Economy
Top Turkish officials to meet investors in London amid Iran war
Türkiye’s top economy officials are due to meet investors in London this week, with investors set to watch their comments closely amid the Iran war, a report said on Monday.
Treasury and Finance Minister Mehmet Şimşek and Central Bank of the Republic of Türkiye (CBRT) Governor Fatih Karahan will present Türkiye’s disinflation-focused economic program and answer investors’ questions, Reuters reported.
They will hold both investor meetings and one-on-one discussions during the trip, the report said, citing sources.
The meetings come as investors closely monitor the Turkish authorities’ response to the month-long U.S.-Israel war on Iran, particularly its impact on inflation, the current account deficit and financial markets.
The Treasury and Finance Ministry confirmed the London meetings but did not provide further details.
During the meetings, Şimşek and Karahan are expected to tell investors that the government remains committed to prioritizing its economic program and disinflation policies.
Their presentations are also expected to highlight the strengths of the Turkish economy, while addressing investor concerns about the potential fallout from the conflict.
The economic management last held similar meetings in January in the United Kingdom and the United States as part of regular outreach efforts to international investors.
Since the conflict began, Turkish authorities have taken several measures aimed at limiting the impact on markets. Those measures have helped keep the Turkish lira relatively stable. Since the start of the conflict, the lira has weakened by only around 1.3% against the U.S. dollar.
The central bank this month halted its easing cycle, keeping its benchmark rate at 37% due to inflation risks linked to fallout from the war that has engulfed the region and slashed global energy supplies.
Annual inflation was 31.5% in February after a gradual decline from 75% in 2024, the year in which the CBRT began slowly cutting rates.
Libya’s National Oil Corporation (NOC) has signed production-sharing deals with several international energy firms after the country’s first licensing round in nearly 20 years, Chair Massoud Suleman said Monday.
The agreements were signed with Spain’s Repsol and Türkiye’s state-owned Turkish Petroleum Corporation (TPAO), Italy’s Eni and QatarEnergy, and a consortium comprising Hungary’s MOL Group, TPAO and Repsol, Suleman said in a statement posted on social media.
The deals follow Libya’s 2025 bid round, under which the NOC awarded exploration acreage to foreign companies as the Organization of the Petroleum Exporting Countries (OPEC) member seeks to attract investment and raise oil production capacity to 2 million barrels per day from around 1.4 million bpd currently.
Suleman said the agreements reflected growing confidence in Libya’s oil and gas sector and would support exploration, development and production growth.
One of Africa’s biggest oil producers, Libya awarded exploration blocks in February to companies including Chevron, Eni, QatarEnergy, TPAO, and Repsol in its first licensing round since 2007.
Foreign investors have been wary of putting money into Libya, which plunged into chaos since a NATO-backed uprising toppled and killed longtime dictator Moammar Gadhafi in 2011.
It remains divided between the U.N.-recognized government in the west and its eastern rival, backed by military commander Khalifa Haftar.
Disputes between them over oil revenues have often led to oilfield shutdowns and output disruptions.
Fox Corp. has reached an agreement to acquire the streaming pioneer Roku in a cash-and-stock deal valued at approximately $22 billion, including debt, the companies said on Monday.
Roku will continue to be run as an open, partner-friendly platform, the companies said, and there appears to be no immediate changes that customers will see.
Fox and Roku said that the combined company will become the third-largest player in U.S. television by share of viewing.
Media reports had surfaced on Friday that Roku was looking at its strategic options, including a possible sale.
Speculation was rampant as to which companies might be interested in an acquisition. Aside from Fox, names being tossed about as potential buyers included Netflix, Amazon, Comcast and Disney.
The deal will give Fox access to more than 100 million global households, along with the Roku channel and its first-party data. Fox oversees a massive sports, news and entertainment network, as well as Tubi, which it acquired in 2020.
Roku founder Anthony Wood had initially worked within Netflix in the early 2000s as it attempted to make the seismic shift from renting DVDs to streaming.
