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A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. The bank's policy committee repeated it is ready to raise rates further as needed to curb inflation, which climbed to an annual rate of 61.53% in September and is expected to rise into next year. It has weakened some 70% in two years, largely due to President Tayyip Erdogan's long-standing opposition to high rates and influence over the central bank. Erdogan chose former Wall Street banker Hafize Gaye Erkan as central bank chief after his May re-election. She has led a policy U-turn to relieve an economy strained by depleted FX reserves and surging inflation expectations.

Persons: Cagla, Tayyip Erdogan's, Erdogan, Hafize Gaye Erkan, Daren Butler, Jonathan Spicer Organizations: Turkey's Central, REUTERS, Rights, Wall Street, Thomson Locations: Ankara, Turkey, Rights ISTANBUL

☆ Alibaba tells Erdogan it plans to invest $2 billion in Turkey
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

Shopping trolley is seen in front of Alibaba logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsISTANBUL, Sept 18 (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd (9988.HK) has told Turkish President Tayyip Erdogan it plans to invest $2 billion in Turkey. Michael Evans, president of Alibaba, made the comments in a meeting with Erdogan, according to a statement from the company's Turkish unit. Evans also said Alibaba has invested $1.4 billion in Turkey through its unit Trendyol, one of Turkey's best known e-commerce platforms, the statement said. Erdogan is in the United States to attend the 78th session of the U.N. General Assembly.

Persons: Dado Ruvic, Tayyip Erdogan, Michael Evans, Alibaba, Erdogan, Evans, Trendyol, Caglayan Cetin, Daren Butler, Edwina Gibbs Organizations: REUTERS, Rights, Alibaba, Holding, HK, Turkish, General, Istanbul, Thomson Locations: Rights ISTANBUL, Turkey, Turkish, United States, Ankara

According to one of the bankers, 20% of the KKM accounts that were initially converted to lira from foreign currency were ended in August. Of those, around two thirds were converted back to forex while the rest moved into regular lira accounts, according to three bankers. But they said depositors were cautious about moving funds into lira deposit accounts just yet given expectations that deposit rates will rise more. More will shift into plain lira accounts - rather than dollars - as that happens, they added. But that trend halted in August at a peak of more than $15.7 billion as more KKM accounts were shuttered.

Persons: Dado Ruvic, Tayyip Erdogan, depositor, Ebru Tuncay, Daren Butler, Jonathan Spicer, Nick Macfie Organizations: Lira, REUTERS, Reuters, Thomson Locations: Ankara, ISTANBUL, forex, KKM

☆ Saudi Arabia buys Turkish drones during Erdogan's visit
▼ + stars: | 2023-07-18 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

Erdogan and Saudi Crown Prince Mohammed bin Salman attended the signing ceremony between Turkish defence firm Baykar and the Saudi defence ministry, Saudi state news agency SPA reported. Erdogan arrived in the Saudi Red Sea city of Jeddah on Monday for the first stop of a Gulf tour. Saudi Arabia will acquire the drones "with the aim of enhancing the readiness of the kingdom's armed forces and bolstering its defense and manufacturing capabilities," Defence Minister Prince Khalid bin Salman said in a tweet on Tuesday. SPA said Erdogan and Prince Mohammed attended the signing of a defense cooperation plan by Prince Khalid and Turkish Defence Minister Yasar Guler. Developing a local military industry has been part of an ambitious plan by Prince Mohammed to diversify the kingdom's economy away from oil.

Persons: Tayyip Erdogan, Erdogan, Saudi Crown Prince Mohammed bin Salman, Baykar, Prince Khalid bin Salman, Haluk Bayraktar, Jamal Khashoggi, Prince Mohammed, Prince Khalid, Yasar Guler, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Enas Alashray, Daren Butler, Jamie Freed, Lincoln, Tomasz Janowski, Bernadette Baum Organizations: Saudi Crown, Defence, Investments, United, United Arab Emirates, Turkish Defence, Turkish, Thomson Locations: RIYADH, Saudi Arabia, Saudi, Saudi Red Sea, Jeddah, Ankara, United Arab Emirates, Turkey, East, North Africa, Istanbul, Qatar, United Arab, Riyadh, UAE, Nahyan, Cairo

☆ Saudi drone deal entails technology transfer, joint production -Baykar
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, July 18 (Reuters) - An accord which Saudi Arabia signed to buy Turkish drones entails cooperation in technology transfer and joint production, the Turkish company Baykar said on Tuesday in a statement. "With the comprehensive agreement, there will cooperation on technology transfer and joint production in order to advance the high technology development capability of the two countries," the statement said. Baykar said 75% of its revenues had come from exports since it began drone research and development in 2003. It said it had signed export agreements with 30 countries for its Bayraktar TB2 combat drone and with six countries for the larger Bayraktar Akinci combat drone. Reporting by Can Sezer; Writing by Daren Butler; Editing by Huseyin Hayatsever and Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Baykar, Tayyip Erdogan's, Daren Butler, Huseyin Hayatsever, Alison Williams Organizations: Turkish, Thomson Locations: ISTANBUL, Saudi Arabia, Turkish

