What matters this morning

Negotiations on the Collective Labor Agreement in which financial and social rights of working and retired civil servants will be determined, will start today with a meeting. Pensions and wages of nearly 4.2 million civil servants and 2.2 million retired civil servants will be set for 2022 and 2023. The meeting will be hosted by the Ministry of Labor and Social Security. On the other hand, the agreement process concerning over 700,000 public employees is expected to be resulted this week.

A total of 122 wildfires out of 129 in Turkey have been brought under control, according to the country’s communications director Fahrettin Altun. Blazes broke out in at least 35 provinces, including several on the country’s Mediterranean coast, killing at least eight people in the last five days. As many as 271 other people have been affected, according to the Disaster and Emergency Management Authority (AFAD).

Looking at the money market, USD/TRY depreciated by 3% on a monthly basis and 1.2% in a weekly basis in July. USD/TRY which fell to 8.40 on Friday is traded at 8.44 this morning. EUR/TRY also declined by 0.03% to 10.04.

On the global side, oil prices dropped by 0.91% to USD 74.72 while gold prices saw USD 1,807 this morning.


Istanbul Chamber of Industry (ISO) will release Turkey Manufacturing Purchasing Managers Index (PMI) for July. The Manufacturing PMI saw 51.3 in June, while it’s expected to exceed this figure in July.

Trade Minister Mehmet Mus will announce preliminary foreign trade statistics for July.


>> On the cover: This week on our cover, we interview the founding partners of Re-Pie, one the first independent alternative asset management companies in Turkey which has rocketed to the top of the asset management sector with the innovative funds it has launched. Re-Pie changed the classic mixture of REIT and private equity funds to become one of the first financial investors in Getir as early as 2018, long before its unicorn status. They are disrupting the industry with new options for investors and dedicated funds for fast growing companies. You can read the details on pages 14-15.

>> Report: Sabanci’s three industry giants grew during the pandemic. P. 10-11.

>> Professor Ilter Turan: Does he who pays call the shots? P.12.

>> Ipek Yezdani: Turkey’s role in Afghanistan unsustainable: Ahmet Kasim Han. P. 13.

>> Startup: Bioeksen exports test kits to nearly 50 countries. P. 16.

>> Dr. Sibel Zengin looks into ‘The broken silence between Turkey and France’ on page 24.

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

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