12,213.58BIST 100 · Thu, Oct. 8 close · +0.75%

DailyDrop.

49.34USD/TRY · Fri, Oct. 9, morning open · previous close ~49.22-49.26
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Top news · DisasterPress ✓ 6 outlets · the death toll changed with updates

Three floors of a seven-story building collapse in Maltepe: death toll rises to 5, architect and site manager detained

The building dated from 1987. The mayor said the top two floors were illegal; the governorate did not confirm this detail.

Around 5:40 a.m. on Thursday, three floors of a seven-story building collapsed in the Cevizli neighborhood of Istanbul’s Maltepe district. According to the governorate, the building dated from 1987 and had a business on the ground floor and 12 apartments on the upper floors; of the 14 people living in the four apartments in the collapsed section, 10 were rescued alive, and search and rescue work continued under the coordination of AFAD (Hürriyet, Habertürk, Haber7, Ekonomim, Sözcü). Governor Davut Gül said that, according to the Population Registration System, 33 people lived in the building in total.

The death toll was updated during the day: first two, then five. Hürriyet wrote “5 dead, search continues for 1 person”; Habertürk and Haber7 reported that the body of the last person sought in the rubble had also been reached. There is an inconsistency among the sources, and DailyDrop gives the figure of five “according to the latest reports.” The building’s architect and site manager were detained.

Maltepe Mayor Esin Köymen said that the building’s top two floors were illegal additions made after the occupancy permit; this statement comes from the mayor, and the governorate’s announcement makes no mention of illegal floors. Work was halted for a time over a suspected shift during the search; Governor Gül said the building would be demolished in a controlled way once the search was over. The expert report will show the technical cause of the collapse.

Open the story and DailyDrop’s take
By the numbers
5death toll according to the latest reports
10 / 14rescued alive / people in the collapsed section
33people living in the building according to population records
Economy · Fund investigationPress ✓ 5 outlets · figures attributed to Şimşek and the Directorate of Communications

Liquidation amounts of 17 funds transferred to banks, covering 43,643 investors; remaining funds continue

The Directorate of Communications announced that the liquidation amounts for 17 funds belonging to the portfolio companies A1 Capital, Bulls and Pardus had been transferred via Ziraat Bank to the relevant banks and brokerages. Treasury and Finance Minister Mehmet Şimşek said the transferred payments covered 43,643 investors (Medyascope, Memurlar.Net, TGRT Haber, Ekonomim).

When the money shows up in an investor’s account depends on the banks’ processing; it does not mean everyone will receive their money the same day. For the Tera, Pusula, Atlas and Hedef funds there is a separate interim payment decision, with no date set. The liquidation is not finished, and it cannot be said that payments have started in all 131 funds of the seven companies (Ekonomim, Medyascope).

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Word of the day
Liquidation proceedsLaw

The amount set aside to be paid to investors after a fund’s assets have been sold.


World · IranPress ✓ 6 outlets · the words are Trump’s own

Trump says he will not attack Iran before the election; Brent jumps 4 percent to $104

US President Donald Trump wrote on Truth Social that the US would not attack Iran before the November 3 midterm elections, that “productive talks” were being held with Iran, and that the blockade would remain fully in force (The Hill, CNBC, Seoul Economic Daily, Energynews, NBC News). The Atlantic had written that the White House was asking the Pentagon for strike options that could be used before the election; Axios reported that the Defense Department had not set a date and that Trump had not made a final decision.

The December Brent contract rose $4.08 (4.07 percent) to $104.28, at one point nearing $106 (AP, Energynews). US crude WTI closed at $91.50, up 3.60 percent. According to Reuters, a hurricane halted about 1.3 million barrels a day of US Gulf production. CNBC could not independently verify Trump’s claim that 22 million barrels passed through Hormuz overnight.

