Turkey was revealed to be Europe's second most affordable country to live in by CEOWORLD Magazine. According to a ranking that measures the cost of living, rent, groceries, eating out and purchasing power, Turkey is the 102nd cheapest of 132 countries worldwide.
A parliamentary question presented to the Agriculture Ministry about olive and olive oil imports from Syria was denied a response on the grounds that the information was based on "trade secrets." Olive imports from the northwestern Syrian town of Afrin have been a topic of debate during the 2020 budget meetings due to concerns about the impact the imports would have on domestic markets.
Farmers held a protest in the Black Sea province of Çorum on Jan. 26 against a new requirement that farmers have a permit for exporting onions and potatoes. A spokesperson for the farmers said that there was excess, unsold stock worth $120 million that could not be sold due to lack of permits. “We have customers lined up for this produce and we're getting ready to toss it," said spokesperson Yusuf Özküçükgöz.
McDonald's Turkey's managing company Anatolian Restaurants Management was sold to Birleşik Holding ("United Holding") for a little over 280 million Turkish Liras, approximately $46 million. Previously the property of one of Turkey's largest conglomerates Anadolu Group, the company stocks will change hand after the approval of the Turkish Competition Board.
Turkey's Central Bank Governor Murat Uysal announced the inflation rates for this year and 2021 as 8.2 percent and 5.4 respectively. Amid an embattled lira that sunk in value throughout the course of much of 2018, inflation hit 20.3 percent December of that year, while in 2019, inflation remained in the double digits, and was 11.8 percent by the end of the year.
Taking the Eurasia Tunnel will now take a bigger bite out of drivers' wallet as the tolls have increased by 56 percent as of Feb. 1 for both passenger cars and minibuses. There has been a 119 percent hike in the tolls for the tunnel since it was opened to traffic on Dec. 22, 2016.
Only a 13.84 percent of workers in Turkey are union members as of Jan. 31, according to official data. Some 1.9 million workers out of a total 13.8 million are unionized.
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.