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☆ Wealth in Turkey grew the most in the world at 157% despite soaring inflation, according to ranking
▼ + stars: | 2024-07-17 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Turkey came out miles ahead of the rest of the world in an annual global wealth ranking — in a result that may come as surprising, given the country's high levels of inflation. The next-highest countries in terms of average wealth growth per adult were Russia and Qatar with nearly 20% and South Africa with just over 16%. But for Turks who own assets like homes, wealth has grown, as inflation pushes up the costs of those holdings. In a call with journalists, some of the report's authors broke down the relationship between inflation and wealth rises in Turkey. The report also noted the "currency effect", which is what changes wealth growth the most — local currency growth figures for wealth are often significantly different from those in dollar terms.

Persons: Türkiye, Samuel Adams, Adams Organizations: UBS, UBS Global Wealth Management, CNBC Locations: Turkey, Swiss, Russia, Qatar, South Africa, U.S, London, Japan

☆ Financial crimes watchdog removes Turkey from money laundering 'gray list'
▼ + stars: | 2024-06-28 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

As the sunsets, a ferry boat glides across the waters of the Golden Horn with the Suleymaniye Mosque and the city of Istanbul, Turkey in the background. The Financial Action Task Force, an international watchdog organization dedicated to combating money laundering and illicit cash flows, on Friday removed Turkey from its "gray list" of countries that need special monitoring, handing a major vote of confidence to the country in the midst of its economic turnaround efforts. It said that Turkey had strengthened the effectiveness of its AML/CFT regime to address "deficiencies" that FATF listed in its October 2021 monitoring report. Those deficiencies included FATF concerns over unregistered money transfer services, insufficient resources dedicated to terrorist financing investigations, alleged involvement in sanctions evasion, lack of oversight on high-risk sectors used for money laundering such as banking and real estate, and insufficient oversight of nonprofit organizations that could be used for terrorist financing, among others. The FATF in its 2021 report had found sectors like banking, construction and property in Turkey vulnerable to illicit financing of United Nations-sanctioned groups like the Islamic State and al-Qaeda.

Organizations: Force, United Nations Locations: Istanbul, Turkey, Paris, Islamic State

☆ Hamas says it accepts cease-fire proposal from Egyptian, Qatari mediators, as U.S. and Israel review details of plan
▼ + stars: | 2024-05-06 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Hamas said it told Egyptian and Qatari negotiators that it has approved a cease-fire proposal to halt the war in Gaza. Israel is examining the proposal that Hamas approved and has not confirmed whether it would accept or reject it, an Israeli official told NBC News. Hostage release negotiations intensified over the weekend, with facilitation from U.S. CIA Director William Burns, alongside mediators from Egypt and Qatar. U.S. officials have repeatedly warned Israel against an offensive in Rafah, where millions of civilians have taken refuge. President Joe Biden reiterated that stance on a half-hour Monday call with Israeli Prime Minister Benjamin Netanyahu, which took place before Hamas had announced its approval of a cease-fire proposal.

Persons: Ismail Haniyeh, Ashraf Amra, Daniel Hagari, Matthew Miller, William Burns, Burns, Joe Biden, Benjamin Netanyahu Organizations: Hamas, Anadolu, Egyptian, Qatari, NBC, Israel Defense Forces, Department, NBC News, CIA, Israeli Locations: Palestinian, Sakura, Istanbul, Turkiye, Gaza, Israel, Egypt, Qatar, Arab, Gaza's, Rafah

☆ Russia axes landmark Ukraine grain deal just hours before deadline
▼ + stars: | 2023-07-17 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

First inked in July 2022, the U.N.-brokered Black Sea Grain Initiative has been repeatedly elongated in short increments, amid increasing discontent from Russia over perceived restrictions that limit the full dispatch of its own grain and fertilizer exports. The Black Sea grain initiative was set up to abate a global food crisis, after Moscow launched a full-scale invasion of fellow key grain exporter and neighbor Ukraine. "The Black Sea agreements ceased to be valid today. Unfortunately, the part relating to Russia in this Black Sea agreement has not been implemented so far. "I strongly condemn Russia's cynical move to terminate the Black Sea Grain Initiative, despite UN & Türkiye's efforts," European Commission President Ursula van der Leyen said on Twitter on Monday.

Persons: Vladimir Putin, Cyril Ramaphosa, Dmitry Peskov, Maria Zakharova, Peskov, Ursula van der Leyen Organizations: Initiative, South, Russian Federation, Google, Foreign Ministry, Russian Ministry of Foreign Affairs, Facebook, European, UN, Twitter Locations: Odessa, Ukraine, Russia, Russian, Moscow, Istanbul, Ankara, Kyiv

☆ US defense secretary discussed support for Turkish military modernization with counterpart
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: 1 min

