Turkey

Turkey cuts rates again as Erdogan defies crisis warnings

Akin Nazli in Belgrade November 18, 2021

Lira drops 6%. "How events unfold from here is extremely uncertain," says analyst.

Sberbank extends additional $800mn in 7-year loans for Turkey's first nuclear plant

Akin Nazli in Belgrade November 17, 2021

Pace of construction said to have reached next level. But controversies at the building site have become a matter of everyday news for Turks.

Concerns Turkey could face another currency crisis ‘growing louder’ says Capital Economics

bne IntelIiNews November 16, 2021

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.

bneGREEN: Coal emerges down, but not out, from Glasgow

Richard Lockhart in Edinburgh November 16, 2021

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.

EU slaps Belarus with new sanctions for stoking migration crisis at Poland’s border

Wojciech Kosc in Warsaw November 16, 2021

A list of people and entities to be hit by asset freezes and travel bans is expected to be finalised in the coming weeks.

As lira carnage mounts BBVA moves to snap up rest of Turkish bank Garanti

Akin Nazli in Belgrade November 15, 2021

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.

Digital divide adds to multi-speed recovery from coronavirus finds EBRD

Clare Nuttall in Glasgow November 13, 2021

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.

ING: Sticky inflation risks force CEE central bankers to keep on hiking rates

Valentin Tataru chief economist for Romania at ING, Peter Virovacz Senior Economist in Hungary at ING, Leszek Kasek is the Senior Economist in Poland at ING, Rafal Benecki is the Chief Economist in Poland at ING November 12, 2021

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.

bneGREEN: Beyond Oil and Gas Alliance aims to end oil and gas production

Richard Lockhart in Edinburgh November 11, 2021

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.

bneGREEN: COP26 sectoral initiatives could close 2030 emissions gap by 9%

Richard Lockhart in Edinburgh November 11, 2021

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%.

bneGREEN: Guterres stresses emissions, finance gaps still major barriers to 1.5C

Richard Lockhart in Edinburgh November 11, 2021

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.

bneGREEN: First COP26 agreement lacks targets and detail

Richard Lockhart in Edinburgh November 10, 2021

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.

bneGREEN: COP26 still far from comprehensive agreement

Richard Lockhart in Edinburgh November 10, 2021

The first week of COP26 was dominated by grand statements by governments, and a number of sector-specific targets covering methane, coal and deforestation.

Unicredit set to complete exit from Turkey's Yapi Kredi Bank with sale of remaining 20% stake

Akin Nazli in Belgrade November 10, 2021

Group will book €1.6bn loss on transaction. Market value of Yapi Kredi has tumbled in recent years amid Turkey’s economic turmoil.

bneGREEN: Paris Accords targets will be missed, World on course to see 2.7C-3.1C increases in temperature by 2100 without drastic reductions

bne IntelliNews November 8, 2021

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.

Turkey’s week of social media frenzy sucks in Erdogan, Syrians eating bananas and ‘hacked’ Israeli embassy

bne IntelIiNews November 4, 2021

Thirty accused of tweeting disinformation about president’s health. Syrians face deportation. Israelis deny sharing video mocking Ankara’s lack of combat aircraft.

bneGREEN: Climate Investment Funds issues new generation of green bonds worth $500mn

Richard Lockhart in Edinburgh November 4, 2021

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.

EBRD lifts emerging Europe forecasts but warns of threats ahead

bne IntelliNews November 4, 2021

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.

bneGREEN: World finally commits to $100bn of climate finance for global south

Richard Lockhart in Edinburgh November 4, 2021

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.

Turkish officials post October inflation at 20%, Istanbul academics calculate 50%

Akin Nazli in Belgrade November 3, 2021

With markets on edge over ill-advised further rate-cutting ahead, analysts on alert over possible balance of payments crisis on horizon.

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