Zaharoula Vassilaki, an organic farmer from Greece, gazes admiringly at a massive olive tree on her land, estimated to be over two centuries old. Despite being struck by lightning years ago, the tree continues to yield.

But climate change – in this case, the absence of deep winter – is proving too much for even this gnarled veteran to cope with.

“The climate has changed and the trees cannot cope with these big changes. We no longer have winter at all,” she told Agence France-Presse (AFP).

In mid-November, the temperature in the Halkidiki region of Polygyros, northern Greece, was still over 15 degrees Celsius (59 degrees Fahrenheit).

“I consider climate change the main challenge this season,” noted Nikos Anoixas, a board member of Doepel, the Greek national interprofessional organization for table olives.

“At this time, temperatures should be 10 degrees Celsius … the year is already lost, and we fear next year will be similar. I don’t even want to think what will happen if another such year follows,” Anoixas said.

Vangelis Evangelinos has been growing edible olives on his family land in Halkidiki, northern Greece, since childhood.

At 62, he does not recall adverse weather conditions such as the ones his area has endured this year – or such a poor crop – ever before.

“We’ve never had a year such as this,” Evangelinos told AFP, two months after the Thessaly region, to the south, was devastated by massive floods.

“The rainfall is intense and brief,” the opposite of what is needed to enrich the soil,” he said.

The warm weather has affected some 6 million trees in the region, according to producers and experts.

“This year, the phenomenon of ‘fruitlessness’ was very intense, but it is an issue that we have noticed mainly in the last five years,” said Vassilaki, 48.

The European Union’s olive production giants Italy and Spain have faced similar problems, pushing up prices.

Spain, the world’s biggest producer of olive oil, suffered a very difficult year in 2022, and drought this year has compounded the problem.

In Italy, this year’s olive harvest is down by an estimated 80%, according to producers.

The EU estimates global olive oil production will fall more than 26% in 2022-2023 compared to a year earlier, to just over 2.5 million tons.

In the EU itself, production is expected to drop 39%.

‘No winter at all’

“The old growers here say it is very important for the trees to rest in the winter. It takes about one to two months of good cold weather for the tree to rest … so that it can yield later,” Vassilaki said.

Athanassios Molassiotis, an agronomist and head of the arboriculture lab of Thessaloniki’s Aristotle University, said his team recorded an increase in temperature of two degrees during October, November and December 2022 compared to a year earlier.

This affected the olive buds “because we know that the tree bears fruit after cold winters, especially the Halkidiki variety, which has high requirements at low temperatures in winter,” he said.

“We found that in many trees, there was no flowering and therefore no fruit afterward,” Molassiotis said.

Halkidiki accounts for around half of edible table olives produced in Greece.

According to the regional Chamber of Commerce, more than 20,000 local producers cultivate 330,000 acres of olive trees in the area, generating an average of 120,000 to 150,000 tons of edible table olives annually.

More than 150 companies are active in olive processing and marketing, and more than 90% of the products produced are exported worldwide to Brazil, China, and Australia.

This year, however, the crop shortage has sometimes exceeded 90%, plunging sector entrepreneurs into despair.

‘Things will get worse’

“I’m afraid things will get worse in the future,” said Chamber President Yiannis Koufidis, noting the economic impact on growers has been “huge,” with a loss of some 200 million euros ($219 million) just in Halkidiki Prefecture alone.

In many cases, growers did not deem it worth the trouble to harvest their estates.

At the local olive processing unit, which also handles intake from across the country, management says production is down at least 60%.

A climate change study for the Halkidiki area in January showed the local average temperature is expected to increase by 1.5 to 2 degrees Celsius in coming years, according to the best-case scenario.

At worst, it could be 3 degrees.

Aristotelio University’s study also predicts less rain.

It warned that the overall “thermal stress” is ultimately expected to impact fruit quality.

And because Halkidiki is also one of Greece’s main tourism destinations, there is an added draw on the area’s water resources, said study author Christina Anagnostopoulou.

“Climate changes will happen. We need to learn and prepare to reduce the effects,” the climatology professor told AFP.

Koufidis said the Halkidiki chamber is working with the university to create a variant of the local olive variety that requires less wintry weather.

“It’s a very difficult project. But we can’t stand idly by,” he said.

