Pace of construction said to have reached next level. But controversies at the building site have become a matter of everyday news for Turks.
The lira has crashed through psychologically important level of 10/$ following “continued obedience” of Turkish central bank to President Erdogan’s pressure for rate cuts.
The COP26 conference finished 26 hours late on November 13, with a last-minute intervention by India watering down the final agreement’s commitment on coal.
A list of people and entities to be hit by asset freezes and travel bans is expected to be finalised in the coming weeks.
Spain-based group sees chance to acquire stake at bargain price. Some critics worry Turkey’s economic distress means foreign investors will bag too many assets on the cheap.
New EBRD Transition Report warns there is a widening gap between economies that have stepped up their use of online and digital services and those that have fallen further behind.
Disruptions in global value chains continue to weigh on Central and Eastern Europe, and the Delta variant is blurring the outlook for the fourth quarter. Record high inflation can no longer be written off as temporary as rates rise across CEE.
The Beyond Oil and Gas Alliance (BOGA) is calling for an immediate end to new licensing rounds for oil and gas exploration, and has signed up 11 governments to a promise to end oil and gas production by 2050.
An initial assessment by Climate Action Tracker of the impact of the Glasgow sectoral announcements for methane, coal, forests and transport show they would reduce the 2030 emissions gap between current government action and a 1.5C pathway by 9%.
UN Secretary-General António Guterres told the COP26 summit that much work remains to be done to fill the emissions gap and the finance and adaptation gap, despite welcoming the agreements on forests, methane and coal made so far.
COP26 has come up with a first draft agreement that calls on governments to improve substantially by the end of 2022 their emissions reduction targets and long-term strategies for reaching net zero.
The first week of COP26 was dominated by grand statements by governments, and a number of sector-specific targets covering methane, coal and deforestation.
Group will book €1.6bn loss on transaction. Market value of Yapi Kredi has tumbled in recent years amid Turkey’s economic turmoil.
The global community will miss the Paris Accord target of keeping temperature rises to 1.5C and will see them climb to between 2.7C and 3.1C by 2100 unless emissions are cut by 15% a year from now on.
Thirty accused of tweeting disinformation about president’s health. Syrians face deportation. Israelis deny sharing video mocking Ankara’s lack of combat aircraft.
The World Bank has backed the issue of $500mn of green bonds ever year for 10 years in a bid to raise private capital to scale up clean energy and sustainable infrastructure in emerging economies.
The EBRD has increased its 2021 GDP growth projection for the emerging Europe and SEMED regions where it operates to 5.5% after a strong performance in H1.
UK Chancellor Rishi Sunak said at COP26 that the world’s rich nations would make good on their promise of $100bn per year of climate financing for poor countries by 2023.
With markets on edge over ill-advised further rate-cutting ahead, analysts on alert over possible balance of payments crisis on horizon.
The US has joined the High Ambition Coalition and has signed up to the goal of limiting global warming to 1.5°C by 2100, halving global emissions by 2030 and making good on the promise of $100bn per year of climate finance for poor nations.