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An independent probe into the IMF's handling of European bailouts found that it bent its rules and was vulnerable to political pressure as it embarked on the ill-fated 2010 Greece rescue. The International Monetary Fund's Independent Evaluation Office said in its report Thursday that in the plunge into the eurozone crisis, the Fund's executive board was poorly informed and exercised too little oversight over decisions which taxed the Fund's resources. The IEO report bluntly criticized the rush by the Fund's management, led former French finance minister Dominique Strauss-Kahn up to May 2011, to join the European Central Bank and European Commission in the crisis bailouts of Greece, Ireland and Portugal.
By Asli Kandemir ISTANBUL (Reuters) - A crackdown in Turkey after a failed coup could further weaken its institutions and threaten its investment grade status, investors fear, as dismissals and detentions stretch from the judiciary into the private sector and even the central bank. Turkey has suspended, detained or put under investigation more than 60,000 soldiers, judges, teachers, journalists and others suspected of ties to the network of U.S.-based cleric Fethullah Gulen, whom it blames for the July 15-16 coup attempt. What began as a purge in the security services and judiciary has spread to commercial firms and financial institutions.
Samsung extended its lead in the global smartphone market over Apple in the second quarter, gaining from the launch of its updated flagship handsets, surveys showed Thursday. The South Korean giant delivered 77 million smartphones in the quarter, up 5.5 percent from a year ago, for a market share of 22.4 percent, research firm IDC said. Samsung got a lift from the March launch of its Galaxy S7 and S7 Edge flagship models, with an upgraded processor, waterproofing and other features, IDC noted.