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Turkey

Turkey threatens retaliation as U.S. mulls steel tax

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ANKARA: Turkey is considering retaliatory measures against the United States should Washington impose taxes on its steel exports, Economy Minister Nihat Zeybekçi said, raising the prospect of further political tensions between the two NATO allies. “If they (Turkish producers) complain about U.S. measures, then we will look at the situation and are more likely to take retaliatory measures,” Zeybekçi said late on Tuesday, according ... Read More »

Turkish ruling party in $400b construction frenzy ahead of polls

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ANKARA: In government for 15 years and controlling the Istanbul and Ankara municipalities for 24, Turkey’s Justice and Development Party (AKP) has decided to roll out a construction campaign worth $15 billion annually and $400 billion in total. Turning Turkey into a construction zone, especially Istanbul, will be an important lifeline for the AKP as it enters its 16th year ... Read More »

Turkish defense giant eyes Asian countries for aviation exports

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ANKARA: Turkish Aerospace Industries Inc. (TAI) is in intensive contact with Asian countries for the export of air platforms that it has developed. TAI participated in the Singapore Airshow on Feb. 6-11 to showcase the products of the Turkish defense industry, such as the T129 ATAK Attack and Tactical Reconnaissance Helicopter, the unmanned aerial vehicle (UAV) ANKA and the T625 ... Read More »

IMF raises Turkey growth forecast for 2018

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ISTANBUL: The International Monetary Fund (IMF) on Friday raised Turkey’s growth forecast for 2018 by 0.5 percentage points to 4 percent. The IMF also said it expects Turkey’s economy to expand by 7 percent in 2017, which is “well above potential.” “In 2017, a sizable credit impulse — driven by state loan guarantees — and fiscal policy supported the economy, ... Read More »

Turkey’s budget posts $450m surplus in January

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ISTANBUL: Turkey’s central government’s budget balance saw a surplus of 1.7 billion Turkish liras ($450 million) in January, the Ministry of Finance announced on Thursday. According to an official statement, Turkey’s budget revenues fell by 1 percent to 58.2 billion Turkish liras ($15.4 billion) last month, compared to the same month of last year. The budget expenses stood at 56.5 ... Read More »

GVC gives away Turkish business to help smooth Ladbrokes takeover

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ISTANBUL: Online gambling company GVC has given away its Turkey business, hoping the move will help smooth its takeover of Ladbrokes after GVC’s lenders baulked at its exposure to a country where internet betting is illegal. GVC had agreed on Nov. 2 to sell its business in Turkey for as much as 150 million euros ($186 million), before it struck ... Read More »

Turkey’s poultry production on rise in 2017

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ANKARA: Turkey’s seasonally and calendar-adjusted poultry production grew, year-on-year, in 2017, according to Turkish Statistical Institute (TurkStat) data on Tuesday. Hen egg production in the country rose 6.6 percent to reach 19.3 billion units last year, compared with 2016, TurkStat data showed. The data revealed that chicken meat production also increased to 2.1 million tons in 2017, up 12.9 percent ... Read More »

Turkey in intense cooperation with Africa

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ANKARA: Turkey and Africa these past years has attracted attention ahead of the Second Turkey-Africa Ministerial Review Conference in Istanbul to take place on Feb. 11-12. The conference is co-organized by the Turkish Foreign Ministry and the African Union Commission with the attendance of 19 African countries. It is being held four years after the Africa-Turkey Summit held in Malabo, ... Read More »

Mitsubishi Electric reiterates trust in Turkish economy

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ANKARA: Mitsubishi Electric, opened its first room air conditioner production facility in Europe in Turkey’s province of Manisa. During speeches on the opening day, the company’s representatives said the brotherhood between Turkey and Japan contributed to Mitsubishi Electric’s decision to invest in Turkey and confirmed their trust in the Turkish economy and its political stability. They further emphasized that the ... Read More »

Turkey pledges to change terror law to win EU visas

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ISTANBUL: Turkey wants to turn a page in its strained relationship with the European Union to obtain visa-free travel, promising changes to its counterterrorism law to comply with the bloc’s human rights norms. Presidential spokesman Ibrahim Kalin said Wednesday that Turkey has submitted proposals to the EU showing it will comply with the remaining seven of 72 criteria required to ... Read More »

