Tokyo Banking Correspondent
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Sep 1, 2015

Turkey’s G20 presidency becomes casualty of political turmoil

ANKARA, Sept 1 (Reuters) – When Turkey took over the helm of
the G20 this year, it hoped to promote an image of an emerging
economic power forging a strategy to tackle sluggish global
growth and giving low-income nations a stronger voice.

But as G20 finance ministers and central bankers meet in
Ankara this week, such aspirations seem unlikely to be realised.
Political upheaval at home and conflict on its borders have
diverted its attention and left Turkey looking anything but a
model emerging market.

Aug 13, 2015

Turkish lira at record low, stocks slide after coalition talks fail

ISTANBUL, Aug 13 (Reuters) – The Turkish lira hit a record
low and stocks tumbled as much as 3 percent on Thursday after
coalition talks between the ruling AK Party and the main
opposition failed, setting the stage for a snap election and
more investor uncertainty.

Markets had been hoping the Islamist-rooted AKP would be
able to form a coalition with the centre-left, pro-business CHP
and avoid an early election.

Aug 10, 2015

U.S. consulate, police station attacked in Istanbul

ISTANBUL (Reuters) – Two attackers opened fire on the U.S. consulate building in Istanbul on Monday while 10 people were injured in a car bombing at a police station overnight, weeks after Turkey launched what it described as a “synchronized war on terror”.

Police armed with automatic rifles cordoned off streets around the U.S. consulate in the Sariyer district on the European side of the city, following the gun attack there.

Jul 27, 2015

In fight against Islamic State, Turkey’s Erdogan sees chance to battle Kurds

ISTANBUL (Reuters) – Forced into battle against Islamic State as it presses on Turkey’s borders, President Tayyip Erdogan is seizing the chance to keep another foe in check, bombing Kurdish militants he sees as a threat to the integrity of the Turkish state.

Casting the operations as a war on terrorist groups “without distinction”, Turkey launched air strikes against Islamic State in Syria for the first time last week and granted the U.S.-led coalition access to its air bases after years of reluctance.

Jul 27, 2015

In fight against Islamic State, Turkey’s Erdogan sees chance to battle Kurds

ISTANBUL, July 27 (Reuters) – Forced into battle against
Islamic State as it presses on Turkey’s borders, President
Tayyip Erdogan is seizing the chance to keep another foe in
check, bombing Kurdish militants he sees as a threat to the
integrity of the Turkish state.

Casting the operations as a war on terrorist groups “without
distinction”, Turkey launched air strikes against Islamic State
in Syria for the first time last week and granted the U.S.-led
coalition access to its air bases after years of reluctance.

Jul 2, 2015

Turkey’s optimistic inflation target tests credibility, investor patience

ISTANBUL, July 2 (Reuters) – For the last four years,
Turkey’s central bank has announced an ambitious target of 5
percent annual inflation. Unfortunately, no one believes it
anymore.

The central bank is due to release June inflation data
at 0700 GMT on Friday and economists are wagering
that for the fifth straight year, inflation will come in well
above the bank’s target.

Jun 17, 2015

Former Turkish President Demirel, twice toppled by military, dies at 90: hospital

ANKARA (Reuters) – Former Turkish President Suleyman Demirel, who was twice toppled by the military during seven stints as the head of government, died early on Wednesday, according to a hospital official and Turkish media. He was 90.

Demirel, who served as prime minister seven times through the 1960s to the 1990s and was president from 1993 to 2000, died at the Guven Hospital in Ankara, where he had been undergoing treatment for a respiratory tract infection, a hospital official told Reuters.

Jun 15, 2015

As political worries weigh, Turkish unemployment rises

ISTANBUL (Reuters) – Turkish unemployment topped 10 percent in February-April, data showed on Monday, ticking higher from a year earlier and highlighting the weak state of an economy now hamstrung by political uncertainty.

President Tayyip Erdogan and the ruling AK Party he founded had been counting on a surge in domestic and overseas investment after the June 7 parliamentary election. But the AKP’s failure to win a majority has ended up increasing investor uncertainty.

Jun 8, 2015

Turkish lira at record low, stocks hit after uncertain poll result

ISTANBUL, June 8 (Reuters) – The Turkish lira tumbled to a
record low and stocks were hammered on Monday as investors
fretted over the possibility of a minority or coalition
government after the ruling AK Party failed to win a majority in
a parliamentary election.

The prospect of deepening political risk has further
undermined investor sentiment on Turkey, already seen as an
unattractive emerging market due to stalling economic growth,
high debt levels and a heavy reliance on external financing.

Jun 7, 2015

Turkey’s lira hits record low after election jolt for ruling AKP

ISTANBUL (Reuters) – The Turkish lira hit a record low in weekend-thinned trade on Sunday, after the governing AK Party failed to win an outright majority in a parliamentary election, unsettling investors with the prospect of a minority or coalition government.

Investors had been hoping the AKP would squeak out enough votes to remain in power as a single party and avoid the uncertainty and gridlock of coalition politics.

    • About David

      "David Dolan covers banks, consumer lenders and financial regulation in the world's second-largest economy. Before that, he covered Tokyo's stock market for Reuters and also did reporting stints on Capitol Hill and Chicago's City Hall. He was born in Ireland and grew up in Chicago."
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