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.
Food inflation has increased by 36.9 percent in October in comparison to the same month last year, according to a study by the Birleşik Kamu İş labor union confederation. The largest year-on-year prices increases were fruits and vegetables, which surged 78.7 and 68.2 percent respectively.