Source: DailY Sabah

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Interior Minister Ali Yerlikaya announced Tuesday that 1,034 wanted fugitives have been apprehended across the country within the scope of “Operation Circle.”

Yerlikaya said in a statement on his social media account that simultaneous operations were carried out in 81 provinces with 7,795 teams and 24,483 personnel at 4,158 residences and 4,348 locations where fugitives with search records were identified.

Highlighting that 1,034 individuals with arrest warrants were captured, Yerlikaya specified that the largest number were those accused of theft – 342, another 239 individuals were involved in the crimes of assaults, 148 in fraud, 13 were involved in murder, 43 in sexual crimes, 54 in robbery, 90 in drug trafficking, nine in membership of an armed terrorist organization, two suspected FETÖ members, and 94 were wanted for other crimes.

Yerlikaya emphasized that they would not allow fugitive criminals to roam the streets and disturb the peace of families, stating in his announcement: “I congratulate the governors, district governors, provincial gendarmerie commanders, provincial police directors, coast guard, and police and gendarmerie personnel participating in the operations.”

In a similar operation conducted last week, Turkish authorities apprehended 2,136 wanted fugitives, the minister said at the time.

Source: Daily Sabah

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Greece and Turkey made significant progress toward mending relations Thursday, as leaders of the neighboring countries agreed to several cooperative measures after years of tension.

Turkish President Recep Tayyip Erdogan visited the Greek capital of Athens, where he met with Prime Minister Kyriakos Mitsotakis. The two reached agreements focusing on pursuing good neighborly relations, opening communication, lessening tension through military confidence-building, increasing trade and working to resolve issues in the Aegean Sea, where the two countries share a border.

“There is no issue between us that is unsolvable. So long as we focus on the big picture and don’t end up being like those who cross the sea and drown in the river,” Erdogan said. “We want to turn the Aegean into a sea of peace. Through the joint steps we will take as Turkey and Greece, we want to be an example to the world.”

Disputes between the two countries include maritime boundaries and rights to explore for resources in the Aegean Sea and eastern Mediterranean Sea. Tension has risen nearly to the point of war three times in the last 50 years.

Most recently, in 2020, warships from the two countries shadowed each other in the eastern Mediterranean.

Erdogan said as recently as last year that he had no interest in meeting with Mitsotakis. But the two have now met three times this year, with Thursday’s meeting showing a stark departure from the usual rhetoric used between the two leaders.

Mitsotakis praised the mending relationship and set a “realistic goal” to double trade between the two from $5.4 billion to $10.8 billion over the next five years.

The Greek leader also said he would back holiday visas for any Turks visiting Greece and would support Turkey’s request for a loosening of travel restrictions for Turks traveling to European Union countries.

An increased relationship with Greece is also a step toward Turkey improving relations with the EU, which the country has been attempting to join for two decades. Erdogan has made it a priority to increase cooperation with Western allies since being reelected in May.

Source: VOA

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In the upcoming clash on Wednesday, Turkish Süper Lig reigning champions Galatasaray will host a troubled Manchester United side in the UEFA Champions League Group A reverse leg encounter.

The spotlight is on the Lions’ historical dominance on the pitch as they prepare to vanquish the Red Devils once and for all.

Boasting the title of Türkiye’s most successful football team in international competitions, the Istanbulites have competed in European cups a staggering 312 times.

With victories in the UEFA Cup and UEFA Super Cup, their track record includes 112 wins, 83 draws and 117 losses across all competitions.

Notably, Galatasaray have crossed paths with English clubs 22 times in European cups, facing off against the likes of West Bromwich Albion, Manchester United, Chelsea, Leeds United, Arsenal and Liverpool.

In these encounters, however, the Lions have secured four wins and eight draws and succumbed to 10 slaughters.

The imminent clash against Manchester United holds significance as it marks Galatasaray’s most-played matches against English teams.

Out of the seven meetings between the two teams, all in the Champions League, they have shared victories twice, while three matches ended in a draw.

Galatasaray managed to net seven goals in these bouts, while their English counterparts scored 10.

Galatasaray’s home advantage against Manchester United has been noteworthy, remaining undefeated in three encounters.

