Foreign capital have taken over Turkish industry in the past 17 years, during which privatization processes have harmed local enterprises in a stark difference from what the ruling Justice and Development Party (AKP) puts forward as its slogan - being "domestic and national." When the data regarding the top 10 and 20 industrial enterprises are examined since 2002, the increase in foreign capital can be seen.
Some 1,054 farmers applied to become eligible to plant industrial cannabis in the last two years, the Minister of Agriculture and Forestry Bekir Pakdemirli said. The Ministry is running a project to encourage the farming of industrial cannabis, the Minister noted and added that eventually the goal is to become self-sustaining for the production of non-psychoactive cannabis.
The Turkey Wealth Fund (TWF) bought 10 percent share of the European Bank for Reconstruction and Development (EBRD) in the country's benchmark stock exchange. "We continue to believe in the future of the company as a potential regional leader within our strategic plan for the Istanbul Financial Center project," TWF Managing Director Zafer Sönmez said.
Turkey’s biggest trade union confederation Türk-İş has calculated the hunger threshold – which indicates the minimum amount of money needed to save a four-member family from starvation a month – as 2,163 liras and the poverty threshold as 7,054 liras. The government announced on Dec. 26 that the net monthly minimum wage in the country will be 2,324 liras in 2020, up from 2,021 liras in 2019.
The prototype of Turkey's first indigenous electric car was unveiled during a ceremony on Dec. 27. President Recep Tayyip Erdoğan later took one of the cars for a spin in Gebze near Istanbul.
A U.S. judge has denied a request by Turkey's state-owned Halkbank to stop a federal prosecution accusing it of taking party in a multibillion-dollar scheme to evade U.S. sanctions on Iran. “Simply stated, the court rejects Halkbank’s efforts to avoid and delay appropriate district court proceedings,” Judge Richard Berman said.
Representatives of Turkey's biggest trade union confederation Türk-İş have walked out of minimum wage negotiations, saying that the newly determined amount would not even be sufficient to cover the expenses of a worker for 10 days, let alone 30 days. The country's labor, social services and family minister on Dec. 26 announced that the minimum wage for 2020 would be a net 2,324 Turkish Liras ($392) per month following weeks-long negotiations between employers and labor unions.
Despite Minister of City Planning and Environment Murat Kurum vowing that the land around the controversial Kanal Istanbul project would not be zoned for profitable development, a number of Arab businesspeople have purchased large swathes of land near the route of the project. Opposition CHP claims that “an Arab canton is nearly being established" in the area.
The Pentagon has awarded eight Turkish companies a total of $95 million for construction work and other projects for its bases in Turkey. The Pentagon's website posted information on the Turkish companies that "have been awarded a $95,000,000 multiple award firm-fixed-price, indefinite-order/indefinite-quantity contract for design-build, partial design and full design infrastructure requirements."
The Turkish Post (PTT) has totaled a loss of 1,5 billion Turkish liras over the past two years, following its transfer to Turkey Wealth Fund (TVF). At the time of the 2017 transfer, the PTT vault had a positive balance of 650 million liras and is at a negative of 900 million liras today. The TVF bought 5 million liras worth of air fresheners bought for PTT branches. 600,000 units were bought even though the PTT only has 3,800 branches.
An unemployment insurance fund established in 2000 by former Prime Minister Bülent Ecevit in order to support the jobless has transformed into a mechanism that supports employers. Figures indicate amount of money from the fund going to employers has doubled that of the amount going to unemployed people
The first Turkish-produced car was delivered by logistics company Ege Ekspress about two weeks ago, as reported by the daily Dünya. The public introduction to the vehicles will be done by President Recep Tayyip Erdoğan on Dec. 27 and production will start in 2022.
President Recep Tayyip Erdoğan said that trade with national currencies has developed urgency. Speaking at the Kuala Lumpur Summit, Erdoğan suggested that Turkey could collaborate with Malaysia to work on 'finance without interest'.
Turkey’s central bank has launched a dollar-to-lira swap auction -- in a first since August -- to help boost its foreign reserves, while the banking watchdog has limited banks’ swap operations with non-residents. The result was Turkey's lira sliding to its weakest level in daily trade since May on Dec. 19.
Russia delivered its first batch of exported sugar to Turkey and Greece in November. The Turkey shipment was 1,400 tons and the one to Greece was 591 tons. Russia is expected to set a record for production levels with more than 7 million tons this year, according to the Russian Ministry of Agriculture.