the debt ceiling is not raised by early June, when she has said the federal government could run short of cash to pay its bills.The negotiations on the issue should not take place “with a gun to the head of the American people”, Yellen told the ABC program “This Week.”Biden has asked Congress to raise the debt ceiling with no conditions. The Republican-led House of Representatives last month passed a bill that would raise the government’s $31.4 trillion debt ceiling, but the measure included sweeping spending cuts over the next decade that Biden and his fellow Democrats oppose.Biden is preparing to meet on Tuesday at the White House with Republican House Speaker Kevin McCarthy, Republican Senate Minority Leader Mitch McConnell and top congressional Democrats to discuss the issue.”It’s Congress’s job to do this. If they fail to do it, we will have an economic and financial catastrophe that will be of our own making,” Yellen said. “And we should not get to the point where we need to consider whether the president can go on issuing debt. This would be a constitutional crisis,” Yellen added, alluding the delineation of powers of the executive and legislature under the U.S. Constitution.Biden has steadfastly said he will not negotiate over the debt ceiling increase, but would discuss budget cuts after a new limit is passed. Congress has often paired debt-ceiling increases with other budget and spending measures. Washington regularly sets a limit on federal borrowing. Currently, the ceiling is equal to roughly 120% of the country’s annual economic output. The debt reached that ceiling in January and the Treasury Department has kept obligations just within the limit, but by July or August, Washington could have to stop borrowing altogether.Under that scenario, shockwaves could ripple through global financial markets as investors question the value of U.S. bonds, which are seen as among the safest investments and serve as building blocks for the world’s financial system.The House-passed bill would pare spending to 2022 levels and then cap growth at 1% a year, repeal some tax incentives for renewable energy and stiffen work requirements for some anti-poverty programs.Democratic Senate Majority Leader Chuck Schumer last week began to clear the way for a vote for a bill that would suspend the government’s debt limit for two years without conditions. But Republicans in the Senate and House have said that they would not vote for such a measure.A group of 43 Senate Republicans on Saturday said they oppose voting on a bill that only raises the U.S. debt ceiling without tackling other priorities, showing they could block such a plan by Democrats. Legislation would require 60 votes to proceed in the 100-seat Senate. With only a 51-49 Democratic majority in the Senate, Schumer would need the support of at least nine Republicans to clear a 60-vote threshold to advance such legislation.Top House Democrat Hakeem Jeffries, speaking on the NBC program “Meet the Press,” said Biden has made clear there could be a conversation with lawmakers on spending, investments and revenues but that the responsible course of action would be to raise the debt ceiling.”We have to make sure that America pays its bills to avoid a dangerous default on our debt in a manner that will blow up the United States economy,” Jeffries said.Deputy Treasury Secretary Wally Adeyemo also underscored the perils in a potential default.”Default is catastrophic for the United States,” Adeyemo told MSNBC’s “The Sunday Show.” “If we were to default on our debt, it would have a terrible impact on interest rates.” More

ANKARA (Reuters) – With his two-decade rule in the balance, Turkish President Tayyip Erdogan has pulled out all the stops on the campaign trail as he battles to survive his toughest political test yet and shield his legacy from an emboldened opposition.Erdogan, the son of a sea captain, has faced stiff political headwinds ahead of a May 14 election: he was already facing blame over an economic crisis when a devastating earthquake in February left saw his government accused of a slow response and lax enforcement of building rules that may have saved lives.As polls show a tight race, critics have drawn parallels with the circumstances that brought his Islamist-rooted AK Party to power in 2002, in an election also shaped by high inflation and economic turmoil.His opponents have vowed to unpick many of the changes Erdogan has made to Turkey, which he has sought to shape to his vision of a pious, conservative society and assertive regional player. The high stakes are nothing new for a leader who once served a prison sentence – for reciting a religious poem – and survived an attempted military coup in 2016 when rogue soldiers attacked parliament and killed 250 people.With so much at stake in the