The historical matchups between the two teams include four games in England and three in Istanbul, where Galatasaray impressively kept a clean sheet.

One of the unforgettable encounters dates back to the 1993–1994 season when the Lions locked horns with the Red Devils in the UEFA Champions League second qualifying round.

Despite being considered the underdogs, Galatasaray secured a 3-3 draw in the first match and advanced by completing the rematch with a 0-0 score, causing a major upset in European football.

The head-to-head record of Galatasaray against Manchester United in UEFA competitions is as follows:

Oct.20, 1993: Champions League: Manchester United 3-3 Galatasaray

Nov. 3, 1993: Champions League: Galatasaray 0-0 Manchester United

Sept. 28, 1994: Champions League: Galatasaray 0-0 Manchester United

Dec. 7, 1994: Champions League: Manchester United 4-0 Galatasaray

Sept. 19, 2012: Champions League: Manchester United 1-0 Galatasaray

Nov. 20, 2012: Champions League: Galatasaray 1-0 Manchester United

Oct. 3, 2023: Champions League: Manchester United 2-3 Galatasaray

At Old Trafford, the Lions stunned everyone by rallying from behind, turning a 2-1 deficit into a remarkable 3-2 victory.

Notably, Manchester United have struggled in away matches against Turkish teams, securing only three wins in nine matches, accompanied by two draws and four losses.

They managed to score eight goals but conceded eight as well.

As the stage is set for the upcoming clash, Galatasaray face a setback with Colombian defender Davinson Sanchez, who was diagnosed with a second-degree strain in the upper left back muscle.

Despite this, the team’s focus remains on securing a victory in front of their home crowd.

With Group A leaders Bayern Munich having already punched their ticket into the knockout stages, the anticipation is high as Galatasaray aim to move up to second place by overcoming Manchester United’s challenge.

In preparation for the clash, Manchester United announced the absence of several key players due to injuries.

Marcus Rashford, Mason Mount, Lisandro Martinez, Tyrell Malacia, Jonny Evans, Christian Eriksen and Casemiro will be sidelined, posing a challenge for the English giants.

Galatasaray’s focus is on key players like Kaan Ayhan, Lucas Torreira, Tanguy Ndombele, Wilfried Zaha and the on-fire Mauro Icardi, with expectations of a strong performance at RAMS Park against Manchester United.

The Lions are poised to secure their European journey with a triumph in tomorrow’s match.

Should they outclass Manchester United in front of their devoted fans, a likely outcome, they will elevate their points to seven, establishing a commanding four-point lead over the Red Devils before the decisive last week.

In the unlikely event of an unfavorable result, Galatasaray will gracefully transition to the UEFA Europa League, ensuring their continental quest continues.

Source: Daily Sabah

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The total reserves of the Turkish central bank are estimated to have reached a new historic peak in the last week, five bankers’ calculations showed on Tuesday, maintaining an upward trajectory after it embraced more conventional policymaking after the May elections.

The reserves jumped between $3.5 billion (TL 101.2 billion) and $3.8 billion in the week to Dec. 1 to exceed $140 billion, the calculations project. It would top the earlier record of $136.5 billion in the previous week.

The upward momentum has persisted since June after President Recep Tayyip Erdoğan appointed respected veteran policymaker Mehmet Şimşek as Treasury and Finance Minister and former Wall Street banker Hafize Gaye Erkan as the Central Bank of the Republic of Türkiye (CBRT) governor.

The new administration reversed a yearslong easing cycle and delivered aggressive interest rate hikes to cool demand and stem inflation.

Since June, the central bank embarked on a 3,150 basis-point tightening cycle – including hikes of 500 basis points in the last three months.

Including the latest rise, total reserves have surged $41.5 billion since June. Official data will be released on Thursday.

The five bankers provided Reuters with figures based on central bank balance sheet calculations.

Those calculations showed that net foreign exchange reserves were estimated to have fallen $1 billion last week to $35 billion after surging more than $40 billion since June.

On June 2, just after Erdoğan won reelection, the central bank’s net reserves were minus $5.7 billion, their lowest since data publication began in 2002.

Investors have been signaling a renewed interest in the major emerging market economy following the May vote.

