Day: March 4, 2024

ISTANBUL: Turkish drone maker Baykar's TB2 unmanned combat aerial vehicle (UCAV) on Monday officially entered the inventory of the Albanian army. Haluk Bayraktar, the head of Baykar, announced on X that this is "the first time that a NATO-compliant aerial vehicle became part of Albania's arsenal." The TB2s completed their first flight in Albanian skies today thanks to the "visionary leadership" of Prime Minister Edi Rama and the strong cooperation of Defense Minister Niko Peleshi, Bayraktar said. He also said NATO's first tactical air base in Albania opened on Monday, calling it a historic day. "The Kucova Air Base's opening marks the beginning of a new era for Balkan and European security," he said. He added that the deployment of the TB2s 'at this strategic location reflects our contributions to the safety of Albania and the Balkans." Albania joined the NATO alliance in 2009. Source: Anadolu Agency

Cypriot Minister of Energy, Commerce and Industry, George Papanastasiou has proposed the establishment of an EU 'solar bank,' a specialised instrument to finance the solar industry of the EU. According to a press release issued by the Ministry, Papanastasiou's proposal was made in an address of a working lunch hosted in the context of the EU Council of Transport, Telecommunications and Energy in Brussels. The working lunch focused on the state of play in the EU solar energy industry and the future of photovoltaic panels in the Union. During the discussion, Papanastasiou proposed the establishment of what he called a 'Solar bank,' a bank focusing on financing solar technology products, along the lines of the newly-established Hydrogen Bank. The Cypriot Minister also expressed Cyprus readiness to sign the joint declaration to support the EU solar industry. Papanastasiou stressed the need for flexibility in the EU electricity production system through, inter alia, the redesign of the electricity grid levies , implementation of smart technologies and the presentation of due regulatory frameworks. During the Council deliberations, the EU member-states have reached a political agreement on the Council recommendation over the coordinated action to reduce demand of natural gas. Papanastasiou expressed his agreement with the Belgian presidency's compromise proposal, noting that the recommendation acknowledges the special conditions facing member-states, including those that are not directly interconnected with natural gas networks, such as Cyprus. On the discussion for security supply and the preparation for next winter, the Cypriot Minister highlighted the significance of adopting specific measures to tackle future crises, such as the diversification of energy sources, the completion of interconnections and the further growth of renewables. The EU Ministers were also briefed by the Ukrainian Minister of Energy German Galushchenko on the country's energy situation. Source: Cyprus News Agency

ISTANBUL: Turkish Foreign Minister Hakan Fidan will attend an Organization of Islamic Cooperation (OIC) Council of Foreign Ministers summit in Jeddah, Saudi Arabia on Tuesday, said an official statement. "H.E. Mr. Hakan Fidan, Minister of Foreign Affairs of the Republic of Trkiye, will attend the Extraordinary Session of the OIC Council of Foreign Ministers to discuss the Israeli aggression against the Palestinian people on 5 March 2024, in Jeddah," said a Monday Foreign Ministry statement. "The meeting will follow up the decisions taken at the Arab League-OIC Extraordinary Summit held on 11 November 2023, in Riyadh," the ministry added, referring to a meeting where the OIC and Arab League formed a contact group on Gaza to stop the conflict in Gaza and help achieve lasting peace. The group includes officials from Trkiye, Jordan, Qatar, Egypt, Saudi Arabia, Indonesia, Nigeria, and Palestine. The statement also said that Fidan will hold bilateral meetings on the sidelines of the meeting. As the death toll f rom Israel's attacks on Gaza since last Oct. 7 has surpassed 30,000, and the threat of famine continues unabated, Trkiye has been pressing even harder for a cease-fire before the Muslim holy month of Ramadan, and has also advocated unilateral steps if needed. Source: Anadolu Agency

