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Home Tag Turkey

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HISTORY OF OTTOMAN BANKING

by TT English Edition

April 15, 2021

The roots of banking go back to 13th-century Italy, but truely flourished during and after the Industrial Revolution, whose effects also brought the banking system to the Ottoman Empire Banking ...

Police officers stand next to debris during rescue operations after an earthquake struck the Aegean Sea, in the coastal province of Izmir, Turkey, on October 31, 2020. (Reuters)

Search and rescue continue after strong quake rattles Turkey, Greece

by TT English Edition

April 15, 2021

At least 25 people have been killed and 804 injured when a magnitude 6.6 earthquake jolted the city of Izmir on the Turkish Aegean. A total of 435 people are ...

Turkey suspends readmission deal with Greece — Cavusoglu

by TT English Edition

June 5, 2023

Ankara has suspended its bilateral migrant readmission deal with Greece, Foreign Minister Mevlut Cavusoglu announced on Thursday. The suspension came after Greek authorities refused to extradite ex-Turkish soldiers who took ...

Turkish President Erdogan addresses members of his Justice and Development (AK) Party during a meeting at the parliament in Ankara, Turkey, October 28, 2020. (Reuters)

Erdogan: No true Muslim can be a terrorist

by TT English Edition

April 15, 2021

Turkey's President Recep Tayyip Erdogan has said it is "a matter of honour" to stand against attacks on Prophet Muhammad in a parliamentary address to his governing party. "Unfortunately, we ...

For a while, U.S. nationalists and globalists in the Atlantic Alliance have found themselves in an intense confrontation. Some experts define it as bogus, but it is indeed not. The nationalist side’s sole agenda is to see the U.S. as the leader of the world's politics, while the globalists demand the opposite. Consisting of powerful financiers, bureaucrats, families and key figures in international politics, the globalists claim that the U.S. lost its qualifications for such leadership in the worldwide system. They are, therefore, trying to shape a new world order that will replace China with the U.S. at the top of the hierarchy. In this context, Beijing’s Belt and Road (BRI) initiative promises a significant role, they say. On condition that the U.S.’ absolute hegemony is accepted, globalists agree that the U.S., Russia and China are equally the centers of power in the eco-political system. This is where the quarrel indeed deepens. The European Union, particularly the Germany of Chancellor Angela Merkel, also shares the same idea, agreeing to further ties with Russia and China, the two powers the union thinks already returned to each's own imperial codes. The warring sides of the quarrel have a plan for Ankara as well. Nationalists demand Turkey to adopt a pro-American agenda in every circumstance. Globalists, meanwhile, ask Ankara to take part in the campaign to support China’s rising power, especially in the BRI. It can be said, however, that both sides are of the same opinion in demanding a globally functional Turkey. Ankara refuses such demands and rejects any roles commanded from external circles. That means the Turkish administration is determined to be a decision-maker and game-changer in the global system. Based on the national economy, independence is Turkey’s top priority. In this context, from energy to defense, transportation to digitalization, Turkey’s global power has increased. Rather than becoming a “functional” country as demanded, the new Turkey prioritizes its own interests and further contributes to the world economy and global trade with its own strategy and choices. Naturally, these circles will not accept this situation and will try to corner Ankara. Despite that, Turkey will seek to move forward and get closer to the point it deserves in the world. A strategic maneuver The most challenging agenda for this century’s rising economies, for the Emerging 7 (E7) that includes Turkey and is said to soon be replaced by the "Developed 7," is to succeed in showing themselves as among the most indispensable countries in the fields of defense-security, energy and digitalization. For these seven nations, which include China, India, Russia, Brazil, Indonesia, Turkey and South Korea, one of the most important stages in this global struggle is to become an economy with a surplus in foreign trade and current account balance. India, Brazil, Indonesia and Turkey are the countries that should improve the most on this issue because being a challenger nation in global competition requires being a country with a sustainable current account surplus and then becoming one with a foreign trade surplus. Whether with the current account balance or with a sub-issue, attaining a sustainable performance in terms of the foreign trade balance is connected to Turkey producing a much higher added value for each kilogram of goods and services it sells to the world than the those it purchases. So, Turkey has to produce the goods and services it manufactures with higher efficiency and at a lower cost. As Turkey, that's precisely why we are focused on becoming a more competitive economy in terms of raw material, intermediate goods, labor, energy, technology and financing costs. We will achieve the other pillar of sustainable foreign trade and current account balance by increasing the weight of the products we produce with "high technology" within our exports. Turkey, at this point, for the first time in the history of the republic, is a "challenger" that is encouraging success. Its "domestic and national technology" moves in the fields of defense-security, energy and digitalization are gaining momentum. Turkey is generating the electricity to be used by the economy at a "competitive" price with its domestic and national solar and wind energy moves and its domestic natural gas, which is expected to reach 1 trillion cubic meters in the future, will start with 405 billion cubic meters for the use of both households and industry. The nation has realized this with its own seismic search and drilling ships and its own discovery submarine robot. In the field of security, Turkey is also shattering globally accepted defense concepts with its unmanned aerial vehicles (UAVs) and unmanned combat aerial vehicle (UCAVs). It takes this success to a more competitive level with its domestic "electric" car. Today, it has to carry its global claims in digitalization forward with domestic software and hardware. This whole situation means that these strategic maneuvers will carry Turkey to a current account surplus and foreign exchange reserves of the central bank above $200 billion. We will successfully emerge from this challenge in the name of "strong foreign exchange reserves" that will crown our economic independence.

Globalists vs nationalist: The Turkey case

by TT English Edition

April 15, 2021

For a while, U.S. nationalists and globalists in the Atlantic Alliance have found themselves in an intense confrontation. Some experts define it as bogus, but it is indeed not. The ...

Turkey vows legal steps as Erdogan dismisses Hebdo cartoon

by TT English Edition

June 5, 2023

Turkey’s President Recep Tayyip Erdogan has dismissed French satirical magazine Charlie Hebdo’s efforts to ridicule him, saying he has nothing to say about “scoundrels who insult his beloved prophet”, as ...

An anti-drone device developed by Turkish firm, Antalya, southern Turkey, Oct. 21, 2020. (AA Photo)

Qatar, Albania 1st countries purchasing anti-drone system from Turkish firm

by TT English Edition

April 15, 2021

ASouthern Turkey-based defense industry firm that has been producing anti-drone systems for Turkish security forces, including an early warning system to address the several threats by unmanned aerial vehicles (UAV), ...

What are the new formations in Turkish politics?

by TT English Edition

April 15, 2021

Last week, the chairman of Turkey's main opposition Republican People's Party (CHP), Kemal Kılıçdaroğlu, urged the Nationalist Movement Party (MHP) leader Devlet Bahçeli to demand an early election. Bahçeli dismissed ...

Turkey’s new gas reserves and Black Sea geo-politics

by TT English Edition

April 15, 2021

President Recep Tayyip Erdoğan announced Turkey's latest natural gas discovery in the Black Sea on Saturday. This development demonstrates that Turkey's energy drive has reached the next level – and ...

Turkey's President Recep Tayyip Erdogan speaking at Sirnak Governor's Office opening ceremony in Sirnak, Turkey, October 18, 2020. (AA)

US, Russia and France stand by Armenia: Erdogan

by TT English Edition

April 15, 2021

Turkish President Recep Tayyip Erdogan has said that the co-chairs of the OSCE Minsk group — the US, Russia, France — stand by Armenia and provide the country with "weapon ...