The world’s main coffee-growing regions are roasting under additional days of climate change-driven heat every year, threatening harvests and contributing to higher prices, researchers said Wednesday.

An analysis found that there were 47 extra days of harmful heat per year on average in 25 countries representing nearly all global coffee production between 2021 and 2025, according to independent research group Climate Central.

Brazil, Vietnam, Colombia, Ethiopia and Indonesia – which supply 75% of the world’s coffee – experienced on average 57 additional days of temperatures exceeding the threshold of 30 degrees Celsius (86 degrees Fahrenheit).

“Climate change is coming for our coffee. Nearly every major coffee-producing country is now experiencing more days of extreme heat that can harm coffee plants, reduce yields and affect quality,” said Kristina Dahl, Climate Central’s vice president for science.

“In time, these impacts may ripple outward from farms to consumers, right into the quality and cost of your daily brew,” Dahl said in a statement.

U.S. tariffs on imports from Brazil, which supplies a third of coffee consumed in the United States, contributed to higher prices this past year, Climate Central said.

But extreme weather in the world’s coffee-growing regions is “at least partly to blame” for the recent surge in prices, it added.

Coffee cultivation needs optimal temperatures and rainfall to thrive.

Temperatures above 30 degrees Celsius are “extremely harmful” to arabica coffee plants and “suboptimal” for the robusta variety, Climate Central said. Those two plant species produce the majority of the global coffee supply.

For its analysis, Climate Central estimated how many days each year would have stayed below the 30-degree threshold in a world without carbon pollution but instead exceeded that level in reality, revealing the number of hot days added by climate change.

The last three years have been the hottest on record, according to climate monitors.

The Daily Sabah Newsletter

Keep up to date with what’s happening in Turkey,
it’s region and the world.

SIGN ME UP

You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

As debates over debt sustainability in the global economy and the record surge in gold prices marked the start of 2026, Türkiye continues to positively differentiate itself among OECD and G-20 countries with its fiscal discipline performance and strategic increase in gold reserves.

While many advanced and emerging economies, such as Japan, China, Italy, the U.S. and France, seek a way out from under massive debt burdens, Türkiye presents a profile that refreshes confidence in global markets with both its low debt ratio and strong reserve structure.

According to the latest data from the Organisation for Economic Co-operation and Development (OECD) and the relevant finance ministries, public debt sustainability in advanced economies is undergoing a historic test.

OECD data show that the average public debt-to-GDP ratio in advanced economies has exceeded 110%. In Europe and North America in particular, aging populations, rising social expenditures, increasing defense spending and the high interest rate environment have pushed debt burdens to unsustainable levels.

Japan tops the list with a debt ratio reaching 237%. Interest payments exceeding 31 trillion yen in the 2026 budget have placed the country’s economy in a fragile position.

In the world’s largest economy, the U.S., public debt has reached 124% of GDP, while Canada stands at 113%, France at 111.7% and Italy at 137.8%, all above critical thresholds.

Meanwhile, according to data from the World Gold Council (WGC), the U.S., which holds the world’s largest gold reserves, ranks first with 8,133.5 tons. Approximately 79% of its total reserves consist of gold.

Germany ranks second with 3,350.3 tons, while Italy (2,451.8 tons) and France (2,437 tons), maintain their positions in the top five through their traditional gold-holding policies.

In recent years, Russia, which has pursued a de-dollarization strategy, holds 2,333 tons, while China, with 2,306 tons, continues to play a decisive role in the global league.

Through strategic purchases at the central bank level, Türkiye has managed to climb the global rankings.

According to Central Bank of the Republic of Türkiye (CBRT) data, with official gold reserves reaching 641.3 tons, Türkiye ranks just behind giants such as Japan and India, becoming the world’s 10th largest gold holder.

Public debt management

At the same time, unlike many OECD countries, Türkiye displays a sustainable outlook in public debt management.

According to data from the Treasury and Finance Ministry, Türkiye’s public debt stock-to-GDP ratio stands at 24.6%. This figure draws attention as it remains well below both the Maastricht Criteria threshold of 60% and the OECD average.

The decline of the country’s net debt stock-to-GDP ratio to 18.2% confirms the strength of its financial assets in covering debt obligations.

Economists describe Türkiye’s journey, which began with Law No. 4749, as “a governance success that controls not only the amount of debt but also its quality and sustainability.”

This structural shield positions Türkiye as one of the most resilient safe havens within the OECD during the global debt crisis of 2026.

