Russian court imposes injunction on UniCredit’s assets

MOSCOW: A Russian court has imposed an injunction Friday on assets worth pound 463 million ($503 million) belonging to Italian-based UniCredit bank. The Arbitration Court of St. Petersburg and Leningrad Region heard the case against UniCredit by the Gazprom-owned RusHimAlyans company. The assets include securities, real estate and funds in the bank's accounts, according to the court's decision. The Gazprom-owned company had previously filed lawsuits against Deutsche Bank and Commerzbank. UniCredit was among the guarantors of a contract with Germany's Linde for the construction of a natural gas processing plant in Russia, which was terminated due to sanctions. Source: Anadolu Agency

International venture capital funds eager to invest in Trkiye: Technology minister

LONDON: International venture capital funds are eager to invest in Trkiye, Technology Minister Mehmet Fatih Kacir said Friday. Kacir, who was in London to attend a series of programs, answered questions from Turkish media after meeting with venture capital fund managers. He highlighted Trkiye's burgeoning capabilities and strategic initiatives in key areas such as health technologies, green transformation technologies, digital transformation technologies and artificial intelligence. Kacir emphasized the advanced level achieved by Turkish technology startups, particularly in next-generation mobility technologies -- a crucial component of the green transformation. "I shared Trkiye's capacity in these areas extensively," he said. "Investors expressed their desire to increase their presence in our country. He pointed out that Trkiye's approach serves as a global example of how public resources can be effectively utilized to accelerate technology startups. "Our work demonstrates how public resources are bein g used and evaluated to support technology startups at a level rarely seen worldwide," he noted. "These initiatives have already borne fruit, with technology startups in Trkiye receiving significantly larger investments compared to previous periods. From 2010 to 2020, the annual investment in Turkish tech companies and startups was approximately $100 million. However, between 2020 and 2023, this figure skyrocketed to $4 billion over three years," he explained. The influx of capital has accelerated the emergence of billion-dollar unicorns in Trkiye affectionately termed "Turcorns." "Today, we have several tech startups valued at over a billion dollars in sectors such as gaming, e-commerce, software, and fintech," Kacir noted. Looking ahead, he outlined an ambitious vision for Trkiye's technology and entrepreneurship ecosystem. By 2030, Trkiye aims to foster the creation of 100,000 technology startups, with 100 achieving Turcorns status. "To achieve this, we must strengthen our international collaboration s and more effectively communicate and promote the country's success stories in technology entrepreneurship to the world," said Kacir. London, a global hub for venture capital and asset funds, hosts more than 500 capital funds, which annually allocate substantial resources to technology and entrepreneurship. "In the coming period, we will enhance our relationships and communication with these funds. We will organize similar events in Trkiye together with them and continue to accelerate the growth of the country's technological startups," he said. Rapid decline in credit default swaps shows Turkish economy on right track A significant part of the discussions also focused on Trkiye's innovation-friendly regulatory environment. Kacir highlighted the success of fintech startups in Trkiye, attributing it to the public sector's innovative and supportive approach. "We talked at length about how the public sector's innovative and innovation-friendly approach has been crucial to the success of fintech startups i n Trkiye," he said. In addition, the minister noted the new legislation on crypto assets being drafted at the Turkish Grand National Assembly. "All these approaches demonstrate how strongly Trkiye hosts innovative technologies and how it has achieved the most advanced level of transformation," he added. The improvement of Trkiye's macroeconomic indicators was also a key topic of discussion. Kacir highlighted the rapid decline in credit default swaps (CDS), the risk premiums of the treasury stocks, as an important sign that the Turkish economy is on the right track. "We foresee a significant acceleration of investments in Trkiye in the coming period," he said, adding that this sentiment is shared by international investors and venture capital fund managers. Source: Anadolu Agency

Turkish stock exchange flat at open

ISTANBUL: The Turkish benchmark stock index opened Wednesday at 10.171,09 points, down slightly by 2.3 points over the previous close. At Tuesday's close, the BIST 100 index rose by 1.17% to 10,173.42 points, with a daily transaction volume of 104 billion liras ($3.22 billion). The US dollar/Turkish lira (USD/TRY) exchange rate was 32.2755 as of 10.15 a.m. (0715GMT), the EUR/TRY rate stood at 34.9910, while the GBP/TRY rate was 40.6565. The price of one ounce of gold was $2,361.60, and the barrel price of Brent oil was around $82.70. Source: Anadolu Agency

