Economy
U.S. federal prosecutors have opposed Halkbank's request to make a “special appearance” in the Southern District of New York court to fight the charges that it helped Iran evade sanctions. The Turkish state-owned bank submitted such a request to seek dismissal of the case without it having to formally accept and answer the charges.
Turkish carrier Atlas Global Airlines has announced that it's temporarily suspending all its flights until Dec. 21. "The recent problems and the economic burden it brought about, as well as the major increase in logistic and operational costs stemming from moving to the new airport in April removed our possibility of making up for the costs we suffered in 2016/2017," the company said.
Based on a November study, the labor union Turk-İş has determined that the current hunger threshold for a family of four in Turkey is 2102 TL per month, while the poverty threshold for a family of the same size is 6489 TL. Regarding food products and other necessities, the study indicated the average monthly budget for a family has increased by 522 TL since last year.
Turkey's Koç Holding said there were ongoing negotiations with UniCredit on the reorganization of the shareholder structures of Koç Financial Services (KFS) and Yapı Kredi (YKB) “in such a manner to ensure that the parties shall not reach direct or indirect majority of YKB."
UniCredit has struck a deal to reduce its exposure to Turkey’s Yapı Kredi, a move seen as a first step toward the Italian bank’s full exit from the recession-hit country. As part of the plan, UniCredit will sell its 50 percent stake in its joint venture Koç Financial Services - which controls Yapı Kredi - to its partner Koç Holding.
Volkswagen CEO Herbert Diess has said that the company is reconsidering its decision to locate in Turkey, as he cited the country's military offensive in northern Syria as the basis of the move. "As long as people are being killed, we are not laying the foundation stone next to a battlefield," Diess said, adding that Volkswagen shares the assessment of the German government and the European Union on the military conflict in northern Syria.
The OECD has upgraded its gross domestic product predictions for the Turkish economy for this year, next year and 2021, while advising the country to make the macroeconomic policy framework simplified and more transparent to rebuild domestic and international confidence. "Investor confidence remains fragile and investment has declined sharply," it said.
Turkey's state-owned Halkbank said it should be able to challenge whether U.S. courts can hear the case at all before it entered a formal plea. The bank also rejected prosecutors' claim that it was a "fugitive." "As a corporation, Halkbank cannot be a 'fugitive' since it has no physical body to present," the bank said.
Turkey's annual top 100 taxpayer list has been announced. Out of the list of 100, 57 taxpayers asked to remain anonymous. The Turkish Central Bank came in the first place last year with 10.6 billion lira paid in taxes. With 6 places out of the top 10, banking still seems to be the highest earning sector in Turkey.
The latest unemployment figures, pertaining to the month of August, were released on Nov. 15 by the Turkish Statistics Institute (TÜIK) indicating that unemployment increased 2.9 percent from the same month in the previous year, reaching 14 percent.
Following Trade Minister Ruhsar Pekcan's remarks regarding government support for all areas of exports, a new regulation was published in the Official Gazette, stipulating granting green passports, which ease visa requirements for plenty of countries, to exporters with an annual volume higher than 500,000 dollars.
Main opposition Republican People's Party (CHP) Deputy Faik Öztrak has blasted the latest official inflation figures provided by the Turkish Statistical Institute (TÜİK), claiming that the actual figures are much higher. Öztrak urged TÜİK to reveal the details of their research.
Halkbank's lawyer Andrew Hruska has said that they will seek dismissal of the U.S. indictment, while also calling on Judge Berman to recuse himself over the court's impartiality.
Fitch has revised Turkey's outlook from "negative" to "stable" and affirmed its “BB-“ rating. “Turkey has continued to make progress in rebalancing and stabilizing its economy," Fitch analysts said.
According to Russia's agricultural watchdog, Mediterranean fruit flies were found in the tangerines sent from Turkey, which was followed by the Russian authorities banning their entrance to the country.
Editor's Picks
Vural Özdemir writes: Both scientists and journalists seek the truth. But the truth is caught between a rock and a hard place with COVID-19. We are facing, on the one hand, an anti-science movement and, on the other hand, scientific essentialism that omits the role of power politics and human values in the making of truth. As an antidote, we need a new narrative on evidence frameworks in journalism that expands on the classic 5W + 1H.
Musa Özuğurlu writes: Russia, by any means, wishes to see al-Assad in power at least for another term. It is trying quite unattainable formulas to make it possible for Muslim Brotherhood to return to Damascus after so many years. Let us see whether or not these attempts will bring the political transition and thus relief to Syria?
