U.S. Markets close in 6 hrs 30 mins

Win claimed for Turkey gov't referendum; critics call fraud

ELENA BECATOROS, SUZAN FRASER and ZEYNEP BILGINSOY

Supporters of Justice and Development party (AK) wave Turkish flags and hold a poster of Turkish President Recep Tayyip Erdogan outside its offices in Istanbul, Sunday, April 16, 2017. Voting has ended in Turkey's historic referendum on whether to approve constitutional changes that would greatly expand the powers of Erdogan and the result will determine Turkey's long-term political future and will likely have lasting effects on its relations with the European Union and the world. (AP Photo/Emrah Gurel)

ISTANBUL (AP) — Turkish President Recep Tayyip Erdogan declared victory in Sunday's referendum that will grant sweeping powers to the presidency, hailing the result as a "historic decision."

Speaking to reporters in Istanbul, Erdogan said unofficial results showed the "yes" side had won by a margin of 1.3 million votes.

The president struck a conciliatory tone, thanking all voters regardless of how they cast their ballots and describing the referendum as a "historic decision."

"April 16 is the victory of all who said yes or no, of the whole 80 million, of the whole of Turkey of 780,000-square kilometers," Erdogan said.

Returns carried by the state-run Anadolu news agency showed that with nearly 99 percent of the vote counted, the "yes" vote had about 51.3 percent compared to 48.7 percent for the "no" vote.

Turkey's main opposition party vowed to challenge the results reported by Anadolu agency, saying they were skewed.

Erdogan has long sought to broaden his powers, but a previous attempt failed after the governing party that he co-founded fell short of enough votes to pass the reforms without holding a referendum.

Opponents argued the plan concentrate too much power in the hands of a man they allege has shown increasingly autocratic tendencies.

The outcome is expected to have a huge effect on Turkey's long-term political future and its international relations. Although the result, if officially confirmed, would fall short of the sweeping victory Erdogan had sought, but nevertheless cements his hold on the country's governance.

Prime Minister Binali Yildirim, whose position will be eliminated under the presidential system of government called for in the referendum, also welcomed the results and extended a hand to the opposition.

"We are all equal citizens of the Republic of Turkey," he said. "Both the ones who said 'no' and the ones who said 'yes' are one and are equally valuable."

"There are no losers of this referendum. Turkey won, the beloved people won," Yildirim said, adding that "a new page has opened in our democratic history with this vote. Be sure that we will use this result for our people's welfare and peace in the best way."

Erdogan supporters gathered outside the AK Party headquarters in Istanbul to celebrate, sending fireworks into the night sky.

But the main opposition People's Democratic Party, or CHP, cast doubt on the results. CHP vice chairman Erdal Aksunger said they would challenge 37 percent of the ballot boxes.

"Our data indicates a manipulation in the range of 3 to 4 percent," the party said on its Twitter account.

The country's pro-Kurdish opposition party, which also opposed the constitutional changes, said it plans to object to two-thirds of the ballots.

An unprecedented decision by Turkey's Supreme Election board to accept as valid ballot papers that don't have the official stamp also drew the ire of the CHP, with the party's deputy chairman, Bulent Tezcan, saying the decision had left the referendum "with a serious legitimacy problem."

The board made the announcement after many voters complained about being given ballot papers without the official stamp, saying ballots would be considered invalid only if proven to have been fraudulently cast.

Sunday's vote approved 18 constitutional changes that will replace Turkey's parliamentary system of government with a presidential one, abolishing the office of the prime minister and granting sweeping executive powers to the president. The changes will come into effect with the next general election, scheduled for 2019.

The reforms allow the president to appoint ministers, senior government officials and half the members of Turkey's highest judicial body, as well as to issue decrees and declare states of emergency. They set a limit of two five-year terms for presidents and also allow the president to remain at the helm of a political party.

Erdogan and his supporters had argued the "Turkish-style" presidential system would bring stability and prosperity in a country rattled by a failed coup last year that left more than 200 people dead, and a series of devastating attacks by the Islamic State group and Kurdish militants.

But opponents fear the changes will lead to autocratic one-man rule, ensuring that the 63-year-old Erdogan, who has been accused of repressing rights and freedoms, could govern until 2029 with few checks and balances.

The ballots themselves did not include the referendum question — it was assumed to be understood. Voters used an official stamp to select between "yes" and "no."

At one Istanbul polling station, eager voters lined up outside before it opened at 8 a.m.

"I don't want to get on a bus with no brake system. A one-man system is like that," said Istanbul resident Husnu Yahsi, 61, who said he was voting "no."

In another Istanbul neighborhood, a "yes" voter expressed full support for Erdogan.

