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Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
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Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo

Turkish authorities were checking currency exchanges and cash dispenser machines on Thursday to help avert any damage from the circulation of counterfeit US dollars, which has prompted a number of banks to stop accepting some of the bills.
The central bank said it was working with judicial authorities to address the counterfeiting issue and had shared a report and guidance with lenders after having examined the fake US banknotes, Reuters reported.
Though it was unclear how much counterfeit currency was in circulation across the country, several banking sources said that several foreign exchange offices and banks were no longer accepting some US dollars.
A source with knowledge of the matter said there were no related problems with the financial system.
Several banking sources have said some $50 bills and $100 bills are suspected of being counterfeit and are not currently detected by money-counting machines.
The Turkish Banking Association said these machines as well as cash dispenser machines, or ATMs, were being checked and updated to halt any further circulation of counterfeit bills.
The source said a planned rapid system-wide update to money-counting machines would make detection possible.
Separately, a prosecutor's office in Istanbul launched an investigation into the issue, broadcaster NTV reported.

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Business

US-Saudi Business Council Unveils Powerhouse Board of Directors

Chair of the Corporate Board of the Olayan Group Lubna Olayan
Chair of the Corporate Board of the Olayan Group Lubna Olayan
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US-Saudi Business Council Unveils Powerhouse Board of Directors

Chair of the Corporate Board of the Olayan Group Lubna Olayan
Chair of the Corporate Board of the Olayan Group Lubna Olayan

The US-Saudi Business Council (USSBC) has announced the appointment of its significantly expanded and reconstituted Board of Directors, featuring an unprecedented lineup of global industry leaders.

“This strategic move underscores the Council’s revitalized mission to deepen and diversify economic ties between the United States and Saudi Arabia by leveraging expertise from critical sectors shaping the global economy,” USSBC said in a statement on Tuesday.

Co-Chaired by Chair of the Corporate Board of the Olayan Group Lubna Olayan, and Jane Fraser, Chair and CEO of Citi, the new Board brings together influential figures across finance, energy, technology, travel, defense, infrastructure, consumables and advanced industry.

“Their collective leadership will uniquely position the Council to drive innovation, investment and strategic partnerships aligned with US economic priorities, Saudi Arabia’s Vision 2030 and the evolving global landscape,” the statement added.

The newly appointed US members include:
Ruth Porat, President and Chief Investment Officer of Alphabet and Google
Brian Moynihan, Chair and CEO of Bank of America
Brendan Bechtel, Chairman and CEO of Bechtel Corporation
Larry Fink, Chairman and CEO of BlackRock
Mike Wirth, Chair and CEO of Chevron
Chuck Robbins, Chair and CEO of Cisco
James Quincey, Executive Chair of The Coca-Cola Company
Noel Wallace, Chair, President and CEO of Colgate-Palmolive
Ed Bastian, CEO of Delta Air Lines
Jim Fitterling, Chair and CEO of Dow
Darren Woods, Chair and CEO of ExxonMobil
Jenny Johnson, CEO of Franklin Templeton
Chris Nassetta, President and CEO of Hilton
Vimal Kapur, Chair and CEO of Honeywell
James Taiclet, Chair, President and CEO of Lockheed Martin

FILE - Jane Fraser, CEO, Citigroup, speaks during a Senate Banking, Housing, and Urban Affairs Committee oversight hearing to examine Wall Street firms on Capitol Hill, Wednesday, Dec. 6, 2023 in Washington. (AP Photo/Alex Brandon, File)

They are joined by leaders from key sectors driving Saudi Arabia’s economic transformation, including:
Tareq Amin, CEO of Humain
John Pagano, CEO of Red Sea Global and Managing Director of AlUla Development Company
Kamal Bahamdan, CEO of Safanad
Tareq AlSadhan, CEO of Saudi National Bank
Abdullah Al Zamil, Chair of SENAAT (formerly Zamil Industries)

The Board also retains long-serving members Amin Nasser, President and CEO of Aramco, Robert Wilt, CEO of Ma’aden, Rami Al Turki, President and CEO of Alturki Holding, and Charles Hallab, President and CEO of the US-Saudi Business Council.

“This Board represents an extraordinary alignment of global leadership at a pivotal moment in the bilateral relationship, one that is consistent with a reinvigorated and reimagined role for the Council in the US-Saudi partnership,” said Hallab.

“Their collective expertise across areas critical to both economies positions the Council to advance bilateral trade, investment, and business collaboration like never before. We are very excited for the next chapter, and we are also deeply grateful to our long-serving Board members for their commitment and contribution to the Council’s mission over the years.”

