Turkey
ISTANBUL BLOG: Erdogan takes down three more MPC members
Yet another late-night decree from the presidential palace.
bneGREEN: Governments still woefully short of IEA’s net-zero requirements
Governments need to smash the stubborn dominance of fossil fuels if the world is to reach net zero by 2050, despite the rapid development of green technologies, the IEA warns.
Turkish lira drops through 9
Sinking currency partly reflective of president Erdogan’s “failure to accept economic gravity” says one analyst.
Russia proposes “3+3” format to unlock economic and transport communications in Caucasus
Moscow’s move comes amid high tensions as Iran, Azerbaijan and Turkey flex muscles with military exercises.
Azerbaijan shuts office of Iranian supreme leader’s Baku representative as war game tensions mount
Azerbaijan and close ally Turkey set to hold “Indestructible Brotherhood” military drills in Azerbaijani exclave Nakhchivan in seeming response to Iranian manoeuvres.
ISTANBUL BLOG: Why for the world’s most expensive iPhone 13s it's Erdogan’s Turkey and Bolsonaro’s Brazil
Both are dab hands at bagging indirect taxes.
Turkey records September inflation at 19.6% while Istanbul academics calculate 44.7%
Using “core” inflation, central bank seems set to plot its way to further rate cuts.
Turkish manufacturing clocks more growth but slows in September PMI data shows
IHS Markit notes some reports of safety-stock building to guard against ongoing supply chain disruption.
bneGREEN: SEB puts $4 trillion annual price tag on net zero
SEB’s latest Green Bonds Report has placed a price of $4 trillion per year on the energy transition if the world is to reach net zero by 2050.
Erdogan says Turkey looking at fighter jet, submarine and more nuclear cooperation with Russia
Turkish president may be trying to force Washington to cut his regime some slack. Biden ambassador nominee for Ankara has said he will push Turkey to “live up to its status as a Nato ally”.
bneGREEN: Hydro capacity needs to double to meet green goals
Global hydro capacity needs to double by 2050 if water-based power is to make a meaningful contribution in the race to net zero, IRENA director-general Francesco La Camera has warned
Iran alludes to Baku’s relations with Israel as it defends war games by Azerbaijan border
Tehran, peeved at military exercises involving Azerbaijani, Turkish and Pakistani forces, appears to have resorted to sabre-rattling.
Quantifying the Caucasus’ gains from BRI trade
Two new papers find that Georgia and Azerbaijan would gain more from improving trade with their neighbours than pursing a place on the Belt and Road.
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Erdogan issues S-400 threats after unhappy time in New York
Turkish leader did not get to meet Joe Biden, but he is about to meet Vladimir Putin.
ING: ECB’s push for net-zero carbon will grow ESG credit
In the push for reducing carbon, significant investment will be necessary, and in turn, funding will be required. This will provide growth for the credit market, and in particular for anything associated with ESG.
bneGREEN: Green Deal, CBAM poses high risks to poorer African, Eastern European countries
The EU’s Green Deal and Carbon Border Adjustment Mechanism will hit the EU’s trading partners in Africa and non-EU Eastern Europe particularly hard.
ISTANBUL BLOG: Markets search in vain for logic as Turkey cuts rates
All but one of 23 surveyed economists said central bank wouldn’t do it, but it did it. Baffling ‘Erdoganomics’ pulling strings in the background. Hyperinflation may lurk around corner.
Turkey's struggling hotels need ‘serious support’ with debt says association
Adds that average occupancy rate of country’s hotels able to open this year so far 44% versus 67% for all of coronavirus-free 2019.
ISTANBUL BLOG: Paris Agreement ratification becomes a no-brainer for Erdogan
President faces an election by 2023 and millions of Turkish teenagers who will vote for the first time know their country has just been through a summer of climate change hell.
bneGREEN: Greenwashing: regulators flex muscles as the market remains in flux
Defining a green investment is crucial to boosting the expansion of renewable energy and preventing the mis-selling of investments by so-called greenwashing, whereby the environmental impact of a product is misrepresented.