"Yes, yes, yes! Our leader is the gift of God to us," said Mualla Sengul. "We will always support him. He's governing so well."

Erdogan first came to power in 2003 as prime minister and served in that role until becoming Turkey's first directly elected president in 2014.

The referendum campaign was divisive and heavily one-sided, with the "yes" side dominating the airwaves and billboards across the country. Supporters of the "no" vote have complained of intimidation, including beatings, detentions and threats.

The vote comes as Turkey has been buffeted by problems. Erdogan survived a coup attempt last July, which he has blamed on his former ally and current nemesis Fethullah Gulen, an Islamic cleric living in the United States. Gulen has denied knowledge of the coup attempt.

Still, a widespread government crackdown has targeted followers of Gulen and other government opponents, branding them terrorists and a state of emergency has been imposed.

Roughly 100,000 people — including judges, teachers, academics, doctors, journalists, military officials and police — have lost their jobs in the government crackdown, and more than 40,000 have been arrested. Hundreds of media outlets and non-governmental organizations have been shut down.

Turkey has also suffered renewed violence between Kurdish militants and security forces in the country's volatile southeast, as well as a string of bombings, some attributed to the Islamic State group, which is active across the border in Syria.

The war in Syria has led to some 3 million refugees crossing the border into Turkey. Turkey has sent troops into Syria to help opposition Syrian forces clear a border area from the threat posed by Islamic State militants.

Meanwhile, Turkey's relations with Europe have been increasingly tense, particularly after Erdogan branded Germany and the Netherlands as Nazis for not allowing Turkish ministers to campaign for the "yes" vote among expatriate Turks.

___

Fraser reported from Ankara. Bram Janssen in Istanbul and Mucahit Ceylan in Diyarbakir also contributed to this report.

  • Turkish Official Says Jamal Khashoggi's Remains May Have Been Taken Outside Istanbul
    World
    Time

    Turkish Official Says Jamal Khashoggi's Remains May Have Been Taken Outside Istanbul

    The official told The Associated Press that police have established that two vehicles belonging to the consulate, left the building on Oct. 2 — the day Khashoggi had walked into the consulate and vanished. One of the vehicles traveled to the nearby Belgrade Forest while the other traveled to the city of Yalova, across the Sea of Marmara from Istanbul, the official said, speaking on condition of anonymity due to the secrecy of the ongoing investigation. Turkish reports say Khashoggi was brutally murdered and dismembered inside the consulate by members of an assassination squad with ties to Saudi Crown Prince Mohammed bin Salman.

  • What happens if you win Mega Millions' $970M jackpot?
    News
    Associated Press

    What happens if you win Mega Millions' $970M jackpot?

    Despite the terrible odds — one in 302.5 million for those keeping score at home — someone will eventually match all six numbers and win the Mega Millions jackpot, which now stands at $970 million. Here are some answers for someone holding that prized lottery ticket for what would be the second-largest lottery jackpot in U.S. history. Lottery officials recommend winners take a deep breath, put their winning ticket in a safe spot and consult with a reputable financial planner before popping over to the lottery headquarters.

  • Tesla launches new $45,000 Model 3
    Business
    Reuters

    Tesla launches new $45,000 Model 3

    The tax credit for Tesla cars will drop by half on Jan. 1. Although Tesla has promised a base-level version of the Model 3 priced at $35,000, so far it has only produced higher-cost versions starting at about $49,000. Tesla has said that it would not manufacture the base-level version of the Model 3 this year.

  • Business
    Barrons.com

    How Under Armour Stock Can Triple

    (UAA) has had a bumpy ride the last couple of years. It started shortly after the stock peaked in 2015, which was another year of 20% revenue growth. Under Armour (ticker: UAA) made significant management changes, creating new senior executive titles for marketing, product, and innovation.

  • Business
    CNBC

    Morgan Stanley downgrades Ford and says dividend at risk

    Morgan Stanley downgraded Ford, citing a risk to the company's dividend and pressure on cash and earnings. The automaker is suffering from the appearance that it lacks transparency and decisive action. Morgan Stanley downgraded Ford F on Friday, saying its earnings and cash flow are under pressure and its dividend is at risk.

  • Business
    CNBC

    Disney shares rise after Barclays upgrades rating, citing company's pivot to streaming

    Barclays bumps up its rating on Disney shares to overweight from equal weight. The firm thinks Disney's shift to provide an over-the-top media service will be a new spark for growth. Barclays raises its price target on shares of Disney to $130 a share from $105 a share.

  • Goldman Sachs Adds Nvidia To 'Conviction Buy' List
    Business
    Yahoo Finance Video

    Goldman Sachs Adds Nvidia To 'Conviction Buy' List

    Goldman Sachs analyst Toshiya Hari reiterated his 'Buy' rating for Nvidia and added the chip-maker to Goldman’s 'Conviction Buy' list.

