Belgian Defense and Foreign Trade Minister Theo Francken visited Turkish Aerospace Industries (TAI) in Istanbul, meeting with Chief Executive Officer Mehmet Demiroglu to explore opportunities for bilateral defense collaboration. Demiroglu said on the Turkish social media platform NSosyal that the company was "delighted" to host the Belgian delegation, adding that the parties held productive discussions on ongoing efforts in the defense industry and aviation technologies. "By sharing our national engineering capabilities and advanced technology solutions, we assessed joint opportunities for the future," he said.

Economic mission to Türkiye

Francken’s visit formed part of a Belgian economic mission to Türkiye taking place from May 10 to 14, led by Queen Mathilde of Belgium. The delegation includes Deputy Prime Minister and Foreign Minister Maxime Prevot alongside Francken, representing the Belgian government’s push to strengthen trade ties with Turkish counterparts. The mission aims to expand economic cooperation between the two countries across multiple sectors including defense, aerospace, and advanced manufacturing.

TAI engineering capabilities

Turkish Aerospace Industries, the state-run aerospace giant, has developed advanced unmanned aerial vehicles, satellites, and commercial aircraft components as part of Türkiye’s indigenous defense initiatives spanning both military and civilian sectors. Demiroglu noted that the company showcased these national engineering capabilities and advanced technology solutions to the Belgian minister during the visit, emphasizing TAI’s growing international partnerships. The discussions focused on potential joint ventures and technology transfers that could serve both nations' defense requirements while bolstering Belgium's aerospace sector.

The Belgian economic mission will conclude on Wednesday after a series of high-level meetings with Turkish government officials and business leaders in Ankara and Istanbul. Queen Mathilde is scheduled to attend several cultural and economic events before the delegation returns to Brussels, according to the Belgian royal household.

Defense, energy and technology

The delegation is expected to explore investment opportunities in defense industry, aviation, logistics, health sciences and banking during company visits and business-to-business meetings in Istanbul and Ankara. Intergovernmental agreements covering defense cooperation, aviation protocols and social security arrangements are scheduled for signature alongside private sector contracts, according to diplomatic sources.

Trade volumes and diaspora

Bilateral trade between Türkiye and Belgium reached $9.2 billion in 2025, with Turkish exports accounting for $5 billion. Belgian direct investment in Türkiye has accumulated to $9.3 billion since 2002, while Turkish investments in Belgium stand at $490 million. The mission will also highlight the contributions of approximately 300,000 Turkish citizens who form an integral part of Belgian society.

Economic diplomacy tradition

Belgium organizes Economic Mission visits twice yearly as a core instrument of economic diplomacy, typically led by senior royal family members. The 2012 mission to Türkiye was headed by then-Crown Prince Philippe — now King — accompanied by Princess Mathilde, establishing precedents for the current visit's high-level engagement.

Selçuk Bayraktar, chairman and chief technology officer of Türkiye's Baykar, called on Saturday for the establishment of a "Technological Solidarity Alliance" among allied nations, warning that global technology monopolies increasingly threaten national sovereignty and human freedom. Speaking at the SAHA 2026 International Defense and Aerospace Exhibition in Istanbul, Bayraktar said modern threats no longer stem solely from conventional military forces but increasingly from technological systems embedded in supply chains, data centers and consumer devices.

"Today we see that the greatest threat to our independence is not conventional armies amassed at our borders, but techno-capitalist global domination infiltrating our supply chains, data centers and even the devices in our pockets," Bayraktar said. He noted that algorithms used by social media platforms are increasingly designed to maximize engagement by exploiting emotional reactions rather than promoting truth, with artificial intelligence systems optimizing content around fear and anger to keep users connected to digital platforms for longer periods.

Mechanization of humanity

Bayraktar warned that the distinction between humans and machines is becoming increasingly blurred, risking a "dark age" in which humans themselves are rapidly becoming mechanized. "We are under the domination of a soulless rationalism and a materialism that recognizes no one's right to life and freedom other than its own. We are faced with an invasion of machines and machine-like humans," he said, arguing that technologies developed without compassion risk becoming instruments of destruction.

Criticizing the growing influence of global technology corporations, Bayraktar noted that giant technology monopolies seek to govern the world almost like "techno-feudalist fiefdoms." He emphasized the importance of open-source software and transparent digital infrastructure, advocating for federated learning systems that allow artificial intelligence algorithms to improve without transferring sensitive data abroad and warning that countries should develop independent ecosystems capable of protecting data privacy.

Alliance proposal

Calling for closer cooperation among "friendly, brotherly and oppressed nations," Bayraktar said countries should share advanced technologies and pool resources to reduce dependence on global monopolies. "We must establish an unshakable Technological Solidarity Alliance by sharing the high technologies we develop with friendly, brotherly and oppressed peoples," he said. "If we unite our strength, we can tear apart the spider web created by these monopolies."

Bayraktar said such cooperation should evolve beyond formal partnerships into a broader transformation in mentality and vision. He highlighted Türkiye's "National Technology Initiative" and the role of the TEKNOFEST generation in advancing the country's capabilities, noting that engineers trained through the festival are contributing to next-generation artificial intelligence systems and autonomous drone swarms. The SAHA 2026 exhibition was organized by SAHA Istanbul at the Istanbul Expo Center, with Anadolu serving as global communications partner.

As Guinea records some of the fastest growth rates in Africa under the Simandou 2040 program, maritime activity at Conakry Port has surged. Since January 2025, the number of arriving vessels has risen by 35%. With this sharp increase in traffic comes a greater need for operational capacity, prompting Albayrak Group to introduce swift, targeted measures at Alport Conakry to regulate cargo and vessel flow and improve service quality.

A Port Transformed Since 2019

Since the port was taken over by Turkish company Albayrak Group in 2019, Conakry Port has achieved steady growth and become one of West Africa’s key logistics hubs. Over the last two years, it was selected as the best-performing port in the West African subregion.

Albayrak Group invested $156 million in the port during its first five years. After the tragic December 2023 explosion at the country’s only fuel storage terminal, the company positioned a 50,000-ton floating fuel storage unit at the port and rapidly launched an on-site fuel discharge station.

Last year, in response to extraordinary traffic growth, Alport Conakry expanded storage capacity at its conventional terminal to 80,000 tons through accelerated warehouse construction and rehabilitation work. Faster unloading processes were introduced for vessels carrying clinker, wheat, and rice, while an on-demand truck fleet was deployed to strengthen inland logistics.

“We Are Increasing Our Capacity by 50%”

Albayrak Ports Coordinator and Alport Conakry General Manager Mustafa Levent Adalı said the surge in port traffic reflects the natural momentum of Guinea’s expanding economy. He explained:

“To cope with this unforeseen rise, Alport Conakry began constructing a new 400-meter berth about three months ago. This berth will become operational in March 2026. In addition, two months ago we rapidly launched the construction of Berth No. 15 for the floating storage vessel, and with its entry into service today, our ship–depot can now operate with five berths. When the new berth comes online in March 2026, we will have increased the port’s berthing capacity by 50%.”

“Smart Terminal” Award Winner

In 2023, Alport Conakry won the top prize in the “Smart Terminal” category at the Global Smart Ports Summit in Germany. The award recognized the port’s strengthened technological infrastructure, efficiency improvements, and advances in digitalization — achievements acknowledged on the international stage.

A Growing Logistics Hub for West Africa

According to the World Bank’s latest report, Guinea is expected to post an average growth rate of 10.4% between 2026 and 2027. In line with this economic momentum, Albayrak Group will continue reinforcing port infrastructure, accelerating capacity upgrades, and solidifying Conakry Port’s position as a rapidly expanding logistics hub in West Africa.

