Turkey Financial News

Posted by meb at April 27th, 2007

Izmir, Turkey’s third largest city, rich in vineyards, olive and olive oil production, hosts the International VINOLIVE ’07 Fair, which began yesterday at the İzmir International Fair Center and will be open until April 29.

Many foreign and local wines, organic products, olives, olive oil, production technologies, local and foreign cheese, bread, alcoholic beverages, wine accessories, service equipments, bottles, cases and barrels, storing units, corks, packaging materials, foundations, unions and sector publications will be displayed at the exhibit. The atmosphere will be enlivened with taste shows (more…)

Posted by meb at April 27th, 2007

“Turkey has a better chance in real estate when compared to Spain. We must utilize this opportunity wisely,” said Erdoğan Bayraktar, acting chairman of the Housing Development Administration of Turkey (TOKİ), on Thursday.

Attending the Real Estate Summit organized by the Association of Real Estate Investment Companies (GYODER) and supported by the European Public Real Estate Association (EPRA), the National Association of Real Estate Investment Trusts (NAREIT), the Urban Land Institute (ULI), the Capital Markets Board of Turkey and the Housing Development Administration of Turkey in Istanbul, Bayraktar noted, “TOKI favors an increase in real estate sales to foreigners, with certain (more…)

Posted by meb at April 27th, 2007

A Real Estate Summit organized by the Association of Real Estate Investment Companies (GYODER) took place at Swissotel in Istanbul. On the last day of the summit the representatives of real estate companies discussed the prospects of creating an investor-friendly environment in Istanbul to attract more foreign capital. The panel discussion between real estate pundits dealing with foreign investment in the Turkish Real Estate Industry and Global Capital focused around (more…)

Posted by meb at April 27th, 2007

Speaking at the real estate summit in Istanbul, heads of economical institutions agreed that foreign capital should be encouraged

Istanbul Chamber of Commerce (İTO) Chairman Murat Yalçıntaş voiced his criticism of certain circles that view real estate sales to foreigners unfavorably. Speaking during the Real Estate Summit 7, organized by the Association of Turkish Real Estate Investment Companies (GYODER) in Istanbul’s Swissotel, Yalçıntaş said Turkey should open its doors to foreign investors. Yalçıntaş warned that unless Turkey is able to bring in foreign capital with real estate sales, it would have to (more…)

Posted by meb at April 27th, 2007

Fitch would not rule out an upgrade to its ‘BB-’ rating for Turkey this year after the nomination of the country’s foreign minister for president reduced political risk, the credit-rating agency said on Wednesday, reported Reuters.

Turkey’s ruling AK Party picked Foreign Minister Abdullah Gul, architect of Turkey’s European Union bid, as its candidate on Tuesday. Markets had been concerned that Prime Minister Tayyip Erdoğan would run for president. (more…)

Posted by meb at April 25th, 2007

The markets had always preferred plan B — that PM Recep Tayyip Erdoğan remain at the head of his party to fight the next election and that he nominate as president someone who would not ruffle the feathers of the country’s powerful secular establishment.They had, however, already factored in plan A, that Erdoğan might find the lure of the presidency just too great, so there were no serious twitches at yesterday’s announcement that the prime minister was nominating his alter ego FM Abdullah Gül for the top job. (more…)

Posted by meb at April 25th, 2007

As Turkey is enjoying spring after a warmer-than-usual winter, its tourist resorts are beginning to fill. There were 19.3 percent more tourists last March compared to March 2006, according to the Turkish Statistics Institute (Turkstat).

Turkstat released information on tourist arrivals and departures based on provisional data provided by the General Directorate of Security. The number of tourists coming in by sea increased by 72.7 percent, by air 22.8 percent, by train 7.5 percent and over land by 7.2 percent compared to March 2006. (more…)

Posted by meb at April 24th, 2007

The euro slipped below $1.36 on Monday, dropping away from its all-time high, while the British pound fell below $2 for the first time in nearly a week.

The 13-nation euro has hovered at levels last seen more than two years ago, but so far has failed to break through its all-time high of $1.3667 from December 2004.

On Monday, it traded as high as $1.3607 before falling back to $1.3558, compared with the $1.3601 it bought in New York late Friday. (more…)