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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 »

Turkey’s current account deficit at $5.4B in april

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ANKARA:Turkey’s current account deficit hits $5.43 billion in April, marking an increase of $1.7 billion, year-on-year, Turkish Central Bank (CBRT) announced on Monday. According to the CBRT’s report on balance of payments, the country’s 12-month rolling deficit reached nearly $57.1 billion in April. “This development in the current account is mainly attributable to $1,817 million increase in the goods deficit, ... Read More »

Turkey Central Bank Is Latest to Surprise With Rate Increase

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Turkey joined a string of emerging-market central banks whose interest-rate decisions have surprised investors, tightening policy on Thursday for the third time in less than two months. The lira surged and the nation’s bonds rallied. The decision came three days after an inflation report showed consumer prices rose 12.15 percent in May from a year earlier, with the worst core ... Read More »

Erdogan says Uber ‘finished’ in Turkey

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ISTANBUL: President Recep Tayyip Erdogan said the ride hailing app Uber is “finished” in Turkey, following intense pressure from Istanbul taxi drivers for the service to be banned. Erdogan’s comments, in a late night speech Friday in Istanbul, came after the government agreed new rules that are expected to severely complicate Uber’s operations in Turkey. Drivers of Istanbul’s yellow taxis ... Read More »

WiseTech Global (ASX:WTC) Acquires Turkish Logistics and Customs Solutions Provider, Ulukom

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Turkey : WiseTech Global (ASX:WTC) (OTCMKTS:WTCHF) today announced the acquisition of Ulukom, a leading logistics and customs solutions provider in Turkey. Headquartered in Istanbul, Ulukom offers a range of logistics, customs, freight forwarding and warehouse solutions included in its Logistics Information Management System, which is designed to carry out financial and operational transactions on an integrated platform. Ulukom’s customers include ... Read More »

Turkey lira hits new lows as eyes turn to central bank 23 May 2018

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Istanbul:Turkey’s embattled lira on Wednesday hit new historic lows against the US dollar after suffering a hammering in Asian trade, as markets watched to see if the central bank takes emergency action to buttress the Currency. After sharp losses on Tuesday, the lira continued to underperform all other emerging market currencies, losing 3.0 percent against the dollar to trade at ... Read More »

Turkish elections: Erdogan seeks to remake nation

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Striding across the stage, microphone in hand, President Recep Tayyip Erdogan led his assembled supporters on a grand historical journey. Starting with the first Turkic nomads who pitched their tents on the Anatolian steppe, he swept through centuries of Ottoman rule and the founding of the modern Turkish republic. He lingered on the formation of his Justice and Development party ... Read More »

Sberbank sells Turkish unit to Emirates NBD for 2.7B euros

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Moscow,:Russia’s state-owned Sberbank said Tuesday it was selling its Turkish subsidiary Denizbank to Emirates NBD for roughly 2.7 billion euros ($3.2 billion) to focus on its own brand. Sberbank bought Turkey’s fifth-largest lender in 2012 from the failing French-Belgian bank Dexia as part of efforts to expand internationally, but US sanctions imposed after Russia’s intervention in Ukraine have crimped that ... Read More »

Turkey looking at buying Russian Su-57 fighter jets instead of US’ F-35’s

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ANKARA, Turkey is looking at buying Russian Su-57 fighter jets in case the United States refuses to sell its F-35 warplanes, Turkey’s YeniSafak reported on Sunday. Nevertheless, according to the newspaper, Ankara is not planning to abandon its right to US fighter jets, with deliveries expected to begin in June. Turkey has launched a discussion about a possible replacement to ... Read More »

Turkish lira rallies sharply after central bank lifts rates

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Turkey’s central bank on Wednesday sharply increased one of its primary lending rates after a growing clamour from investors to halt the slide in the currency. Following an emergency monetary policy committee meeting, the central bank announced that it would hike the late liquidity window lending rate from 13.5 per cent to 16.5 per cent. All other rates were kept ... Read More »

Turkey’s Borsa Istanbul Down At Open 21 May 2018

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ANKARA,:Turkey’s stock exchange fell 0.24 percent, or 243.80 points, to open at 102,166.51 points on Monday. Among all sector indices, the wholesale and retail trade index posted the best performance, up 0.98 percent, while the leasing factoring index saw the worst, down 0.93 percent. The BIST banking index and the BIST holding index lost 0.48 percent and 0.23 percent, respectively. ... Read More »

CEO of Turkey’s ‘indigenous car’ venture to be announced

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Turkey: The CEO of a joint venture founded by five local firms to produce Turkey’s first domestically-produced car will be announced on May 11, Science, Industry and Technology Minister Faruk Özlü has said. “President Recep Tayyip Erdoğan will announce the CEO of the company and witness the incorporation protocol,” Özlü told reporters after the Technology Development Zones Summit in the ... Read More »

Turkey’s Erdogan plans to take greater control of economy: Bloomberg

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ISTANBUL: Turkey’s Tayyip Erdogan said he plans to take greater control of the economy after presidential elections next month and the central bank will have to take note of what the president says and act accordingly. His comments helped pushed the ailing lira to a fresh record low of 4.3990 against the dollar, bringing its losses this year to more ... Read More »

Turkey’s oppressive turn doesn’t deter Italian investments

Turkish President Recep Tayyip Erdogan, left, welcomes Italian Premier Matteo Renzi, at the G-20 summit in Antalya, Turkey, Sunday, Nov. 15, 2015. The 2015 G-20 Leaders Summit is held near the Turkish Mediterranean coastal city of Antalya on Nov. 15-16, 2015. (AP Photo/Lefteris Pitarakis)

Turkey : An investigation by Ahval reveals how increasing trade between European companies and Turkey affects political relations between European Union states and the mainly-Muslim nation. A close examination reveals that while EU leaders express concern about the Turkish government’s human right abuses, companies based in the EU are stepping up trade with Ankara and continuing to make more money. ... Read More »

TANAP project to enter into service in June: Turkish minister

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Turkey: The Trans-Anatolian Natural Gas Pipeline (TANAP) project will enter into service as of June 12, Energy and Natural Resources Minister Berat Albayrak said on May 11. “The opening ceremony will be held with the attendance of Turkish President Recep Tayyip Erdoğan and Azerbaijan President Ilham Aliyev on June 12,” Albayrak said during his speech at a sector meeting in ... Read More »

Foreign exchange rates to stabilize soon: Turkish minister

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Foreign exchange rates will stabilize at a point where it should be and Turkey will ease the loss in its currency’s value, Economy Minister Nihat Zeybekci has said. Speaking to state-run Anadolu Agency’s Editors Desk on May 11, Zeybekci also said Turkey must increase supply, investments and production in order to be able to solve its inflation issue. Zeybekci said ... Read More »

Turkey’s government seeking solutions to reduce housing stocks in the sector

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Turkey: Construction has always been the locomotive sector in Turkey’s economy. In fact the ruling AK Party has used it to strengthen its position in power and managed to form a core group of rich businessmen involved in the sector who have never denied the ruling party their endless support. In more simple words AK Party has created many billionaires ... Read More »