Top lenders under pressure from watchdog after order to convert $8bn of loans to non-performing status.
Saudi Arabia has already restored 2mn barrels per day (bpd) of oil production from the 5.7mnbpd that were knocked out by last weekend’s drone and missile attack on its largest production facilities at Abqaiq and Khurais.
Officials make big move against fallout from currency crisis.
The missile attack on Saudi Arabia’s Aramco facility in the east of the country on September 15 has become ensnared in a whodunit of confusion and speculation as accusations fly over who was really behind the rocket attack.
The attacks on Saudi oil infrastructure could turn out to be the oil industry’s 9/11. Reacting to the news, JP Morgan said: “Clearly oil assets have been massively mispriced. The assumption that production facilities are secure is wrong."
Ex-PM Ahmet Davutoglu has followed former economic czar Ali Babacan in quitting the ruling AKP. Once known as the president’s right-hand man, he declared: “It has become a historic responsibility for us to build a new political movement.”
Cut of 325 bp taken as tolerable by the markets with pace of easing seen as likely to slow. Rallying lira confounds analysts. If a wheel is set to come off ‘Erdoganomics’, the signs have not been detected yet.
Largest Turkish mobile operator says shareholders Telia, Cukurova Holding and Russian tycoon Mikhail Fridman’s LetterOne have agreed to vote for profit distribution.
“Overly loose monetary policy risks exacerbating Turkey’s age-old vulnerabilities by fueling twin dynamics of inflation and attendant currency weakness,” adds Societe Generale strategist.
Energy companies left up to their necks in debt by lira crisis.
Ex-economic czar Ali Babacan says the condition in which Turkey is currently in is “truly saddening”. Takes aim at state of economy, human rights and rule of law.
GetMyBoat, which describes itself as the world’s largest “Airbnb (or Uber) for boats” has seen a dramatic surge in business in Central, Eastern and especially Southeast Europe this summer.
Fears of a move rose after three Kurdish mayors were kicked out of office. Istanbullers, meanwhile, invited by opposition administration to see exhibit of hundreds of ‘AKP’ official cars as example of squandering of public money by predecessors.
Reports suggest, meanwhile, private lenders in Turkey “pushing hard” for tighter margins in autumn term syndicated loan renewal season.
Strongman may have to contend with new party formed by ex-economy czar Ali Babacan.
Flagship carrier cuts revenue forecast by $0.6bn and passenger volume expectation by 4mn. Difficulties include serious teething problems at Turkey’s new mega airport.
Critics continue to pick apart the data underlying official GDP and inflation, but perhaps it’s time instead for them to prostrate themselves before a strongman’s brilliance they cannot understand.
Extent of disinflation raises eyebrows. Opposition says national statistics agency “should do the nation a favour and announce the addresses of where it takes the prices from”.
GDP shrinks by better-than-expected (or “expected unexpected”, take your pick) 1.5% in Q2. Worryheads note Erdogan's latest credit splurge offset by private bank deleveraging, and ponder formidable size of commercial zombie on Treasury lab table.
Analysts warn of “slippery slope” with Ankara taking ‘Eurasian option’ of staying in Nato but deepening ties with Russia and Iran.