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Fitch downgrades 20 Turkish banks amid Turkey’s currency crisis

Ratings agency Fitch downgraded 20 Turkish banks on Monday, warning of the mounting risks confronting the sector in the wake of a recent currency...
Business

[ANALYSIS] Increasing number of Turkish firms apply for ‘konkordato’ due to currency crisis

Turkey’s sole remaining wooden shoe last manufacturer, Sabo Shoes, on Sept. 25 applied to an İstanbul commercial court of first instance for “konkordato.” On...
Business

Russia’s Gazprom sells its 71 percent share in Turkish Bosphorus Gaz

Russia's Gazprom sold its 71 percent stake in Turkish company Bosphorus Gaz Corp., the Vestnik Kavkaza news website reported, citing the Turkish company. The Şen...
Business

Turkish manufacturing slides to 9-year low, indicating deep recession on the way

Turkish manufacturing activity slid to its lowest level in nine years in September, a business survey showed on Monday, in what economists said was...
Business

Turkey to work with American management consulting firm for economic recovery

Treasury and Finance Minister Berat Albayrak on Thursday said Turkey would work with American management consulting firm McKinsey & Company as part of the...
Business

Minister Albayrak’s ‘thesis writer’ elected BIST board chairman

Professor Erişah Arıcan, who allegedly wrote the Ph.D. thesis of President Recep Tayyip Erdoğan’s son-in-law and Treasury and Finance Minister Berat Albayrak, was elected...
Business

Turkish economic confidence suffers biggest slump in a decade

Confidence in Turkey’s economy fell by the most in a decade in September with a 15.4 percent tumble, official data showed on Thursday, reinforcing...
Business

Moody’s downgrades foreign currency deposit ratings of 9 banks in Turkey to B2

Moody's Investors Service on Wednesday downgraded the long-term foreign currency deposit ratings of nine Turkish banks from B1 to B2. The banks affected by the...
Business

Nasdaq no longer has stake in Turkey’s stock exchange

The Borsa İstanbul partnership structure shows that Nasdaq no longer owns a stake in the company, according to data on the stock exchange website...
Business

Turkey ready to support its banks if needed, Albayrak says

Turkey is ready to provide required support to its banks should the need arise due to recent developments, Finance Minister Berat Albayrak was quoted...
Business

Lira firms after US remarks on expected meeting over Brunson with Turkish officials

Turkey’s currency firmed more than 3 percent against the dollar on Monday, boosted after US Secretary of State Mike Pompeo said he expected discussions...
Business

Turkey sharply cuts growth forecasts in new economic program

Turkey has sharply cut its growth forecasts for this year and next in its new economic program, unveiled by Treasury and Finance Minister Berat...
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