A spiritual act for a peaceful work environment

The ceremony took place in an atmosphere filled with devotion and fraternity. Imams led the recitation of the Holy Quran and offered prayers for blessings, prosperity, and stability at the port. Organized only a few days after the committee’s formation, the event aimed to establish a spirit of unity and serenity between employees and management.

An initiative by the USTG to strengthen social dialogue

Supported by the USTG, this initiative reflects a strong will to promote sincere and respectful social dialogue. By involving all staff in this ceremony, the committee sought to remind everyone that faith and solidarity are essential pillars of a balanced and lasting professional environment.

Spirituality in the service of workplace cohesion

Beyond its religious dimension, the Quran recitation at Alport Conakry symbolizes a human and unifying approach to work. It helps strengthen ties among workers, ease tensions, and build a workplace culture based on mutual respect and shared values.

This Quran recitation at Alport Conakry is part of a broader effort to promote social peace and cohesion at work. By placing spirituality at the heart of professional life, the management and workers of Alport affirm that fraternity remains a driving force of collective progress.

While infrastructure investments in Africa are predominantly financed by development banks, the participation of commercial banks in such projects remains limited. In this context, the long-term loan secured by Albayrak Group from a commercial bank for the Banjul Port demonstrates both the commercial viability and the financial sustainability of the project.

Speaking at the signing ceremony attended by Zenith Bank Gambia General Manager Mr Kabiru Imoagene Mustapha and Regional Director Inna Buya Puye, Mr. Yunus Yılmaz, General Manager of Albayrak Construction, emphasized that this milestone is not only significant for the current project but also a crucial step toward encouraging greater involvement of commercial banks in future phases of port development projects.

Under a 30-year concession period, Albayrak Group will be responsible for the modernization and operation of the Port of Banjul. Once completed, the project is expected to significantly strengthen The Gambia’s position in international trade and contribute to the growth of the regional economy.

The agreements were signed during the Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction in Tokyo.

Addressing the conference, Prime Minister Fumio Kishida said fighting was still going on in Ukraine and “that the situation is not easy,” Japanese public broadcaster NHK reported.

Tokyo hosted the one-day conference as the Russia-Ukraine war completes two years this month.

Some 130 officials as well as business representatives from the two sides attended the conference.

Kishida, who visited Kyiv last year, stressed that “promoting economic reconstruction in Ukraine is an investment for future.”

“Japan is committed to strongly assisting such efforts with its public and private sectors working together,” he said

Ukrainian Prime Minister Denys Shmyhal said: “The conference will be the next step for Japan and Ukraine to develop bilateral relations.

“By working together, the two countries can turn current challenges into an opportunity for growth and prosperity,” he added.

Ukrainian President Volodymyr Zelenskyy canceled his scheduled video address to the conference, with no reason provided, according to Tokyo-based Kyodo News.

The two sides agreed to work in the areas including infrastructure rebuilding, demining, agricultural expansion, improvement of the humanitarian situation, development of biotechnology, industry and information technology, and governance enhancement.

Tokyo and Kyiv are also working to eliminate double taxation. Besides Kishida's government is mulling to open an office in Kyiv “to bolster business ties between the two countries.”

Japan has joined its Western allies in condemning Russia over its war on Ukraine and has sanctioned many Russian officials including President Vladimir Putin and Foreign Minister Sergey Lavrov.

Dr. Chelly, a prominent figure in the field of cybersecurity, entrepreneurship, and authorship, took the stage on the event's second day to address the audience in a session titled "Trailblazing Technologies in the Wake of Digital Transformation."

Highlighting the evolving challenges and risks in today's world, Chelly emphasized the importance of addressing emerging security issues with modern, end-to-end solutions. She delved into crucial aspects such as security, control, and scalability, providing insights into how these criteria play a pivotal role in tackling contemporary security concerns.

In her presentation, Dr. Chelly shared her extensive experience and ongoing work in the field of cybersecurity, engaging with the audience and offering valuable perspectives to the youth present at the event. The session underscored the significance of staying ahead in the ever-changing landscape of cybersecurity in an era marked by rapid digital transformation.

Speaking at the event, President Recep Tayyip Erdogan emphasized Türkiye's continued upward trend despite global challenges. He mentioned Türkiye's support for exporters, noting that the country has been the third-fastest-growing exporter among OECD countries in the last 20 years.

President Erdogan evaluated export figures, stating, "Our October exports increased by 7.4% compared to the same month of the previous year, reaching $22.9 billion. Thus, we experienced the joy of reaching the highest October export value. Our exports for the last 12 months, as of October, reached $254.8 billion. In addition, there has been an improvement of $7.3 billion in the annual current account deficit in the last two months."

In his speech, President Erdogan also emphasized the need to focus on value-added product exports through innovative efforts. He highlighted that Türkiye's mid-term development plans have elevated international trade goals, with a specific focus on increasing the quality of exports.

President Erdogan pointed out the importance of diversifying and enhancing the spectrum in global trade. He expressed that increasing the share of high-tech products in exports is the path to achieving this.

Türkiye Aims to Be a Global Player in Smart Technologies

At the TIW InovaLig Award Ceremony, Trade Minister Prof. Dr. Ömer Bolat commented on the rapid transformation globally, with new-generation technologies and software taking the forefront. Minister Bolat stressed the importance of innovation, mentioning Türkiye's efforts to support high-tech production.

Minister Bolat highlighted Türkiye's competitiveness and innovation in various fields such as software, digital games, artificial intelligence, cybersecurity, smart cities, and communication. He noted that Türkiye is making strides to become a global player in smart technologies and defense industries, particularly in unmanned aerial vehicles.

Adapting to increasingly competitive global conditions requires innovative solutions in production and trade, according to Minister Bolat. He pointed out the challenge of competing with traditional methods in an era where technologies like artificial intelligence and robotics are becoming increasingly prevalent.

TIM President Gültepe's Focus on Production, Investment, and Innovation

TIM President Mustafa Gültepe expressed the organization's commitment to advancing Türkiye in international trade. He emphasized the crucial role of innovation in this context.

President Gültepe drew attention to Türkiye's significant progress in international trade over the last 20 years. He stated that TIM would continue to contribute to trade volume through production, investment, and innovation.

Highlighting the importance of events like TIW and the InovaLig Awards, President Gültepe noted their significant role in encouraging and supporting the younger generation. He affirmed the goal of placing Türkiye among the top 10 countries in international trade with the participation of the youth.

Organized under the coordination of the Türkiye Exporters Assembly (TİM), the Türkiye Innovation Week (TIW) is a pivotal event held at the Istanbul Haliç Congress Center. Recognizing the 30th anniversary of TİM and the 100th anniversary of the Republic of Türkiye as a milestone, TIW delves into 10 mega topics that will be crucial for humanity's need for innovation in the coming century.

Covering a wide range of critical subjects, from renewable energy sources to food and agricultural technologies, the future of health and education, artificial intelligence, and financial technologies, conferences and panels provide a platform for in-depth discussions.

Mustafa Gültepe, the President of TİM, highlighted the significant contribution they make to Türkiye's international trade, stating, "In the second century of our country, we aim to place Türkiye among the top 10 countries in exports." Emphasizing the importance of high technology, R&D, design, branding, and innovation in his statement, President Gültepe expressed the goal of making innovation a lifestyle, especially for the youth.

