Albaraka Türk now traded on IMKB

Posted by meb at June 30th, 2007

Albaraka Türk’s stocks were open to transaction on the İstanbul Stock Exchange (İMKB) as of Friday.
 The base value of the stocks was YTL 4.1 but then jumped to the ceiling price of YTL 4.52 on the national stock exchange. The buy and selling orders for the bank’s stocks were at a maximum level of 25,000 lots.The bank originally offered 20.22 percent of its shares to the public, worth YTL 54.5 million. The aggregate demand from both local and foreign investors, however, was 32 times higher than the amount of stocks offered. Despite upcoming elections (more…)

Posted in Financial markets, Tenders & IPOs| No Comments | 

Tender for new international flights terminal of Milas-Bodrum Airport this month

Posted by meb at June 30th, 2007

The tender for the new international flights terminal of Milas airport in Aegean town of Bodrum, which was cancelled by the Turkish Transportation Ministry, will be held again within a month.

The terminal will be constructed according to the build-operate-transfer model, while in the tender held last year, firms and/or consortia competed for the shortest management period. The most appropriate offer was made by Teknotes Teknolojik Tesisler Corp. (technological facilities) and Aerodrom Beograde Airport consortium. They offered to run the (more…)

Posted in Airlines & Automotive, Tenders & IPOs| No Comments | 

Criminal liabilities and obligations to note about employment of foreigners - IV

Posted by meb at June 25th, 2007

Ministries and public institutions authorized to grant work permits or to employ foreigners are required to notify the Labor Ministry of the work permit grant, extension or cancellation within 30 days after the relevant action.

Ministries and public institutions that employ foreigners are required to do the same with respect to the commencement of the employment within 30 days. Likewise independent foreigners and employers with foreign workers are required to make the same notification.Furthermore independent employee foreigners are required to notify the Labor Ministry of the date of work commencement or its termination within 15 days. Employers with (more…)

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Types of work permits - III

Posted by meb at June 25th, 2007

Work permits given to foreigners are classified as temporary work permits, permanent work permits, permits for independent work and permits for exceptional situations.

1 — Temporary work permits

Unless stipulated by bilateral or multilateral agreements to which Turkey is party, temporary work permits are issued by the Labor Ministry for the duration of up to one year. In doing so, the ministry considers the overall situation of the labor market, developments in the work environment, conjectural economic changes in employment, the validation period of the foreigner’s residence permit and the duration of the work in (more…)

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Procedure for filing work permit application - II

Posted by meb at June 25th, 2007

Aliens may file their work permit applications inside or outside Turkey by filling out the relevant forms and attaching the accompanying documents. The applications should be filed with Turkish missions abroad, and the Labor and Social Security Ministry inside Turkey.

Foreigners are required to file their applications with the Turkish mission in either their native or residence country. The relevant mission first reviews the application and then forwards it to Labor and Social Security Ministry along with its own assessment. (more…)

Posted in Laws & Regulations| 1 Comment | 

Legal regulations for foreigners employed in Turkey - I

Posted by meb at June 25th, 2007

In legal terms, an alien is a person who is not a citizen of the Republic of Turkey. After the implementation of a law in 2003, the employment and training of foreigners are now subject to prior permits.
The continued advances in technology mean we live in an ever-shrinking world where every capital and labor movement can create fluctuations in international employment and labor economies. This also has a socio-economic impact on our country’s labor environment that is based on the fine balance between several variables. The most (more…)

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30 percent of Turkey’s exports go to neighbors

Posted by meb at June 22nd, 2007

Turkey’s foreign trade with its neighbors has increased tenfold in the last four-and-a-half years, now constituting 30 percent of Turkey’s total trade, State Minister for Foreign Trade Kürşad Tüzmen said.
Turkey’s neighboring countries were once perceived as “enemies,” but since the Justice and Development Party (AK Party) came to power in 2002, relations have improved considerably in every sense, he added. During his visits to the southern city of Mersin, where he is a parliamentary deputy candidate for the upcoming elections, Tüzmen talked with the Anatolia news agency. He said Turkey had “very bad relations” with its neighbors in the past, resulting in too little trade volume. However, his government had converted the (more…)

Posted in Economic Indicators, Export & Import| No Comments | 

Al Baraka Türk to go public offering

Posted by meb at June 20th, 2007

AlBaraka Türk, AlBaraka Banking Group’s subsidiary in Turkey, will offer YTL 54.5 million worth of stocks to the public. The participation bank’s paid-in capital will rise to YTL 269.5 million from YTL 215 million as a result of the floatation. The bank will sell 20.22 percent of is shares through the initial public offering (IPO), which will be carried along by a consortium consisting of 43 members under the leadership of Financial Investment Stocks and Shares Corp. In a press conference in İstanbul yesterday, AlBaraka Türk General Manager Adnan Büyükdeniz said they had started the process to become the second participation bank open to the public, following Bank Asya. With additional sales, the percentage of the bank open to the public will (more…)

Posted in Banking & Mortgage, Tenders & IPOs| No Comments | 

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