Latest news with #OmerAras
Zawya
3 days ago
- Business
- Zawya
Turkey's high real rates help inflation fight but hurt growth, business group says
ISTANBUL: Turkey's high real rates contribute to the fight against inflation even as they harm economic growth, Omer Aras, executive at the business group TUSIAD which this year clashed with President Tayyip Erdogan, said on Thursday. In February, Erdogan had a public feud with TUSIAD over remarks by Aras and the group's President Orhan Turhan criticising a legal crackdown on the political opposition. Authorities launched a probe into both executives and barred them from international travel. Erdogan said their comments about democracy and the erosion of trust over the crackdown undermined the government and amounted to meddling in politics. Aras, also the chairman of QNB's Turkish banking unit, told a TUSIAD event in Istanbul that interest rates will fall with the decline in inflation, adding that this could harm manufacturers if the process takes longer than needed. He also said the modernisation of a customs union Turkey has in place with the European Union would strengthen its long-term economic reliability. TUSIAD members account for 85% of Turkey's foreign trade and contribute 80% of corporate tax revenue. It has solidly backed a high interest rate policy and belt-tightening to tackle rampant inflation, which has eased in recent months. The probe into TUSIAD - long a symbol of Turkey's wealthy business class whose influence has faded under Erdogan's watch - prompted questions from foreign investors who have cheered a U-turn toward more orthodox policies since mid-2023. TUSIAD Chairman Turhan, speaking at the same meeting, said that while gains being made through this monetary policy were important, they were insufficient, and structural reforms were also needed. He added that growth figures of 2% from the first quarter of 2025 confirmed the slowdown in Turkey's economy. In comments that were softer in tone than previous speeches, Turhan said that turning social polarisation into social harmony would help establish a basis for the solution of issues in the economy. (Reporting by Ebru Tuncay and Ceyda Caglayan; Writing by Ezgi Erkoyun and Tuvan Gumrukcu; Editing by Jonathan Spicer and Ed Osmond)
Reuters
14-02-2025
- Politics
- Reuters
Turkey probes business group official after criticism of opposition crackdown
ISTANBUL, Feb 14 (Reuters) - The Istanbul chief prosecutor's office said on Friday it launched an investigation into a top official at Turkey's main business group TUSIAD who had criticised a recent judicial crackdown on opposition leaders and journalists. In a statement, the office said it was probing remarks by Omer Aras, the head of TUSIAD's high advisory council, over potentially attempting to influence a fair trial, manipulating the judiciary and disseminating false information. The move expands a series of legal steps by authorities over the last few months to a private sector group whose members account for 85% of Turkey's foreign trade and 80% of corporate tax revenue. TUSIAD did not immediately comment on the probe. At TUSIAD's monthly general assembly on Thursday, Aras had said that judicial investigations into opposition political figures had created concern in society and damaged democracy. "We cannot say whether a crime is committed...," Aras said. "However, we can say that recent incidents that come one after another in a very short time create concern in society and shake trust". In response, Justice Minister Yilmaz Tunc had said that although everyone is free to express views, any criticism meant to steer the judiciary or politics is against the spirit of democracy and rule of law. "No one or organization can see themselves above the will of the people and the law ... We will respond in the strongest way possible within the framework of the law ... to any attempt to interfere with the legal order," Tunc said. Opposition politicians have faced a series of legal probes, detentions and arrests in what critics say is a government effort to muzzle dissent and hurt their electoral prospects. The European Parliament on Thursday condemned the legal actions against opposition mayors as a "disregard of the rule of law and the government's violation of the fundamental principles of democracy". Turkey's government dismisses accusations of political interference in the cases and says the judiciary is independent. Most recently, on Tuesday, Turkish police detained nine district municipal council members from the main opposition Republican People's Party (CHP) on terrorism-related charges. Authorities previously arrested a far-right party leader and charged CHP officials with targeting public figures. Several pro-Kurdish DEM mayors have been removed from their posts over convictions on terrorism-related offences.
Bloomberg
14-02-2025
- Business
- Bloomberg
Turkey Launches Probe Into Top Businessman and Banker Omer Aras
Turkish authorities launched an investigation into Omer Aras, a top banking executive and a chairman of the country's influential business group TUSIAD, Haberturk news channel reported. The probe comes after Aras, who is also the executive chairman of Istanbul-based QNB Bank AS, criticized a number of recent events in Turkey, including the arrests and investigations into opposition politicians and mayors.
