A New Era in Turkey’s Economic Vision

The Presidential Investment Office and the Presidential Finance Office have been merged under one roof. The new structure is named the Presidential Investment and Finance Office. Operating under the presidency, the Presidential Investment and Finance Office will play a central role in attracting foreign direct investments to the country and enhancing the international competitiveness of […]

Prada to Acquire Versace

Luxury fashion giant Prada is set to acquire Versace for 1.38 billion euros. The deal was reached during negotiations between Prada and Capri Holdings. According to the agreement, Prada will purchase Versace for 1.38 billion dollars in cash. The Milan-based company is expected to complete the takeover of Versace in the second half of this […]

Decision to Suspend Retaliatory Tariffs from the EU on the USA

After US President Trump suspended additional tariffs for all trade partners except China for 90 days, the EU has announced that they will take a similar step. Ursula von der Leyen, President of the European Commission, shared on her social media account after US President Donald Trump announced the suspension of additional tariffs for trade […]

Switzerland Faces Tariff Shock: Moving Closer to the EU

Switzerland, one of the countries for which US President Trump suspended tariffs for 90 days, is getting closer to the EU amid economic uncertainty and instability. Despite including Switzerland, Trump’s decision to temporarily suspend customs duties imposed recently, except for China, had a shocking impact on Switzerland, a country historically known as a “neutral nation,” […]

Slowdown in Withdrawals from FX Protected Deposits

Last week saw a withdrawal of 14 billion lira from FX protected deposit accounts. The total FX protected deposit balance fell below 750 billion lira. The decline in FX protected deposit accounts continues. According to the Banking Regulation and Supervision Agency (BRSA) data, it decreased from 758 billion 446 million lira to 744 billion 292 […]

Decrease in Central Bank reserves

The total reserves of the Central Bank decreased by 2.25 billion dollars in the week of April 4th. The Central Bank of the Republic of Turkey (CBRT) released its weekly currency and banking statistics. As of April 4th, the gross foreign exchange reserves of the Central Bank decreased by 2.771 billion dollars to 77.838 billion […]

Car catches fire while driving

A car caught fire while driving. There were no casualties or injuries in the fire, but the car was completely wrecked. In Hilvan district of Şanlıurfa, a car caught fire while driving for reasons unknown. Firefighters who arrived at the scene upon notification managed to control the fire. NO LOSS OF LIFE There were no […]

Scientists discover mysterious new life forms in the depths of the soil

Researchers from Michigan State University have announced the discovery of a previously unknown microbial family in the vital soil layers crucial for life on Earth. This new microbial family found in the Earth’s “critical zone” could have groundbreaking potential for water purification and environmental sustainability. Led by Microbiology Expert Prof. James Tiedje, the team encountered […]

Growth and Inflation Forecast for Turkey by OECD

The Organization for Economic Cooperation and Development (OECD) has forecasted that the Turkish economy will grow by 3.1 percent this year. The organization also predicted inflation to be at 31.4 percent by 2025. In order for Turkey to fully benefit from the improved perception in international markets, the OECD recommended continuing cautious macroeconomic policies until […]

Turkey to explore for oil and gas in Somalia

Turkey Petroleum will begin exploration activities for oil and gas in three onshore areas in Somalia in the coming months. An agreement for hydrocarbon exploration and production in Somali onshore areas was signed between Turkey and Somalia. The signing ceremony was attended by Energy and Natural Resources Minister Alparslan Bayraktar and Somali Petroleum and Mineral […]