The Türkiye Wealth Fund (TWF) is set to become the largest shareholder in Turkish electric carmaker Togg after restructuring the company’s ownership, the fund announced Tuesday.

The fund said the change in the partnership structure aligns with Türkiye’s objectives of high value-added production and establishing a global mobility and technology brand.

Under the restructuring, a share transfer agreement was signed regarding the transfer of shares held by AG Anadolu Group Holding and Vestel Elektronik in Togg to the Türkiye Wealth Fund and Turkcell.

Vestel and Anadolu Group Holding said on Tuesday they had signed agreements to sell their stakes in Togg to TWF and telecommunications giant Turkcell, in which TWF, through a subsidiary, holds a 26.2% stake.

According to disclosures made to the Public Disclosure Platform (KAP) by the companies, AG Anadolu Group Holding has signed an agreement to transfer its 23% stake in Togg, specifically, a portion equivalent to 11% of Togg’s total capital to Turkcell, and a portion equivalent to 12% to the TWF for 184 million euros ($206.02 million).

Meanwhile, Vestel has decided to sell its entire 23% stake in Togg to the TWF for 184 million euros. Once these transactions are completed, the ownership structure of Togg will change.

The statement indicated that, upon completion of the transaction, Turkcell’s total stake in Togg will rise to 34%, while TWF’s share would rise to 35%.

Thus, under the new ownership structure, the Türkiye Wealth Fund will become the shareholder with the largest stake in Togg.

Togg was founded eight years ago after President Recep Tayyip Erdoğan called for the production of a fully locally funded passenger car.

Before restructuring, Vestel Elektronik, Anadolu Group Holding, Turkcell ⁠and BMC Otomotiv each held 23% stakes in the company. The Union of Chambers and Commodity Exchanges of Türkiye (TOBB) owns the remaining 8%.

Entering the automotive market with sales of 19,583 vehicles in 2023, Togg achieved 37,426 sales in the first nine months of this year.

Becoming the sector leader with a 31% share of the Turkish electric vehicle market during the same period, it reinforced its position in the country’s electric mobility transition.

The Türkiye Wealth Fund’s addition as a shareholder is considered a major step in the fund’s objective of realizing domestic investments aligned with Türkiye’s strategic priorities.

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Wars triggered by Israeli provocations are exerting increased pressure on global energy prices and national economies, Vice President Cevdet Yılmaz said Monday.

“As a result of the wars that started with Israel’s provocations, we are witnessing the pressure that world energy prices create on our economies,” Yılmaz said at the opening session of the 42nd Ministerial Meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) held in Istanbul.

“This situation has once again demonstrated the importance of diversifying sources and routes, and strengthening regional cooperation, particularly in ensuring energy security,” he added.

Yılmaz emphasized that COMCEC constitutes an important pillar of the Organization of Islamic Cooperation (OIC), one of the most significant global cooperation platforms, with 57 members, a population exceeding 2.1 billion and a gross domestic product approaching $10 trillion.

Underlining that COMCEC’s agenda makes valuable contributions to the Islamic world and humanity amid challenging regional and global conditions, he said the occupation, settler violence, forced displacement and systematic oppression that Palestinians have endured for years, particularly in Gaza, have opened wounds that cannot heal in the common conscience of humanity.

He expressed deep sorrow over the continued loss of life in Gaza despite the cease-fire achieved through diplomatic efforts led by President Recep Tayyip Erdoğan and joint initiatives by regional countries.

“Israel’s ongoing occupation and attacks in Palestine threaten the security of the Palestinian people and regional stability,” Yilmaz said.

“At this stage, taking concrete steps that will pave the way for the reconstruction of Gaza, stop the genocide in occupied Palestinian territories, and sustain international efforts regardless of who comes to government in Israel is the primary responsibility of us all,” he said.

Yılmaz also noted that COMCEC is implementing the Al-Quds Program developed specifically for Palestinians, adding that work is advancing through 10 new projects launched this year alongside 28 completed projects.

Expressing satisfaction with steps taken toward ensuring Syria’s unity and territorial integrity in the new era that began following the fall of the Assad regime, Yılmaz said Türkiye strongly supports building a future in which the Syrian people live in peace, tranquility and prosperity.

