Thursday , December 14 2017
Breaking News


Turkish economy surges 11.1% in Q3


ISTANBUL: Turkey’s economy grew at a blistering 11.1 per cent in the third quarter for its fastest expansion in six years, data showed on Monday, handily beating forecasts due to government incentives and the base effect after last year’s failed coup. After the data was released, Development Minister Lutfi Elvan forecast 2017 growth would be in a band of 6 ... Read More »

EU, Turkey customs union agreement should be renewed adviser says


ISTANBUL: Negotiations to update the Customs Union agreement between Turkey and the EU should be started, Special Adviser to High Representative of the European Union for Foreign Affairs and Security Policy Federica Mogherini said Sunday. Highlighting that the renewal of the agreement will benefit the bloc, Nathalie Tocci said that the negotiations need to be restarted. She also noted that ... Read More »

Turkish, EU business circles want modernized customs union


ISTANBUL: All interested parties want the update of the EU-Turkey Customs Union agreement and the visa liberalization to enter into force,” European Commission Vice President Jyrki Katainen said late Friday. During a press conference with Deputy Prime Minister Mehmet Şimşek, Katainen said they held the second of the EU-Turkey High Level Economic Dialogue meetings, stressing the strategic importance of these ... Read More »

Turkey hikes corporate tax rate


ISTANBUL: Turkey is to hike its headline corporate income tax rate to 22 percent for at least three years. The change was announced in Article 91 of Law no. 7061, which was approved by Parliament on November 28, 2017, and published in the Official Gazette on December 5, 2017, in issue no. 30261. The rate will apply for the 2018, ... Read More »

Turkey, SK look to capitalize on free trade agreement, boost service trade

turkey korea

ISTANBUL: Prime Minister Binali Yıldırım and his South Korean counterpart Lee Nak-yeon agreed at a joint press conference Wednesday on stepping up cooperation, on the second day of Yıldırım’s trip to the Asian country, announcing the completion of the approval processes for the Free Trade Agreement (FTA), which was signed in 2012 and expanded in 2015. The duo also stated ... Read More »

Steel exports increased while imports decreased YoY in Jan-Oct


ISTANBUL: Turkish steel product imports grew in year-on-year terms in October, while exports inched down, reported Turkish Steel Producers’ Association (TCUD). Turkish steel exports in October slided -0.6% y-o-y to 1.41mt but their total value increased 22.8% to USD1.14 billion. In September, the country’s steel exports decreased by -14.3% y-o-y. October’s flats exports fell -3.6% y-o-y to 286,000t and longs’ ... Read More »

Erdogan rules out controls against wealth smuggling


ISTANBUL: Turkey’s President Recep Tayyip Erdogan Monday ruled out capital controls as he clarified his demand for measures to prevent the smuggling of wealth abroad by unnamed businessmen he branded as traitors. “I gave no demand or instruction to restrict the movement of capital,” Erdogan said in a televised speech in Ankara, a day after he urged the government to ... Read More »

Turkey to seize assets of gold trader testifying in U.S. court: Anadolu


ISTANBUL: Turkey is to seize the assets of a Turkish-Iranian gold trader who is a key witness in the trial of a Turkish bank executive in the United States over violations of Iran sanctions, the state-run Anadolu news agency said on Friday. Turkish Prime Minister Binali Yildirim said on Friday he hoped gold trader Reza Zarrab would “turn back from ... Read More »

Turkey’s November trade deficit surges 52.4%: customs ministry


ANKARA: Turkey’s trade deficit widened 52.43 percent year on year in November to $6.28 billion, data from the Customs and Trade Ministry showed on Saturday. Exports rose 11 percent to $14.23 billion and imports climbed 21.1 percent to $20.52 billion, the data showed. Read More »

OECD nearly doubles 2017 growth forecast for Turkey to over 6%


ISTANBUL: The Organization for Economic Cooperation and Development (OECD) has significantly raised its 2017 growth forecast for Turkey to over 6 percent, by citing strong fiscal stimulus and rebound in exports. “Economic growth is estimated to have exceeded 6 percent in 2017, driven by strong fiscal stimulus and an export market recovery,” the OECD said in a note of its ... Read More »

