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Turkey

Turkey allows companies to exclude forex losses from bankruptcy calculations

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ISTANBUL:Turkish companies will no longer be required to count foreign-currency losses when assessing whether to file for bankruptcy, according to a legal change introduced at the weekend, a move that could dent productivity by propping up unhealthy companies. The move is the latest government measure to help companies squeezed by a sell-off in the Turkish lira this year, and highlights ... Read More »

Idlib assault on hold as Russia, Turkey agree on buffer zone

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The leaders of Russia and Turkey have agreed to establish a de-militarised zone in Syria’s Idlib province, in a move that ostensibly puts on hold a threatened all-out assault by government forces on Syria’s last rebel bastion. The announcement was made on Monday during a press conference in the Black Sea resort of Sochi, where Russian President Vladimir Putin hosted ... Read More »

Erdogan calls on Turkish authorities to look into CHP role in Isbank

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ISTANBUL:President Tayyip Erdogan said Turkish authorities should look into the role of members of the main opposition Republican People’s Party (CHP) in the board of major lender Isbank, Hurriyet newspaper reported on Monday. “It (CHP) owns 28 percent of Isbank shares. It can’t get money from there but it has four board members. What do these four members do? This ... Read More »

Turkish gains Authorized Economic Operator status

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Turkish Cargo has obtain an Authorized Economic Operator (AEO) certificate, issued by the World Customs Organization (WCO), which enables companies to engage more rapidly and reliably in international trade. Turkish Cargo is the first air cargo carrier to take advantage of the AEO certificate across Turkey. The AEO certificate was issued after extensive consultations between Turkey’s Ministry of Trade and ... Read More »

Turkey remains draw for Lebanese tourists

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BEIRUT: Turkey’s high season for Lebanese tourists kicked off on a strong note in May of this year, with early bookings on well-priced package deals leading to tight traffic at the airport. The momentum only grew with the Turkish currency devaluating in mid-July. Faced with sharp devaluation of the lira against the U.S. dollar, many Turkish hotels, businesses and traders ... Read More »

Could crises in Turkey and Argentina hurt Asia?

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Economic crises in Turkey and Argentina have led to talk of “contagion” – the danger of financial problems in one country spilling over into others. Turkey has struggled with a falling currency and worsening relations with the US. A spiralling crisis in Argentina prompted the government to announce austerity measures and to ask the International Monetary Fund (IMF) for an ... Read More »

Turkey signs agriculture, oil exploration deals with Sudan

A worker checks the valve gears in a natural gas control centre of the Turkey's Petroleum and Pipeline Corporation, 35 km (22 miles) west of Ankara, May 18, 2007. Turkey will invest $3.5 billion in Iran's South Pars gas field starting from 2008, two senior Turkish energy ministry officials told Reuters on Wednesday. Late last week Turkey announced that it had signed a deal to use Iran as a transit route for Turkmen gas and that it would also develop Iran's South Pars gas field to transport gas on to Europe. REUTERS/Umit Bektas (TURKEY) - RTR1RZKN

ANKARA: Turkey and Sudan have signed a US$100 million oil exploration deal and an agreement allocating thousands of square miles of Sudanese agricultural land for investment by Turkish companies, Turkey’s agriculture and forestry ministry said on Tuesday. The two countries have strengthened ties and agreed in December, when Tayyip Erdogan made the first visit to Khartoum by a Turkish president, ... Read More »

IMF urges Turkey to pursue ‘sound’ economic policies

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Turkey: The International Monetary Fund on Thursday urged Turkish authorities faced with a falling currency and surging inflation to pursue “sound” economic policies to stabilize the situation. However, the government in Ankara has not requested financial support from the global crisis lender, spokesman Gerry Rice told reporters. “We continue to monitor developments closely. Again, I want to be clear, there ... Read More »

Turkey: Assos sets sights on UNESCO heritage tag

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Archaeological Site of Assos in Turkey’s northwestern Canakkale province is eyeing the UNESCO World Heritage list. Assos, also known as Behramkale, was one of the most important port cities of the ancient age and possesses crucial cultural heritage from the region’s Roman period, including an antique theater, agora, necropolis and walls. The site, located 17 kilometers (11 miles) south of ... Read More »

Full steam ahead for Global Ports despite swings in Turkish

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The world’s largest cruise port operator, whose directors include Lord Mandelson, has sought to reassure investors over its exposure to the crisis in Turkey (Alex Ralph writes). Global Ports Holdings, which operates four ports in the country, said that the volatile currency moves were “relatively immaterial” to the company. The update from the London-listed company came alongside its report that ... Read More »

