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Eurogroup unlocks billions in new Greek loan

Wednesday, May 25, 2016 Finance
By Magda PanoutsopoulouATHENS A marathon Eurogroup meeting has resulted in the unlocking of a next loan installment to Greece, netting the country a total of 10.3 billion euros [$11.4 billion].The loan will be split into two tranches of 7.5 billion euros in June and 2.8 billion euros in September this year.President…

Wall Street rallies with oil prices rise, positive data

Wednesday, May 25, 2016 Finance
Wall Street posted massive gains Tuesday with a rise in oil prices and jump in new home sales in April. The Dow Jones soared 213 points to end the day at 17,706 points. The S&P 500 rose 28 points to close at 2,076, while the Nasdaq was up 95 points to 4,861.While the Dow and S&P posted their biggest daily gains since…

Russians’ average salary down 34 pct in 2015: report

Wednesday, May 25, 2016 Finance
The average monthly salary in Russia fell by over-one third in 2015, according to a report published Tuesday.A weakened ruble against the U.S. dollar caused the average Russian monthly wage to drop to $558 last year, a 34 percent fall compared to 2014, the report from Moscow's Higher School of Economics said.The sharp…

Turkish central bank continues rate cuts

Wednesday, May 25, 2016 Finance
The Turkish Central Bank on Wednesday cut its overnight lending rate by 50 basis points on Tuesday following recent cuts in the past two months and left other key rates on hold.The overnight lending rate, which is the rate at which banks borrow from the Central Bank overnight, was cut 50 basis points to 9.5…

Turkey: House sales down in April

Wednesday, May 25, 2016 Finance
House sales in Turkey have slipped in April, the Turkish Statistical Institute said in its report Tuesday.House sales went down 10.9 percent year-on-year in April after rising in the past two months, according to the report.“In Turkey, house sales decreased by 10.9 percent in April 2016 compared to the same month of…

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May 25, 2016

Eurogroup unlocks billions in new Greek loan

By Magda PanoutsopoulouATHENS A marathon Eurogroup meeting has resulted in the unlocking of a next loan installment to Greece, netting the country a total of…
May 25, 2016

Wall Street rallies with oil prices rise, positive data

Wall Street posted massive gains Tuesday with a rise in oil prices and jump in new home sales in April. The Dow Jones soared 213 points to end the day at…
May 25, 2016

Russians’ average salary down 34 pct in 2015: report

The average monthly salary in Russia fell by over-one third in 2015, according to a report published Tuesday.A weakened ruble against the U.S. dollar caused…
May 25, 2016

Turkish central bank continues rate cuts

The Turkish Central Bank on Wednesday cut its overnight lending rate by 50 basis points on Tuesday following recent cuts in the past two months and left other…
May 25, 2016

Turkey: House sales down in April

House sales in Turkey have slipped in April, the Turkish Statistical Institute said in its report Tuesday.House sales went down 10.9 percent year-on-year in…

Simsek to remain in economy team of new Turkish cabinet

May 24, 2016 in Finance
Deputy Prime Minister Mehmet Simsek will continue to be part of the economy team in the 65th government, according to sources from Turkey's Prime Ministry.The…

Support for EU reaches new heights in UK

May 24, 2016 in Finance
Support for Britain’s EU membership is at its highest level since the start of Brexit referendum campaign, a new opinion poll has found. The Remain camp has a…

Turkey: Bank Asya sale tender set for June 24

May 24, 2016 in Finance
Turkey's Deposit Insurance Fund (TMSF) will put Islamic lender Bank Asya out to tender on June 24, a notice in Turkey’s official gazette said Tuesday.The…

European Investment Bank ‘ready to do more’ for refugees

May 24, 2016 in Finance
By Tuncay Kayaoglu ISTANBULThe European Investment Bank (EIB) - the EU bank - said it was ready to do more for the refugee crisis that has engulfed the Middle…

Turkish consumer confidence up in May

May 24, 2016 in Finance
Turkey’s consumer confidence index was up 0.4 percent in May from the previous month, the Turkish Statistics Institute said on Monday.The consumer confidence…

Young jobless Greeks form 'lost generation'

May 23, 2016 in Finance
By Vasiliki MitsiniotouATHENSMore than 4 million young Europeans are jobless and not enough is being done to help what is becoming a lost generation, experts…

Greek parliament adopts reform bill for bailout money

May 23, 2016 in Finance
By Magda Panoutsopoulou ATHENS The Greek parliament has passed Sunday another controversial bill that includes extra tax hikes and reforms demanded by the…

Greece's tax reform vote to pile pressure on government

May 23, 2016 in Finance
By Magda PanoutsopoulouATHENSGreek MPs will vote Sunday on a new bill that will include extra tax hikes and reforms as demanded by Greece’s international…

Turkish envoy calls on businessmen to invest in Ukraine

May 23, 2016 in Finance
Turkey’s ambassador to Kiev called on Turkish businessmen to invest in western Ukraine Tuesday.In remarks made at the opening of the International Turkish…

Aging Europe overlooks economic potential of refugees

May 23, 2016 in Finance
By Gokhan Kurtaran and Tayfun SalcıLONDON Despite reports from international institutions and remarks from top officials predicting that refugees would likely…

Former head of Turkey's central bank appointed to OECD

May 21, 2016 in Finance
Former governor of Central Bank of Turkey, Erdem Basci, has been appointed ambassador to the Organization for Economic Cooperation and Development (OECD)…