In this regard, he noted that projects have started under the COMCEC Syria Program in the fields of halal standards, trade, vocational training, planning and strategy management, with findings shared during Sunday’s panel session. He pledged continued support for projects next year.

Turning to regional hostilities, Yilmaz warned that attacks targeting Iran through Israeli provocations and tensions in the Strait of Hormuz continue to threaten regional stability and global prosperity.

“Here, too, the key to the solution is clear: diplomacy and dialogue must never be abandoned,” he said, adding that Türkiye supports mediators’ efforts, contributes at the highest level to a negotiated solution and believes OIC nations must strongly support a peaceful resolution.

Turning to Yemen, Yılmaz condemned Houthi attacks against civilians and civilian infrastructure as unacceptable on any grounds, affirming that Türkiye will continue supporting its ally, Saudi Arabia.

He added that Türkiye will continue to work closely with international partners to ensure freedom of navigation in the Red Sea and the Bab al-Mandeb Strait.

Yılmaz voiced strong support for efforts to enhance stability in the Caucasus and the functionality of the Middle Corridor, particularly the ongoing peace and normalization process between Azerbaijan and Armenia, while emphasizing that relations with Africa remain an important pillar of Turkish foreign policy.

Africa relations

He announced that bilateral ties, deepened on the basis of mutual respect, equal partnership and win-win principles, will be further strengthened at the Fourth Türkiye-Africa Partnership Summit, scheduled to be held in Libya on Dec. 8-9, 2026.

Yılmaz expressed deep sadness over the conflict that has continued for 3.5 years in Sudan, emphasizing that Muslims cannot allow the humanitarian crisis facing the Sudanese people to be ignored. He pledged continued humanitarian aid and support for peace, territorial integrity, sovereignty and independence.

While significant progress has been made in Somalia over the past 15 years, Yilmaz stressed that Türkiye closely monitors steps aimed at destabilizing the region.

“We will continue to support the sovereignty and territorial integrity of Somalia against Israel’s illegitimate and unlawful decision to recognize Somaliland,” he said.

In North Africa, Yılmaz observed that developing bilateral relations contributes directly to regional peace, stability and prosperity, noting that Türkiye continues its efforts to ensure Libya’s stability and security through a dialogue process led and owned by Libyans.

He also pointed out that global food insecurity, exacerbated by climate change, geopolitical tensions and conflicts, has left more than 260 million people worldwide facing severe hunger.

Economic outlook

Addressing the global economic outlook, Yılmaz suggested that the world economy has shifted toward protectionism amid successive crises, with both economic growth and global trade projected to remain below historical averages at around 3% in 2026.

He said the resulting pressures have driven countries to reduce external dependence in critical sectors and strengthen domestic production capacity.

“In this period of increasing global uncertainties, one of the most important steps we must take as Islamic countries is to strengthen trade among ourselves,” the vice president said, pointing to the Trade Preferential System among the Member States of the OIC, implemented in 2022, as an essential instrument.

Welcoming ongoing work within the Trade Negotiating Committee to expand the system, he urged countries not to settle for tariff reductions alone but to focus on a comprehensive framework facilitating customs procedures, supporting digital trade and paving the way for trade in services and investment.

He called on countries that are not yet party to the preferential system to take the necessary steps swiftly and urged existing member states to actively contribute to resolving implementation issues.

Moreover, he emphasized that difficulties faced by small and medium-sized enterprises (SMEs) in accessing finance prevent OIC nations from fully realizing their vast potential.

Need for stronger cooperation

“There is a need to establish stronger cooperation between our banks, export credit agencies, development finance institutions, and relevant OIC bodies so that SMEs can benefit from foreign trade opportunities despite insufficient collateral, high financing costs, and a lack of information,” he said.

He urged ministers to adopt measures to make trade finance more accessible and affordable while calling on countries that have not yet joined the COMCEC SME Program to participate.

Underlining mutual recognition of halal certification as another key issue for trade, Yilmaz said he believes member states will provide the necessary support to operationalize the Islamic Forum for Halal Accreditation Bodies, founded in 2023, without further delay.

