Business news from Ukraine

Erdogan and Putin plan to meet in 10 days

Turkish President Recep Tayyip Erdogan intends to visit Russian Federation next week and meet with Russian President Vladimir Putin to discuss the renewal of the Black Sea grain agreement, Bloomberg wrote Monday, citing information from two Turkish officials familiar with the matter.

“Erdogan may travel to Russia on Sept. 8 before heading to India to attend the G-20 summit in New Delhi, the interlocutors said. The Turkish presidential administration declined to comment to Bloomberg,” the report said.

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Turkish President may visit Russia – Turkish media

Turkish President Recep Tayyip Erdogan may visit Russia to discuss with his Russian counterpart Vladimir Putin the extension of the Black Sea Grain Initiative, Yeni Şafak reported on Tuesday, citing sources in the administration of the Turkish president.

According to the publication, “the upcoming visit of President Erdogan to Russia is of critical importance for the deal.” The estimated dates of the trip are not named.

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Erdogan wants to continue Black Sea Grain Initiative

Turkish President Recep Erdogan said he would like to continue the work of the Black Sea Grain Initiative. He said this in Istanbul on Friday night to Saturday after talks with Ukrainian President Volodymyr Zelensky.
“In July 2022, we embodied the Black Sea Grain Initiative with our signatures in Istanbul as a result of the mediation efforts we had with the United Nations. On July 17, this initiative expires, during which about 33 million tons of grain were delivered to those in need in one year through the Turkish straits, which have become an artery for the whole world,” Erdoğan said.
“I wish this initiative to continue. I am convinced that all parties concerned will act with global responsibility for this purpose,” he said.
The Turkish president also noted that he would like the term of the grain corridor agreement to be extended to 2 years.


Erdogan suggested that Zelenski create commission to investigate explosion of dam at Kakhovska hydroelectric power plant

Turkish President Recep Tayyip Erdogan discussed the war in Ukraine in a telephone conversation with Ukrainian President Volodymyr Zelensky, the office of the Turkish head of state said.
According to the report, Erdogan proposed to create a commission with the participation of “experts from the warring parties, the UN and the international community, in particular Turkey, for a detailed investigation of the explosion at the Kakhovska hydroelectric dam.”
The Turkish leader also promised to do everything possible in this matter and said that it is possible to use the method of negotiations, as in the “grain corridor.”
“Stressing that it will not be possible to prevent humanitarian losses on a daily basis as long as conflicts continue, the idea of returning to negotiations must therefore dominate, and said he would resolutely continue his efforts to establish a just peace,” the report said.

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Erdogan sworn in before parliamentarians

Turkish President Recep Tayyip Erdogan’s swearing-in ceremony was held Saturday at the Turkish parliament.

“The swearing-in ceremony and inauguration of Turkish President Recep Tayyip Erdogan took place Saturday, June 3, at the Turkish parliament building in Ankara,” Anadolu Agency reported.

The ceremony was attended by representatives from 78 countries, including the heads of state and government of 20 countries.

Erdoğan, 69, was elected to a third presidential term – until 2028.

Later, Erdoğan will lay a wreath at the mausoleum of Mustafa Kemal Atatürk, the founder and first president of the Republic of Turkey. A luncheon in honor of the guests who arrived for the event is also planned.

On Saturday, Erdogan will also name a new Turkish cabinet.

Erdogan won the second round of the Turkish presidential election, which was held on May 28. According to data after processing 99.75% of ballots, Erdogan received 52.1% of the votes, while his opponent, opposition leader Kemal Kılıçdaroğlu, won 47.9%.

Earlier, a video on the Club of Experts channel analyzed the situation in Turkey after the elections. The full video can be seen at the link:

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Turkish lira falls and stock market rises after Erdogan’s re-election

Turkish lira exchange rate on Monday once again updated its historic low against the U.S. dollar on the results of the presidential election.
The national currency is trading at 20.1004 lira/$1 from 19.9731 lira/$1 at the close of the previous session. Over the past twelve months, the lira has fallen in value by about 23 percent.
Analysts at Morgan Stanley predict that the Turkish currency rate could drop another 29% by the end of this year – to about 28 lira/$1 if the country’s current policies persist. The experts at Wells Fargo & Co. expect a decline to 23 liras/$1 by the end of the current quarter.
Meanwhile, the BIST 100 stock index jumped 4.1 percent in trading Monday to a two-week high. It has nearly doubled over the year (up 88.2%).
Leaders of the rise include companies that earn a significant portion of their revenues from abroad, including glass maker Sise ve Cam Fabrikalari (+6.2%) and Turkish Airlines (+3.3%).
The yield on Turkey’s ten-year government bonds is around 9% annually, the lowest level since January.
Current Turkish President Recep Tayyip Erdogan won the second round of presidential elections. In a speech after the announcement of his victory, he called on his fellow citizens to unite and work together for the good of the country, and promised to address urgent problems, in particular to deal with the effects of inflation.

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