Turkish banks eye transfer of higher-quality NPLs to asset management company

bne IntelliNews September 20, 2019

Top lenders under pressure from watchdog after order to convert $8bn of loans to non-performing status.

Saudi Arabia restores 2mnbpd out of 5.7mnbpd following drone missile attack

Ian Simm in Edinburgh September 18, 2019

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.

Turkey's banking regulator demands lenders write off $8bn of loans

bne IntelliNews September 18, 2019

Officials make big move against fallout from currency crisis.

Tehran Blog: Who bombed Saudi Aramco’s sites?

bne staff in Tehran September 17, 2019

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.

NEWSBASE: The attacks on Saudi oil infrastructure are the oil industry's 9/11

bne IntelliNews September 16, 2019

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."

CHALLENGING ERDOGAN: Another former ally walks out on Turkey’s strongman

bne IntelliNews September 13, 2019

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.”

TURKEY INSIGHT: Rate-setters go for another dizzying descent

Akin Nazli in Belgrade September 12, 2019

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.

Turkcell switching to single instalment for TRY1.01bn dividend

Akin Nazli in Belgrade September 11, 2019

Largest Turkish mobile operator says shareholders Telia, Cukurova Holding and Russian tycoon Mikhail Fridman’s LetterOne have agreed to vote for profit distribution.

“Renewed collapse in lira” just a matter of time says Commerzbank ahead of Turkish rates meeting

bne IntelliNews September 11, 2019

“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.

Turkey’s banking association expects $10bn of electric utility loan restructuring this year

Akin Nazli in Belgrade September 10, 2019

Energy companies left up to their necks in debt by lira crisis.

Former Erdogan ally ‘to challenge Turkish president’s ruling AKP with new party’

bne IntelliNews September 10, 2019

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.

“Airbnb for boats” GetMyBoat reports surge in Southeast European business

bne IntelliNews September 9, 2019

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.

Istanbul, Ankara mayors not at risk of being replaced says interior minister

bne IntelliNews September 9, 2019

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.

Turkish Airlines receives approval to issue eurobonds worth up to $2bn

Akin Nazli in Belgrade September 9, 2019

Reports suggest, meanwhile, private lenders in Turkey “pushing hard” for tighter margins in autumn term syndicated loan renewal season.

ISTANBUL BLOG: Erdogan goes for economic machismo and warns of “mischief makers” as rumours of a challenger are firmed up

bne IntelliNews September 6, 2019

Strongman may have to contend with new party formed by ex-economy czar Ali Babacan.

Turkish Airlines files awaited downward revision in 2019 targets

Akin Nazli in Belgrade September 5, 2019

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.

ISTANBUL BLOG: Turkish assets rally ahead of near bolted-on rate cut. Is Erdoganomics no joke after all?

Akin Nazli in Belgrade September 4, 2019

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.

TURKEY INSIGHT: Latest official Turkish inflation rate set to pave way for another chunky rate cut, data doubters be damned

Akin Nazli in Belgrade September 3, 2019

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”.

TURKEY INSIGHT: It’s the Turkey we’ve come to love: Official growth beats expectations!

Akin Nazli in Belgrade September 2, 2019

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.

Turkey looks at buying Russian Su-57 fighter jets after US F-35 rebuff

bne IntelliNews September 2, 2019

Analysts warn of “slippery slope” with Ankara taking ‘Eurasian option’ of staying in Nato but deepening ties with Russia and Iran.