Syrian war straining Russia's economy

May 21, 2016 in Finance
MOSCOW Having spent $700 million on its military operations in Syria thorough this March, Russia’s continued military presence in Syria is expected to take a…

US Fed rate hike in June 'likely', minutes show

May 20, 2016 in Finance
NEW YORK It is "likely" the Federal Reserve will increase interest rates in June, according to minutes of the April meeting of the Federal Open Market…

Wave of strikes and protests rocks France

May 20, 2016 in Finance
STRASBOURG A wave of strikes in France which started last year over controversial proposed labor reforms is continuing with protests this week. The labor bill,…

Russia expands whitelisted Turkish companies

May 19, 2016 in Finance
MOSCOWRussian authorities late Monday expanded the whitelisted companies exempted from sanctions on Turkish companies imposed last year in the wake of Turkey…

Euro zone sets emergency summit on Greece as money flees

Euro zone sets emergency summit on Greece as money fleesEuro zone leaders will hold an emergency summit on June 22 to try to avert a Greek default after bank withdrawals accelerated and government revenue slumped as Athens and its international creditors remain deadlocked over a debt deal.

Finance ministers of the 19-nation currency bloc failed to make any breakthrough on a cash-for-reforms agreement at talks in Luxembourg on June 18, just 12... Add a comment

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Greece, Russia sign memorandum on gas pipe to Greece

Greece, Russia sign memorandum on gas pipe to GreeceRussia and Greece on June 19 signed a preliminary agreement to set up a joint venture to build a pipeline through Greece, Moscow said.

“This is the start of a large investment project in Greece that is beneficial to the country’s economy,” Russian energy minister Alexander Novak said at the signing ceremony on the sidelines of the Saint Petersburg International Economic Forum, quoted... Add a comment

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Nearly 1M people became millionaires in 2014

Nearly 1M people became millionaires in 2014The number of people worth $1 million or more rose by 920,000 last year, hitting a record 14.6 million. It was the sixth straight year-on-year increase as rising stock prices lifted the value of personal wealth in a few key countries, according to a report from consultant Capgemini and RBC Wealth Management.

The wealth held by millionaires globally also rose to a record $56 trillion... Add a comment

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Saudi Tadawul's inclusion in MSCI won't affect Turkey

Saudi Tadawul's inclusion in MSCI won't affect TurkeyExperts agree that the entry of Saudi stock market Tadawul to MSCI EM index would have little effect on Turkish stocks.

The Turkish stock market will not be hurt if Saudi Arabia's stock exchange is included in Morgan Stanley Capital International's (MSCI) Emerging Market (EM) index, experts said Thursday.

MSCI is a stock market index used by many funds and investment vehicles... Add a comment

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Russian bank to lend $570 million for new Turkish airport

Russian bank to lend $570 million for new Turkish airportSberbank agrees to lend funds for Istanbul's new international airport.

The Turkish company building Istanbul's new international airport said on Thursday that it had signed a Memorandum of intention with Russia's largest bank Sberbank for its financing.

A fund of 500 million euros ($570 million) will be available to construction company IGA Havalimani Isletmesi A.S., via Turkey’s... Add a comment

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Greek default would hurt emerging markets, analysts say

Greek default would hurt emerging markets, analysts sayFailure to reach a bailout agreement for Greece on Thursday could create headwinds for developing economies, experts say.

Should Greece default, emerging market economies are expected to face severe headwinds, experts told Anadolu Agency on Thursday.

The Greek government and the Eurogroup meet on Thursday in what is expected to be a last chance to avoid Athens’ default on its loan... Add a comment

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Turkey spends $2 billion on R&D in 2014

Turkey spends $2 billion on R&D in 2014Total R&D spend, including private sector, increased 13.4 percent to 14.8 billion Turkish liras in 2013 year on year.

The Turkish government spent slightly less on research and development last year compared with the previous year, according to a report from the Turkish Statistical Institute on Thursday.

Allocation to R&D fell 3.73 percent to $2 billion, the report said.

The amount was... Add a comment

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Turkey debuts pommegranate-themed pavilion in Expo Milano

Expo MilanoProject represents 'diversity within unity' and fertility as response to world's future needs for safe and sufficient nutrition.

Turkey is promoting a pavilion that marries traditional values with modern design elements as the country’s showcase in Expo Milano 2015, where participators seek environmentally respectful answers to the question of how to guarantee healthy food for everyone in... Add a comment

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Room rental service Airbnb valued at $24 billion

Room rental service Airbnb valued at $24 billionNew round of funding shows tech company worth more than Marriott, Expedia.

Home-rental platform Airbnb is raising $1 billion in funding off an exorbitant valuation of $24 billion, according to investors speaking to The Wall Street Journal in a report published Wednesday.

This valuation would hurtle the San Francisco-based service to the top of the hospitality industry. The hotel chain... Add a comment

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US: Fed holds rates, hints at end-of-year hike

US: Fed holds rates, hints at end-of-year hikeFed says it will assess progress toward maximum employment and 2 percent inflation.

The U.S. Federal Reserve said in a statement on Wednesday that it would not raise interest rates at this time.

"The current 0 to 1/4 percent target range for the federal funds rate remains appropriate," the central bank said.

"In determining how long to maintain this target range, the Committee will assess... Add a comment

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