Latest news with #TUSIAD
Zawya
2 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)
Zawya
20-02-2025
- Politics
- Zawya
Turkey bans travel by two executives of top business group in probe
ANKARA: An Istanbul court banned on Thursday international travel by two key executives of Turkey's top business association in an investigation of their remarks on democracy that President Tayyip Erdogan characterised as undermining the government. In statements at the group's general assembly last week, TUSIAD's president, Orhan Turan and Omer Aras, the chairman of QNB's Turkish banking unit, criticised a government crackdown on dissenting figures. Aras said the investigation into opposition leaders and journalists had shaken trust and damaged democracy. On Wednesday, Istanbul prosecutors said the two were being investigated for "attempting to influence a fair trial" and "publicly spreading misleading information," and police had been ordered to bring them to the courthouse for questioning. Their courthouse appearance came hours after Erdogan accused them of meddling in politics, during a speech to lawmakers of his AK Party in parliament. The court released both under judicial control measures after the questioning and imposed the bans on international travel, state-run Anadolu Agency said. Footage from private broadcaster Now Haber and other Turkish media showed the police officers taking the two executives by the arm in the courthouse. TUSIAD, whose members account for 85% of Turkey's foreign trade and contribute 80% of corporate tax revenue, said on Tuesday it was working for national interests. (Reporting by Huseyin Hayatsever; Editing by Clarence Fernandez)
Yahoo
20-02-2025
- Politics
- Yahoo
Turkey bans travel by two executives of top business group in probe
ANKARA (Reuters) - An Istanbul court banned on Thursday international travel by two key executives of Turkey's top business association in an investigation of their remarks on democracy that President Tayyip Erdogan characterised as undermining the government. In statements at the group's general assembly last week, TUSIAD's president, Orhan Turan and Omer Aras, the chairman of QNB's Turkish banking unit, criticised a government crackdown on dissenting figures. Aras said the investigation into opposition leaders and journalists had shaken trust and damaged democracy. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. On Wednesday, Istanbul prosecutors said the two were being investigated for "attempting to influence a fair trial" and "publicly spreading misleading information," and police had been ordered to bring them to the courthouse for questioning. Their courthouse appearance came hours after Erdogan accused them of meddling in politics, during a speech to lawmakers of his AK Party in parliament. The court released both under judicial control measures after the questioning and imposed the bans on international travel, state-run Anadolu Agency said. Footage from private broadcaster Now Haber and other Turkish media showed the police officers taking the two executives by the arm in the courthouse. TUSIAD, whose members account for 85% of Turkey's foreign trade and contribute 80% of corporate tax revenue, said on Tuesday it was working for national interests.
Reuters
20-02-2025
- Politics
- Reuters
Turkey bans travel by two executives of top business group in probe
ANKARA, Feb 20 (Reuters) - An Istanbul court banned on Thursday international travel by two key executives of Turkey's top business association in an investigation of their remarks on democracy that President Tayyip Erdogan characterised as undermining the government. In statements at the group's general assembly last week, TUSIAD's president, Orhan Turan and Omer Aras, the chairman of QNB's Turkish banking unit, criticised a government crackdown on dissenting figures. Aras said the investigation into opposition leaders and journalists had shaken trust and damaged democracy. On Wednesday, Istanbul prosecutors said the two were being investigated for "attempting to influence a fair trial" and "publicly spreading misleading information," and police had been ordered to bring them to the courthouse for questioning. Their courthouse appearance came hours after Erdogan accused them of meddling in politics, during a speech to lawmakers of his AK Party in parliament. The court released both under judicial control measures after the questioning and imposed the bans on international travel, state-run Anadolu Agency said. Footage from private broadcaster Now Haber and other Turkish media showed the police officers taking the two executives by the arm in the courthouse. TUSIAD, whose members account for 85% of Turkey's foreign trade and contribute 80% of corporate tax revenue, said on Tuesday it was working for national interests.
Yahoo
19-02-2025
- Politics
- Yahoo
Two business leaders in Turkey are questioned after they criticize the government
ANKARA, Turkey (AP) — Prosecutors questioned two Turkish business leaders Wednesday after they delivered recent scathing criticism of President Recep Tayyip Erdogan's government amid an intensifying crackdown on dissenting voices. Orhan Turan, the president of the Turkish Industry and Business Association, TUSIAD, and Omer Aras, the chairman of the group's advisory council, appeared before prosecutors as part of an investigation into allegations of spreading misleading information and attempting to influence judicial proceedings, Sozcu newspaper and other media reported. These accusations followed their criticism last week of the government's economic policies and a series of legal proceedings against opposition figures, including journalists. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Hours earlier, Turkish President Recep Tayyip Erdogan accused TUSIAD of overstepping its boundaries. 'You may miss the old Turkey, but you will know your place in the new Turkey,' Erdogan said. 'If you are a business association, you will learn to act like a business association. You will not provoke the people, you will not provoke the institutions of the state, you will not try to put pressure on the judiciary.' Turan and Aras are the latest high-profile figures to face scrutiny or prosecution in recent weeks. They include far-right politician Umit Ozdag who was arrested last month for allegedly inciting violence while a talent manager representing well-known actors was arrested for her alleged role in anti-government protests that took place in 2013. Five journalists working for the opposition-aligned television station, Halk TV, face prison terms after the station aired a secretly recorded interview with a legal expert that the opposition accuses of bias. Meanwhile, Ekrem Imamoglu, the popular mayor of Istanbul and a potential contender against Erdogan in the next elections, has been entangled in multiple court cases after he criticized investigations targeting opposition-led municipalities. He is also at risk of a political ban if a high court upholds his 2020 conviction for allegedly insulting members of Turkey's high electoral board. Several elected mayors, accused of links to Kurdish militants, have been removed from office and replaced with state-appointed officials. Government officials insist that the courts operate independently and reject claims that legal actions against opposition figures are politically motivated.