Celebrating its 10th edition this year, the Türkiye Innovation Week brings together young entrepreneurs, future leaders, the business community, and innovation and technology pioneers. The event focuses on comprehensive discussions on sustainability and green innovation, artificial intelligence and automation, health technologies, space exploration and colonization, food production and agricultural technologies, education and learning technologies, transportation technologies and trade logistics, cyber security and defense, renewable energy technologies, and the fintech revolution.

The Mosul airport was captured by Daesh terrorists in June 2014 and was used as a military base during the terror group’s reign.

But in 2017, the Iraqi forces regained the city and the airport from Daesh and declared victory over the terrorist organization.

Following the Daesh/ISIS fall, the Mosul airport was rebuilt by two major Turkish companies – TAV Insaat and 77 Insaat.

Mehmet Sinan Turkan, the airport project manager at 77 Insaat, said the company successfully assumed control of the Mosul airport project in September 2022.

“We initially focused on removing debris and clearing the site of the collapsed airport,” he told Anadolu.

Turkan said that the repair of the airport runway began last December.

“In March, three C-130 aircraft successfully landed at the Mosul airport,” he added.

Turkan noted that the construction of various sections at the Mosul airport as service facilities, control towers and outer walls is still underway.

“The reconstruction of the airport will be completed by the end of 2024 and it will be reopened to civilian flights,” he added.

Turkish Consul General in Mosul, Mehmet Kucuksakalli, said around four million Iraqi residents of Nineveh province, of which Mosul is the provincial capital, had to travel from Mosul to Erbil or Baghdad for domestic or international destinations.

“The two Turkish companies and Turkish engineers and workers are exerting strenuous efforts to finish the airport reconstruction at the earliest possible time,” he added.

“The Iraqi authorities have provided the necessary facilities to our companies,” the consul general added. “I believe that the project will be completed on schedule.”

The Turkish diplomat voiced hope that the first flight from the Mosul airport will head to Türkiye.

The company also received awards of the best business class catering, best economy class catering, best airline in Southern Europe, and best economy class seat in Europe at the World Airline Awards.

The survey included responses of more than 20 million customers from over 100 nationalities.

“This award strengthens our flag carrier’s leading position in the sector. We will continue to improve our service standards and provide the best possible experience for our guests,” Turkish Airlines CEO Bilal Eksi said.

The awards, known as the “Oscars of the Aviation Industry,” were announced at an event held at the Paris Air and Space Museum.

Edward Plaisted, CEO of Skytrax, said: “It has been a fantastic year for Turkish Airlines in terms of awards, and winning the top prize as the best airline in Europe for the eighth time is a remarkable achievement.”

At the awards, Qatar Airways lost its title as the world’s best airline to Singapore Airlines in 2023 and ranked the second.

“It is a fabulous achievement for Singapore Airlines to achieve this world’s best airline title for 2023,” Plaisted said.

Japan's All Nippon Airways was the world's third-best carrier, Emirates ranked fourth and Japan Airlines came fifth.

Turkish Airlines rose one place and became the world's sixth-best airline out of more than 325 airlines included in the survey results.

Turkish Airlines ranked the world’s eighth-strongest airline brand, according to a survey by valuation and strategy consultancy Brand Finance in May.

Some 40,000 visitors from 100 countries are expected to attend Win Eurasia.

Over the next four days, experts, academics and sector representatives will speak at different sessions on green transition, sustainability, digitalization, and robotics.

This year's theme is 'Industry Meets Diversity.'

The 29th edition of Win Eurasia is being organized by German exhibition giant Deutsche Messe’s subsidiary Hannover Fairs Turkey with the support of Türkiye's Industry and Technology Ministry, and Trade Ministry.

Arno Reich, senior vice president of Deutsche Messe, said at the opening ceremony this year there will be dedicated pavillions for Germany, Taiwan, China and Korea.

He stressed that the event features more than 500 exhibiting companies presenting their diverse products and technologies to thousands of visitors.

"Win’s Buyer Delegation Program hosts more than 200 industry professionals from 10 target countries – what a fantastic way to meet manufacturers in Turkey, start new partnerships and close new business deals," he added.

He said that technologies, featured by the event this year, are industry 4.0 (the factory of the future), 5G, the metaverse, robotic technologies and artificial intelligence.

Turkish Airlines plans to purchase 400 narrow body aircraft and 200 wide body aircraft, as well as 25-30 units of 777x or 350x, Ahmet Bolat said at the International Air Transport Association's (IATA) annual general meeting in Istanbul.

With the latest additions, the airline's fleet size will jump to 813 from the current 435, he said.

Touching on the carrier's financial performance, he said the firm's revenue was up by 42.7% in the first quarter on a yearly basis, and net profit rose by 45%.

"We're going to carry more than 86 million passengers, total revenue (for this year) will be more than $19 billion," he said.

He said the carrier is targeting to become one of the top three airlines in the world.

Turkish Airlines will open routes to Detroit this November and the number of countries where it flies to will reach 130, with Australia adding to its list of destinations soon.

MÜSİAD INVEST President Muhammet Ali Özeken and SAJA Group President Abdullah Al Amri attended the signing ceremony, leveraging the strengths of both organizations.

During the signing ceremony held at the MÜSİAD headquarters, MÜSİAD INVEST President Muhammet Ali Özeken stated that "MÜSİAD INVEST, which provides comprehensive consultancy services with a strong technological infrastructure, is steadily progressing towards becoming a safe haven for international trade." President Özeken pointed out that international investors have shown great interest in MÜSİAD INVEST and wished that the collaboration with SAJA GROUP would bring about positive outcomes.

SAJA Group President Abdullah Al Amri, for his part, expressed his happiness with the partnership between MÜSİAD INVEST and SAJA Group, stating that this agreement will be beneficial for both parties.

The protocol signed between MÜSİAD INVEST and SAJA GROUP aims to achieve comprehensive cooperation in international consultancy, investment, and promotion areas.

Epidemic diseases, which disrupted our personal and professional lives, brought along institutional innovations in the way we do business. Thus, rapidly transforming and developing technology has forced so many sectors to adapt quickly. So much so that digital platforms, the use of which has increased in the interim, have brought about a sea change in our cinema and television habits, while online meetings and remote working models have saved time and brought people together in the virtual world.

In this context, institutional structures have to integrate their systems into the new world that is formed. However, digitalized and traditional management approaches sometimes clash, bringing about new risks.

MUSIAD Private Secretary Selçuk Şenel stressed the importance of human relations by noting that digitalism has moved to a different dimension, particularly during the pandemic.

"It may not always be easy to manage the situation, events, process, and people correctly and strategically, and the technology and management approach should be built on a corporate structure that renews itself and closely follows the latest innovations,” continued Şenel.

Noting that training, seminars, and studies on corporate innovation and management in public and private companies, as well as non-governmental organizations, have gained importance since the pandemic, Şenel argued that more systematic corporate governance understandings can be created by blending innovative perspectives and traditional structures.

Şenel also underlined that the new management approach and traditional management trends that emerged with digitization will not cause any conflict when the appropriate ground is laid, "Managers should also familiarize themselves with the changing trends as well as the corporate structures. The development of the person who takes the initiative is very important. A good manager should keep abreast with technology and the world, strengthen human relations, know their job very well in theory and practice, and constantly improve themselves," he concluded.

"As the global pioneer of ultrafast grocery delivery, we're proud to announce that we've acquired the Berlin-based on-demand grocery delivery company Gorillas," Getir said in a statement on LinkedIn.

"This acquisition reaffirms our long-term commitment and dedication to the sector, and underscores how Getir leads consolidation in the industry. It will allow us to provide an even better service to our valuable customers and affirms our belief that this sector has a bright future," it added.

