Quake Latest: Erdogan to Visit Disaster Zone; Stocks Suspended

  • In Business
  • 2023-02-08 08:40:55Z
  • By Bloomberg

(Bloomberg) --

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President Recep Tayyip Erdogan is planning to pay his first visit on Wednesday to the disaster zone stricken by two massive earthquakes, following his decision to declare state of emergency in the area.

Tens of thousands of soldiers are mobilized to help with rescue operations as the death toll across Turkey and neighboring Syria surpassed 8,000. Many more were trapped inside more than 11,000 buildings have been damaged from the temblors that struck Monday.

Turkey's stock exchange suspended trading after a selloff sparked by the quakes. Turkey's government is overwhelmed by the extent of the damage to infrastructure, logistical problems and aid needed to assist the 13.4 million people living in the disaster zone. Dozens of countries have so far offered help.

Key Developments

  • Erdogan Wants Elections in May Despite Earthquake Fallout

  • Turkey Suspends Trading in Stock Market After Rout Deepens (1)

  • Turkey Restarts Oil Loadings at Mediterranean Export Terminal

  • Turkish Stocks Enter Bear Market in Aftermath of Deadly Quake

  • CityLab Daily: The City Hardest-Hit by Turkey's Earthquake

(All times Istanbul, GMT +3)

Turkey Suspends Trading in Stock Market After Rout (11:01 a.m.)

Turkey's stock exchange suspended trading after a deep sell-off triggered by the earthquakes, without saying when it would resume.

The benchmark index is headed for its worst weekly performance since the 2008 global financial crisis.

Erdogan Wants Elections in May Despite Earthquake Fallout (11:00 a.m.)

Erdogan is working on the assumption that general elections will be held in Turkey three months from now despite twin earthquakes devastating much of the southeast. Officials familiar with the discussions said Erdogan is planning to hold the vote on May 14 as originally planned.

BP Says Turkish Port of Ceyhan Still Not Loading BTC Oil (10:57a.m.)

Exports of crude oil via the Baku-Tbilisi-Ceyhan pipeline are continuing as normal, but barrels are not being loaded onto tankers at the Turkish port, Tamam Bayalti, a spokesperson in BP's Baku office, said by phone.

Turkish Stock Rout Triggers Circuit Breakers (10:43 a.m.)

A rout in Turkish stocks continued, triggering two market-wide circuit breakers with the benchmark index falling more than 7%. The index has plummeted more than 16% in three days, marking the biggest such drop since December 2021.

Turkey's Death Toll Nears 7,000 (09:45 a.m.)

The death toll in the country climbed to 6,957, disaster management presidency AFAD said. In Syria, at least 1,832 were killed in government and rebel-controlled areas, according to an AP report.

Scenes of young children, a pregnant woman and other victims still being pulled to safety highlight the thousands of people who have been rescued so far.

President Erdogan to Visit Quake Zones (9:33 a.m.)

Turkish President Erdogan is expected to visit Kahramanmaras and Hatay, two provinces severely affected by the earthquake, on Wednesday, according to a statement from the Presidency.

Turkey Restarts Crude Oil Loadings at Ceyhan Terminal (9:02 a.m.)

Turkish pipeline operator Botas restarted flows of crude oil to the Ceyhan export terminal on the Mediterranean coast late on Tuesday, an official with direct knowledge of the matter told Bloomberg.

Ship loadings from the terminal, which exports Azerbaijani and Iraqi oil, resumed around midnight, they added.

Botas had halted oil flows to the terminal after Monday's first quake to inspect the facility, but no leaks or damage were found.

Turkey Deploys Commandos in Quake Zone (7:50 a.m.)

The Turkish military has been sending thousands of commandos and other units to the quake zone from barracks located in the country's west and Cyprus.

Before the most recent period of mobilization began, 7,500 soldiers were already helping rescue operations, Defense Minister Hulusi Akar said late Tuesday.

Ro-Ro Vessels Carrying Aid to Survivors (7:19 a.m.)

Two companies that operate roll-on/roll-off vessels have dispatched ships to aid quake survivors due to difficulties in reaching disaster areas via land, Ekonomi newspaper reports.

DFDS sent the Pergamon Seaways from Istanbul, according to data compiled by Bloomberg. The 213-meter vessel will deliver cranes and aid material, Ekonomi reported.

Ulusoy Shipping sent the Ulusoy 5 Ro-Ro from Izmir to the Port of Iskenderun on Wednesday morning, Anadolu Agency reported. The ship is expected to arrive with a similar cargo in 40 hours.

Main Opposition Leader Holds Erdogan Responsible (2:24 a.m.)

Kemal Kilicdaroglu, leader of main opposition party CHP, said he will not treat disaster management as something to be "above politics," adding that President Erdogan is responsible for the failures and "corruption" that amplified the damage.

"I don't need to be in solidarity with Erdogan and his palace," Kilicdaroglu said in a video posted on Twitter. Erdogan has held talks with many opposition leaders since the quakes but hasn't called Kilicdaroglu.

Iraq's Kurdistan Says Oil Flows to Ceyhan Resumed (00:44 a.m.)

Iraq's semi-autonomous Kurdish government said it resumed crude oil flows to Ceyhan port late Tuesday.

--With assistance from Selcan Hacaoglu, Firat Kozok, Beril Akman, Ugur Yilmaz and Patrick Sykes.

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©2023 Bloomberg L.P.


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