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Turkey (103)

"The changes that Turkey went through following 2000, including the economic decisions that were made, are an important step. The reforms made in 2000 allowed Turkey to make great strides, despite the fact that it came at the top of the list of countries with high inflation and high interest rates. Powerfull businessmen from Turkey share their experiences and plans."

Lebanese Bank Interested in Turkish Lender

Image Lebanese lender Bank Audi is interested in acquiring Tekstilbank of Turkey, daily Sabah reported Thursday but did not say where it obtained the information. The newspaper also reported that Tevfik Bilgin, head of the Banking Regulation and Supervision Agency, previously said some banks that “believe in Turkey's potential” may take their place in the market.

Bank Audi, owned by the Audi Saradar Group, is active in 11 countries. As of the first quarter of the year, its assets totaled $28.9 billion, while its consolidated net profit was $90.4 million.

In comparison, Tekstilbank has 44 branches and 75.5% of it is owned by GSD Holding, which is run by businessman Turgut Yılmaz. The rest of the bank is being publicly traded. Its asset size totals 2.7 billion Turkish Liras. Its net profits for the first quarter were at 5.6 million liras. Turgut Yılmaz is the brother of Mesut Yılmaz, a former prime minister.

Turkey Property Now Third Most Popular With Russian Buyers

Turkey is now the second most popular choice among Russian buyers according to a survey conducted at a major Moscow property show. Leading Russian overseas property magazine International Residence conducted the survey of 499 Russian buyers at the Moscow International Investment Show in March. They found that Turkey was the third most popular country among Russians looking at overseas property, beaten by Bulgaria in first and Spain in second.

Other findings of the survey were that 49% planned to buy in the next 12 months, 66% were looking for apartments, and 53% were buying for lifestyle reasons compared to 12% looking to make an investment. The survey also found that 40% of buyers were looking to spend between 100,000 Euros and 250,000 Euros, a higher percentage than has been seen at previous shows.

Turkey Telecom Sector Forecast to 2012

Image The telecommunication sector in Turkey has grown at a rapid pace during the past few years, driven by government support and initiatives aimed at liberalization and privatization of the sector. Besides, other factors, such as favorable demographics coupled with rising disposable income and a desire to avail hi-tech telecom services have been fostering the growth of Turkish telecom market.

The authors have examined the Turkish mobile market and has found that it currently posses a lot of potential as the penetration rate was around 85% at the end of 2010. With the initiation of 3G services in Turkey, the telecom sector will witness significant changes in the coming years. With the rapidly improving mobile infrastructure and intense competition among the three mobile operators (Turkcell, Avea, and Vodafone), the mobile subscribers will grow at a CAGR of around 8% during 2011-2014 and the penetration rate will exceed 108% by 2014-end.

BMW Targets Brazil, Russia, Turkey, S. Korea for Two Factories

Bayerische Motoren Werke AG, the world's largest maker of luxury vehicles, is considering adding two auto factories in emerging markets as it seeks to extend its lead over Volkswagen AG's Audi.

BMW is evaluating sites for a plant in Brazil as well as another factory in Russia, India, South Korea or Turkey, Chief Executive Officer Norbert Reithofer said today at the company's annual shareholders' meeting in Munich.

"The people in these countries want more individual mobility," Reithofer said in a speech. "We want to further our lead in the premium sector."

The maker of BMW, Mini and Rolls-Royce cars is expanding in emerging markets as it looks to guard its independence and fend off Audi, which aims to overtake BMW as the luxury-car leader by 2015. BMW's joint venture plant in Shenyang, China, is boosting investment to 1 billion euros ($1.42 billion) from 560 million euros.

US Ambassador Says Turkish-American Economic Ties to Benefit from Defense Industry

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US Ambassador to Turkey Francis J. Ricciardone addressed to companies who participated in this year's IDEF fair.
US Ambassador to Turkey Francis J. Ricciardone has said in a meeting in İstanbul that as Turkey's military industry complex grows, it will become one of the major areas of cooperation in Turkish-American economic relations.
 

The ambassador was speaking at a reception he hosted on Wednesday for companies participating at the International Defense Industry Fair (IDEF) and said this fair would help both Turkish and American firms find new opportunities and partners.

Noting that he was proud of the American contribution to Turkey's success in the defense industry, the ambassador said soldiers, diplomats and civilians of both countries worked together to establish peace and security in the world, citing examples from Somalia and Libya.

Turkey to Build 2 'New Cities' for Istanbul

Image ISTANBUL (AP) — Turkey on Wednesday announced plans to build two earthquake-resistant developments in the Istanbul area to lure residents away from dangerous neighborhoods.

Prime Minister Recep Tayyip Erdogan said the first of two "new cities" would be built on abandoned quarries and coal pits at the edge of Istanbul's European side. The second would be located on unused land on the Asian side, he said, without providing further details.

The two new urban centers would have a population of about 1 million each.

Erdogan said studies for the project would begin soon after Turkey's June 12 elections, while construction would start next year. The main aim of the project is encourage people living in Istanbul's earthquake-prone areas to move, he said.

Turkish Trade Deficit Almost Doubles to Record $9.8 Billion

Turkey’s trade deficit jumped 91 percent from a year earlier in March, as central bank policies failed to slow growing domestic demand that draws in imports of goods and raw materials. The deficit was $9.8 billion in the month, compared with $5.1 billion a year earlier, the statistics office in Ankara said on its website today. The figure exceeded a median estimate for a $7.8 billion deficit in data compiled by Bloomberg.

Turkish Contractors in Turkmenistan Facing Payment Crisis

Image Turkish construction companies in Turkmenistan are on the edge of big losses as the government rejects to pay an alleged $1 billion for completed or ongoing projects, businessmen say. The Turkmen government is either seizing equipment or offering new and attractive contracts to overcome upcoming legal problems, they say Turkish construction companies in Turkmenistan are hardly financing their ongoing projects in the country as the government is not doing any payments, according to some businessmen.

Turkish construction firms doing business in Turkmenistan are facing financial problems as the government is rejecting to pay the cost of completed projects worth $1 billion, according to contractors speaking to the Hürriyet Daily News & Economic Review on Sunday.

“More than 40 Turkish construction firms have been subjected to mistreatment,” said Tarık Bozbey, head of the Mediterranean Exporters Union and head of Bozbey Construction. “Turkish firms there are in a serious financial struggle.”

Bozbey said that because the Turkmen government was not making its obligatory payments the construction of some projects could not be completed. The government seized construction vehicles and equipment from some Turkish firms “illegally,” according to Bozbey. “This means billions of dollars in losses for the firms,” he said, adding that the Turkmen state had violated international laws by mistreating the Turkish firms.

Turkish Defense Industry Targets Latin American Countries

Image Turkish defense industry companies' new target has become Latin American countries. Turkish defense industry companies continue to make promotions and marketing in all corners of the world. Following a recent protocol signed in Indonesia that was worth 400 million USD, the Turkish Undersecretariat of Defense Industry (SSM) is helping Turkish defense industry companies to market their goods in Latin American countries.

Dogan Agrees to Sell Two Turkish Newspapers for $74 Million

ImageTurkish businessman Aydin Dogan agreed to sell the Milliyet and Vatan newspapers to DK Gazetecilik & Yayincilik AS, owned by the Demiroren and Karacan groups, for $74 million. Dogan will sell Milliyet for $48 million and Vatan for $26 million, unit Dogan Gazetecilik AS (DGZTE), which controls the newspapers, said in a filing with the Istanbul Stock Exchange today.
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