Turkey’s crude steel production hits historic high

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ANKARA: Crude steel production in Turkey rose to an all-time-high in 2017, reaching over 37.5 million tons, according to data from the Turkish Steel Producers Association (TCUD) compiled by Anadolu Agency on Wednesday. The output soared by 13.2 percent last year, up from 33.2 million tons in 2016, the data showed. Turkey’s crude steel exports also increased in volume by ... Read More »

Turkey to increase taxes on electric vehicles

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ISTANBUL: A draft bill recently submitted to parliament has unexpectedly proposed a motor vehicle tax (MVT) rise on electric vehicles in Turkey, reports. According to the bill, the proposed MVT rate for electric cars will be set at 25 percent of the MVT rate currently levied on diesel and gasoline-powered vehicles. Accordingly, if 3,000 Turkish Liras is paid as the ... Read More »

Draft law hints at surprising tax hike for electric vehicles in Turkey

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ANKARA: A draft bill recently submitted to parliament has unexpectedly proposed a motor vehicle tax (MVT) rise on electric vehicles in Turkey. According to the bill, the proposed MVT rate for electric cars will be set at 25 percent of the MVT rate currently levied on diesel and gasoline-powered vehicles. Accordingly, if 3,000 Turkish Liras is paid as the MTV ... Read More »

Louth IFA welcomes Minister Creed’s visit to Turkey on live exports

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ANKARA: Louth IFA Livestock Chairman Peter McEneaney strongly welcomed the trip by Agriculture Minister Michael Creed to Turkey this week on live exports. He said IFA and Bord Bia visited this market last October and it is clear that there is real potential for increased export, Based on positive discussions we had with the The Turkish Meat and Milk Board ... Read More »

Turkey tax office blast caused by bomb, attacker killed

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ANKARA: An explosion at a tax office in the Turkish capital was caused by a bomb — not a gas leak as initially believed, authorities said Friday, adding that the suspected bomber had been killed in a police operation. The Ankara governor’s office said authorities had also detained eight people suspected of links to the alleged bomber, whom it identified ... Read More »

Turkish flat steel imports up 3% in 2017

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ANKARA: Turkey’s import volumes of flat steel products increased by 3.14% year on year in 2017, according to data released by the Turkish Statistical Institute (TUIK) on Thursday February 1. Turkey imported 8,390,305 tonnes of flat steel in January-December 2017. This compared with 8,134,707 tonnes in 2016. The reasons for the increase were the competitiveness of import prices and the ... Read More »

Turkey’s exports surge in January

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ANKARA: Turkey’s exports rose 16.3 percent on a yearly basis to reach nearly $12.2 billion in January, the Turkish Exporters Assembly (TIM) announced on Thursday. According to TIM, the figure was the third-best January export number of all time. On a quantity basis, Turkish exports also rose 9.8 percent to reach 9.7 million tons during the same period. TIM noted ... Read More »

Exports up over 10% in 2017, reach $157b

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ISTANBUL: Turkey’s exports soared by 10.2 percent to $157.05 billion in 2017 compared to the previous year, the national statistical body announced yesterday. According to foreign trade data provided by Turkish Statistical Institute (TurkStat) and the Customs and Trade Ministry, Turkey’s foreign trade volume reached $390.84 billion in 2017, an annual increase of 14.56 percent. Meanwhile, the country’s imports were ... Read More »

Turkey’s exports up over 10% in 2017

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ISTANBUL: Turkey’s exports in 2017 amounted to over $157.05 billion, a 10.2 percent rise compared with the previous year, the Turkish Statistical Institute (TurkStat) announced Wednesday. The country’s foreign trade volume reached $390.84 billion in 2017, marking a 14.56 percent annual increase, according to provisional data provided by TurkStat and the Ministry of Customs and Trade. Meanwhile, Turkish imports climbed ... Read More »

Turkey aligns detergents Regulation with EU

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ISTANBUL: Turkey has introduced a new detergents Regulation that fully aligns requirements with those of the EU. The Regulation was published in the country’s Official Gazette on 27 January and will become effective on 27 July for most types of detergents on the market. Requirements for those containing phosphate and liquid detergent capsules will enter into force after one year, in January ... Read More »