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☆ Turkish Opposition Disarray Lifts Erdogan's Hopes of Winning Back Istanbul
▼ + stars: | 2024-03-07 | by ( March | At A.M. | ) www.usnews.com time to read: +3 min

The alliance that helped propel Imamoglu to victory in Istanbul has since collapsed, and his nationalist and pro-Kurdish allies are fielding their own candidates this month. FRAGMENTED OPPOSITIONBut Imamoglu's hopes in Istanbul have been dented by the decision of the pro-Kurdish DEM Party and the Turkish nationalist IYI Party, whose voters supported him in 2019, to field their own candidates. Metropoll's latest survey showed support for Imamoglu among Kurdish voters had declined to 32% last month from 35% in January. Support among IYI party voters fell to 45% from 64%. Imamoglu has accused central government of hampering his delivery of services in Istanbul since 2019.

Persons: Tayyip Erdogan's, Ekrem Imamoglu, Erdogan, Imamoglu, pollsters MAK, Murat Kurum, pollster Murat Gezici, Kurum, Sencar, pollsters Metropoll, Imamoglu's, Ertan Aksoy, Canan Sevgili, Daren Butler, Gareth Jones Organizations: Birsen Altayli, AK Party, CHP, AKP, DEM Party, Turkish, IYI Party, Aksoy Research Locations: Birsen, Birsen Altayli ISTANBUL, Istanbul, Turkey's, Israel, Gaza, Ankara, Turkish, Imamoglu's, Turkey

Turkey's main opposition Republican People's Party (CHP) leader Kemal Kilicdaroglu attends a swearing-in ceremony as he is accompanied by Ozgur Ozel at the Turkish parliament in Ankara, Turkey, June 2, 2023. REUTERS/Umit Bektas/file photo Acquire Licensing RightsANKARA, Nov 4 (Reuters) - Turkey's main opposition Republican People's Party (CHP) on Sunday elected Ozgur Ozel as its new leader, ending a 13-year term for incumbent Kemal Kilicdaroglu, as the country gears up for local elections next March. Ozel, 49, has been serving as the CHP's deputy parliamentary group chairman since 2015 and has been a lawmaker since 2011. Ozel, a pharmacist by trade, received 812 of 1,366 possible votes at a tense, hours-long party congress in Ankara that took two rounds. Imamoglu supported Ozel in a push for change at the CHP that has long been bogged down by in-fighting.

Persons: Kemal Kilicdaroglu, Ozgur Ozel, Umit, Tayyip Erdogan, Ozel, Kilicdaroglu, Istanbul Mayor Ekrem Imamoglu, Imamoglu, Erdogan, Mustafa Kemal Ataturk, Ozer Sencar, pollster Metropoll, Sencar, Daniel Wallis, Hugh Lawson, David Evans Organizations: Republican People's Party, Turkish, REUTERS, Rights, Sunday, Istanbul Mayor, CHP, Thomson Locations: Ankara, Turkey, Rights ANKARA, Ozel, Istanbul, Black Sea, Rize, Turkey's

"It is clear that to ensure economic confidence, legal consistency is a must," one of the senior officials said. Deniz Ozen, lawyer for the Turkish Workers' Party MP, said authorities are violating Turkish law by keeping him in jail. Emma Sinclair-Webb, Turkey director of Human Rights Watch, said a discredited justice system is a matter of concern especially for European investors. Reinforcing the apparent U-turn, Erdogan on Friday named Hafize Gaye Erkan as central bank governor, paving the way for interest rate hikes. "No matter the economic reforms, the investment will not significantly ramp up," he said.

