Happy Victory Day!
Today is The Victory Day, a public holiday commemorating the decisive victory in the Battle of Dumlupinar, the last battle in the Greco-Turkish War, on 30 August 1922. Following the battle, Greek presence in Anatolia ended. Victory Day was first celebrated on August 30, 1923 and has been an official holiday since 1926.
This week’s important agenda item on the economy will be the inflation data for August to be released on Friday. The annual inflation which exceeded expectations and reached 19% in July, is projected to decrease to 18.5% in August. Food prices will be determinant in inflation while the impact of change in special consumption tax (SCT) base in automotive sector will also be observed. SCT arrangement may bring a 0.5-1.0-point decrease to CPI, according to the economists.
Domestic markets will be closed due to the official holiday. Looking at the foreign exchange transactions abroad, USD/TRY is traded at just above 8.34, while EUR/TRY sees 9.85 this morning.
Gold prices jumped to USD 1,821 last week after the Federal Reserve Chair Jerome Powell stated that the interest rate increase is postponed. Spot gold declined by 0.23% to USD 1,813 today. Contrary to yellow metal, brent crude, which exceeded USD 70 from USD 64 last week, surged by 0.14% to USD 72.80 this morning.
IN OUR MAGAZINE THIS WEEK
>> On the cover: Coskunoz Holding carries out mass production and creates molds for automotive brands in its domestic and international factories. The company has partnerships with Russian sheet metal producer MMK as well as the Italian company Magnetto Automotive to carry out its automotive production. The holding has a 10-year strategic plan to expand its investments abroad with the new facilities in Russia in the automotive sector, and by exploring global investment opportunities in other sector in which the holding operates, according to Coskunoz Holding CEO Erdem Acay. You can read the details on pages 14 and 15.
>> Professor Ilter Turan: The time has come to think again. P. 10.
>> Q&A: Prof. Dr. Yusuf Leblebici, Rector of Sabanci University. P. 11.
>> Kyrgyzstan envoy calls for investment. You can read the details in our Diplomacy section on page 12.
>> Startup: Re-Pie Portfoy makes a partial exit from Getir. P. 16.
>> Energy: Carbon tax force companies to buy WPPs: ENSIA. P. 22.
>> Tourism: Tourism Ministry allocates 15 new sites. You can read the details on page 23.
>> Zeynep Gurcanli: Whom to believe? P. 24.
>> Do not miss Time Out alternatives for the week!
