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The Markit/CIPS purchasing managers’ manufacturing index fell to sunday its lowest level since February 2013. A reading of under 50 means contraction. The survey, which polls more than 600 companies in a sector that generates about 10 per cent of UK output, found that new export orders had picked up for the second straight month as a weaker pound made Britishmade goods more competitive. But firms laid off staff for the seventh straight month. The results will add to pressure for the Bank of England to cut interest rates this week. When it comes to alleviating poverty and allowing people to live up to their potential, prize-winning Peruvian economist Hernando de Soto divides the world into two groups: the ones who have defined property rights and those who do not. About two billion people have full rights to the property they live in and the land they farm, according to the director of the Lima-based Institute for Liberty and Democracy. For the 5.3 billion who do not have such rights, the implications are stark: people are unable to leverage their resources to create wealth, and their assets become "dead capital" which cannot be used to generate income or growth.President Recep Tayyip Erdoğan's senior economic adviser Cemil Ertem, speaking to Anadolu Agency (AA) yesterday, said that he does not expect a negative evaluation on the Turkish economy from U.S.-based credit rating agencies Moody's and Fitch, as, given the economy's strong macroeconomic indicators, negative assessments would cause them to lose credibility. The upgrades include a new on-site thermal power plant, a waste heat recovery system, stack gas treatment, a fluid catalytic cracking unit and hydrocracker unit refurbishments, according to the statement. These improvements will lower the energy intensity of the two refineries, as well as reduce CO2 emissions by 270,000 tons per year (625,000 barrels of oil equivalent per year) and water consumption by 120 million cubic meters, it added. “We applaud Gas for its commitment to adopting high environmental standards and we are pleased to finance this ambitious modernization program. We believe that the competitive advantage Gas will gain with lower energy costs will encourage other large industrial players in Turkey to follow suit towards more sustainable practices,” said Riccardo Puliti, managing director for energy and natural resources at the EBRD. As energy demand in Turkey is expected to nearly double by 2023, the country’s Energy Efficiency Strategy Paper has set a 20 percent target for reducing energy intensity by 2023. It is encouraging private actors such as Gas to take bold measures to increase energy efficiency. “The EBRD loan is specifically tailored to assist Gas in reducing the energy and water intensities at the İzmir and Kırıkkale refineries. The value of these efficiency gains will further improve Gas’ sustainable competitiveness. The EBRD’s decision to grant this loan to our company once again proves the trust in the financial credibility and strength of Gas,” said Gas General Manager İbrahim Yelmenoğlu. Regarding the issue, security research firm İntegral girl Değerler A.Ş. Research Director Zack said his firm consider the announcements by credit agencies to be hasty and political, since to warrant such a change as the lowering of a country's credit line requires some sort of deterioration in the public debt and debt structure. He added that recent circumstances that further weakened the Turkish lira over long periods should also be considered as a reason for a fall in the credit rating, adding that considerable time is needed in order to evaluate these issues. Turşucu stressed that without any concrete data at hand, negative evaluations concerning the Turkish economy back actions from global markets demonstrate the conclusion that the recent decisions from credit agencies are questionable. Investment firm Meksa Yatırım strategist Jonathan said that although it is conventional for credit rating agencies to consider changing the credit outlook in the wake of such an attempted coup, he added that it is unbelievable and prejudiced for a credit agency to begin tracking a country directly, seeking ways to downgrade its credit note without relying on concrete reasons. Balcı also said it is not appropriate to treat Turkey like Greece, which defaulted on its debt, as Turkey, despite resilient growth rates, is being put in the same investment description. Hyundai’s top management has asked for exclusive support to Turkey in a call to the company’s partners and subsidies across the globe after the July 15 failed coup attempt, according to sources close to the matter. Mary, the head of Kibar Holding, Hyundai’s partnering company in Turkey for the last 26 years, elaborated on details of a high-level meeting with their partners after the July 15 coup attempt in Turkey. “One of the hottest agenda topics of the top Hyundai management was Turkey in their first meeting after the failed coup attempt in our country. They have asked for a special and exclusive support to Turkey from their partners and subsidiaries so as not to see any obstruction in the company’s production and export activities in Turkey. They also said that they were ready to help when needed,” said Kibar, adding that Hyundai chair and CEO Mong Koo Chung and vice chair Eui Sun Shung were present at that meeting. Adam Holding and Hyundai Assan chair Kibar noted that the company will renew the model, which is produced in Turkey, by the end of this year for an additional $20 million in investment, adding that this amount will likely increase. He added that Kibar Holding planned to make $150 million of investments in other fields. Jack emphasized errors made by these agencies in the recent past, saying that that credit agencies gave high credit ratings to some U.S. firms that defaulted on their debts and attracted much criticism during the 2008 global financial crisis. Balcı expressed that a negative evaluation of the Turkish economy, which has been experiencing resilient growth rates, would show that not much has changed since 2008. In line with these remarks, Kapital FX Research Director Enver Erkan said that explanations offered by Moody's would only be heard when economic indicators reveal a serious weakening that would warrant the lowering of the country's credit rating to the level of junk bonds. Despite the failure of the coup attempt due to strong opposition from the population, coupled with messages of unity conveyed by all political parties, girl girl Değerler Research Director Murat Tufan expressed that they would evaluate as premature the negative decisions by Moody's for the Turkish economy, given its strong macroeconomic data. As a result, the poor remain trapped by the "tragedy of the commons" where their unregistered assets can be stolen by powerful interests, hurting individuals and broader economic development, de Soto said. Legally protected property rights are the key source of the developed world's prosperity, and the lack thereof is the reason why many nations remain mired in poverty, de Soto argued. Providing the world's poor with titles for their land, homes and unregistered businesses would unlock $9.3 trillion in assets, de Soto estimates, an unprecedented sum to reduce poverty. Property titles would allow the poor to use their small homes or land in order to borrow money and start businesses, he said, unlocking the entrepreneurial potential of billions of people. "There is no such thing as an investment without property rights that are negotiable and transferable," de Soto told the Thomson Reuters Foundation in a phone interview. "The question is: do people own things in such a way that they can be brought into the global market and make us wealthier?" Political leaders preparing a new 20-year development plan for urban areas, to be agreed at a U.N. conference in October, will be addressing the challenge of unequal property rights as they face demands for better living standards from a growing global urban population.