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☆ Turkey may soon put its controversial Russian S-400 air defenses in operation
▼ + stars: | 2024-04-22 | by ( Paul Iddon | ) www.businessinsider.com time to read: +7 min

Turkey may deploy its Russian S-400 Triumf air defenses on the Iraqi border. Turkiye newspaper reported earlier this month that Turkey's S-400s may be deployed on the border, implying it will defend against drones allegedly acquired by the PKK. Since then, there has been no indication that Turkey's S-400s have been put into operation. "However, Turkey may use the potential threat of Iran-linked militia groups or PKK as a pretext to deploy S-400s." "Such a goal was unattainable and unrealistic given the extent of Turkey's integration into the NATO defense system," Ozeren said.

Persons: —, Hulusi Akar, Ali Bakir, Bakir, Suleyman Ozeren, Ozeren, Recep Tayyip Erdogan's, State Victoria Nuland Organizations: Service, Kurdistan Workers ' Party, PKK, Defense, Ibn Khaldon, Security Initiative, Business, Northern, American University, Orion Policy Institute, NATO, State Locations: Turkey, Russian, Israel, Iran, Iraqi Kurdistan, Ankara, Washington, Turkish, Qatar, Northern Iraq, Turkey's, Iraq, Moscow, Russia, NATO

☆ It's too early to write off Turkey's Erdogan, consultancy says
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's too early to write off Turkey's Erdogan, consultancy saysWolfango Piccoli, co-president, political risk advisory at Teneo, discusses Turkey's opposition victory across several major cities in the country's local elections Sunday, which dealt a severe blow to President Recep Tayyip Erdogan's ruling party.

Persons: Turkey's Erdogan, Wolfango Piccoli, Recep Tayyip Erdogan's

ANKARA, Turkey (AP) — The work to tame inflation in Turkey — namely through interest rate hikes — will continue “with determination,” the country’s new central bank chief said Thursday, offering some certainty about efforts to right the battered economy following his precedessor's surprise resignation. The duty of the central bank is to ensure and maintain price stability,” Karahan told reporters in Turkey’s capital, Ankara. Erdogan, who has previously fired central bank governors who spurned his unorthodox policies, appointed the new economic team after getting reelected in May. The Turkish central bank most recently raised its key interest rate by 2.5 percentage points in January, when inflation reached nearly 65%. Despite such hikes, inflation remains high — consumer prices rose to an eye-watering 64.86% in January from a year earlier, according to figures released Monday, up from 64.77% in December.

Persons: Fatih Karahan, Goldman Sachs, Karahan, Mehmet Simsek, ” Karahan, Hafize Gaye Erkan, ”, Erkan, Recep Tayyip Erdogan's, Erdogan, ___ Robert Badendieck Organizations: Finance, Turkish Locations: ANKARA, Turkey, Ankara, Turkish, Ukraine, Istanbul

☆ Turkish President Erdogan's Gulf tour was to 'show gratitude,' analyst says
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTurkish President Erdogan's Gulf tour was to 'show gratitude,' analyst saysMerve Hande Akmehmet, president of the Hologram Network, speaks to CNBC's Dan Murphy about Turkish President Recep Tayyip Erdoğan's visit to the Gulf Cooperation Council countries.

Persons: Merve Hande Akmehmet, CNBC's Dan Murphy, Recep Tayyip Erdoğan's Organizations: Turkish, Gulf Cooperation Locations: Erdogan's

☆ Gulf International Forum discusses Erdogan's Middle East visit
▼ + stars: | 2023-07-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailErdogan's Gulf tour: Priority is to increase direct investments into Turkey's economy, analyst saysDania Thafer, executive director of the Gulf International Forum, discusses what's on the agenda for Turkish President Recep Tayyip Erdogan's Middle East visit.

Persons: Dania Thafer, Recep Tayyip Erdogan's Organizations: Gulf International

☆ 4 major fighter-jet deals could reshape the Middle East's biggest militaries for decades to come
▼ + stars: | 2023-07-16 | by ( Paul Iddon | ) www.businessinsider.com time to read: +11 min

Middle Eastern countries have for decades been major buyers of advanced fighter jets. Four potential deals involving Turkey, Iraq, Iran, and Egypt show that the trend will continue. Four looming acquisitions by Turkey, Iraq, Iran, and Egypt show that this trend will not change any time soon. Egypt's EaglesEgyptian Air Force MiG-29s during an exercise in Sudan in May 2021. While the Russian jets couldn't exchange data with Egypt's US-made aircraft, Cairo hoped they could operate as an "air force within an air force" and partially redress its limited air-to-air capabilities.

