Shares surged past $70 in early trade, giving the firm a market value of more than $9bn. They ended the day at about $58, still up more than 16%.

The long-awaited moment will inject more than $200m into Trump Media & Technology Group and hands the former president a stake worth more than $4bn.

Analysts say that is far more than the firm’s performance warrants.

Trump Media’s Truth Social, a Twitter-like service, brought in just $3.3m in revenue in the first nine months of last year and lost nearly $50m.

It says 8.9 million accounts have been created since the platform launched to the general public in 2022 as an alternative to mainstream sites such as Facebook, but it is not clear how many are active.

By comparison, the recently-listed Reddit currently has a market value of about $11bn. It boasts more than 70 million users and brought in $800m in revenue last year.

Kristi Marvin, chief executive of SPACInsider, compared Trump Media – which trades under the ticker DJT for Mr Trump’s initials – to a meme stock, in which prices are untethered from the business prospects.

Interest in Trump Media has also been fuelled by individual investors, as opposed to Wall Street firms, many of them apparently Trump supporters.

“Everybody expected to trade a little bit crazy today, which it has,” she said. “The real question is how does it trade a week from now, two weeks from now and nobody really knows.”

The deal to list Trump Media was first announced in 2021.

The move was accomplished via what is known as a SPAC, a merger with a publicly listed shell company, Digital World Acquisition Corp, which was expressly created to buy a company and take it public.

The deal was delayed by government investigations and other hurdles, but regulators cleared it earlier this year and Digital World shareholders voted in favour last week.

Ahead of the listing on the Nasdaq exchange, Trump Media officials called it a “pivotal moment” for the firm – and the wider media landscape.

“As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors,” said Trump Media chief executive Devin Nunes, a former congressman.

“We will continue to fulfil our commitment to Americans to serve as a safe harbour for free expression and to stand up to the ever-growing army of speech suppressors.”

The debut comes at a critical moment for Mr Trump, who has been scrambling for cash to pay legal penalties and owns more than half of the firm’s shares.

He is currently barred from selling his holdings for about six months, making it difficult for him to tap the windfall immediately.

The company’s board, which is stocked with allies including one of his sons, could potentially change that rule, but analysts have said they think that would be unlikely to happen immediately.

If Mr Trump were to sell a significant chunk of his shares, it could hurt the share price.

Investors face other risks as well, tied to Mr Trump’s political fortunes and his 2024 presidential campaign.

A loss might be expected to hurt the share price, but a win could have the opposite effect, especially if it generated further demand from buyers hoping to curry favour with Mr Trump, said Michael Ohlrogge, a law professor at New York University.

However, Prof Ohlrogge said the current share price is “far, far elevated above what anyone would consider its fundamental value”.

Source: BBC

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The Czechs have never forgotten that allies handed over their Sudetenland Province to Hitler in 1938 after the German dictator promised it would be “the last territorial demand I have to make in Europe.”

Months later, Nazis occupied their country and waged war in Europe and around the world for seven more years, killing tens of millions.

To many today, Ukraine is the next Sudetenland as it fends off another war criminal with imperial ambitions who promises he will stop once it is occupied. The synchronicity is obvious and is why one of the most hawkish and driven leaders in Europe is Czech President Petr Pavel, a retired general and former NATO advisor.

He has been as outspoken and blunt about Putin’s ruthless intention to swallow Ukraine and Europe as was Winston Churchill in the 1930s. And he has also taken the lead by devising a scheme to prevent Ukraine from running out of needed munitions shortly due to US and EU delays. On March 7, he announced that Kyiv will receive between 800,000 and 1 million rounds of artillery ammunition in weeks.

Pavel quietly procured one year’s’ worth of ammo from arsenals around the world, on a no-names basis, in order to safeguard suppliers from Russian retaliation. He’s done so because “if Ukraine fails, so will we.”

President Pavel is blunt. He believes that once again Europe hurtles toward war, and that, if Kyiv falls, war in the rest of Europe is inevitable and troops must be ready for such a potential outcome. He’s a proponent of whatever it takes to halt Putin, and dismisses Putin’s claims that he has no interest in invading another NATO nation.

In the aftermath of the attack on Crocus City Hall near Moscow, for which Islamic State (IS) has claimed responsibility, fears of attacks by Islamist terrorists are growing in other countries.

In August, at the 55th anniversary of the “Prague Spring” (or the invasion of Czechoslovakia by Soviet troops that crushed its democratic movement) he remarked “Russia has not changed… The 1968 invasion was a time of lost dreams and lost dignity.

We should remember what it felt like. Because Ukraine only wants what we wanted at the time. They want to determine their own path. Russia hasn’t changed since then – the country has a different name, but its foreign policy, its values are the same.”