He encouraged the business community and professional organizations to make greater use of the OIC Arbitration Center and praised the B57+ platform for enhancing public-private dialogue and facilitating joint investments across the Islamic world.

Yılmaz noted that COMCEC working groups have held productive consultations, with Türkiye providing financial backing to 31 projects, raising the total number of supported projects to 209 since the program’s inception in 2013.

Turning to climate action, he said it is time to translate climate commitments into concrete steps, noting that Türkiye strives to remain at the forefront of combating climate impacts in vulnerable regions, including the Mediterranean Basin and OIC countries.

“We have planned COP31, whose presidency we will assume, with an understanding of climate justice, sustainable development, poverty reduction, and human-oriented transformation,” Yılmaz said.

“On this occasion, I would like to express once again that we expect the highest level of participation from Organization of Islamic Cooperation members at the COP31 Leaders Summit in Antalya on Nov. 11-12,” he added.

Global manufacturing activity remained relatively solid in October, but ​factories are beginning to show strain from rising energy costs while supply-chain disruptions squeezed margins, surveys showed on Monday.

The data ‌point to growing pain for export-led economies as prolonged conflict in the Middle East keeps fuel and food prices high, hitting consumption and business confidence.

S&P Global’s Eurozone Manufacturing Purchasing Managers’ Index (PMI) eased to 52.7 last month from 52.9 in September – which was the highest reading since May 2022 – but was above a preliminary estimate of ​52.4.

Readings above 50.0 indicate growth in activity.

This suggests manufacturers are holding up despite tariffs, conflicts and surging energy costs, ​but rising input prices add to pressure on the European Central Bank (ECB) to raise interest rates again.

“October’s final ⁠manufacturing PMIs confirmed the resilience of the eurozone’s industrial sector,” said Leo Barincou at Oxford Economics.

“Meanwhile, price pressures continue to intensify ​as robust demand meets constrained supply, with euro zone input prices rising at their fastest pace since May and output prices also increasing rapidly, ​reinforcing our view that inflationary pressures will remain elevated over the coming months.”

Preliminary data on Wednesday is expected to show inflation in the currency union nudged up to 4.0% in October, according to a Reuters poll, keeping pressure on the European Central Bank to raise interest rates.

The ECB left rates on hold last week as ​expected, but economists polled by Reuters last month said it would hike again in December.

Germany’s manufacturing industry expanded solidly in October, but France’s slipped back ​into contraction.

British manufacturers started the final quarter of 2026 with the strongest output growth in more than two years, although fast-rising costs may worry the Bank ‌of England (BoE), ⁠which looks set to raise interest rates this week.

Chip demand

Factory activity across Asia continued to expand in October, but growth slowed in China, Japan, South Korea and Taiwan, surveys showed, indicating the drag from the U.S.-Israeli war with Iran may be offsetting robust global demand for chips and AI-related goods.

“Strong chip and AI demand had masked soft spots in Asian and global economies. But that’s becoming hard to sustain with ​the Middle East war dragging on ​for so long, pushing up ⁠fuel and food prices,” said Toru Nishihama, chief emerging market economist at Dai-ichi Life Research Institute in Tokyo.

“High inflation is hurting Asian consumption. Intensifying price competition from China is also weighing on rival exporters like ​Japan and South Korea,” he said.

The RatingDog China General Manufacturing PMI, compiled by S&P Global, stood at 52.0 ​in October, just ⁠below September’s 52.1.

Japan’s PMI eased, marking the slowest expansion in seven months as output and new orders lost momentum, while South Korean factory activity grew at the slowest pace in eight months on weaker output and demand. Taiwan’s PMI continued to show solid growth in activity, albeit slowing down from ⁠the previous ​month.

India’s manufacturing growth slowed as domestic demand and hiring weakened, although a surge in ​export orders helped cushion the blow.

The International Monetary Fund (IMF) has projected that Asia’s economic growth will moderate next year, and it warned of heightening risks from the Iran ​war-induced energy shock and a potential correction in the AI boom.

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Türkiye’s manufacturing sector’s activity contracted in October at the fastest pace since June as declines in output and new orders weighed on performance, a closely watched business survey showed on Monday.