Politics
The ruling Justice and Development Party (AKP) has been working on regulations that would control social media following President Recep Tayyip Erdoğan's remarks on completely shutting the platforms or controlling them. A draft of the bill consisting of nine articles on the issue has been ready for a long time, sources told Duvar, adding that the examinations regarding international regulations are ongoing.
NATO has put a defense plan for Poland and Baltic states into action after Turkey dropped its objections, officials from Lithuania, Poland and France have said. NATO declined to comment directly, saying that it "has plans in place to protect all allies. Those plans are regularly revised and updated."
Germany will keep reviewing travel advice for Turkey, Foreign Minister Heiko Maas told his Turkish counterpart Mevlüt Çavuşoğlu on July 2, saying any decisions were coordinated with the EU and based on reliable data on infections and the health situation. Earlier, Turkey said that it is disappointed by the European Union's decision to exclude it from the list of countries recommended for non-essential travel.
Turkey's flagship carrier is planning to cut pilots' wages in half, lowering other paychecks and possibly restructure their payment scheme, a union representative told Bloomberg. Turkish Airlines paused commercial flights for about three months during the pandemic.
Turkey is remembering victims of the Sivas Massacre, which took place when a large group of radical Islamists set the Madımak Hotel in the Central Anatolian province of Sivas on fire on July 2, 1993, killing 33 intellectuals and two hotel personnel, on 27th anniversary. Also on July 2, a parliamentary inquiry to reveal the perpetrators of the Sivas Massacre was rejected by lawmakers of the AKP, MHP and the İYİ Party.
A Turkish court on July 2 heard a case about converting Istanbul's sixth century Hagia Sophia back into a mosque and will announce its verdict within 15 days, a lawyer said, on an issue which has drawn international expressions of concern. Greece said Turkey risked opening up "a huge emotional chasm" with Christian countries if it pressed ahead with the proposal to convert Hagia Sophia into a mosque.
Turkey has carried out the largest anti-narcotics operation in its history, Interior Minister Süleyman Soylu said on June 30, adding that it was conducted in cooperation with nine countries. "Traffic worth 500 million liras was prevented. It was the biggest operation in Turkey's history in terms of preventing income from drugs and crime," Soylu said.
Austria pledged on June 29 to find out who was behind clashes between Kurdish and Turkish protesters in the Austrian capital last week. "Austria's ambassador to Ankara will be invited to our ministry and informed of our concern," the Turkish Foreign Ministry said, accusing Austrian security forces of meting out "harsh" treatment to the Turkish protesters.
Turkey shut down a total of 119 media outlets following the July 15, 2016 failed coup attempt, Vice President Fuat Oktay said in response to a parliamentary question submitted by Peoples' Democratic Party (HDP) deputy Muazzez Orhan. A total of 53 newspapers, 20 magazines, 16 TV channels, 24 radio stations and six news agencies were shut down with state of emergency decrees.
A lawyer from Van Bar Association Migration and Asylum Commission said that the death toll in the migrant boat accident in Lake Van is unknown. "Unfortunately we don't have enough information about the boat that sank in Van Lake over the weekend. The Van Bar Association hasn't received a public defender request for the boat yet."
Turkish authorities arrested one person and detained 11 others for insulting Treasury and Finance Minister Berat Albayrak's family through their social media posts, state-run Anadolu Agency said on July 1. The suspects face charges of "insulting a public official," the agency said.
The Dutch Minister of Infrastructure Cora van Nieuwenhuizen has called on citizens of Turkish descent not to visit Turkey unless it is "mandatory," saying holidays or family visits are not essential. "Going to a country on the orange list is irresponsible and is an anti-social behavior," Nieuwenhuizen said. Netherlands’ coronavirus travel advice for Turkey currently stands at ‘orange’: travel only if absolutely essential.
The Turkish Competition Authority has launched a probe into German automotive giants Audi, Porsche, Volkswagen, Mercedes-Benz and BMW. The authority's announcement on July 1 came as Volkswagen AG canceled plans to build a car factory in Turkey after the coronavirus pandemic jolted auto markets.
Russian President Vladimir Putin told his counterparts from Turkey and Iran on July 1 that there was a need for peaceful dialogue between the opposing forces in Syrian war. "An inclusive inter-Syrian dialogue should be actively promoted within the framework of the constitutional committee in Geneva. I propose to support this process, to help the participants to meet and start a direct dialogue," Putin said.