Pavel is the Czech Republic’s head of state, not an elected politician, a position that provides him with enhanced stature and influence that he uses to help bolster Europe’s resolve and strength. He describes Putin’s ambitions as Hitlerian and also has provided ammo and motivation for the fearful Euros: They are next on the conquest list and that America’s support falters and may disappear if Donald Trump wins.

While Joe Biden remains ahead in polls, even a small chance he will lose represents a gigantic existential threat to all Europeans and they know this. This is why the next two years are crucial, warned Polish Prime Minister Donald Tusk. “We are living in the most critical moment since the end of the Second World War.”

Pavel and Tusk influenced France’s Emmanuel Macron to speak out publicly two weeks ago about the possibility that European “boots on the ground” may be necessary to help Ukraine and prevent all-out war across the continent. Macron’s comment, the leader of the European Union’s only nuclear power, immediately generated attention.

Putin mouthpieces responded that NATO troops in Ukraine would constitute a threat by NATO and warned about a possible nuclear response. In Berlin and Washington, the notion of European escalation caused a furor among its elite where war politics have become complicated and gridlocked.

But Macron was correct to raise the possibility and Pavel supported him. “From the point of view of international law and the UN Charter, there would be nothing to prevent NATO member states’ troops—as well as civilians, for example—from assisting in the work in Ukraine,” he said. For instance, NATO had training missions inside Ukraine after Russia’s first invasion in 2014 of Crimea and the Donbas region.

On March 20, a report by the once-removed, but credible, Institute for the Study of War (ISW) think tank also emphasized that Putin’s intention is to escalate beyond Ukraine. “Several Russian financial, economic, and military indicators suggest that Russia is preparing for a large-scale conventional conflict with NATO, not imminently but likely on a shorter timeline than what some Western analysts have initially posited.”

It added “Polish President Andrzej Duda told CNBC that Putin is intensifying efforts to shift Russia to a war economy with the intention of being able to attack NATO as early as 2026 or 2027, citing unspecified German research.

Danish Defense Minister Troels Lund Poulsen stated on Feb. 9 that new intelligence indicates that Russia may attempt to attack a NATO country within three to five years, an accelerated timeline from NATO’s reported assessment in 2023.”

There’s also concern that the current frontline in Ukraine won’t hold, but Pavel’s delivery of ammunition soon will help greatly. Ukraine’s Commander in Chief Oleksandr Syrsky said last week that Russia outguns Ukrainian forces sixfold on the front lines.

And after the latest civilian bombing attacks, Ukraine’s President Volodymyr Zelensky told the media that “we need help now.” Ukrainians prepare for another Russian offensive at the end of May or June.

If successful, Russia will keep going west and some speculate that Putin may try once more to capture Kharkiv then Kyiv. “For him, we are a satellite of Russian Federation,” said Zelensky. “At the moment, it’s us, then Kazakhstan, then Baltic states, then Poland, then Germany. At least half of Germany.”

Russia already threatens NATO members and a number of incidents have come close to direct attacks, which would invoke the Charter pledge that an assault on one is an assault on all 32 nation-state members.

On March 29, Poland stated that a Russian cruise missile, fired at Ukraine, entered Poland’s airspace. “I don’t want to scare anyone, but war is no longer a concept from the past. It’s real, and it started over two years ago,” Polish President Tusk told the BBC. And Estonia’s foreign-intelligence service declared in a report last month that Russia was preparing for a “confrontation with the West.”

Pavel suggests that European nations mobilize and impose war measures now, by enhancing border and cybersecurity and by placing any Russian citizens living in their countries under “strict surveillance” by intelligence services.

“All Russians living in Western countries should be monitored much more than in the past because they are citizens of a nation that leads an aggressive war,” Pavel said in an interview with Radio Free Europe. “That’s simply a cost of war.”

Dutch Admiral Rob Bauer, the current NATO military committee chief, said in Brussels that NATO will soon be launching the Steadfast Defender 2024 exercise, which will run through May and deploy 90,000 troops who will rehearse the alliance’s execution of its regional plans.

“This will show that NATO can conduct and sustain complex multi-domain operations over several months, across thousands of kilometers, from the High North to Central and Eastern Europe, and in any condition,” the 31-nation organization said in a statement.

European leaders now openly discuss the seriousness of the situation, but Putin said this month that Moscow had “no aggressive intentions” towards NATO countries. He said it was “complete nonsense” that Russia would attack NATO members Poland, the Baltic states and the Czech Republic.

However, he warned that if Ukraine used Western F-16 warplanes from airfields in other countries, they would become “legitimate targets, wherever they might be located.”

President Pavel simply urges preparation, not panic. “We’ve all agreed that it is in our imminent interest that Ukraine succeed,” he said in an interview. “On the other hand, there are many variables in the calculation that could change the situation. It will really depend on the outcome of the conflict in Ukraine. All armies are preparing for the possibility of a high-intensity conflict.”

