Monday , May 22 2017
Breaking News


Turkish man arrested after fighter jets escort American Airlines plane to Honolulu


ANKARA: Fighter jets escorted an American Airlines flight on its way to Honolulu on Friday after a disturbance aboard the aircraft. Initial reports suggested a man tried to break into the cockpit, but passengers on the flight said he was blocked by a flight attendant before entering the first-class cabin. The man was subdued by the crew member and passengers, ... Read More »

Turkish Grain Board continues to intervene in corn market


ANKARA: The Turkish Grain Board (TMO) continues to intervene in the Turkish corn market due the ending of its duty-free status with Russia. The board, a state intervention agency, has the authority to import 500,000 tonnes of duty free corn until the end of 2017, according to a report from the Foreign Agricultural Service (FAS) of the U.S. Department of ... Read More »

Turkey seeks arrests at opposition newspaper Sozcu


ANKARA: Turkish authorities have issued arrest warrants for the owner and three employees of the opposition daily Sozcu. Officials accuse the newspaper of supporting people allegedly involved in last July’s failed coup. The executive in charge of the Sozcu website, Mediha Olgun, has been arrested while the owner of the daily newspaper, Burak Akbay, is being still sought by authorities ... Read More »

Turkish businesses FDI outflow rises 10 times in 15 years

fdi inflow

ANKARA: Turkish companies’ foreign direct investment (FDI) outflow has increased by 10 times over the past 15 years, according to an index released on May 17. Turkish businesses made a total of 85 greenfield investments abroad worth $2.8 billion in 2016, showed the Foreign Investments of Turkey Index, which was jointly prepared by the Foreign Economic Relations Board (DEİK) and ... Read More »

Turkey aims to boost cement exports


ANKARA: Turkey’s cement industry aims to increase exports by 10 percent year-on-year to 13 million tons in 2017, Ali Özinönü, the chairman of the Council of Cement and Soil Products Sector at the Turkish Exporters Assembly, stated on May 16. “We exported 11.5 million tons of cement, worth $600 million, last year. There is a decrease compared to 2008, when ... Read More »

Turkish industrial leaders call for trade increase with Israel


ANKARA: Voicing their support for a boost in business relations with Israel, Turkey called for a tripling of trade volume between the two countries in the next five years. “We need to change the perception of the Israeli citizens and the Turkish citizens toward one another and we can do this by maximizing the frequency of meetings,” Mehmet Buyukeksi, chairman ... Read More »

Turkey’s budget deficit recorded at €4.6bn for Jan-April

budget dificit

ANKARA: Turkey’s central government budget produced a deficit of TRY2.96bn in April versus the surplus of TRY5.36bn seen a year ago, data from the finance ministry showed on May 15. Consequently, the deficit in the first four months amounted to TRY17.9bn (€4.62bn) against the surplus of TRY5.4bn posted for the same period of 2016. The Turkish government’s budget was stretched ... Read More »

Turkish agriculture prices up by more than 17%


ANKARA: Prices of agricultural products in Turkey rose by more than 17 percent in the year to April, the Turkish Statistical Institute (TurkStat) said Monday. Prices as measured by the producer price index, which gauges prices charged by farmers for crops and livestock, showed a 17.25 percent year-on-year rise. There was a 2.05 percent price rise from March to April, ... Read More »

Turkey wants more trade with Poland

enhance trade relations

ANKARA: Turkish President Recep Tayyip Erdogan wants more investments in Poland and more trade between the countries, according to the Polish prime minister’s office. Erdogan spoke to Polish Prime Minister Beata Szydło in China on Sunday. “The Turkish president expressed great interest in investment in our country,” the Polish prime minister’s office said in a statement, adding that Erdogan would ... Read More »

Turkish unemployment dips from seven-year high in January-March


ISTANBUL: Turkey’s unemployment rate stood at 12.6 percent in the January-March period, falling from a seven-year high of 13 percent a month earlier but up from 10.9 percent the previous year, data from the statistics institute showed on Monday. The non-agricultural unemployment rate stood at 14.8 percent during the first quarter, up from 12.7 percent a year earlier, the data ... Read More »

