Turkey
bneGREEN: Solar and wind to supply more than 33% of world power by 2030
A new analysis by RMI in partnership with the Bezos Earth Fund, reveals that surging solar, wind and battery capacity out to 2030 is now in line with ambitious net-zero scenarios.
Turkey introduces trillion lira extra budget as deficit breaks record
Fiscal pressures mount amid country’s severe economic crisis.
Turkey hikes tax on consumer loans by 5pp to 15%
In monetary tightening, meanwhile, government may have decided to tighten grip by end of year prior to delivering new year relief ahead of local elections.
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Neobank acquisition makes Papara Turkey’s first fintech unicorn
Electronic money firm with 16mn active users valued at over $1bn.
Stockholm’s Nato deal with Turkey puts Sweden’s Kurdish population at risk
Erdogan has agreed to ensure Sweden's accession to Nato, contingent on Sweden's commitments to counter-terrorism efforts against the PKK, raising fears of potential deportations and human rights violations against Kurdish residents.
bneGREEN: Demand soaring, market responding for critical minerals – IEA
Record deployment of clean energy technologies such as solar PV and batteries is propelling unprecedented growth in critical minerals markets, according to a new report by the International Energy Agency.
Turkey bans sale of second-hand vehicles for higher prices than new vehicles
Vehicles in Turkey are sold on the black market. Analysts link the strong demand for cars in Turkey to the country’s current difficult economic environment, where consumers see vehicles as a safer asset bet against inflation.
Orban left dangling by Erdogan’s support for Sweden’s Nato membership
In another diplomatic own goal, Hungary could now be last Nato member to approve Swedish accession.
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Turkey to automatically hike gasoline tax in every six months
Turkey’s ruling Justice and Development Party (AKP) has filed an omnibus bill with Parliament that includes an article to automatically hike the special consumption tax (OTV/SCT) on fuel products.
Biden congratulates Erdogan for dizzying U-turn regarding Sweden’s accession to Nato
US President Joe Biden congratulated his Turkish counterpart Recep Tayyip Erdogan on the agreement he reached with Swedish PM Ulf Kristersson and Nato Secretary-General Jens Stoltenberg regarding Sweden’s Nato accession.
Erdogan gives green light to Sweden’s accession to Nato
Turkey will transmit the protocol for Sweden’s accession to Nato to its parliament and it will work closely with the parliament to ensure ratification, Nato said on June 10 in a statement.
VISEGRAD BLOG: Ukraine awaits 'clear signal' of future Nato membership at Vilnius Summit
Ukraine has proved in real time under real conditions that it is militarily ready for membership.
Turkey hikes wholesale electricity price ceiling by 4%
Turkey’s energy watchdog EPDK has hiked the price ceiling on the Day Ahead Market at Energy Exchange Istanbul (EPIAS) to TRY2,700/MWh from TRY2,600/MWh, effective as of July 1, the authority said on July 3.
Emerging Europe's longest-lasting leaders
Some leaders of Emerging Europe and Central Asia led their countries for decades. bne IntelliNews ranks them by their time in power.
Borsa Istanbul attracts $974mn portfolio inflows in three weeks
Inflows likely to be from tactical investors betting on Turkish stocks, rather than longer-term strategic investors.
Biden administration seeking to convince Erdogan to allow Swedish accession at Nato summit
US President Joe Biden is looking forward to Sweden’s stalled Nato membership bid winning final approval, he has told Swedish PM Ulf Kristersson on July 5 during a meeting at his office in Washington.
Balkans lift otherwise gloomy Emerging Europe outlook for 2023
wiiw forecasts economic slowdown caused by a combination of declining real incomes, the recession in Germany and elevated energy prices.
Turkey releases official June inflation as 38% y/y
Turkey’s official consumer price index (CPI) inflation stood at 38% year on year in June versus 40% y/y in May, the Turkish Statistical Institute (TUIK, or TurkStat) said on July 5.