CHALLENGING ERDOGAN: Another former ally walks out on Turkey’s strongman

bne IntelliNews September 13, 2019

Ex-PM Ahmet Davutoglu has followed former economic czar Ali Babacan in quitting the ruling AKP. Once known as the president’s right-hand man, he declared: “It has become a historic responsibility for us to build a new political movement.”

TURKEY INSIGHT: Rate-setters go for another dizzying descent

Akin Nazli in Belgrade September 12, 2019

Cut of 325 bp taken as tolerable by the markets with pace of easing seen as likely to slow. Rallying lira confounds analysts. If a wheel is set to come off ‘Erdoganomics’, the signs have not been detected yet.

Turkcell switching to single instalment for TRY1.01bn dividend

Akin Nazli in Belgrade September 11, 2019

Largest Turkish mobile operator says shareholders Telia, Cukurova Holding and Russian tycoon Mikhail Fridman’s LetterOne have agreed to vote for profit distribution.

“Renewed collapse in lira” just a matter of time says Commerzbank ahead of Turkish rates meeting

bne IntelliNews September 11, 2019

“Overly loose monetary policy risks exacerbating Turkey’s age-old vulnerabilities by fueling twin dynamics of inflation and attendant currency weakness,” adds Societe Generale strategist.

Turkey’s banking association expects $10bn of electric utility loan restructuring this year

Akin Nazli in Belgrade September 10, 2019

Energy companies left up to their necks in debt by lira crisis.

Former Erdogan ally ‘to challenge Turkish president’s ruling AKP with new party’

bne IntelliNews September 10, 2019

Ex-economic czar Ali Babacan says the condition in which Turkey is currently in is “truly saddening”. Takes aim at state of economy, human rights and rule of law.

“Airbnb for boats” GetMyBoat reports surge in Southeast European business

bne IntelliNews September 9, 2019

GetMyBoat, which describes itself as the world’s largest “Airbnb (or Uber) for boats” has seen a dramatic surge in business in Central, Eastern and especially Southeast Europe this summer.

Istanbul, Ankara mayors not at risk of being replaced says interior minister

bne IntelliNews September 9, 2019

Fears of a move rose after three Kurdish mayors were kicked out of office. Istanbullers, meanwhile, invited by opposition administration to see exhibit of hundreds of ‘AKP’ official cars as example of squandering of public money by predecessors.

Turkish Airlines receives approval to issue eurobonds worth up to $2bn

Akin Nazli in Belgrade September 9, 2019

Reports suggest, meanwhile, private lenders in Turkey “pushing hard” for tighter margins in autumn term syndicated loan renewal season.

ISTANBUL BLOG: Erdogan goes for economic machismo and warns of “mischief makers” as rumours of a challenger are firmed up

bne IntelliNews September 6, 2019

Strongman may have to contend with new party formed by ex-economy czar Ali Babacan.

Turkish Airlines files awaited downward revision in 2019 targets

Akin Nazli in Belgrade September 5, 2019

Flagship carrier cuts revenue forecast by $0.6bn and passenger volume expectation by 4mn. Difficulties include serious teething problems at Turkey’s new mega airport.

ISTANBUL BLOG: Turkish assets rally ahead of near bolted-on rate cut. Is Erdoganomics no joke after all?

Akin Nazli in Belgrade September 4, 2019

Critics continue to pick apart the data underlying official GDP and inflation, but perhaps it’s time instead for them to prostrate themselves before a strongman’s brilliance they cannot understand.

TURKEY INSIGHT: Latest official Turkish inflation rate set to pave way for another chunky rate cut, data doubters be damned

Akin Nazli in Belgrade September 3, 2019

Extent of disinflation raises eyebrows. Opposition says national statistics agency “should do the nation a favour and announce the addresses of where it takes the prices from”.

TURKEY INSIGHT: It’s the Turkey we’ve come to love: Official growth beats expectations!

Akin Nazli in Belgrade September 2, 2019

GDP shrinks by better-than-expected (or “expected unexpected”, take your pick) 1.5% in Q2. Worryheads note Erdogan's latest credit splurge offset by private bank deleveraging, and ponder formidable size of commercial zombie on Treasury lab table.

Turkey looks at buying Russian Su-57 fighter jets after US F-35 rebuff

bne IntelliNews September 2, 2019

Analysts warn of “slippery slope” with Ankara taking ‘Eurasian option’ of staying in Nato but deepening ties with Russia and Iran.

VW ‘one tax pledge away from choosing Turkey over Bulgaria for €1bn plant’

bne IntelliNews August 30, 2019

Erdogan administration reportedly trying to come up with formula that would not hit other automakers on market ravaged by recession.

Turkey’s Koc Holding confirms talks after report partner Unicredit is sizing up possible sale of Yapi Kredi Bank stake

Akin Nazli in Belgrade August 29, 2019

Shares in lender nosedive. Koc likely keen to avoid SPO that would hurt bank’s market value and reputation.

Istanbul’s new opposition mayor scraps transfer of 350mn lira to pro-Erdogan foundations

bne IntelliNews August 28, 2019

“It’s incredible. On what are you spending the people’s money?” says Ekrem Imamoglu.

UniCredit ‘in talks to pave way for sale of stake in Turkey’s Yapi Kredi Bank’

Akin Nazli in Belgrade August 28, 2019

Italian group bought shares with Koc Holding for €2.5bn, but market value has tumbled. Shareholding hit by Turkish lira crisis and recession.

TURKEY INSIGHT: Turkish assets sliding as Erdogan regime’s grip on events weakens

Akin Nazli in Belgrade August 27, 2019

Market observers ask why hot money did not rush into Turkey to benefit from guaranteed arbitrage against the new rate-cutting horizon.