Latest news with #Türkiye
Tahawul Tech
5 hours ago
- Tahawul Tech
How did Google's earthquake warning system fail in 2023?
Google has admitted to a failure of its earthquake early warning system to accurately alert people during Türkiye's deadly 2023 quake. Ten million people within 98 miles of the epicentre could have been sent Google's highest level alert – giving up to 35 seconds of warning to find safety. Instead, only 469 'Take Action' warnings were sent out for the first 7.8 magnitude quake. Google told the BBC half a million people were sent a lower level warning, which is designed for 'light shaking', and does not alert users in the same prominent way. The tech giant previously told the BBC the system had 'performed well' after an investigation in 2023. The alerts system is available in just under 100 countries – and is described by Google as a 'global safety net' often operating in countries with no other warning system. Google's system, named Android Earthquake Alerts (AEA), is run by the Silicon Valley firm – not individual countries. The system works on Android devices, which make up more than 70% of the phones in Türkiye. More than 55,000 people died when two major earthquakes hit south-east Türkiye on 6 February 2023, more than 100,000 were injured. Many were asleep in buildings that collapsed around them when the tremors hit. Google's early warning system was in place and live on the day of the quakes – however it underestimated how strong the earthquakes were. 'We continue to improve the system based on what we learn in each earthquake', a Google spokesperson said. How it works Google's system, is able to detect shaking from a vast number of mobile phones that use the Android operating system. Because earthquakes move relatively slowly through the earth, a warning can then be sent out. Google's most serious warning is called 'Take Action', which sets off a loud alarm on a user's phone – overriding a Do Not Disturb setting – and covering their screen. This is the warning that is supposed to be sent to people when stronger shaking is detected that could threaten human life. AEA also has a less serious 'Be Aware' warning, designed to inform users of potential lighter shaking – a warning that does not override a device on Do Not Disturb. The Take Action alert was especially important in Türkiye due to the catastrophic shaking and because the first earthquake struck at 04:17, when many users would have been asleep. Only the more serious alert would have woken them. In the months after the earthquake the BBC wanted to speak to users who had been given this warning – initially with aims to showcase the effectiveness of the technology. But despite speaking to people in towns and cities across the zone impacted by the earthquake, over a period of months, we couldn't find anyone who had received a more serious Take Action notification before the quake struck. BBC published their findings later that year. Google researchers have written in the Science journal details of what went wrong, citing 'limitations to the detection algorithms'. For the first earthquake, the system estimated the shaking at between 4.5 and 4.9 on the moment magnitude scale (MMS) when it was actually a 7.8. A second large earthquake later that day was also underestimated, with the system this time sending Take Action alerts to 8,158 phones and Be Aware alerts to just under four million users. After the earthquake Google's researchers changed the algorithm, and simulated the first earthquake again. This time, the system generated 10 million Take Action alerts to those at most risk – and a further 67 million Be Aware alerts to those living further away from the epicentre 'Every earthquake early warning system grapples with the same challenge – tuning algorithms for large magnitude events,' Google told the BBC. But Elizabeth Reddy, assistant professor at Colorado School of Mines, says it is concerning it took more than two years to get this information. 'I'm really frustrated that it took so long,' she said 'We're not talking about a little event – people died – and we didn't see a performance of this warning in the way we would like.' Google says the system is supposed to be supplementary and is not a replacement for national systems. However some scientists worry countries are placing too much faith in tech that has not been fully tested. 'I think being very transparent about how well it works is absolutely critical,' Harold Tobin, director of the Pacific Northwest Seismic Network, told the BBC. 'Would some places make the calculation that Google's doing it, so we don't have to?' Google researchers say post-event analysis has better improved the system – and AEA has pushed out alerts in 98 countries. The BBC has asked Google how AEA performed during the 2025 earthquake in Myanmar, but has yet to receive a response. Source: BBC News Image Credit: Google
Globe and Mail
a day ago
- Business
- Globe and Mail
Marti to Execute Crypto Asset Treasury Strategy
Marti Technologies, Inc. ('Marti' or the 'Company') (NYSE American: MRT), Türkiye's leading mobility super app, announced today that it will initiate a corporate treasury strategy that incorporates the acquisition of certain crypto assets as part of a diversified approach to managing cash reserves. As part of this strategy, the Company will initially hold approximately 20% of its cash reserves in Bitcoin. The Company has the ability to increase its crypto asset holdings to 50% of its cash reserves, and to purchase other crypto assets such as Ethereum and Solana. In taking this step, Marti joins a growing number of publicly listed companies integrating digital assets into their treasury strategy alongside traditional holdings such as cash, cash equivalents, and marketable securities. These digital assets are recognized by the Company as potential long-term stores of value and as a hedge against systemic financial risk. All digital assets will be custodied through a regulated, institutional-grade custodian, and will be held in compliance with applicable laws and industry best practices related to security, custody, and reporting. 