Northern Cyprus halts flights from Turkey on coronavirus fears

Akin Nazli in Belgrade September 10, 2020

Turkey’s own COVID-19 troubles are, meanwhile, intensifying. Data from opposition-controlled major cities showing alarming infection rates make a mockery of the official picture of how the country is faring in the pandemic.

Coronavirus will weaken asset quality of Turkey’s banks but official data might not show it warns Fitch

Akin Nazli in Belgrade September 10, 2020

NPLs will be “flattered” by regulatory forbearance and loan growth, ratings agency complains.

BEYOND THE BOSPORUS: The Borsa Istanbul. Don’t go there without a jaundiced eye

Akin Nazli in Belgrade September 9, 2020

Foreigners have fled the market. But, despite the Turkish lira carnage, an ‘invisible hand’ keeps the main index above the 1,000 threshold. Tread carefully, or better still, don’t tread at all.

Turkey’s official inflation announced as flat at 11.8% while lira stumbles to new low

bne IntelIiNews September 3, 2020

Knowing central bank is politically hamstrung when it comes to formal rate hikes, market waits to see if it will bring in more backdoor monetary tightening.

With Turkish backing, Azerbaijan ups rhetoric against Russia

Joshua Kucera for Eurasianet September 3, 2020

It remains to be seen if this is yet another tactical balancing act on Baku’s part, or the sign of a more substantial shift.

Ankara “has become Wuhan” say doctors fighting Turkey’s raging coronavirus outbreak

Akin Nazli in Belgrade September 3, 2020

Government resisting calls for lockdown in capital. Health minister blames “carelessness at weddings and during religious holidays” for new Covid peak.

Turkey’s shopping centres hit by virus “tsunami”, may not survive second wave says expert

bne IntelIiNews September 2, 2020

Many of country’s 434 malls that provide jobs to more than half a million people appear vulnerable to a knockout blow.

Turkey’s trade deficit jumps in August on export slump and bold gold imports

Akin Nazli in Belgrade September 2, 2020

Export shock caused by demand contraction in EU. Automotive exports crash. Gold imports roughly double as embattled lira sinks.

Capital Economics and IIF report capital flows have reversed and returning to EMs

Ben Aris in Berlin September 2, 2020

Capital Economics and the Institute of International Finance report capital flows have reversed and are returning to EMs in July for the first time since the coronavirus (COVID-19) crisis began.

COMMENT: How Covid-19 is changing international business and politics

David Landsman OBE and Khawar Qureshi QC in London September 2, 2020

Ever since the plague in Athens in 430 BC described by Thucydides, epidemics have followed movements of people and changed the course of history. Today Covid-19 risks challenging the foundations of business in our modern interconnected world

August PMI shows Turkish manufacturing strengthening again but hit by input costs rising on weak lira

bne IntelIiNews September 1, 2020

Manufacturers raised their selling prices to the greatest extent in 23 months.

Turkey takes GDP hit of 9.9% in Q2

bne IntelIiNews August 31, 2020

Big stimulus and decision not to go into full lockdown amid pandemic helped limit economic damage. But the lira is now feeling the effects of another wave of cheap credit.

Doctors ‘choosing who gets ICU chance of life as Turkey’s COVID-19 outbreak goes out of control’

Akin Nazli in Belgrade August 31, 2020

Number of cases moves ahead of Italy’s total. “Obvious burnout” among Turkish doctors. Health workers start ‘WeAreDying’ hashtag. Unofficial picture of coronavirus situation seen as far, far worse than official picture.

TURKEY INSIGHT: Has Erdogan reached the limits of siphoning hard currency from local banks?

Akin Nazli in Belgrade August 30, 2020

Financial engineering to keep the Turkish lira from crashing through the floor may soon be in a head-on collision with some unavoidable market realities.

Bitcoin power consumption need not blow your brains—yet

bne IntelIiNews August 29, 2020

Russia, Kazakhstan and Iran make top 10 in electricity consumption index for digital currency mining industry.

International mediation mechanism for Armenia, Azerbaijan conflict “does not seem fit for purpose” says former co-chair

bne IntelIiNews August 28, 2020

Noting July skirmishes took place far from contested Nagorno Karabakh territory, former US diplomat says clashes “may have unleashed a dangerous new geopolitical dynamic” partly given their proximity to strategic oil and gas pipelines.