Source: Kyiv Post

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Toronto, Frankfurt (2/11 – 42)

World media are jumping all over the conflagration in Gaza following the 7 October attack, killing 1400 Israelis and kidnapping several hundred others – followed by an all-too-predictable retaliatory response from Israel, with indiscriminate bombardment and gunfire into Gaza. The number dead and injured in the Palestinian zone will likely never be known but it is currently estimated at over 5,000 – many of whom are women and children caught in the crossfire.

Is Hamas sorry about those who voted for them and support their cause being machine-gunned or trapped by crumbling concrete in a bombed building? Not at all – for them it’s just the cost of doing business.

What do the neighbors across the region say? As a matter of fact, the timing of the bloody 7 October attack was quite apt.

It was just three weeks ago that the “Abraham Accords”, an agreement  that would have “normalized” relations between Israel and several states of the Arabian Peninsula, complete with exchanges of ambassadors and new relations, were about to be signed. This landmark deal would have been followed by North African Islamic nations joining up. Precisely before the October 7 Hamas terror attack, normalization talks between Saudi Arabia and Israel were set to go. That hopeful move is gone with the wind.

That declaration of co-existence must have deeply displeased Hamas, Hezbollah, ISIS and the other murderous bandit gangs. They would clearly have been cut out of the deal. (Kindergarten Lesson One: “Follow the Money”)

Meanwhile, back in Tel Aviv, the fearsome Netanyahu was set to appear in court and face criminal charges that could have seen him in the cooler for quite a while. That trial has also been set aside. A survey shows that 80% of the Israeli public puts the blame for the surprise attack on him, particularly as his government pointedly ignored multiple urgent warnings from Egypt that an attack was being prepared. Convenient, no?

Netanyahu: “This is our 9/11 moment.” Truer words were never spoken. And just like the exceedingly suspicious collapse of two huge (and hugely unpopular) office buildings in downtown Manhattan, purportedly after being slammed into by jetliners, the 7 October attack is looking more and more like a false flag – something to give Israel the excuse the finish the job in Gaza.

Cut to the airport in Riyadh. A group is hurrying along.

A British reporter waylays a Saudi government minister. (You have to feel sorry for these guys – bodyguards blithely bump them out of the way … an expensive woman companion might give them a cat-scratch or snatch the microphone out of their hands … their target might just ignore them completely, or glower and growl “No comment, creep”)

Luckily for this journalist, the Saudi – young-looking for a Minister, and quite fluent in English – is eloquent and to the point.

Roving Reporter: “Can I just ask you… What is the first thing that has to happen, to achieve peace, in your view?”

Saudi Minister: “Right now we need a ceasefire.”

Roving Reporter: “Beyond that – “

Saudi Minister: “We have to restart the peace process.”

Roving Reporter: “Is that possible?”

Saudi Minister: “It has to be possible. If we are not willing to overcome all the difficulties, all the challenges, all the history that is involved in this issue, then we will never have a real peace and security in the region, so we must restart the peace process. The Arabs have shown that they are serious, they are willing to engage. We hope that we can do it soon.”

Dear Reader – studying this historical tragedy, do you not get the sensation that the “Arab world”, such as it is, really finds the Palestinians a monumental annoyance, deranged relatives anxious to drag all of them into a no-win military confrontation? (Everybody has an eye on those 200 Israeli nuclear weapons tucked away in a Negev Desert “research facility”.)

Of course it is necessary to offer deep and sincere vocal support to Palestine, which was deeply wronged some 70 years ago. Who wronged them? Hmm, how about the same perfidious colonialists whose meddling wreaked tragedy in Nigeria, Malaysia, Kenya, India and on and on… Yes, John Bull did it. The Brits “set aside” a land for the persecuted Jews, land that happened to have been occupied for hundreds of years by farmers and herdsmen known as Palestinians. Just like Malaysia or Iraq or Pakistan: they bottled up enemy peoples in the same artificially-demarcated country, grab the resources and piss off. Thanks Olde Blighty.

Israel is a reality. Most countries in the world accept that as a fact. It may have been built on stolen land but so was the United States of America, Canada, Japan (ask the Ainu), People’s Republic of China (poor Tibetans), Australia (aborigines nod sorrowfully) and many others, if you reach far enough back into history. Israel, the reality, is not going away. Hamas, the troublemaking terror gang, may have picked up some neat tricks from the Israelis (BOOM goes the King David Hotel, brought down by future Israeli statesmen).

But times change. Nobody else wants this war. The Arabs are by and large interested in getting by in life, minding their own business and avoiding trouble. Even Iran, fingered as a troublemaker by Uncle Sam, doesn’t want war – especially nuclear war. Nobody wins then.

Hamas? Nuclear war? Bring it on. They are maniacs, as all the neighbors are fully aware. But this seems to be a festive age around the planet for such manias, even among the throngs of “useful idiots” parading through Europe, Australia and North America waving Palestinian flags. Ask those entitled kids whether they support the annihilation of Israel. Then they get coy and the weasel-words flow freely.