'Our decision to allocate capital to crypto assets acknowledges our belief that Bitcoin and other digital assets have proven their ability to store value alongside hard currencies and gold over the last several years,' commented Oguz Alper Oktem, Founder and Chief Executive Officer of Marti. 'We believe this strategy represents a prudent approach to treasury management, particularly in the current economic environment which carries both inflationary and hard currency risks. We intend to be long term holders of the crypto assets we purchase, and to add to our position over time.' This strategic initiative is not expected to impact the Company's current activities or the execution of its business plans. The Company will disclose any material acquisitions of digital assets in future news releases if and as required under applicable laws. About Marti Founded in 2018, Marti is Türkiye's leading mobility app, offering multiple transportation services to its riders. Marti operates a ride-hailing service that matches riders with car, motorcycle, and taxi drivers, and operates a large fleet of rental e-mopeds, e-bikes, and e-scooters. All of Marti's offerings are serviced by proprietary software systems and IoT infrastructure. For more information, visit Cautionary Note Regarding Forward-Looking Statements Certain statements made in this press release constitute forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact and generally relate to future events, hopes, intentions, strategies, or performance may be deemed to be forward-looking statements, including, without limitation, statements regarding the Company's crypto asset strategy and its expected benefits and value, the amounts and types of the Company's crypto investments, and the Company's expectation with respect to its future performance and the timing of occurrence related to any of the foregoing. These forward-looking statements are based on management's current expectations and beliefs as of the date they are made. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks discussed in the Company's filings with the SEC, including the Company's Annual Report on Form 20-F. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.
Al Bawaba
a day ago
- Business
- Al Bawaba
DIB Executes the First Islamic Finance Deal with Turkish Airlines
DIB, the world's first Islamic bank and the largest in the UAE, has successfully executed a landmark aircraft financing transaction with Turkish Airlines, the national flag carrier of Türkiye. Marking the first Islamic aircraft finance deal to support the flag carrier's growth, this transaction paves the way for Shariah-compliant structures to serve as a catalyst for growth within one of the world's most prestigious airline deal represents a significant milestone in DIB's ongoing efforts to advance the global influence of Islamic finance. By enabling one of the world's leading airlines to adopt a fully Shariah-compliant financing structure, DIB reaffirms the strength, credibility, and adaptability of Islamic finance in delivering complex cross-border funding transaction marks Turkish Airlines' first-ever Islamic finance-backed aircraft financing, introducing Shariah-compliant structures into its funding portfolio as part of its broader diversification strategy. DIB acted as financier for the acquisition and induction of a new Airbus A350-941 into the Turkish Airlines fleet, with the transaction structured through a 12-year Islamic finance lease (Ijarah).A high-level signing ceremony was recently held in Istanbul, in the presence of Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, Turkish Airlines Chairman of the Board and the Executive Committee Prof. Ahmet Bolat, and Turkish Airlines Chief Financial Officer and Member of the Board and the Executive Committee, Assoc. Prof. Murat Şeker, alongside other senior executives from both organisations. The event marked a key milestone in the partnership between DIB and Turkish Airlines, highlighting their shared commitment to innovation in ethical finance and paving the way for deeper collaboration across global Adnan Chilwan, Group Chief Executive Officer at DIB, commented: 'At a time when global markets are rethinking the foundations of sustainable finance, this transaction sends a clear signal that Islamic finance is no longer a niche; it is a resilient and globally relevant financial structure for the Turkish Airlines to embrace Shariah-compliant financing for the first time and to choose DIB as their Islamic finance provider reflects both the strength of our principles and the confidence they have placed in our value this collaboration deeply. It not only supports the airline's strategic growth but also reinforces the strengthening of economic ties between the UAE and Türkiye. This relationship continues to thrive on a vision rooted in mutual respect, shared ambition, and enduring cooperation.'Commenting on the milestone transaction, Turkish Airlines Chairman of the Board and the Executive Committee, Prof. Ahmet Bolat stated: 'This transaction demonstrates our commitment to financial innovation and strengthening our fleet while also marking a new chapter in our cooperation with leading institutions in the UAE and the broader Gulf region. We are pleased to have completed this landmark financing in collaboration with DIB and look forward to building on this partnership in the future.' This transaction further strengthens DIB's position as a global leader in cross-border Islamic finance, showcasing the growing demand for Shariah-compliant solutions in capital-intensive sectors such as aviation. It reflects DIB's continued focus on delivering innovative structures that not only meet financial objectives that uphold ethical and faith-based finance standards across markets.
