Turkey

The president of the European Bank for Reconstruction and 'Development, said 'on Thursday that the widening U.S. -Iran conflict is a threat... to economic growth. But the impact will depend on the length of the conflict. Odile Renaud Basso, EBRD President, said in an interview with the Istanbul press that conflict can "reduce risk capital" in the region. However, he added that the fallout has been contained so far - except for Lebanon. She said that the risk was on the downside. The EBRD estimated growth in the 41 countries that it covers as 3.6% this year, and 3.7% in...

Sources say that Iranian Kurdish militias are consulting with the U.S. on whether and how to attack Iran's Security Forces in Western Iran as the U.S., Israel and other countries continue their military campaign against Tehran. Kurds were left stateless when the Ottoman Empire collapsed and the boundaries of the modern Middle East emerged. History In the 1890s, when the Ottoman empire was in its final days, a Kurdish nationalist movement erupted. In 1920, the Treaty of Sevres - which imposed a colonial division of Turkey following World War One - promised independence to Kurdish people. Three years later Mustafa...

Israeli Foreign Minister Gideon Saar, met with the President of Somaliland Tuesday. This was 10 days after Israel officially recognised the breakaway region of?the Horn of Africa' as a sovereign and independent state. Somalia has protested the move, saying that it is a threat to its sovereignty. A Somaliland source and regional diplomat have said other countries are preparing to follow their lead and'recognise Somaliland. U.S. U.S. Why is the location of Somaliland strategic? Somaliland is located at the intersection of the Indian Ocean, Red Sea and the Arabian Sea. Its Berbera Port provides access to the busiest shipping routes...

The top official of the U.S. Treasury Department said that the United States is looking to seize a "moment in Lebanon" to cut off Iranian funding for Hezbollah, and to press the group into disarming. John Hurley said in a late-Friday interview that Iran managed to send about $1 billion this year to Hezbollah despite the Western sanctions which have ravaged its economy. The U.S. is waging a campaign of "maximum pressuring" on Tehran to reduce its uranium-enrichment program and regional influence. This includes in Lebanon, where the Iran-backed Hezbollah has also been weakened since Israel destroyed its military strength...

A U.S. official familiar with the matter said on Friday that the United States supports the European Union in using frozen Russian assets to help Ukraine and bring an end to the war with Russia. The European Commission, as the West seeks a way to increase pressure on Moscow has proposed a plan that would allow EU governments to use up 185 billion euro ($217 billion), which is the majority of the 210 million euros of Russian sovereign assets frozen in Europe. Washington "absolutely support (the EU)" and the measures they are taking to be able to use those assets...

The Shatt al-Arab riverbank, where Iraq's Tigris River and Euphrates River meet, was once home to a thriving bee population. But drought has decimated the trees, and the life within the apiaries, which dot the riverbank, is in danger. Beekeepers in Basra are struggling with the production of honey due to the rising salinity levels of the water in Shatt al-Arab, extreme heat, and persistent droughts. "Bees require clean... water." "The lack of clean water will lead to their death," Mahmoud, 61, professor at Basra University, who owns his own apiary, said. BASRA WAS KNOWN AS A HONEY-producing region The...

According to LSEG data and market sources, Russia's seaborne gasoil and diesel exports dropped 5% from the previous month to 3.26 million metric tonnes due to lower production during refinery maintenance as well as strong domestic demand. In July, diesel loadings through the Russian Baltic port Primorsk - the country's largest outlet for ultra-low sulphur (ULSD) exports – totaled 1,26 million tonnes, down 11.3% daily from June. Shipping data shows that last month, the two main importers of Russian gasoil and diesel were Turkey and Brazil. The export of diesel and gasoil from Russian ports to Turkey decreased by 14%...

According to LSEG data and market sources, the volume of Russian seaborne gasoil and diesel exports dropped by 6% in June on a month-to-month basis. This was due to refinery maintenance. Shipping data shows that last month, the two main importers of Russian gasoil and diesel were Turkey and Brazil. Exports of diesel and gasoil from Russian ports to Turkey increased in June by 15%, a month-on-month increase, while those to Brazil dropped by 33% from May, to just 0.47 million tonnes, after a previous influx. Shipping data revealed that Russia's diesel and gasoil sales to African countries in June...