Persons: Erdogan, Tayyip Erdogan, Mehmet Simsek, Simsek, Mehmet Gun, Orhan Turan, Turkey's, Osman, Deniz Ozen, Emma Sinclair, Hafize Gaye Erkan, Howard Eissenstat, Burcu Karakas, Jonathan Spicer, Catherine Evans Organizations: Better Justice Association, Istanbul Convention, Gazette, Bank, AK Party, of Human, Human Rights, Turkish Workers ' Party, Finance, St, Lawrence University, Thomson Locations: ISTANBUL, Turkey, Istanbul, Osman Kavala, Kavala, Webb

We are experiencing the result of this marathon with you tonight," Erdogan, 69, told thousands of flag-waving supporters from the balcony of his party's headquarters. But Erdogan, a veteran of a dozen election victories, emerged comfortably ahead of Kilicdaroglu, though just short of the majority needed to win. The outcome reflects the strong support Erdogan still commands, especially in religiously conservative regions where voters long felt marginalised by a once-dominant secular elite. Over two decades, Erdogan has redrawn Turkey's domestic, economic, security and foreign policy, rivalling historic leader Mustafa Kemal Ataturk who founded modern Turkey a century ago. Erdogan's government said the purge was justified by threats from coup supporters, as well as Islamic State and the PKK.

☆ For Turkey runoff, potential kingmaker draws red line at Kurdish concessions
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

Ogan won 5.2% in Sunday's first round of the presidential election. President Tayyip Erdogan, who led after the Sunday vote, and Kilicdaroglu will take part in the runoff, set for May 28. "We will consult with our voter base for our decision in the runoff. But we already made clear that the fight against terrorism and sending refugees back are our red lines," Ogan, who took 5.2% of the initial vote, told Reuters in an interview on Monday. Reporting by Orhan Coskun and Birsen Altayli; Writing by Huseyin Hayatsever; Editing by Jonathan Spicer and Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

The son of a sea captain, Erdogan has faced stiff political headwinds ahead of Sunday's election: he was already facing blame over an economic crisis when a devastating earthquake hit in February. Critics accused his government of a slow response and lax enforcement of building rules, failures they said could have cost lives. Two days before the vote, Erdogan said he came to office through the ballot boxes and if he had to, would leave the same way. A veteran of more than a dozen election victories, the 69-year-old Erdogan has taken aim at his critics in typically combative fashion. "I swear, Erdogan can solve it with a flick of his wrist," she said at a market in central Istanbul.

Efe is one of more than 6 million first-time voters expected to cast ballots in the May 14 election. 'ANGRY AND HOPELESS'Erdogan's share of the vote among young and first-time voters is forecast to be lower than among other age groups, said Erman Bakirci from pollster Konda Arastirma. Describing young voters as a "very angry and hopeless" segment of Turkey's 85 million people, Bakirci said they would be crucial to the result because they are such a large block. "They see via internet and social media what their peers in Europe are doing and what opportunities they have," Bakirci said. Erdogan, who oversaw an economic boom in his first several years in power, has traditionally drawn support from Turkey's conservative voters in Turkey's Anatolian Islamic heartlands.

☆ 'We can't afford anything': Turkey's cost-of-living crisis threatens Erdogan's re-election
▼ + stars: | 2023-05-08 | by ( Ali Kucukgocmen | ) www.reuters.com time to read: +5 min

But a cost-of-living crisis sparked by Erdogan's unorthodox economic programme over the past 1-1/2 years has eroded his popularity, posing the biggest electoral challenge to his 20-year hold on power. The parliamentary race remains on a razor edge, with the opposition seen potentially clinching a narrow majority. Food prices surged 54% year-on-year in April, with headline inflation dropping to 43.7% after peaking in October at 85.5%, the highest under Erdogan's rule. It began to surge after a currency crisis in late 2021, sparked by a series of interest rate cuts, in line with Erdogan's unorthodox views. But many AKP voters still believe only Erdogan can fix the economy, or blame other factors for its current state.

[1/2] Turkish President Tayyip Erdogan addresses his supporters during a rally ahead of the May 14 presidential and parliamentary elections, in Izmir, Turkey April 29, 2023. As he seeks to shore up his appeal among conservative voters, Erdogan has also spoken against homosexuality, describing LGBT rights as a "deviant" concept he would fight. 'BUILDING TURKEY TOGETHER'Polls suggest voting could go to a second round and some show Erdogan trailing. "I swear, Erdogan can solve it with a flick of his wrist," she said at a market in central Istanbul. The interventions won few allies, however, and faced with a struggling economy the countdown to the election, Erdogan sought rapprochement with rivals across the region.