Turkey Calls US ‘Wild Wolves,’ Vows to Abandon Dollar in Trade

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Turkish President Recep Tayyip Erdogan Sunday vowed Ankara would pursue non-dollar transactions in trade with Russia and other countries, accusing the US of behaving like “wild wolves.” Both Turkey and Russia are reeling from punitive economic measures imposed by Washington. “America behaves like wild wolves. Don’t believe them,” Erdogan told a business forum during a visit to Kyrgyzstan, in comments ... Read More »

Turkey to speed up EU reforms, expects results in visa liberalization, Customs Union

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Turkey:Turkey will prioritize reforms linked to its European Union accession process in the coming period and expects to see results from its efforts, including on the issue of visa liberalization, according to Foreign Minister Çavuşoğlu’s remarks that came after the Fourth Reform Action Group meeting held with the participation of three other ministers. Justice Minister Abdulhamit Gül, Treasury and Finance ... Read More »

Ties to Russia no alternative to US, EU: Turkish FM

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Turkey’s ties to Russia are not an alternative to relations with the U.S. and the EU, said Turkish Foreign Minister Mevlüt Çavuşoğlu on Tuesday. Speaking at a joint press conference with his Lithuanian counterpart Linas Linkevicius, Çavuşoğlu addressed Turkey’s deteriorating relations with the U.S., noting that numerous congressmen and senators are “working hard” to repair the damage done to ties ... Read More »

U.S. sanctions against Turkey could backfire

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Turkey:It was not surprising when the U.S. reimposed sanctions on Iran that it had lifted as a result of the nuclear deal signed by the U.S. and five other countries in June 2015. President Donald Trump had made it clear during his presidential campaign that the deal was “horrible” and the U.S. would withdraw from it, if he were elected. ... Read More »

Uzbekistan and Turkey to increase trade turnover 2.5 times

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Turkey:Uzbekistan and Turkey plan to increase mutual trade turnover to $5 billion in 2018, the Uzbek media quoted Turkish Ambassador to Uzbekistan Ahmet Basar Sen as saying. The head of the diplomatic mission noted that the trade turnover between Turkey and Uzbekistan has recently reached record levels and will reach $ 2 billion by the end of 2018. Sen noted ... Read More »

Turkey crisis: German government, business leaders dismiss talk of aid

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Turkey:Germany is not planning financial aid to help Turkey deal with its currency crisis, the Berlin government says. Opportunities may arise to buy indebted Turkish firms, but for now German business leaders are indifferent. Berlin and Brussels on Monday played down a suggestion that Germany and the European Union (EU) should offer aid to Turkey, to help offset the effects ... Read More »

YTB ready for Turkish expats returning to Europe

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Turkey:The Presidency for Turks Abroad and Related Communities (YTB) has said it is prepared for thousands of Turkish expats returning to Europe after spending the summer in Turkey. The state agency, founded in 2010, help and coordinate activities for Turks living abroad and Turkish expats. Every year hundreds of thousands of Turks living in Europe return home for summer holidays. ... Read More »

Russia and Turkey to trade in national currencies not US dollar

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Russia:Russia said last Monday that it favors bilateral trade with all countries using their national currencies rather than the US dollar. However, Russian authorities say the idea needed more work before it could be implementedrade-in-national-currencies-not-us-dollar/article/529597#ixzz5OKowUVtX There has already been several moves by Russia to use currencies other than the dollar in international trade. Back in June Russia and China came ... Read More »

Port Taranaki’s Turkish built tug gets its official welcome

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Turkey:Port Taranaki’s newest tug has been officially welcomed, blessed and named. The Turkish built tug Kīnaki, which arrived in Taranaki on July 24 from Lyttelton, has been in use for a couple of weeks, but got the fancy part of its welcome to the area on Friday. Rev Albie Martin was there to bless the little boat along with representatives ... Read More »

Turkish economy’s financial assets over $3T in Q1

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ANKARA:The Turkish economy’s total financial assets amounted to 11.85 trillion Turkish liras (around $3.1 trillion) as of the first quarter of this year, the Central Bank of Republic of Turkey (CBRT) announced on Tuesday. According to the bank’s Financial Accounts Report, the economy’s liabilities totaled 13.57 trillion Turkish liras (some $3.55 trillion) in the January-March period. As a result, the ... Read More »