Olayan said she looked forward to translating the partnership into a meaningful collaboration, and long-term value for the two countries’ economies.

As for Fraser, she said: “The caliber of leaders joining our board signals the significant momentum of the US–Saudi business partnership.”

The formation of the Board comes at a time of accelerating economic engagement between the US and Saudi Arabia.

“With a refined and revitalized mission, the US-Saudi Business Council is reinforcing its role as a leading platform for private-sector leadership and engagement—strengthening connectivity between US and Saudi businesses, enabling strategic partnerships, and supporting the expansion of bilateral trade and investment,” USSBC said.

Business

Hapag-Lloyd Posts Q1 Net Loss on Severe Weather, Iran War Disruptions

FILED - 25 March 2026, Hamburg: Containers are stacked at the stern of a container ship. Photo: Markus Scholz/dpa
FILED - 25 March 2026, Hamburg: Containers are stacked at the stern of a container ship. Photo: Markus Scholz/dpa
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Hapag-Lloyd Posts Q1 Net Loss on Severe Weather, Iran War Disruptions

FILED - 25 March 2026, Hamburg: Containers are stacked at the stern of a container ship. Photo: Markus Scholz/dpa
FILED - 25 March 2026, Hamburg: Containers are stacked at the stern of a container ship. Photo: Markus Scholz/dpa

German shipping group Hapag-Lloyd on Wednesday reported a first-quarter loss, citing the impact of lower freight rates and operational disruptions stemming from severe weather conditions and the blockage of the Strait of Hormuz on the back of the Iran war.

The group posted a net loss of 219 million euros ($257.00 million) ⁠compared to a ⁠profit of 446 million euros in the first three months of 2025, Reuters reported.

Hundreds of commercial vessels and up to 20,000 seafarers have been unable to transit the Strait ⁠of Hormuz, a vital energy-trade waterway that has been virtually closed since the US and Israel began attacks on Iran in February.

"The first quarter of 2026 was unsatisfactory for us, with weather-related supply chain disruptions and pressure on freight rates leading to significantly lower results," Chief Executive Rolf Habben ⁠Jansen ⁠said in a statement.

The group confirmed its outlook for 2026 earnings before interest, tax, depreciation, and amortization (EBITDA) between $1.1 billion and $3.1 billion and earnings before interest and tax (EBIT) between a loss of $1.5 billion and a profit of $0.5 billion, saying it would focus on "rigorous cost management" in the context of volatile markets.

Business

TotalEnergies, QatarEnergy and ConocoPhillips Sign Deal to Review Offshore Block in Syria

An oil tanker en route to the Syrian port of Tartus (Reuters)
An oil tanker en route to the Syrian port of Tartus (Reuters)
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TotalEnergies, QatarEnergy and ConocoPhillips Sign Deal to Review Offshore Block in Syria

An oil tanker en route to the Syrian port of Tartus (Reuters)
An oil tanker en route to the Syrian port of Tartus (Reuters)

French oil major TotalEnergies, QatarEnergy and ConocoPhillips have signed a deal with the Syrian Petroleum Company to launch a technical review of the offshore Block 3 area near the Syrian city of Latakia, TotalEnergies said on Tuesday.

The memorandum of understanding “covers a technical review by the partners of the offshore area and establishes a framework for technical and commercial discussions related to exploration activities on this block,” the company said in a statement.

In 2011, Total of France stopped oil production in Syria in compliance with the EU sanctions imposed on the government of former president Bashar Assad.

“We are pleased to enter into this new partnership with the Syrian Petroleum Company with which we had a long and fruitful relationship from 1988 to 2011, and we look forward to cooperating with QatarEnergy and ConocoPhillips to assess Syrian offshore exploration opportunities in the Mediterranean Sea,”, said Julien Pouget, Senior Vice President Middle East and North Africa Exploration & Production at TotalEnergies.

On Monday, the Syrian Petroleum Company said it has identified an offshore site for its first deep-water oil and gas exploration project with US major Chevron and Qatar’s UCC Holding,
The move is part of a broader push by Syria’s new government to attract foreign investment into the country’s ⁠battered energy sector after years of civil war and sanctions.

State-owned SPC said that the company, together with Chevron and UCC Holding, had completed identification of the offshore block, paving the way to finalize contracts and start technical operations this summer, according to Reuters.

Chevron signed a preliminary agreement in February with SPC and ⁠UCC Holding to evaluate offshore oil and gas exploration in Syrian waters, the US company’s entry into Syria’s eastern Mediterranean offshore sector.