Though the amount paid for the deal was not disclosed, The Financial Times reported that it was worth around $1.2 billion.

Getir is a pioneer in rapid on-demand grocery delivery with its unique model of delivery in minutes, as earlier this year, it also became Europe's first grocery delivery decacorn -- a relatively new company that is worth at least $10 billion. Its overall valuation rose to $11.8 billion in March with over 35,000 employees.

"Markets go up and down, but consumers love our service and convenience is here to stay. The super-fast grocery delivery industry will steadily grow for many years to come and Getir will lead this category it created 7 years ago," Nazim Salur, the company's founder, said in a statement.

Co-founder Mert Salur said on LinkedIn: "Getir acquires Gorillas as we look forward to the future of ultra-fast grocery delivery in Europe and beyond. We will do our best to welcome people incoming from Gorillas as we remain determined to continue redefining the industry of groceries."

Getir was founded in 2015 as the world's first ultrafast grocery delivery service, operating in nine countries across three continents, which include the UK, Germany, France, Italy, Spain, Netherlands, Portugal, the US, and Türkiye.

The Berlin-based startup Gorillas was founded in 2020 during the coronavirus pandemic, while it cut hundreds of jobs in May this year. The firm operates across six countries in Europe and in more than 40 cities, most of which are in Germany and the Netherlands, according to its website.

"Siemens sold its entire financing and leasing business in Russia at the end of Q4 FY 2022," it said in the Q4 earnings release, July 1-Sept. 30.

Siemens put all new business in and international deliveries to Russia and Belarus on hold in March, just days after the start of Moscow's war on Ukraine on Feb. 24.

It posted a better-than-expected fourth quarter profit at its industrial business, offering an upbeat outlook for 2023.

"We successfully executed our strategy, capturing market share and achieving high value growth," said Roland Busch, president and CEO of Siemens. "Strong demand continues for our hardware and software offerings, including higher than expected growth for our digital business revenue. Our people made an incredible contribution in an extremely challenging year."

Although Germany’s Siemens Energy already owns a majority stake in the Spanish-founded company, it aims to take 100% control.

Purchasing the outstanding shares would cost just Siemens Energy slightly more than €4 billion ($3.9 billion).

On Monday, Siemens Gamesa’s share price opened at €17.94, and Siemens Energy has a bid to pay €18.05 per share.

Siemens Energy said on Monday that if it achieves at least 75% of the capital, it will delist the company from the Spanish stock exchange. The company currently trades on Spain’s blue-chip index, the IBEX 35.

In May, when Siemens Energy initially launched the takeover bid, it pointed to Siemens Gamesa’s financial problems, such as below-expected profit and cash flow.

However, Siemens Energy said the takeover would boost profitability, predictability and earnings stability.

In a presentation to shareholders, Siemens Energy estimated that the global installed capacity in wind, excluding China, would nearly double from 500 gigawatts in 2021 to 950 gigawatts in 2030.

The German firm forecasts particularly strong growth in global offshore wind installations. In 2021, 3 gigawatts of capacity were added globally, excluding China, but by 2030, 27 gigawatts of new capacity are expected.

According to Siemens Energy, Siemens Gamesa is the market leader in offshore wind energy and the world’s third-largest company in onshore capacity.

According to a joint statement from the two companies, as part of the cooperation to be implemented in 3 stages, the services created for users will be mutually integrated.

The two companies aim to develop joint solutions that will take the user experience to the next level.

"Networked, electrical and autonomous smart devices are becoming new living spaces for us to do our work at home and in the office, and the paths of new mobility and e-commerce intersect at this point," TOGG CEO Gurcan Karakas said.

Users will be able to benefit from the services of both Togg and Trendyol in accordance with the legislation, Karakas added.

"In addition to door-to-door e-commerce, options such as door to Togg smart device, Togg smart device to the address will emerge thanks to the deal," he noted.

Trendyol president Caglayan Cetin said:

"We see this collaboration as Trendyol's direct contribution to the great leap that Togg will bring to our country in the field of technology and digitalization as well as the industrial infrastructure."

The Turkish firm will provide its aviation and navigation database to all airlines and operators which use GE Aerospace's systems.

Mehmet Keyvan, CEO and founder of Keyvan Havacilik, said the company has the fourth-largest database in the aviation and navigation field in the world.

Collecting data from 195 countries, the company packages the data with special methods and provide it to shareholders.

Keyvan Havacilik's navigation database services were certificated by the European Union Aviation Safety Agency, he said, adding the company updates data every 28 days with a 120-person team.

There are only four companies in the field globally, and just one from Türkiye, he said.

The data is high-quality because companies use it for autopilot systems in aircraft, said Keyvan.

Separately, the company collects data from everywhere, even small places in, he said, and added that this needs extra personnel but Keyvan Havacilik provides more quality data thanks to this effort.

Keyvan Havacilik implements Data Quality Requirements and an Aviation Information Processing Procedure to process data and create the final version of the ARINC 424 database.

Keyvan said the cooperation is big and successful and the company will offer wider analytic services with its certified database.

Tawfic Hammad, a commercial director at GE Aerospace, said his company is happy to cooperate with Keyvan Havacilik and contribute to the Turkish aviation sector.

The funding from the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) with a final maturity of five years is part of the securitization program based on foreign remittance flows, or "Diversified Payment Rights," it said.

While $127 million provided by the EBRD will be used to finance women-led businesses, renewable energy and resource efficiency investments, $100 million by the IFC will be used to finance mortgages and green mortgages.

"The funds obtained through the new securitization transaction we have successfully completed will contribute to the diversification and extension of the maturity of our financing sources and to the financing of sustainability," Isbank CEO Hakan Aran said in the statement.

"We believe that sustainable development can only be materialized through continued and increased support for green finance, the participation of more women-led businesses in the economy and an increase in the female workforce," he added.

Emphasizing that effects of the global climate change have demonstrated the need to accelerate the transition to a green economy, Aran said one of the bank's main priorities is to offer the funds to its customers through "sustainability-themed products and services" and to support the customers' green transformation processes.

"We are very pleased to further strengthen our cooperation with EBRD and IFC with this transaction coinciding with our Bank’s 98th anniversary this year. We will continue to support the driving and transformative areas of the economy with our responsible banking approach and contribute to the creation of a green and sustainable economy," he added.

The new office in Istanbul will start operations this fall to provide Russian customers with a wide range of Turkish goods, Ozon's press service said in a statement.

"The company sees a growing demand for goods from Turkish sellers and plans to strengthen its position in the local market," the press release added.

Currently, the top management is forming a team of experts who speak Turkish and know the specifics of the local consumer sector, it said.

Hazal Maras, who has over 10 years of experience in retail and e-commerce, will head the new office.

Ozon Global is a part of Ozon, which works with international sellers and orders goods from abroad. It is a leading multicategory e-commerce platform and one of the largest online marketplaces in Russia whose 2021 turnover amounted to $6 billion.

The Business Climate Index slipped to 88.5 in August from 88.7 in July, according to a report released by the institute on Thursday.

“A bleak mood hangs over the German economy,” the report warned, saying firms remain less than satisfied and “the strong pessimism of their outlook for the coming months is virtually unchanged.”

Supply chain bottlenecks, however, eased significantly this month, with 62% of businesses complaining about material shortages and bottlenecks, down from 73.3% in July.

The German economy is likely to shrink around 0.5% in the third quarter, the institute said.

“The index in manufacturing is unchanged. Order backlogs declined again slightly. The chemical industry in particular reported serious problems,” the report said.

“In the service sector, the business climate recovered slightly after its drastic plunge the previous month.”

