• Economic News Updates

    Economic News & Views

    For each market we cover, OBG produces regular economic research available on our website, by email subscription and via RSS feed. Free to access, our Economic Updates are targeted at those looking for regular comment on key sector developments.

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Economic Update | A Hand Extended

22 Jul 2010

The visit of the Israeli deputy prime minister to Ankara last week came as a respite for the tension that has been simmering over the last couple of months between Israel and Turkey. Whilst officials have long tried to talk down the gravity of friction over Palestine, the visit was nonetheless intended to patch up and reconfirm old ties. However, the question is whether recent tensions mark a broader trend in otherwise close bilateral political relations.

Economic Update | Island Life

22 Jul 2010

When the European Union's much-anticipated aid package to Cyprus was unveiled last week, reactions were decidedly mixed among both Turks and Turkish Cypriots. While any steps to end the economic isolation of the Turkish side of the island - and its dependency on the "mother country" - are welcome in Ankara, it seems that there is still a long way to go before a serious revival of Turkish Cypriots' fortunes can take place.

Economic Update | In the Pipeline

22 Jul 2010

Meeting on the margins of the NATO summit in Istanbul earlier this week, the Greek and Turkish defence ministers discussed still further measures to reduce their respective military's deployments in the Aegean. With Greece also expressing strong support for Turkey's European Union membership bid and a host of other steps aimed at rapprochement underway, the two old rivals seem to be taking every opportunity these days to declare their newfound friendship. Meanwhile, although this is good for peace in general, it is also bringing some important economic benefits. Central in these is a plan for a gas pipeline between the two countries that may see Turkey become an important intercontinental energy hub.

Economic Update | Debts and Programmes

22 Jul 2010

Amidst this year's positive news on inflation, economic growth, exports and industrial output, certain Turkish officials could perhaps be forgiven a little for allowing themselves a little slack earlier this year when they wondered out loud if the country really needed a new IMF programme. Yet talk of the Fund's imminent departure from Turkish affairs - after several decades of involvement - now seems highly premature. As the Treasury geared up to meet this week's huge domestic debt redemption, it was time to remember that while the recovery may have been underway for some time now, there are still some significant burdens for the country to shoulder - and for which the IMF still seems badly needed.

Economic Update | Sell Offs and Seizures

22 Jul 2010

With the courts taking two steps back - and then one giant leap forward - in the privatisation of Turkey's giant state oil refiner this week, the country's troubled sell-off programme appeared to be stumbling forwards once again. Yet there is still a long way to go if the government is to meet its ambitious privatisation targets, while the inventory of assets still up for sale by the state grows steadily longer.

Economic Update | Slip Sliding Away

22 Jul 2010

After over a year of strong gains by Turkey's currency against the US dollar, last week saw business perhaps return to usual on the Istanbul markets, with the Turkish lira (TL) once again on the slide. However, while political uncertainties caused by a row over education reform may have added to analysts' risk calculations, it was largely straightforward financial and economic factors that were decisive in the new forex movements.