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Path, Walkway, Motorcycle

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 […]

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 […]

The Turkish lira's weakness has seen prices soar

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Food, Invertebrate, Animal

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, […]

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 […]

Turkey tourism Borden

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 […]

Tie, Accessories, Accessory

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 […]

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 […]

Magdalena Andersson, prime minister of Sweden, said her government did not want permanent NATO military bases on its territory

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 […]

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 […]

Gulf delivery companies innovate to go the last mile

How logistics companies in the Middle East are investing in technological upgrades to meet consumer demand for ever faster deliveries Today’s consumers increasingly expect cheap—or, better still, free—and fast delivery, especially in e-commerce, food and retail industries. In response, companies are investing to improve efficiency and cut costs in order to fund their shipping logistics. […]

BBVA is poised to take over Garanti

BBVA exceeds 50% in Garanti after raising offer for bank

Spain’s BBVA said on Monday it had already secured more than 50 percent of Garanti after raising its bid for the rest of the Turkish bank it does not own, takingadvantage of a slide in the lira with a 1.985 billion euro ($2.1 billion) offer to increase its emerging market exposure. BBVA had said earlier it had upped […]

In Syria, business hub hopes to drive recovery from war

In an industrial zone in northern Syria’s rebel-held city of Al-Bab, Abu Omar al-Shihabi’s smelter churns out iron bars he says can compete with any produced in Syria and beyond. The industrial zone is an unlikely business hub. It is located on the edge of a city which was once occupied by Islamic State and […]

President Erdogan of Turkey
  • Analysis

Erdogan heads home from Riyadh, hoping to have mended ties

Three-and-a-half years after accusing Saudi Arabia of murder and running a sham trial over the killing of Jamal Khashoggi, Turkish President Tayyip Erdogan has made a trip to the Gulf kingdom to mend ties. Turkey and Saudi Arabia have a common will to “reactivate a great economic potential” between the two countries, Erdogan said after […]

Tie, Accessories, Accessory

Turkey, Saudi to revive great economic potential, Erdogan says

Turkey and Saudi Arabia have a common will to “reactivate a great economic potential” between the two countries, Turkish President Tayyip Erdogan said on Saturday, after his first trip to the kingdom since 2017. Speaking to reporters on a flight back from Saudi Arabia, where he sought to mend frayed ties, Erdogan said the sides […]

Person, Human, Shoe

Turkish consumer confidence hits record low in April

The Turkish consumer confidence index dropped 7.3 percent to 67.3 points in April, official data showed on Thursday, hitting its lowest ever level, driven by a 10 percent drop from the previous month in the financial situation of households. A slide in the value of the lira began driving a fall in consumer confidence late […]