Day: November 18, 2022

Türkiye’s benchmark stock index opened at 4,465.59 points on Friday, down 0.92%, or 41.65 points, from the previous close.

On Thursday, Borsa Istanbul’s BIST 100 index decreased 3.45% to close at 4,507.24 points with a daily trading volume of 111 billion Turkish liras ($5.97 billion).

The US dollar/Turkish lira exchange rate was 18.6195 as of 10.01 a.m. local time (0701GMT), the euro/Turkish lira rate stood at 19.3216, while a British pound traded for 22.1606 Turkish liras.

Brent crude oil was selling for around $90.25 per barrel, while the price of an ounce of gold was $1,766.05.

Source: Anadolu Agency

All of the main sectors saw growth in sales in October, except for food stores, where sales volumes fell by 1.0%. Food sales volumes have followed a downward trend since summer 2021.

“In recent months, supermarkets have highlighted that they are seeing a decline in volumes sold because of increased cost of living and food prices,” the ONS said.

Non-food stores sales volumes increased by 1.1%, automotive fuel sales hiked 3.3%, while non-store retailing grew 1.8%.

“The sub-sector of other non-food stores reported a monthly rise in sales volumes of 3.6% because of strong growth in second-hand goods stores (particularly auctioning houses),” it said.

On an annual basis, Britain’s retail sales volumes dropped 6.1% in October.

Source: Anadolu Agency

International benchmark Brent crude traded at $89.96 per barrel at 10.10 a.m. local time (0710 GMT), a 0.20% increase from the closing price of $89.78 a barrel in the previous trading session.

The American benchmark West Texas Intermediate (WTI) traded at $82 per barrel at the same time, a 0.44% gain after the previous session closed at $81.64 a barrel.

The decline in the dollar index, which measures the value of the US dollar against other currencies, made dollar-denominated oil less expensive for buyers using other currencies, boosting oil purchases and supporting upward price movements.

Prices came under pressure from disruptions to oil flow via the Druzhba pipeline from Ukraine to parts of Eastern and Central Europe on Wednesday.

Ukrainian authorities on Wednesday informed Transneft that it had stopped shipments due to a voltage drop on the line. Oil flow later resumed, capping the increase in oil prices.

Meanwhile, recession fears caused by expectations that the US Federal Reserve (Fed) will continue its tight monetary policy and increase interest rates have capped oil price increases.

Furthermore, with the rise in COVID-19 cases in China, hopes that the country will relax its strict zero-COVID policy in the near term were dashed, boosting demand concerns.

Source: Anadolu Agency

“There is a historic, unique change taking place internationally and globally,” said Mushahid Hussain Sayed, a senator from Pakistan.

“We are living in a very transformative period. The balance of economic and political power is shifting from the West to the East … to Asia.”

Türkiye’s Justice and Development (AK) Party is hosting the 11th General Assembly of ICAPP, which started on Thursday evening.

AK Party’s foreign affairs chief, Efkan Ala, who is heading the organizing committee of this year’s event, will take charge at the ICAPP as its vice chairman for a two-year term.

Around 70 political parties from 33 Asian countries, including China, Pakistan, Indonesia, Cambodia, and South Korea, are attending the three-day event.

“We are talking of resurgence of Asia, the rise of Asia,” said Sayed, quoting Pakistan’s national poet and philosopher Dr. Muhammad Iqbal who had said: “See, the sun is rising in the East.”

“And in this shift, we are talking about the Asian century,” he added, lauding the role played by Türkiye in this regard.

A written message from Türkiye’s President Recep Tayyip Erdogan was read on the occasion and the country’s Vice President Fuat Oktay delivered a keynote speech, opening the ceremony.

Sayed described Erdogan as a “lion of Asia because he speaks for Asia … for the oppressed … whether it is (about) the situation in Ukraine, whether it is (at) G-20, whether it is (about) climate change, we see the role of Türkiye is a leadership role.”

Addressing the opening ceremony, Ala underlined that bilateral relations with Asian countries were important to Türkiye, adding that these ties also helped solve regional and global problems with these countries.

Lauding the “leadership diplomacy” led by Erdogan, Ala pointed to Türkiye’s “Asia Anew” initiative to cement its relations with the region.

“We need to work in cooperation to solve multilateral problems,” he told the conference, gathered from around 33 countries in the Asia-Pacific region.

Pointing to Erdogan’s oft-mentioned mantra that a “fairer world is possible,” the party official said: “For peace and stability, multilateral mechanisms are important because a fair and equitable world is possible, which is important for Türkiye and the world.”

Thanking ICAPP members for their solidarity against Sunday’s terror attack on Istiklal Avenue in Istanbul, Ala said: “The ICAPP is playing important role … and we believe it can play a vital role for peace and stability in Asia.”

An investigation into the bombing in Istanbul that claimed six lives and injured 81 is currently underway. Two of the victims are in critical condition, according to security sources who spoke on condition of anonymity due to restrictions on speaking to the media.

Chung Eui-yong, co-chair of the ICAPP, said the world underwent many changes since the 10th general assembly of the regional group was held in Russia in 2018.

Referring to various issues from the war in Ukraine to climate catastrophe in Pakistan to the return of power politics, Chung said that only through “global cooperation can we face these challenges.”

“The ICAPP is a platform to meet global challenges that we face,” he said, adding that “now is high time for the ICAPP to reflect on its vision, renew its commitment on building an Asian community for peace and progress.”

These goals can be attained through joint efforts, Ching said,

The in-house meetings of ICAPP began early on Friday and Turkish Vice President Fuat Oktay will address the official opening ceremony later in the day.

Party representatives and around 200 guests from international organizations will deliver speeches on “The Role of Political Parties in Strengthening Dialogue for Global Peace, Prosperity and Cooperation” and adopt a declaration at the end of the conference.

Turkish Foreign Minister Mevlut Cavusoglu, Turkish Culture and Tourism Minister Mehmet Nuri Ersoy, and Türkiye’s Communications Director Fahrettin Altun will also address the participants.

The conference, held once every two years since 2000 when it was launched in the Philippines, was scheduled to be held in Türkiye two years ago, but postponed due to the COVID-19 pandemic.

The United Russia party had hosted the 10th General Assembly in Moscow in 2018.

Source: Anadolu Agency