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Politics · OppositionPress ✓ 6 outlets · the claims are Özel’s own

Özel: Tugay said “I can’t go to prison”; Erdoğan should resign or call an election over the fund investigation

New Party Chairman Özgür Özel claimed on Thursday, regarding Cemil Tugay’s move to the AK Party, that Tugay’s name appears in a cooperative file and in some files in Karşıyaka, and that Tugay told those around him, “I can’t go to prison, look out for yourselves” (Medyascope, Halk TV, Sol, Bold Medya, Gazete Yenigün). Özel called Tugay “a traitor for us, a puppet for them” and tied the move to the AK Party’s plan to take Izmir. These are Özel’s claims; we could not find a response from Tugay.

Özel also demanded that Erdoğan resign or call an election over the fund investigation, and said there is “an active minister” in the fund scandal, whom he would name once he confirms it (Yüksekova Güncel). No evidence for this claim was shared. The government says responsibility for the funds will become clear after the inspectors’ reports.

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Economy · Central bankingPress ✓ 5 outlets · the words are the participants’ own

Central bankers meet at the Istanbul Economy Forum: Karahan says geopolitics is shaping energy and trade flows

Fed Board member Christopher Waller, Bank of England Governor Andrew Bailey, Bank for International Settlements General Manager Pablo Hernández de Cos and Banque de France Governor Emmanuel Moulin took part in the Istanbul Economy Forum, held at the Istanbul Finance Center on Oct. 8-9 (Euronews Türkçe, CNBC-e, İstanbul Ticaret Gazetesi, Yirmidört, Haber 1). Karahan chaired the panel “Strategic Outlook for the Global Economy” and said geopolitical developments now shape energy and trade flows.

Moulin argued that AI investments are, for now, clearly inflationary, and Dutch central bank Governor Olaf Sleijpen argued that some fiscal flexibility is needed to soften shocks. Karahan announced that the forum will be held every year and that preparations for the next one have begun. DailyDrop has not seen the full text of Karahan’s speech; what is relayed comes from news summaries.

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In brief
  • BIST 100 closed at 12,213.58, up 0.75 percent; BIST 30 at 15,137.57AA, CNBC-e, Referans
  • Dollar/lira at 49.34 on Friday morning; CBRT rate the day before 49.2152Ulusal, Internet Haber, Mynet
  • S&P 500 down 0.47 percent at 7,765.36; WTI $91.50 (+3.60 percent); gold per ounce $4,157 (+0.20 percent), Thursday closemarket data
  • Anne Carson wins the Nobel Prize in LiteratureHalk TV, Takvim, Onedio
  • Architect and site manager of the building that collapsed in Maltepe detainedEkonomim, Habertürk
  • Payments for 43,643 investors in 17 funds transferred to banksMedyascope, Memurlar.Net
  • Özel: there is an active minister in the fund scandal, we will name him once confirmedYüksekova Güncel
  • Istanbul Economy Forum to be held every yearCNBC-e, İşçi Haber
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Unverified — what we could not confirm

“The building in Maltepe collapsed because of illegal floors.” The mayor said the top two floors were illegal; the governorate did not confirm this, and the cause of the collapse depends on the expert report.
“Trump has given up the decision to attack Iran.” Trump wrote that he would not attack before the election; The Atlantic reported that options were requested, and Axios reported there is no final decision. The blockade continues.
“Fund payments have reached all investors’ accounts.” The amounts were transferred to banks; showing up in the account depends on the banks’ processing, and payments have not started in all 131 funds (Medyascope, Ekonomim).
Glossary · dotted words — economics, law, security and science terms explained in the context of the story. The list grows every day.
INSIDEThree floors of a seven-story building collapse in Maltepe: death toll rises to 5, architect and site manager detainedTop news · DisasterLiquidation amounts of 17 funds transferred to banks, covering 43,643 investors; remaining funds continueEconomy · Fund investigationTrump says he will not attack Iran before the election; Brent jumps 4 percent to $104World · IranÖzel: Tugay said “I can’t go to prison”; Erdoğan should resign or call an election over the fund investigationPolitics · OppositionCentral bankers meet at the Istanbul Economy Forum: Karahan says geopolitics is shaping energy and trade flowsEconomy · Central banking