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The famed holiday town of Fethiye in Türkiye’s southwestern Muğla province gears up to enhance its point in the global cruise tourism market with the initiation of the Environmental Impact Assessment (EIA) process for its upcoming cruise port, according to a report on Friday.

With rising interest in tourist ship travel, investments to boost Türkiye’s share in the global cruise tourism market have also gained momentum.

The number of cruise passengers hosted by Türkiye in the first 10 months of the year surpassed 1,393,000, showing a 51% spike compared to the same period last year, according to information obtained by Anadolu Agency (AA).

Tourism is a critical source of income for Türkiye, which, over the years, injected vast investments to ensure its ports can host luxury mega-sized ships as it’s seeking to become a premier destination for cruise enthusiasts and travelers alike.

As the Yenikapı Cruise Port progresses, poised to become Istanbul’s second port after Galataport, the EIA process is underway for the Fethiye Cruise Port Project.

According to the information in the EIA application file, the port planned to be built in Fethiye’s Babataşı neighborhood is set to have a usage area of ​​27,588 square meters (296,954 square feet).

The port will feature a 355-meter-long (1,164.67-foot-long), 50-meter-wide quay allowing ships to dock on both sides and a 136-meter-long and 50-meter-wide rear service area. The quay would be able to accommodate ships of 360 meters in length and 55 meters in width.

Hosting passengers equal to two-thirds of population

The cruise port planned for Fethiye, with a population of approximately 178,000, is expected to serve 120,000 passengers and 100 ships by 2030.

One of the most popular coastal resort cities in Türkiye, Fethiye is famous for its turquoise beaches, such as Ölüdeniz, and its historic ruins. It is also situated in close proximity to Dalaman Airport and is only a 2.5-hour drive from Antalya Airport.

By 2043, with an increase of 10 ships and 10,000 passengers a year, the target is to reach 250,000 passengers and 230 ships docking here.

The total cost of the project is set at TL 925.65 million (around $32 million) and the entire investment and operating costs will be covered by the investing company.

Source: Daily Sabah

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Aretired general who served as NATO’s top commander, Philip Breedlove said U.S. approval for the sale of F-16 fighter jets to Türkiye would be in the interest of Americans, as it would make the NATO alliance stronger, citing the country’s contributions to the organization.

“As a former supreme allied commander of NATO, I would support Türkiye having the very best F-16s they could have, because it makes them a better team member for NATO,” Breedlove told Anadolu Agency (AA).

Breedlove, who was NATO’s top commander in Europe between 2013 and 2016, underlined that the Turkish Armed Forces (TSK) have been making significant contributions to NATO operations in Europe.

He stressed that it is important for the U.S. to authorize the sale of new F-16 fighter jets and modernization kits.

“Every nation in NATO has duties. Big nations with big militaries, like Türkiye, have responsibilities to the rest of the alliance. Türkiye needs to be able to continue to upgrade its capabilities and remain completely compatible with the rest of NATO,” he said.

The general cited Türkiye’s participation in NATO’s air policing missions in the Baltics and Eastern Europe as one of the many examples of close cooperation between the allies.

“When Türkiye goes to these locations, to complete its mission, it needs to have the best kit that it can, the kit that is completely compatible with the rest of the alliance, so it’s important that we continue to help this great ally in its capabilities,” he said.

Türkiye, which has the second-largest armed forces in NATO, is seeking to modernize its long-serving fighter jet fleet by purchasing 40 F-16 Block 70 Viper aircraft and nearly 80 modernization kits.

However, the potential sale has not yet received a green light from the U.S. Congress, as several politicians maintain their opposition to the deal, citing concerns about Türkiye’s foreign policy.

‘We need to cultivate, not diminish relationship’

Breedlove said he does not share the view of those who argue that the strategic interests of the U.S. and Türkiye do not align anymore, stressing that the country remains a key partner with its “geostrategic position” and contributions to NATO.

“Some in America indicate we have different interests. I don’t believe in the long run that’s true,” he said.

“Türkiye is a great and important ally. We need to cultivate our relationship with Türkiye, not diminish our relationship. And part of that cultivation is helping Türkiye to come alongside NATO, as it upgrades its capabilities, specifically air capabilities.”

Breedlove pointed out that Türkiye’s purchase of F-16 fighter jets would further enhance cooperation among defense industries, and also have a positive impact on bilateral ties.

“When you buy a major weapon system like an aircraft with another country, you establish a 40-year marriage, and this keeps our countries close in the way we do business, in the way we work together,” he said.

“So, I think it’s always good for great allies to have these long-term relationships.”

Türkiye purchased its first F-16 fighter jets from the U.S. in 1987 and has been a critical partner in the F-16 production program for decades.

It currently has around 245 F-16s in various configurations and aims to modernize its fleet with new jets and modernization kits to upgrade the existing ones.

