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NASA Reveals Its New Reusable Space Vehicle - the Dream Chaser

NASA has revealed its new reusable space vehicle, the “Dream Chaser”. The new spacecraft follows in the footsteps of its previous generation which was partially reusable. The craft is in its early test phase and more tests will start before the end of 2017. Once fully developed, the vehicle will be used to deliver cargo to the International Space Station (ISS). Researchers hope its first delivery can happen within the next few years.

Turkey Firms Ready $64 Billion Spending Spree to Leave Home

Robert Yuksel Yildirim had barely been at the family’s construction-materials business a year before the company won its first international contract. Now, it’s a conglomerate with interests in mining, ports and chemicals across 28 countries. Twenty four years after the deal to import coal directly from Russia was sealed, the impetus to expand Yildirim Holding AS beyond its Turkish home base is stronger than ever. The political fallout from a failed coup in July last year is hindering economic growth and making it harder for firms to operate in a market many see as saturated, cluttered with red tape and expensive for acquisitions.



“Deals outside Turkey are much cheaper and better than Turkish opportunities,” said Yildirim, 57, whose last purchase abroad was a port in Ecuador that his company bought for $750 million in 2016. “It is easier to deal with foreign bureaucracy than Turkish bureaucracy.”

The chairman of Istanbul-based Yildirim isn’t alone in expanding abroad. Turkish companies may spend a further $64 billion on overseas acquisitions and setting up new operations abroad by 2023, according to Volkan Kara, a partner in Bain & Co.’s Turkey office. That is after investing $36 billion in the 10 years through 2016, according to a report by Bain and Turkey’s DEIK Outbound Investments Business Council.

“There is a serious flow of investment towards developed countries, especially to the U.S. and Europe,” Kara said . “We project annual investments to continue growing significantly.”
Shifting Risk

Murat Ulker, a billionaire whose Yildiz Holding AS spent 15 billion liras ($4.3 billion) on overseas ventures through 2016, said he is seeing “significant opportunities” for growth in the Middle East, North America, Africa and Asia. His company made the largest investment outside Turkey to date with the 2014 purchase of Middlesex, U.K.-based United Biscuits Holdings Plc for $3.1 billion.

Companies are seeking to diversify earnings and spread risk after a coup attempt resulted in the detention of opposition party members and human-rights activists, causing relations to sour with Germany, the country’s biggest trading partner. Gross domestic product expanded 2.9 percent in 2016, the slowest pace since a contraction in 2009.

Turkish businesses are used to operating in a country which has faced several “political challenges,” said Jonathan Friedman, a director at London-based risk management consultants Stroz Friedberg Ltd. “And you manage risk by diversifying assets.”
Dominant Players

The drive to expand abroad also comes amid a weakening Turkish lira, with the currency dropping 17 percent against the dollar over the past 12 months, the biggest decline among 24 emerging markets tracked by Bloomberg.

Many companies are acquiring assets to secure raw materials for production or to expand into under-serviced markets. Fertilizer maker Gubre Fabrikalari TAS invested in Iran, while businessman Turgay Ciner’s Park Holding AS bought a controlling stake in soda ash producer OCI Resources LLC in the U.S.

Turkey’s biggest home appliance maker, Arcelik AS, plans to invest $100 million to build a plant with Tata Group to make refrigerators and other goods in India next year after it bought Pakistan’s appliance maker Dawlance Group for $243 million in 2016.

“After developing dominant domestic market shares, Turkish companies are seeking new markets for growth,” Friedman said.

Other companies that have expanded abroad include billionaire Ferit Sahenk’s Dogus Holding AS, which stepped up foreign investments after selling its stake in the country’s biggest listed bank. Electricity producer Zorlu Enerji, which owns plants in Pakistan and Israel, last year said it plans to spend a “sizable amount” in Iran.

Istanbul-based M&A adviser Pragma Corporate Finance is negotiating three acquisition opportunities for three Turkish holding companies in the U.S., Western Europe and Asia, each valued at as much as $250 million, said Managing Director Kerim Kotan in an interview. “We are aiming to close all three deals by the end of 2017.”
Commercial Rationale

Even state-owned utilities have jumped on the bandwagon, with oil and gas producer Turkiye Petrolleri AO, which earns most of its revenue abroad, last year allocating almost 80 percent of its investments outside the country.

“We expect this investment trend to continue among companies in production, transportation, consumer goods and energy industries,” said Efsane Cam, a manager of corporate finance at Istanbul-based brokerage Is Investment.

Yildirim, which plans to bid for U.S. marine terminal operator Ports America Holdings Inc. and co-invest a further $5 billion with Chinese investors in a Columbia coal mine, is still seeing too many obstacles in Turkey, especially with antitrust regulations that limit its ability to expand domestically. The group, which has spent $2.5 billion on overseas investments, wants to have 75 percent to 80 percent of its assets outside the country by 2020 from 60 percent currently, according to the chairman.

