Prime Minister Recep Tayyip Erdogan took a step toward making Turkey’s financial capital a regional hub, relegating the Istanbul Stock Exchange to history as he rang the opening bell at the new Borsa Istanbul.
European Union leaders’ calls for banking union lack concrete proposals for funding a new joint financial-sector backstop, as showcased in the debate on whether the euro area’s firewall could provide direct aid to banks.
The owners and managers of Mango Gida Sanayi & Ticaret AS, a Turkish food processor, sold more than a third of the company’s shares in the months before announcing creditor demands that sent the stock tumbling.
It’s now little more than a dusty patch of land in the modern suburb of Atasehir on the Asian side of Istanbul. Within three years, if all goes according to plan, high-rise office buildings will dominate the site, forming an upstart Wall Street on the Sea of Marmara: the Istanbul International Financial Center.