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Turkey Letter: 24 July 2017

Foreign Policy

  • Map Said to Show Location of U.S. Forces in Syria Published in Turkey
  • Turkey stresses opposition to Kurdish independence vote
  • Turkey PM warns Cyprus on ‘untimely and dangerous’ energy moves
  • Turkey not behind story on U.S. troop locations, Erdogan spokesman says
  • Turkey’s Erdogan Refuses to Back Down in Feud With Germany
  • Turkey withdraws list of German firms suspected of backing terrorism: Germany

Economy and Energy

  • Member of Turkey’s Sabanci family to sell 2.5 pct stake in firm -filing
  • Turkey’s Halkbank to issue up to $2.5 bln of bonds, $1.5 bln covered bonds
  • Turkish lira, shares weaken as row with Germany escalates
  • Germany’s Ceconomy, Metro continuing to invest in Turkey
  • Fitch Affirms Turkey at ‘BB+’; Outlook Stable
  • Turkey working on corporate tax cuts in strategic sectors: minister

Domestic Policy

  • Gov’t vows to fight against drugs, calls on civil society to support
  • Main opposition objects to coup panel with new report
  • Parliament by-law amendment approved amid criticisms from opposition
  • Jailed HDP co-chair condemns PKK for killing Turkish teacher
  • Number of Turkish generals decreases 40 percent with post-coup attempt dismissals
  • Turkish journalists go on trial accused of supporting terrorism

 

Foreign Policy

Map Said to Show Location of U.S. Forces in Syria Published in Turkey
A detailed map purportedly showing where U.S. forces are deployed in northern Syria was published by Turkey’s state-run news agency, drawing a sharp retort and a warning from the Pentagon that the move could undermine the battle against Islamic State.
Wall Street Journal, Map Said to Show Location of U.S. Forces in Syria Published in Turkey, July 19 2017


Turkey stresses opposition to Kurdish independence vote
Turkey reiterated its opposition to an independence referendum in the Kurdish region of northern Iraq on July 19, following media reports that Ankara had softened its stance.
Hurriyet, Turkey stresses opposition to Kurdish independence vote, July 19 2017


Turkey PM warns Cyprus on ‘untimely and dangerous’ energy moves
Turkish Prime Minister Binali Yildirim on Thursday warned Cyprus its moves to explore for energy around the eastern Mediterranean were “untimely and dangerous”, adding that Ankara would continue to protect the rights and interests of Turkish Cypriots.
Reuters, Turkey PM warns Cyprus on ‘untimely and dangerous’ energy moves, July 20 2017


Turkey not behind story on U.S. troop locations, Erdogan spokesman says
President Tayyip Erdogan’s spokesman on Thursday said the Turkish government did not play a role in the publication by its state-run news agency of locations of what appeared to be U.S. military posts in Syria.
Reuters, Turkey not behind story on U.S. troop locations, Erdogan spokesman says, July 20 2017


Turkey’s Erdogan Refuses to Back Down in Feud With Germany
President Recep Tayyip Erdogan of Turkey raised the stakes in a long-running diplomatic spat with Germany on Friday, dismissing the threat of an informal German economic embargo and rejecting calls to release several German citizens held in Turkish jails.
New York Times, Turkey’s Erdogan Refuses to Back Down in Feud With Germany, July 21 2017


Turkey withdraws list of German firms suspected of backing terrorism: Germany
Turkey has formally withdrawn a request for German help in investigating nearly 700 German firms suspected of backing terrorism, an Interior Ministry spokesman said on Monday, removing a major irritant in frayed ties between the two NATO allies.
Reuter, Turkey withdraws list of German firms suspected of backing terrorism: Germany, July 24 2017


Economy and Energy

Member of Turkey’s Sabanci family to sell 2.5 pct stake in firm -filing
A member of the founding family of Turkey’s Sabanci Holding has elected to sell a 2.5 percent stake in the industrial and financial conglomerate on the Istanbul stock exchange, a regulatory filing showed on Friday.
Reuter, Member of Turkey’s Sabanci family to sell 2.5 pct stake in firm -filing, July 19 2017