Amid prolonged uncertainty about when and whether the U.S. Congress will approve the sale, Defense Minister Yaşar Güler announced last month that Ankara was now holding talks with the U.K. on the potential purchase of 40 Eurofighter Typhoon fighter jets.

Breedlove, who is also a former F-16 pilot with 3,500 flying hours, said Eurofighters are also compatible with NATO standards but pointed out that the U.S.-made F-16s offer some significant advantages for Türkiye.

“What Türkiye needs is aircraft that are completely interdependent and interoperable with NATO equipment, from communications, sharing of data, etc. These are the things we need,” he said.

“There are other countries building aircraft that meet those requirements, and if Türkiye believes that’s the way they need to go, Türkiye is a sovereign nation, and can make its own sovereign decisions.”

Source: Daily Sabah

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Venture capital investment funds, particularly in Türkiye and the surrounding region, persist in directing investments despite challenging economic conditions worldwide

Türkiye’s entrepreneurial ecosystem continues to gain momentum with the initiation of new investment funds despite the global inflationary environment. Venture capital investment funds, particularly in Türkiye and the surrounding region, persist in directing investments amid challenging economic conditions worldwide.

Türkiye’s first corporate venture capital fund, 212, has established its third fund to reach 70 million euros ($75.46 million). Focused on the Turkish market, 212 seeks to sustain investments in ventures operating in Türkiye, Central and Eastern Europe, the Middle East and North Africa. Furthermore, the fund will extend support to entrepreneurs who have established companies in advanced markets but maintain links with their home countries.

Numan Numan, co-founder of 212, expressed their commitment to replicating the success of the first two funds.

“The criteria, which we refer to as ‘dragon,’ emphasizing the return on investment at exit, remains a vital benchmark. With this fund, we broaden our focus to a more extensive geography, perceiving stronger and more abundant opportunities than ever before,” said Numan.

“We will especially focus more on entrepreneurs who have founded companies in advanced markets, the so-called diaspora, and who maintained ties with their home countries. Additionally, our venture capital investment fund, Simya VC, which was initiated last year to invest in early-stage ventures, will also support our new fund, providing greater access to entrepreneurs. Moreover, we will persist in our investments with Türkiye’s first vertical deep technology fund, 212 NexT, which was launched in collaboration with Akkök Holding recently.”

New horizon for game ventures

Meanwhile, Hedef Portföy and WePlay Ventures have jointly established the WePlay venture capital investment fund, which received a green light from the Capital Markets Board (SPK).

The VCIF established with the single asset model will become a partner with the gaming investment company WePlay Ventures, which has 38 different gaming ventures in its portfolio from eight countries in Türkiye, Europe and Central Asia.

Operational since 2020 with offices in eight countries, WePlay Ventures is among the most active game investment companies in Europe and Central Asia. The company attracted attention last year with a successful exit from Udo Games after an 11-month investment.

Focusing on early-stage gaming companies in mobile, PC, console and Web3 areas, WePlay Ventures boasts a portfolio of 38 game ventures from eight countries. Through its acceleration program, WePlay HUB, introduced last year, the company has started to provide very serious support for early-stage game ventures in technical and management areas and rapidly expanded its portfolio.

New success stories

212, which shares its global and local experiences in the areas that ventures need alongside investment support, will continue to invest in globally growing technology companies in the B2B field in Türkiye, Central and Eastern Europe, and the Middle East and North Africa Region with the new fund.

It will also continue to support entrepreneurs who have established their companies in developed markets and have ties to their own countries.

“Since our inception, we have made significant contributions to the entrepreneurship ecosystem with our first two funds and set several milestones. With 29 investments to date, our managed assets have exceeded 100 million euros. We take pride in being the institutional investor in Türkiye’s first and biggest fintech exit, Iyzico and the first unicorn in the software field, Insider,” said Numan.

“Our commitment goes beyond providing funding; we also contribute to the transition of ventures to the next stage. Our expanding network over the past 12 years has brought significant benefits to the ventures in our portfolio. With our third fund, we are determined to create success stories just like we did with the first two funds. Approximately 60% of our new fund comes from investors who have been with us in previous funds, which is highly valuable to us,” he noted.

Continued opportunities

Ali Karabey, co-founder of 212, emphasized that with their 12 years of experience, they offer dynamic funds tailored to investors by understanding market needs.

“In addition to the traditional fund management model, we also provide new investment opportunities for investors seeking high returns by taking risks. We establish special purpose vehicles (SPVs) to provide more support to successful portfolio companies and enable investors to make follow-on investments,” said Karabey.

“Thanks to the flexibility we demonstrate in responding to market conditions, our investors have the opportunity to have a higher stake in the growth potential of successful companies. We will continue to provide opportunities not only for ventures but also for our investors,” he noted.

