Latest news with #BIST100
Reuters
11-06-2025
- Business
- Reuters
Turkey's Coca-Cola Icecek shares fall as probe launched
June 11 (Reuters) - Shares in Turkey's Coca-Cola Icecek ( opens new tab fell on Wednesday after the Turkish Competition Board launched an investigation into the company's distribution unit over alleged antitrust violations. At 0908 GMT, the shares were 2.38% lower, making them the biggest loser in the BIST 100 index (.XU100), opens new tab. The regulator said on Tuesday that it was probing whether the company had breached competition rules by implementing exclusivity arrangements and excluding rivals from retail points of sale. The authority said the investigation would also assess compliance with commitments made by Coca-Cola Icecek in 2021. Coca-Cola Icecek, a subsidiary of Anadolu Group, is one of the largest bottlers in the Coca-Cola (KO.N), opens new tab system and operates across several countries in the region.
Jordan Times
26-04-2025
- Politics
- Jordan Times
Nearly 50 held in Turkey in probe into opposition Istanbul mayor's 'graft' case
Protesting university students gather to organize a march one month after the arrest of Istanbul Metropolitan Mayor Ekrem Imamoglu, in Istanbul on April 19, 2025 (AFP photo) ISTANBUL — Istanbul prosecutors on Saturday said nearly 50 people had been arrested in a probe into the graft case of Istanbul's opposition mayor, whose jailing last month sparked nationwide protests. When Ekrem Imamoglu from the main opposition CHP was arrested on March 19, huge crowds began rallying in protest outside Istanbul City Hall every night with the demonstrations quickly spreading across the country in Turkey's biggest wave of unrest since 2013. Istanbul's general prosecutor said "47 people have been arrested". According to local reports, those detained included Imamoglu's aide and brother-in-law Kadriye Kasapoglu and city hall officials. The Bir Gun news site, which is close to the opposition, said raids were underway in the homes of those detained in Ankara, Istanbul and Tekirdag in the country's north-west. Ozgur Celik, the provincial head of CHP in Istanbul, said the arrests were linked to the municipality's opposition to a divisive canal project aimed at connecting the Black Sea to the Sea of Marmara. The project was initiated by President Recep Tayyip Erdogan in 2011 when he was prime minister to relieve congestion in the Bosphorus Strait, a 50-kilometre-long, 150-metre-wide and 25-metre deep stretch. It has been vehemently opposed by environmentalists because it would encroach on natural and agricultural land and alter a reservoir that partially supplies Istanbul with water. "Today's operation is no coincidence," Celik said on X, explaining that Istanbul's Water and Sewage Authority had ordered the demolition and shutdown of construction sites along the canal route. "The municipal employees who opposed [the project] are currently at the main police station," he said. The deputy chairman of the CHP parliamentary group, Gokhan Gunaydin, said "the real reason for these arrests is the Istanbul Canal". Turkish authorities have launched a social housing project and recently put land adjacent to the route of the future canal up for sale. Imamoglu was arrested for alleged graft on the day he was named the CHP's candidate for the 2028 presidential race. He is a key foe of Erdogan, whose AKP has ruled Turkey since 2002. Imamoglu's arrest, which was widely denounced as a means to leave the CHP leaderless, has also had economic implications. Aside from an opposition call to boycott firms seen as close to the government, Istanbul's benchmark BIST 100 stock exchange fell by nearly 14 per cent over the month. And the Turkish lira shed almost eight percent against the dollar, reaching an all-time low despite a $50-billion injection by the central bank to limit the damage.
New Straits Times
26-04-2025
- Politics
- New Straits Times
Nearly 50 held in Turkiye in probe into opposition Istanbul mayor's 'graft' case
ISTANBUL: Istanbul prosecutors today said nearly 50 people had been arrested in a probe into the graft case of Istanbul's opposition mayor, whose jailing last month sparked nationwide protests. When Ekrem Imamoglu from the main opposition CHP was arrested on March 19, huge crowds began rallying in protest outside Istanbul City Hall every night with the demonstrations quickly spreading across the country in Turkiye's biggest wave of unrest since 2013. Istanbul's general prosecutor said "47 people have been arrested". According to local reports, those detained included Imamoglu's aide and brother-in-law Kadriye Kasapoglu and city hall officials. The Bir Gun news site, which is close to the opposition, said raids were underway in the homes of those detained in Ankara, Istanbul and Tekirdag in the country's north-west. Ozgur Celik, the provincial head of CHP in Istanbul, said the arrests were linked to the municipality's opposition to a divisive canal project aimed at connecting the Black Sea to the Sea of Marmara. The project was initiated by President Recep Tayyip Erdogan in 2011 when he was prime minister to relieve congestion in the Bosphorus Strait, a 50km-long, 150m-wide and 25m-deep stretch. It has been vehemently opposed by environmentalists because it would encroach on natural and agricultural land and alter a reservoir that partially supplies Istanbul with water. "Today's operation is no coincidence," Celik said on X, adding that Istanbul's Water and Sewage Authority had ordered the demolition and shutdown of construction sites along the canal route. "The municipal employees who opposed (the project) are currently at the main police station," he said. The deputy chairman of the CHP parliamentary group, Gokhan Gunaydin, said "the real reason for these arrests is the Istanbul Canal". Turkish authorities have launched a social housing project and recently put land adjacent to the route of the future canal up for sale. Imamoglu was arrested for alleged graft on the day he was named the CHP's candidate for the 2028 presidential race. He is a key foe of Erdogan, whose AKP has ruled Turkiye since 2002. Imamoglu's arrest, which was widely denounced as a means to leave the CHP leaderless, has also had economic implications. Aside from an opposition call to boycott firms seen as close to the government, Istanbul's benchmark BIST 100 stock exchange fell by nearly 14 per cent over the month. And the Turkish lira shed almost eight per cent against the dollar, reaching an all-time low despite a US$50-billion injection by the central bank to limit the damage. — AFP
Asharq Al-Awsat
17-04-2025
- Business
- Asharq Al-Awsat
