Turkey

IMF: Riding the global debt rollercoaster

Vitor Gaspar Paulo Medas and Roberto Perrelli for the IMF December 13, 2022

Global debt remained above pre-pandemic levels in 2021 even after posting its steepest decline in 70 years, underscoring the challenges for policymakers.

NEMETHY: The case for gold today – again

Les Nemethy CEO and founder of Euro-Phoenix Financial Advisors December 12, 2022

In April 2021 gold was sitting around a price of $1,700; as of December 10, 2022 it is now approaching $1,800. Relative to just about every other asset class, this is not a bad performance.

Turkey's Nasdaq-listed Hepsiburada e-commerce platform agrees $14mn compensation for IPO investors in US

Akin Nazli in Belgrade December 10, 2022

Following the flotation, enterprise chair Hanzade Dogan Boyner became a billionaire, but that status did not last long.

bneGREEN: Renewables finally achieve turbocharged growth

Richard Lockhart in Edinburgh December 9, 2022

Solar is set to overtake coal as the world’s leading source of power supply by early 2025, the IEA said

Russian coal exports hit fresh highs after EU shipping sanctions were softened

bne IntelliNews December 8, 2022

Russian exports of coal have soared to fresh highs after the EU softened sanctions on European shipping companies, allowing them to carry goods worldwide shortly after a ban was imposed in August as part of the fifth package of sanctions.

Turkish exporters fear pre-election minimum wage hike will hit competitiveness

bne IntelIiNews December 6, 2022

Exporters’ association head also warns that if Turkey maintains a brake on lira depreciation, then the “exports side and the production side comes to a halt”.

Can Russia sneak gas into the EU via a Turkish gas hub?

bne IntelliNews December 6, 2022

Russia has been eagerly pushing for the further development of Turkey as a “gas hub” for its gas supplies to Europe. Analysts are asking if this simply a ruse to dodge sanctions and surreptitiously continue to export gas to EU members.

Oil tanker jam forms off Turkey as Russian oil price cap disrupts markets

bne IntellliNews December 6, 2022

An oil tanker traffic jam has formed off the Turkish coast after the EU’s introduction of a price cap on global Russian crude supplies, the Financial Times reported on December 5. Turkish authorities are demanding new proof of full insurance cover.

Global wage growth fails to beat inflation for the first time in 20 years

Statista December 6, 2022

The global inflation crisis paired with lacklustre economic growth and an outlook clouded by uncertainties have led to a decline in real wages around the world, a new report published by the International Labour Organization (ILO) has found.

Turkey's official inflation weakens for first time in year and a half, dips to 84%

Akin Nazli in Belgrade December 5, 2022

ENAG inflation research group says it fell to 171% from 185%.

Turkey’s Syria, Iraq air strikes conducted with knowledge of Russia, US, says academic

Akin Nazli in Belgrade December 3, 2022

Professor also says she expects Iran to carry out land operation in Iraqi Kurdistan.

bneGREEN: Energy efficiency investment turns the corner in 2022, but more is needed

Richard Lockhart in Edinburgh December 2, 2022

Global investment in energy efficiency could rise by 16% to $560bn in 2022, the International Energy Agency said, as governments and consumers respond to fuel supply disruptions and record-high energy prices.

Turkish central bank says it’s ended rate-cutting cycle with 150 bp reduction to 9%

Akin Nazli in Belgrade November 24, 2022

Analyst says pre-election pressure could arise for more monetary easing.

Turkey’s Syria airstrikes ‘directly threatened’ US personnel says Washington

bne IntelIiNews November 24, 2022

Erdogan says ground offensive is next. Kurdish groups accuse Ankara of using Istanbul bombing as pretext for military incursion.

Ukraine faces one of worst declines in GDP from a war, says EBRD

Robert Anderson in London November 22, 2022

The contraction in Ukraine’s GDP will be among the worst 10-20% of those in conflicts in the last 200 years, the development bank predicts in its 2022/23 Transition Report.

EBRD warns of risk of 'zombification'

Robert Anderson in London November 22, 2022

Development bank recommends countries should now gradually dial down help to vulnerable companies, so they can either learn to adapt to the new climate of higher interest rates or exit the market by going into insolvency.

ASH: Turkey is heading to “incumbent democracy”

Timothy Ash Senior Sovereign Strategist at BlueBay Asset Management in London November 22, 2022

The vision for me of the weekend opening of the World Cup in Qatar was of Turkish President Erdogan warmly welcoming his Egyptian counterpart, Sisi. The two have long been rivals and have very different visions of democracy in the region.

bneGREEN: Climate paralysis at COP27 as no progress made on 1.5 degrees

Richard Lockhart in Edinburgh November 21, 2022

COP finished two days late on November 20 without any new agreements on climate change targets or emissions reductions, although a deal was hammered out to set up an as yet uncosted loss and damage fund.

bneGREEN: COP27: Coal proves a stubborn foe in fight to save climate

Richard Lockhart in Edinburgh November 20, 2022

Reducing coal consumption is the central challenge to achieving the world’s climate targets, Fatih Birol, executive director of the International Energy Agency, told COP27.

Russia’s imports recover as trade pivots to the east

Ben Aris in Berlin November 20, 2022

Russia’s imports crashed after the invasion of Ukraine in February as Western trade partners simply cut supplies to the country off while around 1,000 firms promised to pull out altogether. Now they are recovering fast.

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