Turkey to break records in investments in 2017: Erdoğan


ISTANBUL: President Recep Tayyip Erdoğan said that he believes Turkey will break the all-time high records in investments by the end of 2017, and that no one will be surprised if the country’s economic growth reaches 7 percent this year. Addressing Ankara’s Chamber of Commerce (ATO) at an award ceremony held in the capital on Monday, Erdoğan noted that Turkey’s ... Read More »

Gold trader’s trial strains U.S. Turkey relations


ISTANBUL: A trial which has strained Turkish-U.S. ties before it even started opens this week in New York despite the possible absence of a defendant who Turkey says is cooperating with prosecutors in what it calls “a clear plot” against Ankara. Turkish-Iranian gold trader Reza Zarrab, charged with conspiring to evade U.S. sanctions on Iran, has dropped out of sight ... Read More »

Turkey aims to sign EFTA free trade agreement in 2018


ISTANBUL: Turkey aims to sign the expanded agreement with the European Free Trade Association (EFTA) in January 2018, according to the Turkish economy minister. Turkish Economy Minister Nihat Zeybekci participated in the EFTA ministerial meeting in Geneva on Friday. Turkey has had a free trade agreement with EFTA since 1991 and is now in the process of expanding the agreement. ... Read More »

Turkey will complete tax regulations, inclusion in EU blacklist out of question: finance minister


ANKARA: Turkey promised the European Union last week that it would complete secondary tax regulations soon, Finance Minister Naci Agbal said on Thursday, adding that it was out of the question for the bloc to include Turkey in a blacklist of tax havens. Agbal told Reuters that Turkey was fully in line with and backing all international tax agreements, and ... Read More »

Two Pakistanis charged with smuggling offences in Turkey


  SOFIA: Turkey has charged three Bulgarians with illegal migrant trafficking and assisting a criminal organisation, the Bulgarian foreign ministry said on Tuesday. The three were detained on Friday and held in custody in the northwestern Turkish city of Edirne pending investigations, a ministry statement said. Last week the Bulgarian authorities smashed a gang suspected of smuggling migrants into Western ... Read More »

Turkey charges three Bulgarians with migrant smuggling


  ISTANBUL: Turkey has charged three Bulgarians with illegal migrant trafficking and assisting a criminal organization, the Bulgarian foreign ministry said on Tuesday. The three were detained on Friday and held in custody in the northwestern Turkish city of Edirne pending investigations, a ministry statement said Last week the Bulgarian authorities smashed a gang suspected of smuggling migrants into Western ... Read More »

Turkish custom officials seize 41 ‘ghost guns’


  ISTANBUL: Turkey’s Customs and Trade Ministry officials on Monday seized 47 guns from a ship which arrived from the U.S. to the Mediterranean Mersin port. They included 41 Glock handguns, also known as ‘ghost guns’, and six long-barreled weapons. According to a statement by the ministry, custom officials sent a container from the ship for an X-ray scan. Following ... Read More »

Turkey, South Korea strengthen economic partnership


ISTANBUL: Turkey and South Korea are eager to transform their long-lasting brotherhood into a strong economic partnership by increasing business cooperation, reaching potential and bringing bilateral trade to a higher level. As Daily Sabah writes in an article “Turkey, South Korea to turn long-lasting brotherhood into strong economic partnership”, Consul General of the Republic of Korea to Istanbul Cha Young ... Read More »

Turkey ranks second in TV series exports: Minister


  ISTANBUL: Turkey’s Culture and Tourism Minister said Thursday that Turkey ranks second in television series exports after the U.S. Speaking to Parliament’s Planning and Budget Committee, Numan Kurtulmus said they attached importance to exports of Turkish television series. “Turkey ranks second place in exports of television series after the U.S.,” said Kurtulmus, adding 48 percent of Turkey watches domestic ... Read More »

Turkish tankers took billions from the Russian budget


  ISTANBUL: While Russia and Turkey are busy restoring bilateral cooperation at the highest level, some unscrupulous entrepreneurs ruin the picture of achievements in this area by taking advantage of the readiness of the Russian side to provide favourable conditions for their activities in Russia. Turkey-based company Palmali, the child of Turkish and Azerbaijani entrepreneur Mubariz Mansimov, has received a ... Read More »