The headline Istanbul Chamber of Industry (ISO) Türkiye Manufacturing PMI, compiled by S&P Global, fell to 47.3 in October from 47.9 in September.

The 50 mark separates growth ‌from contraction.

Output was cut for a fifth ⁠straight month and at the fastest ‌pace in four ‌months, while new orders fell for a ‌40th consecutive month. The decline in new ‌business was the sharpest since July, with export orders also continuing to soften.

Input costs and output prices both rose, although their inflation rates eased from September. S&P Global said 29% of respondents reported higher input prices, citing oil, raw materials and exchange rate weakness.

Manufacturers still expected output to rise over the coming year, but confidence slipped to a three-month low.

“The ‌economic environment facing Turkish ‌manufacturers ⁠is such that they ⁠continued to find it difficult to generate growth as the final quarter of the year began,” said Andrew Harker, economics director at S&P Global Market Intelligence.

“There was some better news on employment, which eased only modestly, and this should hopefully help to limit the extent to which output moderates in the months ahead,” he added.

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Members of Germany’s powerful IG Metall trade union launched warning strikes in the metalworking and electrical sectors in the early hours of Sunday, seeking better pay and job guarantees.

Around 300 ​employees of ⁠Thyssenkrupp’s Rasselstein unit as well as workers from surrounding companies joined the first walkout at midnight, the union said.

The union has rejected an offer made by employers during a second round of wage negotiations, describing it as a “minus offer.”

Employers have offered 1% of annual gross pay as a one-off payment in the summer of 2027 and an additional 1.3% increase from July 2028.

The union seeks a 5% pay raise over 12 months, as well as guarantees for jobs. The strike action at industrial sites is expected to spread across Germany next week.

IG Metall, Germany’s largest union, aims to increase pressure during collective bargaining negotiations on behalf of approximately 3.7 million employees.

“The midnight warning strike at thyssenkrupp Rasselstein is merely ⁠the start of a massive phase of warning strikes,” Jorg Kohlinger, head of IG ​Metall’s central district, said.

The union said further warning strikes ​would follow in ⁠the coming days across the ⁠bargaining region covering the states of Hesse, ⁠Rhineland-Palatinate and ​Saarland as well as in Thuringia.

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South ​Korean exports nearly doubled in October, marking the sharpest jump in more than 50 years, as continued demand for AI products ⁠propelled shipments of the country’s chips, government data showed on Sunday.

Exports from Asia’s fourth-largest economy, a bellwether for global trade, ​rose 93.7% from the same month ​last year ⁠to $115.28 billion, slightly higher than a median 93.2% rise forecast in a Reuters poll of economists.

The surge, boosted by having more working days than a year earlier due to the timing difference in the Chuseok holidays, exceeded September’s 83.7% gain and was the strongest since January 1974.

Riding the global boom in AI investment, South Korea’s economy grew faster than expected in the third quarter on strong semiconductor exports and investments, with chipmakers Samsung Electronics and SK ⁠Hynix ⁠posting surging profits.

“With exports continuing solid growth of more than $110 billion in October, it is becoming certain that annual exports of $1 trillion will be reached within November,” said Kim Jung-kwan, the minister of trade, industry and resources.

South Korea’s exports for the January-October period totaled $930 billion. Annual exports of more than $1 trillion will make South Korea the fourth country in the world to reach the milestone, ⁠after the U.S., China and Germany.

Overseas sales of semiconductors jumped 259.4% in October to $56.44 billion, as prices and volume remained high on continued facility investment by ​global big tech firms in the competition for AI industry leadership, the ​trade ministry said.

Computer sales spiked 496.6% on increasing server demand for AI services.

Shipments to China rose 133.6%, while those ⁠to ‌the U.S. ‌grew by 185.8%, to Europe by 56.4% and ⁠to Southeast Asia by 128.0%.

South Korea’s ‌imports rose 36.0% to $72.78 billion, after rising 26.0% in September, to post the ​biggest annual increase since January ⁠2022 on higher crude oil prices, as well ⁠as demand for semiconductor manufacturing equipment and automobiles.

The nation posted a ⁠monthly trade ​surplus of $42.50 billion, narrower than a record $49.97 billion surplus in the previous month.

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