According to data obtained from General Directorate of Land Registry and Cadastre, a total of 6,694 foreigners obtained certificates of conformity in order to become Turkish citizens via purchasing real estate. The lower limit for granting citizenship via real estate purchases was decreased to $250,000 in September 2018 from one million dollars in 2017, prompting an increase in foreign investments.
Muzaffer Aksoy, chairman of the Turkish-Libyan Business Council, said that Turkey plans to sign by February a preliminary $2.7 billion compensation deal for work carried out in Libya before the 2011 civil war. "Work on the MoU regarding the old contracts is reaching an end. The problem of unpaid debts, damages and a letter of guarantee will be solved," Aksoy told Reuters in an interview.
Istanbul's stock exchange Borsa Istanbul will remain open until 11 p.m. soon, said President Mehmet Hakan Atilla, adding that the late hours of operation will allow for investors in different time zones to trade.
Water prices have increased by up to 330 percent in Diyarbakır. This raise was introduced by the municipal council formed by the trustee who replaced elected Mayor Selçuk Mızraklı. The price hikes were decided during a municipal council that was held Dec. 27. The public wasn't informed of the changes.
Turkey's Competition Authority fined five medical companies that produce medicine used in chemotherapy. Six companies were investigated for collusion during a bid, while one was cleared.
Turkish President Recep Tayyip Erdoğan and his Russian counterpart Vladimir Putin have launched the TurkStream pipeline, which will deliver Russian gas to Turkey and further to southern European states. The pipeline project, stretching 930 km across the Black Sea, reinforces strong energy ties between Moscow and Ankara, which have also increased defense cooperation after Turkey bought advanced Russian missile defenses.
Shafali Sachdev, the head of BNP Paribas' Asia-Pacific Forex Advisory and Execution, said investors should buy gold and sell currencies from oil-importing countries to protect their portfolio from Iran-US tensions.
The central government's interest costs have increased 144 percent in three years, said former Deputy Prime Minister Ali Babacan. His statement comes in response to President Recep Tayyip Erdoğan's reference to him on a CNN Türk broadcast, saying he was in favor of increasing interest rates during the 2008 financial crisis.
Prices have seen an annual surge of 11.84 percent, the Turkish Statistical Institute said on Friday. An inflation rate of 0.74 percent was also observed between November and December 2019. As a result, the government is to raise retiree pensions. That of public officials will be raised by 5.49 percent, while that of labor retirees will be 6.49 percent.
The average annual telecommunication costs for a family of four in Turkey, which includes having a landline phone, broadband internet and a cellphone for each member, has reached the 3225 TL mark.
Some of the Turkish defense contractors involved in the F-35 program are preparing to establish alternative sources of supply in Bulgaria in the face of potential sanctions from Washington, Dünya newspaper reported on Jan. 2. Such a move of the companies will also be supported by the Turkish government, the newspaper said, citing an anonymous source from the defense industry.
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.