Persons: Cuneyt, MURAD, Erdogan, Mehmet Kaman, Recep Tayyip Erdogan's, Biden, Sen, Bob Menendez, hasn't, Iran's, Vladimir Putin, Ebrahim Raisi, ALEXANDR DEMYANCHUK, it's, —, Iran hasn't, ATTA KENARE, Mohammed Reza Ashtiani, Iraq's, KARIM SAHIB, Saddam Hussein's, Ali Mohammed, KARI, ASHRAF SHAZLY, Derek Seifert, Frank McKenzie, Israel, Paul Iddon Organizations: Service, United Arab Emirates, Dassault Rafales, Dassault, Vipers, NATO Air Policing, Anadolu Agency, Getty, US, Turkish Aerospace Industries, Getty Images, NATO, Senate Foreign Relations, SPUTNIK, Army Day, Iranian Parliament's National Security, Foreign, Iranian Defense, Rafale, ISIS, Getty Images Iraq, Thales Ground, AIM, Meteor, Egypt's Eagles Egyptian Air Force, Eagles, US Air Force, US Central Command Locations: Turkey, Iraq, Iran, Egypt, Wall, Silicon, Saudi Arabia, Israel, Poland, Ankara, Syria, Greece, Samarkand, Getty Images Iran, Russia, Ukraine, Moscow, Soviet, US, Tehran, AFP, Iranian, Persian, Baghdad, France, South Korea, Czech, Iraqi, Balad, Sudan, Qatar, Cairo, Derek Seifert Egypt

☆ Former U.S. diplomat discusses Turkey's Erdogan and Sweden's NATO bid
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReasons to believe Erdogan would cave over Sweden's NATO bid after his reelection: Ex-U.S. diplomatWilliam Courtney, adjunct senior fellow at Rand and former U.S. ambassador to Georgia and Kazakhstan, discusses Turkish President Recep Tayyip Erdoğan's decision to back Sweden's bid to join the military alliance.

Persons: Erdogan, William Courtney, Rand, Recep Tayyip Erdoğan's Organizations: NATO Locations: U.S, Georgia, Kazakhstan

☆ Turkey isn't getting much use out of its Russian-made missile-defense system, but that's not why Erdogan is keeping it around
▼ + stars: | 2023-07-09 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +8 min

The first parts of a Russian S-400 system are unloaded at an airport near Ankara in July 2019. Turkey's S-400 lacks that integration, as it hasn't been connected to NATO's radar network because alliance members fear that doing so could expose other systems to Russian observation. That made Russia's S-400 seem like not only a valid alternative but a preferable option to the US-made Patriot missile-defense system. (The US withdrew Patriot batteries from Turkey in late 2015, adding to Turkish concerns and desire for another air-defense system.) After the initial signing, the deal went into limbo over reported political disagreements and Turkey never received the system.

Persons: hasn't, Turkey's, Recep Tayyip Erdogan's, Lisel, David E, Banks, Erdogan, UMIT TURHAN COSKUN, Washington, Jens Stoltenberg, Orhan Cicek, MURAT CETINMUHURDAR Organizations: Service, Ankara, Turkish, NATO, Turkish Defence Ministry, Johns Hopkins University, King's College, Getty, ISIS, Kurdish PKK, Patriot, US, NATO NATO, Anadolu Agency Locations: Russian, Turkey, Ankara, Wall, Silicon, Russia, Turkish, King's College London, Hintz, Istanbul, AFP, Erdogan's, Washington, Kurdish, East, Eurasia, Banks, TURKISH, Moscow, France, Italy, Franco, Italian

☆ Turkish lira sinks to fresh lows following the central bank's interest rate hike
▼ + stars: | 2023-06-23 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Turkey's Taksim Square, with the figure of Kemal Ataturk, the first president, and the Turkish flag in the background. The Turkish lira sank to new record lows after Turkey's central bank raised the country's benchmark interest rate by 650 basis points in a dramatic monetary policy reversal. The central bank lifted its key interest rate by almost double, from 8.5% to 15% Thursday, marking the country's first hike since March 2021. The lira — which has been extending its plunge since President Recep Tayyip Erdogan's reelection — was last trading at 24.97 against the greenback. Newly appointed Governor Hafize Gaye Erkan hinted at more hikes until the inflation situation in the country improves.

Persons: Turkey's, Kemal Ataturk, Recep Tayyip Erdogan's, —, Steve Hanke, Hafize Gaye Erkan, Erkan Organizations: Turkish, Johns Hopkins University

☆ CNBC Daily Open: Rate hikes and red lights
▼ + stars: | 2023-06-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. But May's inflation reading for the U.K. was a scorcher: Inflation last month remained unchanged from April, while core inflation actually rose from 6.8% to 7.1% year over year. Turkey's welcome hikeTurkey's central bank — under its new governor Hafize Gaye Erkan — doubled the country's interest rate from 8.5% to 15%. Yet market strategists from UBS and JPMorgan Chase and are already warning that the stock market may be overvalued.

