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Turkey Letter: 13 November 2018

Foreign Policy:

  • Trump discussed Khashoggi response with Turkey’s Erdogan: White House official
  • Erdogan says audio of Khashoggi killing has been given to U.S., Saudis, Europeans
  • Iran Vaults Up Erdogan’s Trump Agenda
  • Turkish president calls on foreign companies for joint production in health technology
  • S. offers reward for information on senior PKK figures

Economy and Energy:

  • Turkey inked $200 million energy efficiency deal with World Bank: Minister
  • Azeri SOCAR to supply its new Turkish refinery with third-party oil
  • Turkey bond issue signals brighter outlook for stricken economy
  • Europe Gets a $1 Billion Reminder of Turkey’s Pain
  • Moody’s sees a sharp contraction in Turkey’s economy
  • Most Vulnerable Emerging Market of Them All Is Still Turkey

Domestic Politics:

  • Ammunition depot blast kills seven soldiers in Hakkari
  • Turkey appoints new ambassadors, chief advisers
  • Turkey signs deal for production of Turkish-designed Altay battle tank

Foreign Policy

Trump discussed Khashoggi response with Turkey’s Erdogan: White House official

U.S. President Donald Trump and his Turkish counterpart, Tayyip Erdogan, discussed how to respond to the killing last month of Saudi journalist Jamal Khashoggi, a White House official said on Sunday.

Reuters, Trump discussed Khashoggi response with Turkey’s Erdogan: White House official, 11 November 2018 


Erdogan says audio of Khashoggi killing has been given to U.S., Saudis, Europeans

An audio recording tracking the dying moments of journalist Jamal Khashoggi inside the Saudi Consulate in Istanbul has been shared with Saudi Arabia, Britain, France and Germany in addition to the United States, the leader of Turkey said Saturday.

The Washington Post, Erdogan says audio of Khashoggi killing has been given to U.S., Saudis, Europeans, 10 November 2018


Iran Vaults Up Erdogan’s Trump Agenda

The Trump administration’s sanctions on Iran are the latest irritant in relations between Turkey and the U.S. even as the two NATO allies move past their worst diplomatic crisis in decades. Although Turkey is one of eight countries to receive temporary waivers allowing them to continue buying Iranian crude exempt from new U.S. penalties, the Middle East’s biggest economy still finds itself being squeezed.

Bloomberg, Iran Vaults Up Erdogan’s Trump Agenda, 9 November 2018


Turkish president calls on foreign companies for joint production in health technology

President Recep Tayyip Erdoğan called on foreign companies in health sector for joint production of scanning devices for the health sector. “Turkey needs a rapid nationalization and localization in the health sector,” Erdoğan said on Nov. 7, speaking at the academic year opening ceremony of the University of Health Sciences.

Hurriyet, Turkish president calls on foreign companies for joint production in health technology,7 November 2018


U.S. offers reward for information on senior PKK figures

The United States on Tuesday offered rewards for information on three senior members of the outlawed Kurdistan Workers’ Party (PKK), which has waged an armed insurgency against the Turkish state for decades.

Reuters, U.S. offers reward for information on senior PKK figures, 6 November 2018


Economy and Energy

Turkey inked $200 million energy efficiency deal with World Bank: Minister

Turkey has shaken hands with the World Bank for a $200 million resource for energy efficient investments in the public sector, Energy Minister Fatih Dönmez has said. The resource will mainly be used by central government bodies and local administrations for the isolation of public buildings, he told the general assembly of the Energy Efficiency Association in Istanbul.

Hurriyet, Turkey inked $200 million energy efficiency deal with World Bank: Minister, 12 November 2018


Azeri SOCAR to supply its new Turkish refinery with third-party oil

Azeri state energy company SOCAR plans to supply its new refinery in Turkey with oil from different producers in Europe, the Black Sea region and the Gulf, the head of SOCAR’s trading arm said in an interview. SOCAR last month launched the $6.3 billion SOCAR Turkey Aegean Refinery (STAR), the first to be built in Turkey for the past 30 years.

Reuters, Azeri SOCAR to supply its new Turkish refinery with third-party oil, 9 November 2018


Turkey bond issue signals brighter outlook for stricken economy

Turkey raised €1.5 billion ($1.72 billion) from international investors on Thursday, a sign that its economy has partly recovered from a severe currency storm this summer, but analysts are growing concerned that the respite will be short-lived amid unbridled inflation.

The Wall Street Journal, Turkey bond issue signals brighter outlook for stricken economy, 8 November 2018


Europe Gets a $1 Billion Reminder of Turkey’s Pain

It may not be a “Big Short” on the scale of the 2008 financial crisis, but money manager Steve Eisman’s bearish bet on two European banks exposed to Turkey’s currency meltdown this summer is proving prophetic. The after-effects will linger.

Bloomberg, Europe Gets a $1 Billion Reminder of Turkey’s Pain,8 November 2018


Moody’s sees a sharp contraction in Turkey’s economy

Turkey and Argentina may have put their currency crises behind them but a world of pain awaits their economies in the coming quarters, according to Moody’s Investors Service.

Bloomberg, Moody’s sees a sharp contraction in Turkey’s economy, 8 November 2018


Most Vulnerable Emerging Market of Them All Is Still Turkey

The turnaround in sentiment toward Turkey’s assets since September has done nothing to alter the economic fundamentals that make it the most exposed emerging market to external shocks, according to Bloomberg Economics.

Bloomberg, Most Vulnerable Emerging Market of Them All Is Still Turkey,7 November 2018


Domestic Politics

 Ammunition depot blast kills seven soldiers in Hakkari

At least seven Turkish soldiers have been killed and 25 others injured in an ammo depot explosion in southeast Turkey, President Recep Tayyip Erdoğan said on Nov. 10.

Hurriyet,Ammunition depot blast kills seven soldiers in Hakkari, 10 November 2018


Turkey appoints new ambassadors, chief advisers

Turkish President Recep Tayyip Erdoğan appointed new ambassadors and chief advisers to the president, under a decree published in the Official Gazette on early Nov. 9.

Hurriyet,Turkey appoints new ambassadors, chief advisers,9 November 2018


Turkey signs deal for production of Turkish-designed Altay battle tank

Turkey signed an agreement on Friday with military vehicle producer BMC for the mass production of the Turkish-designed Altay battle tank, part of the country’s efforts to expand its defense industry.

Reuters, Turkey signs deal for production of Turkish-designed Altay battle tank,9 November 2018