The “Golden Age” between 2002 and 2012 was a period when fiscal discipline combined with banking reforms. Türkiye grew not merely by borrowing, but by becoming a fundamentally efficient economy. Thanks to this discipline, the ratio of debt stock to national income declined rapidly and the country entered a genuine real growth path.

Although the mathematical effect of inflation in lowering the debt ratio is acknowledged today, it is emphasized that the primary reason lies in the state’s structural stance.

Unlike many advanced economies, Türkiye continues to prioritize a budget-discipline model rather than a debt-dependent structure.

Gold accumulation

In gold reserves, Türkiye has risen in the global rankings through strategic purchases at the central bank level.

As of January 2026, the CBRT’s official gold reserves approached $134 billion in value, while total gross reserves surpassed the $200 billion threshold. Like this, Türkiye has become the fastest gold-accumulating OECD country over the past five years.

In his latest statements in February 2026, CBRT Governor Fatih Karahan shared striking figures regarding the so-called “under-the-mattress” gold holdings in Türkiye and their economic impact.

Karahan stated that the amount of gold estimated to be held by households in Türkiye (outside the formal financial system) is around $600 billion.

Additionally, the rise in gold prices has generated an enormous wealth effect of approximately $200 billion over the past year through these assets.

Meanwhile, according to OECD forecasts, the Turkish economy is expected to grow by 3.6% in 2025 and 3.4% in 2026. These projections place Türkiye among the top four fastest-growing economies within the OECD.

The Daily Sabah Newsletter

Keep up to date with what’s happening in Turkey,
it’s region and the world.

SIGN ME UP

You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

The number of mainland Chinese visitors to Japan declined 60.7% in January compared to the same month last year, figures showed Wednesday, in the continued fallout from the countries’ diplomatic spat.

“Last year, the lunar new year began in late January, but this year it fell in mid-February,” the Japan National Tourism Organization said as it published the data.

“Additionally, the Chinese government issued a warning advising against travel to Japan. Factors such as reduced flight frequencies also contributed to the number of foreign visitors to Japan falling below the level of the same month last year,” a statement said.

Earlier, Chinese visitors were the biggest contingent, contributing to a tourism boom in the land of cherry blossom and Mount Fuji, which was fuelled by a weak yen, making shopping affordable.

But in January this year, South Korea was the biggest source with 1.2 million visitors, up 21.6%, compared with 385,300 from mainland China, down from 980,520 in January 2025.

Visitors from Hong Kong also tumbled 17.9%.

Overall, the number of visitors to Japan fell 4.9% to 3.597 million in January compared to the same period last year.

Japanese Prime Minister Sanae Takaichi suggested in November that Japan could intervene militarily if Beijing sought to take Taiwan by force.

China, which regards the democratic island as part of its territory and has not ruled out force to annex it, was furious.

Beijing summoned Tokyo’s ambassador, and on Nov. 14 warned Chinese citizens against visiting Japan, citing “significant risks to the personal safety and lives of Chinese citizens.”

The number of Chinese visitors to Japan already tumbled 45% in December to 330,000.

In December, J-15 jets from China’s Liaoning aircraft carrier twice locked radar on Japanese aircraft in international waters near Okinawa, according to Japan.

China also tightened controls on exports to Japan for items with potential military uses, fuelling worries that Beijing may choke supplies of vital rare-earth minerals.

Japan’s last two pandas were even returned to China last month.

Takaichi, 64, was seen as a China hawk before becoming Japan’s first woman prime minister in October.

She won a landslide victory in snap elections on Feb. 8, putting her in a strong position for the next four years to stamp her mark on Japanese domestic and foreign policy.

Takaichi said after her election win that Tokyo would bolster its defenses and “steadfastly protect” its territory.

She also said she was “open to various dialogues with China.”

However, China’s Foreign Ministry said “genuine dialogue should be built on respect for one another.”

“Proclaiming dialogue with one’s mouth while engaging in confrontation, no one will accept this kind of dialogue,” Foreign Ministry spokesperson Lin Jian said Tuesday.

Beijing’s top diplomat Wang Yi told the Munich Security Conference on Saturday that forces in Japan were seeking to “revive militarism.”

The Daily Sabah Newsletter

Keep up to date with what’s happening in Turkey,
it’s region and the world.

