GPW Political Risk on how the move by a military pension fund unit to acquire the unloved, neglected UK company may have been motivated by Turkish President Recep Tayyip Erdogan’s personal agenda—and he may require a political quid pro quo.
Lira hit as critics sense weakened strongman Erdogan is intent on pumping up short-term growth.
Meanwhile, Kamhi family put Istanbul’s Profilo shopping mall on market with an asking price of $74mn—half of what they tried to sell if for five years ago.
Rollover ratio registers at 95% compared to 73% target.
Central bank introduces reserves changes which observers note tally with possible plan to drive up short-term economic growth and call early elections. Lira comes under pressure.
Turkish industrial production contracts for 10th straight month. Worst run since financial crisis. Government, meanwhile, continues to work the credit pumps. “Central bank playing with fire,” says one analyst.
Plastic waste imports arriving in country soar tenfold to over 40,000 tonnes/month following China’s move to ban shipments.
All-in cost of €190mn tranche is Euribor+2.40%, $96mn tranche fixed at Libor+2.50%. Rollover ratio stands at 49%.
Flagship carrier reports 4.8% July fall in number of people flying, with 11% drop in domestic traffic despite tourism high season.
Fall in imports after currency crisis rather than export strength eliminated gap. Repeated credit expansions now undoing progress.
Strongman rips guts out of regulator too slow for his liking in providing cheap money. If he wasn’t entirely at monetary helm before, he is now. But do global investors particularly care?
Q2 profit significantly above market average expectation mainly thanks to hefty deferred tax gain recorded by oil refiner.
Average market forecast was for TRY306mn, but company was able to record TRY347mn and meet expectations for 31% growth in revenues.
Many internal and external factors help explain the currency’s recovery but jittery investors still see vulnerabilities everywhere.
The emerging markets (EM) bond markets are well into their summer slowdown. There were virtually no bond issues from Russia at all in July but Central Europe saw $6.4bn of issues
Central bank is still no doubt working on another chunky rate cut.
Automakers hooked on fiscal generosity now in for a rough second half if no more government assistance is forthcoming.
Top officials say it’s all starting to come together for the Turkish economy. So why are some observers sniggering at the back?
Netflix and local streaming platforms among those affected, while critics warn all internet media producing opposition news will feel impact.
Spanish lender BBVA, which owns just short of half of the bank, says Turkey’s political instability and recession dented its group profitability.