Deposit interest rates dropped in January, whereas lending rates rose except interest rates for consumer lending, according to data published by the Central Bank of Cyprus. Interest rate provided by banks on deposits from households with an agreed maturity of up to one year declined to 2,6%, compared with 2.29% in the previous month. The corresponding interest rate on deposits from non-financial corporations registered a decrease to 2.11%, compared with 2.19% in December 2023. According to the CBC, the interest rate on consumer credit decreased to 5.64%, from 5.88% in the previous month, while lending rates on loans for house rose to 5.26%, compared with 5.16% in the previous month. The interest rate on loans to non-financial corporations for amounts up to pound 1 million increased to 5.65%, compared with 5.62% in the previous month and the interest rate on loans to non-financial corporations for amounts over pound 1 million rose to 6.02%, compared with 5.73% in the previous month. Source: Cyprus News A gency

ISTANBUL: Brazil and Russia on Monday underlined the importance of efforts to achieve a cease-fire in the Gaza Strip, where over 30,000 Palestinians have been killed by Israel in reaction to a cross-border attack by Hamas in October last year. A statement by the Russian Foreign Ministry said that Mikhail Bogdanov, Moscow's special envoy for the Middle East and Africa, held talks with Brazilian Ambassador to Russia Rodrigo de Lima Baena Soares. The statement said that an exchange of views took place between Bogdanov and the Brazilian ambassador on current Middle Eastern issues 'with an emphasis on the sharp escalation of the Palestinian-Israeli conflict.' 'At the same time, the importance of further vigorous efforts aimed at achieving an early ceasefire in the Gaza Strip and providing necessary humanitarian assistance to the Palestinian population was noted,' it added. Israel has launched a deadly offensive on the Gaza Strip following a cross-border incursion by Hamas on Oct. 7. The ensuing Israeli bombard ment has killed 30,534 people and injured 71,920 others with mass destruction and shortages of necessities. The Israeli war has pushed 85% of Gaza's population into internal displacement amid acute shortages of food, clean water, and medicine, while 60% of the enclave's infrastructure has been damaged or destroyed, according to the UN. Israel stands accused of genocide at the International Court of Justice. An interim ruling in January ordered Tel Aviv to stop genocidal acts and take measures to guarantee that humanitarian assistance is provided to civilians in Gaza. Source: Anadolu Agency

New lending by Cypriot banks rose significantly in January, driven mainly by large corporate loans, over pound 1 million, according to data released the Central Bank of Cyprus (CBC) on Monday. Pure new loans (excluding renegotiations) in January 2024 amounted to pound 220 million up by 47% compared to pound 149 million in January last year. The sizeable annual increase is attributed to the low level of new corporate loans over pound 1 million in January last year, just at pound 17.4 million, whereas they recovered at 83.3 million (up by an annual 379%) in January this year. Large corporate lending traditionally attracts the largest share of new lending in Cyprus. Housing loans, which present the second largest share in new lending, dropped by an annual 6% to pound 72 million in January 2024 from pound 76 million in January 2023. According to the CBC, corporate new lending up to pound 1 million rose by 5% to pound 41 million in January 2024 compared with pound 38 million in the respective period of last ye ar. New consumer lending amounted to pound 20 million marking an annual increase of 65% compared with pound 12 million in January 2023, whereas new 'other' loans dropped by 17% to pound 4.4 million in January 2024 from pound 5.3 million in the respective period of last year. Source: Cyprus News Agency

ISTANBUL: Turkish President Recep Tayyip Erdogan held a phone conversation with Greek Prime Minister Kyriakos Mitsotakis on Monday. 'During the call, President Erdogan congratulated Greek Prime Minister Mitsotakis on his birthday,' Trkiye's Communications Directorate posted on X. The directorate shared no further information regarding the talks. Source: Anadolu Agency

Commission President, Ursula von der Leyen said the European Commission 'will support the implementation of Cyprus' maritime corridor initiative' for sending humanitarian help to the Gaza Strip, during a telephone conversation she had with President Nikos Christodoulides. 'Excellent call with @Christodulides', Von der Leyen wrote in a post on X (formerly Twitter). 'We discussed the humanitarian situation in Gaza. Swift action is needed,' she added. The European Commission 'will support the implementation of Cyprus' maritime corridor initiative' she continued, adding that 'We applaud your leadership'. 'Also discussed efforts to tackle migration challenges,' the President of the European Commission added. Source: Cyprus News Agency

