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Turkey

No more debt postponement for taxpayers in Turkey: Albayrak

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Turkey : There will be no more debt restructuring or postponement for taxpayers, Treasury and Finance Minister Berat Albayrak said on July 17. With the scope of the mid-term projection assessment, Albayrak said an effective control of budget expenditures, the rise of efficiency and compliance with targets require no concessions to be made, especially when it comes to budgetary discipline. ... Read More »

Turkish financial watchdog cancels stock market abuse decision

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ISTANBUL: Turkey’s capital markets regulator decided on Sunday to cancel a partial suspension of a directive related to insider trading, saying “speculation and negative perceptions” of the move would have prevented the decision having its desired effect. The Capital Markets Board said on Friday that until the end of August Borsa Istanbul share purchases by people party to a company’s ... Read More »

Erdogan set to assume expanded powers as Turkey enters new era

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ANKARA, Turkey President Recep Tayyip Erdogan is to be sworn in for his second term as head of state on Monday, taking on greater powers than any Turkish leader for decades under a new system condemned by opponents as autocratic. Erdogan, who has transformed Turkey by allowing Islam to play a greater role in public life and boosting the country’s ... Read More »

Jordan, Turkey discuss economic ties

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AMMAN :President and board members of the Amman Chamber of Commerce (ACC) discussed with Turkish Ambassador to Jordan Murat Karagoz, means of forging closer cooperation between the two countries in the trade, services and tourism fields. ACC President Issa Murad praised the strong ties between Jordan and Turkey which have been progressively developing thanks to the leadership of both countries. ... Read More »

Turkey lira slides after Erdogan son-in-law named finance chief

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ISTANBUL: The embattled Turkish lira on Monday lost 3.5 percent in value against the US dollar after Turkish President Recep Tayyip Erdogan named his son-in-law Berat Albayrak as finance minister in a new government. The appointment of finance minister had been keenly awaited by markets, with the naming of Albayrak, the husband of Erdogan’s elder daughter Esra and formerly energy ... Read More »

Turkey’s manufacturing index at 46.8 points in june

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ANKARA:Turkey’s Purchasing Managers’ Index (PMI) for the manufacturing sector stood at 46.8 points in April due to a slowdown in new business, according to a closely-watched business survey on Monday. An Istanbul Chamber of Industry PMI Manufacturing Index report conducted in cooperation with IHS Markit showed a 0.4-point increase in June from May, signaling a challenging business conditions in the ... Read More »

Turkish economy just as volatile after elections

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Turkey: presidential and parliamentary elections, held 16 months ahead of schedule, produced no remarkable change in the country’s political topography. On the economic front, the climate of uncertainty that the elections had created is over, but economic visibility has not improved and the risks have not eased. For both domestic and foreign actors, the Turkish market remains fraught with unknowns, ... Read More »

Ankara to have minimum dialogue with new EU president Austria

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As Austria has taken over the rotating six-month presidency of the European Union in July, Ankara does not expect a considerable agenda with the new term president, even at refugee issue, given tensions between Ankara and Vienna. Ankara will likely to have “minimum dialogue” with the new term president Austria, a Turkish official told Hürriyet Daily News. Turkey will focus ... Read More »

Turkish Police Bust Iraq Car-Smuggling Gang

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Five suspected members of an organized crime ring that was smuggling stolen cars into Iraq have reportedly been arrested in Turkey. Police detained three members of the gang, one of them a Greek national, at a customs office in Istanbul after they cleared a luxury Jaguar through customs. They later detained a Turkish national and the Iraqi leader of the ... Read More »

Turkey, EFTA expand free trade agreement

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Turkey and the European Free Trade Association (EFTA) countries—Iceland, Liechtenstein, Norway, and Switzerland—signed an agreement on June 25 to enlarge their free trade agreement (FTA). “The revised FTA is a more modern and far-reaching agreement than [Turkey’s] Customs Union with the EU,” said Turkish Economy Minister Nihat Zeybekci speaking at the signing ceremony in Saudarkrokur, Iceland. He added that they ... Read More »

