BRIBED IN, SQUEEZED OUT: AN IPO TALE FROM BURSA
With the investment fund scandal still unfolding, a new allegation has come to light: companies were asked for bribes to secure approval from the Capital Markets Board (SPK) to go public.
Analysis
In-Depth Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
FUND SCANDAL PAYOUTS BEGIN AS MSCI FREEZE DEEPENS MARKET TURMOIL
For nearly half a million retail investors caught in Turkey’s worst financial storm in years, compensation has finally begun to flow. But the first cash distributions came as the fallout spread beyond Turkey’s borders: global index provider MSCI froze index changes for Turkish equities on Oct. 15 and warned of a possible downgrade, while prosecutors broadened their probes and lawmakers scrambled to pass emergency legislation.
RÜZGAR/WIND
In Turkish, rüzgâr begins as a simple meteorological fact: the wind that sweeps across the Bosphorus, bends Aegean olive trees and makes wildfires spread uncontrollably. Etymologically, it probably blows in from Persian, once meaning “time, fate, weather,” before narrowing into “wind.” But its real life is in metaphor: the wind that shifts fortune, tests patience, topples governments. In a language where song lyricists routinely confide in the breeze, it was only a matter of time before politicians started doing the same.
TURKEY FREEZES IRANIAN ASSETS, HOSTS IRAN DEFENSE MINISTER
Turkey froze the assets of 18 institutions and 20 individuals linked to Iran, including the Atomic Energy Organization of Iran, a day before hosting Iranian Defense Minister Brig. Gen. Aziz Nasirzade in Ankara.
İZMİR
In Turkey’s grand narrative, Izmir is the perennial contrarian. While Ankara governs and Istanbul dazzles, Izmir lounges by the Aegean, sipping its coffee with a secular smirk. Affectionately dubbed “Güzel İzmir” (Beautiful Izmir) by admirers and “Gavur İzmir” (Infidel Izmir) by detractors, the city has long been a cultural outlier—a place where minarets share the skyline with bell towers, and where the sea breeze carries whispers of both rebellion and repose.