Roku was spun off by Netflix, however, and the company released its first set-top box in 2008.
Wood, who is Roku’s chairperson and CEO, said his motivation in pursuing the technology was his desire to record and play his favorite show, “Star Trek.”
Fox Corp. CEO Lachlan Murdoch said in a statement that combining the businesses will bring together Fox’s live news and sports content with a streaming platform with a large viewership. It will also give Fox more exposure to advertising and streaming subscriptions.
“The combination with FOX is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers,” Wood said in prepared remarks.
Wood will have an ongoing role at the company and will join the Fox board of directors after the transaction closes.
Murdoch said during a conference call that the combined company will be better positioned for the next decade of video than either company would’ve been alone.
“We are confident this is the right transaction, at the right moment, for all the right reasons,” he said.
Fox will pay $96 in cash and 0.9693 shares of its Class A common stock for each Roku Class A and Class B share outstanding. The transaction is valued at $160 per Roku share.
Existing Fox shareholders are expected to own approximately 73% of the combined company and Roku shareholders will own about 27%, once the deal closes.
The deal is expected to close in the first half of next year. It still needs approval from Fox and Roku shareholders and also regulatory approval.
Fox’s stock declined before the market open while shares of Roku rose slightly.
The European Union has legal grounds to suspend its trade agreement with Israel over serious violations of international law, according to a leaked internal document that could increase pressure on the bloc to take action against Tel Aviv.
The “strictly confidential” document, prepared by the European Commission’s legal service in 2017, concluded that a “total or partial suspension” of the EU-Israel Association Agreement would be consistent with customary international law.
The disclosure comes as EU member states debate taking a tougher stance toward Israeli Prime Minister Benjamin Netanyahu’s government amid ongoing war crimes and other violations of international law in Gaza, the West Bank, and southern Lebanon.
Spain and Ireland have led calls to suspend the association agreement, which grants Israel preferential trade access to the EU market and is viewed as a potential source of leverage over Israeli policy.
Germany, one of Israel’s closest allies in Europe, has so far opposed suspending the agreement. Berlin has questioned the legal basis for such a move and argued that maintaining diplomatic engagement offers a better chance of influencing Israeli policy than punitive measures.
The 2017 legal opinion stated that the EU was entitled to suspend cooperation with Israel over breaches of international law in the West Bank.
It suggested the bloc could exclude Israel from programs such as Horizon Europe research grants and the Erasmus student exchange scheme.
According to the report, the memo also noted that U.N. Security Council Resolution 2334, adopted in 2016, explicitly called on U.N. member states to take measures to prevent acts of destruction in the West Bank.
A total or partial suspension of the EU-Israel Association Agreement “would comply with customary international law,” the memo said.
President Recep Tayyip Erdoğan on Monday inaugurated the newly modernized Ankara Airport, saying 2026 was shaping up to be a “year of summits” for Türkiye.
The former Etimesgut Air Base, which underwent a comprehensive modernization program, has been reopened as Ankara Airport and will serve both domestic and international operations.
The airport is expected to reduce pressure on the capital’s key hub, Esenboğa Airport, during major international events and high-level visits and ease congestion on its road network.
Focus is particularly on the role Ankara Airport is expected to play during the upcoming NATO Leaders’ Summit scheduled for July 7-8.
“2026 continues to be a year of summits for Türkiye, a country striving to reach the top in every field,” Erdoğan said at the inauguration ceremony.
He noted that Türkiye had already hosted the Zero Waste Forum in Istanbul earlier this month, bringing together more than 5,000 participants from 183 countries, while preparations were underway for several major international gatherings later this year.
According to Erdoğan, Türkiye will host the 77th International Astronautical Congress in October, followed by the 13th Summit of the Organization of Turkic States.
In November, the country is set to host the 31st United Nations Climate Change Conference (COP31), expected to attract more than 100,000 participants from 197 countries.