  • Should I Save or Invest?
    Business
    Motley Fool

    Should I Save or Invest?

    Here's a closer look at saving and investing, with some advice on how to determine which is better for you. Everyone should have an emergency fund that can cover at least three to six months' living expenses. It's better to keep the money for a down payment in a savings account rather than investing it, because the stock market can be volatile in the short term.

  • Kinder Morgan Inc.’s CEO Outlines a 4-Step Plan for a Brighter Tomorrow
    Business
    Motley Fool

    Kinder Morgan Inc.’s CEO Outlines a 4-Step Plan for a Brighter Tomorrow

    Kinder Morgan (NYSE: KMI) recently completed a "momentous" quarter according to CEO Steve Kean. Not only did the pipeline giant's financial results beat its expectations, but it was a pivotal quarter on a strategic front, because the company closed the sale of the Trans Mountain Pipeline and locked up another new growth project. Complete the distribution of the Trans Mountain proceeds and continue our discussions on turning the positive indications that we now have from all three rating agencies into positive ratings actions.

  • Apple patent troll strikes again with FaceTime lawsuit
    Technology
    Engadget

    Apple patent troll strikes again with FaceTime lawsuit

    For such a genial component of Apple's ecosystem, FaceTime certainly attracts a lot of lawsuits from interested bodies. The latest is from Uniloc, a company with a collection of patents, a hotline to its lawyers and very little else. AppleInsider is reporting that the patent troll has filed a request for a jury trial, accusing Apple of infringing its intellectual property.

  • Why Activision Blizzard, United Rentals, and Gap Slumped Today
    Business
    Motley Fool

    Why Activision Blizzard, United Rentals, and Gap Slumped Today

    The stock market had a tough session on Thursday, with the Dow Jones Industrial Average finishing down over 300 points. Investors continued to worry about rising interest rates in the U.S., but they also turned their attention to the global macroeconomic picture, where new concerns about the prospects for growth in areas like Europe and China weighed on sentiment. Company-specific news hurt certain stocks, and Activision Blizzard (NASDAQ: ATVI), United Rentals (NYSE: URI), and Gap (NYSE: GPS) were among the worst performers on the day.

  • The ‘smart money’ says it’s time to buy the Chinese internet giants and the U.S. FAANGs
    News
    MarketWatch

    The ‘smart money’ says it’s time to buy the Chinese internet giants and the U.S. FAANGs

    When the media and investors turn negative on stocks but the “smart money” is bullish, it’s a good time to think about buying. After all, exactly what is the smart money, and how do you know? Lately, several fund managers who pass this test have been pounding the table on Chinese internet names.

  • P&G tops earnings expectations
    Finance
    American City Business Journals

    P&G tops earnings expectations

    Procter & Gamble Co. today reported a profit of nearly $3.2 billion for the first quarter of the fiscal year, an increase of 12 percent over $2.85 billion for the same period the previous year. Core earnings per share were $1.12, which topped the expectation of market analysts by 3 cents. Today’s EPS number was up 3 percent from $1.09 in earnings per share posted for the same period last year.

  • News
    MarketWatch

    Apple's stock surges after bullish new report from Wedbush

    Shares of Apple Inc. (aapl) rallied 1.3% in premarket trade Friday, after Wedbush Securities started covering the technology giant with a bullish stance, citing the company's services "gold mine" and positive iPhone cycle. Analyst Daniel Ives initiated Apple at outperform and added Apple to Wedbush's "best ideas list." He set a stock price target of $310, which is 44% above Thursday's closing price of $216.02 and 34% above the Oct. 3 record close of $232.07. "With positively trending ASPs and gross margins heading into this 2019 product cycle showing no signs of abating and could translate into upside for the upcoming quarter, we believe many of the growth fears on the Street have been alleviated, however this upcoming product cycle remains a linchpin for Cupertino," Ives wrote in a note to clients.

  • US reaches deal with Mexico to stop migrant caravan: Fox News report
    Politics
    Fox Business Videos

    US reaches deal with Mexico to stop migrant caravan: Fox News report

    Rep. Matt Gaetz (R-Fla.) discusses the report that the U.S. reached a deal with Mexico to stop the migrant caravan from entering the United States.

  • Why Yandex N.V. Stock Plunged Today
    Business
    Motley Fool

    Why Yandex N.V. Stock Plunged Today

    What happened Shares of Yandex N.V. (NASDAQ: YNDX) dropped 17.8% on Thursday following reports that Russia's state-owned Sberbank may take a controlling stake in the country's leading internet search company. More specifically, according to sources speaking

  • Home Depot vs. Lowe’s: Both Stocks Are Slumping, So Which One Should You Buy?
    Finance
    GoBankingRates

    Home Depot vs. Lowe’s: Both Stocks Are Slumping, So Which One Should You Buy?

