Economy
The unemployment rate among Turkey's young population, ages 15 to 24, has surged to 25 percent in December of 2019, higher than the past six years' rates, the Turkish Statistical Institute (TÜİK) revealed March 10. The average unemployment rate has also risen from 2018 to reach 13.7 percent.
The former chairman of Yıldız Holding, the biggest food manufacturer in the Central/Eastern European, Middle Eastern and African region, is the richest man in Turkey, Forbes magazine reported March 7. Ülker's assets grew by over one billion from 2019, when they were worth $3.7 billion.
One of Turkey's largest supermarket chains has closed the 2019 fiscal year at a loss of 492,112 Turkish Lira (over $75,000), an independent audit revealed to the Public Disclosure Platform (KAP). A company balance sheet revealed half of the company's total liabilities to be in foreign currencies, indicating the 2019 losses for Migros could have been triggered by the fluctuations in foreign currency exchange rates.
A hearing scheduled for March 3 in the case against Turkey's state-owned Halkbank has been adjourned. In a letter to Judge Berman, the bank's lawyer Andrew Hruska asked for more time to obtain a written authorization from Halkbank indicating that he has been given permission by the bank's general manager to enter a plea on its behalf.
Turkey's most recent increase of its special consumption tax on gas and diesel fuel will bring an estimated five billion Turkish Liras of annual income. With a 0,18 TL/litre increase on the tax, it is now 2,52 TL/litre for gas and 2,05 TL/litre for diesel fuel.
Finance Minister Albayrak has deleted his tweets praising Turkish economy following backlash from social media users. Albayrak's tweets came just hours after authorities announced that 33 Turkish soldiers were killed in Syria's Idlib, in one of the deadliest attacks on Turkish troops in the Republic's history.
The European Union will be imposing sanctions on two top executives from Turkish Petroleum (TPAO) for the country's drilling activities in the east Mediterranean that it deemed illegal, the Official Journal of the EU said on Feb. 27. Vice President Mehmet Ferruh Akalın and Deputy Director of the Exploration Department Ali Coşkun Namoğlu will see their EU assets frozen and be forbidden to travel in EU countries.
The Turkish Central Bank has announced its foreign currency reserves declined by $2.45 billion to $73.19 billion in the week ending on Feb. 21. State banks buying liras and selling dollars in an apparent attempt to prop up Turkey’s currency is seen by many investors as a reason for a gradual drain on the Central Bank’s foreign currency reserves in recent months.
International credit rating giant Moody's warned Turkey that negative real interest rates could hurt the Turkish Central Bank's credibility and lower investors' trust. The practice of having interest rates on loans that are lower than the inflation rate, negative real interest rates make Turkey more hazardous rather than risk-averse for investors, Moody's added.
The 303 Turkish Lira raise in minimum wage from January has become irrelevant in February, Turkey's Confederation of Turkish Trade Unions (Türk-İş) said. The first two months of 2020 have seen a price surge of 4.28% and the hunger threshold is set at 2,257 TL.
After more than three months of resistance, Turkey’s state-owned Halkbank has agreed to appear in the New York court to face criminal charges that it helped Iran evade U.S. sanctions. The bank is expected to enter its plea on March 3.
The gold and dollar exchange rates in Turkey surged to record highs Feb. 24, dropping again on Feb. 25 after markets opened and traders started to sell. Dollar prices rose as high as 6.16 TL during the day, marking a new high for the last 9 months. The price of 1 ounce of gold reached $1,688, and the price of one gram of gold reached a record price of 334 TL.
Governments across the world are starting to use more fiscal firepower to boost economies as the coronavirus outbreak is taking a toll on the global economy. Also, central banks across the world have announced that they are “closely monitoring” the risk from the coronavirus outbreak, as investors increasingly expect the Fed to lower interest rates by 25 basis points next month.
German automaker Volkswagen has once again delayed plans to establish a factor producing its vehicles in Turkey.The factory was previously delayed last October amid Turkey's Operation Peace Spring into northeastern Syria, where Turkish armed forces alongside Ankara-backed Syrian rebel squads drove out the Kurdish People's Protection Forces (YPG) from territory it controlled in the region.
