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House sales down below 100,000 in April

House sales down below 100,000 in April

House sales increased by 124.1% to 95,863 units in April, compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat). The increase stemmed from sharp decline in April last year due to the pandemic. Istanbul – the country’s largest city by population and one of its top tourist centers...

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NASA awards technology company Nanosilver

NASA awards technology company Nanosilver

The nanotechnology company Nanosilver’s product will be used by NASA in space studies, according to Tanra Gurcay, CEO of Nanosilver. NASA awarded the nanotechnology company Nanosilver, which conducts R&D activities in Teknopark Istanbul, with a nanosized silver project.  Established by young entrepreneurs Rona Gurcay and Tanra Gurcay, Nanosilver provides raw material by producing nanosized noble...

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Foreign investments fell by incentive certificates: Ministry

Foreign investments fell by incentive certificates: Ministry

BY MEHMET KAYA The decrease in the foreign direct investment (FDI) in recent years became more evident in 2020. The share of foreign capital companies in total amount of investment incentive certificates, which stood at 22% in the last 10 years, fell to 8% in 2020, according to a study conducted by the Ministry of...

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What matters this morning

What matters this morning

The holy month of Ramadan is ending today and the Muslim world is entering the three-day eid, which is celebrated with an official holiday in Turkey. This year we will not be able to visit elderly family members or take this chance to have an escape to a seaside due to lockdown. Stuck at home,...

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Current account posts USD 3.3bn deficit

Current account posts USD 3.3bn deficit

The current account balance posted USD 3.3b deficit in March, a decrease of USD 2.1bn, compared to the same month of the previous year, according to the Central Bank. The 12-month rolling current account deficit (CAD) reached USD 36.12bn in this period. According to the balance of payments figures released by the bank, the country’s...

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Industrial production increases above expectations

Industrial production increases above expectations

The industrial production index rose by 16.6% in March, compared to the same month of the previous year. The index was expected to increase by around 13.4%, according to the country’s economy world.   Industrial production in the country rose by 0.7% month-on-month in March and 16.6% annually, the Turkish Statistical Institute (TurkStat) said. The...

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What matters this morning

What matters this morning

The Israel-Palestine issue, which seems to have been forgotten for a long time, is on the agenda again. Brutal attack on Palestinians who worship in Masjid al-Aqsa, one of the holiest places of Muslims by the Israeli police on one hand, the efforts of radical Jewish settlers to confiscate the homes of Palestinian families, who...

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We won’t pay back loans got for Canal Istanbul: Kilicdaroglu

We won’t pay back loans got for Canal Istanbul: Kilicdaroglu

“Why doesn’t Erdogan tell the truth about USD 128bn and share it with people,” asked Republican People’s Party (CHP) Leader Kemal Kilicdaroglu, reminding that he (Erdogan) said he would resolutely clamp down corruption when his party came into power during the establishment of the Investigation Committee of Corruption. “This is the question that needs to...

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TOGG penetrates in Europe

TOGG penetrates in Europe

The Turkey’s Automobile Joint Venture Group (TOGG) will establish a firm in Germany, according to a statement from the company. TOGG has applied to launch a company in Germany under the name of TOGG Europe GmbH. The company will be 100% owned by TOGG, which will be located in the Digital Hub Stuttgart (de:hub). TOGG...

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Automotive production reaches 415,000 in January-April

Automotive production reaches 415,000 in January-April

The country’s automotive production, including light commercial vehicles, tractors, and automobiles, totaled 415,187 million units in January-April, according to the Automotive Manufacturers Association (OSD). The total production surged 28%, compared to the same period of the previous year. Passenger car production also increased by 18% to 288,211 in January-April. The capacity utilization rate in the...