Turkish Airlines in talks to finance facilities at new Istanbul airport

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ISTANBUL: Turkish Airlines is in talks with 12-13 Turkish and Chinese banks to secure between $800 million and $1 billion in financing to construct its facilities at Istanbul’s new airport, and a deal is almost ready, three sources close to the matter said. Istanbul’s third airport, which Turkey says will become the biggest in the world, is slated to open ... Read More »

Turkey’s sectoral confidence down in june

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ANKARA:Confidence in Turkey’s services, retail trade, and construction sectors dropped in June compared to the previous month, the Turkish Statistical Institute (TurkStat) said on Monday. The services sector index fell 0.8 percent to 91.2 in the month, from 92 in May. This fall in the services confidence index stemmed from a smaller number of managers seeing the business situation as ... Read More »

I did not promise to extradite Turkish coup soldiers: Greek PM

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Greek Prime Minister Alexis Tsipras said on June 13 that he did not promise to Turkish President Recep Tayyip Erdoğan that he would extradite eight former Turkish soldiers who fled the country a day after the July 2016 coup attempt. “I couldn’t have promised about this. I’m aware of the principle of separation of powers in a country like Greece. ... Read More »

Turkey ‘receives’ first 2 F-35 fighter jets… for training in Arizona

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Turkey : Turkey has received the first two F-35 jets from the US, but with a catch: the planes will stay in the US until end of 2019 as Turkish pilots are training to fly them and Senate continues attempts to bar Ankara from getting F-35s. “We are entering a new era altogether, and this also holds true for the ... Read More »

30,000 Syrians eligible to vote in Turkish elections

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ANKARA: Turkish Prime Minister Binali Yildirim is quoted as saying that 30,000 Syrians who acquired Turkish nationality are eligible to vote in Sunday’s presidential and parliamentary elections. The Hurriyet newspaper and other media said Yildirim made the comments Tuesday in the city of Izmir. Turkey, which is hosting 3.5 million Syrian refugees, announced in 2016 that it would begin granting ... Read More »

US Senate approves bill that could block F35 transfer to Turkey

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Turkey : The US Senate passed a bill on Monday that could be used to block or slow the transfer of the F35 advanced warplane to Turkey, a NATO ally that has an increasingly strained relationship with Washington. There have been bipartisan efforts in both the Senate and the House of Representatives, to potentially stop the transfer to Turkey. The ... Read More »

Turkey’s Erdogan to lift state of emergency if re-elected

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Turkish President Tayyip Erdogan has said the state of emergency that has been in place since July 2016 will be lifted if he is elected in June 24 elections, but suggested it would be reinstated if the country faces further threats. “Should I continue this task after June 24, the first thing we’ll do is, God willing, lift the state ... Read More »

Turkey’s third nuclear plant to be built in Thrace: Energy minister

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The Turkish government will likely build the country’s third nuclear energy plant in Thrace, Energy and Natural Resources Minister Berat Albayrak has said. “The first phase of the Akkuyu [nuclear plant] will be put into operation in 2023. The location of the third one is almost determined. It will most probably be the Thrace region because this region has a ... Read More »

Turkey election: All you need to know about the June 24 polls

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Turkish citizens will be voting on June 24 in election to select the new members of parliament, and, more significantly, to elect a president with increased powers. Amendments made to the constitution last year will give the new president substantial executive powers compared to the mostly symbolic role the office in the current parliamentary system. In contrast, the powers of ... Read More »

Turkey earns $1.5B in hazelnut exports in 9 Months

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ANKARA:Turkey has sold abroad nearly 240,000 tons of hazelnuts in the first nine months of the export season, making a $1.5 billion revenue, according to a national union on Monday. The export volume between September 2017 and May 2018 saw a 26.1 percent jump in the same period from a year earlier, the Black Sea Hazelnut and Products Exporters’ Union ... Read More »