The companies announced on Friday that North Sea oil producer EnQuest would not make an offering for UK-based Serica Energy as they could not reach an agreement on favorable terms in time due to market volatility. At 1623 GMT, EnQuest shares fell about 5% to 13.14 pence. Serica shares rose 0.3% to 127 pence. Serica announced in March that it was in discussions with EnQuest regarding a potential deal. The termination comes amid an economic wave of uncertainty caused by the sweeping tariffs that U.S. president Donald Trump has imposed around the world. Energy prices have been dragged down by...

The Syrian presidency announced on Monday that the Kurdish-led, U.S.-backed Syrian Democratic Forces, which control much of Syria's oil rich northeast, had signed an agreement agreeing to be integrated into Syria's newly created state institutions. The agreement, which included an end to all hostilities, has been signed by the interim Syrian president Ahmed al-Sharaa, and Mazloum Abdi, commander of the SDF. According to the agreement, the text of which was published online by the president, all civil and military institutions located in the northeastern part of Syria will be integrated into the state. The latter will then take control over...

A State Department spokesperson confirmed that the Trump administration had revoked on Saturday a waiver which allowed Iraq to pay Iran electricity as part of Donald Trump's campaign against Tehran. The spokesperson stated that the decision to let Iraq’s waiver expire ensures that we don't allow Iran any economic or financial relief. Trump's campaign against Iran is aimed at "ending its nuclear threat, curbing its ballistic missile programme and stopping it from supporting terrorist organizations." In one of his very first acts upon returning to office, Trump restored the "maximum" pressure on Iran. In his first term he pulled out...

The commander of Kurdish-led force that controls northeastern Syria has said that the call for dissolution of the PKK by the leader in Turkey of the militant Kurdistan Workers Party, (PKK), does not apply to his group. Mazloum Abdi, commander of the Syrian Democratic Forces (SDF), welcomed Abdullah Ocalan's historic call for the PKK not to continue its decades-long struggle against the Turkish State. He said that this would have positive effects in the region. Abdi, however, said that the announcement made by Ocalan on Thursday by the PKK was only applicable to them and "had nothing to do with...

The Turkish president Tayyip Erdoan praised the deal that was reached on Saturday with Australia to host the U.N. Climate Summit next year, calling it a significant achievement for multilateralism. After a long standoff, both countries have agreed that Turkey will be the host of the COP31 Summit in 2026 and Australia will lead the negotiations. Ankara, Canberra and both had bid to host the conference in 2022 and refused to back down since. Erdogan said at an event on Saturday night in Johannesburg, "Considering that multilateralism in recent years has lost ground, I consider this agreement we reached with...

Anthony Albanese, Australia's Prime Minister, announced on Monday that Australia will not co-host COP31 with Turkey due to the ongoing stalemate in relations between the two nations. Turkish diplomatic sources said on Sunday that Turkey had proposed to jointly lead next year's U.N. Climate Summit with Australia, and that the discussions regarding the hosting standoff remained unresolved. Albanese told a Melbourne media briefing that co-hosting was not allowed under the United Nations Framework Convention on Climate Change. "So, that's not an alternative and people know that it isn't an option. That is why it was ruled out." Both Australia and...

Chris Bowen, Australia's energy minister, said he will travel to Brazil on Saturday for the COP30 summit to press Australia to host the summit next year. This is despite a dispute with Turkey over hosting rights. Since then, both Australia and Turkey have refused to compromise on the issue. This month, Australian Prime Minister Anthony Albanese wrote to Turkish President Tayyip Erdoan in an effort to resolve the longstanding tussle. Bowen told reporters at Sydney Airport that a decision would be taken at COP30. He also asserted "Australia has the overwhelming backing of the world" to host the conference next...

Chris Bowen, Australia's energy minister, said he will travel to Brazil on Saturday for the COP30 summit to press Australia to host the summit next year. This is despite a dispute with Turkey over hosting rights. Both Australia and Turkey bid in 2022 for the United Nations Climate Conference and have refused to give up their positions ever since. This month, Australian Prime Minister Anthony Albanese wrote to Turkish president Tayyip Erdoan in an effort to resolve the longstanding dispute. Bowen stated in a press release that he will advocate strongly for Australia at the summit to be held in...

