Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
An Istanbul court ordered the continued detention of Istanbul Mayor Ekrem İmamoğlu, campaign director Necati Özkan, journalist Merdan Yanardağ, and businessperson Hüseyin Gün during the latest hearing in their political espionage trial.
Turkish exporters face market loss and price disruption as China redirects $350 billion in production away from the US toward markets where Turkish goods are sold, business leaders warned.
Turkish business leaders aim to grow trade with Syria to $10 billion a year and take part in the country's reconstruction after years of conflict.
The central bank kept its benchmark policy rate unchanged at 37% during its Monetary Policy Committee meeting on July 23, matching market expectations. However, business leaders are increasingly complaining about high borrowing costs, tight credit restrictions, and falling industrial output.
Ten years after the failed coup, the crackdown on Gülenist-owned businesses has become a revenue stream: the state has collected $1.5 billion from selling off seized firms — and the state fund managing them has grown into one of the country's largest conglomerates, its reach now extending far beyond the Gülenists.
The top business association, TÜSİAD, urged the government to focus on development over mere economic growth. The meeting of the group’s High Advisory Council saw Chair Ömer Aras, who was detained last year after criticism over democracy and the rule of law, carefully avoid those topics this time around.
Fifteen more pre-trial defendants were released in the corruption case targeting the Istanbul Municipality, including Adem Soytekin, a businessperson who applied for leniency under Turkey's remorse law, as the war of words between President Recep Tayyip Erdoğan and main opposition CHP Chair Özgür Özel showed no signs of abating over the case.
Amid a sustained crackdown on opposition-run municipalities, CHP Chair Özgür Özel has begun unveiling alleged corruption within government-affiliated municipalities. Özel disclosed specific dates, figures, locations, names—and even codes linked to a secret witness—to support his claims. His announcement follows the release of the first indictment involving businessperson Aziz İhsan Aktaş, whose testimony led to the arrest of seven CHP mayors.
Ali Koç, a member of Turkey’s wealthiest business family, lost control after seven years at soccer club Fenerbahçe, ousted by businessperson Sadettin Saran. Saran became the 38th president of the yellow-and-blue club, winning 12,325 of 24,393 valid votes at the Extraordinary Elective General Assembly.
CHP Chair Özgür Özel sparked a political storm by accusing a senior AKP figure of bribing a businessperson to testify against Istanbul Mayor Ekrem İmamoğlu. The CHP leader also suggested that the AKP had used dirty tricks to push CHP Aydın Mayor Özlem Çerçioğlu to transfer to the AKP on the 24th anniversary of the ruling party. Just two hours before the AKP’s celebrations, Özel said that former AKP Central Decision and Executive Board member and lawyer Mücahit Birinci asked imprisoned businessperson Murat Kapki to pay $2 million and promised his release in return for signing a false statement.
The central bank kept its benchmark policy rate unchanged at 37% on April 22, meeting the expectations of most analysts. The decision comes following intensified criticism of both the bank and Finance Minister Mehmet Şimşek, 59, from the business world and media outlets close to the government.
Turkish authorities launched a new anti-drug operation on March 25, detaining high-profile figures from the worlds of sports, business, and entertainment. The raids marked the end of a brief lull in such operations following the appointment of the new interior and justice ministers in February.