    An analyst downgrade based on housing market outlooks has sent stocks from Lowe’s and Home Depot down over the last two days. Both Home Depot and Lowe’s are in downtrends dating back to September. On Wednesday, shares in Lowe’s and The Home Depot were slumping after disappointing housing market data led a key analyst to downgrade his ratings and slash price targets, and both stocks continued the slump into a second day on Thursday.

  • Provocateur Stormy Daniels Takes an Unexpected Turn in the National Spotlight
    Politics
    Time

    Provocateur Stormy Daniels Takes an Unexpected Turn in the National Spotlight

    To understand what it means to be famous like Stormy Daniels, for the reasons she is famous, spend time with her in a public space. On Oct. 15, a California judge threw out the defamation case she filed against Donald Trump. Over the past year, Daniels, 39, has become the Zelig of White House scandals.

  • 3M (MMM) to Report Q3 Earnings: What's in the Cards?
    Business
    Zacks

    3M (MMM) to Report Q3 Earnings: What's in the Cards?

    3M Company MMM is scheduled to release third-quarter 2018 results on Oct 23, before the market opens. Notably, the company’s earnings of $2.59 were same as the Zacks Consensus Estimate in the second quarter of 2018. Year to date, 3M’s shares declined 14.9%, worse than 8.7% fall recorded by the industry it belongs to.

  • Is CenturyLink, Inc. a Buy?
    Business
    Motley Fool

    Is CenturyLink, Inc. a Buy?

    Legacy landline telecom CenturyLink, Inc. (NYSE: CTL) gets plenty of grief. And understandably so, considering that its legacy business, copper wire landline and internet connections is a steadily declining business while fiber and wireless technologies

  • CEOs Have Already Spent $24 Million on the 2018 Midterm Elections. Here's Where the Money Went
    Business
    Fortune

    CEOs Have Already Spent $24 Million on the 2018 Midterm Elections. Here's Where the Money Went

    America’s CEOs have spent more than $24 million in the 2018 midterms, according to a MarketWatch report, with the majority of that money going to Republicans. MarketWatch analyzed the contributions from 388 CEOs of S&P 500 companies between Jan. 1, 2017, and Aug. 31, 2018, as recorded by the Federal Election Commission. MarketWatch‘s report, released Thursday, includes a searchable database of CEO contributions.

  • 7 Stocks Warren Buffett Can’t Stop Buying
    Finance
    InvestorPlace

    7 Stocks Warren Buffett Can’t Stop Buying

    Sometimes identifying the best stocks to buy can be difficult, but you could do a lot worse than checking out the stocks selected by one of the world’s savviest hedge fund managers — Warren Buffett. Buffett’s stock picks are a popular source for investors, and for good reason. The billionaire Buffett is many things: He’s among the world’s most successful fund managers, a legendary philanthropist and owns more than 60 companies.

  • Timing Of Saudi Arabia's $100 Million Payment To US Seems Suspect
    World
    Yahoo View

    Timing Of Saudi Arabia's $100 Million Payment To US Seems Suspect

    Saudi Arabia committed to the payment in August to help the fight against ISIS in Syria.

  • With market on edge, investors look to tech trio
    Business
    Reuters

    With market on edge, investors look to tech trio

    The pressure is on for Amazon, Alphabet and Microsoft as they prepare to report quarterly results at a time when confidence in those market leaders looks increasingly fragile and in danger of derailing Wall Street's rally. After worries about higher interest rates sparked a steep sell-off in early October and again on Thursday, the S&P 500 remains down 5 percent from its Sept. 20 record high close, with top-shelf stocks including Amazon.com Inc , Alphabet Inc , Netflix Inc and Facebook Inc showing little of their vitality from recent years. A quarterly report from Microsoft Corp on Wednesday after the bell, followed by Alphabet and Amazon late on Thursday, will influence sentiment across Wall Street.

  • Suddenly Toxic, Saudi Prince Is Shunned by Investors He Courted
    World
    Bloomberg

    Suddenly Toxic, Saudi Prince Is Shunned by Investors He Courted

    Now Crown Prince Mohammed bin Salman could become the biggest risk to his own project. Everything changed when Jamal Khashoggi walked into the Saudi consulate in Istanbul on Oct. 2 and didn’t come out. Prince Mohammed, who’s denied any knowledge of Khashoggi’s fate, still has his defenders -– notably Donald Trump.