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Turkey

Turkey’s economy to contract in 2019, limited growth ahead

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ISTANBUL: Turkey’s economy is expected to contract in 2019 for the first time in a decade and to see only modest growth in the following two years, a Reuters poll showed on Wednesday. The poll of more than 40 economists showed the Turkish economy shrinking 1.5% this year, according to the median forecast. The government’s own sharply-lowered forecast for this ... Read More »

Germany, Austria say sanctions among options for Turkey’s Cyprus drilling

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The European Union will decide on Monday to symbolically punish Turkey over what it calls “illegal” drilling for oil and gas off Cyprus and threaten harsher sanctions in the future unless Ankara changes tack, German and Austrian ministers said. Foreign affairs ministers of the 28-nation bloc meeting in Brussels on Monday are due to endorse a decision to curb diplomatic ... Read More »

EU threatens Turkey with sanctions over Cyprus drilling

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BRUSSELS: The EU is set to curb contacts and funding for Ankara in retaliation for what it calls Turkey’s “illegal” drilling for gas and oil off Cyprus and stands ready to ramp up sanctions further, a draft statement seen by Reuters shows. In trying to take Ankara to task over what the EU sees as Turkish interference with Cyprus’ exclusive ... Read More »

Europe hasn’t fulfilled migrant deal despite Turkey’s ‘invaluable contribution’: Erdoğan

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Turkey has played a key role in assisting refugees and stemming the flow of irregular migrants to Europe, but its European neighbors have failed to come through on their commitments of support, President Recep Tayyip Erdoğan said Tuesday at a summit in Bosnia-Herzegovina. Erdoğan told participants at the Southeast European Countries Cooperation Process (SEECP) summit in Sarajevo that Turkey has ... Read More »

Turkey to double forex sales tax on individuals to 0.2 percent

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Turkey plans to double a tax on people buying foreign exchange to 0.2%, in a move meant to curb a trend of Turks snapping up dollars and euros, according to two people familiar with the proposal. In May, to help boost the beleaguered lira, Turkey increased the same tax to 0.1% from zero for forex sales. The plan to raise ... Read More »

IRU, Iranian customs to boost road transport cooperation

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IRU Secretary General Umberto de Pretto, met IRICA’s head, and Deputy Minister of Economic Affairs and Finance, Mahdi Mirashrafi, this week in Geneva to discuss strengthening TIR in Iran, the region and beyond. Speaking on the sidelines of the meeting, Mr. de Pretto said, “Over the past five years, IRU has been working closely with IRICA and IRU’s member – ... Read More »

Can Turkey achieve economic growth without foreign investment?

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The answer to this question is simple: No, it is not possible in the short and medium term, while in the long run, as economist John Maynard Keynes put it, we will all be dead. The United States has for a long time been the country that attracts the highest share of foreign direct investment. According to the Cato institute, ... Read More »

Custom-House Officers Discovered Heroin in Boxes of Turkish Delight and Baklava

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More than 2 kg of heroin were caught by custom-house officers at the Kapitan Andreevo border checkpoint. The drug was found on June 26th in a bus with Turkish registration that traveled from Turkey to Romania through Bulgaria with 31 passengers. One of them, an Iranian citizen, declared he was carrying 3kg of hookah tobacco without an excise band, who ... Read More »

US’ threatening statements on Turkey’s S-400 purchase disturb business for both countries

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As all eyes are now turned toward a face-to-face meeting between President Recep Tayyip Erdoğan and U.S. President Donald Trump, who are expected to hold extended talks on the Russian-made air missile defense systems, an issue that has been occupying the agenda in recent months, on the sidelines of the G20 Summit in Japan’s Osaka, which is to kick off ... Read More »

New Pentagon chief confronts Turkey on NATO debut

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President Donald Trump’s pick for Pentagon chief plunged straight into business as he made his NATO debut Wednesday, confronting Turkey over its purchase of Russian air defence missiles. Mark Esper, nominated as defense secretary last Friday, reiterated Washington’s warning that buying the Russian S-400 missile system would mean it would be booted out of the US F-35 jet fighter programme. ... Read More »

Turkey-Cyprus dispute: Why are the two countries arguing over drilling rights?

