Workers who have come from all around Turkey to work at the Istanbul project Galataport are protesting the conglomerate Doğuş Holding for withholding wages of up to three months. While the holding holds subcontractors accountable, the contractor firms are reportedly harassing workers.
HSBC is considering selling its Turkey business amid concerns about the country’s volatile currency and economic outlook, sources familiar with the matter said, according to a news report released by Reuters on Jan. 29. The bank’s retreat from Turkey, where it has operated since 1990, would be one of the biggest exits from a country it has made in recent years as it shrinks its once globe-spanning empire.
The current hunger threshold for a family of four is 2219 TL, according to recent statistics compiled in a report by the Turk-İş labor union, nearly reaching the current net minimum wage, which was determined to be 2324 TL as of January 2020.
Turkey is set to receive information on its citizens' assets in foreign countries as part of the Multilateral Competent Authority Agreement (MCAA) that aims to prevent tax evasion in accordance with the Standard for Automatic Exchange of Financial Information in Tax Matters. The system came into force in Turkey on Jan. 1 after it was published in the Official Gazette.
Turkey's Treasury and Finance Ministry has fined two top banks Yapı Kredi and Akbank 281.8 million Turkish Liras ($47 million) in total for violating an insurance law. Shares of the banks slipped in response.
Treasury and Finance Minister Berat Albayrak has said that Turkey's Central Bank is as independent as the U.S. Federal Reserve in the World Economic Forum (WEF) in Davos. He met with U.S. Treasury Secretary Steven Mnuchin amid an ongoing rift between Ankara and Washington over U.S. probe of Turkish state-run bank Halkbank on charges of aiding a years-long scheme to help Iran evade U.S. economic sanctions.
Officials from Turkey's Competition Authority visited several banks late on Jan. 17 to analyze computers as they opened a wide-ranging probe of trading in the financial sector, according to three bankers. The competition authority said it was conducting “preliminary research” into banks, adding it could not say more about the effort until the process is completed.
The manufacturer Boeing had fault in the crash of a Boeing 737-NG from the Turkish Airlines fleet in 2009, The New York Times reported. The aircraft was an earlier version of the Boeing 737-Max, the grounded plane that killed 346 people in crashes in Indonesia and Malaysia. Expert reports that are unavailable to the public revealed "risky design choices and faulty safety assessments" on the part of Boeing.
653 electricity projects that were part of an investment program failed to start in 2018, according to an inspection report of the Turkish Electricity Transmission Corporation (TEİAS) that was prepared by Turkey's Court of Accounts.
Housing sales have decreased by 1.9 percent in 2019, the Turkish Statistical Institute revealed. While 1,348,729 residences were sold in 2019, one third of these sales were mortgages. Istanbul was the city with the highest number of residences sold with 237,675 sales, followed by Ankara and İzmir. Residential sales to foreigners went up by 14.7 percent, reaching 45,483.
Total assets of the Turkish banking industry have decreased by over 21 billion liras in the beginning of the year, revealed weekly money and banking statistics by the Central Bank of the Republic of Turkey (TCMB). The dip represents a decrease of about 0,8 percent of assets. Turkish Lira assets took majority of the hit with a 0,71 percent decline while foreign currencies dropped by a mere 0,32 percent.
Turkey's private sector was in more than 210 billion dollars of foreign debt at the end of November 2019, revealed the Central Bank. While $10.2 billion of the total is floating debt, almost $200 billion of the total debt is in long-term loans. While 60.9 percent of the foreign loans were in dollars, the second largest slice was euro, making up 33.7 percent.
The Turkish Competition Authority has launched a probe into more than 20 local and foreign banks over possible violations in foreign exchange and other services, Turkish media outlets said late on Jan. 17.
India will be curbing its steel and oil imports from Turkey due to criticisms by the latter targeting India's policies in the Muslim-majority Kashmir. India seized Kashmir's autonomy in an attempt to gain increased control over the province: Internet has been indefinitely suspended in the region and arrests of activists and politicians are widespread. President Recep Tayyip Erdoğan said that the people of Kashmir were “virtually under blockade."
Turkey’s central bank cut its benchmark rate for the fifth time in six months, as its new governor continued to ease policy. The bank cut its key rate to 11.25 percent from 12 percent.