Log in

Turkish Bank Sale Drags Citi's Net Down 12 Percent

NEW YORK (AP) - Citigroup's net income fell 12 percent in the second quarter partly due to a loss on the sale of its stake in a Turkish lender. The income of $2.9 billion was still better than analysts were expecting. Citi is one of the largest international banks in the world and its results are often seen as a gauge of how the global economy is doing. Investors are particularly concerned about recent signs of a slowdown in China and India, two large markets for Citi. Citi's consumer banking business in Asia and Latin American barely declined by less than one percent.

Lebanese bank to double investment in Turkey

Odea Bank, the Turkish unit of the Lebanese Bank Audi, will increase its capital from $300 million to at least $600 million, said the bank’s General Manager Hüseyin Özkaya, according to Hürriyet. Noting that the establishment preparation continues at full steam, Özkaya said, “We are going through a very serious test phase. We test everything – the system, preparations, everything once again. All these [works] necessitate investment. There are indications from the investor that the investment will be constant. We have shared all our works particularly with the group chief executive officer Samir Hanna. The investor has promised us that the amount of capital or funds that we want will be provided. We may at least double the current $300 million. We are talking about $1 billion investment here,” he said.

Turkish Investors in Uganda for Business Forum

Over 200 Turkish businessmen are to participate in a four-day business forum starting today in Kampala. The forum aims at linking the buyer to the original seller or the manufacturer of Turkish products.  The secretary general of Uganda Turkish Business Association, Lokman Ginar, explained that more Ugandan businessmen have been conned by middlemen.
 

Rise of the Turkey, India, Mexico, Brazil and Indonesia (TIMBI)

ImageBy Jack A. Goldstone (Foreing Policy) - Forget the BRICs. The real economies that will shake up the world over the next few decades need a new acronym. Nov. 30 marked the 10th anniversary of Goldman Sachs economist Jim O'Neill's anointing of the BRIC economies -- Brazil, Russia, India, and China -- as the future leaders of the global economy. Yet 10 years on, the notion of the BRICs already seems out of date. In China and Russia, demographic patterns have shifted. Their working-age populations are declining, as are exports, while still-rigid political systems stifle free thought and hamper technical advance.

In Turkey's Last Armenian Village, a Place to Get Away From it All

Image By Matthew Brunwasser -  For the Geo Quiz we are looking for a province in southern Turkey about the size of Delaware. The province used to be part of Syria once, but was ceded to Turkey in 1939. It is an ethically diverse province and even includes a village with a 100 percent ethnic Armenian population. The capital of the province is the city of Antakya. Hatay is the answer to the Geo Quiz. Hatay is home to the only village in Turkey that is populated solely by ethnic Armenians considering that most ethnic Armenians, in what was then the Ottoman empire, fled or were killed or ethnically cleansed in 1915.

Turkey, Azerbaijan Sign Deal for Pipeline Project

ISTANBUL -(MarketWatch)- Turkey and Azerbaijan signed a deal Monday for the construction of a new joint gas pipeline project, the Trans Anadolu pipeline, which will stretch from Turkey's eastern border to its western border, with the aim of exporting Azerbaijani natural gas to Europe. The deal was signed by Turkish Energy Minister Taner Yildiz and Azerbaijan's industry and energy minister, Natiq Aliyev.

Meeting Boosts US Renewable Energy Exposure to Turkish Firms

Image Representatives of a prominent US trade delegation consisting of senior representatives of the US renewable energy sector as well as various US government officials and financial companies enjoyed a final gala dinner on Thursday evening sponsored by the Turkish-American Business Association (TABA). Energy consumption in Turkey is expected to grow 5-7 percent per year through 2023 and is forecasted to require over $100 billion in power generation transmission and distribution investment. Renewables will make up an increasingly large part of the pie, with a 30 percent target for the same year

Turkey's October Trade Deficit $8bn, Below Forecast

Image ISTANBUL: Turkey's trade deficit widened 26 percent year-on-year in October to $7.98 billion, data showed on Wednesday, less than a forecast deficit of $8.3, trade deficit rose 63.5 percent to $90.18 billion from $55.17 billion in the same period of last year. The pace of yearly growth of Turkish imports declined to 15.1 percent from its peak of 48.7 percent in February while the pace of yearly growth of Turkish exports stood at 8.9 percent from its peak of 32 percent in August.
Subscribe to this RSS feed