presidential and parliamentary polls, the veteran of more than a dozen election victories has taken aim at his critics in typically combative fashion. Accusing the opposition of seeking advantage from a catastrophe, Erdogan has made several visits to the quake zone where more than 50,000 died, vowing rapid reconstruction and to punish builders who skirted building regulations. He has peppered the election run-up with celebrations of industrial milestones, including the launch of Turkey’s first electric car and the inauguration of its first amphibious assault ship, built in Istanbul to carry Turkish-made drones. Erdogan also flicked the switch on Turkey’s first delivery of natural gas from a Black Sea reserve, promising households free supplies, and inaugurated its first nuclear power station in a ceremony attended virtually by President Vladimir Putin. He has enjoyed extensive coverage from mainstream media while state media has paid scant attention to his main challenger, Kemal Kilicdaroglu, prompting accusations of an unfair playing field from the opposition. His attacks against the main opposition alliance have included accusations of support from the outlawed Kurdistan Workers Party (PKK), which has been waging an insurgency since the 1980s in which more than 40,000 people have been killed. Kilicdaroglu, who was endorsed by the pro-Kurdish Peoples’ Democratic Party (HDP), has responded by defending Kurdish rights and accused Erdogan of “treating millions of Kurds as terrorists”. As he seeks to shore up his appeal among conservative voters, Erdogan has also spoken against homosexuality, describing LGBT rights as a “deviant” concept he would fight. ‘BUILDING TURKEY TOGETHER’Polls suggest voting could go to a second round and some show Erdogan trailing. This hints at the depth of a cost-of-living crisis sparked by his unorthodox economic policies. Authorities’ drive to slash interest rates in the face of soaring inflation aimed to boost economic growth, but it crashed the currency in late 2021 and worsened inflation. Despite indications his party could return to more orthodox policies, Erdogan last month stressed that interest rates would fall as long as he was in power and that inflation would decline with them.The economy was one of Erdogan’s main assets in the first decade of his rule, when Turkey enjoyed a protracted boom with new roads, hospitals and schools and rising living standards for its 85 million people. “If he loses, that will damage his image. But for the people who love him, they will not give up on him very easily,” said Seda Demiralp, chair of the Department of International Relations at Isik University in Istanbul.Halime Duman said high prices had put many groceries out of her reach but she remained convinced Erdogan could still fix her problems. “I swear, Erdogan can solve it with a flick of his wrist,” she said at a market in central Istanbul.HUMBLE ROOTS The president rose from humble roots in a poor district of Istanbul where he attended Islamic vocational school, entering politics as a local party youth branch leader. After serving as Istanbul mayor, he stepped onto the national stage as head of the AK Party (AKP), becoming prime minister in 2003. His AKP tamed Turkey’s military, which had toppled four governments since 1960, and in 2005 began talks to secure a decades-long ambition to join the European Union – a process that later came to a grinding halt.Western allies initially saw Erdogan’s Turkey as a vibrant mix of Islam and democracy which could be a model for Middle East states struggling to shake off autocracy and stagnation.But his drive to wield greater control polarised the country and alarmed international partners. Fervent supporters saw it as just reward for a leader who put Islamist teachings back at the core of public life and championed the pious working classes.Opponents portrayed it as a lurch into authoritarianism by a leader addicted to power. After the coup attempt authorities launched a crackdown, jailing more than 77,000 people pending trial and dismissing or suspending 150,000 from state jobs. Media rights groups say Turkey became the world’s biggest jailer of journalists for a time.Erdogan’s government said the purge was justified by threats from coup supporters, as well as Islamic State and the PKK.At home, a sprawling new presidential palace complex on the edge of Ankara became a striking sign of his new powers, while abroad Turkey became increasingly assertive, intervening in Syria, Iraq and Libya – often deploying Turkish-made military drones with decisive force. The drones also helped Ukraine defend against Russian invasion. The interventions won few allies, however, and faced with a struggling economy the countdown to the election, Erdogan sought rapprochement with rivals across the region. More