Amundi, Europe’s largest asset manager, told Reuters it had started dipping its toe back into the Turkish lira. At the same time, central bank officials said funds are also beginning to arrive from large U.S.-based institutional investors.

Some large banks, including Deutsche Bank and JPMorgan, recommend that clients reconsider Turkish assets, with the former saying lira-denominated instruments may be one of the best trades among emerging markets in 2024.

Türkiye’s credit default swaps (CDS), which rose to 700 basis points at midyear, were down to 337 on Monday, data from S&P Global Market Intelligence showed.

The Treasury sold two-year benchmark bonds at a compound yield of 40.51% on Monday, up more than 30 points from the single-digit levels they had fallen during the elections due to regulations requiring banks to buy bonds.

Bankers said the latest auctions attracted foreign demand.

The Treasury will sell a four-year TLREF-indexed bond and a 10-year benchmark on Tuesday. It only plans TL 45 billion in domestic borrowing in December, but borrowing will speed up in January and February to total TL 388 billion.

The central bank has scheduled an “Investor Day” event for Jan. 11 in New York, adopting this format for the first time. While similar meetings are regularly organized by the bank, the theme of “Investor Day” will be introduced for the first time.

In early October, Erkan said there was a “multibillion-dollar offer letter on my desk that can directly enter our reserves.”

Before assuming the role of the first female governor of the CBRT, Erkan had worked in senior positions in the banking sector in the U.S., including 10 years at Goldman Sachs.

Meanwhile, S&P Global Ratings last week unexpectedly raised Türkiye’s sovereign credit outlook to positive from stable on subsiding twin deficits and affirmed its rating at “B.”

The move comes outside a strict ratings calendar and S&P said the deviation complies with recent policy adjustments.

The markets are anticipating further outlook and rating upgrades from credit rating agencies.

Source: Daily Sabah

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The course, which includes a 72-hour curriculum at each level in the sixth, seventh and eighth grades of secondary school, was included in the scope of elective courses in the 2023-2024 academic year

The Ministry of National Education announced that it included cyberbullying and peer bullying in elective courses in secondary schools within the scope of “school-based social responsibility activities” Wednesday.

According to information received from Ministry of Education officials, the curriculum of the “school-based social responsibility studies” course prepared by the General Directorate of Basic Education of the Ministry of National Education was approved by the Board of Education.

The course, which includes a 72-hour curriculum at each level in the sixth, seventh and eighth grades of secondary school, was included in the scope of elective courses in the 2023-2024 academic year.

The course curriculum aims to provide students with social sensitivity and a sense of responsibility and to raise awareness of social problems.

The curriculum includes content that will enable students to understand social responsibilities and create interactive educational environments that will help students develop not only theoretical knowledge but also daily life skills.

The course’s curriculum for sixth graders consisted of the units “social responsibility,” “creating social awareness,” “social values ​​and morality,” “environment and sustainability,” “social health” and “social assistance.”

In the course, emphasis was placed on practical gains, as well as theory at advanced levels. In addition to the existing units, the “community service and volunteering” unit will be taught in the seventh grade and the “social entrepreneurship and innovation” and “overview of global problems” units will be taught in the eighth grade.

In the “social responsibility” unit, the concepts of volunteering, empathy, altruism, social awareness, sustainability, social benefit and social entrepreneurship will be emphasized.

Students will be expected to design a social assistance project within the scope of social cooperation and solidarity, implement their projects and then evaluate them in terms of social benefit.

In the “Creating Social Awareness” unit, students will be able to raise awareness of the social problems around them.

In this course, students will investigate social responsibility activities in their immediate surroundings.

At upper levels, students will design projects that will also use mass media for social awareness. The project will be expected to contribute to social awareness through campaigns and events.

In the “Social Values ​​and Morality” unit, social values, ethics, morality and social problems will be taught and ways to deal with digital violence such as peer bullying, digital security, digital addiction, cyberstalking, cyber fraud, cyber threat, cyberbullying, cyber harassment and cyber abuse will be taught.

In the course of social values ​​in social integration, the contribution of love, respect, equality, truthfulness, diligence, compassion and mercy to social life will be emphasized. While the basic values ​​and moral principles of social responsibility will be defined and explained.

In the “Environment and Sustainability” unit, students will be able to recognize environmental problems and propose sustainable solutions to these problems.

