Asian stock markets tumbled as Japan's electronic giant Sony lowered its profit forecasts and South Korea based Samsung said its earnings declined. The European stocks also plunged as the domino effect spread to this continent. Analyst said the expectation of the global credit squeeze's negative impact on companies' earnings caused these sharp falls.
--ELEVEN NAMES, THIRTY ACTIONS
Turkey's top court has justified its decision not to disband the ruling Justice and Development Party (AKP). In its ruling published in Friday's Official Gazette, the Constitutional Court said that some actions of eleven members of the political party including Prime Minister Tayyip Erdogan, former Parliament Speaker Bulent Arinc and National Education Minister Huseyin Celik made the party focal point of anti-secular activities.
--CENTRAL BANK INTERVENES IN MARKETS
Turkey's Central Bank has intervened in foreign exchange markets after price of dollar increased to the psychological threshold of 1.7 against Turkish lira. The bank decided to provide foreign exchange liquidity in the markets through foreign exchange auctions. The daily amount of foreign currency to be sold in the auctions would be $50 million.
--TENSION ESCALATES IN TUNCELI
Tension in the eastern province of Tunceli is high before Turkish Prime Minister Tayyip Erdogan's scheduled visit on Saturday. The municipality of Tunceli removed banners in the province that thanked Erdogan for his services to the people of Tunceli. Mayor of Tunceli, Democratic Society Party's (DTP) Songul Abdil will not attend the welcoming ceremony for Erdogan.
--CABINET BRIEFING FROM GENERAL BASBUG
Chief of Turkish General Staff Gen. Ilker Basbug will participate in the Council of Ministers meeting on Monday and brief the ministers on domestic security steps and the fight against terror. Gen. Basbug will be the first chief of General Staff to ever attend the Turkish Council of Ministers meeting.
--TURKEY'S RICHNESS IS ANATOLIAN INDUSTRIALISTS, GUL
Turkish President Abdullah Gul said Friday that "a country's richness is measured by the richness of its business world. The success of Turkish businessmen will be the success of Turkey." Gul stressed that industrial zones in Istanbul, Ankara and a few other provinces are not enough. "Eastern and south-eastern Anatolia have special richness as well," Gul said.
--FIVE TERRORISTS WHO HAD SURRENDERED TO TURKISH SECURITY FORCES RELEASED FROM PRISON
Five terrorists of the PKK organization have been released from prison after they expressed remorse for joining PKK at a court in Silopi. The terrorists told the court that they decided to leave PKK due to "inhumane treatment".
--8.8 BILLON U.S. DOLLAR FROM IMF
The International Monetary Fund (IMF) is revising its loan programs to make them better suited to the developing countries. Accordingly, the quotas of those countries will be increased by fivefold. If Turkey wants, it will be able to obtain a loan of 8.8 billion dollar.
Gen. Metin Gurak, chairman of the Communication Department of the Turkish General Staff, has said that security forces neutralized 25 PKK terrorists in northern Iraq and 17 in Turkey. "Terrorists were planning to stage armed attacks on three other gendarmerie outposts in the southeastern provinces of Van and Hakkari on October 21 and 22," he said.
--HERE ARE THOSE ACTIVITIES
Turkey's top court has said that 30 activities turned the ruling AKP into focal point of anti-secular activities. The Constitutional Court justified its decision not to disband the AKP in its ruling published in Friday's Official Gazette. Some speeches delivered by Prime Minister Tayyip Erdogan, former Parliament Speaker Bulent Arinc and National Education Minister Huseyin Celik were among those activities.
Turkey's Central Bank has intervened in foreign exchange markets after price of dollar increased to the psychological threshold of 1.7 against Turkish lira. The bank decided to provide foreign exchange liquidity in the markets through foreign exchange auctions. After the bank's intervention, price of dollar decreased to 1.68 levels against lira.
--THERE WILL BE MORE DEMOCRACY DESPITE TERROR, ERDOGAN
Turkish Premier Recep Tayyip Erdogan said Friday that there will be more democracy and freedom in Turkey despite the fight against terror. "Acts of terror take place to hurt investments in south-eastern Turkey. Despite such acts, there will be more democracy in Turkey," Erdogan stressed.
--TAXES PAST DUE REACH 22 BLN NEW TURKISH LIRAS
Taxes past due by Turkish citizens have reached 22 billion new Turkish liras. The Turkish Government is making preparations for a tax pardon. Interested tax payers have to apply to the tax offices no later than November 28.
--BRIEFING ON TERROR AT EGIRDIR
Turkish Premier Recep Tayyip Erdogan will attend a briefing on terror at the Commando Training Center in south-western province of Isparta's Egirdir town in the first week of November. Chief of Turkish General Staff Gen. Ilker Basbug will attend Monday's Council of Ministers meeting in Ankara and brief the ministers on domestic activities of the Turkish Armed Forces and the fight against terror.
--TURKISH GOVERNMENT TO CUT TAXES ON NEW CARS
The Turkish Government is making preparations to cut down the amount of Special Consumption Taxes (OTV) implemented on new car purchases. Accordingly, the price of cars manufactured by Renault, Ford, Tofas, Toyota, Hyundai and Honda will go down significantly. Turkish consumers would be the winners.