“Yildirim Group will globally continue to invest in metals and mining, ports and terminals, fertilizers and chemicals, energy, logistics, infrastructure,” he said. “We don’t see so many good opportunities in Turkey that will make us stronger and elevate our position as a global player.” - By Ercan Ersoy and Asli Kandemir - Bloomberg

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Chobani Refocuses Marketing and Sales Around Demand Creation

Ten years ago, newcomer Chobani was excited when a small Long Island grocer became the first to stock its Greek yogurt. Then came another. And another. Now, as a $1.5 billion giant with the country's single leading yogurt brand, Chobani wants to dominate even further and unseat Dannon as the largest U.S. yogurt maker. To help, Chobani is rolling out a new organizational structure focused on what its chief marketer calls demand creation. Sales, marketing, insights, product innovation and other areas, which were largely separate, are now housed in one demand department as Chobani aims to do more with more speed and agility.

Teachers Retirement System Of The State Of Kentucky Has Boosted Its Maxim Integrated Products (MXIM) Holding by $1.19 Million as Stock Rose

Teachers Retirement System Of The State Of Kentucky increased its stake in Maxim Integrated Products (MXIM) by 22.01% based on its latest 2016Q4 regulatory filing with the SEC. Teachers Retirement System Of The State Of Kentucky bought 31,218 shares as the company’s stock rose 3.86% with the market. The institutional investor held 173,040 shares of the technology company at the end of 2016Q4, valued at $6.67M, up from 141,822 at the end of the previous reported quarter. Teachers Retirement System Of The State Of Kentucky who had been investing in Maxim Integrated Products for a number of months, seems to be bullish on the $12.90B market cap company. The stock rose 0.50% or $0.23 reaching $45.67 per share. About 1.33 million shares traded. Maxim Integrated Products Inc. (NASDAQ:MXIM) has risen 31.27% since August 1, 2016 and is uptrending. It has outperformed by 14.57% the S&P500.

Nearly 500 People On Trial In Turkey Over Failed Coup

Nearly 500 people are standing trial in Turkey's capital, Ankara, for their alleged roles in a failed coup attempt last July. "They're charged with murder, violating the constitution and attempting to kill the president," NPR's Lauren Frayer reports from Turkey. "Most are military officers who were stationed at an airbase where fighter jets took off and bombed Parliament on the night of the attempted coup last summer." The failed coup killed some 249 civilians and the government declared a state of emergency. Then, it suspended or fired about 150,000 people from their jobs, NPR's Peter Kenyon reported, and arrested more than 50,000. The crackdown has drawn criticism from human rights groups.

Turkcell Marks the 15th Year of its Dual Listing on the NYSE and Borsa Istanbul

NEW YORK--(BUSINESS WIRE)--Integrated communication and technology services provider Turkcell (NYSE:TKC)(BIST:TCELL) marked its 15th year as a publicly-traded company as it rang the Closing Bell® on the New York Stock Exchange (NYSE). Mr. Ahmet Akca, Chairman of the Turkcell Board of Directors, and Mr Kaan Terzioglu, Turkcell’s CEO, were joined by members of the Turkcell Board, NYSE President Tom Farley, Turkey’s Consul-General in New York Mr. Ertan Yalcin, representatives of Turkcell’s shareholders and Turkcell’s upper management as they rang the Closing Bell.

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Turkish Airlines Works with Dr. Oz

Turkish Airlines will collaborate with Dr. Mehmet Oz, the producer and host of world-renowned “The Dr. Oz Show”, on its “Fly Good Feel Good” project. Turkey’s flag carrier aims to provide an even more comfortable and healthy travel experience to its passengers.

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Western Union Brings Cash Transfers To Australia’s Gas Stations

Western Union money transfers are coming to gas stations. According to reports, a new partnership between BP Australia and Western Union will allow consumers to send money overseas while they are at the petrol station topping off their tank. Australian consumers are already able to use Western Union’s mobile app for sending money using a credit card. The new arrangement with BP will allow customers to set up a transaction using the app and then pay in cash at the gas stations instead of using a card.

United Launch Alliance Signs Contract with Sierra Nevada Corporation to Launch Dream Chaser® Spacecraft to Deliver Cargo to International Space Station

CENTENNIAL, Colo., July 19, 2017 /PRNewswire/ -- Sierra Nevada Corporation (SNC) announced that it selected United Launch Alliance's (ULA's) commercially developed Atlas V rocket to launch the first two missions of its Dream Chaser cargo system in support of NASA's Cargo Resupply Services 2 (CRS2) contract. "ULA is pleased to partner with Sierra Nevada Corporation to launch its Dream Chaser cargo system to the International Space Station in less than three years," said Gary Wentz, ULA vice president of Human and Commercial Systems. "We recognize the importance of on time and reliable transportation of crew and cargo to Station and are honored the Atlas V was selected to continue to launch cargo resupply missions for NASA."

Turkish Fashion to Big Apple

İstanbul Apparel Exporters’ Association (IHKIB) which provides 75 percent of Turkey’s ready- to- wear export, has opened Turkish Trade Center in coordination with Turkish Exporter’s Assembly (TİM) in New York in the region which is claimed as the ‘ground zero’ of the World of Fashion.

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