Tokyo Banking Correspondent
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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.

May 25, 2015

Insight – Stalling economy hurts Turkey’s AK Party ahead of election

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.”

May 25, 2015

Stalling economy hurts Turkey’s AK Party ahead of election

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, 2015

Canada risks being sidelined in Pacific trade deal -USDA head

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.

Apr 21, 2015

Lira’s slide could squeeze dollar-laden Turkish companies

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.

Mar 17, 2015

Russia’s Alfa Telecom bids $2.8 billion to double stake in Turkcell

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.

Mar 15, 2015

Rise of Turkish Islamic banks chimes with Erdogan’s ideals

ISTANBUL, March 15 (Reuters) – Selling fruit from a cart in
a working-class neighbourhood of Istanbul hasn’t made Mehmet
rich, but he’s adamant his modest savings won’t ever see the
inside of a bank.

“Getting paid interest is a sin,” he said, piling bunches of
grapes onto a rusty set of scales in the conservative Fatih
district.

    • 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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