The White House has reportedly settled on a sanctions package to punish Turkey for receiving parts of a Russian missile defense system. We learned that the U.S. is preparing to announce them later this week. But the expectation among lira traders is that the economic impact will be minimum.

No reason was given for Murat Cetinkaya's sacking, but the governor had been loath to cut the interest rate from 24%. Over the past year, Turkey has faced skyrocketing inflation as a result of a debt and currency crisis.

Erdogan takes a blow while democracy wins in Turkey.

Turkey has until July 31 to "unwind" a deal to buy an S-400 missile defense system from Russia, the US has warned. The ongoing dispute between the two NATO allies could reach breaking point.

Turkey's ruling party has been accused of using Istanbul city funds to benefit business contacts and the president's family. Now an opposition candidate for mayor is vowing to put an end to the nepotism ― if he can win.

Despite coming under fire from both the EU and the US, Turkey says it will press on with plans to drill for oil and gas off Cyprus. Arrest warrants have been issued for the crew of a Turkish drilling ship in the area.

Tens of thousands of people gathered in Australia, New Zealand, and Turkey to commemorate WWI soldiers killed at Gallipoli. UK Prince William marked the event in Auckland before heading to Christchurch.

The HDP garnered good election results in Turkey's southeast. But the enthusiasm of the party's supporters is limited: They worry the ruling AKP could impose a government administrator on their communities once again.

In the decisive hours after Turkey's recent municipal elections, the state news agency stopped publishing voting results. Critics believe the country's ruling party could be to blame for the silence.

Prosecutors in Turkey have requested an Interpol Red Notice for Enes Kanter, a basketball player for the New York Knicks, on the grounds of being involved in a terrorist organization. Kanter denies the charges.

Saudi Arabia sold $7.5 billion of international bonds in the first test of how much damage of the Washington Post columnist Jamal Khashoggi has inflicted on investor appetite.

The leaders of Russia, Germany, France and Turkey stressed the importance on Saturday of a lasting ceasefire in Syria, and said a committee to create a new constitution should meet by the end of the year.