Saudi crown prince to meet Erdogan to help repair relations Saudi Crown Prince Mohammed bin Salman visits Turkey for the first time in years on Wednesday for talks with President Tayyip Erdogan aimed at fully normalising ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi. In April, Erdogan went to Saudi Arabia after a months-long drive to mend relations between the regional […] June 22, 2022
Turkey proposes $57bn extra budget to tackle rising costs Turkey’s government has submitted a proposal to parliament for a supplementary budget of some 1 trillion lira ($57.74 billion) to cover rising costs of tackling a currency slide, soaring energy prices and rampant inflation, the state-run Anadolu news agency said on Monday. Sources had told Reuters this month that Ankara was mulling pushing a supplemetary […] June 21, 2022
Tourism Turkish Airlines mulls IPOs, joint ventures for cargo business Turkish Airlines is considering joint ventures and initial public offerings for its cargo business and regional carrier as it weighs up options to grow both internally and through deals, the chairman of Turkey’s national airline said. The airline also plans to participate in international bond markets, including issuing Eurobonds, to finance future investments and growth, […] June 20, 2022
Top US Treasury official to visit Turkey for talks US Deputy Treasury Secretary Wally Adeyemo will visit Turkey next week and hold talks with top central bank and finance ministry officials, two sources said on Friday. One person, requesting anonymity because plans are still private, told Reuters that Adeyemo will meet both Finance Minister Nuredden Nebati and Central Bank Governor Sahap Kavcioglu. A central […] June 17, 2022
Real Estate Russian buyers help Turkish house sales double in May Turkish home sales surged 107.5 percent in May over last year to 122,768 houses, data from the Turkish Statistical Institute showed on Wednesday, with Russians topping foreign buyers for a second consecutive month. Sales to foreigners jumped 235.7 percent year-on-year to 5,962 units, the institute said. Russian citizens topped the list again in May with […] June 15, 2022
Manufacturing Turkish factory output up 10.8%, car production soars 25.5% Turkish industrial production grew 10.8 percent year-on-year in April, data showed on Monday, more than a Reuters poll forecast of 8 percent and rising for a 22nd consecutive month, holding firm against a background of lira weakness and rampant inflation. Month-on-month, industrial output remained constant in April on a calendar and seasonally adjusted basis, the […] June 13, 2022
Turkey unveils latest salvo against soaring inflation Turkey’s government launched a series of steps meant to harness its banks and bond markets to cool soaring inflation and stabilise a sliding currency, doubling down on President Tayyip Erdogan’s aversion to raising interest rates. While the Treasury said fighting inflation remained its “top priority”, some analysts said the measures – announced late Thursday and […] June 10, 2022
Turkish lira weakens 0.5% against dollar The Turkish lira weakened some 0.5 percent against the dollar on Wednesday as concerns over rampant inflation were stoked by President Tayyip Erdogan’s pledge to continue cutting interest rates. The lira stood at 16.8550 against the U.S. currency at 0411 GMT, when compared to Tuesday’s close of 16.7650, slipping towards a record low it hit […] June 8, 2022
Turkey’s annual inflation soars to highest since 1998 Turkey’s annual inflation rate jumped to a 24-year high of 73.5 per cent in May, fuelled by the war in Ukraine, rising energy prices and a tumbling lira — though thefigure was slightly lower than economists had feared. Inflation has surged since last autumn, when the lira slumped after the central bank launched a 500 […] June 3, 2022
Manufacturing Turkey’s trade deficit surges 157% in May Turkey’s trade deficit jumped 157 percent year-on-year in May to $10.68 billion, the Trade Ministry said on Thursday, as soaring energy import costs continue to widen the shortfall. Russia’s invasion of Ukraine has sent global commodity prices soaring, endangering Ankara’s new economic programme that aims to tackle high inflation with a current account surplus. Turkey’s […] June 2, 2022
Agriculture Turkish factory activity contracts for third straight month in May Turkish manufacturing activity contracted for the third month running in May as both output and orders slowed amid muted demand and ongoing price pressures, a business survey showed on Wednesday. The Purchasing Managers’ Index (PMI) for manufacturing stood at 49.2 in May, unchanged from April, said a panel from the Istanbul Chamber of Industry and […] June 1, 2022
Markets Finland and Sweden to continue NATO talks with Turkey Finland and Sweden said on Wednesday they would continue a dialogue with Turkey over their bids for NATO membership, but did not say whether there had been progress on overcoming Ankara’s objections to their joining the military alliance. The Nordic neighbours applied to join NATO last month in response to Russia’s invasion of Ukraine, but […] June 1, 2022
Turkey to receive $500m from World Bank for COVID-19 vaccines The World Bank said on Thursday that its board had approved $500 million in additional financing to support Turkey in its efforts to fight against COVID-19. The funds, which will have a maturity of 10.5 years with a five-year grace period, will be used to ensure access to safe and effective COVID-19 vaccines in Turkey, […] May 27, 2022
Turkish delivery company Getir to cut 14% of staff Turkish fast grocery delivery company Getir plans to cut 14 percent of its staff globally, a source with knowledge of the matter told Reuters. Founded in 2015, Istanbul-based Getir operates in around 50 cities across seven European countries, the United States as well as all major cities in its home country. The source said the […] May 26, 2022
Tourism growth stokes hopes of economic recovery The number of foreigners arriving in Turkey last month more than tripled from a year earlier, reinforcing expectations that a rebound in the sector will help repair an economy battered by a weak currency and high inflation. Sector representatives expect tourist numbers this year to return to around 2019 levels, leaving the 2020-21 coronavirus slump […] May 23, 2022
Banking & Finance Turkey’s planned inflation-linked bonds could sap deposits Some banks are concerned that Turkey’s deposit base could decline as investors, eager to protect savings from price rises, snap up the government’s expected inflation-protected bond issuance, officials and bankers say. Given that inflation has soared to 70 percent, the bonds could pull considerable savings from lira and hard currency deposits and even sap the […] May 19, 2022
Business of Sport Qatar, Turkey won’t replace cancelled Russian Grand Prix Formula One’s 2022 season will be reduced to 22 races after the sport said on Wednesday it would not be replacing the cancelled Russian Grand Prix on Sept. 25 despite interest from other countries. Formula One had scheduled a record 23 rounds this year but the race in Sochi was called off in February and […] May 19, 2022
Sweden seeks to overcome Turkish objections to NATO bid Sweden is formally applying for NATO membership, prime minister Magdalena Andersson said on Monday. “The government has decided to inform NATO that Sweden wants to be accepted as a member of NATO,” Andersson told reporters, adding that the application could be handed in on Monday, Tuesday or Wednesday. It will be synchronised with Finland’s request […] May 16, 2022
Retail Turkish retailer in talks to take over Reebok’s Russian stores FLO Magazacilik could buy the US firm's 100-plus outlets in Russia, but chairman Mehmet Ziylan denied reports that the deal is already done May 16, 2022
Analysis Aviation Gulf’s top airlines take different paths to soar post-Covid The air travel industry was among the worst hit globally by the coronavirus pandemic and its ensuing lockdowns and border closures — and the Middle East’s industry was no exception. According to a report by McKinsey & Company, the pandemic caused global aviation revenues to drop by 60 percent in 2020, and airlines lost a […] May 9, 2022