Scientists said that last month was the third-warmest July on Earth since records began. This included a national record temperature of 50,5 degrees Celsius in Turkey (122.9 Fahrenheit), they added. Scientists attribute the extreme weather conditions of last month to global warming caused by humans, despite a slight pause in temperatures that broke records for the planet. According to the EU Copernicus Climate Change Service, the average global temperature surface reached 16,68 C in July. This is 0.45 C higher than the 1991-2020 monthly average. Carlo Buontempo is the director of C3S. He said, "Two year after the hottest month...

Wildfires raged across Turkey Sunday, amid a scorching Mediterranean heat wave. Authorities evacuated more than 3,600 residents from two provinces. Ibrahim Yumakli, Minister of Agriculture and Forestry, told reporters that wildfires were mostly under control in southern provinces Mersin, Antalya, and Usak, as well as in central province Usak. However, blazes were still raging in Bursa, in the northwest, and in Karabuk, in the north. On Saturday, a wildfire broke out between the Gursu district and Kestel district of Bursa. Bursa is home to a large part of Turkey's automotive industry. The fire forced the closure of part of the...

Mehmet Simsek, the Finance Minister of Turkey, said that after March's market turmoil, Turkey has now returned to a positive cycle. Simsek, in an interview live with Kanal 7, said that all financial indicators have returned to the mid-March level with the measures taken to manage the economic situation. Detention of Istanbul mayor Ekrem Imamoglu on 19 March, the main political rival to President Tayyip Erdoan, triggered market turmoil, which led to an increase in emergency interest rates and depleted foreign currency reserves. The Turkish central bank cut its benchmark rate this week by more than expected 300 basis points,...

Firefighters fought multiple wildfires in Turkey and Cyprus Thursday, which scorched large areas of land and forced the evacuations of villages and towns. Ten firefighters were killed by a heatwave that swept across the Mediterranean. Six separate wildfires are burning in Turkey. Turkish Agriculture and Forestry minister Ibrahim Yumakli has warned of the dangers of strong winds and scorching heat. Yumakli reported late on Wednesday that 10 firefighters died while fighting a fire in central Eskisehir Province. Yumakli also said 14 other firefighters were injured. The fire was fanned by strong wind and spread to Afyonkarahisar, another province in the...

Firefighters in Turkey and Cyprus fought multiple wildfires across the country on Thursday, amid a scorching Mediterranean heatwave which has scorched large areas of land and claimed 10 lives among firefighters in central Turkey. Six separate wildfires have raged across Turkey. Turkish Agriculture and Forestry minister Ibrahim Yumakli has warned of the dangers of strong winds and scorching temperatures. Yumakli reported late on Wednesday that 10 firefighters died while fighting a fire in central Eskisehir Province, and added that 14 other firefighters were injured. The fire was fanned by strong wind and spread to Afyonkarahisar in central Turkey. Some towns...

Ibrahim Yumakli, Minister of Agriculture and Forestry in Turkey, said that ten firefighters died and 14 others were injured while battling to control a wildfire. Since Tuesday, firefighters and rescue teams are battling to put out a wildfire that has erupted in the Seyitgazi District of Eskisehir. Yumakli, a reporter, said that on Wednesday, 24 firefighters had been trapped in a fire when suddenly the wind changed directions and blew them flames. The firefighters were taken to the hospital immediately, but 10 died and 14 were still being treated. Ihlas News Agency quoted firefighter Ercan Tmel as saying, "They were...

Seven leaders from west and central Asia met on Friday and agreed to promote trade liberalisation, increase foreign investment and cooperation in green energy as a way to enhance regional economic integration. As part of its long-term strategy for development up to 2035 the Economic Cooperation Organization meeting also agreed to enhance transport connectivity in the region and restore areas that were affected by conflict. The summit was held under the theme of "A New Vision for ECO for a Climate-Resilient and Sustainable Future." Participants included the Turkish President Tayyip Erdoan, his Azerbaijani colleague Ilham Aliyev as well as Shavkat...

An international renewal in industrial policies that intend to enhance or secure domestic interests threatens worldwide cooperation and could hurt poorer countries in particular, the European Bank for Reconstruction and Development said in an annual report. The annual shifts report, which this year analyzed information impacting trade for 140 countries, found a impressive global renewal in strategic interventions created to shape nations' economies. Industrial policy is back with a vengeance, Beata Javorcik, EBRD Chief Economist said in an interview. It is back in rich countries in addition to in emerging markets. Such policies typically include state-backed grants or loans or...