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Turkey removes customs duty on iron ore imports from 2015

ore

ISTANBUL: Turkish customs duty on iron ore imports has been removed for 2015 import regime published in the office gazette few days ago, according to Turkish steel producers association (TCUD). The customs duty for import of iron ore, which is the main steelmaking raw martial, had been at one percent. The TCUD said that iron ore imports accounts for 60 ... Read More »

Turkey, Iran to lower customs duties on 265 products

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TEHRAN: The Preferential Trade Agreement stated that Turkey and Iran have decided to decrease customs taxes imposed on 140 products from Turkey and 125 products from Iran, totaling 265 products. Economy Minister Nihat Zeybekci noted that according to the Preferential Trade Agreement, customs taxes on 265 products will be lowered by “a great degree,” with some of the customs taxes ... Read More »

Migrants’ smugglers using new routs form Middle East to Europe

SMUGGLING

ISTANBUL:  People traffickers have been recently using a new route to smuggle migrants from the Middle East into Europe, herding them onto cargo ships sailing from Turkey to Italy, According to Frontex. The latest incident occurred last week when two cargo ships, the Sierra-Leone flagged Ezadeen and Blue Sky M, flying Moldova’s flag, were intercepted by the Italian coast guard ... Read More »

EU wants Turkey’s clarification on smuggling of migrants in two cargo ships

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ANKARA:  The European Union wants Turkey to explain how human traffickers could have taken two cargo ships filled with migrants out of the country and towards the EU without the authorities noticing. Natasha Bertaud, spokeswoman for the European commission said. “Given what has happened in recent days with the two ships, we wanted to clarify things with the Turkish authorities.” ... Read More »

Turkish Airlines suspends flights to Misrata, Libya as security threats

AIRLINE

ANKARA:  Turkish Airlines, the only foreign airline still flying to Libya, has suspended its flights to Misrata over concerns about worsening security in the country, the company said. A Libyan warplane from forces loyal to the internationally recognised government bombed a Greek-operated oil tanker anchored offshore on Sunday, killing two crewmen in an escalation of a battle between the country’s ... Read More »

Turkish inflation beats expectations in 2014 but still above than Central Bank’s target

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ISTANBUL: Turkey concludes 2014 with an inflation of 8.17, better than worries of nearing 9%, however the figure is still well above the 5% targeted by the Central Bank. Turkey’s future economic outlook has been a subject of concern with slowing economic growth and the devaluing Turkish Lira versus the dollar. The Central Bank has so far resisted pressure from ... Read More »

Turkish investment touches $2.4 billion in Asia as compared to Europe’s $1.9 billion

BANK

ANKARA:  While Turkish investors have been focused on Europe over the last few years, this year Asia was the focal point with investment on the continent reaching $2.4 billion compared to Europe’s $1.9 billion. European investment, which is undergoing tough economic times, declined by 10.5 percent and investments in Asia accounted for 51 percent of the total investments made abroad. ... Read More »

Turkey’s exports rise 4.09% to reach $157.7 billion in 2014

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ANKARA: Turkish exports hit USD 157.7 billion in 2014, marking a rise of 4.09 percent compared to 2013, according to a report by the Ministry of Customs and Trade. Imports, on the other hand, fell by 3.71 percent last year to USD 242.2 billion, it added. Car sales have been a major drive, with USD 22.2 billion, about 14.1 percent ... Read More »

Turkey, Iran lower customs taxes after PTA on 265 products

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ANKARA:  The Preferential Trade Agreement concluded between Turkey and Iran and entered into force on Jan.1, lower customs taxes imposed on 140 products from Turkey and 125 products from Iran, in total on 265 products, have been decreased. Economy Minister Nihat Zeybekci noted that according to the Preferential Trade Agreement, customs taxes on 265 products will be lowered by “a ... Read More »

Turkey hikes tax on cigarettes pack, alcohol to eradicate smuggling menace

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ISTANBUL:  The data showed by Cabinet decision published in the Official Gazette, the fixed tax on beer has been increased to TL 0.85 per liter from TL 0.74, a 15 percent rise. As for wine, the fixed tax was raised to TL 4.59 from TL 3.97, a 16 percent increase. The tax on rakı rose by 21 percent to TL ... Read More »

