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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."

Turkey Chooses Taggant Technology for Museum Entrance Security

Image The Ministry of Culture and Tourism in Turkey has recently decided to implement INKSURE's machine readable taggant solution for the security of the country's museum and historical site entrance tickets. The Ministry will implement the solution on entry tickets and smart museum entry cards for the next six years. As of 1 January 2011, the cards include a high-security hot-stamped hologram and the tickets include a hologram label. This solution makes the tickets and cards extremely difficult to counterfeit, yet very easy to authenticate in the field. The hologram contains overt security features created by MTM Security, a Turkish hologram manufacturer and covert security features created by InkSure Technologies, an American machine-readable taggant technology manufacturer.

US Technology Retailer Best Buy to End Operations in Turkey

American technology retailer Best Buy, which entered the Turkish market 14 months ago by opening a store in the western province of İzmir, has decided to end operations in Turkey. Announcing Best Buy’s new business strategies on Tuesday, company CEO Brian Dunn said: “It is expected that Best Buy, which entered the Turkish market to improve the returns of its stakeholders, will exit the market and Best Buy stores will [also] be closed in China.”A departure from the Turkish market will mean that Best Buy will end all its current operations and close its two stores in the country.

Turkish PM Backs Egypt Protesters

ImageTurkey has finally broken its silence over the Egyptian crisis after major newspapers criticised the government for its inexplicable silence on the issue.

Addressing members of his AKP party in parliament, Recep Tayyip Erdogan, the Turkish Prime Minister, has thrown his weight completely behind the protesters in Egypt.

Erdogan appealed to Hosni Mubarak, the Egyptian president: "You have to listen to the wishes of the people in order to create security and stability. First you must take steps that are good for Egypt. You must take steps that satisfy the people."

Turkey's TOKI Could Build 100,000 New Houses in Venezuela

ImageThe head of Turkey's Housing Development Administration (TOKI) said on Saturday that his organization could build nearly 100,000 new houses in Venezuela. Commenting on Venezuela's calling on Turkey to extend support for housing projects after a recent flood disaster that left nearly 140,000 Venezuelans homeless, TOKI President Erdogan Bayraktar said his organization could take 10 to 100 contractors to Venezuela as a first step.

Turkey's 2011 Investment Programme/Public Investment to Rise 17%

ImageA growth of 17.2 percent is envisaged in public investments in 2011, an election year. Out of the TL47.9bn worth of public investments planned for 2011, TL16.7bn is to be carried out by local administrations.
Turkey's Central government departments, revolving capital entities, state-owned enterprises, the Iller Bank (Provinces Bank) and companies under privatization, are set to invest almost TL31.3bn, combined. According to the 2011 Investment Programme just published in the Official Gazzete, public entities other than local administrations, had an investment stock made up of 2,534 projects, worth TL303.7bn, combined.

Turkey Flexes Economic, Political Muscle In Iraq

ImageTurkey is stepping up its role in Iraq, vying with Iran as a regional power. These powerful neighbors use investments and building projects to ensure long-term influence. The competition is heating up as the U.S. prepares to withdraw troops from Iraq by the end of next year. Northern Iraq is the staging ground for Turkey's bid for economic dominance, and the Marina restaurant in Irbil is the kind of place that businessmen come to make deals. The food is pricey, and the live entertainment is in Turkish, a sign of Turkey's growing role. In the central market, Turkish products are available in every shop stall. (A scene at shopping mall in Erbil)

Four Turkish Banks Account for 60% of Sector's Profit

ImageTurkey’s top four banks play a very prominent role in the sector. State-owned Ziraat and three private banks, Garanti, Is and Akbank, have the lyon’s share in assets, deposits and profits.

According to the latest report from the Union of Banks, TBB for short, as of end September, the country’s largest lenders accounted for 54.2 percent of assets, 57.3 percent of deposits and 59.7 percent of net earnings with Ziraat leading in all three categories.

By end September, the banking sector’s combined assets stood at TL 886.1bn and deposits at TL 569.3bn. As for after-tax profits, they reached TL 16.3bn in nine months.

Fitch Says Turkey Faces Economic Stability Challenges

ImageTurkey’s central bank faces challenges in ensuring growth and inflows of foreign capital don’t threaten macroeconomic stability, and the bank’s success will feed into the country’s debt rating assessment, Fitch Ratings said. “One of the challenges the central bank faces is to reduce inflation and prevent the economy overheating in a challenging policy environment, including large capital inflows and low global interest rates,” Fitch analyst Edward Parker said.
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