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Turkey to continue economic reforms: Deputy PM Simsek

Monday, September 26, 2016 Finance
ANKARATurkey will continue to make structural economic reforms and maintain fiscal discipline, Deputy Prime Minister Mehmet Simsek said Saturday.Simsek's comments came after Moody's decision to lower Turkey's credit rating from Baa3 to Ba1 early Saturday. "Expediting the structural economic reforms and protecting the…

Moody's revises Turkey's rating; outlook stable

Monday, September 26, 2016 Finance
Moody's Investor Service revised Turkey's rating Friday to "Ba1" from "Baa3" and assigned a "stable" outlook.The global credit agency said the move "concludes the review for downgrade that was initiated on 18 July," which began after a failed coup attempt.Moody's said assigning stable outlook balances downside risks…

UN gridlocked on Syria amid Aleppo offensive

Sunday, September 25, 2016 Finance
NEW YORKInternational actors blamed each other Sunday during an urgent UN Security Council as a Syrian city of nearly 275,000 residents descends into new levels of warfare.Aleppo is being pummeled in a joint operation by Russian and Syrian forces that began three days ago, after a seven-day truce ended failed to…

TUSIAD lobbying in Germany to restore confidence

Saturday, September 24, 2016 Finance
By Ayhan SimsekBERLIN Turkey's largest business group TUSIAD on Friday sought to assure German businessmen on the political and economic stability in the country following the July 15 coup attempt.Cansen Basaran-Symes, chairwoman of the influential Turkish Industry and Business Association (TUSIAD), has said the…

Turkey: Housing sales rise by 2 pct in August

Saturday, September 24, 2016 Finance
Property sales in Turkey rose by 2 percent on an annual basis in August, the Turkish Statistical Institute (TurkStat) reported Friday.According to the institute, 114,751 houses changed hands in Turkey last month, marking a 41 percent increase compared to July. Of those sales, 1,512 were sold to foreigners, with…

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September 26, 2016

Turkey to continue economic reforms: Deputy PM Simsek

ANKARATurkey will continue to make structural economic reforms and maintain fiscal discipline, Deputy Prime Minister Mehmet Simsek said Saturday.Simsek's…
September 26, 2016

Moody's revises Turkey's rating; outlook stable

Moody's Investor Service revised Turkey's rating Friday to "Ba1" from "Baa3" and assigned a "stable" outlook.The global credit agency said the move "concludes…
September 25, 2016

UN gridlocked on Syria amid Aleppo offensive

NEW YORKInternational actors blamed each other Sunday during an urgent UN Security Council as a Syrian city of nearly 275,000 residents descends into new…
September 24, 2016

TUSIAD lobbying in Germany to restore confidence

By Ayhan SimsekBERLIN Turkey's largest business group TUSIAD on Friday sought to assure German businessmen on the political and economic stability in the…
September 24, 2016

Turkey: Housing sales rise by 2 pct in August

Property sales in Turkey rose by 2 percent on an annual basis in August, the Turkish Statistical Institute (TurkStat) reported Friday.According to the…

Erdogan praises rate cuts, urges more from Central Bank

September 23, 2016 in Finance
The Turkish Central Bank’s rate cut this week was the right move, and more such cuts are an efficient way to boost the economy, President Recep Tayyip Erdogan…

Nearly 3,000 Syrians back home in Jarabulus from Turkey

September 23, 2016 in Finance
GAZIANTEP The number of Syrians who have returned to Jarabulus near the Turkish border from Turkey is approaching 3,000, weeks after the Turkey-backed Free…

Turkish Central Bank cuts rates 7 months in row

September 23, 2016 in Finance
Turkey’s Central Bank on Thursday cut its overnight lending rate, the highest of the multiple rates it uses to set policy, by 25 points following recent…

European bank loans Turk Telekom $50M for cable system

September 21, 2016 in Finance
ANKARA The European Bank for Reconstruction and Development (EBRD) has issued a $50 million loan to Turk Telekom Group, the bank announced in a statement on…

Turkey's CB expected to further cut main interest rate

September 21, 2016 in Finance
Turkey's Central Bank is expected to cut its main interest rate by an additional 25 base points at its next monetary policy meeting on Thursday, according to…

Turkish markets up ahead of US Fed rate hike decision

September 21, 2016 in Finance
ANKARAThe Borsa Istanbul rose by 0.18 percent or 139.19 points to open at 77,452.65 points Wednesday as markets worldwide braced for the outcome of the U.S.…

Vietnam sentences 9 convicted drug traffickers to death

September 21, 2016 in Finance
By Bennett MurrayA court in northern Vietnam has sentenced most of a smuggling ring to death after nine of its members were convicted of heroin trafficking.…

Turkey looking to invest in Kuwait's $150B projects

September 21, 2016 in Finance
By Erdal CelikelKUWAIT CITY, KuwaitTurkish Development Minister Lutfi Elvan said Tuesday that Turkish contractors were keen to bring their experiences to…

Turkish phone operator develops app for Syrian refugees

September 21, 2016 in Finance
ANKARATurkey's leading operator Turkcell has developed a mobile application for over 3 million Syrian refugees in the country, the company said in a statement…

Turkey runs $1.64B budget surplus in Jan-Aug

September 21, 2016 in Finance
Turkey’s government ran a budget surplus of 3.6 billion Turkish liras ($1.2 billion) in August and 4.9 billion liras ($1.64 billion) in January-August, said…

UN chief slams leaders for failure to end Syria war

September 20, 2016 in Finance
By Kasim Ileri NEW YORK UN Secretary General Ban Ki-moon on Tuesday lashed out at leaders for failure to stop the war machine in Syria.“Present in this hall…

Deutsche Bank stocks dip after rejecting $14B US deal

September 20, 2016 in Finance
Shares of Deutsche Bank plummeted nearly 10 percent Friday after the company said it was not willing to settle in the amount of $14 billion in claims with the…

Saudi Arabia tops US as world's biggest oil producer

September 19, 2016 in Finance
By Ovunc KutluNEW YORKSaudi Arabia has surpassed the U.S. as the world's biggest oil producer, according to the International Energy Agency (IEA) Tuesday. The…

Greek recovery still far off despite optimism

September 19, 2016 in Finance
By Vasiliki MitsiniotouATHENS Greece is coming towards the end of its economic “disaster cycle” according to Prime Minister Alexis Tsipras but many economists…

Greek PM promises bailout program exit in 2 years

September 19, 2016 in Finance
By Idyli TsakiriATHENSGreece will leave the bailout program within two years, Prime Minister Alexis Tsipras said at the opening of an annual trade fair late…

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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