July 10 (Reuters) - U.S. Defense Secretary Lloyd Austin discussed support for Turkey's military modernization during a call with his Turkish counterpart, according to a U.S. readout released late on Monday after Turkey said it would back Sweden's NATO accession. Turkey requested in October 2021 to buy $20 billion of Lockheed Martin Corp (LMT.N) F-16 fighters and nearly 80 modernization kits for its existing warplanes. "They ... discussed the positive talks between Turkiye, Sweden, and NATO Secretary General Stoltenberg, as well as the Department of Defense's support for Turkiye's military modernization," the Pentagon said of the phone call between Austin and Turkish Defense Minister Yasar Guler. Reporting by Costas Pitas; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Lloyd Austin, General Stoltenberg, Yasar Guler, Costas Pitas, Himani Sarkar Organizations: . Defense, Turkish, NATO, Lockheed Martin Corp, Department of, Pentagon, Turkish Defense, Thomson Locations: U.S, Turkey, Turkiye, Sweden, Austin

☆ Reactions to Turkey backing Sweden's NATO entry
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Erdogan agreed to forward the membership bid to parliament, appearing to end months of drama over an issue that had strained the bloc. STATEMENT FOLLOWING TURKEY-SWEDEN-NATO MEETING"Both Türkiye and Sweden will look to maximise opportunities to increase bilateral trade and investments. U.S. PRESIDENT JOE BIDEN"I welcome the statement issued by Türkiye, Sweden and the NATO Secretary General this evening," he said in a statement. GERMAN FOREIGN MINISTER ANNALENA BAERBOCK"Good news from Vilnius: the path is finally clear for Turkey's ratification of Sweden's #NATO membership. FRENCH FOREIGN MINISTER CATHERINE COLONNA"I welcome Turkey's announcement of its intention to ratify Sweden's adhesion protocol to NATO and I hope that it happens quickly.

Persons: Tayyip Erdogan, Erdogan, GENERAL JENS STOLTENBERG, I'm, ULF KRISTERSSON, JOE BIDEN, ANNALENA BAERBOCK, JOSEP BORRELL, RISHI SUNAK, CATHERINE COLONNA, Costas Pitas, Maria Martinez, John Irish, Rosalba O'Brien Organizations: NATO, GENERAL, EU, Türkiye Customs, U.S, Türkiye, Twitter, Alliance, Thomson Locations: Russia, Ukraine, NATO, Sweden, TURKEY, SWEDEN, Türkiye's, Vilnius, EU, Europe

☆ Turkey's market rout deepens after Erdogan's strong election showing
▼ + stars: | 2023-05-16 | by ( Libgeorge Canan Sevgili | Canan Sevgili | ) www.reuters.com time to read: +4 min

Ahead of the elections, opinion polls had showed Kilicdaroglu in the lead, and investors expected him to scrap some of Erdogan's economic policies, including costly efforts to prop up the lira currency. Longer-dated, dollar-denominated government bonds saw the biggest falls in fixed income markets, although key corporate and banking sector bonds also edged lower. Credit ratings agency Fitch said the political and economic uncertainty would continue at least until after the runoff. Banking stocks, which had surged in the week ahead of the election on hopes of a policy change, tumbled another 8% (.XBANK) to take their losses since the election to nearly 20%. The overall Istanbul bourse index (.XU100), which had notched a 6.1% fall on Monday, its largest daily percentage drop since early February, was mostly flat.

☆ US to advance small F-16 equipment sale to Turkey -sources
▼ + stars: | 2023-04-17 | by ( Humeyra Pamuk | ) www.reuters.com time to read: +3 min

The U.S. State Department could send the formal notification for the smaller sale, which includes radars and avionics, as early as Monday, the sources said. If it is cleared by Congress during the formal approval process, the package would be the first major military sale to Turkey that Congress has approved for years. The Democratic and Republican leaders of the Senate Foreign Relations and House Foreign Affairs committees, who have cleared the modernization package during the informal review, declined comment. The package is separate from the proposed $20 billion sale of new Lockheed Martin Corp (LMT.N) F-16 fighters and nearly 80 modernization kits that Turkey requested in October 2021. Such conditions are likely to anger Turkey, which has said the United States had "endless" demands relating to the sale of F-16s and that Washington's behavior wasn't fair.

Many rules require banks to bulk up on treasuries. Two other bankers said the executives expressed concerns over longer-term "systemic risks" due to the level of their bond holdings. Parliament, dominated by the AKP and nationalist allies, is debating next year's budget including record spending of 258.4 billion lira on social aid. VULNERABLE TO REVERSALThe series of rules increased the central bank's authority over the government debt, credit and loan markets, bankers say. Akbank's (AKBNK.IS) Q3 net profit was 17.07 billion lira versus 3.21 billion lira year ago.

☆ Death toll rises to 41 in Turkey coal mine explosion
▼ + stars: | 2022-10-15 | by ( ) www.cnbc.com time to read: +4 min

BARTIN, TURKIYE - OCTOBER 15: Turkish President Recep Tayyip Erdogan (L) speaks with mine workers at the explosion site of a coal mine in Turkiye's northern Bartin province on October 15, 2022. Number of miners killed in blast rises to 41. (Photo by Turkish Presidency / Murat Cetinmuhurdar / Handout/Anadolu Agency via Getty Images)Funerals for miners killed in a coal mine explosion in northern Turkey began Saturday as officials raised the death toll to at least 41 people. There were 110 miners working several hundred meters below ground at the time of the explosion on Friday evening. Five months later, 18 miners were killed in central Karaman province after a flood in a coal mine.

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