Erdogan's ties to Russian President Vladimir Putin have weighed on Turkey's relations with its traditional Western allies for years, along with other factors including concern over his increasingly autocratic rule. "Turkey doesn't want the Turkish-Russian relationship to be badly hurt, but this will inevitably have an impact on relations. Ankara has been important to Moscow as Erdogan has refused to join Western sanctions against Russia over the Ukraine invasion. 'ROSE-TINTED SPECTACLES'The Kremlin said it intended to develop relations with Turkey "despite all the disagreements". In 2009, Cyprus blocked six out of the 35 chapters Turkey must conclude as part of its EU accession negotiations.

Persons: Erdogan, Tayyip Erdogan, Vladimir Putin, Volodymyr Zelenskiy, Dalay, Washington, Biden, Putin, Dmitry Peskov, Peskov, Evren Balta, Orhan Coskun, Tom Perry, Mark Heinrich Our Organizations: NATO Russian, NATO, Western, Analysts, Ukraine, Chatham, VISA, Turkish, Reuters, Kremlin, Russia, European Union, EU, Union, Ozyegin University, Thomson Locations: Sweden, Turkey, Washington, ANKARA, ISTANBUL, U.S, Russia, Ukraine, Ankara, Moscow, Turkish, NATO, Republic of Turkey, Europe, Cyprus

☆ UN aid chief to Russia: Don't 'chuck away' Black Sea grain deal
▼ + stars: | 2023-07-07 | by ( Michelle Nichols | ) www.reuters.com time to read: +5 min

"The world has seen the value of the Black Sea Initiative ... this isn't something you chuck away," the U.N.'s Martin Griffiths told reporters. Zelenskiy said the Black Sea deal was important to help the world fight hunger. Russia has described the Black Sea deal and the agreement to facilitate its own exports as a single package. The Black Sea deal allows for ammonia exports - a key ingredient in nitrate fertilizer - but none has shipped. As the expiration date looms, the Black Sea grain deal is grinding to a halt.

Persons: Martin Griffiths, Volodymyr Zelenskiy, Tayyip Erdogan, Erdogan, Zelenskiy, Griffiths, Michelle Nichols, Elaine Monaghan, Oleksandr Kozhukhar, Doina Chiacu, Grant McCool Organizations: UNITED NATIONS, U.N, United Nations, Black Sea Initiative, United, Zelenskiy, Russian Federation, Russian Agricultural Bank, International Energy Agency, Sezer, Thomson Locations: Russia, Moscow, Odesa, United Nations, Turkey, Ukraine, Ukrainian, Istanbul, Russian, United, United States, European Union, Britain, Togliatti, Washington, Kyiv

☆ Turkey's Erdogan to host Putin, hopes for Black Sea grain deal extension
▼ + stars: | 2023-07-07 | by ( Can Sezer | ) www.reuters.com time to read: +3 min

ISTANBUL, July 8 (Reuters) - Turkey's President Tayyip Erdogan said on Saturday that he was pressing Russia to extend a Black Sea grain deal by at least three months and announced a visit by President Vladimir Putin in August. Erdogan said work was under way on extending the Black Sea grain deal beyond its expiration date of July 17 and for longer periods beyond that. The deal would be one of the most important issues on the agenda for his meeting with Putin in Turkey next month, he said. "Our hope is that it will be extended at least once every three months, not every two months. Russia, angry about aspects of the grain deal's implementation, has threatened not to allow its further extension beyond July 17.

Persons: Tayyip Erdogan, Vladimir Putin, Volodymyr Zelenskiy, Zelenskiy's, Erdogan, Putin, Zelenskiy, Petr Fiala, Stringer, Dmitry Peskov, Ezgi Erkoyun, Oleksandr Kozhukhar, Orhan Coskun, Elaine Monaghan, Huseyin Hayatsever, Jonathan Spicer, Gareth Jones, Diane Craft Organizations: Ukraine, United Nations, Zelenskiy, REUTERS, NATO, Western, Thomson Locations: ISTANBUL, Russia, Turkey, Bulgaria, Czech Republic, Ukraine, Czech, Prague, Crimean Tatars, Istanbul