Oil up with US demand increase, supply concerns amid wildfires in Canada

ANKARA: Both oil benchmarks surged on Wednesday with increased demand in the US, the world's largest oil-consuming country, and concerns of supply disruptions from Canadian wildfires spreading to oil production regions. International benchmark Brent crude traded at $82.95 per barrel at 10.39 a.m. local time (0739 GMT), a rise of 0.69% from the closing price of $82.38 per barrel in the previous trading session. American benchmark West Texas Intermediate (WTI) traded at $78.62 per barrel at the same time, a 0.77% increase from the previous session that closed at $78.02 per barrel. The US market had expected a decline in US commercial crude oil stocks of 1.35 million barrels, but the American Petroleum Institute predicted a drop of 3.10 million barrels last week, which exceeded forecasts and indicated increased demand in the US. Market players are awaiting the publication of official data later in the day from the US Energy Information Administration on inventory stocks. The weakening of the US dollar again st other currencies also aided the rise in prices. The US dollar index, which measures the US dollar's value against other currencies, fell 0.12% to 104.765. A weaker dollar is anticipated to enhance demand by making oil cheaper for other currency holders and traders. Concern about wildfires in Canada spreading to oil-producing regions is raising the risk of supply disruptions and driving up prices. Uncontrollable forest fires in Canada, which started on Saturday, continue to affect thousands of acres of land, resulting in the evacuation of thousands of people from their homes. Last year saw production cuts of 300,000 barrels per day due to forest fires in the country. In addition, the prospects of global oil supply disruptions from conflicts both in the Middle East and the Red Sea, one of the world's most frequently used sea routes for oil and fuel shipments, continue to influence prices. The Houthis have been targeting cargo ships in the Red Sea owned or operated by Israeli companies that are transpor ting goods to and from Israel in solidarity with Palestinians in the Gaza Strip. Yemen's Houthi group said late Tuesday that the US and UK conducted a fresh series of joint air strikes targeting Al Hudaydah airport in the west of the country. Source: Anadolu Agency

Trkiye registers $5.5B budget deficit in April

ANKARA: Trkiye's central government budget saw a deficit of 117.8 billion Turkish liras ($5.5 billion) in April, according to official data released on Wednesday. Budget revenues reached 595.8 billion liras ($18.4 billion), while expenditures totaled 773.6 billion liras ($23.9 billion) last month, the Treasury and Finance Ministry figures showed. Non-interest expenditures came in at 659.6 billion liras ($20.4 billion), while interest payments reached 114 billion liras ($3.5 billion). Excluding interest payments, the budget balance ran a deficit of 63.8 billion liras (nearly $2 billion), while tax revenues totaled 487.9 billion liras ($15.1 billion). Cumulative figure In January-April, the budget balance posted a deficit of 691.3 billion liras ($22.1 billion). Budget revenues reached 2.2 trillion liras ($71.3 billion) in the first four months of this year, while expenditures amounted to 2.9 trillion liras ($93.4 billion). A US dollar traded for 32.3506 liras on average in April, and for 31.3212 liras on average in the four-month period. Source: Anadolu Agency

Euro area GDP expands 0.3% in 1st quarter

ANKARA: Gross domestic product (GDP) in the euro area increased 0.3% quarter-on-quarter this January-March, shifting from a 0.1% contraction in the previous two quarters, according to a flash estimate on Wednesday. This is the strongest quarterly GDP growth since the third quarter of 2022, Eurostat data showed. The GDP in the full EU also rose 0.3% from the previous three month period in the first quarter, after being stagnated in the previous two quarters. Germany, Europe's largest economy, saw a 0.2% growth in the first quarter of 2024 after contracting by 0.5% in the final quarter of 2023. On an annual basis, the GDP increased 0.4% in both the euro area and the EU in three months to March. The eurozone/euro area, or EA19, represents member states that use the bloc's single currency, the euro, while the EU27 includes all of its member countries. Source: Anadolu Agency

Eurozone industrial output growth eases in March

ANKARA: Eurozone's industrial production growth lost momentum compared to a month ago in March, according to data released on Wednesday. Industrial output in the euro area rose 0.6% from a month ago in March, easing from February's upwardly revised 1% hike, Eurostat data showed.? Production climbed by 1% for capital goods while it fell by 2.7% for non-durable consumer goods, 1.1% for durable goods, 0.9% for energy, and 0.5% for intermediate goods. In the EU, industrial production grew 0.2% in March after a 0.9% monthly increase in February. On an annual basis, industrial production fell 1.0% in both the euro area and the EU. Source: Anadolu Agency