Zawya
a day ago
- Business
- Zawya
Turkish Airlines seals landmark A350 finance deal with DIB
Turkish Airlines, the national flag carrier of Türkiye, said it has successfully executed an innovative financing transaction for an Airbus A350 aircraft with Dubai Islamic Bank (DIB). The transaction marks Turkish Airlines' first-ever Islamic finance-backed aircraft financing, introducing shariah-compliant structures into its funding portfolio as part of its broader diversification strategy. DIB acted as financier for the acquisition and induction of a new Airbus A350-941 into the Turkish Airlines fleet, with the transaction structured through a 12-year Islamic finance lease (Ijarah). The deal represents a significant milestone in DIB's ongoing efforts to advance the global influence of Islamic finance. By enabling one of the world's leading airlines to adopt a fully shariah-compliant financing structure, DIB said it reaffirms the strength, credibility, and adaptability of Islamic finance in delivering complex cross-border funding structures. The agreement was sealed at a key ceremony held in Istanbul, in the presence of Dr Adnan Chilwan, Group Chief Executive Officer of DIB, Turkish Airlines Chairman of the Board and the Executive Committee Prof. Ahmet Bolat, and Turkish Airlines Chief Financial Officer and Member of the Board and the Executive Committee, Assoc. Prof. Murat Şeker, alongside other senior executives from both organisations. Dr Chilwan said: "At a time when global markets are rethinking the foundations of sustainable finance, this transaction sends a clear signal that Islamic finance is no longer a niche; it is a resilient and globally relevant financial structure for the future." "For Turkish Airlines to embrace Shariah-compliant financing for the first time and to choose DIB as their Islamic finance provider reflects both the strength of our principles and the confidence they have placed in our capabilities," he stated. "We value this collaboration deeply. It not only supports the airline's strategic growth but also reinforces the strengthening of economic ties between the UAE and Türkiye. This relationship continues to thrive on a vision rooted in mutual respect, shared ambition, and enduring cooperation," he added. On the milestone transaction, Bolat stated: "This transaction demonstrates our commitment to financial innovation and strengthening our fleet while also marking a new chapter in our cooperation with leading institutions in the UAE and the broader Gulf region." "We are pleased to have completed this landmark financing in collaboration with DIB and look forward to building on this partnership in the future, he added. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Khaleej Times
2 days ago
- Business
- Khaleej Times
DIB executes first Islamic finance deal with Turkish Airlines
DIB, the world's first Islamic bank and the largest in the UAE, has successfully executed an aircraft financing transaction with Turkish Airlines, the national flag carrier of Türkiye. Marking the first Islamic aircraft finance deal to support the flag carrier's growth, this transaction paves the way for Shariah-compliant structures to serve as a catalyst for growth within one of the world's most prestigious airline fleets. The deal represents a significant milestone in DIB's ongoing efforts to advance the global influence of Islamic finance. The transaction marks Turkish Airlines' first-ever Islamic finance-backed aircraft financing, introducing Shariah-compliant structures into its funding portfolio as part of its broader diversification strategy. DIB acted as financier for the acquisition and induction of a new Airbus A350-941 into the Turkish Airlines fleet, with the transaction structured through a 12-year Islamic finance lease (Ijarah). The event marked a key milestone in the partnership between DIB and Turkish Airlines, highlighting their shared commitment to innovation in ethical finance and paving the way for deeper collaboration across global markets. Dr. Adnan Chilwan, Group Chief Executive Officer at DIB, commented: 'At a time when global markets are rethinking the foundations of sustainable finance, this transaction sends a clear signal that Islamic finance is no longer a niche; it is a resilient and globally relevant financial structure for the future. For Turkish Airlines to embrace Shariah-compliant financing for the first time and to choose DIB as their Islamic finance provider reflects both the strength of our principles and the confidence they have placed in our capabilities. We value this collaboration deeply. It not only supports the airline's strategic growth but also reinforces the strengthening of economic ties between the UAE and Türkiye. This relationship continues to thrive on a vision rooted in mutual respect, shared ambition, and enduring cooperation.' Turkish Airlines Chairman of the Board and the Executive Committee, Prof. Ahmet Bolat stated: 'This transaction demonstrates our commitment to financial innovation and strengthening our fleet while also marking a new chapter in our cooperation with leading institutions in the UAE and the broader Gulf region. We are pleased to have completed this landmark financing in collaboration with DIB and look forward to building on this partnership in the future.' This transaction further strengthens DIB's position as a global leader in cross-border Islamic finance, showcasing the growing demand for Shariah-compliant solutions in capital-intensive sectors such as aviation.