Turkey's media watchdog issued a five-day blackout to two news broadcasters that are critical of the government. Both broadcasters will lose their licenses if they receive another broadcast interruption fine.
Turkish Deputy Parliament Speaker and main opposition Republican People's Party (CHP) deputy Levent Gök broke a world record on running the longest uninterrupted session in a national parliament with eight hours and 13 minutes.
Turkey's ambassador to France İsmail Hakkı Musa said on July 1 that Paris had informed NATO it was suspending its involvement in a naval operation in the Mediterranean after a probe into an incident between French and Turkish warships did not back Paris' claims. "I had the information yesterday, it seems that the Courbet is withdrawing from this NATO exercise," he said.
The wife of an inmate diagnosed with cancer and coronavirus has urged the ruling Justice and Development Party (AKP) to release her husband. "This means he has been abandoned to die. I am calling upon the public, the Presidency, and the Ministry of Health: Release my husband right away. There are thousands of [coronavirus] patients in jail, their voices must be heard. People are coming face to face with death at the moment,” she said.
A new testing center in Istanbul Airport will offer all passengers COVID-19 tests for 110 Turkish Liras each (about $16). The center's capacity is an hourly 2,000.
Professor Haluk Savaş who was known for his resistance against Ankara's state of emergency decrees died on June 30. Savaş had been removed from his post at a university with a state of emergency decree and was refused a passport to travel abroad for cancer treatment.
Germany's Federal Constitutional Court has ruled that it was unconstitutional for police to remove posters of the Syrian Kurdish People's Protection Units (YPG) that Left Party deputy Michel Brandt hung in his office prior to a visit to the Bundestag by President Recep Tayyip Erdoğan in 2018.
Turkish President Recep Tayyip Erdoğan signed off on a new university because of a mistake in an executive order, which then got published in the official gazette. The gazette published a correction the next day, saying the correct word was "faculty" and not "university."
The United States will continue working with Turkish companies producing some parts of F-35 fighter jets until 2022, Turkey's state-owned Anadolu agency quoted a Pentagon spokeswoman as saying on July 1. "Our industry partners will carry out the continuing contracts," she said, adding the Pentagon was still looking for alternatives to Turkey.
Economy
Turkey's June inflation rates exceeded experts' expectations at 1.13 percent, almost double the estimates. Meanwhile, annual inflation reached 12.62 percent.
Positive developments in COVID-19 vaccine studies have stopped the steady increase in gold prices. Pharmaceutical giant Pfizer said on July 1 that their vaccines were effective in increasing recipients' antibodies.
New regulation concerning online and digital banking services will ban bank representatives from asking about users' ID information to confirm their identities. Representatives will instead be asking about digital ID informations and PIN numbers.
Turkey's Trade Ministry legalized 18 installments for touristic spending to incentivize consumers. The new legal installment limit will be applicable to travel agencies, airlines and hotels.
Broadly defined unemployment in Turkey has reached 39 percent according to the Confederation of Progressive Trade Unions of Turkey (DİSK). The union disputed recently revealed official unemployment rate of 13.2 percent. DİSK claimed that only those looking for a job for a period of four weeks as unemployed were reflected in the official numbers.
Urban Beat
The United States' National Aeronautics and Space Administration (NASA) likened railroads and highways in Turkey's capital Ankara to arteries in an eagle-eye shot of the city at night, dubbed "photo of the day" on June 28.
Istanbul Mayor Ekrem İmamoğlu on June 25 announced that the municipality purchased a portrait of Ottoman Sultan Mehmet II at a London auction. According to the London-based world-famous Christie's auction house, the municipality's winning bid amounted to £770,000 ($955,000) for the oil painting, which is believed to be the work of Italian painter Gentile Bellini in 1480.
Turkey's Culture and Tourism Ministry will be turning the iconic Galata Tower into a museum. The ministry will also launch a "culture route" that spans from the tower, along Istiklal Avenue and to Taksim Square. Minister Ersoy also said that the construction of the AKM would be completed within a month, ongoing since February 2019.
Turkey's first mass event after the COVID-19 pandemic brought together 50 ambassadors and their families, press and businessmen together in Mediterranean Antalya's Aspendos Theater. The concert was performed by Turkey's seven tenors, accompanied by the Antalya Opera and Ballet's orchestra.
Istanbul's 28th LGBTI+ Pride week started on June 22 with a week-long schedule, entirely planned online. After having been banned for the past five years, the Pride march will also be carried out digitally this year. The theme of the Pride week is "Where am I?" focusing on safe spaces for queers during the COVID-19 pandemic and immigration.