☆ Turkey's lira hits fresh record lows after rate hike
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, June 23 (Reuters) - The Turkish lira weakened as much as 2.8% to a fresh record low early on Friday, extending losses as the central bank's large rate hike a day earlier, reversing President Tayyip Erdogan's policy, fell short of market expectations. The lira last traded at 25.2015, some 1.3% weaker than Thursday's close. At its weakest point of 25.59 it was nearly 27% weaker against the U.S. currency this year. The move marked a change in course after years of monetary easing in which the one-week repo rate (TRINT=ECI) had been cut to 8.5% from 19% in 2021 in an unorthodox policy pursued despite soaring inflation. Reporting by Can Sezer; Editing by Daren ButlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan's, Hafize Gaye Erkan, Erdogan, Erkan, Daren Butler Organizations: Thomson Locations: ISTANBUL, Turkey's

The central bank said inflation will come under further pressure. Erdogan said last week he approved the steps Simsek would take with the central bank, suggesting he had given the green light to rate hikes. The central bank's key rate remains below deposit rates that reach up to 40% and real rates are still deeply negative. The central bank's net reserves fell to a record low of negative $5.7 billion last month. Authorities hope foreign investors and hard currency will return after a years-long exodus, potentially reducing the central bank's need to intervene to keep the lira stable.

Persons: Tayyip Erdogan's, Hafize Gaye Erkan, Erkan, Erdogan, Mehmet Simsek, Piotr Matys, Ezgi Erkoyun, Ali Kucukgocmen, Christina Fincher, Daren Butler Organizations: Reuters Graphics, Wall Street, InTouch, Reuters, Thomson Locations: ISTANBUL, Ankara

It reinforced Erdogan's image of invincibility in the deeply divided NATO-member country, whose foreign, economic and security policy he has redrawn. Pro-government newspapers, part of an overwhelmingly pro-Erdogan media landscape that buoyed his election campaign in the nation of 85 million people, cheered his victory. Erdogan said inflation, which hit a 24-year peak of 85% last year before easing, is Turkey's most urgent issue. Turkey's main pro-Kurdish party, parliament's third largest, was among the opposition parties opposed to Erdogan and is accused of links to Kurdish militants, which it denies. Erdogan, head of the Islamist-rooted AK Party, appealed to voters with nationalist and conservative rhetoric in a divisive campaign that deflected attention from Turkey's economic problems.

[1/3] A child walks at a polling station while people attend voting during the second round of the presidential election in Istanbul, Turkey May 28, 2023. REUTERS/Hannah McKayANKARA/ISTANBUL, May 28 (Reuters) - Here are some views from Turkish citizens as the country voted on Sunday in an election runoff that may extend President Tayyip Erdogan's rule into a third decade or see a transfer of power to his rival Kemal Kilicdaroglu. Nobody can deny this," said housewife Songul Aslan, 45, after voting for Erdogan. In Diyarbakir, largest city in the mainly Kurdish southeast:"In the first round I voted for Kilicdaroglu for the presidency. Change is essential to overcome the economic crisis and problems that Turkey faces, so I voted for Kilicdaroglu again.

"The winner has undoubtedly been our country," Erdogan said in a speech to cheering supporters at the headquarters of his ruling Islamist-rooted AK Party in the capital Ankara overnight. Going into the election, the opposition had sensed its best chance yet of unseating Erdogan, encouraged by polls showing him trailing his main challenger Kemal Kilicdaroglu. But the results suggested Erdogan and his AK Party had been able to rally conservative voters despite a cost-of-living crisis. [1/4] Supporters of Turkish President Tayyip Erdogan and AK Party (AKP) gather on election night, in Istanbul, Turkey May 15, 2023. "During the campaign period ahead of the runoff, President Erdogan is likely to emphasise stability as he already retains the majority in the parliament," Dalay said.

☆ What the voters say as Turkey votes in landmark elections
▼ + stars: | 2023-05-14 | by ( Deniz Uyar | Oriana Boselli | ) www.reuters.com time to read: +4 min

ISTANBUL/ANTAKYA, Turkey, May 14 (Reuters) - Here are some views from Turkish citizens as their country voted on Sunday in elections that could extend President Tayyip Erdogan's rule into a third decade or see a transfer of power to his main rival Kemal Kilicdaroglu. I don't think it will go to a runoff," said school staff member Hasibe, 40, in the school where Erdogan voted on the Asian side of the city. I chose democracy and I hope that my country chooses democracy. "Of course, there are good things (Erdogan) did, but lately, they started to look down on and insult the nation. As you can see, even in elections, votes are being cast in ballot boxes outside," said school teacher Behzat Oz.

Sources said some factoring companies were giving loans with a 70% interest rate, up from 30% in February. For the first time, the rates offered by banks and factoring firms are aligned," he said. Corporates which are not able to get loans from banks are now borrowing from factoring firms with high level of interest, said another banking source. The source said factoring companies and banks can use a funding facility at the Istanbul Settlement and Custody Bank (Takasbank) and these loans' interest rates are around 45%. "Some brokerage houses either trimmed down the leverage ratio for their clients or closed their positions due to the increasing interest rates at Takasbank.