At upper levels, students will be enabled to develop projects that will produce solutions to environmental problems and evaluate the project results in terms of sustainability. Students, who will design projects for environmental awareness with their friends, will also prepare an implementation plan for this.

In the “Social Health” unit, students will be taught the relationship between nutrition, hygiene, addiction and health, and to make inferences about healthy aging.

In the “Community Service and Volunteering” course, students will be taught the individual and social importance of volunteering in community services, to evaluate the impact of technology in social responsibility studies and to research projects on the subject. The course will include concepts such as community service, volunteering, individual development and social change, and will focus on the concepts of self-esteem, self-confidence and life satisfaction.

In the “Social Entrepreneurship and Innovation” course, students will be enabled to develop creative ideas by determining the similarities and differences between the concepts of social entrepreneurship and social innovation.

In the course, students will generate new ideas in the field of social innovation and will be encouraged to produce new solutions to problems aimed at improving the environment in which they live.

In the “View of Global Problems” unit, global problems will be defined and problems such as poverty, hunger, migration, disasters, epidemics, climate change and endangered creatures will be emphasized.

Students will be enabled to develop suggestions that can provide solutions to global problems. In the lessons, the concept of “twin transformation” will be particularly emphasized and projects carried out on an international scale will be examined.

Source: Daily Sabah

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Most of the ferry services were canceled for Wednesday due to the continuation of a strong southwester effect. Turkish State Meteorological Service announced late Tuesday that a southwester storm is expected throughout the week.

The services of the ferry line, including Bostancı-Moda-Kadıköy-Kabataş, Bostancı-Karaköy-Kabataş, Maltepe-Adalar, Beşiktaş-Adalar, Avcılar-Bostancı, Avcılar-Bakırköy-Yenikapı-Kadıköy, are halted.

The storm, which started in Istanbul yesterday evening, showed its effect in the morning hours.

According to the announcement on IDO’s (Istanbul Seabuses) website, maritime on the Bosporus is also suspended because of adverse weather.

The Marmara region has been hit by a southwestern since Tuesday morning, disrupting maritime traffic in the country’s most populous city Istanbul and the northwestern province of Bursa.

Source: Daily Sabah

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Innsbruck is a city embraced by the Alps, painted with the most pastel tones by an artist, like a canvas kissed by the enthusiasm of the Inn River

As we approach winter, I will talk about a city that I discovered in autumn, but it’s truly a winter destination. But before delving into the city, perhaps I should talk a bit about the region where this city is located.

Last week, during our 10-day family autumn vacation, we turned our direction to South and North Tyrol. This region, known as the Tyrol Region, is spread across two countries. The reason for this division is that after World War I, in 1919, Tyrol was split into northern and southern parts. After World War I, the northern part of the Tyrol Region, namely North Tyrol, was given to Austria in 1937, and the southern part of the Tyrol Region, namely South Tyrol, was given to Italy. North Tyrol is reasonably well-known today, but few may know that a portion of Tyrol is in Italian territory. Especially in terms of geography, South Tyrol, which has an entirely different appearance from the classic Italian view, is one of Italy’s autonomous regions. I will describe this region and its capital in more detail in my next article.

On this trip, where we had the opportunity to visit the capitals of these regions located in different countries and a few natural formations around them, I must say I was fascinated by Innsbruck, the capital of North Tyrol, one of Austria’s nine states.

Whenever I was asked which color I liked the most, I thought choosing one color from pastel colors would be unfair to the others. Well, Innsbruck is exactly like that. It seems as if the whole city has been painted with every color without being unjust to any pastel shade.

Its colorful houses, historical texture, Alpine views I encountered when I looked up, the enthusiasm of the flowing Inn River and the sunset I experienced on the Innbrücke Bridge have already become part of my unforgettable travel experiences.

Integrating with the surrounding Alpine Mountains and the Inn River flowing enthusiastically through the city center, Innsbruck offers a magnificent tableau with its natural beauties, historical texture and colorful streets. Innsbruck is like an award-winning masterpiece of a painter with its natural beauty, historical texture and colorful streets.

