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        comply with social media legislation​that allows regulators to remove content from platforms—rather than blocking access to it as they have done in the past—and demand that information on local users is stored in Turkey.
Decisions on compliance with the law from Google and Twitter are awaited.
In September, Google informed clients it was set to impose a 5% fee on Turkish advertisers to meet “significant increases in the complexity and cost of complying with regulations”.
As of March, a 7.5% tax on the “sales revenues” of technology giants, including Google, Facebook and Amazon, came into force in Turkey.
The Turkish telecommunications authority will issue warnings to companies not in compliance with the law before issuing punishments that gradually grow in size if infringements continue.
The scale starts with fines of $1.3mn in November and moves up to a $3.8mn penalty in December, while January brings about local advertising bans. The bandwidth throttling would start in April and May. It would become severe to the extent that any platform facing it would be rendered unusable in Turkey.
Istanbul-based venture capital firm 212 ​announced​a second fund worth €49mn to invest in startups​across Turkey, Central and Eastern Europe, and the MENA region.
  8.2.7 ​Utilities corporate news 8.2.8 ​Other sector corporate news
   Sweden’s solar energy company Absolicon ​signed​a framework agreement to sell a production line for T160 solar collectors to Turkish renewable energy company Temiz Yaratici Teknolojiler (TYT) in 2023.
     Turkish chemical company Akdeniz Kimya and Austrian peer Chemson have been merged to produce a major player in the PVC stabiliser sector, namely Akdeniz Chemson,​the Turkish Armed Forces’ pension fund (OYAK) announced​on October 5.
Arcelik’s subsidiary Beko Electrical Appliances has i​nked​an agreement to sell a washing machine production factory in China’​s Changzhou to Jiangsu Konka Smart Home Appliances for Turkish lira (TRY) 128mn ($16.5mn). Due to the transaction, a TRY27mn non-current asset sales loss would be recorded in the company's consolidated financial statements, Arcelik added. Arcelik bought the plant, which has an annual production capacity of 200,000 units, for $8mn back in 2007.
   41​ TURKEY Country Report​ November 2020 ​ ​www.intellinews.com
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