• Adem's store, Altan Sekerleme, has been in the same place for over 150 years. Emre Caylak for The National
    Adem's store, Altan Sekerleme, has been in the same place for over 150 years. Emre Caylak for The National
  • Derya and Adem in Altan Sekerleme, a traditional Ottoman style confectioners. Emre Caylak for The National
    Derya and Adem in Altan Sekerleme, a traditional Ottoman style confectioners. Emre Caylak for The National
  • Altan Sekerleme still makes boutique traditional sweets in their own factory in Eminonu Kantarcılar. Emre Caylak for The National
    Altan Sekerleme still makes boutique traditional sweets in their own factory in Eminonu Kantarcılar. Emre Caylak for The National
  • The usually bustling streets of Eminonu are now empty. Emre Caylak for The National
    The usually bustling streets of Eminonu are now empty. Emre Caylak for The National
  • Taxis wait longer for customers as Turkey prepares for lockdown. Emre Caylak for The National
    Taxis wait longer for customers as Turkey prepares for lockdown. Emre Caylak for The National
  • Turkish people drinking tea in the 18th century Corlulu Ali Pasha inn-yard in the Küçükpazar district in Istanbul. Emre Caylak for The National
    Turkish people drinking tea in the 18th century Corlulu Ali Pasha inn-yard in the Küçükpazar district in Istanbul. Emre Caylak for The National
  • Mehmet has been working as a waste picker for the last 3 years in Istanbul. Emre Caylak for The National
    Mehmet has been working as a waste picker for the last 3 years in Istanbul. Emre Caylak for The National
  • A tourist walks by the Kapali Carsi, Eminonu, Istanbul. Emre Caylak for The National
    A tourist walks by the Kapali Carsi, Eminonu, Istanbul. Emre Caylak for The National
  • Barber Illke wasn't able to pay rent on this store for the last two months in Kucukpazar, Istanbul. Emre Caylak for The National
    Barber Illke wasn't able to pay rent on this store for the last two months in Kucukpazar, Istanbul. Emre Caylak for The National
  • Mehmet, 16, a student works in his father's 25 years old store in Kucukpazar, Istanbul. Emre Caylak for The National
    Mehmet, 16, a student works in his father's 25 years old store in Kucukpazar, Istanbul. Emre Caylak for The National
  • Mehmet collecting cartoons from a cleaning store located in Kucukpazar, Istanbul. Emre Caylak for The National
    Mehmet collecting cartoons from a cleaning store located in Kucukpazar, Istanbul. Emre Caylak for The National
  • Ozturk,49 talking to a friend at the 18th century Corlulu Ali Pasha inn-yard in the Küçükpazar district in Istanbul. Emre Caylak for The National
    Ozturk,49 talking to a friend at the 18th century Corlulu Ali Pasha inn-yard in the Küçükpazar district in Istanbul. Emre Caylak for The National
  • Ozturk makes tea, but customers are few and far between. Emre Caylak for The National
    Ozturk makes tea, but customers are few and far between. Emre Caylak for The National
  • Ozturk makes tea, but customers are few and far between. Emre Caylak for The National
    Ozturk makes tea, but customers are few and far between. Emre Caylak for The National
  • A flag bearing the face of Mustafa Kemal Atatürk, the founder of modern Turkey hangs in Altan Sekerleme”. Emre Caylak for The National
    A flag bearing the face of Mustafa Kemal Atatürk, the founder of modern Turkey hangs in Altan Sekerleme”. Emre Caylak for The National
  • Galata tower, Istanbul , Turkey 2021. Emre Caylak for The National
    Galata tower, Istanbul , Turkey 2021. Emre Caylak for The National

Lockdown spells disaster for Istanbul’s independent traders


Liz Cookman
  • English
  • Arabic

Eid Al Fitr, known as the “sugar feast” in Turkey, is usually a boom time for Istanbul’s Altan Sekerli, which sells its own traditional Ottoman-style sweets flavoured with rose water, cinnamon and melon.

But this year, a severe snap Covid-19 lockdown is threatening the survival of the city’s decades-old independent businesses.

Established in 1865, the family-run shop has weathered the fall of an empire, the establishment of a republic and the rise and fall of sultans and elected leaders.

But now, with an economy in decline and no financial support from the government on the horizon, things have never been more difficult.

On Thursday evening, Turkey will head into a 17-day lockdown, the most extreme measure the country has taken so far as part of efforts to stop the spread of Covid-19.

I don't have anything else to do, I'll just stay home

In recent weeks, it reported record case numbers, peaking at more than 63,000 daily in mid-April.

Critics say the government was too fast to come out of its earlier restrictions in March, causing unnecessary loss of lives.

Almost 40,000 people have died from the coronavirus in Turkey.

Residents will have to stay indoors except for essential shopping trips and urgent medical treatment, although supermarkets will be allowed to open six days a week.

