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Turkey: Inflation drops sharply in June

Friday, July 03, 2015 Finance
Inflation in Turkey dropped sharply in June, the Turkish Statistical Institute reported on Friday. The Consumer Price Index lost 0.51 percent in June from May, bringing the annual inflation rate to 7.20 percent in June from 8.09 percent in May. The decrease was greater than analysts had forecast: 21…

ING ‘to acquire HSBC Turkey’

Friday, July 03, 2015 Finance
Dutch ING group is set to acquire HSBC Turkey, banking sources said on Friday. HSBC Turkey is selling off its corporate, investment banking operations and retail arm in an auction in which the Dutch financial services group is expected to provide the winning bid. ING already has a presence in Turkey, which it…

SOCAR Turkey CEO: TANAP to create 15,000 jobs

Friday, July 03, 2015 Finance
Kenan Yavuz, Turkey CEO of the State Oil Company of Azerbaijan, runs the Trans Anatolian Natural Gas Pipeline (TANAP) project. He told Anadolu Agency about how the project will affect energy supplies in Europe and Middle East. Anadolu Agency: What are the major changes that will be seen when TANAP is completed? What…

Capital controls cost Greek exporters €60M per week

Thursday, July 02, 2015 Finance
Greek exporters have been hit by the imposition of capital controls in banks since last Monday, the Pan-Hellenic Exporters Association said in a press release Thursday. Greek exporters, in the next 15 days, expect losses of about 7 percent in volume in exports and 28 percent in imports. "We will suffer export earnings…

US: Weak employment report could delay Fed rate hike

Thursday, July 02, 2015 Finance
A weak report on U.S. employment Thursday could delay Federal Reserve plans for an interest rate hike this year. Employment growth slowed in the U.S. in June. Nonfarm payrolls increased by 223,000 last month, the U.S. Labor Department said, well below analyst forecasts of 260,000. April and May data were revised down…

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July 03, 2015

Turkey: Inflation drops sharply in June

Inflation in Turkey dropped sharply in June, the Turkish Statistical Institute reported on Friday. The Consumer Price Index lost 0.51 percent in June from May,…
July 03, 2015

ING ‘to acquire HSBC Turkey’

Dutch ING group is set to acquire HSBC Turkey, banking sources said on Friday. HSBC Turkey is selling off its corporate, investment banking operations and…
July 03, 2015

SOCAR Turkey CEO: TANAP to create 15,000 jobs

Kenan Yavuz, Turkey CEO of the State Oil Company of Azerbaijan, runs the Trans Anatolian Natural Gas Pipeline (TANAP) project. He told Anadolu Agency about how…
July 02, 2015

Capital controls cost Greek exporters €60M per week

Greek exporters have been hit by the imposition of capital controls in banks since last Monday, the Pan-Hellenic Exporters Association said in a press release…
July 02, 2015

US: Weak employment report could delay Fed rate hike

A weak report on U.S. employment Thursday could delay Federal Reserve plans for an interest rate hike this year. Employment growth slowed in the U.S. in June.…

Key issues remain for ministers in nuclear talks: Iran

July 02, 2015 in Finance
Some key issues remain for ministers to discuss in nuclear talks between Iran and P5+1 countries, Iranian Deputy Foreign Minister Majid Takht Ravanchi said…

Stockholm-Ankara flights launched

July 02, 2015 in Finance
The first commercial flight between Ankara's Esenboga Airport and Stockholm arrived in the Turkish capital on Thursday, airport operating company TAV Airports…

BBC to axe more than 1000 jobs

July 02, 2015 in Finance
British Broadcasting Corporation (BBC) has announced that more than 1000 employees will be laid off due to loss of income on license fees. BBC Director General…

Stocks steady, euro firm despite Greek debacle

July 02, 2015 in Finance
Global markets held gains and the euro was steady from Wednesday into Thursday, despite uncertainty caused by the Greek debacle. The euro continued trading in…

'Save Greece' crowdfunding raises €1.2 million in 5 days

July 02, 2015 in Finance
A crowdfunding campaign for Greece started by a London shoe salesman has raised €1.26 million ($1.4 million), attracting more than 78,000 investors. On June…

Moody's downgrades Greek bond rating on default risk

July 02, 2015 in Finance
Credit rating agency Moody's Investors Service on Thursday downgraded Greece's government bond rating to 'Caa3' from 'Caa2,' over concerns that Athens will…

Greek PM says ‘referendum is still on’

July 01, 2015 in Finance
Greek Prime Minister AlexisTsipras spoke on television on Wednesday, telling Greeks that the referendum would still be held on Sunday, a move which he…

Turkey: Earnings from hazelnut exports rise sharply

July 01, 2015 in Finance
Hazelnut producers earned higher profit on hazelnuts as strong dollar and scarcity raises prices Turkish hazelnut producers earned $2.5 billion from exporting…

Greek PM 'to accept' latest bailout offer with conditions

July 01, 2015 in Finance
Greek Prime Minister Alexis Tsipras has sent a letter to eurozone government heads accepting most of the terms of creditors' latest bailout offer made on…

Ukraine suspends gas purchases from Russia

July 01, 2015 in Finance
Ukraine’s state-owned natural gas company Naftogaz announced Tuesday that it suspended buying Russian natural gas. "Naftogaz suspends purchases of natural gas…

World Bank confirms Turkey's 2015 growth at 3 percent

July 01, 2015 in Finance
 World Bank confirmed Turkey’s growth forecast at 3 percent for 2015, in its report on the country released on Wednesday. “The growth forecast will remain at 3…

IMF declares Greece in 'arrears'

July 01, 2015 in Finance
As of 2200 GMT on Tuesday, the International Monetary Fund declared Greece in arrears on its debt obligations. IMF spokesman Gerry Rice said: "I confirm that…

Apple fined $450 million for e-book conspiracy

June 30, 2015 in Finance
While Apple launched its music streaming service Apple Music on Tuesday, a federal appeals court ruled the tech giant conspired with publishers to fix e-book…

NATO chief addresses fear of Greek withdrawal

June 30, 2015 in Finance
The head of NATO on Tuesday underlined Greece’s role in the military alliance amid concerns the economic crisis facing Athens could prompt its withdrawal. “[A]…

Turkey: Mobile phone imports up 26 percent

June 30, 2015 in Finance
Turkey’s mobile phone imports, including smartphones, increased by 26 percent in the first quarter, the Communication Authority said on Tuesday. Data provided…

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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