While sentiment in tourism was on the up, the indicator in trade continued its downward slide, the report said.

“Many enterprises are facing a dilemma: high inflation is dragging down their business, but they can hardly avoid raising prices due to increased costs,” it added.

Türkiye "is a fantastic region for us. This is the fourth-largest region outside of the US," Jochem-Jan Sleiffer told Anadolu Agency in an interview, noting that Hilton had recently signed its 100th hotel in the country.

"We're going to have 100 hotels in the pipeline and operating," said Sleiffer. "Currently, we operate more than 70 hotels and we have 30 more coming."

As the number of its establishments rises, the company will need to boost the number of its employees -- currently at about 5,000 -- by roughly 3,000 in the next couple of years, he added.

Underlining the wide variety of jobs that the hotel offers recruits, including positions "in front desk, in event management, in food and beverage and in engineering," Sleiffer said a lot of travel was also involved in the work at Hilton.

- More hotels to come

As the first international hotel brand in Türkiye, the chain's Hilton Istanbul Bosphorus has been open for over 55 years, Sleiffer said.

"This was the first place where Hilton, Mr. Conrad Hilton, opened internationally a hotel," he added, stressing that this is "a very important market for us."

Today, Hilton has venues across Türkiye, including in the capital Ankara and the Mediterranean resort city of Antalya, as well as Dalaman and Bodrum overlooking the Aegean Sea, said the executive, pointing also to plans to open a new hotel in the southeastern province of Sanliurfa.

On the effects of the coronavirus pandemic, Sleiffer said business in Türkiye picked up "really quickly" when the outbreak subsided as locals resumed leisure travel.

"But now, you see the foreigners coming, as well, for leisure travel again. So, our hotels in Antalya, in Bodrum, in Dalaman are doing extremely well," he said, praising the "good mix of international travelers, including Turkish travelers."

He also said that now, conferences are also starting to booked.

Holiday resorts are particularly popular among foreigners, who Sleiffer said are coming to Türkiye "because they want to experience the hospitality" for which the country is known "for all these years."

Hospitality is "in the culture, it is in the genes of the Turkish people," he added.

"So, we want everybody to come and experience that."

Some of the major reasons for volatility are supply chain issues, elevated protectionism measures from some countries, geopolitical instability, and monetary and fiscal policy interventions by governments, the rating agency said in a statement.

On the demand side, weakening consumer electronics, computer and smartphone sales are weighing on chipmakers, causing them to reduce their capital expenditures, it added.

The US government's $52 billion CHIPS and Science Act passed into law on Tuesday should accelerate semiconductor capacity production in the country, Fitch said.

"The Act follows similar actions taken by the EU designed to wean the semiconductor supply chain from an overreliance on southeast Asia and relieve market constraints," it added.

Fitch noted that government investment and support in some Asian countries have reshaped the semiconductor industry in the past 20 years, during which the US' share in the global chip manufacturing sector declined to the low teens from the mid-30% range.

In the near-term, chip manufacturers also risk overinvesting in production capacity and a global economic downturn, the agency said.

"Slowing global economic growth and aggressive capacity additions could reverse the favorable semiconductor supply/demand environment heading into 2023, resulting in excess capacity that could persist into 2024-2025," the statement said.

The global economy has been struggling with a semiconductor shortage since the beginning of the COVID-19 pandemic as chip factories were shut down. The reopening caused a surge in global demand amid limited supply.

The chip crisis affects 169 industries in one way or another, from electronics to automotive and healthcare equipment, according to Goldman Sachs, a US multinational investment bank and financial services company.

An ad-free subscription to Disney will cost $10.99 a month or $109.99 a year in the US starting in December, up from its current cost of $7.99 a month.

The Disney-owned Hulu will also raise prices for all of its subscribers.

The ad-supported tier, which currently costs $6.99 a month or $69.99 a year, will go up to $7.99 a month or $79.99 a year.

The firm also said it is planning to reveal an ad-supported version of the flagship streaming service.

Bob Chapek, the CEO of the Walt Disney Company, said: "We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services."

In its financial results statement the company said revenues for the quarter and nine months grew 26% and 28%, respectively.

The world's richest man sold 7.92 million shares of Tesla between Aug. 5 - 9 that are worth $6.88 billion, according to six financial filings revealed by the US Security and Exchange Commission (SEC) late Tuesday.

Musk hinted that the amount could be used to uphold the purchase deal if he loses the lawsuit against Twitter.

"Yes. In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock," he wrote on Twitter early Wednesday when asked if he was done selling Tesla shares.

The business magnate sold $8.5 billion of Tesla shares in three days in late July, following Twitter's approval of his purchase offer, according to SEC filings. He also said, via Twitter, that he was not planning any additional sales.

Musk's latest move comes before his trial begins Oct. 17 against Twitter. He proposed buying the social media company in April for $44 billion, or $54.20 per share, but then walked away.

After Musk announced July 8 that he was terminating the deal, Twitter's stock plummeted to as low as $32.52 on July 12 -- a 40% decline from the offer price per share, according to official figures. Twitter sued Musk the same day to force him to complete the purchase.

While Musk accuses Twitter of failing to provide him information about the number of bots, spam and fake accounts on the platform, the company dismisses the accusations and claims that the number is well below 5% of total daily active users.

Meta, which also owns Instagram and WhatsApp, saw its revenue decline to $28.8 billion in the April-June period of this year, down 1% from $29.1 billion in the same period of last year.

Its net income plunged 36% to $6.6 billion, from $10.4 billion, during that period.

“We're putting increased energy and focus around our key company priorities that unlock both near and long-term opportunities for Meta and the people and businesses that use our services,” founder and CEO Mark Zuckerberg said in the statement.

Facebook's daily and monthly active users showed a slight increase of 3% to 1.97 billion and 1% to 2.93 billion year-on-year, respectively.

The company said it estimates third quarter total revenue declining to the range of $26 billion to $28.5 billion due to the "continuation of the weak advertising demand environment" in the second quarter.

Meta's stock price was down 4.6% in pre-market trading on the Nasdaq at 8.25 a.m. EDT before the opening bell on Thursday.

Amazon said the two sides have entered a definitive merger agreement for purchasing One Medical.

“Together with One Medical’s human-centered and technology-powered approach to health care, we believe we can and will help more people get better care,” Neil Lindsay, senior vice president of Amazon Health Services, said in the press release.

One Medical, headquartered in San Francisco, aims to transform health care for all through a human-centered, technology-powered model, according to the statement.

Amazon will pay $18 per share of One Medical.

The company announced last month that it will offer drone deliveries to customers living in Lockeford, California, and the service will now be extended to College Station, Texas.

The company said it partnered with Texas Aamp;M University in College Station, which will be “at the forefront of the development of drone delivery technology,” College Station Mayor Karl Mooney said in a statement.

Amazon said its drones are capable of delivering packages up to five pounds (2.27 kilograms) in less than an hour.

They can fly at a maximum speed of 50 miles per hour (80.5 kilometers) and a maximum altitude of 400 feet (122 meters).

The UK's competition and anti-trust watchdog said in a statement it is considering whether the merger would "result in a substantial lessening of competition" within any markets in the country.

It said the investigation will also consider "whether the deal could harm competition and lead to worse outcomes for consumers – for example, through higher prices, lower quality, or reduced choice."

The CMA has set the date of Sept. 1 as a deadline for its first phase of decision and invited relevant and third parties to comment on the deal between July 6-20.

Activision Blizzard has popular video game franchises such as Call of Duty, Guitar Hero, Warcraft and Candy Crush.