The outbreak of the coronavirus has hindered the import of Chinese sunflower seeds to the central Anatolian province of Kayseri. While stocks are used up and no imports are expected soon, vendors predict sunflower seed prices to increase up to double the current 20 Turkish Liras per kilo.
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duvar englis podcasts
Duvar English’s editor-in-chief Cansu Çamlıbel and pollster Can Selçuki are joined by Robert Bosch Academy's Galip Dalay to discuss the impact of Turkish government's recent domestic policy moves on Ankara's international relations. They look for answers to whether there is any possibility that Turkey's relations with the West might change for the better any time soon.
Taner Akçam writes: The regime’s bold stroke vis-a-vis Hagia Sophia should not be seen as stemming from desperation. Rather, it is simply meant to relay the not-so-subtle message of the path to be followed by the "New Republic", and that message is that the “annihilationist tradition” of the old regime, inherited by the Republic’s founders, will be retained in the era to come.
Politics
A pro-government women's rights organization has voiced support to the Istanbul Convention, which aims to combat violence against women and from which the Turkish government seeks to withdraw. In its statement, KADEM responded to widely-known false facts about the convention, especially on it including "LGBT propaganda," saying that it doesn't promote homosexuality.
As a result of global market dynamics gold prices in Turkey have also reached record highs, as a gram of gold currently costs 437 TL. Due to escalating prices, the sale of imitation gold known as 'Syrian gold', has become popular in the jewelry markets of Hatay.
Lake Salda, dubbed Turkey's Maldives, will help NASA scientists guide the search for ancient life on Mars, as it shares many similarities with a dried-up lake bed on the red planet. Lake Salda is the only known lake on Earth that contains the carbonates and depositional features (deltas) similar to those found at Jezero Crater on Mars.
Algerian President Abdelmadjid Tebboune phoned Turkish President Recep Tayyip Erdoğan in July to secure the return of a fugitive military official, Reuters reported on Aug. 2, citing an unnamed top Algerian security source. Guermit Bounouira, a top aide to the late army chief Ahmed Gaed Salah, is accused of leaking a chart showing movements of army officers including their names and codes, the source said.
Nilüfer Bulut writes: Forced Islamization was one of the methods of survival during what Armenians call “Medz Yeghern,” the great catastrophe. Professor Zerrin Kurtoğlu Şahin says that by complying with the imposition of Islamization, these Armenians (mostly women and children) were assured their biological existence, but their cultural and social connections were ripped away.
Six Syrian students living in the southern province of Hatay were the victims of a racist attack, leaving two in critical condition. “I lost nearly all of the male children in my family in the Syrian civil war. We didn't come to Turkey for my brother to be the victim of a racist attack,” said Dua Muhammet, the older sister of one of the boys.
Thousands of Muslim worshipers gathered at Hagia Sophia on July 31 morning to attend Eid al-Adha prayers for the first time since the iconic building's conversion into a mosque. Blue Mosque, which sits just across the Hagia Sophia, however got no attention at all, despite being packed during the Eid al-Adha prayers in previous years.
Hale Gönültaş reports: A Yazidi woman who has been in captivity since 2014 was rescued from a home in Ankara. Abducted by an ISIS member in Iraq, the young woman was trafficked, eventually being tracked down by a family member.
Turkey's ruling AKP is preparing to file a lawsuit against Islamist columnist Abdurrahman Dilipak who called supporters of the Istanbul Convention as "prostitutes" in his column named "AKP's daisies."
Some 1,153 people spent the first day of Eid al-Adha at the emergency wards of Istanbul hospitals after cutting themselves or suffering other injuries while sacrificing agitated sheep and other animals. Seven of these “amateur butchers" were heavily injured and were operated on, Anadolu Agency said.
A group of Greek Orthodox Istanbulites who live abroad slammed a video by the Presidential Communications Directorate that depicted minorities in Turkey living in comfort. The minority noted that the government hadn't taken any steps to permit their return to their ancestral hometown of Istanbul, where they were forced to leave because of political turmoil.
A women's organization rooting for the Istanbul Convention will be holding a rally August 5 to protest consideration by the ruling Justice and Development Party (AKP) to recuse from the international treaty against domestic violence and discrimination.