ANTALYA: Sri Lanka's State Minister of Foreign Affairs Tharaka Balasuriya said on Monday that it is time to change the international political and economic architecture built by the victors after the Second World War. He attended Trkiye's Antalya Diplomacy Forum (ADF) 2024 held at the NEST Congress Center in the Belek Tourism Region, of which Anadolu is the "Global Communication Partner.' The minister told Anadolu: "Especially in times like these when tensions are high, it is absolutely imperative that world leaders come together, discuss current issues and look for a way forward. "When diplomacy fails, war begins, and given the current state of the world, it is imperative that forums like this are organized and that world leaders broadly discuss a range of issues, including political issues, economic issues and technology.' 'I think all these areas have been covered, so I found the ADF absolutely intriguing,' he added. Encouraging Turkish investors Praising the bilateral relations of his country with T rkiye, which date back to the 11th century, Balasuriya pointed out that Trkiye was one of the first countries to recognize Sri Lanka after it declared its independence. The official stated that the current economic relations with Ankara are not in line with the deep-rooted political history and should be improved. Both countries are located in very strategic locations, he noted, mentioning that Sri Lanka has turned an important corner with the reforms made by the current administration after the economic crisis in 2022. He emphasized that his country has made progress in areas such as logistics, renewable energy, technology, manufacturing and agriculture. "When it comes to economic diplomacy, I think there are many potential areas where Sri Lanka and Trkiye can meet and negotiate,' he suggested, praising Trkiye's success in the tourism sector among other European countries. 'Sri Lanka's tourism industry is also growing rapidly this year and the first two months of the year have been great,' he said. He further called on Turkish investors, especially hoteliers, to invest in his country 'with their vast experience.' The politician recalled that in Sri Lanka, which experienced a currency crisis in 2022, there were long queues for the purchase of some products such as medicine and fuel, and there were problems with food safety. 'Everything has now returned to normal,' he underlined. Noting that since gaining independence in 1948, some Sri Lankan governments have approached socialism and encouraged subsidies, Balasuriya said that the current government went to cost-based pricing on needs such as fuel, electricity and water, and increased taxes, and state-owned enterprises, which lost about 750 billion rupees (over $9 billion) in 2022, made a profit of 313 billion rupees in 2023. 'Unfortunately, when we are in an economic crisis, the medicine we have to take is bitter,' he said, adding that the South Asian country would not have achieved economic stability if they had not taken these measures and that the int ernational community, especially India, helped them in this process. 'Not a fair world' The official further touched on Israel's attacks on Gaza, saying: "All successive governments in Sri Lanka have supported the Palestinian cause.' 'There is even a street in Palestine named after one of our former heads of state because of his strong support for the cause of the Palestinian people," he underscored. Arguing that a two-state solution based on the 1967 borders is needed to achieve lasting peace in the region, Balasuriya said: "We think it is time for a change in the international architecture.' 'We think it is not fair to have an international architecture designed by the victors of the Second World War,' he criticized. 'We do not see this as a fair world,' he decried, noting: 'Some countries like India, Trkiye, Indonesia, Nigeria are making tremendous economic progress.' The official also mentioned: 'In terms of veto power at the UN, we have a system where African countries are not represented, countri es like India are not represented, Latin American countries are not represented.' 'We think there needs to be a change in the international architecture, both in the political architecture and the financial architecture of the world.' Flouting the International Court of Justice's provisional ruling, Israel continued its onslaught on the Gaza Strip where at least 30,534 Palestinians have been killed, mostly women and children, and 71,920 injured since Oct. 7, 2023, according to Palestinian health authorities. Israel has pounded the Gaza Strip since a cross-border attack by Hamas, which Tel Aviv says killed nearly 1,200 people. Israel stands accused of genocide at the International Court of Justice. An interim ruling in January ordered Tel Aviv to stop genocidal acts and take measures to guarantee that humanitarian assistance is provided to civilians in Gaza. Source: Anadolu Agency