The companies will partner in the North Field East expansion project in Qatar, where Shell will hold a 25% share in a joint venture company that will own 25% of the North Field East expansion project.

The expansion comprises four mega LNG trains with a combined LNG capacity of 32 million tonnes per year.

Carbon capture and sequestration will also be integrated into the project to reduce emissions.

"This landmark project will help provide LNG that the world urgently needs with a lower carbon footprint," said Shell Chief Executive Officer Ben van Beurden.

The US-based global fast-food company said it is in the advanced stages of transferring ownership of KFC restaurants, operating system, and master franchise rights, including the network of franchised restaurants, to a local operator.

"This builds on the company’s prior actions to suspend operations of all company-owned restaurants, halt all investment and restaurant development efforts, and redirect any profits from Russia operations to humanitarian efforts. Following completion of the KFC transaction, Yum! Brands intends to fully exit from Russia," it said in a statement.

Yum! Brands said it completed last month the transfer of its ownership of all Pizza Hut franchise assets to a local operator in Russia.

The company, which had around 50 Pizza Hut and 1,000 KFC locations in Russia, suspended all investments and operations in March.

Due to the war in Ukraine, major companies from various sectors around the world have announced the suspension of operations and withdrawal from the Russian market since Feb. 24, and western countries have imposed sanctions on hundreds of Russian companies and individuals.

"NIKE, Inc. has made the decision to leave the Russian marketplace. Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months," a Nike spokesperson told Anadolu Agency via email.

"Nike.com and the Nike mobile app will be no longer available in this region. Nike stores recently temporarily closed and will not open again," the company also said in a statement posted on its Russian website nike.com/ru.

The company announced last month it will not be renewing licensing agreements with Russian retailers, after suspending its operations in Russia in early March due to the war in Ukraine.

Major companies from various sectors around the world have announced the suspension of their operations and withdrawal from the Russian market since Feb. 24 while the Western countries have imposed heavy sanctions on hundreds of Russian companies and individuals.

"With the decision taken by eBay in line with the ongoing competitive dynamics in Türkiye, we will cease our activities and close our platform," GittiGidiyor said in a statement.

All shares of the 21-year-old marketplace were purchased by eBay, 93% in 2011 and 7% in 2016.

The platform, which will remain open for shopping until July 18, has been closed to listing new products as of Monday.

eBay is currently active in 22 countries.

According to information obtained by Anadolu Agency, Vitol will supply at least 400,000 tons of LPG annually to BDY Group under the agreement.

Vitol, which also owns Petrol Ofisi in Türkiye, uses Dortyol, a town in southeastern Türkiye, as a center for trade with neighboring countries.

On the other hand, besides the supply agreement, a storage agreement was also signed between the companies.

According to the agreement, Vitol will pay BDY Group on a ton basis for storage and export-based loading for 10 years. Thus, a net foreign currency inflow will be provided to Türkiye. The deal was signed on a "use or pay" condition.

Market experts consider LPG as an alternative fuel in case of possible interruptions in natural gas flow and supply problems.

LPG, which can be used in autogas and cooking as well as in heating in the world, also plays an important role in the Turkish energy market.

Consuming more than 4 million tons of LPG annually, Türkiye consumes the most autogas in the world.

TotalEnergies will send 600,000 metric tons of LNG a year starting in 2024.

Hanwha will use the LNG, sourced from TotalEnergies’ global LNG portfolio at its 1 gigawatt gas-fired, combined-cycle power plant, which is currently under construction.

The LNG will be delivered to the Tongyeong regasification terminal in South Korea.

South Korea was the world's third-largest importer of LNG in 2021.

The announcement of a permanent exit comes after the company suspended operations in Russia on March 8 due to the Ukraine war.

“The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald’s values,” read a press release.

The company said it will sell its entire portfolio of McDonald’s restaurants to a local buyer in Russia.

McDonald’s had 62,000 employees in Russia and the company said it aims to ensure that they “continue to be paid until the close of any transaction and that employees have future employment with any potential buyer.”

Russia has been slapped with numerous sanctions by major world powers, including the US, UK and European Union, since it declared war on Ukraine on Feb. 24.

Hundreds of companies have pulled out of Russia due to the war, with some such as energy giant Shell, carmaker Renault and private lender Societe Generale now selling their businesses in the country.

The stock price of Saudi Aramco closed at 44.70 Saudi Riyal ($11.92) per share on the country's stock exchange Tadawul for a market capitalization of 8.94 trillion Saudi Riyal ($2.38 trillion).

Apple's stock price was at $146.07 per share on the US' tech-heavy Nasdaq index at 11.10 a.m. EDT for a market value of $2.36 trillion.

This is the first time Saudi Aramco's market value has overtaken Apple since 2020.

Since the start of this year, Apple saw its stock price fall approximately 20%, while Aramco shares jumped almost 28%, according to official figures.

While Apple has been struggling with supply chain bottlenecks, chip crisis and rising consumer inflation, Saudi Aramco has benefited from rising crude oil prices.

The price of international benchmark Brent crude soared to $139 per barrel in March, its highest level since 2008.

Global oil demand rapidly climbing well above crude supply in the post-pandemic period has been instrumental in rising oil prices.

In addition, the Russia-Ukraine war threatening secure crude supply to Europe has further pushed prices higher.

"The company has started proceedings to wind down its industrial operations and all industrial business activities," Siemens said in a statement.

The corporation, which employs around 3,000 people in Russia, had already put all new business in international deliveries to Russia and Belarus on hold after the beginning of the war in February.

"The comprehensive international sanctions, as well as current and potential countermeasures, impact the company’s business activities in Russia, particularly rail service and maintenance," the readout said.

Moscow calls its actions in Ukraine a “special military operation” to “demilitarize” and “denazify” Ukraine. For Western countries, however, it is a war of aggression and they have imposed severe sanctions in response.

"This was not an easy decision, given our duty of care for our employees and long-standing customer relationships, in a market where we have been active for almost 170 years," said Roland Busch, CEO of Siemens.

"We are evaluating the impact on our people and we will continue to support them to the best of our abilities," he said, adding: "At the same time, we provide humanitarian assistance to our colleagues and the people of Ukraine and stand with the international community in calling for peace.”

The two companies have entered into a definitive agreement, in which the boards of directors of both firms unanimously approved the transaction.

Pfizer will pay $148.50 per share in cash to buy outstanding shares of Biohaven, according to a statement.

Despite closing Monday with a 7.9% decline, Biohaven's stock price soared 70.2% to $141.50 per share on the New York Stock Exchange during pre-market hours on Tuesday.

Biohaven is best known for developing a migraine therapy for acute treatment and prevention of migraine in adults.

“This is the largest decline in quarterly productivity since the third quarter of 1947, when the measure decreased 11.7%,” the Bureau of Labor Statistics said in a statement.

The market expectation for the January-March period was a decline of 5.4%.

Unit labor costs in the nonfarm business sector increased 11.6% during the first three months of 2022.

The measure showed an increase of 7.2% over the last four quarters, the largest four-quarter increase since the third quarter of 1982, the bureau said.

It has a production capacity of 180,000 barrels of oil per day (bpd), the company said.

The first phase will be followed by three additional development phases, with the Mero-2, Mero-3 and Mero-4 floating production, storage and offloading units, each with a production capacity of 180,000 bpd. Their start-ups are scheduled between 2023 and 2025.

"This start-up, along with the entry into Atapu and Sepia fields, will increase TotalEnergies production in the pre-salt Santos Basin by 30,000 barrels per day in the second quarter and by 60,000 barrels per day in the fourth quarter of 2022 to reach 120,000 barrels per day by end of 2022," said Patrick Pouyanne, chairman and CEO of TotalEnergies.