Foreign investors have held talks with the government and opposition parties and public and private sector companies, one senior government official said. Erdogan has said former economic tsar Mehmet Simsek, well respected by international investors, was coordinating work on economic policies. While the UAE and Saudi Arabia were eyeing energy investments, Western investors were looking more at fintech and digital, he said. An Ankara consultancy company executive said expectations of economic policy changes were paving the way for investment. "In any case, the expectation is that Turkey will turn to more predictable and orthodox economic policies."

Fear that another tragedy could strike forced her to leave Istanbul because she couldn't afford a new apartment there, she said. However, seismologists said the February disaster has not changed the likelihood of an Istanbul quake, with the two areas on different faultlines. Any disaster in Istanbul would stagger Turkey's economy given the broader Marmara region accounts for some 41% of national GDP. Some 1.5 million homes are considered at risk in the city, Urban Planning Minister Murat Kurum said this week. According to official data, an average of more than three people live in each household, meaning up to 5 million live in these properties.

"It is not clear whether some citizens are alive or dead in the earthquake zone. Erdogan's AK Party has said it is committed to a free and fair election that respects the will of the people. BALLOT BOX SECURITYOpposition parties and non-governmental organisations say the exodus of more than 3 million people from the disaster zone poses extra concerns. While some 300,000 to 500,000 of them were thought to have changed addresses, many of those who had left the disaster zone had not, added Tiryaki. For Yigit, the earthquake and what he sees as the government's slow response to the disaster weighs on him as he decides how to vote.

☆ Turkey's quakes revive concern for northwestern industrial hub
▼ + stars: | 2023-02-28 | by ( Birsen Altayli | ) www.reuters.com time to read: +5 min

[1/3] The full moon, also known as the Supermoon or Flower Moon, rises above the Camlica Mosque during the spread of the coronavirus disease (COVID-19), in Istanbul, Turkey, May 7, 2020. Istanbul, Turkey's biggest city with a population of 16 million and the country's commercial engine, lies near fault lines that criss-cross the country. The southeast region has a sizeable manufacturing sector, albeit smaller than Turkey's northwest. "This is (Turkey's) industrial centre. The Marmara region is home to 25 million people and accounts for just over 40 percent of the country's gross domestic product (GDP) as of 2021, according to figures from Turkey's Statistics Institute.

[1/2] Rescuers work at the site of a collapsed building, in the aftermath of a deadly earthquake in Hatay, Turkey February 14, 2023. "I don't think it's time to talk about elections," an AKP official told Reuters, citing the state of emergency. He said the priority was to set an election date and get the High Election Board to start preparations. The AKP official expected the disaster to erode votes for the ruling alliance given the suffering, and the loss of life and property. The constitution sets a two-term limit for presidents, but they can seek another term if parliament calls an early election before the second term expires.

Summary After initial quiet, opposition criticism growsComplaints of slow response, lack of suppliesErdogan visits scene, acknowledges early problemsISTANBUL, Feb 8 (Reuters) - Criticism of Turkey's earthquake response mounted on Wednesday, with the political opposition and people in the disaster zone accusing the government of a tardy and inadequate relief effort. They cracked infrastructure and flattened thousands of buildings, causing hardship for millions and leaving many homeless in bitterly cold weather. Kemal Kilicdaroglu, leader of the main opposition party, had earlier in the week said the disaster was a time for unity, not criticism. Speaking in Kahramanmaras, near the epicentre of the earthquake, Erdogan said: "We had some problems in airports and roads but we are better today". Selim Temurci, spokesman for the opposition Future Party, said AFAD's efforts were insufficient due to personnel shortages and the vast expanse of destruction.

The government declared a "level 4 alarm", calling for international assistance, and a three-month state of emergency in the most affected provinces. 'BLACK SWAN'Reconstruction costs are likely to run to many billions of dollars, straining an economy already hit by 58% inflation. The six-party opposition said only that the government should work "without discrimination" to address the disaster that hit regions including Kurdish communities and Syrian refugees. But Ugur Poyraz, Secretary General of centre-right nationalist IYI Party, said he had toured severely hit areas and as of Tuesday morning seen no sign of emergency rescue workers. "The response of Erdogan's government to this natural disaster might shape the attitude of the floating voter but the loyalties of most voters are already determined."