Under the terms of the agreement, up to $4 billion in Turkish energy payments to Russia may be postponed until next year, both sources told Reuters under condition of anonymity. Turkey, which is preparing for elections on Sunday, depends heavily on energy imports and Russia is its largest supplier. The source said Turkey could push back further such payments in the coming months depending on the course of energy prices. The Russian and Turkish energy ministries, and their respective energy companies Gazprom and Botas, have not responded to requests for comment on the issue. Turkish Energy Minister Fatih Donmez said last week that Turkey and Moscow agreed a deal allowing Ankara to defer energy payments up to a certain amount, but did not give details.

☆ Turkey's Baykar plans production of new air combat drone next year
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, April 29 (Reuters) - Turkish defence firm Baykar aims to begin production of its new unmanned combat aerial vehicle (UCAV) next year which is already attracting international interest, its chairman Selcuk Bayraktar said. Named Kizilelma, the drone expands the company's product range from slow, ground attack drones to fast and agile autonomous ones that work alongside fighter jets. "It is designed to be a highly autonomous, under human purview of course, air-to-air combat vehicle" said Bayraktar, who led the design of the 15-meter-long jet-powered UCAV. Baykar plans to begin production in small quantities next year. Kizilelma made its first flight in December and began formation flight tests with Baykar's other drones this month.

April 24 (Reuters) - Iraq's northern oil exports showed few concrete signs of an imminent restart after a month of standstill, as aspects of an agreement between Baghdad and the Kurdistan Regional Government (KRG) have yet to be resolved, according to four sources. Baghdad and Erbil, the capital of Iraq's semi-autonomous Kurdistan region, signed a temporary agreement on April 4 to restart northern oil exports. The KRG and Iraq's oil ministry did not respond to requests for comment. Iraq's lack of willingness to discuss these issues has frustrated Turkey, according to one source. Fields which are still running include Khurmala, which has reduced output from around 135,000 bpd to 100,000 bpd, according to a source familiar with field operations.

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.

LONDON/BAGHDAD, April 1 (Reuters) - Iraq's federal government and the Kurdistan Regional Government (KRG) are close to striking a deal aimed at resuming northern oil exports, four sources familiar with the discussions told Reuters on Saturday. Revenues will be deposited in an account managed by the MNR and supervised by Baghdad, the KRG official said. Iraq's oil ministry spokesman could not immediately be reached outside regular business hours. Baghdad and the KRG have agreed to continue meetings following the resumption of oil exports to find solutions to other lingering problems. "[These include] the contracts of the foreign companies operating in Kurdistan and the Kurdish debts," the senior Iraqi oil official said.

ANKARA, March 28 (Reuters) - Turkey's Energy Ministry said on Tuesday that Iraq had been ordered by the International Chamber of Commerce (ICC) to pay compensation to Ankara in a longstanding arbitration case related to oil exports from northern Iraq via Turkey. The Turkish energy ministry statement was released after Iraq's oil ministry said on Saturday the ICC had ruled in its favour in the case. The Turkish statement said the ICC had recognised a majority of Turkey's demands, without saying how much compensation Iraq had been ordered to pay. "(The ICC) ordered Iraq to pay a compensation to Turkey," the ministry said, without revealing the amount of compensation. "This case is in fact a reflection of disagreement between Iraq's central government and Iraq's Kurdish Regional Administration," the Turkish ministry said.

☆ Turkey's Hepsiburada to prioritise profitability, customer retention -CEO
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

March 23 (Reuters) - Turkey's only listed e-commerce platform Hepsiburada (HEPS.O) will prioritise profitability over rapid growth and step up efforts to retain customers who are being hit by soaring inflation. "My mandate here is to improve profitability", new Hepsiburada CEO Nilhan Onal Gokcetekin told reporters late on Wednesday. Gokcetekin said the path to improved profitability began with retaining customers through a company loyalty programme. However, Hepsiburada's net loss widened to 2.9 billion lira ($152 million) in 2022 from 2 billion lira a year earlier, while earnings before interest, tax, depreciation and amortisation (EBITDA) narrowed to a loss of 2.6 billion from a 3.7 billion loss in 2021. That compares with a 7 million lira EBITDA loss in the last quarter of 2022.

[1/5] Turkish President Tayyip Erdogan meets with people in the aftermath of a deadly earthquake in Kahramanmaras, Turkey February 8, 2023. "The earthquake definitely changes our opinion because the first responders and tents were very late to arrive," he said. How big a challenge Erdogan faces is difficult to determine, given the lack of polling in the region. One party official said they would "re-direct" residents' focus to efforts to rebuild and stress no one but Erdogan could do this quickly. The region voted 65% or more for the AKP and its nationalist ally the MHP in the last election in 2018.

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