Turkish Central Bank Surprises with Rate Hike to 46% after Market Turmoil
The Turkish central bank hiked its key interest rate by 350 basis points to 46% on Thursday, in a surprise move that reversed an easing cycle and slightly boosted the lira, following market volatility in the wake of last month's arrest of Istanbul's mayor. The bank also lifted its overnight lending rate again, to 49% from 46%, after having already raised it last month in an unscheduled decision following the arrest. In addition, the overnight borrowing rate was lifted to 44.5% from 41%, underlining the hawkish reversal in monetary policy. "Monthly core goods inflation is expected to rise slightly in April due to recent developments in financial markets," the central bank's policy committee said in releasing the decision, Reuters reported Leading indicators suggest domestic demand is above projections, "suggesting a lower disinflationary impact," it said. "Inflation expectations and pricing behaviour continue to pose risks to the disinflation process," the bank said, adding it would tighten further "in case a significant and persistent deterioration in inflation is foreseen." The central bank had begun easing in December, when the rate was 50%, after an aggressive tightening effort since mid-2023 to bring down years of soaring prices and a series of currency crashes. In a Reuters poll, ten of 13 respondents forecast the bank would maintain its one-week repo rate while three predicted a hike of up to 350 basis points. Most respondents expected the overnight lending rate would be held at 46%. The lira strengthened slightly right after the decision and traded at 38.10 to the US dollar, while the benchmark stock index BIST 100 and banking index pared back some of its gains during the day. Last month, the currency briefly hit a record low of 42 and stocks and bonds plunged after the detention of Istanbul Mayor Ekrem Imamoglu, pushing economic authorities to take several measures to ease the market fallout. Economists expect the roughly 3% weakening of the lira to lift April and May inflation readings. Annual inflation had slowed to 38.1% in March, and was 2.46% month-on-month, lower than forecast. Imamoglu - President Erdogan's chief rival - is now jailed pending trial in legal moves that sparked the biggest protests in more than a decade and broad criticism of a politicised judiciary and eroding rule of law, claims the government denies. The lira steadied near 38 to the dollar and Turkish assets recovered somewhat after the central bank sold some $50 billion since Imamoglu's arrest to stabilise the situation, and it bought some 120 billion lira ($3.15 billion) worth of bonds. The central bank also raised its overnight lending rate by two percentage points to 46% and paused funding through one-week repo auctions, effectively tightening funding conditions by 400 basis points. On Thursday the bank said it will closely monitor liquidity conditions and added: "In response to the recent developments in financial markets, additional measures to support the monetary transmission mechanism were quickly put in place." The rate decision came amid global market turmoil caused by what has become an all-out trade war between the United States and China, with both sides ratcheting up their import tariffs.
Yahoo
17-04-2025
- Business
- Yahoo
Turkish cenbank surprises with rate hike to 46% after market turmoil
ISTANBUL (Reuters) - Turkey's central bank hiked its key interest rate by 350 basis points to 46% on Thursday, in a surprise move that reversed an easing cycle and slightly boosted the lira, following market volatility in the wake of last month's arrest of Istanbul's mayor. The bank also lifted its overnight lending rate again, to 49% from 46%, after having already raised it last month in an unscheduled decision following the arrest. In addition, the overnight borrowing rate was lifted to 44.5% from 41%, underlining the hawkish reversal in monetary policy. "Monthly core goods inflation is expected to rise slightly in April due to recent developments in financial markets," the central bank's policy committee said in releasing the decision. Leading indicators suggest domestic demand is above projections, "suggesting a lower disinflationary impact," it said. "Inflation expectations and pricing behaviour continue to pose risks to the disinflation process," the bank said, adding it would tighten further "in case a significant and persistent deterioration in inflation is foreseen." The central bank had begun easing in December, when the rate was 50%, after an aggressive tightening effort since mid-2023 to bring down years of soaring prices and a series of currency crashes. In a Reuters poll, ten of 13 respondents forecast the bank would maintain its one-week repo rate while three predicted a hike of up to 350 basis points. Most respondents expected the overnight lending rate would be held at 46%. The lira strengthened slightly right after the decision and traded at 38.10 to the U.S. dollar, while the benchmark stock index BIST 100 and banking index pared back some of its gains during the day. Last month, the currency briefly hit a record low of 42 and stocks and bonds plunged after the detention of Istanbul Mayor Ekrem Imamoglu, pushing economic authorities to take several measures to ease the market fallout. Economists expect the roughly 3% weakening of the lira to lift April and May inflation readings. Annual inflation had slowed to 38.1% in March, and was 2.46% month-on-month, lower than forecast. Imamoglu - President Erdogan's chief rival - is now jailed pending trial in legal moves that sparked the biggest protests in more than a decade and broad criticism of a politicised judiciary and eroding rule of law, claims the government denies. The lira steadied near 38 to the dollar and Turkish assets recovered somewhat after the central bank sold some $50 billion since Imamoglu's arrest to stabilise the situation, and it bought some 120 billion lira ($3.15 billion) worth of bonds. The central bank also raised its overnight lending rate by two percentage points to 46% and paused funding through one-week repo auctions, effectively tightening funding conditions by 400 basis points. On Thursday the bank said it will closely monitor liquidity conditions and added: "In response to the recent developments in financial markets, additional measures to support the monetary transmission mechanism were quickly put in place." The rate decision came amid global market turmoil caused by what has become an all-out trade war between the United States and China, with both sides ratcheting up their import tariffs. ($1 = 38.1429 liras)
