Russia, Turkey sign Turkish Stream agreement

11 October 2016 0

Turkey and Russia signed an intergovernmental agreement for the Turkish Stream natural gas pipeline project in Istanbul on Monday. Energy Minister Berat Albayrak and his Russian counterpart Alexander Novak signed the agreement following a meeting between the two countries’ Presidents, Recep Tayyip Erdogan and Vladimir Putin, which continued for 140 minutes in Istanbul. Earlier Monday, Putin indicated the need to develop the Turkish Stream natural gas project during talks with Erdogan. The project, announced by Read More

HSBC rules out rumours about exiting the Turkish market

3 October 2016 0

The CEO of HSBC Turkey, Selim Kervanci, has ruled out earlier rumours of a possible exit from the Turkish market. In an interview with Anadolu Agency, Kervancı said: “HSBC has exited 17 to 18 countries and territories. In some countries, [HSBC] no longer provides private banking services. In Turkey, we have been through a restructuring process. We have absolutely no intention of selling the bank or moving out of the country.” Ruling out rumours that Read More

Turkey invites Apple investments post EU tax ruling

31 August 2016 0

Deputy Prime Minister Mehmet Simsek has invited the U.S. tech giant Apple Inc. to move its investments to Turkey in the aftermath of the company’s tax crisis with EU authorities. “Apple should move to Turkey. Happy to provide more generous tax incentives. Won’t have to deal with EU bureaucracy,” Simsek tweeted late Tuesday. Turkish government has announced several economic subsidy packages to attract foreign investors. The country received $16.5 billion in foreign direct investment in Read More

Russian experts list rewards Turkey ties

6 August 2016 0

As Russian Minister for Economic Development Alexey Yulukaev visits Turkey on Aug. 6, there are hopes that a number of factors will encourage both the Russian and Turkish sides “restoring their bilateral ties in sphere of economy, energy, agriculture, transport and other sectors”, Ekho Moskvy reported today citing Russian Deputy Foreign Minister Alexei Likhachev. Both Russia and Turkey are seeking to restore relations for gaining political, economic and strategic considerations. They will also like to Read More

Slight increase in Turkey’s annual inflation

6 June 2016 0

Turkey’s annual rate of inflation rose slightly last month, the Turkish statistical institute, TurkStat, said Friday. Official TurkStat figures showed inflation increased to 6.58 percent in May from 6.57 percent in April. Monthly inflation increased by 0.58 percent in May. Meanwhile, Turkish Finance Minister Naci Agbal said inflation in the country had in fact decreased in the first five months of this year. Addressing a press conference in Ankara Friday, Agbal said: “Decline in inflation Read More

Currency fraud: A threat to Palestinians in Gaza

23 January 2016 0

Ahmed Salim, 32, a Palestinian living in the blockaded Gaza Strip, has to thoroughly check 100 shekel ($28) banknotes in fear of becoming a fraud victim again. Salim had suffered from fraud when he took his payment for a few days of construction work and could not use his cash as it was forged. For Salim, as a Palestinian in Gaza, 100 shekels is a substantial sum of money, especially with the poor financial situation Read More

Turkish central bank plans to simplify monetary policy

9 January 2016 0

Simplification of Turkey’s interest-rate structure may start at the next monetary policy meeting in January, Erdem Basci, governor of the Central Bank of the Republic of Turkey said on Thursday. Speaking at a presentation to the parliament’s Planning and Budget Commission, Basci said: “With the start of normalization of global monetary policy, it is possible that volatility in financial markets may moderate. Should this occur, the simplification of Turkey’s monetary policy may begin at the Read More

Turkey: auto production, exports soar in 2015

8 January 2016 0

Turkey broke an all-time automobile production and exports record last year, Automotive Industrialists’ Association (OSD) head Kudret Onen said in a statement on Thursday. Onen said the country’s automobile producers manufactured 1.4 million cars in 2015, an increase of 16 percent from 2014. The OSD’s figures include automobiles, light commercial vehicle and tractor figures. Onen said that the sector’s exports increased by 12 percent last year compared with the previous year to 992,000 vehicles. He added that the sector exported 73 percent of its Read More

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