The move leaves many small and independent businesses, which rely on the festive boost brought by Eid sales, in fear of how they will cope with the closure.

“It’s good to close because there is a Covid problem but maybe it could be managed better and done after Ramadan," said Derya Sosyal, who works at Altan Sekerli.

"A lot of this area already made preparations for Eid."

Ms Sosyal prepares most of the Altan Sekerli sweets herself in a workshop above the shop, including lokum, or Turkish delight, and akide hard candy.

“We have been preparing for the holidays and now the stock will be wasted, we probably won’t be able to sell everything,” she said.

The shop is in Kucukpazar, an old independent shopping area in Istanbul’s historic Eminonu district.

Ms Sosyal said that even if they could get permission to stay open, there would be no one on the streets to sell to anyway.

The business, which has been in the family for five generations, makes little money in the summer, so the loss of two and a half weeks of trade at the busiest time of year is devastating.

With the country facing inflation of more than 16 per cent and a steadily declining currency, the family in recent years suffered significant cuts to their profits.

This year, they turned 50 kilograms of sugar into sweets to sell, but they usually produce 100kg worth and transport the goods to shops all over Anatolia.

They had to make cutbacks to save money, letting two members of staff go and dipping into their savings.

“Our sales and profit margins have remained the same, despite the increase in our expenses," said Adem Altan, 63, whose family have passed the shop down the generations.

"Over the last five years, everything from natural gas to electricity has increased again and again in price."

Mr Altan said they stocked up on supplies before they knew lockdown would come.

“We took goods from companies for the holidays but we have no way to return them now so we are stuck with them.”

Altan Sekerli is just one of Turkey’s many independent businesses experiencing their worst year on record, while chain supermarkets will be allowed to continue to trade.

The International Monetary Fund found Turkey to be one of the worst three countries for offering Covid financial support to its people.

Opposition parties came out in force to say that they agree with the lockdown, but they do not agree with the lack of aid.

"Every household impacted by the lockdown should be granted cash aid of at least 1,000 liras [$120] an adult and 500 liras a child, without an application process or conditions," former prime minister Ahmet Davutoglu and current Future Party leader said on Twitter.

Two weeks ago, Turkey brought forward its night-time curfew from 9pm to 7pm on weekdays, and reintroduced full weekend lockdowns.

But the measures were insufficient to bring the pandemic under control and medical groups urged tougher measures.

Owners of a tea shop a short walk from Altan Sekerli, which has been run for almost 60 years in a centuries-old caravanserai, said they have never seen worse profits than in the past year, with a local barber and a mirror seller agreeing.

“I don’t have anything else to do, I’ll just stay home,” said Ozturk, who runs the tea shop his father founded. “I don’t want this lockdown but what can I do?”

Among the hardest hit, however, are the informal workers who have neither a steady job nor a business to fall back on.

Mehmet, 35, a Kurdish waste collector and father of three from the south-eastern city of Diyarbakir, earns between 200 and 300 Turkish lira a week collecting cardboard and plasticto sell to the recycling plants.

He has already had his rates slashed and now he will be faced with more days without work.

“Even if I go out in the lockdown, there won’t be any waste to collect,” Mehmet said.

Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

History's medical milestones

1799 - First small pox vaccine administered

1846 - First public demonstration of anaesthesia in surgery

1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases

1895 - Discovery of x-rays

1923 - Heart valve surgery performed successfully for first time

1928 - Alexander Fleming discovers penicillin

1953 - Structure of DNA discovered

1952 - First organ transplant - a kidney - takes place 

1954 - Clinical trials of birth control pill

1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.

1998 - The first adult live-donor liver transplant is carried out

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Brief scores:

Toss: South Africa, chose to field

Pakistan: 177 & 294

South Africa: 431 & 43-1

Man of the Match: Faf du Plessis (South Africa)

Series: South Africa lead three-match series 2-0

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Racecard

6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m 

7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m 

7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m 

8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D) 

8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m 

9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m 

10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m  

'Jurassic%20World%20Dominion'
%3Cp%3EDirector%3A%20Colin%20Trevorrow%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Sam%20Neill%2C%20Laura%20Dern%2C%20Jeff%20Goldblum%2C%20Bryce%20Dallas%20Howard%2C%20Chris%20Pratt%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The years Ramadan fell in May

1987

1954

1921

1888

Brown/Black belt finals

3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
3.14pm: 55kg female: Amal Amjahid (BEL) v Bianca Basilio (BRA)
3.21pm: 62kg male: Gabriel de Sousa (BRA) v Joao Miyao (BRA)
3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
3.35pm: 69kg male: Isaac Doederlein (BRA) v Paulo Miyao (BRA)
3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
4.03pm: 90kg female: Claire-France Thevenon (FRA) v Gabreili Passanha (BRA)
4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
4.17pm: 110kg male: Yahia Mansoor Al Hammadi (UAE) v Joao Rocha (BRA

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”