SIGN ME UP

You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

German pharmaceuticals and chemicals giant Bayer said on Tuesday its Monsanto unit had ​reached an agreement worth as much as $7.25 billion to resolve tens of thousands of current and future lawsuits claiming that its Roundup weedkiller caused cancer. The announcement sent its shares soaring.

The move marks a major step for the German firm, which has spent years ⁠tackling legal risks tied to Roundup, acquired as part of its $63 ⁠billion purchase of agrochemical company Monsanto in 2018.

The German company said the proposed nationwide settlement, filed on Tuesday in state court in St. Louis, Missouri, would establish a long-term claims program funded by capped annual payments over up to 21 years.

The company is facing claims over Roundup ​from approximately 65,000 plaintiffs in U.S. state and federal courts.

The plaintiffs say they developed Non-Hodgkin lymphoma and other forms ​of ⁠cancer after using the weedkiller, either at home or on the job.

Following the announcement, Bayer shares rose as much as 7.7% to reach their highest level since Sept. 12, 2023.

“Bayer’s move will significantly reduce the legal risks. Although the settlement is very costly, it is to be welcomed as it covers future claims,” Ingo Speich of Bayer investor Deka Investment said.

Bayer said it expects its provisions and litigation liabilities to rise from 7.8 billion euros ($9.24 billion) to 11.8 billion euros. It anticipates around 5 billion euros in litigation-related payouts in 2026, and now expects negative free cash flow for the year.

Settlement aimed at heading off future lawsuits

Roundup is among the most widely used weedkillers in the U.S. Bayer has said decades of studies have shown Roundup and its active ingredient, glyphosate, are safe for human use.

The deal covers the bulk of the lawsuits, but requires a judge’s approval and a minimum number of plaintiffs to opt in. It does not require Bayer to admit liability or wrongdoing and allows the company to back out if too many plaintiffs decline to participate.

It is also designed ⁠to ⁠head off future lawsuits and allows people who can prove they have been diagnosed with Non-Hodgkin lymphoma and were exposed to Roundup before Tuesday to file claims to receive a portion of the settlement up to 21 years from now.

The agreement was negotiated with Motley Rice, Seeger Weiss and other law firms that would represent a nationwide class of plaintiffs, if the court allows the deal to proceed.

Bayer CEO Bill Anderson said on a call with investors and reporters that he is confident the proposed class-action settlement will resolve the vast majority of the claims.

Attorneys who negotiated on behalf of the plaintiffs said the deal represents the best path forward. Payouts will be determined by a tiered system that considers exposure, age at diagnosis and cancer type. Individuals could receive up to $198,000 or more, according to attorney Eric Holland.

The company said it had separately reached confidential settlements to resolve other ⁠Roundup cases with specific law firms, although the company would not name the firms or specify the amount of those deals.

Supreme Court to hear appeal

Tuesday’s proposed settlement comes after the U.S. Supreme Court agreed to hear an appeal in a case that Bayer argues will sharply limit its liability in the litigation.

The company said the Supreme Court case, scheduled for oral arguments at ​the end of April, remains essential to resolving the Roundup litigation.

Bayer is arguing that consumers should not be able to sue it under state law for ​failing to warn that Roundup increases cancer risk because the U.S. Environmental Protection Agency (EPA) has found no such risk and requires no such warning.

Bayer argued that federal law does not allow it to add any warning to the product beyond the EPA-approved label. Markus Manns, portfolio manager at ⁠Bayer shareholder Union Investment, cautioned ‌that Tuesday’s proposal was “not ‌yet the breakthrough that many investors had hoped for.”

“The settlement buys Bayer time, but without a win in ⁠the Supreme Court, a new wave of lawsuits could roll over Bayer in a few years,” ‌he said.

Company paid out $10B to settle previous lawsuits

The company had previously paid about $10 billion to settle most of the Roundup lawsuits that were pending as of 2020, but failed to get a ​settlement then covering future cases.

It has had a ⁠mixed record with cases that have gone to trial. It prevailed in a series of Roundup trials, but has ⁠been hit with large jury awards in the past few years, including a $2.1 billion verdict in a case in the U.S. state of Georgia in March.

The ⁠verdicts shattered both investor confidence and ​company hopes that the worst of the Roundup litigation was over, and put pressure on Bayer to find a comprehensive solution to the lawsuits.

The Daily Sabah Newsletter

Keep up to date with what’s happening in Turkey,
it’s region and the world.

SIGN ME UP

You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Total reserves of the Turkish central bank are estimated to have increased by $4.3 billion (TL 188.02 billion) last week to $212 billion, driven in part by a $2 billion gain linked to higher gold prices, according to bankers.

