Classical pianist FazIl Say releases album of ‘new songs’

The newest studio recording by Turkish classical musician FazIl Say, a collection he announced mid-February via his Twitter account, has hit music stores in Turkey this week, the pianist-composer’s publicist announced on Monday. Say’s collection of new songs, simply titled “Yeni IarkIlar” (New Songs), is the follow-up to his 2013 release “Ilk IarkIlar” (First Songs).

It features poems by some of Turkey’s best-known contemporary poets — Edip Cansever, Turgut U

The newest studio recording by Turkish classical musician FazIl Say, a collection he announced mid-February via his Twitter account, has hit music stores in Turkey this week, the pianist-composer’s publicist announced on Monday.

Say’s collection of new songs, simply titled “Yeni IarkIlar” (New Songs), is the follow-up to his 2013 release “Ilk IarkIlar” (First Songs).

It features poems by some of Turkey’s best-known contemporary poets — Edip Cansever, Turgut Uyar, Cemal Sanduumlreya and NazIm Hikmet — and Persian poet Omar Khayyam, set to music by Say.

ty to service their loans.

The banking system’s reliance on capital markets funding, the Moody’s said, exposes it to i

Ratings agency Moodyand#39s has said its outlook for Turkeyand#39s banking system is andquotnegativeandquot for the second consecutive year, blaming the subdued economic growth and currency volatility.

Moodyand#39s said on Wednesday that Turkeyand#39s mentioned economic woes will reduce growth opportunities for banks and impair borrowersand#39 ability to service their loans.

The banking systemand#39s reliance on capital markets funding, the Moodyand#39s said, exposes it to international investor confidence and potential spikes in funding costs in light of the upward pressure on USD benchmark rates.

andquotWe do acknowledge that the banks are still well capitalized .

But, we need to balance this against slower lending growth and the countryand#39s persistently high inflation that will weaken banking profits these had already started to decline in the second part of 2014,andquot Irakli Pipia, a Moodyand#39s Vice President, who also authored a new Moodyand#39s report on Turkeyand#39s outlook, said. He added that Turkish banks will also face pressure from narrowing net interest margins due to rising borrowing costs in capital markets and the short-term nature of their liabilities these will require frequent refinancing, probably on less favorable terms.

Moodyand#39s said Turkeyand#39s weighing increasingly negatively on the risk profile of the system is its funding structure and vulnerability to shifts in international investor sentiment, in the context of subdued economic growth that will curb demand for banking services and foster only moderate credit growth.

Economic growth, a pillar of the ruling Justice and Development Partyand#39s (AK Party) electoral strength over the past decade, is flagging.

Industrial production fell more than two percent in January, adding weight to President Recep Tayyip ErdoIanand#39s case against the Central Bank. With the lira tumbling to record lows and inflation stubbornly above target, Central Bank kept interest rates steady last week despite unceasing pressure from the government to sharply cut the rates to boost the economic growth ahead of parliamentary elections this summer The pressure has called into question the governmentand#39s commitment to rebalancing the economy away from the credit-led growth which has driven up Turkeyand#39s current account deficit and left it exposed to swings in global capital flows.

ErdoIanand#39s war of words with chief of Central Bank, Erdem BaIandccedilI, however, only shaken investor conference. Prime Minister Ahmet DavutoIlu went to New York earlier this month to soothe investorsand#39 confidence.

Moodyand#39s said that rapid loan growth in Turkey since 2009 has exceeded the banksand#39 capacity to fund their lending from customer deposits alone and they have increasingly turned to international investors to make up the difference.

Federal Reserve said last week that it will quit its pledge to be andquotpatientandquot and signaled rate hike this summer The announcement by Fed, which has been a primary source of Turkeyand#39s loans thanks to low rates, sent Turkish lira to record lows.

On Friday, another ratings agency Fitch kept its investment-grade rating on Turkey and affirmed its outlook, but cited concerns about the independence of the Central Bank.

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SOURCE: Today’s Zaman