Turkey Financial News

Oil prices inched up on Tuesday after an OPEC report said market fundamentals remained strong and due to concerns supplies might be disrupted as the U.S. cracks down on Russian oil exports. Brent crude futures rose 33 cents, or 0.4%, to $82.85 a barrel by 0113 GMT. U.S.

real estate investors in the Dubai property market, playing a pivotal role in shaping the city's real estate market. The Betterhomes Residential Market Report showed Indians topping the nationalities list in the June and September quarters — up from No.

By Tim Hepher, Alexander Cornwell and Pesha Magid

Binance Blockchain Week Istanbul 2023 saw global crypto exchange Binance bringing its flagship event to Turkey on Nov. 8–9, where business is conducted in the Turkish lira — a top trading pair on its platform. 

Here is an outline of the pipeline dispute: WHAT IS THE LATEST? On a visit to Erbil on Sunday, Iraqi oil minister Hayan Abdel-Ghani said he expects to reach an agreement with the Kurdistan Regional Government (KRG) and foreign oil companies to resume oil production from the Kurdish region's oilfields within three days, signalling a potential restart soon. Turkey had said last month the pipeline was ready to begin operations, but Iraq maintained it had received no official notification over the pipeline and a senior energy adviser told Reuters Baghdad was waiting to iron out «lingering financial and technical issues» ahead of any restart. WHY IS IT IMPORTANT? While Iraq, OPEC's second-largest oil producer, exports about 85% of its crude via ports in the south, the northern route via Turkey still accounts for about 0.5% of global oil supply. WHAT PROMPTED THE SHUTDOWN? Supplies of 450,000 barrels per day (bpd) were halted on March 25 after an International Chamber of Commerce (ICC) arbitration ruling. The ICC ordered Ankara to pay Baghdad damages of about $1.5 billion for unauthorised exports by the semi-autonomous Kurdistan Regional Government (KRG) between 2014 and 2018. KRG exports flow through a KRG pipeline to Fish-Khabur on the northern Iraqi border, where the oil enters Turkey and is pumped to the port of Ceyhan on its Mediterranean coast. Iraq's federal government says state-owned marketer SOMO is the only party authorised to manage crude exports via Ceyhan.

Emerging-market borrowers are piling back into global bond markets, selling about $20 billion in dollar notes in just a few days, all too aware that the window of opportunity may snap shut as suddenly as it opened. 

Dubai has long lived by the adage that more is more, and this year's edition of the biennial air show stands to fulfill that principle. Emirates, already the world's largest international airline, is poised to kick off the first day of the event with a major aircraft order to renew its widebody fleet. President Tim Clark has publicly declared that he's in the market for more than 100 planes, possibly buying from both Airbus SE and Boeing Co. Now Turkish Airlines is muscling into the event, planning to one-up the local champion with a giant order for about 350 aircraft, according to people familiar with the negotiations.

ANKARA (Reuters) — Turkish Airlines (THY) on Saturday held talks with Airbus to discuss a potential order of 355 new aircraft, the state-run Anadolu news agency said.

FBI sleuths seized the electronic devices of NYC Mayor Eric Adams earlier this week. This marked a significant development in the criminal investigation, focusing on whether his 2021 campaign engaged in a conspiracy with the Turkish government to funnel money illicitly. The FBI agents approached Mayor Adams after an event in Manhattan on Monday, requesting his security detail to step aside. Pursuant to a court-authorized warrant, they confiscated at least two cellphones and an iPad, which were later returned to the mayor within days. In response to the seizure, a statement from Adams's lawyer, Boyd Johnson, emphasized the mayor's cooperation with federal authorities. Johnson clarified that Adams, despite not being accused of wrongdoing, had proactively reported instances of improper behavior. Eric Adams, a former member of law enforcement, asserted his commitment to upholding the law and full cooperation with any investigation. Adams stated that he has nothing to hide, positioning himself as an advocate for lawful conduct. The federal investigation into Adams's campaign became public on November 2, marked by the FBI's search of the chief fund-raiser's home. The fund-raiser, Brianna Suggs, had her residence raided, leading to the seizure of laptops, iPhones, and a folder labeled «Eric Adams.» The investigation revolves around a potential conspiracy involving campaign finance violations, Turkish government connections, and a Brooklyn-based construction company.

