Latest news with #IstanbulStockExchange
Malay Mail
20 hours ago
- Business
- Malay Mail
Turkish Airlines moves to acquire minority stake in Air Europa after rivals drop out
ISTANBUL, Aug 20 —Turkish Airlines yesterday said Air Europa had accepted its 300-million-euro ($350 million) offer to purchase a minority stake in the indebted Spanish airline. In a statement to the Istanbul Stock Exchange regulator (KAP), the Turkish flag carrier said 'the binding offer submitted has been accepted by Air Europa' and procedures to close the deal had started. 'The transaction involves an investment of 300 million euros, the majority of which is in the form of a capital increase' which would then be converted into a stake whose share would be finalised in the coming months. 'The minority shareholding ratio to be acquired will be finalised following technical and financial adjustments to be made at the closing,' it said. Media reports in Spain and Turkey gave a figure of some 26 percent. Turkish Airlines said the process was due to be completed within six to 12 months, subject to approval by the relevant regulatory authorities, including the Spanish government. The airline submitted its binding offer on Tuesday to Globalia, the Spanish tourism group which holds an 80-percent stake in Air Europa. The other 20 percent is held by British Airways owner IAG. The move comes two weeks after rival bidders Lufthansa and Air France-KLM dropped out of talks to take a stake in the Spanish airline. Turkish Airlines had on August 7 informed KAP it had decided to submit a binding offer to acquire a minority stake in Air Europa. It said the complementary nature of its own global passenger and cargo network and Air Europa's strong position in the Iberian Peninsula and Latin America would 'contribute to achieving scaled and rapid growth in the Latin American market' and create new revenue channels. Last year, IAG dropped a bid for a full takeover of the Spanish carrier owing to regulatory constraints. — AFP
India.com
19-05-2025
- Business
- India.com
Boycott Turkey: One action by India destroys this Turkey company, loses Rs 17000000000 in one day, the name is…
The Indian government has canceled the security clearance of Turkish company Celebi Aviation, which operates at nine airports across India. This means the company can no longer operate in the country. The Indian government had decided to revoke security clearance reportedly due to tensions with Turkey. The issue started after India's Operation Sindoor, during which Turkey supported Pakistan. Pakistan used Turkish drones in this conflict. After which Turkey faced a huge backlash from India and boycotting Turkey was trending on different social media platforms. Huge Loss Of Turkey Company After this decision by the Indian government, Celebi Aviation suffered a loss of $200 million (around Rs 1,700 crores) in a single day. On May 16, the company's stock on the Istanbul Stock Exchange went down by 20% and dropped 222 points to settle at 2,002 liras. This decline reduced the company's market capitalization by 4.8 billion liras (around Rs 10,700 crores). Celebi Aviation generated nearly one-third of its total revenue from India, which has now been entirely at stake. Turkish Company Operations In India Aviation watchdog BCAS on Thursday revoked the security clearance for Celebi Airport Services India Pvt Ltd in the 'interest of national security', days after Turkiye backed Pakistan and condemned India's strikes on terror camps in the neighbouring country. Celebi, operating in the Indian aviation sector for over 15 years and employing over 10,000 people, offers its services at nine airports. The security clearance to the company, part of Turkiye's Celebi, was given in November 2022. Celebi handles around 58,000 flights and 5,40,00 tonnes of cargo annually in India, as per its website. It is present at Mumbai, Delhi, Cochin, Kannur, Bangalore, Hyderabad, Goa (GOX), Ahmedabad and Chennai airports. (With Inputs From PTI)
Jordan News
19-03-2025
- Business
- Jordan News
Turkish Lira Falls to Record Lows - Jordan News
The Turkish lira dropped by 2%, hitting an all-time low against the dollar, reaching 37.5 lira per dollar. Turkish authorities have issued an arrest warrant for Istanbul's Mayor Ekrem İmamoğlu and over 100 others after his university degree was annulled, potentially barring him from running in the upcoming presidential elections. اضافة اعلان This decline in the lira marks the biggest daily drop since April of last year. As of 07:24 GMT, the exchange rate for the lira was 37 per dollar, lower than its closing rate of 36.67 lira on Tuesday but slightly higher than its all-time low recorded on Wednesday morning. This move comes amid rising political tensions, as İmamoğlu is a prominent opposition figure to Turkish President Recep Tayyip Erdoğan and a potential candidate in the upcoming presidential race. Additionally, the main Istanbul Stock Exchange index, BIST 100, dropped by 7% during Wednesday's opening session, following the arrest of Istanbul's Mayor, according to the "turkiyetoday" website. At the opening, the BIST 100 index fell by 741.75 points, or 6.87%, compared to its previous close, reaching 10,060.48 points. The banking sector index fell by 7.02%, while the holding companies index dropped by 6.69%. All sector indices saw losses, with the telecommunications sector being the most affected, down by 7.56%. Due to the BIST 100 index's decline of more than 5% at the opening, a trading halt mechanism was activated.
