Turkey

Perspectives | Uzbekistan internationalises legal landscape to entice foreign investors

Matthew Fisher & Robert Garden for Eurasianet December 6, 2019

Two lawyers examine Uzbekistan’s plans to lure investors by using English law.

New York judge tells Turkey’s Halkbank to turn up and enter plea in Iran sanctions busting case

bne IntelliNews December 5, 2019

Move must be made before state lender can challenge US court’s ability to hold trial, he adds.

Vanquisher of Erdogan’s grip on Istanbul chosen by Bloomberg as one of top 50 people of 2019

bne IntelliNews December 5, 2019

Ekrem Imamoglu seen as possibly biggest threat to Turkish strongman in next presidential election.

Real effective rate of Turkish lira up 11% since May

Akin Nazli in Belgrade December 4, 2019

Level of 77.35 compares to record low of 62.45 seen in September 2018 following the currency crash.

Erdogan backs off threat to veto Nato defence plan for Poland, Baltics

bne IntelliNews December 4, 2019

Military bloc’s leaders don’t discuss Turkish leader’s demand for classification of Kurdish militia as “terrorist”. Communique describing “a forward-looking reflection process” appears to give strongman way out of dispute.

Turkish equity indices back in ‘Buy into weakness’ territory says VTB

bne IntelliNews December 4, 2019

More bank share price gains ‘likely only in early 2020’. Signs emerge, meanwhile, foreign investors are locking in stock market gains as sanctions risk mounts.

Turkey’s CPI up less than expected to 10.56% in November leaving real interest rate at 3.44%

bne IntelliNews December 3, 2019

Inflation level won’t stop rate-setters easing further next week says one analyst. Another says they face a “difficult decision”

Setback for Turkish recovery as November auto sales come in flat

bne IntelliNews December 3, 2019

Data imply consumers could be losing their appetite for taking on fresh debt despite new availability of cheaper loans.

TURKEY INSIGHT: Credit-juiced economy back on road of growth

Will Conroy in Prague December 2, 2019

Erdogan administration in hurry to get back in fast lane but analysts warn reckless driving could spark fresh build-up of macro imbalances.

Turkey’s manufacturing PMI remains in contraction territory in November but only marginally as output sees uptick

bne IntelliNews December 2, 2019

“A number of panellists continued to report upwards price pressures as a result of currency weakness, but this was much less of an issue than this time last year," says IHS Markit.

ISTANBUL BLOG: Funny my arse

Akin Nazli in Belgrade November 30, 2019

Trump comes up with a lame Turkey pun. Erdogan comes up with F-16 warplanes in the skies of Ankara as target practice for his newly acquired Kremlin missiles.

Absurd maritime deal between Turkey and Libyans ignores presence of Crete says Greece

bne IntelliNews November 29, 2019

Agreement set to further complicate disputes between Ankara and regional neighbours over rights to East Mediterranean energy resources.

ISTANBUL BLOG: Officials scrub out NPLs as Baron Jim ticks off Turkey bashers

Akin Nazli in Belgrade November 28, 2019

Red ink turns to invisible ink but it would be unpatriotic of any Turk to shift uncomfortably in their seat as the president has let it be known that policy rates and inflation will soon fall into single digits and will stay there.

Pompeo “concerned” by reports of F-16s flying over Ankara to test Russian S-400s

bne IntelliNews November 26, 2019

Meanwhile, head of Russian state arms exporter Rosoboronexport refers to “big plans” for military technical cooperation between Moscow and Ankara and report emerges of Turkey blocking Nato defence plan for Poland and Baltics.

Climate offender: Unep Emissions Gap Report 2019 says Turkey has “weak” greenhouse gas reduction target

bne IntelliNews November 26, 2019

Annual assessment also notes Ankara has set ambitious plan for new coal-fired power plants but lack of financing is holding things up.

TURKEY INSIGHT: Erdogan extends swap deal with Qatar to $5bn

Akin Nazli in Belgrade November 26, 2019

Turkish president, under pressure to secure capital inflows, also returns to old appeals to “patriotic” Turks to dump foreign currencies. Potential nemesis Imamoglu, meanwhile, has been getting friendly with global financiers.

Turkish Airlines shares down 6% since BlackRock purchase

Akin Nazli in Belgrade November 25, 2019

Net profit and passenger numbers have fallen at flag carrier. Last week it was announced additional Boeing 737 Max aircraft will be bought by JV it runs with Lufthansa.

Government banks have shut out Istanbul municipality since Erdogan poll defeat says mayor

bne IntelliNews November 25, 2019

Ekrem Imamoglu condemns public lenders, saying they are not even extending routine loans. Business capital officials relying on international markets to meet financing needs.

UniCredit ‘has deal clearing way for exit from Turkish lender Yapi Kredi’

bne IntelliNews November 24, 2019

Transaction with Koc Holding would mark end of first foreign partnership in Turkey’s financial services industry.

IIF: Game of loans, debt at record highs, climate concerns to drive up cost of borrowing further

Institute of International Finance November 22, 2019

​Without question, rising debt levels have supported global growth since the 2008 financial crisis. However, there are increasing questions about the marginal utility of further borrowing—and a lot of concern that a continued ramp-up in debt could sp

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