Economy

Middle East Crisis  The State of the Global Economy
Turkey Sharply Raises Inflation Forecast


Turkey’s central bank has significantly raised its inflation forecast, partly in the wake of the war involving Iran, according to news agencies.

By the end of next year, inflation is expected to reach 21 percent, up from a previous estimate of 15 percent. Meanwhile, the inflation forecast for the end of 2026 has been raised to 29.5 percent, from 28 percent.

Turkey is heavily affected by rising global crude oil prices, as the country imports nearly all of its oil and gas, Bloomberg reports.

The revisions to the inflation forecasts “are primarily due to supply disruptions resulting from global shocks,” Bloomberg analysts noted in a commentary. 

US Growth
US Home Sales at Lowest Level Since 2010

Sales of existing homes in the United States have fallen to their lowest level since August 2010, the Financial Times reports, citing statistics from the real estate association NAR.

High interest rates have discouraged Americans who already hold mortgages with low rates from moving. In the US, most mortgages have 30-year terms. For those looking to take out new mortgages or refinance existing ones, interest rates are currently just over 7.10 percent.

Before the pandemic, interest rates were around 4 percent. “Given the weak home sales, coupled with continued growth in employment, there could be significant pent-up demand should mortgage rates fall,” says Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), in a statement.

The Sanctions
SJ resumes sales of Marabou: “It’s in poor taste”

SJ has begun selling Marabou products on its trains once again, reports *Dagens Industri* (DI). The railway operator had previously boycotted the chocolate brand following Russia’s invasion of Ukraine, as its parent company, Mondelez, maintains operations in Russia.

Member of the European Parliament Karin Karlsbro (Liberal Party) is critical of this reversal.

“It’s in poor taste. It would have been, to say the least, more appropriate to acknowledge their Ukrainian colleagues and show support during these extremely difficult times,” she told the newspaper.


Demand for payment from SAS regarding 40-year-old debt: “No response received”

An investor group claims that SAS owes them 1.5 billion [kronor] related to a 40-year-old bond, reports *Dagens Industri* (DI).

They assert that the bond, issued in the 1980s, has an indefinite maturity—implying that SAS remains liable for annual coupon payments. No such debt was included in the airline’s corporate restructuring, which was concluded two years ago.

According to one of the individuals behind the claim, they have reached out to SAS but have “not received any constructive response.” In a comment to DI, the airline stated that they are “reviewing the letter in question.” 

Swedish Business
Telia acquires Telavox’s customer base in multi-billion deal


Telia is acquiring the Nordic business customer base of the Malmö-based mobile operator Telavox. The price tag of 3.8 billion [SEK] could rise to 4 billion, the telecom giant states in a press release.

The Telavox customer base consists of approximately 24,000 companies across four countries—primarily small and medium-sized enterprises.

Telia aims to complete the acquisition during the first quarter of 2027, subject to approval from competition authorities.