AUTO MARKET SHRINKS, YEAR-END CONTRACTION MAY HIT 20%
The passenger car and light commercial vehicle market shrank by 10.72% in the first seven months of 2026.
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A ‘NEW PARTY’ IS ABOUT TO BE BORN
Özgür Özel, ousted as CHP chair by a court ruling, is preparing to set up a new party even as legal threats mount against him and his allies. The party is likely to be called Yeni Party (New Party), Özel said. 'We are working on the name and the logo. The name has started to become clear. There is a generally accepted name, while the logo is still being worked on. For now, let's call it 'Yeni Party.' Until there is a new name, let's say Yeni Party,' Özel told SZC TV. 'The statute and the program are being written. The official step will be taken at the end of July or the beginning of August,' Özel told the channel at parliament ahead of a special session marking the 10th anniversary of the failed coup attempt.
WHERE’S THE PARTY?
CHP tears itself in two, Özel ponders a new party; Stay till the end, he says, and take it back, hearty; But should the courts not bend, he's got a backup plan: 110 MPs, and himself as the new man.
COMPLIMENTS THAT CHILL ANKARA: TRUMP ON BRUNSON AND IRAN
Paying an official visit to President Recep Tayyip Erdoğan ahead of the NATO Summit and signaling movement on the F-35 and the Kaan's F110 engines, US President Donald Trump also touched on two subjects that sent a chill through Ankara: the release of American Pastor Andrew Brunson, and Turkey's stance in the US-Israeli war against Iran. Meant as praise, both stories cut deeper than they flattered.
MASSIVE ARREST WAVE HITS ANKARA AHEAD OF NATO SUMMIT
More than 200 people were detained in police raids ahead of the upcoming NATO summit scheduled for July 7-8 in Ankara. Following the sweeping operations launched by the Ankara police on June 23, courts have already ordered the formal arrest of 103 individuals out of 129 referred to the judiciary.
FINAL STEPS UNDERWAY TO DROP US CHARGES AGAINST HALKBANK
Halkbank, the state lender and fourth-largest bank in Turkey by assets, announced that a nine-year-old US criminal case against the bank is getting closer to a complete end. The bank and the US Attorney’s Office for the Southern District of New York submitted a joint plea to the court on June 10, 2026, requesting the dismissal of all charges.
CENTRAL BANK HOLDS MAIN INTEREST RATE AT 37 PERCENT
The central bank kept its benchmark policy rate unchanged at 37% for the third consecutive meeting on June 11, matching the consensus forecast of economists. The Monetary Policy Committee also held its overnight lending rate at 40% and its borrowing rate at 35.5%. The central bank last altered its policy rate in January with a 100-basis-point cut.
STOCKS COLLAPSE FOLLOWING CHP NULLITY DECISION AS BILLIONS OF DOLLARS INJECTED INTO MARKET WITHIN HOURS
Selling pressure intensified on Istanbul’s stock exchange today following a court ruling of "absolute nullity" regarding the main opposition CHP congress. The benchmark BIST 100 index plunged over 6%, triggering a market-wide circuit breaker. The banking index took an even heavier hit, dropping more than 8% to close at 13,163 points.
NEED FOR RULE OF LAW BECOMES MORE EVIDENT WITH THE START OF İMAMOĞLU TRIAL
The trial of Istanbul Mayor Ekrem İmamoğlu on corruption charges began on March 9, with the main defendant’s plans to challenge the legitimacy of the trial muzzled by the court and the media. After waiting nearly a year, İmamoğlu and 402 co-defendants — 107 of whom are under pre-trial detention — finally got their day in court. The hearings began with a confrontation between the court and İmamoğlu over his desire to make his case. He was allowed to deliver only a short statement on the second day and may have to wait at least until mid-April — in the best-case scenario — to present his full defense.
FORMER TOP PROSECUTOR ARRESTED IN WARDROBE AFTER 10 YEARS ON THE RUN
A former top prosecutor, wanted for nearly a decade over his alleged ties to the Gülenist movement, which Turkey officially designated as a terrorist group, was arrested after police found him hiding in a secret compartment inside a wardrobe.
CASH FLOW BECOMES PRIORITY IN SHIPBUILDING
Turkey is considering generating cash flow by exporting newly built naval platforms originally designed to meet domestic requirements. The first of 10 light corvette-class vessels planned for the Turkish Navy, the TCG Akhisar (P-1220), was sold straight to Romania without entering the Turkish inventory after its completion in December 2025. Ankara is now in talks to sell two newly built I-class (Istanbul/İstif-class) frigates to Indonesia.
SYRIA BECOMES GORDIAN KNOT ON TURKEY’S PEACE PROCESS
Developments in Syria are emerging as a potential block to Turkey’s push for Kurdish peace. With the March 10 Agreement between the Syrian Democratic Forces (SDF) and Damascus nearing its implementation deadline, Ankara is increasing pressure for compliance.