Saudi Arabia and Muslim countries called on Saturday for an immediate end to military operations in Gaza, declaring at a joint Islamic-Arab summit in Riyadh that Israel bears responsibility for «crimes» against Palestinians. Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler, gathered Arab and Muslim leaders for the summit as the kingdom has sought to exert its influence to press the United States and Israel for an end to hostilities in Gaza. Dozens of leaders including Iranian President Ebrahim Raisi, Turkish President Tayyip Erdogan, Qatar's Emir Sheikh Tamim bin Hamad Al Thani and Syrian President Bashar al-Assad, who was welcomed back into the Arab League earlier this year, attended the meeting. Prince Mohammed said the kingdom affirms its «condemnation and categorical rejection of this barbaric war against our brothers in Palestine».

Azul Airlines flight from the US to Brazil faced scrutiny after a passenger's body was left on a business-class seat for 10 hours. The incident unfolded during a flight from Fort Lauderdale in Florida State to Belo Horizonte International Airport in Confins, Brazil. Azul Airlines, in a statement, expressed their condolences: «Unfortunately, she did not survive and died during the flight, as confirmed by a doctor on board.» The airline is extending support to the family members of the deceased passenger. Upon landing, passengers were held on board for 40 minutes as police conducted inquiries and a coroner performed necessary tests.

Fitch Ratings predicts that higher-than-expected oil prices, stemming from potential disruptions in the Middle East's oil supply due to conflicts, could significantly impact global economic growth and lead to a surge in inflation. According to Fitch's Global Economic Outlook (GEO), a scenario with average oil prices of USD 75 per barrel in 2024 and USD 70 per barrel in 2025 could be upended if oil prices spike to USD 120 per barrel in 2024 and USD 100 per barrel in 2025 due to supply restrictions. The simulations, conducted using the Oxford Economics Global Economic Model, reveal a potential 0.4 percentage point (pp) reduction in world Gross domestic product (GDP) growth in 2024, with a lingering 0.1 pp lower growth in 2025. Despite the modest rebound anticipated in 2025, Fitch suggests a persistent moderate impact beyond the initial shock. The impact of higher oil prices would be felt across the board, with the absence of significant growth rebound in 2025 indicating a potentially longer-lasting effect on GDP levels in most countries. Notably, the negative growth impact in 2024 ranges from 0.1 pp in Indonesia to a substantial 0.9 pp in Korea, with the US, the Eurozone and Japan experiencing impacts of 0.5 pp. Emerging market countries like South Africa and Turkey would face significant impacts of 0.7 pp, while Russia and Brazil, owing to their reliance on oil production, would experience varied effects. The aggregate impact on the Fitch 20 suggests a global GDP growth shortfall of 0.4 pp in 2024 and 0.1 pp in 2025. Moreover, higher oil prices would lead to elevated inflation rates in 2024, with India, Turkey, and Poland experiencing the highest percentage point rises. Developed economies would witness more

By Ebru Tuncay and Heekyong Yang

The Turkish Lira (TRY) leads the chart as the top fiat traded on the world’s largest exchange by volume, Binance following a surge in the number of investors, new research shows.

Cryptocurrency exchange Binance is progressing with its exit from Russia and is preparing to terminate local currency deposits next week.

Just under 50 national governments have issued a joint pledge to “swiftly transpose” the Crypto-Asset Reporting Framework (CARF), the new international standard on automatic exchange of information between tax authorities, into their domestic law systems. The statement was published on Nov. 10. 

The Turkish Lira (TRY) became the most dominant fiat trading pair on Binance in the month of September, according to the crypto exchange’s research.

An economic grouping that includes several ex-Soviet nations along with Afghanistan, Iran, Pakistan and Turkey has held a summit in Uzbekistan, and leaders of member countries have vowed to further expand trade and economic ties

Baskin-Robbins just announced that they will be launching a new ice-cream flavor which will start from November till Thanksgiving. This flavor will be the flavor of the month.

Cyprus’ energy minister says the political and economic ramifications from the ongoing Israel-Hamas war may provide an impetus to regional energy projects involving his country

Ordinals, a BRC-20 token collection minted on the Bitcoin blockchain, have surged by 40.8% in the past 24 hours to $10.19 after listing on crypto exchange Binance.