Turkey
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Tehran Blog: Who bombed Saudi Aramco’s sites?
The missile attack on Saudi Arabia’s Aramco facility in the east of the country on September 15 has become ensnared in a whodunit of confusion and speculation as accusations fly over who was really behind the rocket attack.
NEWSBASE: The attacks on Saudi oil infrastructure are the oil industry's 9/11
The attacks on Saudi oil infrastructure could turn out to be the oil industry’s 9/11. Reacting to the news, JP Morgan said: “Clearly oil assets have been massively mispriced. The assumption that production facilities are secure is wrong."
CHALLENGING ERDOGAN: Another former ally walks out on Turkey’s strongman
Ex-PM Ahmet Davutoglu has followed former economic czar Ali Babacan in quitting the ruling AKP. Once known as the president’s right-hand man, he declared: “It has become a historic responsibility for us to build a new political movement.”
TURKEY INSIGHT: Rate-setters go for another dizzying descent
Cut of 325 bp taken as tolerable by the markets with pace of easing seen as likely to slow. Rallying lira confounds analysts. If a wheel is set to come off ‘Erdoganomics’, the signs have not been detected yet.
Turkcell switching to single instalment for TRY1.01bn dividend
Largest Turkish mobile operator says shareholders Telia, Cukurova Holding and Russian tycoon Mikhail Fridman’s LetterOne have agreed to vote for profit distribution.
“Renewed collapse in lira” just a matter of time says Commerzbank ahead of Turkish rates meeting
“Overly loose monetary policy risks exacerbating Turkey’s age-old vulnerabilities by fueling twin dynamics of inflation and attendant currency weakness,” adds Societe Generale strategist.
Turkey’s banking association expects $10bn of electric utility loan restructuring this year
Energy companies left up to their necks in debt by lira crisis.
Former Erdogan ally ‘to challenge Turkish president’s ruling AKP with new party’
Ex-economic czar Ali Babacan says the condition in which Turkey is currently in is “truly saddening”. Takes aim at state of economy, human rights and rule of law.
“Airbnb for boats” GetMyBoat reports surge in Southeast European business
GetMyBoat, which describes itself as the world’s largest “Airbnb (or Uber) for boats” has seen a dramatic surge in business in Central, Eastern and especially Southeast Europe this summer.
Istanbul, Ankara mayors not at risk of being replaced says interior minister
Fears of a move rose after three Kurdish mayors were kicked out of office. Istanbullers, meanwhile, invited by opposition administration to see exhibit of hundreds of ‘AKP’ official cars as example of squandering of public money by predecessors.
Turkish Airlines receives approval to issue eurobonds worth up to $2bn
Reports suggest, meanwhile, private lenders in Turkey “pushing hard” for tighter margins in autumn term syndicated loan renewal season.
ISTANBUL BLOG: Erdogan goes for economic machismo and warns of “mischief makers” as rumours of a challenger are firmed up
Strongman may have to contend with new party formed by ex-economy czar Ali Babacan.
Turkish Airlines files awaited downward revision in 2019 targets
Flagship carrier cuts revenue forecast by $0.6bn and passenger volume expectation by 4mn. Difficulties include serious teething problems at Turkey’s new mega airport.
ISTANBUL BLOG: Turkish assets rally ahead of near bolted-on rate cut. Is Erdoganomics no joke after all?
Critics continue to pick apart the data underlying official GDP and inflation, but perhaps it’s time instead for them to prostrate themselves before a strongman’s brilliance they cannot understand.
TURKEY INSIGHT: Latest official Turkish inflation rate set to pave way for another chunky rate cut, data doubters be damned
Extent of disinflation raises eyebrows. Opposition says national statistics agency “should do the nation a favour and announce the addresses of where it takes the prices from”.
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TURKEY INSIGHT: It’s the Turkey we’ve come to love: Official growth beats expectations!
GDP shrinks by better-than-expected (or “expected unexpected”, take your pick) 1.5% in Q2. Worryheads note Erdogan's latest credit splurge offset by private bank deleveraging, and ponder formidable size of commercial zombie on Treasury lab table.
Turkey looks at buying Russian Su-57 fighter jets after US F-35 rebuff
Analysts warn of “slippery slope” with Ankara taking ‘Eurasian option’ of staying in Nato but deepening ties with Russia and Iran.
VW ‘one tax pledge away from choosing Turkey over Bulgaria for €1bn plant’
Erdogan administration reportedly trying to come up with formula that would not hit other automakers on market ravaged by recession.
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Turkey’s Koc Holding confirms talks after report partner Unicredit is sizing up possible sale of Yapi Kredi Bank stake
Shares in lender nosedive. Koc likely keen to avoid SPO that would hurt bank’s market value and reputation.
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Istanbul’s new opposition mayor scraps transfer of 350mn lira to pro-Erdogan foundations
“It’s incredible. On what are you spending the people’s money?” says Ekrem Imamoglu.