Bank Asya shares surge after Turkish election results
Bank Asya
Date posted: June 10, 2015
The AK Party’s failure to secure enough votes to form the government reflects on the stock market, with the politically-seized Bank Asya’s shares observing a 10.75 percent increase at opening on Monday amidst an overall drop in Borsa Istanbul.
Bank Asya had long been subject to political attacks and repeated demands by President Erdoğan to be taken over despite the fact that the publicly traded Islamic lender had one of the best capital adequacy ratios of the sector. Defamatory rumors published by pro-government press have been challenged, but unpunished.
As a result, in late May Turkey’s Banking Regulation and Supervision Agency (BDDK) seized the publicly-traded Islamic bank, placing it under the Savings Deposit Insurance Fund (TMSF), causing mass outrage by financial markets and banking experts.
The controversial move came months after the BDDK took control over its management after a long government-orchestrated campaign against it.
Bank Asya’s shareholders’ lawyers have voiced a strong demand for the return of the management to its rightful owners, and have applied to the courts to take action.
Teacher jailed with 3-day-old baby released only to house arrest with ankle bracelet
Aysun Aydemir, an English teacher who was jailed with her three-day-old baby on Monday, has been released only to house arrest with an electronic bracelet on her ankle.
Test of Turkish society
Over the past 11 years, Turkey has been undergoing an important transformation. While it seems to defend secular and modern-looking Western lifestyles, it is trying to come out of the tangle of Kemalism, which is a regime disregarding democratic values of the West. Even if Kemalism had at first dreamed of establishing a real Western democracy, it was later defiled and turned into a hegemony of the elite.
Detained woman, newborn baby transferred to prison 1,291 km away from home
Detained in the southern province of Isparta, Turkey, as part of a post-coup investigation, a woman, identified with initials Ö.A., has been transferred to a prison 1,291 kilometers away from home. Her 6-mont-old baby reportedly accompanied her under detention as her husband was already in jail as part of an investigation in the aftermath of the July 15, 2016 coup attempt.
International panel on Virgin Mary held in Istanbul
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PM made the wrong choice
Erdoğan put under the spotlight US Ambassador to Turkey Francis Ricciardone by stating: “Recently, very strangely, ambassadors have gotten involved in some provocative acts. I am calling on them from here to do your job. If you leave your area of duty, this could extend into our government’s area of jurisdiction. We do not have to keep you in our country.” These caustic sentences prove that the AK Party has decided to declare a war not only against the Hizmet movement but also to provoke tensions with the US. Since they have opted for a defensive attack strategy, this reaction does not surprise anyone.
New York Times urges Obama not to deport Gulen
In an editorial titled ‘Let Mr. Erdogan Fight His Own Battles’ published on May 2, the New York Times said ‘The American government is obliged to examine the request if Mr. Erdogan follows through and formally files one. But right now the threat seems to be nothing more than a crass and cynical attempt to exploit the law, and Turkey’s alliance with the United States, for political payback.’
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