12,872 migrants in 524 incidents captured in Turkey on Aegean Sea in 2014

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ANKARA:  A total of 12,872 migrants trying to cross into Greece from Turkey over the Aegean Sea were captured by Turkish Coast Guard Command teams in 524 separate incidents in 2014, while 74 people were also arrested on charges of smuggling migrants, Anadolu Agency has reported. The number of migrants who were captured in 2013 was 8,047, including 6,937 on ... Read More »

Turkey to become strategic player in global energy sector

ENERGY

ISTANBUL:  Both the local and global energy sector witnessed a very hectic year. Mining accidents in Turkey, discussions about the transfer of northern Iraqi petrol, efforts to secure an energy supply to end Russia’s monopoly in the global natural gas market and decreasing crude oil prices were the main items on the agenda. Accidents that occurred at the Soma and ... Read More »

Turkish exports rise 4% to reach $157.6 billion, break records in 2014

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ANKARA:  Turkey’s exports reached $157.6 billion in 2014 with a 4 percent increase and a record high in annual exports revenue, the Turkish Exporters’ Assembly. Turkey’s exports increased from $36.1 billion in 2002 to nearly $158 billion in 2014, a success largely associated with relative political and financial stability achieved in the country. Exports in December 2014 were up 1.1 ... Read More »

Turkish bank ‘Ziraat’ gets license in Azerbaijan

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ANKARA:  The Central Bank of Azerbaijan issued banking lincense to Turkish state-run Ziraat Bank. The banking sector in Azerbaijan experienced high growth rates in 2013, according to a report released by the World Bank in October 2014. However, Azerbaijan’s financial penetration indicator remains one of the lowest in Europe and Central Asia, the report said, and this offers a clear ... Read More »

Turkey major route for smuggling weapons to Iraqi, Syrian terrorists: UN

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ANKARA:  The UN says Turkey is being used as a main route for smuggling weapons to terrorist groups operating in Iraq and Syria. Militant groups such as the ISIL and the al-Qaeda-affiliated al-Nusra Front in Iraq and Syria have been receiving weapons and equipment smuggled “primarily by routes that run through Turkey,” read a Tuesday report by the UN Analytical ... Read More »

Turkish military seizes Syrian on border with 15 rocket launchers

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BAKU:  Turkish security forces seized a Syrian national attempting to illegally cross into Turkey with weapons and ammunition, reported News Agency. The report said Turkish soldiers noticed eight people trying to cross the border and warned them to stop, adding that the suspects disobeyed the warning and tried to escape into Syria. Seven of them escaped as soldiers fired in ... Read More »

Electricity, natural gas price to remain stable in Jan 2015: Turkish Energy Minister

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ANKARA:  Electricity and natural gas prices will remain static in January 2015, Energy Minister Taner Yıldız announced yesterday. “The ministry will not increase the prices of electricity and natural gas in January. The prices in January will remain as they are in December,” Yıldız said, speaking at a press conference in Ankara. He also said that Turkey has the cheapest ... Read More »

Turkey Drug Enforcement Team seizes ton of illicit drugs

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ISTANBUL: Turkey Drug Enforcement Team and Police have seized more than a ton of drugs in the Turkish province of Adana, here the other day. Another 1.5 metric tons of drugs have recently been seized in the Hakkari province. Earlier, Turkey’s Prime Minister Ahmet Davutoglu said that the fight against drugs will be strengthened. He said that the use of ... Read More »

Turkey declines UN report on arms smuggling to Al Qaeda

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ISTANBUL:  Turkey dismissed a United Nation report which claimed arms were reaching militants affiliated to the Al Qaeda in Syria via Turkey.“Claims are baseless,” Turkish foreign ministry spokesperson, Tanju Bilgic said, adding that Turkey has conveyed its reaction to the UN reporte. The UN report penned by the analytical support and sanctions monitoring team, to be presented to the UN ... Read More »

Trucking war escalates between Turkey and Iran

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ANKARA: A trucking war has escalated between Turkey and Iran amid mutual retaliation and the latest round of talks in Tehran failing to produce a compromise. The two neighbors’ commercial rivalry, particularly for the Central Asian market, has further intensified with the trucking crisis. Thousands of Turkish trucks have been stranded on Turkey’s side of the Gurbulak border crossing, waiting ... Read More »