11 including 7 police killed in Istanbul bomb attack

Eleven people including seven police officers were killed in a bomb attack targeting a central Istanbul district on Tuesday, the governor said.

“Seven police and four citizens lost their lives,” Vasip Sahin told reporters at the scene.

Thirty-six people were injured.

A parked car packed with explosives was detonated by remote control as the police bus drove by, CNN Turk said.

It broadcast cell-phone footage of a blackened and mangled vehicle on the street as vendors peered out from a souvenir shop in a district near Istanbul university.

There was no immediate claim of responsibility. But Kurdish militants, Islamic State and radical leftists have all staged attacks in Turkey recently.

A Reuters witness saw what appeared to be two police vehicles hit, one of them on its side next to the road. Gunshots were heard in the area after the blast, state-run Anadolu Agency reported.

Broadcasters showed armed police in the street near to the site where the blast struck. Haberturk said eight people were wounded.

A spokesman at police headquarters in Istanbul was unable to provide information on the incident when reached by phone.

Turkey has suffered a spate of bombings this year, including two suicide attacks in tourist areas of Istanbul blamed on Islamic State and two car bombings in the capital, Ankara, which were claimed by a Kurdish militant group.

source: AFP 

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Turkey’s house sales jump in Nov. ’24

House sales in Turkey saw a significant increase in November, rising by 63.6 per cent compared to the same month in 2023, reaching a total of 153,014 transactions. The highest number of sales were recorded in Istanbul (26,320), Ankara (14,916), and Izmir (8,583), while Bayburt, Tunceli, and Hakkari had the fewest sales.

In the January-November period, house sales grew by 16.4 per cent, totaling 1.27 million properties sold. Mortgaged house sales surged by 315.7 per cent in November, reaching 21,804, though they decreased by 21.3 per cent year-to-date.

First-time house sales also saw a sharp increase, up 61.7 per cent in November, with 49,274 properties sold. Meanwhile, second-hand sales rose by 64.6 per cent, reaching 103,740 homes.

Sales to foreigners decreased by 8.2 per cent in November, totaling 2,151 homes. The highest number of foreign sales was to Russian citizens (421), followed by Iranians (200) and Ukrainians (160).

Attribution: TURKSTAT

Subediting: M. S. Salama

S&P Global: Turkey’s manufacturing sector improves in Nov. ’24

Turkey’s manufacturing sector showed tentative signs of recovery in November, with the Istanbul Chamber of Industry Türkiye Manufacturing PMI rising to 48.3 from October’s 45.8, though remaining below the 50.0 threshold for the eighth consecutive month.

The improved PMI reflected slower declines in output and new orders, alongside a return to job growth after nine months of workforce reductions. Employment grew at its fastest rate since July 2023 as firms anticipated rising workloads.

Inflationary pressures eased significantly, with input cost inflation hitting a two-year low and output price increases slowing to their softest pace since December 2019. This contributed to improved demand, as firms reported new orders from customers.

Production declines were the weakest since April, and new export business contracted at a slower pace. However, input buying and inventory levels continued to moderate, and suppliers’ delivery times lengthened due to geopolitical tensions.

Andrew Harker, Economics Director at S&P Global Market Intelligence, noted that the easing inflationary pressures and improving demand conditions indicate cautious optimism among Turkish manufacturers regarding future workloads.

Attribution: S&P Global

Subediting: M. S. Salama

Turkey launches $5b industrial decarbonisation investment platform

Turkey launched the Türkiye Industrial Decarbonisation Investment Platform (TIDIP) in Ankara, aiming to drive $5 billion in investments by 2030 to cut over 20 million tons of carbon emissions annually.

Spearheaded by the European Bank for Reconstruction and Development (EBRD), the initiative represents the world’s largest industrial decarbonisation programme to date.

The platform focuses on decarbonising key sectors, including steel, aluminium, cement, and fertilisers, with plans to expand into glass, ceramics, and chemicals. Developed in partnership with the Turkish Ministry of Industry and Technology, TIDIP is guided by low-carbon pathways that integrate technology, financing, and policy measures.

With the EU’s Carbon Border Adjustment Mechanism imposing higher costs on Turkish exports, the platform aims to enhance the competitiveness of local industries while promoting green investments.

EBRD President Odile Renaud-Basso highlighted the importance of country-led approaches, stating, “Uniting public and private entities under robust national leadership accelerates progress and amplifies impact.”

The EBRD, a key investor in Turkey, has committed over €21.1 billion across 461 projects since 2009, primarily in the private sector.

Attribution: the European Bank for Reconstruction and Development (EBRD)

Subediting: M. S. Salama

 

Egypt’s trade with G20 nations hits $61b in first 9 months of ’24

Egypt’s trade with the G20 countries reached $61 billion in the first nine months of 2024, up from $55.6 billion during the same period in 2023, according to the latest data from the country’s official statistics agency, CAPMAS.

Exports from Egypt to G20 nations totaled $14.4 billion, a slight decline from $14.9 billion in 2023. Italy was the leading importer of Egyptian goods, purchasing $2.9 billion worth, followed by Saudi Arabia ($2.4 billion), Turkey ($2.3 billion), the USA ($1.7 billion), the UK ($1.2 billion), France ($811 million), Germany ($717 million), Brazil ($585 million), Russia ($466 million), and India ($423 million).

Top exports included fuel, mineral oils, and refined products ($2.4 billion), vegetables and fruits ($1.7 billion), ready-made clothing ($1.5 billion), electrical appliances and equipment and their parts ($962 million), fertilisers ($961 million), plastics and products ($887 million), and iron and steel ($830 million).

On the import side, Egypt’s purchases from G20 countries totaled $46.6 billion, up from $40.7 billion in 2023. China was Egypt’s largest supplier, with $11.3 billion in imports, followed by the USA ($5.2 billion), Saudi Arabia ($5.1 billion), Russia ($4.5 billion), Germany ($3.3 billion), Brazil ($2.9 billion), Italy ($2.6 billion), Turkey ($2.4 billion), India ($2.2 billion), and the UK ($1.5 billion).

Major imports included electrical and mechanical appliances and equipment ($8.2 billion), fuel, mineral oils, and their refined products ($6.9 billion), iron and steel and their products ($4.1 billion), grains ($3.4 billion), cars, tractors, motorcycles, and their parts ($2.7 billion), plastics and products ($2.5 billion), and chemical products ($1.7 billion).

Attribution: CAPMAS emailed statement

Subediting: Y.Yasser

Turkey’s housing sales up in Oct. ’24

Turkey’s housing market boomed in October, with sales up 76.1 per cent year-on-year, totalling 165,138 units, according to official data released on Wednesday.

The highest sales were recorded in Istanbul, Ankara, and Izmir, while Hakkari, Bayburt, and Ardahan saw the fewest transactions. From January to October 2024, total sales rose by 11.9 per cent, reaching 1.1 million units.

Mortgaged home sales skyrocketed by 278.2 per cent in October, totalling 21,095, though the January-October period saw a 31.9 per cent decline. Other non-mortgaged sales reached 144,043 in October, a 63.3 per cent increase, and comprised 87.2 per cent of all October sales.

First-time sales climbed 97.3 per cent in October to 57,679 units, while second-hand sales rose by 66.5 per cent to 107,459 units.

Foreign buyers purchased 2,122 homes in October, marking a 16.3 per cent decrease year-on-year, with most sales occurring in Antalya, Istanbul, and Mersin. Russian citizens led foreign purchases with 373 transactions, followed by Iranians and Ukrainians.

Attribution: TURKSTAT

Subediting: Y.Yasser