Investing in gaming ventures

WePlay VCIF is aimed at reaching a size of 10 million euros. The single-asset VCIF model, garnering significant interest in recent years, offers investors the opportunity to join WePlay Ventures’ existing portfolio.

WePlay Ventures, with WePlay VCIF, aims to expand its operations in Europe and Central Asia to 18 countries and add more than 350 gaming ventures to its portfolio within four years, aspiring to become the most active gaming investment company in the region.

Bora Koçyiğit, managing partner of WePlay Ventures, highlighted the company’s contributions to the gaming ecosystem.

“Since 2020, WePlay Ventures has made significant contributions to the development of the gaming ecosystem in Türkiye and the region, adding 38 game ventures to our portfolio. Besides financial support, we provide strategic support to ventures, enabling them to scale much faster. With WePlay VCIF, we aim to reach early-stage gaming ventures not only in Türkiye but also in Europe and Central Asia, targeting over 350 investments,” said Koçyiğit.

Ercan Güner, general manager of Hedef Portfolio, expressed confidence in the joint venture with WePlay.

“Within the framework of our vision to support the entrepreneurship ecosystem, we have decided to collaborate with WePlay Ventures, which makes a significant contribution to the gaming world. We believe that with the joint initiative of WePlay and Hedef Portfolio, WePlay VCIF will be a game-changer in the global gaming sector, said Güner.

“The gaming industry is one of the world’s largest sectors with a massive market size of $200 billion. It is also the fastest-growing sector in the world, with 3.2 billion active gamers and a 248% growth trend. We are pleased to invest in a promising and innovative sector presenting WePlay GSYF to all investors under the 0% tax and 0% withholding tax regime.”

Entrepreneurial marathon gathers 150 innovators from quake region

Entrepreneurship is crucial in addressing local challenges in 11 Turkish provinces devastated by the earthquakes earlier this year.

The Sabancı Hatay Incubation Center, established in collaboration with the Habitat Association and Sabancı Group companies, including Brisa, Kordsa, Temsa and Teknosa, continues to nurture the entrepreneurial spirit in the quake-affected areas.

Aiming to integrate local entrepreneurs into the Turkish and global entrepreneurship ecosystem, the center hosted a major event between Nov. 24-26.

The Entrepreneurship Marathon, with nearly 150 applicants from Hatay and Adana, was organized in collaboration with the Habitat Association, supported by Sabancı Volunteers and Viveka. Teams participating in the marathon received training on sustainable entrepreneurship, design thinking, customer profiling, user scenario creation, business model canvas, storytelling, brand creation and presentation techniques from expert mentors.

5 teams advance to finals

Themed “Solutions for Local Issues After Disasters,” the Sabancı Hatay Incubation Center Entrepreneurship Marathon lasted 48 hours.

Throughout the event, 23 teams designed various projects using the power of technology in disaster management to create a safer, more resilient, and inclusive society. The teams “Guideverse,” “Hatay’ı Yaşat,” “Circular Trade,” “Makarnaapp,” and “Koza” successfully advanced to the second stage and earned the right to attend an acceleration program.

Grants of $3,450

Apart from the five teams advancing to the second stage, all other entrepreneurs continue to develop their business ideas in the shared workspace at the Sabancı Hatay Incubation Center. The finalist teams, however, will have the opportunity to further enhance and commercialize their ideas during a three-week online acceleration program.

Under the program, teams will receive training and mentorship from Sabancı Group executives, Sabancı Volunteers and the Habitat Association, covering various aspects from marketing and product development to legal processes.

Following the program, during the Demo Day, the teams will present their projects for evaluation by the jury. Two successful teams with the most innovative ideas will be rewarded with TL 100,000 ($3,450) in grant support.

TT Ventures spotlights startup investment strategy

In a bid to drive innovation, Türk Telekom, the company behind Türkiye’s first startup acceleration program, PILOT, continues to bolster its investments through its venture capital arm.

TT Ventures is strategically investing in startups that align with its vision, leveraging its diverse portfolio and support mechanisms to contribute to the growth and success of innovative enterprises in Türkiye and beyond.

The firm recently disclosed the focal points and evaluation criteria that guide its investments in startups.

The venture capital firm emphasized four critical criteria in its evaluation process: team, product, market, and business model. TT Ventures underscores the importance of experienced teams with strong communication skills, bold objectives and a passion for their work.

According to TT Ventures, its primary investment focus lies in startups that can synergize with the Türk Telekom Group, aiming to scale their businesses rapidly and possessing high growth potential. The firm employs flexible methods to invest in such ventures, with the overarching goal of providing sustainable shareholder value.

Broad investment portfolio

TT Ventures has, until now, invested in startups across various sectors, including education, health care and software. Yet, its expansive investment focus extends beyond these realms to cover 21 different areas.

The firm is particularly interested in 5G technologies, “gamification” technologies, artificial intelligence, retail technologies, digital products and services, regulatory technologies, gaming and esports, and health technologies.