The reserves had fallen by nearly $10.7 billion in the week ending on Feb. 6 to $207.5 billion after reaching an all-time high of around $218.2 billion in the prior week.

Three bankers consulted by Reuters calculated that net reserves of the Central Bank of the Republic of Türkiye (CBRT) increased by $5 billion to $96 billion in the week ending Feb. 13.

Bankers estimated that the increase in gold prices in the week to Feb. 13 had an upward impact of nearly $2 billion on reserves. According to the calculations, the central bank bought $2 billion from the market last week.

Gold prices fell to a more than one-week low on Tuesday, pressured by a stronger U.S. dollar as investors tracked cues on geopolitics and the Federal Reserve’s (Fed) monetary policy.

The reserve calculations are based on preliminary data from the central bank. Official data will be released on Thursday.

The CBRT, despite temporary fluctuations, has been steadily building its reserves since a shift to more conventional economic policies in the middle of 2023.

A new program last month showed the bank plans to increase its international reserves as long as market conditions allow.

The Daily Sabah Newsletter

Keep up to date with what’s happening in Turkey,
it’s region and the world.

SIGN ME UP

You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Türkiye and France discussed strengthening partnerships in contracting services, cooperation in third countries, including Africa, as well as energy, defense and logistics, Trade Minister Ömer Bolat said on Tuesday.

Bolat’s remarks came following the Türkiye-France Joint Economic and Trade Committee (JETCO) meeting he chaired with French minister delegate for Foreign Trade and Economic Attractiveness Nicolas Forissier in Istanbul.

The sides held extensive discussions aimed at deepening Turkish-French cooperation across a broad range of sectors, the minister said.

“We held comprehensive discussions aimed at further developing the Turkish-French partnership in contracting services, joint ventures in third countries, partnerships, energy, transportation, environment, water, aviation, the defense industry and logistics sectors,” he noted.

Rising trade, investments

Bolat noted that bilateral trade between Türkiye and France rose sharply to $24.1 billion in 2025 from $14 billion in 2020, emphasizing that the trade structure remains balanced between the two countries.

He added that France’s total investments in Türkiye have reached $8.7 billion, of which $4 billion came in the past four years, while officials are currently evaluating a pipeline of roughly $5 billion in additional French investment projects over the next three years.

Bolat said the expanding commercial and economic ties between the two countries have gained “strong momentum” with the eighth JETCO meeting and reaffirmed Ankara’s commitment to further strengthening cooperation. The next JETCO meeting is expected to be held in France in June, he added.

Cooperation in 3rd countries

The minister emphasized that bilateral cooperation increasingly extends beyond national borders, particularly in Africa, Eastern Europe, Central Asia and the Middle East, where he says Turkish and French companies aim to pursue joint projects.

Both governments reaffirmed their readiness to support partnerships in these regions, encouraging firms to collaborate on infrastructure, energy and development initiatives, he said.

Existing cooperation spans automotive, aviation, pharmaceuticals, renewable energy, textiles, food, cement, construction, information and communication technologies, tourism, finance and insurance, Bolat said, emphasizing that they believe these will develop further and that new investments are being discussed.

In logistics, improved connectivity through air, land and sea routes, including the Ro-Ro line between Sete Port in southern France and Yalova in northwestern Türkiye, has helped facilitate trade flows and strengthen commercial links.

Bolat said Turkish logistics companies’ growing presence in southern French ports is also contributing to deeper integration.

EU ties, visa facilitation

Bolat said he and Forissier also discussed broader Türkiye-EU relations, including progress toward resolving technical issues regarding the customs union.

The EU-Türkiye Customs Union entered into force in 1995, but is limited to industrial goods and processed agricultural products. Türkiye and the business world have repeatedly called for talks ⁠to modernize the deal to restart, but no concrete steps have been taken.

Türkiye has been an official candidate to join the EU since 1999, but its accession has been frozen for years over multiple disagreements. The sides have in recent months shown signs of increased engagement and economic cooperation.

Bolat said France had issued 163,000 visas to Turkish citizens last year, its second-highest worldwide after China, and officials noted that waiting times have declined and procedures have been eased, particularly for students and businesspeople.

“We reaffirmed that we will work together for the days when visas will be lifted,” said the minister.

The Daily Sabah Newsletter

Keep up to date with what’s happening in Turkey,
it’s region and the world.

SIGN ME UP

You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.