Erdoğan said Ankara’s growing diplomatic profile reflected Türkiye’s increasing influence in global affairs.
“As Türkiye’s weight in global politics increases, the flow of foreign delegations visiting Ankara also rises,” he said. “Located at the heart of 67 countries and 1.5 billion people within a four-hour flight radius, Türkiye, with Ankara, Istanbul and Antalya, has become a center where international diplomacy now beats.”
The president said Ankara Airport would help ease congestion at the capital’s main hub, Esenboğa Airport, which has seen annual passenger traffic increase from around 3 million two decades ago to approximately 15 million today.
“With the new airport facilities entering service, there will be relief in both air and road traffic around Esenboğa,” Erdoğan said.
Previously used primarily for military purposes, Ankara Airport has been transformed into an international aviation facility capable of accommodating wide-body aircraft and hosting world leaders.
The modernization project was completed in eight months and included upgrades to the runway, apron, access roads and technological infrastructure to meet international aviation standards.
The existing runway was extended from 2,450 meters to 3,000 meters and widened from 42 meters to 60 meters, enabling the safe operation of wide-body aircraft.
Two turnaround areas totaling 15,000 square meters and a new 160,000-square-meter apron increased parking capacity to around 44 aircraft simultaneously.
Taxiways were fully renovated, while new parallel and connecting taxiways were built. A runway end safety area (RESA) was added to enhance operational safety.
Lighting systems, approach lights and navigation equipment were modernized in line with international standards, and the airport’s mechanical, electrical and drainage infrastructure was completely renewed.
The project also included the construction of a 4,800-square-meter state guesthouse and an open parking facility with capacity for more than 300 vehicles. All operational units were integrated through a single digital network.
In addition, authorities built a new 12.5-kilometer access road linking the airport directly to the “Crescent Star” complex, which will gather the Defense Ministry and the country’s military forces at what is said to be one of the most advanced military command centers in the world.
The route includes bridges and underpasses along a 3-kilometer section, featuring a 140-meter single-pylon cable-stayed bridge with an extradosed design, as well as a 40-meter overpass on Ankara Boulevard to ensure uninterrupted traffic flow.
Türkiye and Saudi Arabia aim to build a railway to link the two countries with Jordan and Syria in the next three or four years, a senior official said on Sunday, adding other Gulf countries would also join the project.
The railway would help alleviate in future the problems that have arisen from the disruption of the Strait of Hormuz caused by the war in Iran, Transport and Infrastructure Minister Abdulkadir Uraloğlu told Al Jazeera.
The project is described in a memorandum of understanding signed between Ankara and Riyadh last week on logistics cooperation and the railway sector.
In the initial phase, a rail link would allow for the transport of goods, oil, natural gas and people between Saudi Arabia, Türkiye, Jordan, Syria and Europe, Uraloğlu said.
He added that the United Arab Emirates (UAE), Kuwait, Qatar, Oman, and possibly Yemen would be included later too.
“A train leaving from Saudi Arabia, from Riyadh already reaches several regions of Saudi Arabia. So this is a project for it to reach Türkiye via Jordan and Syria,” Uraloğlu was cited as saying.
“We are talking about a route that will carry every type of freight via this route to Europe,” he noted.
Uraloğlu’s remarks came as talks have been intensifying about the historic Hejaz Railway, which had linked Istanbul to the Islamic holy cities of Mecca and Medina, as well as Damascus and parts of Yemen.
It was originally constructed between 1900 and 1908 under Ottoman Sultan Abdulhamid II and stretched approximately 1,750 kilometers.
Designed to facilitate pilgrimage to Mecca, the railway also served strategic military and administrative purposes, bolstering Ottoman control over distant provinces.
Though largely dismantled or damaged during World War I and subsequent conflicts, portions of the railway remain intact and have long been the subject of restoration efforts.
