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Good morning from the Financial Times.

Today is Thursday, September 15th, and this is your FT News Briefing.

Western powers want to plug the loopholes in their sanctions on Russia.

Portia is cruising towards an IPO, and a migration crisis in the Americas keeps getting worse.

This has become a region-wide migration crisis. This is no longer just about the US and Central

America or the US and Mexico. I'm Sonya Hudson in for Mark Filipino, and here's the news you need

to start your day. Turkey's president, Recep Tayyip Erdogan, plans to meet with his Russian

counterpart Vladimir Putin tomorrow. Erdogan says he wants to remain neutral regarding Russia's

war in Ukraine, and he's refused to sign on to Western sanctions. But US and EU officials have

been ratcheting up pressure on Turkey not to let Russia use its banks to evade sanctions.

The US is concerned about Turkish banks that are part of Russia's payments network,

called MIR, its Russia's alternative to visa and mastercard. Five of Turkey's largest banks are

now members of MIR. Volkswagen is moving ahead with plans to publicly list its sports car brand,

and IPO could come in the next few weeks, and executives are hoping to replicate the success Ferrari

had with its IPO in 2015. Ferrari's listing proved that car makers could also be valued as luxury

businesses. Here's the FT's Peter Campbell. There is the idea that if a luxury carmaker such as

Ferrari, or such as Porsche, is tied up within a larger carmaker, then its true value is never

really realized. And so what Volkswagen is hoping to do here is by spinning off some of Porsche,

now they're not selling all of it, they're selling some of the shares in it, they will be able to

unlock value that is currently held within Porsche as a company that they think could help the

...