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Speaking at the EU28 summit in Brussels on Friday morning, European Commission President Jean-Claude Juncker said Turkey’s decision to drill for oil and gas in Cypriot territorial waters was “unacceptable”. He said that the EU supported Cyprus in the dispute which began at the end of last month when Turkey sent a ship to begin oil and gas exploration in ... Read More »

Turkey draws EU ire over oil drilling off Cyprus’ coast

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Oil ship number 2 The Yavuz is the second ship that Turkey has sent to waters that Cyprus contests are its own. Cyprus previously issued arrest warrants for the crew members of the first ship. The EU had already reprimanded Turkey for its plans to drill in contested waters, saying on Tuesday it was preparing “appropriate measures” in response. EU ... Read More »

Turkey sends second ship to drill near Cyprus, EU warns of action

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DILOVASI, Turkey/BRUSSELS (: Turkey launched a second drilling ship on Thursday which will conduct natural gas operations off the northeast coast of Cyprus for three months, a move which risks aggravating a conflict with Cyprus over jurisdiction rights for oil and gas exploration. Turkey and the internationally recognised Cypriot government have overlapping claims in that part of the Mediterranean, an ... Read More »

Istanbul Airport tests automated passport control

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Turkey’s General Directorate of Security and İGA, the group which built and will operate Istanbul Airport for 25 years, will soon introduce an automated passport control system at the mega airport to get passengers to go through customs faster. Customs officers have already started conducting tests on the system. The system permits quick passport control at the airport in an ... Read More »

EU considers freezing Customs Union negotiations with Turkey

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Amid growing concerns about the aggressive offshore drilling activities that are currently being carried out near the Cypriot coast by the Turkish government, the European Union is mulling putting Ankara’s accession chapters under discussion ahead of the European Council meeting in 20-21June, Turkey disputes the existence of an Exclusive Economic Zone that belongs to Cyprus. Instead, Turkey’s authoritarian President Recep ... Read More »

EU may freeze customs union talks with Turkey over East Med drilling

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European Union governments will reiterate their condemnation of Turkey’s “continued illegal actions in the Eastern Mediterranean,” according to a draft communique to be issued Tuesday, Bloomberg reports. According to the same document, EU governments will point out that Turkey’s EU membership negotiations have come to a halt, while adding that “no further work toward the modernization of the EU-Turkey customs ... Read More »

Turkey slams Moody’s downgrade, questions company’s objectivity

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Ankara: Moody’s decision to downgrade Turkey’s credit rating is incompatible with fundamental indicators, Turkey’s Treasury and Finance Ministry said, adding that the country will never abandon free-market principles. The downgrade “raises questions” about the objectivity of the credit-rating company’s analysis, Turkey’s Treasury and Finance Ministry said in a statement early Saturday. Moody’s Investors Service cut Turkey’s long-term issuer rating to ... Read More »

Egyptian-Turkish trade: A love-hate relationship

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CAIRO — In many instances, international trade and politics go hand in hand, with strong political ties often leading to stable or thriving trade and exchange between countries. Such, however, is not the case when it comes to Egypt and Turkey, whose political relationship is icy at best but who are bound by a mutually beneficial free trade agreement (FTA), ... Read More »

Amazon announces e-export from Turkey to Europe

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U.S.-based e-commerce giant Amazon has announced it has initiated e-exports from “amazon.com.tr” Turkey to Europe, a statement by the company said. Small and medium-sized enterprises (SMEs) will be able to export their products in dozens of categories, including fashion, home appliances, electronics and personal care, to Europe through “amazon.com.tr.” The products of the major players of the classic retail sector, ... Read More »

Naspers Makes Its Biggest Takeover in Digital Payments

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Naspers Ltd.’s PayU agreed to buy Turkish digital payments company Iyzico for $165 million in its biggest fintech acquisition yet. The deal will expand the Dutch unit’s exposure to Turkey’s e-commerce market, which is growing at more than 10% a year, the company said in a statement on Tuesday. The acquisition must still be approved by regulators and is expected ... Read More »