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  • Turkey and Israel will explore joint drilling in East Mediterranean, Erdogan says

    Turkey and Israel will explore joint energy drilling in the Eastern Mediterranean, Turkish President Tayyip Erdogan on Wednesday told journalists who accompanied him to the United Nations General Assembly in New York City. Erdogan on Tuesday met with Israeli Prime Minister Benjamin Netanyahu in New York, with the Turkish leader saying that "ties between the two countries were improving” after more than a decade of tensions. Erdogan told reporters the two countries agreed to cooperate on energy and build an energy transmission line between them, linking to Europe.

  • Colors promoting UN goals or LGBTQ rights? Turkey’s Erdogan complains

    Turkey's President Tayyip Erdogan complained on Thursday that he was uncomfortable with the use of what he described as "LGBT colors" at the United Nations, which is decorated this week with bright colors promoting the Sustainable Development Goals. Erdogan said he would have liked to discuss it with U.N. Secretary-General Antonio Guterres, Turkish media reported on Thursday. Turkey's government - led by Erdogan and his Islamist-rooted AK Party - has toughened its stance on LGBTQ freedoms.

  • Alibaba Unveils $2 Billion Turkey Investment in Erdogan Meeting

    Alibaba Group Holding Ltd. announced plans to invest $2 billion in Turkey after a meeting with President Recep Tayyip Erdogan. The head of the Chinese giant, Michael Evans, made the announcement after the meeting in Istanbul on Friday, according to a statement from its Turkish unit Trendyol. He indicated that the company has “confidence in Turkey’s sound economic fundamentals” and has already invested $1.4 billion in the country through Trendyol, Turkey’s biggest e-commerce marketplace.

  • Turkey Energy Minister Says Nuclear Power Program Deal With China Soon

    Energy Minister Alparslan Bayraktar said talks can be finalized “in a few months’ time” after Chinese officials recently visited the likely site of the future plant, near the borders with Bulgaria and Greece. “We’ve been in talks with a Chinese company for a very long time,” Bayraktar told reporters in a press conference on Thursday, adding that any differences aren’t major obstacles. “So we will be able to fill the gaps and strike a deal soon with China for the nuclear power program.”

  • Are we seeing the start of Turkey’s economic turnaround?

    “We believe that the monetary policy tightening ..., the unwinding of distortive financial regulations and the fiscal revenue measures to curtail the fiscal deficit being pursued by the Ministry of Finance are steps in the right direction,” said Humberto Lopez, World Bank country director for Turkey. Inflation remains high at 58.9%, and the tax hikes disproportionately hit the poor, as Adam Lucente reports, but there are signs of a path to recovery.

  • After Turkey’s giant rate hike, foreign investors mull return

    Turkey's latest massive interest rate hike has caught the attention of long-sceptical foreign investors who say they could return to Turkish assets if authorities continue to demonstrate that a return to orthodox monetary policy is underway. The lira rallied as much as 7% on Thursday after the central bank shocked the market by lifting its key rate by 750 basis points to 25% - three times the size of the expected move.

  • Syria’s Assad tamps down expectations of closer ties with Turkey, Arab world

    Syrian President Bashar al-Assad on Wednesday tamped down expectations for his country's renewed ties with the Arab world, in his first televised interview since Damascus's membership of the Arab League was restored in May. In comments to Sky News Arabia in Damascus aired on Wednesday, Assad also said a meeting with Turkish President Tayyip Erdogan could not happen due to a dispute over the withdrawal of Ankara's troops from rebel-held northwest Syria. Assad, 57, had been widely isolated over his crackdown on demonstrations that erupted against him in 2011 but the deadly earthquake that hit Syria and Turkey in February fast-tracked a resumption of ties with the Arab world and with Ankara.

  • UK signs deal with Turkey to disrupt people-smuggling gangs

    The government said it would help to disrupt the supply chain of small boats parts through Europe. But it does not include a deal to return failed Turkish asylum seekers. Immigration minister Robert Jenrick, who visited Turkey last month, said the partnership was backed by some funding but he would not say how much, telling GB News it was "not primarily about money" but sharing information.

  • Turkey net FX reserves seen rising again as policy U-turn continues

    Turkey's net foreign exchange reserves surged nearly $5 billion last week, with total reserves up almost $2 billion, bankers' calculations showed on Wednesday, resuming an uptrend since it adopted a more orthodox monetary policy following May elections. The rebuilding of the central bank's currency buffer is seen as a gauge of authorities' willingness to ease controls on the lira, which has tumbled 26% since President Tayyip Erdogan was re-elected but held firm in recent weeks. The bank's reserves slumped to minus $5.7 billion in early June, their lowest since data publication began in 2002, as authorities sought to counter forex demand and stabilise the lira over the election period. They have since recovered strongly.

  • Turkey needs patient approach to combat inflation – vice president

    Turkish Vice President Cevdet Yilmaz said on Tuesday there was agreement at a meeting of government officials and business leaders on the need for a patient and persistent approach to combat the country's chronic high inflation. Speaking after the meeting, Yilmaz said that it was important to limit government spending and that the government's medium-term programme will include structural reforms, with more flexible policies planned for companies to finance exports and production.