The Mero unitized field is operated by Petrobras with a 38.6% share, in partnership with TotalEnergies with a 19.3% share.

Additionally, Shell Brasil, China's CNPC, China's CNOOC Limited, and Brazil's Pre-Sal Petroleo have a share of 19.3%, 9.65%, 9.65%, and 3.5%, respectively.

In a statement, Berkshire Hathaway said it will acquire all outstanding Alleghany shares for $848.02 per share in cash.

Alleghany's stock price stood at $676.75 per share on the New York Stock Exchange as of Friday's closing.

The agreement is unanimously approved by both companies' boards of directors, according to the statement.

The transaction is expected to close in the fourth quarter of 2022.

After the closing, Alleghany will continue to operate as an independent subsidiary of Berkshire Hathaway, the statement said.

Alleghany and its subsidiaries operate in various insurance businesses, such as wholesale, property and reinsurance.

US-based multinational conglomerate holding company Berkshire Hathaway had more than $146 billion in cash at the end of 2021.

The Frankfurt-based lender joined Wall Street banks such as Goldman Sachs and JPMorgan late on Friday in limiting activities and operations in Russia due to Moscow's war on Ukraine.

"Deutsche Bank has substantially reduced its Russian exposure since 2014," the German lender said in a statement.

"In line with our legal and regulatory obligations, we are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations," it noted. "There won't be any new business in Russia."

At least 564 civilians have been killed and 957 injured in Ukraine since the beginning of the war on Feb. 24, the UN said, while indicating that conditions on the ground make it difficult to verify the true number.

More than 2.5 million people have fled to neighboring countries, with about 2 million more estimated to be displaced inside Ukraine, according to the UN refugee agency.

“In light of Russia's new ‘fake news’ law, we have no choice but to suspend livestreaming and new content to our video service while we review the safety implications of this law. Our in-app messaging service will not be affected,” TikTok said on Twitter.

The social networking service added that they will continue to evaluate the evolving circumstances in Russia to determine when they might fully resume their services with safety as their top priority.

Netflix cited “circumstances on the ground” for its decision to suspend its Russian service but did not provide further details.

After Russian President Vladimir Putin approved the regulation, which provides for up to 15 years in prison for "spreading fake information" regarding the Russia-Ukraine war, numerous Western media outlets such as the BBC, CNN, ZDF and Bloomberg suspended their activities in Russia.

The company, however, said, it will maintain production and distribution of fresh dairy products and infant nutrition in order to meet the essential food needs of the local population.

"This war could last for a long time. If so, it will lead to increasing difficulties for the population affected to get hold of basic goods," it said in a statement on Sunday.

Danone said one of its two factories has been closed in Ukraine, adding the other one was closed but managed to resume operations.

The company said it made a donation of €500,000 ($543,844) to the Red Cross, which will be used to supply water, food and medicine.

In addition, Danone said it will match fund every euro donated by its employees for humanitarian efforts.

"We are also working with the Red Cross to explore how we can bring a variety of basic necessities to Ukraine. Our teams in neighboring countries are actively involved in collecting and distributing goods to refugees," it added.

"As a result, globally issued American Express cards will no longer work at merchants or ATMs in Russia," the company said in a statement on Sunday.

"Additionally, cards issued locally in Russia by Russian banks will no longer work outside of the country on the American Express global network," it added.

The company said it has pledged $1 million in aid to organizations that provide immediate and long-term relief to people in Ukraine and neighboring countries.

All business operations are also suspended in Belarus, it added.

Other US-based multinational payment card services companies Visa and Mastercard, in addition to online payment platform PayPal, also announced over the weekend suspension of their operations in Russia.

"Inditex informs that in the current circumstances, it cannot guarantee the continuity of operations and commercial conditions in the Russian Federation and temporarily suspends its activity in the 502 stores," it announced on Saturday.

Russia accounts for around 8.5% of the group's global earnings -- before interest and taxes -- according to the statement.

Many countries, especially EU members and the US, have announced sanctions on the Russian economy, and major companies have also halted their services in the country in numerous sectors, from automotive to energy.

According to UN figures, at least 331 civilians have been killed and 675 injured in Ukraine since the start of the war on Feb. 24.

More than 1.2 million people have also fled to neighboring countries, according to the UN refugee agency.

The market capitalization of cryptocurrencies grew from less than $100 billion five years ago to as high as $3 trillion in November and it is currently around $2 trillion, she said during a speech at the US Monetary Policy Forum in New York.

Stablecoins, which are digital coins whose prices are stabilized to a traditional currency, saw its supply grow nearly six-fold from $29 billion in January 2021 to $165 billion in January 2022, she added.

In addition, stablecoins are being used as collateral on decentralized finance and other crypto platforms, as well as in facilitating trading and monetization of cryptocurrency positions on and between crypto and other platforms, she noted.

"In the future, some issuers envision that stablecoins will also have an expanded reach in the payment system and be commonly used for everyday transactions, both domestic and cross-border. So it is important to have strong frameworks for the quality and sufficiency of reserves and risk management and governance," she said.

Brainard, who was nominated by President Joe Biden to serve as vice-chair of the Fed and is awaiting confirmation, called for the central bank to prepare for its own central bank digital currency (CBDC).

A CBDC, which is a digital currency issued by a central bank, should protect consumers' data and privacy, be widely transferable, and ensure identity verification to combat money laundering and funding of terrorism, she said.

"A CBDC -- depending on its features -- could be attractive as a store of value and means of payment to the extent it is seen as the safest form of money," she added. "The coexistence of CBDC alongside stablecoins and commercial bank money could prove complementary, by providing a safe central bank liability in the digital financial ecosystem."

The Swiss-based multinational pharmaceutical corporation said in a statement it will make an upfront payment of $800 million and potential additional milestone payments of up to $700 million.

"Novartis has a well-established expertise in ocular gene therapies that will position us well to continue developing this promising one-time treatment," said President Marie-France Tschudin.

The move will strengthen Novartis’ position on geographic atrophy research, which is an advanced form of dry age-related macular degeneration that leads to progressive and irreversible vision loss.

While there are no approved treatments for geographic atrophy, it is one of the most significant diseases waiting for a cure in retinal research, it added.

Syncona Ltd., which is the parent company of Gyroscope Therapeutics, said the upfront proceeds from the deal will further strengthen its capital pool.

The suit is the latest against the beleaguered NSO Group after WhatsApp and Facebook parent company Meta took action in October.

Apple said it is seeking a permanent injunction to prevent NSO Group from ever again using any of its devices, software or services after the Israeli firm's Pegasus spyware was used to surveil and target Apple users.

“State-sponsored actors like the NSO Group spend millions of dollars on sophisticated surveillance technologies without effective accountability. That needs to change,” Craig Federighi, Apple’s senior vice president of Software Engineering, said in a statement.

“Apple devices are the most secure consumer hardware on the market — but private companies developing state-sponsored spyware have become even more dangerous. While these cybersecurity threats only impact a very small number of our customers, we take any attack on our users very seriously, and we’re constantly working to strengthen the security and privacy protections in iOS," he added.

Apple's legal complaint alleges that NSO Group implemented a since-patched exploit known as FORCEDENTRY in its spyware that allowed its users to break into Apple devices and install Pegasus.

Apple said it would be contributing $10 million, as well as an unspecified amount of damages it is seeking in court, to organizations that specialize in combatting spyware.