Irish energy giant Eaton Corporation said that they ended their working relationship with Turkish distributor Berg Elektrik upon news that the latter's general manager Alp Erkin had shot and killed their neighbor's dog. While Erkin claimed he killed Nero because the dog bit his wife, Nero's owner noted that the animal was trying to protect its keeper.
Transport and Infrastructure Minister Adil Karaismailoğlu said that more than 200,000 passengers arrived in Turkey during the month of June, when Turkish Airlines recommenced international flights. The minister failed to answer a question about layoffs within the country's flagship carrier.
U.S. Secretary of State Mike Pompeo said on July 30 the United States was continuing to evaluate how it would respond to Turkey's purchase of Russian S-400 missile defense systems. "We continue to evaluate how to apply sanctions in order to achieve our end objective," Pompeo said.
A group of seven-eight unidentified Turkish citizens on July 26 battered six Syrian children under the age of 18 in Hatay's Kırıkhan district. The local governor's office on July 30 announced that an investigation was launched into the incident and two of the children are receiving treatment at hospital.
An Ankara court has reversed a ban on a gay pride march that was imposed by ODTÜ rectorate in May 2019. The court said that the rectorate's decision had no legal basis as the all-embracing ban enacted by the Ankara Governor's Office in 2017 had been already lifted.
Students enrolled in the Kurdish language departments of universities in Turkey will no longer be allowed to submit their dissertations in Kurdish. Former academic Selim Temo has also announced that from now on, all lectures at these departments will be conducted only in Turkish.
The area in the Hagia Sophia where emperors used to be coronated was left exposed when carpeting was installed in the structure to prepare it for Muslim prayer, Istanbul Culture and Tourism Director Coşkun Yılmaz said. The former museum was opened to Muslim worship on July 24, holding the first mass prayer in decades.
Dozens of celebrities all over the world, including Ellie Goulding, Christina Aguilera, Milla Jovovich and many more, have posted black and white pictures of themselves to voice solidarity with victims of femicides in Turkey. The trend began after women in Turkey said that they don't want to see their pictures in black and white in newspapers after they are killed.
U.S. Ambassador to Turkey David Satterfield and his family visited Hagia Sophia to see the restoration works carried out at the site after its conversion into a mosque. "Ambassador Satterfield toured Hagia Sophia to admire its grandeur and technical genius, and better understand the renovation and restoration work to be completed to preserve the universal value of and continued access to this monumental building," the embassy said on July 30.
Economy
The Turkish Lira has devalued drastically against the dollar, reaching almost seven liras on the dollar. Ankara has invested almost $60 billion in currency interventions in 2020 to no avail, Financial Times reported on July 28.
U.S. Secretary of State Mike Pompeo said on July 15 that companies involved in construction of the TurkStream pipeline will be subject to the U.S. penalties unless they stop their works. “It’s a clear warning to companies. Aiding and abetting Russia’s malign influence projects will not be tolerated. Get out now or risk the consequences,” he said.
The Turkish Petroleum Refineries Corporation (TÜPRAŞ) ranked as Turkey's largest industrial business with 87.9 billion liras in annual production revenue. The oil company was followed mostly by automotive producers.
On the second anniversary of Turkey's transformation into a presidential system, the main opposition Republican People's Party (CHP) has prepared a report detailing how the country stands in the ensuing years, finding that the Turkish lira has lost four times its value since 2007.
Urban Beat
Mois Gabay writes: Do you think the Camondo family will be included in the Beyoğlu Culture Road project conducted by the Ministry of Culture and Tourism? What about Arif Ergin’s “Tekvin” novel, in which he imagined that there would be a “Camondo Museum” one day?
Artifacts from Istanbul's ancient Hagia Sophia will be displayed in a nearby public building that will be transformed into a museum. Formerly used as a land office, the late-19th-century building in historical Sultanahmet will be converted on the president's orders.
Luke Frostick writes: Edanur Kuntman’s Tales from Behind the Window has been nominated for an Eisner Award. If she wins, she will be the first Turk to win an Eisner. The story is a piece of creative-nonfiction and its main narrative is drawn from the memories of Kuntman’s grandmother growing up in the Çarşamba district of Samsun.