Known as the capital of the Alps, Innsbruck has ranked fifth among Austria’s largest cities. Located on the road connecting Germany, Austria and Italy, close to Munich in Germany and Verona in Italy, Innsbruck is situated on the Inn Valley. Especially during the winter sports season, the city hosts ski enthusiasts and has an airport located about 4 kilometers (2.5 miles) from the city center. Since the airport is so close to the city center, while strolling through Innsbruck’s historic streets filled with short buildings, it feels as if you can almost touch the planes passing overhead by raising your hand.

Our baby, who is particularly fond of planes, couldn’t take his eyes off the sky in Innsbruck. Every detail in Innsbruck urged us to stay here for two or three days. However, I must say for travelers coming here, you won’t need too much time to visit its important places. Of course, apart from seeing the city center, there might be activities you want to do in this region. If you want to go up to the Nordkette Mountains near the city center, go skiing, visit the famous hiking routes in Karwendel Nature Park or go to the Alpine Zoo, you might need more time.

Maria Theresien Street

As soon as we arrived in the city, our first stop was the Saint Anna Column, located on Maria Theresien Street, the busiest street in the town. This column was built in the early 1700s to remember those who died in the war between the Bavarian Duchy and the Tyrol province. Rising to the sky, the Saint Anna Column, surrounded by magnificent baroque-style buildings and the Triumphal Arch at the end of the street, creates a splendid atmosphere. You can capture beautiful photos here.

Goldenes Dachl

While exploring the city, you might find yourself in the Old Town, or as the Austrians call it, Altstadt, many times. The colorful lined houses, restaurants sparkling with tables set on the streets and the structures from the Middle Ages make the heart of the city beat here.

After a long photo break on the street, our next stop was the Goldenes Dachl, located in the Old Town. We could have saved the column for later and headed to the Triumphal Arch at the end of the street after seeing the Goldenes Dachl. However, the Goldenes Dachl, dazzling me with its golden glimmers, was calling me. It was the place I was most curious about before coming here.

This building, called Goldenes Dachl, has a balcony with a golden roof and is one of the symbols of the city. It is located right in the center of the Old Town.

Built in the 15th century, it to be used as a residence by Archduke Friedrich IV. The roof of the building, completed in 1500, was made using 2,738 copper nails covered with gold leaf. Even on a cloudy day, the roof is incredibly shiny.

On the building with this golden roof balcony built for Emperor Maximilian and his wife Burgundy Maria in memory of their wedding, there is also an inscription that catches the eye. Although it is not yet known exactly what it says, it is thought to mean, “Use every moment, dance every dance; you can’t take anything with you.”

I don’t know how many different angles I took photos of it. This building, which adds a different atmosphere to the Old Town and the square, seemed to have sprung from a fairy tale.

Triumphal Arch

At the end of Maria Theresien Street, there is a magnificent structure that has become the symbol of the city. We saved the Golden Roof to see it last, but actually, we could have visited the Triumphal Arch first. This structure is similar to the colossal arches you see in many cities such as Paris, Berlin and Munich, but it’s a miniature version. This Triumphal Arch was built in 1765 in honor of the marriage of Leopold II and Maria Ludovika have one face representing joy and another representing sorrow. It is said that the reason for this is the death of Leopold II’s father, Franz I, during the wedding celebrations.

Stadttrum

One of the striking structures in the square in the Old Town is the Stadttrum, which stands at a height of 30 meters. The “City Tower,” as it is called, is considerably taller than the surrounding buildings and is located right next to the golden roof.

This tower provides an opportunity for those who want to climb to high places without going far, where you can watch Innsbruck’s colorful medieval streets and the Nordkette mountain range.

Bergisel Ski Jump Tower

On a high hill in the south of the city stands a tower erected in 1892 in honor of the commander Andreas Hofer, who served during the Bergisel Battles. The area where the tower, which has been used for ski jumping competitions in the city since 1852, is located was also used in the Winter Olympics of 1964 and 1976.

Regarding skiing and winter tourism in Europe, Innsbruck is one of the first cities that come to mind. Innsbruck hosted the Winter Olympic Games in 1964 and 1976, the Winter Paralympic Games in 1984 and 1988, and the inaugural Winter Youth Olympic Games in 2012. By the way, if I tell you that the world-renowned ski jumper is a sportsman from Innsbruck named Gregor Schlierenzauer, you probably won’t be surprised, right?