Turkey inks deal to produce 4 warships with Pakistan

Germany-Switzerland sign arbitration agreement for tax disputes

ISTANBUL: In a sign of strengthening defense ties, Turkey and Pakistan have both inked a deal on Friday to provide four corvettes to the latter.  At a defense industry fair in Istanbul, the Turkish defence minister said, “We have signed an important agreement regarding the MILGEM project, which Turkey successfully exports abroad, and joint production in Pakistan.” Isik said that ... Read More »

Turkish minister calls for OIC customs harmonization

customs export

ANKARA: Islamic trading partners should harmonize their customs procedures, Turkey’s development minister said on Wednesday. Lutfi Elvan was speaking in Ankara at a meeting of COMCEC, a branch of the 57-country Organisation of Islamic Cooperation (OIC). OIC states should “simplify and harmonize” customs to save on time and costs, “so that they can achieve higher levels of competitiveness and trade ... Read More »

Turkey current account deficit shrinks in March


ANKARA: Turkey’s current account deficit shrunk to some $3.1 billion in March, a fall of $666 million compared to the same month last year, according to a Thursday Turkish Central Bank report. The 12-month rolling deficit dropped to $33.02 billion in the third month of the year, down from $33.75 billion this February, according to the report. “This development in ... Read More »

Turkish steel exports reach eleven-year high in January-April


ANKARA: Turkish steel exports rose to an eleven-year high of 6.90 million tonnes in the first four months of the year, the Turkish Steel Exporters Assn (ÇIB) said on Tuesday May 9. January-April steel exports were up 23.90% year-on-year, while the value of the exports was also up, by 42.80% year-on-year, to $4 billion. The country significantly increased its exports ... Read More »

Turkey’s Koc Holding Q1 net profit more than doubles to 1.1 bln lira


ANKARA: Turkish conglomerate Koc Holding said on Wednesday its net profit in the first quarter more than doubled to 1.1 billion lira ($304 million) from 515.2 million in the same period a year earlier. In a statement to the Istanbul stock exchange, Koc Holding said its first-quarter total revenues surged 59 percent to 22.274 billion lira. Read More »

Turkey aims to boost GCC ties amid free-trade talks


ANKARA: Turkish President Recep Tayyip Erdogan on Monday said he aimed to boost economic and military ties with Arab Gulf states, as talks on a free- trade zone deal pushed ahead. Erdogan, who is expected in Kuwait on Tuesday, said Ankara was involved in “high-level strategic dialogue” with the six-nation Gulf Cooperation Council (GCC), the state-run KUNA news agency reported. ... Read More »

Turkey’s industrial production rises in March

profit rises

ANKARA: Turkish industrial output was higher in March compared to the same month last year, according to official data released on Monday. A report from the Turkish Statistical Institute (TurkStat) revealed that Turkey’s calendar-adjusted industrial production rose by 2.8 percent year-on-year in March 2017. The term “calendar-adjusted” is used to refer to data that has removed calendar and holiday-originated effects. ... Read More »

Turkey significantly ups car exports to Russia

car export

ANKARA: Turkey increased export of vehicles by 12 percent – up to $2.3 billion in April 2017, according to a report of the Association of Automobile Exporters of Turkey (OİB), Anadolu reported on May 7. Export of cars continues to occupy leading positions in Turkey’s exports. During this period, Turkish car exports increased by 61 percent – to $968 million, ... Read More »

Turkish Petroleum deal sealed as largest privatization transaction of 2016


ANKARA: The number of filling stations belonging to the Turkuaz Petrol oil company has soared to 700 after it purchased the state-owned Turkish Petroleum Corporation (TP), which consists of more than 400 filling stations. The sale has been tagged as the largest privatization transaction of 2016. Placing the highest bid of TL 490 million ($137.73 million) during the TP privatization ... Read More »

Turkey to grant citizenship to foreigners investing $1.5M


ANKARA: Foreigners who own at least $1.5 million in real estate investment fund participation shares or venture capital investment fund participation shares in Turkey will be eligible for citizenship. The latest amendments to the “Regulation on the Implementation of the Turkish Citizenship Law” entered into force after being published in the Official Gazette on Jan. 12. Accordingly, foreigners who own ... Read More »