What matters this morning

An agreement has been reached on the collective labor agreement for 2022-2023 during the negotiations, which continued for a while between the government and the trade unions for civil servants. The Ministry of Labor and Social Security will announce the agreement to the public with a ceremony today. The government proposed a 5% increase + inflation compensation for the first half of 2022 and 6% increase + inflation compensation for the second half of 2022 for active and retired civil servants. Trade unions demanded 6% welfare share increase in total in two years, TRY 600 increase on minimum wage on equal basis, 21% wage increase for 2022 and 17% for 2023. Agreements on various social rights will also be announced at today’s ceremony.

Looking at the money market, USD/TRY which fell to 8.37 and closed the week at 8.48 with a decrease in the USD Index last week, starts this morning at 8.47. EUR/TRY is traded at just above 9.93. BIST 100 Index, meanwhile started the week at 1,444 points.

Oil prices started to increase after a 7-day successive decrease due to the concerns that the rapid spread of the delta variant will decelerate global demand recovery. Brent crude surged by 2.26% to USD 66.65 per barrel.

Concerns over the fact that the delta variant also may harm the global economic recovery, have increased demand in gold. Spot gold rose by 0.28% to USD 1,786 per ounce.


The Consumer Confidence Index dropped by 1.6% from 79.5 points to 78.2 points in August, compared to the previous month, according to the Turkish Statistical Institute (TurkStat).

The Ministry of Culture and Tourism will announce foreign visitor figures for July (11.00 am).


>> On the cover: Sabanci Holding subsidiary dominating 28% of the Turkish market, TEMSA CEO Tolga Kaan Dogancioglu told Handan Sema Ceylan, the managing editor of daily DUNYA, how they are turning into a company that produces electric buses for the most environmentally-conscious around the world. You can read the details on pages 14-15.

>> Professor Ilter Turan looks into the rise of Taliban on page 10.

>> Q&A: Ali Nihat Gokyigit, Founder of Tekfen Holding, Founder and Honorary President of the Turkish Foundation for Reforestation, Protection of Natural Habitats and Combating Soil Erosion (TEMA). P. 11.

>> Startup: Turkish startups snatch USD 727m investment in Q2: KPMG Report. P. 16.

>> Energy: Electricity capacity should be increased: Turcas COO. Pp. 18-19.

>> Zeynep Gurcanli: The Afghanistan test: Is Turkey a state of law? P. 24.

>> Do not miss Time Out alternatives for the week.

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