Uraloğlu said the route from Saudi Arabia to Jordan’s border had been finished and on the Turkish side, the link was completed from Islahiye to Kilis and Gaziantep in southeastern Türkiye, near the border with Syria.
That leaves a gap of some 400 kilometers (248.55 miles) between Syria and Jordan, he said.
In addition to commercial trade, Uraloğlu said the railway could also be used by people on the annual Muslim hajj pilgrimage.
Türkiye, which neighbors Syria, has built close ties with the government in Damascus after the fall of longtime dictator Bashar Assad at the end of 2024 and has said it will help the country rebuild.
Uraloğlu told Al Jazeera a financial plan would be drawn up for the rail project.
The investment would include some $100 million to rebuild the route between Türkiye and Syria’s Aleppo, creating a direct link to Damascus.
Christine Lagarde said Monday that she intends to continue as European Central Bank (ECB) president to make sure inflation stays in check, months after a report claimed she would leave the post.
“I have a sense of duty and I believe that when there’s a bit of a storm, the captain remains on deck. So the captain of the European Central Bank is on deck,” Lagarde told France Culture radio.
She also welcomed news of a tentative deal between the U.S. and Iran, saying it could help reopen the key Strait of Hormuz, although fellow policymaker Joachim Nagel cautioned it would bring no immediate relief to high eurozone inflation.
U.S. and Iranian officials said overnight they had reached an agreement to end their war and reopen the strait, a gateway for energy shipment, in a preliminary pact that sent oil prices falling and curbed bets on ECB rate hikes.
The Financial Times said in February, citing an anonymous source, that Lagarde would leave before October 2027.
That would give French President Emmanuel Macron and German Chancellor Friedrich Merz time to line up a successor ahead of France’s presidential vote in April 2027, in case of a victory by the euro-sceptic far-right National Rally.
Lagarde had declined to comment directly on the report.
“What I could have considered last February was in a particular situation” where inflation was near the bank’s benchmark rate of 2% and “the digital euro was on track” to getting legislative approval, Lagarde said Monday.
“So I could say to myself with a degree of confidence that the mission was accomplished, that I was 70 years old and in the end, I could perhaps retire a bit earlier than planned,” she said.
The ECB raised interest rates for the first time in nearly three years last week to try to curb inflation before the surge in energy costs that has followed unprecedented supply disruption linked to the Iran war spreads further across the eurozone economy.
Financial investors, who had largely been betting on two more ECB rate hikes over the next year, pared back their expectations on Monday. They now see just one additional increase, with only a marginal chance of a further move.
“My duty is to accomplish the mission, price stability, and for the moment that is what guides my action,” Lagarde said, adding that she wanted to “hand over the keys to an ECB that will have guaranteed” that stability.
Caution about inflation impact
Speaking later in Frankfurt, ECB Governing Council member Joachim Nagel noted financial markets’ reaction to the U.S.-Iran agreement showed investors were anticipating a lasting solution to the conflict.
But he remained more cautious about the impact on eurozone inflation, saying there would be no immediate relief even if the Strait of Hormuz reopened soon because it would take months to restore oil supply to its pre-war level.
“No relief is in sight for the foreseeable future,” Nagel, who heads Germany’s Bundesbank, said. “On the contrary: even if the Strait of Hormuz were to become navigable again soon, it will take months for the oil supply to return to normal.”
He argued inflation in the eurozone would remain elevated even in the ECB’s “mild” scenario, in which energy prices fall faster.
In fact, another increase in inflation should be expected when government measures to limit energy price rises expire, Nagel said. These measures, which include a fuel price discount at the pump in Germany, have dampened the inflation rate in the eurozone by 0.4 percentage points in May, he added.
The German central banker reaffirmed his view that all options – meaning both holding interest rates steady or increasing them – remain for the central bank’s next policy meeting on July 22-23.
Lagarde too struck a cautious note in her radio interview, saying “the whole question of uranium enrichment remains to be debated, agreed and concluded in the form of an agreement.”
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