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
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.
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.
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.
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.
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.
ISTANBUL (Reuters) – Murat Dalga stands in a shop filled with everything but customers and swears he won’t be voting for Turkey’s ruling AK Party this time around.
“In 20 years I’ve never seen it so bad,” the 38-year-old electronics salesman said amid rows of televisions and fridges. “The AKP used to be the party of the working class, but not any more. They will definitely bleed this time.”
ISTANBUL, May 25 (Reuters) – Murat Dalga stands in a shop
filled with everything but customers and swears he won’t be
voting for Turkey’s ruling AK Party this time around.
“In 20 years I’ve never seen it so bad,” the 38-year-old
electronics salesman said amid rows of televisions and fridges.
“The AKP used to be the party of the working class, but not any
more. They will definitely bleed this time.”
May 7, ISTANBUL (Reuters) – Canada risks getting left behind
in a 12-nation Pacific trade deal because it has been reluctant
to negotiate on opening its markets, U.S. Agriculture Secretary
Tom Vilsack said on Thursday.
Vilsack also told Reuters that longstanding disagreements
with Japan over rice exports would not threaten the
Trans-Pacific Partnership (TPP) and that the two countries were
working toward a compromise.
ISTANBUL, April 21 (Reuters) – Turkish companies could be
left struggling to service foreign currency debts following a
sharp decline in the lira this year, squeezing profits and
investment and further hampering economic growth.
Istanbul’s blue-chip BIST 30 is already the worst
performer among 30 emerging markets stock indexes year to date,
down nearly 17 percent, as the lira’s weakness weighs on sectors
from banking to industrials.
ISTANBUL (Reuters) – Russia’s Alfa Telecom offered $2.8 billion on Tuesday to buy back a 13.8 percent stake in Turkcell (TCELL.IS: Quote, Profile, Research, Stock Buzz), a move that would give billionaire Mikhail Fridman’s group control of Turkey’s top mobile operator.
But even at a hefty 94 percent premium, the bid is likely to meet stiff resistance from Turkish regulators, analysts said, given Ankara’s opposition to the market leader falling into foreign hands after a long battle between the Russians and one of Turkcell’s founders.