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Business

Business

Turkish baklava tycoon sentenced to 8 years, 9 months in prison over Gülen links

Faruk Güllü, businessman and the founder of a well-known baklava company  in Turkey, has been sentenced to eight years, nine months in prison over alleged links...
Business

Turkey’s Erdoğan says interest rates will continue to fall

Turkish President Recep Tayyip Erdoğan said on Wednesday that the trend of falling interest rates in Turkey would continue after the central bank more than halved...
Business

Turkey’s ruling party proposes granting state-run Wealth Fund unlimited borrowing authority

Members of parliament from Turkey’s ruling Justice and Development Party (AKP) have submitted a bill exempting the country’s Wealth Fund from credit limitations governing borrowing, granting it...
Business

Goldman Sachs predicts more cuts in Turkey’s interest rate before rise again next year: report

Turkey’s central bank will bring interest rates to single digits within months, as demanded by President Recep Tayyip Erdoğan, before they start to rise again next...
Business

Turkey tightens controls over national currency to initiate growth: report

Turkey has further tightened controls imposed on the lira as it pushes ahead with efforts to manage the country’s currency even as it cuts interest rates...
Business

Turkish watchdog reduces fees banks can charge clients: report

Turkey has reduced the range and the levels of fees and commissions that banks can charge clients, according to central bank and banking watchdog regulations announced...
Business

Turkey’s unemployment edged down in November: report

Turkey's unemployment rate edged down to 13.3 percent in November from 13.4 percent a month earlier, official data showed on Monday, reflecting a limited reaction to...
Business

Turkish fashion manufacturers may benefit from China’s virus outbreak: report

Several fashion retailers that manufacture clothing in coronavirus-hit China are in talks with Turkish firms about shifting production to Turkey, two sector officials told Reuters, with...
Business

Italy’s biggest bank cuts more of its stake in Turkey’s Yapı Kredi: report

UniCredit, Italy’s biggest bank by assets, took a further step on Wednesday in a strategy to streamline its structure, announcing the placement of a 12 percent...
Business

As foreign investment flees, Turkish central bank buys more gov’t bonds: report

The Turkish central bank has kicked off its biggest government debt buybacks in over a decade, helping fill a void left by foreigners and adding momentum...
Business

Halkbank shares surge after Iran sanctions trial paused: report

Shares of Turkey’s Halkbank jumped as much as 8 percent on Tuesday after a US appeals court agreed to pause a case alleging that the state-owned...
Business

US court grants temporary halt in prosecution of Turkey’s Halkbank: report

A federal appeals court granted a temporary halt in the US prosecution of Turkish lender Halkbank over sanctions violation charges while it weighs other requests by...
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