Inci Ozbek

Turkish President Recep Tayyip Erdogan unveiled plans to spend $50 billion building 500,000 new homes and 50,000 offices in what he billed as Turkey’s biggest ever home-ownership push, hoping to win over lower-income voters ahead of next year’s elections.

Retail prices in Turkey’s biggest city, Istanbul, rose by 73.02% compared to the previous year, according to data published by the Istanbul Chamber of Commerce on Saturday.

Turkey’s Central Bank, under new Governor Hafize Gaye Erkan, is easing its security maintenance rule as its first step to simplifying policies designed to boost Turkish lira savings.

Turkish Airlines is in talks with Airbus SE for what would be the biggest order in the carrier’s history if finalized.

Turkish telecommunications company Turkcell Iletisim Hizmetleri AS signed an agreement to sell its Ukraine units to NJJ Capital.

Turkey’s Peninsula Investments and Denon Partners have merged to create Peninsula Corporate Finance AS and plan to establish an investment bank within the next two years.

Turkey’s fintech startup Colendi raised $65 million in fresh funding from a group of investors including Citigroup Inc.’s venture capital arm at a valuation of $700 million.

The Board of Turkish lender Garanti BBVA has chosen Mahmut Akten to replace Recep Bastug who has served as CEO since 2019. Akten, currently the Executive Vice President in charge of corporate, investment banking, and global markets, will also be BBVA’s Turkey Country Manager. Spanish lender Banco Bilbao Vizcaya Argentaria SA holds an 86% stake in Garanti BBVA.

Nomura Holdings Inc. hired Zumrut Imamoglu from Bank of America Corp. as senior Turkey economist in its Global Macro Research team in London, effective Sept. 8, the bank said in an emailed statement.

Turkey’s stocks are close to erasing their year-to-date gains as political uncertainty weighs on sentiment and investors brace for a key central bank meeting next week.