Apart from direct investment in startups, TT Ventures offers support in expanding to global markets, providing marketing communication assistance, and aiding in rapid business growth. This multifaceted approach underscores the firm’s commitment to fostering innovation and sustainable development within the entrepreneurial ecosystem.

Source: Daily Sabah

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Total reserves of the Turkish central bank hit a fresh record high in the week ending Dec. 1, touching $140.14 billion (TL 4.05 trillion), according to official data shared Thursday.

The banks’ reserves surged $3.65 billion on a weekly basis, the data showed, topping the earlier record of $136.5 billion in the previous week.

Foreign currency reserves amounted to $93.23 billion after an increase of $2.24 billion over the same period, while gold reserves totaled $46.92 billion, up $1.4 billion.

This was also the 16th weekly increase in a row in gross reserves, which is the longest period of increase since 1987 when data collection began.

The upward trajectory was observed since June after President Recep Tayyip Erdoğan appointed a new economic administration led by respected veteran policymaker Mehmet Şimşek, who returned as treasury and finance minister, and former Wall Street banker Hafize Gaye Erkan, who took the reins of the Central Bank of the Republic of Türkiye (CBRT).

Since then, the new administration embarked on a monetary tightening cycle to cool demand and counter persisting inflation.

The bank hiked the key policy rate from 8.5% in June to 40% in its last meeting in November.

Following the shift in the monetary policy after the May vote, investors have been signaling a renewed interest in the major emerging market economy.

Amundi, Europe’s largest asset manager, recently told Reuters it had started dipping its toe back into the Turkish lira. 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.

The central bank chief Erkan was quoted as saying on Thursday “that the transition to Turkish lira continues in line with the objectives.”

The report from Anadolu Agency (AA) cited Erkan saying that they foresee disinflation in 2024 in line with the path announced in the last Inflation Report, as the cumulative and delayed effects of monetary policy come into play.

Source: Daily Sabah

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Türkiye, implementing a “regional aviation policy” and “liberalization in civil aviation” since 2003, will close 2023 with records in the field, the country’s Transport and Infrastructure Minister Abdulkadir Uraloğlu said Thursday.

Uraloğlu said Türkiye follows developments in the field of international civil aviation and necessary arrangements for the up-to-date implementation of the rules and standards accepted by international organizations.

“As a result of the efforts made in the airline sector, as of the end of November 2023, the total number of air transportation enterprises reached 231, including 13 airline enterprises, 44 air taxi enterprises, 97 general aviation enterprises, 67 balloon enterprises and 10 very light aircraft enterprises,” Uraloğlu told Anadolu Agency (AA).

Speaking on the occasion of International Civil Aviation Day on Dec. 7, the minister further said the total number of aircraft increased by 246% from 489 in 2003 to 1,690 by the end of last year, and to 1,840 by the end of November this year.

Nearly 200 million passengers, including transit passengers, traveled through Türkiye’s airports between January and November this year, according to the country’s air travel authority.

The 11-month figure rose 18% from a year ago, exceeding the pre-pandemic level of 195.5 million, according to State Airports Authority General Directorate (DHMI) data.

Uraloğlu said the number of planes, which was 162 in 2003, increased by 309% to 663 as of the end of November, and the seating capacity increased by 367% from almost 27,600 to nearly 128,900.

Türkiye’s airspace is covered with airway networks, Uraloğlu said, adding: “While the number of countries with which we have air transportation agreements was 81 in 2003, it increased to 173 as of the end of last month.

“As a result of agreements and negotiations, 283 new destinations were added to the number of international destinations, which was 60 in 2003. Our flight network has reached 343 destinations in 130 countries,” he added.

Source: Daily Sabah

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French carmaker Renault Group on Thursday said it plans to reduce its production costs by increasing the use of digital and artificial intelligence technology, and announced plans to expand its presence in Türkiye.

The company will be investing 400 million euros ($430.92 million) by 2027 to make four new models at its site in the Turkish northwestern Bursa province in collaboration with Türkiye’s OYAK Group, including a new low-cost SUV Duster.

As part of its “International Game Plan 2027,” Renault said it aims to transform Türkiye into an export hub for Europe and other countries in the world.

It said it aims to cut the production costs of its cars by as much as 50% in the next four years by increasing the use of digital and artificial intelligence technology.

Between now and 2027, the company will aim to cut its production costs per vehicle by 30% for internal combustion vehicles and by 50% for electric vehicles.

The carmaker also wants to reduce vehicle development times to two years from three years, it said in a statement.

Renault already uses more than 300 AI applications to trace car parts such as tires and boost quality control and aims to increase that number to 3,000 by 2025.

Three of the new models to be manufactured at the Bursa plant will be designed to meet the needs of customers in the B and C SUV segments, said the company.

One of the highlighted models is the new Renault Duster, which is set to be available in Türkiye with a hybrid engine option in the second half of 2024.