Ron Deibert, the director of the University of Toronto's Citizen Lab, hailed Apple's legal action, saying it is a step towards holding NSO Group "accountable for their abuses," and expressing hope that it will "help to bring justice to all who have been victimized by NSO Group’s reckless behavior."

"Mercenary spyware firms like NSO Group have facilitated some of the world’s worst human rights abuses and acts of transnational repression, while enriching themselves and their investors," he said.

NSO has maintained that it only sells its spyware to governments only for lawful purposes, but it has repeatedly been found to be at the center of controversy, including efforts to surveil journalists dissidents and heads of state.

The US sanctioned the company on Oct. 3 after it determined NSO and fellow Israeli surveillance firm Candiru "developed and supplied spyware to foreign governments that used this tool to maliciously target government officials, journalists, businesspeople, activists, academics, and embassy workers."

"The upturn was accompanied by a further marked increase in inflationary pressures during the month, as firms' costs and average selling prices charged for goods and services both rose at record rates," IHS Markit said.

In November, eurozone composite purchasing managers index (PMI) rose for the first time in four months, reading 55.8 versus 54.2 in October, according to the company's flash estimate.

Manufacturing and services PMI increased to 58.6 and 56.6, respectively, this month from 58.3 and 54.6 in October.

Chris Williamson, chief business economist at IHS Markit, said that figures defied economists' slowdown expectations.

He cautioned though: "The manufacturing sector remains hamstrung by supply delays, restricting production growth to one of the lowest rates seen since the first lockdowns of 2020.

"The service sector's improved performance may meanwhile prove frustratingly short-lived if new virus fighting restrictions need to be imposed."

"We are interested in promotion of the investment potential of Azerbaijan, investing in the improvement and development of the country, including Karabakh," Yarar said  at a press conference in Baku organized by the Azerbaijan Small and Medium Business Development Agency.

According to Yarar, Turkish businessmen took part in the restoration of the Azerbaijani lands three days after they were liberated from nearly three decades of Armenian occupation.

The Tesla CEO sold over 3.5 million of his shares on Tuesday and Wednesday that were worth around $3.9 billion, according to financial filings of the US' Securities and Exchange Commission (SEC).

He later separately sold approximately 930,000 shares with a worth of more than $1.1 billion, the SEC filings showed.

Musk on Saturday asked his followers in a Twitter poll about selling 10% of his company shares, writing "Much is made lately of unrealized gains being a means of tax avoidance."

"I will abide by the results of this poll, whichever way it goes ... Do you support this?" he added, generating a response from over 3.5 million users in the poll, which resulted in 57.9% in favor and 42.1% against his proposal.

Tesla stock price fell 4.8% on Monday and plummeted an additional 12% on Tuesday, before bouncing back 4.3% on Wednesday on the Samp;P 500.

Musk's sale comes amid his facing a tax bill of more than $15 billion. In addition, most of Tesla executives have been selling some of their shares to take profit with company's stock price skyrocketing.

Tesla stock price more than doubled in the past 12 months, soaring 156%, from $417 on Nov. 11 last year to $1,067.95 per share on Thursday before the opening bell on the New York Stock Exchange.

After US retail sales rose sharply in September, up 0.7% from the previous month, the company aims to enter the holiday season fully prepared.

The new employees are expected to prepare and ship orders at Amazon warehouses, known as fulfillment centers.

"Seasonal employees will help support full-time employees across over 250 new fulfillment centers, sortation centers, regional air hubs, and delivery stations that opened in the US in 2021," it said in a statement.

The e-commerce firm said all jobs in the US, including seasonal roles, have an average starting salary of $18 per hour, sign-on bonuses up to $3,000, and an additional $3 per hour depending on shifts in many locations.

The company had announced in September it plans to hire 125,000 full- and part-time employees in hundreds of different cities and towns across the US, and over 40,000 new corporate and tech jobs.

"Our seasonal hiring helps us deliver on our promises to customers while also providing flexibility to our full-time employees during busy periods," Alicia Boler Davis, the senior vice president of Global Customer Fulfillment, said in the statement.

Amazon said some of the US states with the highest number of seasonal roles include Arizona, California, Florida, Illinois, Michigan, New York, Texas, and Virginia.

While there will be 6,200 seasonal jobs in Arizona, 4,500 will be hired in Illinois, and 23,000 in California.

Recalling that the sector's exports amounted to $3 billion during the first half of this year, Mesut Oksuz, head of the Turkish Houseware Association (Zucder), said the sector is on the way towards its targets.

The sector took measures against the pandemic rapidly, organized B2B summits and concentrated on online channels for reducing the outbreak's effects, he told Anadolu Agency.

Recalling that China stopped production activities due to the pandemic conditions which caused supply problems, he stressed that the Turkish houseware sector filled the gap quickly.

The sector is the fifth-largest net exporter of Turkey posting $3.6 billion export surplus annually, and its price per kilogram in exports is $3.38, he highlighted.

- Markets

In 2020, the largest houseware exporters were China, Germany, the US, Italy and the UK, respectively, he said, adding during the last five years, the UK, Germany and France were the main three export markets for Turkey.

These three countries constituted 25% of the country's houseware exports -- $1.1 billion -- he noted.

While the largest houseware importers globally were the US, Germany, the UK, France, Japan, the Netherlands and Canada, Turkey's share in their houseware imports is around 3%, he said.

"We should increase this share via fairs and B2B events. The EU's share in our sector's exports is 51%. We aim to increase this share to 60% as of the end of 2021."

Saying that Africa is also an important market for the sector, he noted that Turkey and the continent's overall trade volume was $5.4 billion in 2003 and has reached $25 billion.

"We realized a B2B event with Kenya, which is an important market for us. As the middle class develops in Kenya, the demand for houseware, furniture and durable goods is expected to grow," he added.

The Turkish houseware sector aims to strengthen its position in Kenya, where Turkish brands have a good image, he underlined.

"We target to increase our sales in Kenya by benefiting from the perception of the quality Turkish brands," he added.

- Zuchex 2021

Touching on the International Zuchex Home and Kitchenware Fair (Zuchex), which was held in Istanbul last month, Oksuz said the event generated a business volume of $1 billion.

After a long period under strict pandemic conditions, businesspeople miss face-to-face communication and analyzing products, he said.

The event was 30% more crowded than pre-pandemic events, he noted.

Set to begin on Sept. 29, the deal on flights between Istanbul and Helsinki and beyond will open up new destinations for travelers, Turkish Airlines said in a statement on Thursday.

The deal will help increase the commercial and tourism ties of the two countries, Ahmet Bolat, Turkish Airlines’ chief investment and technology officer, said.

"With the introduction of joint flights on several destinations in Finland, Turkey and Baltics, Iceland, South Europe, North Africa, and Middle East, passengers would enjoy more travel alternatives through the combined flights," Bolat stated.

Ole Orver, Finnair chief commercial officer, welcomed the deal as it will offer more options to the passengers amid the coronavirus pandemic

“We also welcome Turkish Airlines’ customers to explore the beautiful Nordics through our extensive network of connections from Helsinki,” Orver said.

Turkish Airlines currently operates to more than 300 international passenger and cargo destinations in 127 countries.

Finnair is a network airline, specialized in connecting passenger and cargo traffic between Asia and Europe via the short northern route.

Mevlut Cavusoglu on Twitter expressed his pleasure in seeing that “the trade volume between Turkey and Serbia is growing rapidly,” also sharing photos of the meetings.

Cavusoglu went to Serbia to “hold bilateral meetings and inaugurate the Turkish Consulate General in Novi Pazar,” he said on Monday.

More than 50 Turkish companies have a total investment volume of $113 million in Serbia, according to the Turkish Foreign Ministry.