Persons: BOE's, BOE, Hafize Gaye Erkan —, Recep Tayyip Erdogan's, Jerome Powell, Martin Gruenberg, Ocado, JPMorgan Chase Organizations: CNBC, of England, Federal, Nasdaq, Dow Jones Industrial, UBS, JPMorgan Locations: —

☆ We're 'fully confident' that Erdogan will get people's support, AK Party MP says
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're 'fully confident' that Erdogan will get people's support, AK Party MP saysRavza Kavakci, member of Parliament from Turkey's AK Party — President Recep Tayyip Erdogan's party — says "there's no doubt about the fairness of [the] election."

☆ Erdogan's future is in doubt, but Turkey's ties to Russia and tensions with the US aren't going anywhere
▼ + stars: | 2023-05-12 | by ( Matthew Mai | Defense Priorities | ) www.businessinsider.com time to read: +6 min

Western observers dislike Erdogan's foreign policy, but a different leader is unlikely to change course. Critics charge that President Recep Tayyip Erdogan's foreign policy is a direct outgrowth of his illiberal posture at home rather than shrewd geopolitics. Whether Erdogan or his challenger, Kemal Kilicdaroglu, wins, the interests guiding Turkey's foreign policy will require the same balancing act that eschews alignment with any great-power bloc and maximizes Ankara's freedom of action. Locals applaud as a convoy of Turkish trucks carrying tanks near Turkey's border with Syria in October 2019. By prioritizing independence and autonomy, foreign policy under a prospective Kilicdaroglu administration will embody a significant degree of continuity from his predecessor.

☆ Killer drones and multi-billion dollar deals: Turkey's rapidly-growing defense industry is boosting its global clout
▼ + stars: | 2023-03-28 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Drones aren't the only thing elevating Turkey's status as a growing player in the global defense industry. Turnover for the country's defense industry as a whole last year was $10 billion, according to Turkey's Presidency of Defense Industries. And the investment shows in the numbers: research and development in Turkey's defense sector "recently increased by 30 percent," the Atlantic Council's report wrote. Turkish defense manufacturers say they are booked for the next several years with orders to help replenish NATO stockpiles. Those firms also have high demand from Turkey's military alone — it is, after all, the second-largest military in NATO after the United States.

☆ Turkey-Syria reconstruction costs to come to 'billions of dollars,' World Bank says
▼ + stars: | 2023-02-13 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Turkish and Syrian reconstruction efforts in the wake of devastating twin earthquakes last week will cost "in the billions of dollars," according to Ferid Belhaj, World Bank vice president for Middle East and North Africa. The World Bank has already pledged roughly $1.8 billion of funding for Ankara and is pursuing relief aid for Syria, he said, in wake of the Feb. 6 tragedy that left over 35,000 dead. "On Turkey, the World Bank has committed about 1.8 billion dollars," he told CNBC's Hadley Gamble and Dan Murphy at the World Government Summit in Dubai on Monday. "This is because we had already a portfolio in Turkey, we had projects, and we were able to repurpose some of the funding." Comparatively, the 1999 earthquake of Marmara that struck the city of Izmit and killed over 17,000 people, resulted in $51.1 billion of losses.

☆ Turkey detains building contractors as quake death toll passes 33,000
▼ + stars: | 2023-02-12 | by ( ) www.cnbc.com time to read: +8 min

A man reacts next to rescuers in the aftermath of a deadly earthquake in Hatay, Turkey February 11, 2023. The quakes were powerful, but victims, experts and people across Turkey are blaming bad construction for multiplying the devastation. Rescuers search for survivors, following the deadly earthquake in Hatay, Turkey, February 10, 2023. I did everything according to the rules," the DHA news agency reported. In leaked testimony published by Anadolu, the man said the building followed regulations and he did not know the building didn't withstand the quakes.

☆ 'Turkey has long been hell for journalists': Reporters slam country's new 'fake news' law
▼ + stars: | 2022-10-21 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

Turkey currently ranks 149 out of 180 countries in the world press freedom index, with 90% of national media under government control, according to international non-profit organization Reporters Without Borders. Seven years ago, Sevgi Akarcesme reported on a series of police raids on Turkey's media industry, which left a trail of newsrooms being shut down one by one — until the time for her own outlet came. Turkey's Parliament last week ratified a law introducing jail terms for journalists and social media users who spread "fake news," or disinformation. The law, proposed by President Recep Tayyip Erdogan's ruling AK Party, comes eight months before the country's general election. "With this new law … the goal is to control social media because conventional media is already under Erdogan's control," said Akarcesme.

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