Industry
June 26, 2020
Turkey has granted $5 million to Palestine to fight the novel coronavirus outbreak, according to a ruling published in the Official Gazette on Friday. The agreement on providing financial contribution to Palestine amid pandemic was signed on June 11 in the Turkish capital city of Ankara with Palestinian envoy to Turkey Faed Mustafa. […]
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June 26, 2020
Turkey’s first domestic industrial enzymes factory was launched on Friday with an aim to produce industrial enzymes used in the production of flour and fructose syrup with the local and national facilities by focusing on food safety at the first stage. Addressing the opening ceremony, Industry and Technology Minister Mustafa Varank said biotechnology is […]
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June 24, 2020
Turkey’s role in the economy is set to grow in the wake of the coronavirus pandemic, said a key EU lawmaker on Wednesday. “The proven track record of Turkey in this process will allow the country to play a much greater role in the coming post-pandemic economy,” Ryszard Czarnecki, member of the European Parliament […]
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June 24, 2020
Turkey’s exports rose 34.3% year-on-year to reach $9.1 billion in first 23 days of June, the head of the Turkish Exporters’ Assembly (TIM) said on Wednesday. As part of cooperation between the TIM and Turkish private lender Is Bankasi, exporters will be provided credit packages of up to $500 million, Ismail Gulle said in […]
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June 24, 2020
Turkey’s Central Bank is expected to continue its monetary easing cycle with foreign economists on Wednesday forecasting a 50-basis-point (bp) reduction in policy rate. “The Bank is likely to ease monetary policy further in an effort to spur a rapid credit-led economic recovery,” said Phoenix Kalen, emerging markets strategy director at Paris-based Societe Generale. […]
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June 24, 2020
The International Monetary Fund (IMF) on Thursday once again slashed its economic forecasts, estimating a contraction of 4.9% in global GDP, lower than 3% it predicted previously. “The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated,” the IMF’s World Economic Output report […]
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June 23, 2020
The coronavirus pandemic’s impact on G20 economies will be greater than previous estimates and is projected to cause contraction of 4.6%, rather than 4%, in 2020, according to global credit rating agency Moody’s. The agency revised its earlier projection in a statement late on Monday night, saying the world economy had revived, but had a […]
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June 23, 2020
Due to the major economic crisis stemming from COVID-19, the European car market will narrow 25% in 2020, the European Automobile Manufacturers’ Association (ACEA) said on Tuesday. Car sales in the 27-member bloc is expected to drop by 3 million units, from 12.8 million in 2019 to 9.6 million in 2020, it stressed. The association […]
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