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Businessman makes U-turn after complaining about state of Turkish economy

Abdullah Kiğılı, Turkish businessman and the owner of a well-known Turkish clothing brand, has backed away from earlier remarks complaining about the state of Turkey’s economy, the...
Business

Turkey’s manufacturing activity increases for first time in 22 months: report

Turkish manufacturing activity expanded for the first time in 22 months, a business survey showed on Monday, with new orders returning to growth and the rate...
Business

Turkey’s inflation rises to 12.15 percent in January: report

Turkey’s consumer price inflation rose a bit more than expected to 12.15 percent year-on-year in January, the Turkish Statistical Institute said on Monday, climbing...
Business

Turkey’s tourism revenues increased 17 percent in 2019: official data

Turkey's tourism revenues in 2019 hit $34.5 billion, a 17 percent jump from the previous year, according to the Turkish Statistical Institute (TurkStat). The average expenditure per...
Business

Turkey’s foreign trade deficit shrank 43.5 percent in 2019: report

Turkey's foreign trade deficit shrank by 43.5 percent in 2019 to $31.17 billion, down from $55.12 billion in 2018, the country's statistical authority announced on Friday,...
Business

Turkish banking sector saw 7 percent drop in profit in 2019: watchdog

Profit in Turkey’s banking industry declined by 7 percent last year, according to the Banking Regulation and Supervision Agency (BDDK), the Ahval news website reported. Net income...
Business

HSBC mulling Turkey exit as part of cost-cutting measures: report

HSBC is considering exiting Turkey as part of broader cost-cutting measures under interim Chief Executive Noel Quinn, Reuters reported, citing sources familiar with the matter. The bank...
Business

Turkey fines 5 insurance companies for violating competition law

The Turkish Competition Board has fined five insurance companies for violating the competition law following an investigation, the watchdog said on Tuesday, according to Reuters. Allianz Sigorta,...
Business

2 large Turkish banks fined for violating insurance law: report

Turkey’s Treasury Ministry fined Yapı Kredi 187.1 million lira ($31.6 million) for violating an insurance law, the private bank said on Monday, days after Akbank announced...
Business

65 percent of Turks say economy is number one problem

Sixty-five percent of the Turkish public thinks the economy presents the most pressing problem in their lives, according to a December survey conducted by the MetroPOLL...
Business

Turkey’s pro-gov’t conglomerate may step up in British Steel sale: report

The UK government is holding talks with Turkish conglomerate Cengiz Holding about stepping in to buy British Steel in the event that a planned sale to...
Business

Turkey’s central bank chief implies further rate cuts in line with falling inflation

Turkey’s central bank will set monetary policy in line with developments in inflation, which is expected to fall to single digits by the middle of this...
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