You can reach the tower, where you can enjoy the panoramic view of the city, by funicular or after a long walk.

Swarovski Museum

I left the most glittering detail of this colorful city to the end. The production and operational facilities of the world-famous Austrian brand Swarovski are located in this beautiful city.

In the museum inside the facilities, you can visit an exhibition about precious stones. You can explore this magical Swarovski world adorned with crystals. Undoubtedly, the most enjoyable part of the facility will be the room where you can experience how you can see your surroundings from inside a crystal.

Alpenzoo

A place I can recommend, especially for those traveling with children in Innsbruck, is Alpenzoo, known as Austria’s, even Europe’s, highest-altitude zoo. With its breathtaking view, Alpenzoo captures the hearts of adults and it attracts the attention of children with approximately 2,000 animals of about 150 species. Alpenzoo, which houses a large aquarium, also hosts Europe’s largest golden eagle. Here, you can see many native animal species living in the Alps.

Apart from all I have mentioned, other significant places you can see in Innsbruck include the Hofburg Palace and its garden, Hofgarten, Helblinghaus, St. Jakob’s Cathedral, Ambras Castle and Europe’s highest bridge, Europabrücke.

Also, if you want to enjoy the view of Innsbruck from above, you can take the funicular to Nordkette.

Of course, while you are in Austria, don’t forget to try the famous schnitzel. Later, make sure to visit Valier and Munding pastry shops to taste local desserts. Then, sitting by the Inn River on the Old Town side, enjoy a cup of coffee and let your spirits be lifted by the colorful houses on the other side of the bridge, enchanted by the magnificent view of the Alpine Mountains surrounding the city like a wall and reaching up to the sky.

Source: Daily Sabah

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Turkish central bank chief on Wednesday said interest rate hikes have helped lower inflation expectations and improved visibility on prices, attracting Western fund inflows that have boosted foreign exchange reserves.

Interest in Turkish lira deposit accounts and assets has increased since June, Central Bank of the Republic of Türkiye (CBRT) Governor Hafize Gaye Erkan told a meeting at the Istanbul Chamber of Industry (ISO).

“We believe that the time has come for a transition to the Turkish lira. We see the most evident reflections of this shift in deposit developments,” she noted.

Erkan, echoing the message by the central bank’s monetary policy committee last week, also said its tightening steps would be completed soon.

A former Wall Street banker, Erkan listed a series of long-term benefits of the aggressive rate hikes since she took the bank’s reins in June and began orchestrating a shift toward more conventional monetary policymaking.

The new administration, led by Treasury and Finance Minister Mehmet Şimşek, reversed a yearslong easing cycle and delivered aggressive tightening in a bid to tackle the country’s long-term inflation issue.

Since June, the central bank embarked on a 3,150 basis-point tightening cycle – including hikes of 500 basis points in each of the last three months.

Based on preliminary readings, Erkan said monthly inflation continued to slow in November, adding that the lira currency’s more stable foreign exchange rates will also help cool price rises.

Annual inflation is running above 61% and is expected to rise through May next year before cooling.

“Our priority is disinflation, and the most crucial element in the fight against inflation is stability, accepted by society and price setters,” the governor said.

“Signs of improvement in expectations began to emerge with the implementation of policy decisions after the rise in inflation.”

She cited a positive shift in pricing behavior, with notable reductions in the prices of automobiles and white goods for the first time.

“We are observing signs of a slowdown in rent increases in major cities; these indicators will increase as monetary transmission continues,” Erkan noted.

“Leading indicators for November suggest that the decline in monthly inflation will persist.”

With the contribution of exchange rate stability, Erkan anticipated a reduction in monthly inflation shocks and an increase in cost predictability.

“Exchange rate stability will have a positive impact on monthly inflation,” she added.

“We will transition from a period where companies change prices every two weeks to a period where prices change over a longer duration.”

Strong trend in reserves

Erkan highlighted the increased predictability in the markets and the “very strong upward trend” in reserves, which she says has been influenced not only by Gulf countries but also by Western fund inflows.

Erkan said that international investors are also beginning to believe that “it is time to transition to the Turkish lira,” as observed through reports, expectations, interest, and inflows.

