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.
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The Scientific and Technological Research Council of Turkey (TÜBİTAK) has changed the scoring system it uses to evaluate student grades in science olympiads it sponsors, giving private schools a smaller coefficient and thereby placing students from these schools at a disadvantage.
The Fountain 100th Issue Essay Contest
With its 100th issue, The Fountain invites you to join us in our celebration. Write in an essay a projection of yourself on your 100th birthday. What would you say to yourself at that age? What would your 100-year-old self tell you back? Would it be a conversation of praise and/or regret? Praise for achievements in your career, but regrets for a destroyed family? Warnings for the mistakes you did in your projected future or you will do in your past; pitfalls you happened to be dragged into, temptations you could not resist; or celebrations for the good character you were able to display and sustain a whole life, a precious life wasted or a life lived as it was meant to be.
Erdoğan gov’t threatened to ‘wipe TUSKON off market map,’ says chairman
One of Turkey’s most influential business confederations, the Turkish Confederation of Businessmen and Industrialists (TUSKON), was threatened with being “wiped off the market” by the government after TUSKON made critical statements about government policies, chairman Rızanur Meral told the media on Friday.
Cyber attacks on news websites threaten freedom of press, expression
Starting mid-February, the Radio and Television Supreme Council (RTÜK) has been severely penalizing a number of news TV channels known for their anti-government broadcasts. Those channels, which include Samanyolu Haber TV and Bugün TV, were mostly penalized on the grounds that their programs were biased. The channels have been broadcasting reports about claims of corruption and bribery that have implicated some government members.
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