Industry

Turkey grants $5M support to Palestine amid pandemic

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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Turkey opens first domestic industrial enzymes factory

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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‘Turkey to play greater role in post-pandemic economy’

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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UPDATE – Turkey’s exports up 34.3% in first 23 days of June

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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Turkish Central Bank to continue monetary easing cycle

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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Global economy to contract by 4.9% in 2020: IMF

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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G20 economies set for bigger hit from pandemic: Moody’s

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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EU car sales to drop 25% in 2020 due to virus: Report

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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