Turkey Financial News

Posted by meb at January 29th, 2008

Turkey should complete its unfinished structural reforms to maintain sustainable economic growth and a stable macroeconomic structure, said international investment bank Deutsche Bank yesterday.

Turkey’s credit rating may increase should structural reforms be implemented, according to the data compiled from the bank’s 2008 report on Turkey. It is expected that economic implementations that could not take place last year due to elections will resume this year. The reforms will be in social security, employment, tax and direct investments, said the bank, drawing attention to the importance of social cohesion while implementing them. Turkey’s external financial parameters will also have an effect on the increase of its credit rating, the bank said. (more…)

Posted by meb at January 29th, 2008

Turkey’s rank in the monthly Global Political Risk Index (GPRI) dropped one place to ninth in January from eighth place in December.

The GPRI, prepared by the Eurasia Group, measures a country’s ability to absorb political shocks. The higher the number, the more stable the country is. (more…)

Posted by meb at January 28th, 2008

Russia-based energy giant Gazprom is seeking to extend its business relations with Turkey, with plans to launch new projects to enlarge its delivery area in the Middle East and Israel via Turkey in particular.Turkey faced another natural gas shortage earlier this winter as gas delivery from Iran to Turkey dropped in December 2007 and came to a complete halt in January. Iran announced it had stopped gas transportation as its domestic consumption had soared due to the cold weather. Subsequently, Turkey asked Gazprom to increase gas shipments to Turkey.  (more…)

Posted by meb at January 28th, 2008

Global market turmoil continued into a second week as European and Asian markets tumbled Monday in the wake of Wall Street’s sell-off Friday amid persistent worries about a possible US — and worldwide — economic slowdown.

“With no market moving news out today, the slide follows on from losses suffered in the US markets at the end of last week and in Asia this morning,” said Nathan Miller, a trader at CMC Markets in London.  (more…)

Posted by meb at January 28th, 2008

The state-owned Turkish Pipeline Company (BOTAŞ) has launched feasibility studies for the Turkish segment of the planned Iraq-Turkey natural gas pipeline, to be built parallel to the existing Kirkuk-Yumurtalık oil pipeline. BOTAŞ will complete the segment of pipeline that crosses through Turkey’s territory along a Silopi-Bismil-Şırnak-Diyarbakır-Yumurtalık line.

The project aims to transfer 10 billion cubic meters (bcm) of Iraqi natural gas annually to the Turkish and world markets. The project management will be carried out by the Iraqi Oil Ministry and the BOTAŞ-Turkish Petroleum Corporation (TPAO) joint initiative, according to a memorandum of understanding signed on Aug.17, 2007, between the Turkish and Iraqi energy ministers. (more…)

Posted by meb at January 28th, 2008

For foreigners settling down and living a quiet, warm and safe life, Turkey’s southern regions are popular spots and look set to become even more so.

Brits carry the banner where expatriates living in Turkey are concerned. A press release on the Web site www.homesgofast.com mentions that British pensioners seeking to save money are heading to Turkey to benefit from the low cost of living and cheap property prices. On several occasions foreigners build their own houses themselves, proven to be a good way to save even more money. (more…)

Posted by meb at January 28th, 2008

Culture and Tourism Minister Ertuğrul Günay has reiterated his determination to make İstanbul the 2010 European Capital of Culture and said the utmost efforts would be exerted to this end.

Speaking at an İstanbul 2010 European Capital of Culture Advisory Board meeting on Sunday, Günay said they are conducting a project to make İstanbul successful in its bid, adding that restoration and conservation studies are under way in several districts of the historic city. “There are rumors İstanbul will be excluded from the list of candidate cities for 2010 European Capital of Culture. I’d like to underline once more that this is not true. İstanbul cannot be excluded from the list,” he said. (more…)

Posted by meb at January 28th, 2008

Due to the high rate of special consumption tax, annual wine production has declined drastically in Bozcaada (Tenedos), a small island famous for its wines in the Aegean Sea region, part of Bozcaada district in Canakkale province.

Grape producers decided to uproot their 50 to 60-year-old vineyards due to sale related concerns. The island is experiencing extraordinary vintage wine days in the vineyards, which constitute one-third of island’s area, and 80 percent of all its agricultural lands. The vineyard business is about to come to an end in Bozcaada, which produces 500 tons of table grapes and 5,000 tons of wine grapes a year from five million vineyard trunks spanning an area of 11,850,000 square meters. (more…)