Turkey’s Halkbank to issue up to $2.5 bln of bonds, $1.5 bln covered bonds
Turkish state lender Halkbank on Wednesday said it would issue up to $2.5 billion of bonds or similar debt instruments with a maximum 12-year maturity in international markets.
Reuters, Turkey’s Halkbank to issue up to $2.5 bln of bonds, $1.5 bln covered bonds, July 19 2017


Turkish lira, shares weaken as row with Germany escalates
The Turkish lira and shares weakened on Thursday after Germany warned its citizens to take care when traveling to Turkey and threatened to end corporate investment guarantees, steps which could hurt the Turkish economy.
Reuter, Turkish lira, shares weaken as row with Germany escalates, July 20 2017


Germany’s Ceconomy, Metro continuing to invest in Turkey
German consumer electronics retailer Ceconomy and food wholesale and hypermarket company Metro are still eyeing opportunities in Turkey, spokespeople for the companies said on Friday.
Reuters, Germany’s Ceconomy, Metro continuing to invest in Turkey, July 21 2017


Fitch Affirms Turkey at ‘BB+’; Outlook Stable
Fitch Ratings has affirmed Turkey’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’. The issue ratings on Turkey’s senior unsecured foreign-currency bonds have also been affirmed at ‘BB+’. Turkey’s Long-Term Local-Currency IDR has been affirmed at ‘BBB-‘ and the issue ratings on Turkey’s senior unsecured local-currency bonds have also affirmed at ‘BBB-‘. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling has been affirmed at ‘BBB-‘ and the Short-Term Foreign-Currency IDR at ‘B’. The Short-Term Local-Currency IDR has been affirmed at ‘F3’ and the issue ratings on Turkey’s senior unsecured short-term local-currency bonds have also been affirmed at ‘F3’.
Reuters, Fitch Affirms Turkey at ‘BB+’; Outlook Stable, July 21 2017


Turkey working on corporate tax cuts in strategic sectors: minister
Turkey is working on corporate tax cuts in some strategic sectors in order to boost investment in the real sector, Finance Minister Naci Agbal said on Monday
Reuters, Turkey working on corporate tax cuts in strategic sectors: minister, July 24 2017


Domestic Policy

Gov’t vows to fight against drugs, calls on civil society to support
The fight against narcotics is a matter that concerns the entire nation, Deputy Prime Minister Numan Kurtulmuş has said, calling on civil society to support a government-led fight against drug trafficking.
Hurriyet, Gov’t vows to fight against drugs, calls on civil society to support, July 19 2017


Main opposition objects to coup panel with new report
The main opposition Republican People’s Party (CHP) has responded in a 70-page report to the parliament’s coup inquiry commission’s accusations that the party and the Fethullahist Terrorist Organization (FETÖ) were in some form of agreement, daily Cumhuriyet reported on July 20.
Hurriyet, Main opposition objects to coup panel with new report, July 21 2017


Parliament by-law amendment approved amid criticisms from opposition
The Parliamentary Commission has finalized the discussions on the 18-article amendment to the internal regulation of the Turkish parliament late on July 20 amid criticisms from opposition parties.
Hurriyet, Parliament by-law amendment approved amid criticisms from opposition, July 21 2017


Jailed HDP co-chair condemns PKK for killing Turkish teacher
Jailed opposition Peoples’ Democratic Party (HDP) co-chair Selahattin Demirtaş has condemned the outlawed Kurdistan Workers’ Party (PKK) for killing a Turkish teacher.
Hurriyet, Jailed HDP co-chair condemns PKK for killing Turkish teacher, July 23 2017


Number of Turkish generals decreases 40 percent with post-coup attempt dismissals
The number of generals and admirals in the Turkish military has decreased 40 percent due to the dismissals after the coup attempt, retirements and resignations, according to the data gathered by the state-run Anadolu Agency.
Hurriyet, Number of Turkish generals decreases 40 percent with post-coup attempt dismissals, July 23 2017


Turkish journalists go on trial accused of supporting terrorism
Prominent journalists and other staff at a Turkish opposition newspaper went on trial on Monday accused of supporting a terrorist group, in a case that critics of President Tayyip Erdogan consider attack on free speech.
Reuters, Turkish journalists go on trial accused of supporting terrorism, July 24, 2017