“We see actual inflows increasing with the growing demand for our country’s assets,” she noted.

The total reserves of the central bank are estimated to have risen by $2 billion to a historic peak of $136.5 billion last week, bankers’ calculations showed Tuesday, maintaining an upward trajectory since after the May elections.

The earlier record in the reserves, which rose to $134.5 billion in the week of Nov. 17, the highest level since September 2014, stood at $135.96 billion in December 2013.

Bankers’ calculations suggest a $38 billion increase in total reserves from June to last week, rising from $98.5 billion at the end of May following the elections.

“In the coming period, we will support the development of external demand for Turkish lira assets by ensuring the permanence of the increase in our reserves, with an understanding that establishes the best conditions for our country,” Erkan said.

Some foreign investors, including European giant Amundi, have begun tentatively returning to Turkish assets.

On Tuesday, Amundi, Europe’s largest asset manager, said it had been impressed by the country’s turnaround efforts since its mid-year elections.

The Paris-based firm, which has about $2 trillion worth of assets under management, is yet to go all in, given the lira’s ongoing depreciation. However, it says it has taken its first step toward it by reversing long-held bets against the currency.

“We have started to cover our underweight in Turkish lira a few weeks ago,” Sergei Strigo, Amundi’s co-head of Emerging Markets Fixed Income, told Reuters, referring to the process of taking a more positive view on the currency.

Strigo said last week’s 500 basis-point interest rate hike was “all very positive” and a sign of Türkiye’s seriousness in tackling its inflation problem.

“We are not yet ready to increase the allocation (in the lira), but it is definitely on our radar screen.”

Recent reports, including analyses from international institutions like Deutsche Bank and JPMorgan, also suggested that lira-denominated investment instruments will stand out among developing country markets in 2024.

Last week, CBRT officials said they had started observing fund inflows into the lira from large-scale institutional investors based on the United States West Coast. They indicated that ongoing discussions suggest these inflows will continue.

The central bank has scheduled an “Investor Day” event for Jan. 11 in New York, adopting this format for the first time. While the bank regularly organizes similar meetings, the theme of “Investor Day” will be introduced.

Source: Daily Sabah

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Turkish e-commerce platform Trendyol has signed a letter of intent for a strategic collaboration with the Saudi Arabian retail entity Cenomi Group to launch a new fashion platform in Gulf countries.

According to the statement from Trendyol, the platform, focusing on fashion and lifestyle, will operate in Saudi Arabia, the United Arab Emirates (UAE), Qatar, Kuwait, Oman and Bahrain, where Trendyol recently started its operations.

As part of the collaboration, Trendyol’s existing platform in these countries will be revamped in the coming months to offer different categories of options.

“The expansion of Trendyol in the Gulf countries, with the support of our investors in the region, Abu Dhabi Wealth Fund (ADQ) and the Qatar Investment Authority (QIA), is one of our most important growth strategies,” said Çağlayan Çetin, the president of Trendyol Group.

According to the information in the announcement, Cenomi, positioned as the largest vertically integrated lifestyle and retail entity in Saudi Arabia, in addition to retail franchise operations is also involved in private loyalty programs and e-commerce platform activities.

“We are delighted to partner with Cenomi, the Middle East’s most dynamic shopping and lifestyle brand, to deliver an exciting online retail experience to customers in the region,” Çetin said.

“The new platform will further strengthen our activities in the region, where we already deliver high-quality Turkish products and international brands while drawing strength from the common knowledge and expertise of both companies, as well as the customer experience competencies in which they are pioneers in their respective markets,” he said.

Founded in 2010 in Türkiye, Trendyol is one of the largest e-commerce platforms in the country.

The company in recent months announced plans for expansion in the Gulf markets.

Trendyol’s mobile application, which started operating in the Gulf countries in August, quickly became the most downloaded shopping application in both Saudi Arabia and the UAE and reached 30,000 orders per day as of November.

Operating out of Türkiye and Germany, Trendyol delivers to 27 countries in Europe, according to its website.

In August 2021, it entered into agreements to raise $1.5 billion from a number of investors, valuing the company at $16.5 billion. With the new funding, Trendyol became Türkiye’s first decacorn, a start-up with a valuation of over $10 billion.

Source: Daily Saba

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