Turkish inflation rose to 8.17% in 2014, lower than the central bank and most economists’ expectations. However, it is still above the government”s target, data from the Turkish Statistics Institute (TurkStat) showed on the 12th January. The central bank had targeted an inflation rate of 5% last year. Consumer inflation fell 0.44% month-on-month in December. Domestic producer prices fell 0.76% on the month, for an annual rise of 6.36%, the data showed.
Istanbul exchange trades Sarajevo SASX-10 index futures for first time
Turkey’s state-run stock exchange Borsa Istanbul has started trading index futures of 10 companies from the Sarajevo Stock Exchange as part of expansion plans ahead of an initial public offering expected in the first half of 2016. Borsa Istanbul is trying to increase links with other exchanges in the region such as those in Sarajevo and Montenegro as it prepares for the listing.
Fitch report on Turkish banks
Modest economic growth, competition for deposits and moderate asset quality deterioration will create a tough operating environment for Turkish banks in 2015, but solid capital and profitability buffers mean the outlook will remain stable, ratings agency Fitch said in a statement.
“Our base case is for economic growth over the medium-term to remain below recent highs, with ongoing but manageable interest and exchange-rate volatility and continued access to international funding,” it added.
However, Fitch also added that under most scenarios foreign-currency liquidity would be sufficient.
Anadolu will pay TRY6.4 billion (US$2.74 billion) or TRY26 (US$11) per share, a premium of 14% to Migros”s close. Anadolu had offered to buy a stake in Migros from BC Partners in October for TRY26 (US$11.25) per share, representing a premium of 36% to Migros”s closing on the 2nd October. Migros was acquired by BC Partners in 2008 for US$3.25 billion with the help of Turkey”s Turkven and Italy”s DeA Capital, beating a bid by larger rival Blackstone Group and Croatian food group Agrokor. Anadolu had completed due diligence with BC Partners on the acquisition of 40.25% of the shares on the 2nd December 2014.