[1/2] Turkish President Tayyip Erdogan addresses lawmakers of his AK Party during a meeting in parliament in Ankara, Turkey, January 18, 2023. The main opposition Republican People's Party (CHP) also condemned the incidents in Sweden and said they would serve Erdogan's re-election campaign. But Erdogan said this week that Sweden could no longer expect Turkey's support for its NATO bid, and Ankara cancelled a planned trilateral meeting. Washington, Stockholm and Helsinki had hoped Ankara would ratify the NATO bids before Turkey's election. While Erdogan's government backs the Nordics' NATO bid with conditions, his political opponents had been more supportive - before the Stockholm incidents.

[1/4] A supporter of Turkey's main pro-Kurdish Peoples' Democratic Party (HDP) holds a mask of their jailed former leader and presidential candidate Selahattin Demirtas during a rally in Ankara, Turkey, June 19, 2018. Turkey's constitutional court opened the case against the HDP in 2021, drawing strong criticism from Ankara's Western allies. "Even if Erdogan puts pressure on voters, even if he tries to use tricks, he cannot avoid defeat," Demirtas said. 'WE ARE THE PEOPLE'Ahead of the elections, Demirtas' Twitter account has issued daily political messages to its more than 2 million followers. The party currently plans to propose its own presidential candidate, but Demirtas did not rule out backing a joint opposition candidate against Erdogan.

Erdogan introduced a "new economic model" in 2021 that prioritises growth, investment and exports and is aimed at flipping Turkey's persistent trade deficits, a major component of the current account. "We will give significant support to Turkey's economic model. For that reason we want to be strong in capital terms," Cakar said in an interview conducted late last month. "There is no clear figure yet for the capital increase of state banks. State banks have supported the economy with low-cost financing for the last few years, increasing their dominance in the financial sector and their capital needs.

ISTANBUL, Dec 28 (Reuters) - Several big Turkish banks want to issue dividends to shareholders after posting record profits in 2022 and the country's BDDK banking watchdog is considering the request, three banking sources familiar with the issue said. Each year the BDDK makes recommendations regarding banks' profit distribution. In 2021, dividends were up to 10% of lenders' net profits, and in previous years the BDDK made recommendations for profits to be added to capital. One source said some banks, especially private ones, had sent requests to the BDDK for clearance to distribute profits and that the watchdog was evaluating them. Another banking source said the BDDK's general approach to sector profits was: "Don't distribute it, add it to capital."

The headscarf was once a source of deep discord in Muslim but secular Turkey, but ceased to stir controversy after reforms by the Islamist-rooted AKP during its 20 years in power. "We are ready to take other steps including a referendum," Erdogan told AKP deputies in parliament. The AKP was to hold talks with three opposition parties, including the largest Republican People's Party (CHP), broadcaster CNN Turk said. When Leader Kemal Kilicdaroglu announced the CHP's planned legislation on the headscarf in early October, Erdogan responded by saying the issue had already been resolved. Erdogan and AKP lawmakers have toughened their rhetoric against LGBT+ people in recent years, frequently labeling them "deviants" or "perverts" and raising concerns among members of the community.

☆ Turkey adjusts banks' risk metrics in derivatives market
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Sept 20 (Reuters) - Turkey amended the risk parameters used in the transaction collateral calculations for banks' underlying assets in the derivatives market, the clearance institution Takasbank said on Tuesday. Takasbank said the new parameters, which are set taking into account current market conditions, will take effect as of Sept. 21. The move came after a decline in Borsa Istanbul led by banking shares (.XBANK) over the last week, following a sharp rise since July. "Shares in public banks, which had been on the rise for two weeks, started to decline. Analysts said an extraordinary meeting between regulators and brokerages took place late on Monday, following the extraordinary move in shares.

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