Five world powers and Iran agreed late on Sept. 24 to establish a financial facility in the European Union to facilitate payments for Iranian imports and exports including oil, a key move sought by Tehran following the U.S. pullout from the 2015 nuclear deal and its re-imposition of sanctions.
Confidence in Turkey's key sectors of services, retail trade and construction fell month-on-month in September, the country's statistical office revealed on Sept. 24.
Turkey and Germany ‘have so much space for future cooperation because the mentalities are relatively similar,’ according to Markus Slevogt, the president of the German-Turkish Chamber of Commerce and Industry. ‘Both societies are hard-working and striving for a better life,’ he says.
Porsche on Sept. 23 said it would become the first German auto giant to abandon the diesel engine, reacting to parent company Volkswagen’s emissions cheating scandal and urban driving bans.
OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump’s calls for action to cool the market.
Germany was the top importer of Turkish tea, purchasing 128 tons in the first eight months of this year.
Turkey and Germany on Friday pledged to forge closer economic and strategic ties following a high-level meeting of their finance, economy and energy ministers in Berlin.
Turkey’s lenders can manage any risks and meet increasing loan demand, said the head of the industry association, noting there was panic among some businesspeople who significantly cut dues for their receivable, pushing others to ask for loans from banks.
British Prime Minister Theresa May said on Sept. 21 the European Union must come up with an alternative to her Brexit proposals, saying talks had reached an impasse after bloc’s leaders had rejected her plans without explaining why.
Fitch has reduced its economic growth forecasts for Turkey and increased its inflation forecast for the country in the wake of a significant loss in the Turkish Lira’s value against the greenback in its latest global economic outlook.
Turkey’s inflation will peak in October, but enter a downward trend by the end of the year, Finance Minister Berat Albayrak said on Sept. 20, hours after unveiling a new medium-term program.