Renault aims for one-third of its sales in Türkiye to be electric or hybrid by 2027, according to Fabrice Cambolive, the CEO of Renault.

“We will make our Bursa factory the export center not only for Europe but also for other countries worldwide,” Cambolive told a meeting with the press in Istanbul.

Renault’s longstanding alliance partners Nissan and Mitsubishi confirmed plans earlier this week to invest in the French carmaker’s electric vehicle unit Ampere and use it to develop EVs for the European market.

Cambolive emphasized the longstanding partnership between Renault and OYAK in Türkiye, spanning 54 years. The two companies produced more than 7.5 million cars and reached a level where every out of seven vehicles in Türkiye features Renault logo, he noted.

“Türkiye plays a significant role in our ‘International Game Plan 2027.’ Our goal is to become the market leader in Türkiye, strengthen our brand with new products, show a strong presence, especially in the SUV segment and implement an electrification strategy based on hybrid and electric vehicles,” the CEO said.

Jan Ptacek, the CEO of Renault Group Türkiye, highlighted the importance of local production for market leadership.

“Today, I am pleased to announce that we plan to localize four new Renault models before 2027 at our OYAK Renault Factory in Bursa. Among these new vehicles, three will be SUVs, including the Renault Duster,” said Ptacek.

“By offering a product range that meets customer needs in the B and C SUV segments in Türkiye, Renault will further strengthen its leadership position.”

Ptacek underlined the significance of Türkiye as a key industrial asset within the Renault Group, with the Bursa factory boasting the largest passenger car production capacity in the country.

He said the implementation of Renault Group’s new modular platform in the Bursa factory by 2026 will further enhance efficiency, offering a flexible and highly efficient platform supporting various powertrain technologies.

Source: Daily Sabah

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Türkiye’s central bank governor has been named by Forbes among the women to keep an eye on in 2024.

Hafize Gaye Erkan took the helm of the Central Bank of the Republic of Türkiye (CBRT) in June after President Recep Tayyip Erdoğan named her to be a part of the new economy team to lead a shift to more conventional monetary policymaking.

A former senior U.S.-based bank executive, Erkan is the first woman to lead the Turkish central bank.

Forbes named her among the women whose influence is on the rise.

These also include Claudia Sheinbaum and Xochitl Galvez, the two Mexican nominees who will compete in the June 2024 presidential election.

Regardless of the results, it will mark the first time a woman leads the North American nation.

The list also included Janet Truncale, who will become global accounting firm EY’s global chair and CEO in July 2024.

Alongside Erkan is Michele Bullock, who became the first woman to lead Australia’s central bank in September.

“They’ve also assumed their positions at a moment when high inflationary trends have put economic pressure on both of their countries,” the magazine said.

Erkan, a former Goldman Sachs banker, is tasked with restoring consumer and investor confidence in the Turkish lira. At the same time, Bullock recently told a group of economists in Sydney that it could take another two years for inflation in Australia to drop below 3%.

Erkan has chaired the central bank as it embarked on a 3,150 basis-point tightening cycle since June – including hikes of 500 basis points in the last three months – to cool demand and stem inflation, which is running near 62% and is expected to rise through May next year before dipping.

Erkan’s career spans Wall Street and U.S. corporate boardrooms, and her Ivy League education includes a financial engineering Ph.D. from Princeton.

She joined Goldman Sachs in 2005 as an associate and was named managing director in 2011.

She was at First Republic from 2014 to 2021 in roles that included president, board member and chief investment officer. She was seen as the heir apparent to the bank’s founder and longtime CEO, Jim Herbert, but abruptly resigned in December 2021.

This year, the San Francisco-based lender became the largest U.S. bank to fail since 2008 after it was seized by regulators and sold to JPMorgan.

Erkan was a director on the board of Marsh McLennan, a Fortune 500 firm, and was named CEO at Greystone, a real estate finance and investment firm, last year.

The Forbes list also features Denise Dresser and Lidiane Jones. Longtime Salesforce executive, Dresser was appointed CEO of Slack last month. Her predecessor, Jones, will take over as CEO of dating app Bumble in January.

Among others are Fei-Fei Li and Mira Murati.

Li is a co-director of Stanford’s Human-Centered AI Institute and the inventor of ImageNet, a database that has proven instrumental in training artificial intelligence systems to recognize images.

She’s long been considered a pioneer in machine learning.

Murati, in the course of one month, went from Open AI chief technology officer (CTO) to interim CEO to unemployed and then back to company CTO amid chaos over company leadership.

Lastly, the list features Reshma Saujani, a founder of Girls Who Code, which she set up in 2012 to grow the number of women in computer science. Over the last 11 years, the organization has educated more than 500,000 girls and women.

Saujani led the organization until 2021, after which she shifted her entrepreneurial energy toward advocating for better family leave and childcare policies in the U.S.

Source: Daily Sabah

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