Turkey

Turkcell denies any affiliation with $1.6bn loan in default extended by Ziraat Bank to Virgin Islands company

Akin Nazli in Belgrade January 18, 2021

Lender said it extended capital to company owned by Turkish mogul Mehmet Emin Karamehmet for taking back his stake in mobile operator from Russian tycoon Mikhail Fridman’s Alfa Group. But it seems the stake is not worth the loan amount.

LONG READ: The oligarch problem

Ben Aris in Berlin January 17, 2021

Andrew Meier had a good joke about the problems post-Soviet countries face with their oligarchs: "What is to be done with those who are to blame."

BEYOND THE BOSPORUS: Let’s tentatively pencil in a date for Turkey’s hot money outflow

Akin Nazli in Belgrade January 16, 2021

As even Erdoganist business representatives start to grow agitated in the face of hiked interest rates, global finance makes it clear nobody believes the monetary tightening story will last.

COVID-19 and Trump’s indifference helped human rights abusers in 2020

bne IntelliNews January 15, 2021

2020 was a bad year for human rights around the world, but the US’ upcoming Biden presidency is an opportunity for change, says Human Rights Watch.

EBRD investments reach record €11bn in pandemic-struck 2020

Clare Nuttall in Glasgow January 14, 2021

The development bank's focus has been helping existing clients by providing short-term liquidity and working capital.

Turkish opposition leader lawsuit demands one lira from Erdogan, police probe “bald” interior minister posts

bne IntelIiNews January 13, 2021

Kilicdaroglu faces claim from Turkey’s leader for million lira in compensation after describing him as the “so-called president”.

Akbank takes over Istanbul's Palladium Atasehir shopping mall

Akin Nazli in Belgrade January 12, 2021

Lender said to be negotiating acquisition of a second shopping centre in Turkey’s commercial capital.

Armenia’s PM cautions conflict with Azerbaijan “still not settled” after trilateral meeting with Putin

bne IntelIiNews January 12, 2021

Nikol Pashinian nevertheless agrees to Armenian, Azerbaijani, Russian working group to unblock regional economic and transport links.

Turkish hotels in fire sale

Akin Nazli in Belgrade January 6, 2021

Reports of “panic” in virus-devastated tourism industry with hotel owners worried they’ll lose their businesses to the banks.

World Bank expects modest recovery for Europe and Central Asia in 2021

bne IntelliNews January 6, 2021

Recovery hinges on an effective rollout of coronavirus vaccines, averting further surges in cases that would threaten a rise in social and geopolitical tensions.

Turkey’s December manufacturing PMI retreats as virus second wave hits orders and supply chains

bne IntelIiNews January 4, 2021

Output softens, companies face difficulties in sourcing raw materials.

OUTLOOK 2021 Turkey

Akin Nazli in Belgrade January 4, 2021

Donald Trump has indulged Turkish strongman Recep Tayyip Erdogan but Joe Biden won’t be so accommodating. Whether or not the new US president can fit Erdogan into his plans will be the main determinant of how Turkey fares this year.

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